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A new report issued by LAVCA, the Association for Private Capital Investment in Latin America, has found that the venture capital (VC) investment in the region has grown immensely compared to the previous year’s numbers. In general, the region registered investments of more than $15 billion, more than three times the amount registered in 2020. However, crypto and blockchain investments grew almost tenfold. Crypto Outpaces Conventional VC Investments in Latam A new report issued by LAVCA, the Association for Private Capital Investment in Latin America, details the growth of the venture capital (VC) movement in the region and highlights the interest that these companies took in crypto in 2021. The report found that the region experienced notable growth when it comes to venture capital investments, more than tripling the numbers registered the previous year. In 2020, LAVCA registered $4.14 billion in VC investments, in the midst of the coronavirus pandemic. Last year, this influx reached $15.7 billion. Investments made in defi, blockchain, and cryptocurrency sectors vastly outgrew the investment growth rates in more conventional sectors. According to numbers registered in the report, these investments reached $653 million in 2021, growing almost ten times more than the number that the sector registered in 2020 ($68 million), supported by the rising interest of consumers in these alternative investment vehicles. However, the fintech sector experienced the biggest volume, registering $6.1 billion invested across 258 transactions, growing almost four times as compared to 2020. Large Growth, Few Companies While the growth that this sector experienced in Latam last year was explosive, it was concentrated in a few companies that control the cryptocurrency industry on the continent. Most of the $653 million investment was allocated in funding rounds for four companies. Mercado Bitcoin, one of the biggest cryptocurrency exchanges in the region, registered an allocation of $290 million across three funding rounds. Bitso, a Mexico-based cryptocurrency platform, received $250 million in investments. The other two big platforms VCs invested in were Ripio, an Argentinian exchange that received $50 million in a funding round led by DCG, and Lemon Cash, another Argentinian exchange, with $17.3 million. However, there are more than consumer exchanges and trading platforms when it comes to crypto investment in the region. The report states that there have been other investments directed to the B2B (business-to-business) services sector during these first months of 2022. Among these are Liqi, with $5.5 million in investments, Gavea Marketplace with $5 million, and Agrotoken, also with $5 million. What do you think about the growth in VC cryptocurrency-based investment in Latam? Tell us in the comments section below. View the full article

Over the last week, there’s been a lot of discussion about Canada ‘freezing’ digital currency accounts that are associated with the Canadian trucker’s Freedom Convoy. Amid the topical conversation, it should be stressed that decentralized cryptocurrencies like bitcoin and ethereum, cannot be frozen directly within the network. However, the Canadian government can flag specific digital currency addresses and take it even further, by asking centralized entities like crypto exchanges and payment processors to freeze the funds. Canadian Officials Can Flag Crypto Addresses and Threaten Exchanges, but They Can’t ‘Freeze Bitcoin’ Last week, the Canadian government and Prime Minister Justin Trudeau invoked the country’s Emergencies Act and enacted Canada’s terrorist financing policy in order to blanket cryptocurrencies donations. Trudeau and the government did this to quell the protesters occupying the streets of Ottawa. The Canadian government managed to get Gofundme to shut down the Freedom Convoy’s fundraiser and it flagged 34 crypto addresses allegedly associated with crypto fundraisers. Reports had indicated that Canada’s police sent letters to banks and crypto-asset exchanges and insisted that companies “cease facilitating any transactions” with the aforementioned flagged addresses. According to a number of financial institutions and crypto companies, the Royal Canadian Mounted Police (RCMP) did in fact send the letters. Furthermore, another report details that an Ontario Superior Court judge has ordered financial institutions to freeze any assets tied to the Freedom Convoy including digital assets. The order reportedly derived from a “secret hearing” initiated by Ottawa residents and attorney Paul Champ. “I can confirm that this is the first successful Mareva order in Canada targeting bitcoin and cryptocurrency exchanges,” Champ explained to the press. Meanwhile, despite the headlines that talk about directly freezing crypto assets, it should be noted that this can only happen by threatening enforcement and targeting crypto-to-fiat off-ramps. Yesterday, the Ontario Superior Court of Justice sent us a Mareva Injunction, ordering us to freeze and disclose information about the assets involved in the #FreedomConvoy2022 movement. Here is our official response. pic.twitter.com/iuxliXhN5y — nunchuk_io (@nunchuk_io) February 19, 2022 It is impossible to freeze a bitcoin (BTC) or ethereum (ETH) address and render it useless to the owner. The only way to do that is by using force or threats of imprisonment or death and ultimately obtaining a crypto owner’s private keys. This is why fundraisers, like the BTC fund that raised 21 bitcoin, utilize multi-signature controls. According to the software developers behind the non-custodial bitcoin wallet Nunchuk, the team was sent a Mareva injunction letter. Nunchuk wrote back to the Ontario Superior Court of Justice and told the court it could not comply with the orders. “Dear Ontario High Court Judge, Nunchuk is a self-defense, collaborative, multi-sig bitcoin wallet,” the Nunchuk team’s letter says. “We are a software provider, not a security finance intermediary. Our software is free to use. While protecting privacy, it helps people to eliminate single points of failure and save bitcoin as safely as possible.” Nunchuk’s letter adds: We do not collect any user identification information beyond email addresses. We have no keys. So: ‘Our users’ assets cannot be disabled.’ ‘[We] Cannot “block transactions.’ We do not know the ‘presence, nature, value and location’ of our users’ assets. See how self-defense and personal keys work. When the Canadian dollar is worthless, we will be here for you. Kraken’s CEO Jesse Powell: ‘We Cannot Protect You — Stick to Real Crypto’ Kraken’s CEO Jesse Powell explained on Twitter that if people are worried about getting their crypto funds frozen then they should not keep crypto on centralized platforms. Responding to someone commenting about crypto exchanges freezing funds, Powell said that this was “100%” the case. “100% yes it has/will happen and 100% yes, we will be forced to comply,” said Powell. “If you’re worried about it, don’t keep your funds with any centralized/regulated custodian. We cannot protect you,” Powell Tweeted. In a later tweet, Powell discussed that going on-chain to top reserve tokens like stablecoins may not be safe either. “You’re not necessarily safe just going on-chain,” Powell said. “The top reserve tokens with centralized issuance and redemption, like USDT and USDC have centralized control of freeze functionality that can be commandeered as easily as a bank account. Stick to real crypto,” he added. Both USDC and USDT issuers have frozen specific stablecoin addresses in the past. In July 2020, Circle’s Centre Consortium blacklisted $100,000 in USDC after getting a request from law enforcement. Tether has blacklisted hundreds of USDT addresses and last month, the company froze $160 million worth of USDT. So while digital currency exchanges, crypto payment processors, financial institutions, and banks can “cease facilitating any transactions” with crypto addresses, decentralized assets or “real crypto” cannot be commandeered unless the accounts’ private keys are taken by threats or physical force. What do you think about Jesse Powell’s comments about exchanges not being able to protect you and his sticking with ‘real crypto’ statement? Let us know what you think about this subject in the comments section below. View the full article

