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The Swiss National Bank has successfully employed a wholesale CBDC to settle transactions with five commercial banks, the monetary authority announced. The tests are part of an experiment carried out together with the Bank for International Settlements and Switzerland’s financial services provider SIX. Swiss Central Bank Tests Integration of Wholesale CBDC Settlement With Private Banks A wide-range of transactions involving a wholesale central bank digital currency (CBDC) have been processed during the second phase of Project Helvetia, the Swiss National Bank (SNB) revealed in a press release issued on Thursday. The trials are conducted as part of a joint initiative between the SNB, the Bank for International Settlements (BIS), and SIX, the main provider of financial infrastructure services in Switzerland. Five commercial banks also participated – Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg, and UBS. The experiment, which took place in the last quarter of 2021, explored the settlement of interbank, monetary policy, and cross-border transactions on the test systems of SIX Digital Exchange (SDX), the Swiss real-time gross settlement system SIX Interbank Clearing (SIC), and core banking systems, SNB detailed. The Swiss central bank and the other banks integrated a wholesale CBDC in their existing back-office systems and processes. SNB notes that in the future, a growing number of financial assets will be tokenized while financial infrastructures will run on distributed ledger technology (DLT). Regulators may need to cover tokenized asset markets in their monetary policies, the authority said and elaborated: International regulatory standards suggest that operators of systemically important infrastructures should settle obligations in central bank money whenever practical and available. While none of the existing DLT-based platforms are systemic yet, they may become so in the future. “To continue fulfilling their mandates of ensuring monetary and financial stability, central banks need to stay on top of technological change. Project Helvetia… allowed the SNB to deepen its understanding of how the safety of central bank money could be extended to tokenized asset markets,” added Andréa M. Maechler, member of the bank’s governing board. The Swiss National Bank remarks that Helvetia is only an exploratory project, suggesting it should not be viewed as plan to issue a wholesale CBDC. In December, the SNB, along with the Bank of France and BIS, carried out another experiment, testing the application of wholesale CBDC in cross-border payments. Project Jura employed DLT and was also realized with the support of private sector companies. Do you expect the Swiss National Bank to eventually issue a wholesale CBDC? Let us know in the comments section below. View the full article

A group of U.S.-based banks is launching their own stablecoin, USDF. The stablecoin will be issued by the USDF Consortium, which will allow its members (financial and banking institutions) to issue USDF. The proposed stablecoin will be the first currency of its kind to be minted by FDIC-insured institutions and compliant with the recommendations on the use of stablecoins made by the president’s working group. USDF Consortium to Launch Stablecoin The USDF consortium, a membership-based group of banks, is launching the first bank-minted stablecoin, also called USDF. According to a press release issued on January 12, the objective behind this release is to remove friction by addressing “the consumer protection and regulatory concerns of non-bank issued stablecoins and offer a more secure option for transacting on blockchain.” The USDF consortium is the entity that will authorize these banks to mint the stablecoin, which will be redeemable 1:1 in cash from any of the banks of the aforementioned consortium. The founding members of this consortium include institutions like the New York Community Bank (NYCB), NBH Bank, Firstbank, Sterling National Bank, and Synovus Bank. Figure Technologies, Inc. and Jam Fintop are founding members as well. Targeting Defi, Payments, and Settlements Stablecoins are a big part of what decentralized finance is about at this moment, and the USDF consortium is targeting this area with the development. Figure CEO Mike Cagney stated: USDF opens up endless possibilities for the expanding world of deFi transactions. Figure’s systems have already used USDF to settle securities transactions involving the New York Community Bank. Andrew Kaplan, NYCB’s chief digital and banking as a service officer, remarked about the importance of this launch for moving compliant funds using modern blockchain services. According to the executive, the goal is to do things in a “way that can scale, adheres to regulatory standards, and is acceptable to all users from large institutional investors to retail customers.” This is one of the first attempts of a block of banks to propose an alternative solution to the stablecoins that are already on the market, taking into account the recommendations on the use of stablecoins by the president’s working group. Stablecoins have become one of the sectors in the crypto industry with notable growth, surpassing the $100 billion market cap. USDT, the token issued by Tether, dominates almost half of the market cap in this category. The New York Community Bank will be minting the stablecoin on-demand in the next weeks, according to Cagney. What do you think about the launch of USDF? Tell us in the comments section below. View the full article

Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with this new development. Revolut Customers in Spain Can Upgrade to Revolut Bank Revolut, one of the biggest fintech neobanks in Europe, has received a special banking license in Spain, and can now offer deposit insurance to its customers. The protection of the deposited assets will be provided by a Lithuanian state company called Deposit and Investment Insurance, and it will cover amounts of up to €100K (about $115,000). To receive this protection over their assets, customers will have to upgrade their Revolut accounts to Revolut Bank accounts. The strategy aims to keep Revolut growing in Spain after a poll made last year indicated that more than 80% of users would deposit more funds in the service if they were insured. In the same way, 60% indicated they would use Revolut to settle payments if the platform presented options for insurance. European Expansion Revolut, which has its origins in the U.K., has experienced significant growth in Europe, having now over 18 million customers. The platform, which is commonly used around the world to make remittances and payments, arrived in the U.S. last year. Spain is not the first country where Revolut has applied for a banking license. It already offers these protections to customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, where it has managed to also offer credit products to its users. Regarding the offer of insurance to its customers, Joe Heneghan, CEO for Revolut Bank, stated: The launch of the bank in Spain will provide a higher level of security and confidence to our customers, and will allow us to launch more products and services in the future. Revolut has also offered cryptocurrency purchases from the app since 2017, merging fintech and crypto in one platform. One of its direct competitors in the field, N26, is only recently announcing the introduction of cryptocurrency trading, lamenting its delay in offering these services to customers. What do you think about Revolut’s special banking license in Spain? Tell us in the comments section below. View the full article