Veteran trader Peter Brandt has warned that bitcoin’s price corrections have taken many months in the past and it may take some time for the price of the cryptocurrency to hit another all-time high. He criticized bitcoin’s proponents for constantly hyping the crypto regardless of the price. Peter Brandt Warns It May Take Some Time for Another Bitcoin Peak Veteran trader Peter Brandt cautioned investors Thursday that it could take some time for the price of bitcoin to reach another all-time high. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar. He criticized bitcoin’s proponents for constantly hyping the cryptocurrency regardless of what the price is doing. “Cheerleaders who constantly beat the drums of ‘to the moon’ are doing a huge disservice to BTC investors,” the trader tweeted, elaborating: Corrections can be lengthy. Long endurance, not constant hype, should be the message. Brandt also included a chart with his tweet showing major bitcoin price highs and the number of months to exceed them. Specifically, he pointed out that it took 21 months for BTC to reach the next new high in 2013, 40 months in 2017, and 36 months in 2020. The price of bitcoin hit an all-time high of $68,892 on Nov. 9 last year based on data from Bitcoin.com Markets. Since then, it has fallen more than 42%. At the time of writing, the price of BTC is $39,933. Brandt did not offer an estimate of how long it will take for BTC to hit the next new high. However, the veteran trader recently shared his “scared trading rule,” which is to “Never add to a losing trade.” According to a panel of fintech specialists at Finder.com, bitcoin will peak at $94K this year. By the end of 2025, the panel believes BTC’s price will reach $192,800 and $406,400 in 2030. Meanwhile, global investment bank Goldman Sachs has warned that the price of bitcoin is vulnerable to the Federal Reserve hiking interest rates. In January, Switzerland’s largest bank, UBS, warned of crypto winter. Nonetheless, global investment bank JPMorgan has a long-term price prediction of $150K for BTC but estimated its fair value to be $38K. What do you think about Peter Brandt’s warning? Let us know in the comments section below. View the full article

Kevin O’Leary, aka Mr. Wonderful, has shared what he thinks the price of bitcoin will be in the coming years. He said when institutions get the go-ahead from their compliance departments to invest in bitcoin, the price of the cryptocurrency “is going to appreciate dramatically.” Kevin O’Leary’s Bitcoin Prediction Shark Tank star Kevin O’Leary shared his prediction of the price of bitcoin in an interview with Stansberry Research last week. He explained that many institutions are not allowed to invest in bitcoin, stating: “That’s well-known because it just hasn’t been ruled by the regulator yet. So, as a proxy to getting exposure to bitcoin, they buy the equities of public bitcoin mining companies, Marathon, Riot, etc.” O’Leary detailed: You want to talk about bitcoin going to $100K, $200K, $300K, it’s going to happen when institutions can finally buy it. “I can tell you with certainty right now because I service sovereign wealth funds and pension plans,” Mr. Wonderful continued. “In the indexing business, for all the hype around bitcoin, none of those institutions own a single coin. And they are not going to until their compliance departments allow for the ESG mandates.” In addition, he noted that the crypto asset class itself has to be compliant. The Shark Tank star opined: When they do get that go-ahead, the price of the coin is going to appreciate dramatically. O’Leary further explained that the way to think about bitcoin is not to think about it as a coin but as software. “These institutions own Microsoft. They own Google. That’s software too, so it is very easy for them to get their heads around it. As soon as it’s compliant, they will buy 1% to 3%, and that’s when the price is going to appreciate,” he emphasized, elaborating: I think that’s going to happen in the next two to three years. In October last year, O’Leary said that if the U.S. regulator finally allowed financial services companies to call bitcoin an asset and put it into an exchange-traded fund (ETF) like they have in Canada, “there’d be another trillion dollars worth of buying into bitcoin.” What do you think about Kevin O’Leary’s bitcoin prediction? Let us know in the comments section below. View the full article

Elon Musk has revealed that Tesla’s upcoming futuristic diner and drive-in theater, planned for the Hollywood area, will accept the meme cryptocurrency dogecoin. The electric car company currently accepts DOGE for some merchandise on its website. Tesla CEO Elon Musk: ‘You Can Pay in Doge’ Tesla and Spacex CEO Elon Musk tweeted about future dogecoin payment acceptance Friday in reply to a tweet by developer Ryan Zohoury, who said a new Tesla supercharger station in Santa Monica, California, is almost full 10 minutes after it opened. The Tesla boss tweeted, “And futuristic diner / drive-in theater planned for Hollywood area.” He added in a follow-up tweet: And, of course, you can pay in Doge. At press time, the Tesla CEO has not clarified what exactly customers can pay for with the meme cryptocurrency. Some people assume that Tesla supercharger stations will accept dogecoin while others interpreted Musk’s tweet as applicable to only the upcoming diner and drive-in theater in the Hollywood area. Nonetheless, Dogecoin’s supporters welcome Musk’s plan to further the adoption of the meme cryptocurrency. The price of dogecoin, however, is fairly unaffected by this news. At the time of Musk’s tweet, DOGE was trading at $0.1417 based on data from Bitcoin.com Markets. While the price did subsequently rise slightly to $0.1450, it fell to $0.1411 at the time of writing. In January, Tesla began accepting dogecoin for some merchandise. Musk then tried to get McDonald’s to accept DOGE by offering to eat a Happy Meal on television. However, the famous fast-food chain replied, “only if Tesla accepts grimacecoin.” Musk, a longtime dogecoin supporter, is sometimes known in the crypto community as the Dogefather. The Tesla boss believes that DOGE is the people’s crypto and previously revealed that many people he talked to at Tesla and Spacex owned dogecoin. He said that dogecoin is the best crypto for transactions while bitcoin is more suitable as a store of value. What do you think about Tesla expanding its dogecoin adoption? Let us know in the comments section below. View the full article

The Federal Reserve has banned its senior officials from investing in cryptocurrency. “Officials covered by the new rules will have 12 months from the effective date of the rules to dispose of all impermissible holdings,” said the Federal Open Market Committee. Senior Federal Reserve Officials Prohibited From Investing in Cryptocurrency The Federal Open Market Committee (FOMC) announced Friday that it has “unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials.” The FOMC is a committee within the U.S. Federal Reserve System charged with overseeing the nation’s open market operations. The rules were first announced in October last year to strengthen “the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest,” the announcement details, elaborating: Under the new rules, senior Federal Reserve officials are prohibited from … holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies. In addition, they are also banned from “purchasing individual stocks or sector funds,” “entering into derivatives contracts,” and “engaging in short sales or purchasing securities on margin.” Cryptocurrency was not included in the October announcement. The new rules apply to Reserve Bank presidents, board members, first vice-president, research directors, FOMC staff officers, the manager and deputy manager of the System Open Market Account, board division directors who regularly attend Committee meetings, any other individual designated by the chairman, and the spouses and minor children of these individuals. The Federal Reserve expects the rules to apply to additional staff after further review and analysis. The rules follow a controversy last year in which several senior Fed officials traded stocks and other investments just before the central bank adopted sweeping measures to help the economy through the Covid-19 crisis. Eric Rosengren, president of the Federal Reserve Bank of Boston, and Robert Kaplan, president of the Federal Reserve Bank of Dallas, left their positions following the controversy. The FOMC explained: Officials covered by the new rules will have 12 months from the effective date of the rules to dispose of all impermissible holdings. “Going forward, newly covered officials will have 6 months to dispose of all impermissible holdings,” the FOMC noted, adding that the rules will take effect on May 1. Do you think senior Fed officials should be banned from investments listed above? Let us know in the comments section below. View the full article

While the metaverse has become very popular, virtual land sales have seen significant demand in recent times. Virtual real estate has become expensive, in comparison to the prices 12 months ago, and virtual parcels stemming from a couple of blockchain metaverse projects have sold for seven figures. With virtual real estate getting extremely pricey, one firm called Terrazero Technologies is offering metaverse mortgages. Terrazero Provides Metaverse Real Estate Loans to People Looking to Acquire Virtual Land and Homes At the moment virtual real estate has become a hot commodity as people continue to leverage their crypto assets to purchase metaverse parcels. Projects like The Sandbox, Axie Infinity, and Decentraland have seen virtual land parcels sell for hundreds of thousands and even millions. Last November, Bitcoin.com News reported on a few million-dollar sales in metaverse blockchain worlds. For instance, eight plots of virtual Axie Infinity land sold for 888 ether or $1.5 million at the time of settlement. Virtual land adjacent to Snoop Dogg’s metaverse mansion in The Sandbox sold for $450K in ethereum (ETH) during the first week of December. A study published by the metaverse analytics firm Metametric Solutions expects metaverse real estate sales to reach $1 billion this year. Now a project called Terrazero Technologies is working on offering home loans to people looking to acquire virtual real estate. According to a report stemming from mpamag.com, Terrazero completed its first metaverse mortgage from a client looking to finance the acquisition of virtual land. Terrazero said it closed its first-ever metaverse mortgage transaction with land derived from the Ethereum-based virtual world Decentraland. Similar to a regular mortgage the buyer agrees on the terms and makes monthly payments until the loan is paid. Speaking with Andrew Martinez of National Mortgage News (NMN), Terrazero CEO and founder Dan Reitzik explains that the deed is a non-fungible token (NFT). “We do KYC, or Know Your Customer,” Reitzik detailed. “Then they show us a business plan so that we know that they’re going to be able to pay us back over time. If it sounds viable then we buy the land on their behalf.” The Terrazero founder added: The deed is essentially an NFT. We hold that in the company’s cold storage until the loan is paid off. But we give developer rights to the land so that the person can build whatever they want. If the customer doesn’t pay, then obviously we have that as our collateral. Terrazero’s metaverse mortgage follows the Florida home in Gulfport that was sold as an NFT. Furthermore, a project called the One DAO is attempting to purchase the infamous home dubbed The One Bel Air in a similar fashion. During the interview with NMN, Terrazero’s CEO disclosed that the team is working with an unnamed banking partner. The project is also launching a metaverse real estate platform called Amadea. What do you think about the metaverse mortgage concept? Would you take out a mortgage to purchase virtual land? Let us know what you think about this subject in the comments section below. View the full article

Digital asset exchange Binance has become the first crypto company to support the Association of Banks of Russia in efforts devoted to regulating the country’s growing cryptocurrency market. The coin trading platform will also work with authorities in Moscow as they try to adopt rules for the industry. Binance to Provide Crypto Expertise to Russian Banking Sector and Government The world’s leading cryptocurrency exchange, Binance, has joined the Association of Banks of Russia (ABR) to share its regulatory experience with Russian financial institutions and government as they tailor their approach to oversight in the crypto space. Announcing the move to local media, its representatives noted that Binance is the first crypto platform to work within the banking industry organization. The ABR has recently established an Expert Center on Digital Financial Assets and Digital Currencies, tasked to study the global practice of regulating the circulation of crypto assets. The body will also serve as a platform for dialogue between experts in the field of cryptocurrencies and Russian federal authorities and legislators, RBC Crypto reported. Olga Goncharova, director of government relations at Binance for Russia and the CIS countries, has been appointed to lead the expert center. Binance’s Director for Eastern Europe Gleb Kostarev emphasized that the exchange has a solid track record of working with regulators around the world. He was also quoted as stating: I am sure that our developments, our expertise will be positively received by the Russian banking community. In the past few weeks, government officials in Moscow and members of the country’s financial industry have been working hard to fill the gaps in Russia’s regulatory framework remaining after the adoption of the law “On Digital Financial Assets,” which went into force in January of last year. While Bank of Russia has proposed a blanket ban on a range of related operations, including trading, most other institutions have backed the Finance Ministry’s view that legalization is a better alternative. After the federal government approved its concept, the treasury department is now drafting two laws for the Russian crypto economy. A report by Kommersant revealed earlier this month that some of the world’s largest cryptocurrency exchanges are ready to work in Russia under the proposed new rules, including a requirement to open a local office or register a Russian legal entity. Binance’s Goncharova told the business daily that the platform supports the government’s regulatory roadmap which, in her words, “will make operations more understandable, transparent, and user-friendly.” Do you expect Russian authorities to seek assistance from other crypto businesses in their efforts to regulate the industry? Tell us in the comments section below. View the full article