The Russian neobank Tinkoff is joining the world of cryptocurrencies with the purchase of a stake in Aximetria, a Swiss-registered and licensed company which provides clients around the world with services and solutions for digital financial assets. Tinkoff Bank Buys Stake in Aximetria TCS Group Holding, the owner of the Russian Tinkoff Bank, has reportedly acquired a controlling stake in the crypto company Aximetria. Official numbers are yet to be announced but according to The Bell, which broke the news quoting financial market sources, TCS Group may now control up to 83.2% of the Swiss-incorporated entity which was founded by Russians. Quoted documents from Aximetria reveal that on Nov. 9, TCS Group bought 4,449 shares at 100 Swiss francs ($110) each, and the total share capital of the company amounted to 534,700 francs. Its representatives told the news portal that the details of the transaction will be published in accordance with the established disclosure standards in the group’s annual reports. “Aximetria will develop as part of the international expansion of the Tinkoff Group in compliance with all the requirements of the jurisdictions of international presence,” the company added. Its website confirms the acquisition, noting that the startup is already part of TCS Group Holding PLC. It also points out that Aximetria was among the first companies to receive permission from the Swiss Financial Market Supervisory Authority (Finma) to process crypto transactions. In an interview with CNBC last year, Tinkoff Group CEO Oliver Hughes stated that although investors who want to put money into cryptocurrency are qualified and know what to do, Tinkoff Bank is unable to provide them with such services because of the stance of the Russian financial regulator on the matter. “Currently, we don’t have a mechanism to offer them this product in Russia, because the Central Bank is taking a very tough position,” Hughes commented. Deal Deemed Positive for Crypto Sector Commenting on the acquisition, Nikita Zuborev, senior analyst at crypto exchange aggregator Bestchange.ru, told the Russian business news portal RBC that any inflow of capital from the traditional financial market into the crypto space can be regarded as a positive long-term factor and a certain guarantee for stability and acceptance. He emphasized that the deal will open another gateway between the traditional financial system and the crypto industry. Maria Stankevich, director of development at Exmo, a leading cryptocurrency exchange in Eastern Europe, remarked that the purchase of a crypto startup by Tinkoff Bank’s parent company is “interesting and bold” for the Russian market. She expects this investment to compel other Russian banks, like Alfa-Bank for example, to think about similar opportunities. Even after the adoption of the law “On Digital Financial Assets,” which went into force a year ago, cryptocurrencies and related activities are yet to be comprehensively regulated in the Russian Federation. The Central Bank of Russia remains opposed to their legalization and wants to restrict crypto investments for Russian citizens. Recently, Russia’s largest and state-owned banking institution, Sberbank, also ventured into the crypto space by offering the country’s first blockchain ETF. The instrument was introduced to the market despite a statement by Bank of Russia’s Governor Elvira Nabiullina in October insisting that the monetary authority was not prepared to allow the trading of bitcoin ETFs. Do you expect more Russian banks to acquire stakes in crypto companies? Tell us in the comments section below. View the full article

On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% against the U.S. dollar. Near Foundation Gets a $150 Million Capital Injection The team behind the sharded Near blockchain protocol, a proof-of-stake (PoS) network, has raised $150 million in capital in a recent finance round led by Three-Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, Circle Ventures, and Metaweb.vc also participated. The Near Foundation’s Medium blog post notes that the funding will be dedicated to “accelerating mass adoption of Web3.” “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” Kyle Davies, the co-founder and chairman of Three Arrows Capital said in a statement on Thursday. Following the announcement, the price of NEAR, the protocol’s native token jumped 7.7% according to 24-hour metrics against the USD. 30-Day Statistics Show Near Gained 111% Against the US Dollar, Rainbow Bridge Is the 6th Largest Cross-Chain Bridge TVL NEAR has done considerably better than most coins during the last few weeks, the last month, and the course of 12 months as well. NEAR is up 28.2% over the last two weeks, 30-day stats indicate NEAR has risen 111% and the crypto asset gained 1,236.5% in 12 months. The digital currency is ranked 17 out of 12,447 crypto coins today with a market valuation of $2.1 billion at the time of writing. NEAR’s market cap represents 0.54% of the crypto economy’s $2.1 trillion in value on Thursday afternoon (EST). Amos Zhang, founder of Metaweb.vc complimented the benefits of the Rainbow Bridge and Near’s multichain compatibility. “With multichain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate), and NEAR native’s Nightshade sharding technology, NEAR is best suited for empowering blockchain applications for mainstream adoption,” Zhang said. At the time of writing and according to metrics from the Dune Analytics’s chart called “Bridge Away (L1 Ethereum),” the Rainbow Bridge has $478 million total value locked (TVL). The bridge holds the sixth-largest cross-chain bridge TVL below chains like Polygon, Avalanche, and Ronin. The Near team will leverage the new funding to accelerate the adoption of the protocol’s regional hubs and “raise awareness for the brand.” According to the announcement, the funds build upon the aggregate of $65.9 million raised by the Near Foundation prior to the latest raise. Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital, and Blockchain.com previously backed the Near project. Near further claims that it has already established “communities in Asia, Africa, and Europe, and is looking to help support emerging communities in Latin America, Turkey, and India.” What do you think about the Near Foundation raising $150 million from strategic investors? Let us know what you think about this subject in the comments section below. View the full article