The Russian Ministry of Finance has proposed the adoption of two pieces of legislation aimed at regulating cryptocurrencies. The drafts will be presented for public discussions expected to continue until March 18. Media reports have revealed that Bank of Russia has been working on alternative bills. Russian Ministry of Finance to Open Consultations on New Crypto Legislation Russia’s finance ministry has started drafting two new bills to comprehensively regulate cryptocurrencies and related activities in the country. The treasury department proposes a new law “On Digital Currency” and a bill to amend other legislative acts in connection with it. According to the Russian federal portal for draft regulatory acts, the texts are yet to be published. Then consultations will commence and continue until March 18, the business news outlet RBC reported. The announcement comes after earlier this month the Ministry of Finance and the Central Bank of Russia were tasked with preparing new crypto legislation by Feb. 18. The two institutions have been at loggerheads over the future of cryptocurrencies in Russia, with the CBR proposing a ban on а wide range of coin operations, including issuing, trading and mining, while Minfin has lobbied for legalization under strict rules. The federal government approved a plan to regulate the crypto space based on the Treasury’s concept. Meanwhile, media reports have unveiled that Bank of Russia has prepared its own legislative proposals tailored to prevent the issuance, circulation, and use in payments of “private digital currency” in the Russian Federation. According to RIA Novosti, the regulator insists on imposing fines of up to 1 million rubles ($13,000) for violations of these restrictions. Tass, which claims to have the documents, quotes a source from the financial industry who told the news agency that the central bank’s draft laws have been provided to the finance ministry. In an explanatory note, the monetary authority remarks that the penalties should be imposed on entities and individuals involved in the prohibited operations. The regulator also wants to ban the dissemination of information about this type of currency and any of the listed activities. The CBR further suggests that banks, other financial institutions and entities operating within Russia’s national payment system should be prohibited from holding cryptocurrencies under threat of administrative action, while crypto-related transfers on behalf of persons should be rejected. Bank of Russia’s proposals reflect its hardline stance on cryptocurrencies which has put it in isolation among government institutions in Russia, most of which favor regulation over prohibition. They come after the launch of the pilot phase of its own central bank digital currency (CBDC) project. The prototype of its platform was completed in December and the CBR announced this week it has successfully carried out the first transactions between digital ruble wallets with the help of commercial banks participating in the trials. Do you expect Russia to regulate cryptocurrencies in the near future? Let us know in the comments section below. View the full article

Ethereum was trading below $2,800 to start the weekend, as crypto bears extended recent market sentiment. Bitcoin was also under $40,000, as the global cryptocurrency market cap dropped by nearly 3% as of writing. Bitcoin For a fourth consecutive session, prices of the world’s largest cryptocurrency traded lower, as market pressure continued to keep bulls away. Following a high of $40,827.13 on Friday, BTC/USD is down 1.3% as of writing, and is trading close to its lowest level since February 4. . The move saw BTC hit an intraday low of $39,637.62, which has acted as an area of support in the past. This drop in price comes as price strength has also firmly entered oversold territory, after breaking below the 44.20 floor of the 14-day RSI. We are now tracking at 43.55 on this indicator, which is its lowest reading since February 3, where bitcoin was traded at a low of $36,200. Despite the recent fall, there still seems to be the possibility of further declines, should downside momentum continue to persist. Ethereum ETH was on the verge of falling below $2,700 as of writing, as the #2 cryptocurrency continued to extend this week’s losing streak. Saturday saw ETH/USD fall to an intraday low of $2,712.96 during today’s session, as such maintaining a two-week low in the process. Looking at the chart, the Relative Strength Index on 14-days has also slipped to multi-week lows, and currently tracks at 41.28, its lowest point since February 2. This drop in price has seen ETH/USD find a floor at $2,685, with the RSI maintaining a support point of 40. However, if these levels cannot be held up due to incoming pressure, we may inevitably see ETH fall towards $2,400. What are the main factors behind this selloff? Leave your thoughts in the comments below. View the full article

Coinbase, a leading U.S.-based exchange, has announced it will now allow remittance receivers in Mexico to cash out the funds received through its service in local currency. This marks the first foray of the company into the Mexican remittance business, allowing customers to cash out in more than 37,000 convenience stores and other locations in the country. Coinbase Allows Mexicans to Cash Out Crypto Remittances in Pesos Popular cryptocurrency exchange Coinbase announced this week it was making its first foray into remittances in Mexico. While the exchange already allowed customers to send cryptocurrencies to any other Coinbase user in the world, it will now offer remittance receivers the option of cashing out funds in the local fiat currency, in this case, the Mexican peso. Coinbase announced it has arranged for these remittances to be exchanged in more than 37,000 convenience stores and other locations around the country. Remittance receivers will be able to make the transactions by generating a unique redemption code in the app. The move is a result of Coinbase seeking to eliminate friction in crypto-to-fiat exchange. Coinbase expects that this use of cryptocurrency will allow the company to be competitive when compared to traditional remittance alternatives already on the market. The use of this tool will be free until March 31, 2022. Remittances and Fees However, after the aforementioned date, Coinbase will start collecting fees on these services. The exchange announced it will charge “a nominal fee that’s still 25–50% cheaper than traditional cross-border payment solutions.” The exchange says it recognizes remittances are a global issue, hinting at a possible future expansion of this service to other countries. On this, the exchange stated: While we’re starting in Mexico, over time we’ll consider other regions where customers face similar challenges. The business of remittances in the U.S./Mexico corridor is a multi-billion dollar enterprise. According to numbers from the World Bank and the Bank of Mexico, Mexican families received $42.17 billion in remittances through the first ten months of 2021, with most of these funds coming from the U.S. In October alone, almost $5 billion were sent to Mexicans mostly through money orders and electronic transfers. What do you think about Coinbase’s local currency cash-out initiative for crypto remittances in Mexico? Tell us in the comments section below. View the full article

Fintech startup Flutterwave announced recently that it has raised $250 million from its Series D funding round. The funding round, which attracted international investors, saw the startup’s value rise to over $3 billion. Capital Raised to Fund Flutterwave’s Expansion Plans The Nigerian fintech startup Flutterwave recently announced it raised $250 million in a Series D funding round. The latest capital raise, led by B Capital Group, saw the fintech firm’s valuation increase to over $3 billion. According to a statement on the remittance and payments service provider’s blog, Flutterwave is planning to use the capital raised to drive its “ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A.” In addition, the fast-growing fintech startup said it will use the funds to “develop complementary products while encouraging new innovations in its products and services development.” Flutterwave’s confirmation of its latest capital raise comes almost twelve months after the fintech startup successfully raised $170 million. That capital raise resulted in Flutterwave becoming one of the African fintech startups with a valuation exceeding $1 billion. After this latest capital raise, Flutterwave has now raised a total of $475 million since its inception in 2016. Flutterwave’s Global Backing In remarks following the latest capital raise, Olugbenga Agboola, founder and CEO of Flutterwave, explains the company’s journey and how prominent international investors are attracted to the startup. Quoted in the blog post, he said: “We set out to build a platform that simplifies payments for everyone and today, our solutions are used across the globe to connect Africans to the world and the world to Africans … This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team and the Africa technology market.” For his part, David Glynn, the managing partner of Glynn Capital, said his firm was looking forward “to supporting the company [Flutterwave] as it addresses its significant growth opportunity in the years ahead.” Besides B Capital Group, which led the funding round, Glynn Capital, an investor in Flutterwave since 2017, also participated. Other participants included Alta Park Capital, Whale Rock Capital, and Lux Capital. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The case of Cardano and its price potential has been examined by Finder in its latest panel poll. According to the opinion of the analysts consulted, cardano’s price will reach $58 by 2030. The panel also predicted that the smart contracts-enabled, peer-reviewed currency will finish this year with a price of $2.72. Cardano to Jump 168% by the End of 2022 Cardano’s future is bright according to the latest analyst poll made by Finder, a comparison website and money app. In its latest Cardano-centric report, a panel of analysts predicted that the smart contracts-enabled cryptocurrency will reach a price of $58 by 2030. The poll also predicted that cardano would finish this year with a price of $2.72, jumping more than 160%. One of the biggest proponents of Cardano on the panel, chief product officer at Permission, Vanessa Harris, believes that the currency could reach the $3 dollar mark this year. She explained her opinion, stating: [Cardano is] one of the few smart contract platforms that have placed security, correctness [and] decentralization at their core, backed by formal methods and peer-reviewed research. While Cardano has been criticized for the slowness of its advancement when it comes to including new features and functions into its codebase, Harris believes this will aid the currency in being adopted by nation-states and non-governmental organizations due to its resilience. However, not all of the consulted experts were equally bullish. Among the bearish ones are Balthazar’s CEO John Stefanidis and investor Veronica Mihai. Stefanidis sees cardano’s price dropping in 2022 due to “lack of execution and poor technology.” Mihai also thinks that cardano’s price will go lower in the next ten years. She declared: Unless they achieve great tech advances and a significant user base, it may suffer the same fate as most POS coins. Cardano’s Journey so Far While Cardano was launched back in 2017, the cryptocurrency just recently started integrating smart contracts into its code. The smart contracts hard fork, called Alonzo, was applied last year and hoped to bring important defi apps to the ecosystem. However, some think the currency has failed, comparatively, to amass significant TVL behind the defi platforms available. This is one factor the panel sees as relevant when it comes to the price dip of cardano after the Alonzo hard fork. 33% of the panelists stated this was a factor when it comes to price action so far. Others also attributed this to general market volatility and also to still being early in the post-update stages. What do you think about Cardano’s price prediction for the coming years? Tell us in the comments section below. View the full article

The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to cryptocurrency service providers in the first quarter. The UAE crypto regulation will take a hybrid approach. The government hopes that a nationwide crypto licensing system will attract big companies to the region. UAE Prepares to Regulate Crypto Sector Nationwide The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to virtual asset service providers (VASPs) by the end of the first quarter, Bloomberg reported Thursday, citing an unnamed government official. The UAE’s Securities and Commodities Authority (SCA) is in the final stage of amending legislation to regulate VASPs. The government hopes that a nationwide crypto licensing system will attract big companies to the region. The country completed a risk assessment of crypto assets late last year. The assessment involved 14 public-sector agencies and 16 private-sector entities. The government concluded that proper regulation, rather than an outright ban, can mitigate the risks of cryptocurrencies being used in illicit finance schemes. The UAE official told the news outlet that the country’s crypto regulation takes into account the latest guidance from the Financial Action Task Force (FATF) as well as regulatory strategies used in the U.S., U.K., and Singapore. The regulation will take a hybrid approach. The SCA will regulate the crypto industry with input from the central bank. Local financial centers can establish their own daily procedures around licensing. The UAE official said the government also wants to regulate the crypto mining industry. Some of the financial free zones in the UAE have already issued licenses for VASPs. In December, Binance signed an agreement with Dubai World Trade Centre Authority to establish a global crypto hub. What do you think about the UAE establishing a licensing regime for the crypto industry? Let us know in the comments section below. View the full article

The Federal Bureau of Investigation (FBI) has launched a new unit to tackle crypto exploitation. The new team will work with the National Cryptocurrency Enforcement Team of the Department of Justice (DOJ) to combat “the criminal misuse of cryptocurrencies.” FBI Establishes New Crypto Unit; DOJ Appoints First Director for National Cryptocurrency Enforcement Team The Federal Bureau of Investigation (FBI) has launched a new crypto unit. According to an announcement by the U.S. Department of Justice (DOJ): The FBI’s new Virtual Asset Exploitation Unit [is] a specialized team of cryptocurrency experts dedicated to providing analysis, support, and training across the FBI, as well as innovating its cryptocurrency tools to stay ahead of future threats. In addition, the Justice Department announced Thursday the appointment of Eun Young Choi to serve as the first director of its National Cryptocurrency Enforcement Team (NCET). Choi “is an accomplished leader on cyber and cryptocurrency issues,” the DOJ details. Director Choi explained that the department will accelerate and expand its efforts “to combat their illicit abuse by criminals of all kinds.” Assistant Attorney General Kenneth A. Polite Jr. of the Criminal Division at the DOJ commented: “With the rapid innovation of digital assets and distributed ledger technologies, we have seen a rise in their illicit use by criminals who exploit them to fuel cyberattacks and ransomware and extortion schemes.” Noting that the NCET was established to tackle “the criminal misuse of cryptocurrencies and digital assets,” the DOJ detailed: The NCET will identify, investigate, support and pursue the department’s cases involving the criminal use of digital assets. The team will focus on “virtual currency exchanges, mixing and tumbling services, infrastructure providers, and other entities that are enabling the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity,” the Justice Department noted. What do you think about the U.S. government’s efforts to tackle the challenges posed by crypto? Let us know in the comments section below. View the full article

While the Canadian government and Prime Minister Justin Trudeau try to quell the demonstrations in Ottawa by sending police to the encampment on Friday, a United States version of the Canadian trucker’s Freedom Convoy called the “People’s Convoy” is underway. According to the American Foundation for Civil Liberties & Freedom, the U.S. convoy has raised more than $100K so far. As Trudeau Cracks Down on Trucker’s Protest in Ottawa an American Convoy Is Underway For weeks, the entire world has been watching the Freedom Convoy protests in Canada and the hundreds of truckers participating in the effort. The truckers protested in the streets of downtown Ottawa over the Covid-19 vaccine mandates applied to the trucking industry. In recent times, the Canadian government has enacted the Emergencies Act, after Trudeau said he would do “whatever it takes” to end the protest in Ottawa. The national police in Canada also sent letters to crypto exchanges asking them to single out over two dozen digital currency addresses. This was after Gofundme shut down the Freedom Convoy’s fundraiser, and supporters initiated cryptocurrency fundraisers. Furthermore, Trudeau warned that more crypto accounts will be targeted and he sent the police into the Freedom Convoy encampment to arrest those who continue to protest. In the meantime, a United States-based convoy is being planned as well, and the American truckers have started to get attention from the media. The U.S.-based trucker’s convoy is called the “People’s Convoy” and the group says it’s “time to end the Declaration of National Emergency concerning the Covid-19 pandemic and restore our nation’s constitution.” The website has a registration sign-up where truckers can participate in the “lawful” demonstration. According to the website, as of Friday, February 18, donations are “now over $100,000.” Bitcoin, Ethereum Donations Accepted — People’s Convoy Declaration Tells US Elected Officials ‘You Work for Us’ Supporters of the People’s Convoy can donate to the cause which aims to start on February 22, and then depart the next day on the 23rd from California. Truckers can also join in on convoy while it is traveling, as it embarks through various states all the way to Washington D.C. The organization called the American Foundation for Civil Liberties & Freedom is taking the donations on its website, and donors can pay via credit card, Paypal, or cryptocurrency. The donations portal leads to a page that shows a bitcoin (BTC) and ethereum (ETH) address. Both addresses have received a few thousand dollars each in bitcoin (BTC) and ethereum (ETH). At the time of writing, the BTC address has raised 0.0689 BTC or $2,752.54 using current bitcoin exchange rates. The ETH wallet has seen 28 transactions and it has raised 1.5549 ether or $4,312.20 using current ether exchange rates. The People’s Convoy has also received national attention from mainstream media publications like Epoch Times, Newsmax, and Newsweek. Mother Jones’ contributor Kiera Butler’s article calls the People’s Convoy a “U.S. convoy [of] extremists.” While the truckers participating in the People’s Convoy are getting labeled by specific media publications, supporters chatting in the group’s Telegram channel, are continuing to preach the mission at hand. The goal it seems is to not only end the Declaration of National Emergency, but to also uphold the U.S. constitution. During the last two years since the onset of the Covid-19 pandemic, liberty activists believe the constitution has been trampled by overreaching politicians. The People’s Convoy website highlights the stated goals and one is to send a message to American bureaucrats. The website’s declaration states: To our elected officials that believe they rule us: YOU work for US. Our constitution was written to provide enough power to act on a national level, but not enough to deprive the people of fundamental rights. What do you think about the truckers in the U.S. organizing to embark on a convoy to protest the National Emergency and Covid-19 mandates? Let us know what you think about this subject in the comments section below. View the full article

A U.S. congressman has introduced the “Keep Your Coins Act” in order to “preserve Americans’ right to privacy in transacting with crypto assets.” The lawmaker says, “this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.” US Lawmaker Seeks to Protect Privacy in Crypto Transactions With ‘Keep Your Coins Act’ The office of Congressman Warren Davidson (OH-R) announced Thursday that the lawmaker has introduced the Keep Your Coins Act “to protect transaction privacy.” The announcement explains that the proposed legislation is “designed to preserve Americans’ right to privacy in transacting with crypto assets,” adding: Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian. “A person would then be able to conduct peer-to-peer transactions with their crypto assets without the need to utilize a third-party intermediary,” the announcement continues. “This would essentially cut out any need for a financial institution or money service business to facilitate a transaction.” The lawmaker from Ohio detailed: “As the federal government seeks more regulation of the crypto ecosystem, it seeks to impose more surveillance over American citizens. It’s vital that we preserve the attributes of cash transactions by protecting the permissionless nature of cash.” Rep. Davidson stressed: No third party should be required for two people (or companies) to use money as a means of exchange, store of value, and record of account. This bill ensures that individuals will always have the ability to transact without any intermediaries. Davidson announced his intention to launch the bill Tuesday after Canadian Prime Minister Justin Trudeau invoked the Emergencies Act. One of the measures afforded by the Canadian act is for banks and financial service providers to be able to “immediately freeze or suspend the account of an individual or business” affiliated with the Freedom Convoy protests without a court order. Commenting on the Emergencies Act announcement, Davidson tweeted Tuesday: “Our office will be introducing legislation in the U.S. House of Representatives shortly to protect Americans from this version of overt theft.” What do you think about Warren Davidson’s Keep Your Coins Act? Let us know in the comments section below. View the full article

Binance has reportedly halted services in Israel after the cryptocurrency exchange was approached by the country’s financial regulator inquiring about its activities and the licenses under which it operates. A growing number of regulators have been scrutinizing Binance for operating without a license in their jurisdictions. Binance Halts Crypto Services in Israel Israel’s Capital Market, Insurance, and Savings Authority has reportedly approached Binance regarding the crypto exchange’s activities in the country. The authority, which is responsible for licensing crypto businesses in Israel, has asked Binance for clarification about the services it offers to Israelis and the licenses under which it operates, according to Globes publication. Companies offering crypto services in Israel are required to obtain a license. Binance has not submitted an application to the authority for approval to operate in the country. However, the crypto exchange has activities in Hebrew and it is estimated that about 200,000 Israelis are using Binance’s services, the publication conveyed. The regulator was quoted by the publication as saying: Binance has at this stage stopped marketing to Israelis and all activities focused on Israel until we examine the issue of licensing. Binance has faced scrutiny in many jurisdictions for operating without a license, including in the U.S., U.K., Canada, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania. In addition, the cryptocurrency exchange restricted 281 Nigerian accounts in January at the request of law enforcement. This week, the U.S. Securities and Exchange Commission (SEC) is reportedly probing the U.S. arm of Binance. The crypto exchange said in August last year that compliance is now its top priority. Binance added that it is making “substantial changes” to become a regulated financial institution. What do you think about Binance halting operations in Israel? Let us know in the comments section below. View the full article

The Canadian government has warned that more financial accounts and cryptocurrency wallets will be frozen as law enforcement attempts to end the Freedom Convoy trucker protest. However, truckers are standing their ground even after the police arrested two protest organizers. Prime Minister Justin Trudeau says, “It’s high time that these illegal and dangerous activities stop.” More Accounts Will Be Frozen as Trudeau Vows to Stop Freedom Convoy Trucker Protest The Canadian government has confirmed that a number of financial accounts and cryptocurrency wallets have been frozen under the Emergencies Act invoked by Prime Minister Justin Trudeau. The confirmation came after several banks and crypto exchanges said they received a letter from the Royal Canadian Mounted Police (RCMP). Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland said Thursday: The names of both individuals and entities as well as crypto wallets have been shared by the RCMP with financial institutions, and accounts have been frozen and more accounts will be frozen. “Crowdfunding platforms and payment service providers have started their registration process with FINTRAC,” she added. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. The deputy prime minister was further asked whether individuals who donated to fundraising campaigns — including the “Givesendgo” and the “Gofundme” campaigns — will be targeted and whether they are considered “designated persons” under the Emergencies Act. She replied: In terms of the specifics on whose accounts are being frozen, you now have the regulations. The financial service providers have those regulations as well, and they, working with law enforcement, will be making the operational decisions. Freeland also tweeted Thursday: “We are making progress. Do not doubt our determination to act, to defend our economy, to defend our democratic institutions, and to restore peace, order, and good government.” In addition, Ontario Superior Court Justice Calum MacLeod issued a sweeping order Thursday freezing all the crypto assets and bank accounts of Freedom Convoy leaders. He ordered any banks, financial institutions, money service businesses, fundraising platforms, cryptocurrency exchanges, and custodians of any cryptocurrency wallets to halt transactions related to the organizers’ accounts and crypto wallets. Truckers Standing Their Ground However, hundreds of truckers clogging Ottawa stood their ground and defiantly blasted their horns Thursday, even as police arrested two protest organizers, Tamara Lich and Chris Barber, several news outlets have reported. One of the Freedom Convoy organizers, Pat King, was quoted as saying: I’m prepared to sit on my a** and watch them hit me with pepper spray. “There’s no tow trucks in Canada that will touch them,” he added, referring to the trucks that are parked bumper-to-bumper. Police are also sealing off much of the downtown area to outsiders to prevent them from helping the protesters. Prime Minister Trudeau declared in Parliament: It’s high time that these illegal and dangerous activities stop. They are a threat to our economy and our relationship with trading partners … They are a threat to public safety. What do you think about the trucker situation in Canada? Let us know in the comments section below. View the full article

Losses in cryptocurrency markets extended on Friday, with bitcoin falling to multi-week lows in the process. Ethereum was also lower during the session, whilst the global crypto market cap was down 3.70% as of writing. Bitcoin Bitcoin was down for a third consecutive session, as recent bearish pressure continued to intensify on the world’s largest cryptocurrency. Following a high of $43,327.99 on Thursday, BTC/USD fell below $40,000 during today’s session, and is down nearly 7% as of writing. The move saw BTC hit an intraday low of $39,633 (as of writing), sending prices below its recent support of $41,765. This drop in price comes as market uncertainty continues to heighten, with the situation between Russia and Ukraine likely one of the main culprits. Traders, which typically see BTC as a high-risk asset, have moved to gold instead, leading to prices of the “safe haven” currency climbing to multi-month highs. BTC/USD however seems to have found an interim floor after today’s selloff, with the 14-day RSI also consolidating, after earlier weakness. Ethereum After barely remaining above the $3,000 level yesterday, the rug was truly pulled from the feet of ETH traders on Friday. ETH/USD fell to an intraday low of $2,824.08 during today’s session, which is its lowest level since February 4. The move came as prices of the world’s second largest cryptocurrency fell below support at $2,840. The asset, however, has since regained some of its footing. In addition to this, the 14-day RSI has moved further into oversold territory after this week’s declines, which has seen ETH lose 8% of its value. As of writing, should the current support be broken, bears will likely look to push this toward the $2,500 point. Will this bearish pressure extend into the weekend? Leave your thoughts in the comments below. View the full article

The Bank of Spain, the central bank of the country, has recognized the first cryptocurrency platform that will be able to operate and provide officially approved services in the country. The first exchange to receive this approval was Bit2me, which is now approved to act as a virtual asset service provider (VASP). While this is the first platform approved, others will have to complete the lengthy process established in the law to serve Spanish users. Spain Starts Licensing VASPs The Bank of Spain approved the first platform to act officially as a recognized virtual asset service provider (VASP) in the country. Bit2me, which is a Spain-headquartered cryptocurrency platform available in more than 100 countries, has been the first to receive this license that allows it to operate in the country after having worked with the regulator to show it fulfills the requirements defined by law. The exchange celebrated, stating in a press release that: The entry of Bit2Me in the registry of the Spanish regulator is one more step in the massive adoption of Bitcoin and the rest of cryptocurrencies in Spanish society. The new registry that VASPs need to complete in Spain derives from a change in the Prevention of Money Laundering and Financing of Terrorism Law approved in April. More Exchanges to Follow While Bit2me was the first exchange approved by the Bank Of Spain, even international global exchanges will have to register if they want to serve Spanish customers. The requirements the law establishes have been qualified as stringent by analysts, who have stated this registry will mark a before and after for crypto-related service providers in Spain. The registry, which was established back in October, will be used to coordinate sanctions to avoid money laundering and terrorism financing with cryptocurrency assets traded using these asset providers. This is why each exchange must present a money laundering and terrorist financing prevention manual, and also a risk management document detailing the information flux and the actions that will be taken to comply with due diligence. The penalties companies will have to pay if they continue to act in the country without the license are also defined in the law. Companies evading this registry will have to pay between €150,000 ($170,498) and €10,000,000 ($11,366,900). The penalties could also include sanctions to directives of these companies. What do you think about Bit2me receiving approval from the Bank of Spain to legally act as a VASP in the country? Tell us in the comments section below. View the full article

PRESS RELEASE. Singapore, February 2022 – Leading fiat and crypto payment solutions provider, Alchemy Pay (ACH), announces its partnership with the Europe-based digital bank, Paytend. Alchemy Pay’s client crypto services, such as exchanges and investment platforms, will now offer users to pay directly in euros via credit and debit cards without requiring costly back-end conversion to US dollars. Presently, most crypto service providers only accept US dollars and users paying in euros incur hidden foreign exchange fees when the euros-to-dollars conversions take place. Alchemy Pay’s enhanced service reduces forex friction for both businesses and consumers in Europe – a strategic offering that helps the company expand its global reach in the crypto payments industry. John Tan, CEO of Alchemy Pay, explained the significance of the collaboration, “Europe is a key region for crypto at this point, and leveraging Paytend’s licensed payment channels gives us an advantage in the market. We are now offering our commercial partners in Europe and their users the most competitive prices and our network has more coverage than ever.” With more than $1 trillion in transactions, Europe has become the largest cryptocurrency economy in the world. A Chainalysis report from October last year observed that Europe had grown to become the number one in the world in terms of crypto activity. The continent’s $1 trillion worth of cryptocurrencies last year represented around a quarter of all global activity. Alchemy Pay’s flagship product is its hybrid crypto-fiat payment system that allows merchant partners to accept popular cryptocurrencies in offline and online payments at a low cost and with near-instant instant conversion to the merchant’s local fiat currency. It recently expanded services with crypto exchange, MEXC, and partnered with leading blockchain networks including Polygon Network, Avalanche, Algorand, and NEAR to drive crypto payment use cases. Having obtained a European Union EMI licence and a technical framework that meets regulatory requirements, Paytend provides innovative digital banking services for European and overseas users around the world. Paytend is positioned to provide comprehensive financial services within the unified regulation of the European Central Bank to ensure the safety of funds. Leveraging its wide-reaching settlement network in Europe and the international markets, Paytend Europe has an expansive reach across Europe and provides low-cost and efficient digital banking services for clients with needs of cross-border remittances, card issuance and acquisition. About Alchemy Pay Founded in Singapore in 2018, Alchemy Pay (ACH) is a payment solutions provider that seamlessly connects fiat and crypto economies for global consumers, merchants, developers, and institutions. It provides online and offline merchants with convenient acceptance of both fiat and crypto, enables easy onboarding to blockchain ecosystems, and makes DeFi services highly accessible. Today, Alchemy Pay is supported in over 70 countries with 300 payment channels, has touchpoints with more than 2 million merchants through partnerships with industry leaders such as Binance, Shopify, NIUM, and QFPay. Alchemy Pay’s token, ACH, runs on the Ethereum blockchain and is a top 250 cryptocurrency by market capitalisation. Website: alchemypay.org Twitter：twitter.com/alchemypay Telegram: t.me/alchemy_official This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The Cardano Foundation recently said it has doubled the payout offered to hackers and bounty hunters that identify bugs or vulnerabilities within the Cardano blockchain. The foundation said the six-week promotion, which runs until March 25, 2022, is part of an ongoing attempt to keep “its businesses and customers safe.” Strengthening the Cardano Brand The Cardano Foundation recently announced the start of a promotion that will see it double the value of the reward given to bounty hunters that discover vulnerabilities within the Cardano ecosystem. Starting from February 14, hackers and bounty hunters that identify critical vulnerabilities in the Cardano Node will be paid a maximum of $20,000. The lowest amount that will be paid to hackers that discover the least critical bug or vulnerability in the node is $800. On the other hand, for bounty hunters that uncover critical vulnerabilities in the Cardano Wallet, a maximum payout of $15,000 is offered, while hackers that find less critical vulnerabilities will be given a minimum reward of $600. In a statement explaining its decision to start the six-week promotion, The Cardano Foundation suggested that finding vulnerabilities is what can “keep our businesses and customers safe.” The foundation also said: From this program, we aim to strengthen the Cardano brand through this public bug bounty program, covering essential items to access and manage crypto assets that are issued on the Cardano blockchain. Scope of Reward Program Meanwhile, the statement clarifies that “the scope of the bug bounty program will not include any UI or general functionality bugs.” It will, however, include bugs or vulnerabilities that lead to the leakage of sensitive information, the foundation said. Bugs that cause the service to crash, as well as attacks that compromise or harm the quality of the blockchain, are also included in the reward program. In addition, the foundation asked hackers that uncover areas that may be seen as “an exploitable vulnerability” to reach out so arrangements can be made to discuss these “on a case-by-case basis.” What are your views concerning the Cardano Foundation’s decision to double the bounty rewards? Tell us what you think in the comments section below. View the full article

Ukrainian lawmakers have approved an updated version of legislation tailored to regulate the country’s crypto economy. The bill, which was first passed last year, was later returned to the legislature by President Volodymyr Zelensky who requested some changes. Majority of Ukrainian Deputies Back Law ‘On Virtual Assets’ Verkhovna Rada, Ukraine’s parliament, has adopted new legislation that will govern crypto activities in the country, a leader in Eastern Europe in terms of cryptocurrency adoption. A sizable majority of 272 out 365 voting members supported amended law “On Virtual Assets” on second and final reading on Thursday. The draft law was initially approved in early September, 2021, but later returned to the Rada by Ukraine’s President Zelensky in October, with certain recommendations regarding crypto market regulators. These have now been taken into account, Forklog reported. In its original form, the bill envisaged the establishment of a dedicated regulatory body, to which the head of state objected, warning that would be costly for the state budget. Its sponsors have given up on that idea and also decided to relieve the Ministry of Digital Transformation of oversight duties. The National Securities and Stock Market Commission (NSSMC) and the National Bank of Ukraine (NBU) will be the main regulators for the crypto sector. The NBU will be responsible for government control over the circulation of virtual assets secured with other currencies and the NSSMC will supervise the rest, including collateralized securities or crypto derivatives. The commission will issue permits, oversee the activities of service providers, and establish and maintain a national register for the entities that operate with cryptocurrencies. It will also be tasked to implement procedures for reviewing cases that involve violations of the virtual assets law and the imposing of financial sanctions. The reports further note that Zelensky now has ten days to sign the bill into law. However, the new legislation will enter into force only after the Rada introduces necessary changes to Ukraine’s Tax Code pertaining to the taxation of crypto income and profits. The draft amendments should be submitted within days. Do you expect the crypto market in Ukraine to continue to grow after the new legislation comes into force? Tell us in the comments section below. View the full article

The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.” Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan The governor of the State Bank of Pakistan (SBP), Reza Baqir, recently said his institution had concluded that the potential risks that are associated with cryptocurrencies “far outweigh the benefits.” According to Baqir, Pakistan, just like other jurisdictions that have banned or restricted the use of cryptocurrencies, needs more time to “fully understand these technologies not only from the perspective of risk-response.” In his speech at the 2022 MASIC Annual Investment Forum, Baqir defended the SBP’s conclusion, which he said is similar to the ones reached by “large emerging markets including China, India and Russia.” Baqir also named some of the risks that are associated with cryptocurrencies and how such risks make these currencies less ideal for developing economies. He said: First, in their current form, private digital currencies are mostly speculative in nature and have not provided any robust use case and real economic benefits especially to underdeveloped countries like Pakistan. The governor also warned of the threat to financial and monetary stability that may arise as a result of the volatile nature of cryptocurrencies. In his address, Baqir regurgitates the claim that cryptocurrencies are “prone to be used for illegal economic activities.” Additionally, he said for countries like Pakistan, “there is a risk of widening of grey economy and capital flight.” Governor’s Position on Launching a CBDC Despite arguing his case against cryptocurrencies, Baqir suggested that the SBP is open to permitting cryptocurrencies once the central bank’s concerns have been addressed. “If in the future, solutions evolve which address current risks and also give people more control, power and choices over their financial decisions, we are open to looking at them,” explained the SBP governor. Meanwhile, Baqir also offered his thoughts on central bank digital currencies (CBDC), which he said the SBP has been “studying both from [a] technological and functional perspective.” According to Baqir, this process should not be “driven just by the desire to offer an alternative to private digital currencies or out of the fear of them.” Instead, the studying of CBDCs should be evaluated from the perspective of how these can contribute to a regulator’s agenda, Baqir said. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article