Following the charged-up debut of the Proshares bitcoin exchange-traded fund (ETF), Valkyrie’s bitcoin futures ETF and the Vaneck bitcoin strategy ETF, interest in these types of funds seems to have faded a great deal. After the Proshares bitcoin ETF BITO reached an all-time high on November 10, the ETF is down 39% over the last 64 days. Valkyrie’s bitcoin ETF has also shed 37% in value over the last two months. Bitcoin Futures ETF Lull Continues A large portion of the cryptocurrency community was very hyped up for years about the launch of the first bitcoin exchange-traded fund (ETF), as a number of bitcoin ETF applications were denied prior to 2021. Finally, when the first U.S. bitcoin futures ETF was approved, the debut of Proshare’s bitcoin futures ETF smashed records, capturing close to $1 billion in total volume during the first 24 hours. Months later, the Proshares Bitcoin Strategy ETF (BITO) is exchanging hands for $26.96 on January 13, 2022, but that price is 39.12% lower than the 44.29 high on November 10, 2021. Bloomberg author Katherine Greifeld explained in mid-November that the “bitcoin futures ETF frenzy is fading.” “While the Proshares fund absorbed $1.1 billion in just two days — the quickest an ETF has ever done so — that pace of growth has cooled considerably,” Greifeld said at the time. The financial author further discussed the Vaneck ETF, as she noted that lower management fees could differentiate the fund from the rest. At the time, Greifeld quoted Bloomberg Intelligence senior ETF analyst, Eric Balchunas, who said: There’s definitely a lull going on right now relative to the launch mania and so Vaneck has their work cut out for them in trying to get people excited again. Valkyrie’s BTF Down 37%, Vaneck’s XBTF Is Down 27%, Aggregate Bitcoin Futures Open Interest Across Cryptocurrency Exchanges Slid by More Than 38% The same can be said for the Valkyrie Bitcoin Strategy ETF (BTF) when it reached an all-time high (ATH) of $26.67 per share on November 9, 2021, and today it’s changing hands for $16.70 per unit or 37.38% down from the ATH. The Vaneck Bitcoin Strategy ETF (XBTF) is only down 27.70%, as the ETF exchanged hands for $58.08 per unit on November 19, 2021, and today it’s trading for 41.99 per unit. While Proshares and the Valkyrie ETFs debuted well before Vaneck’s offering, all of the funds have a strong relationship with spot price of bitcoin and the crypto asset’s futures markets. Futures markets have seen a decline in open interest, as total bitcoin futures open interest across cryptocurrency exchanges has declined since mid-November as well. The highest number of bitcoin futures open interest was on November 11, 2021, with over $28 billion. Today, the aggregate open interest across the most popular derivatives exchanges is $17.22 billion. That equates to a loss of 38.50% over the last two months and the pattern is quite similar to bitcoin’s (BTC) spot market price action. What do you think about the three bitcoin futures ETFs and their overall performance during the last few months? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. United Kingdom — January 13th, 2022 – Kepithor Studios has announced a set of innovative new GameFi mechanics coming to its turn-based NFT battle game, Kingdom Karnage. The game will introduce new play-to-earn opportunities for its players, powered by its upcoming KKT token, which has received investment from Animoca Brands, Kriptomat, ExNetwork, MyMetaverse, DFG, Jsquare and many others. The team intends to build a bridge that will allow the KKT token to move from Binance Smart Chain to Enjin’s Jumpnet where users can transact with zero gas. Kingdom Karnage has been live and playable in Beta for nearly two years. The game’s animated cartoon aesthetics and deeply strategic dynamic gameplay have allowed it to amass 24,979 NFT holders since launch. Kingdom Karnage was also one of the first projects to receive an investment from Enjin’s $100M Efinity Metaverse Fund. Kingdom Karnage will enable players to earn a living by receiving $KKT through in-game drops and voting for new game features. Players with extra NFTs are able to create “sponsorship decks” which they can lend out to other players, sharing the $KKT earned by using them. $KKT will become the currency of the Kingdom Karnage economy, with players able to sell and rent their NFTs through the in-game auction house. “We are creating new play-to-earn mechanics that will proliferate through the gaming industry,” said Nick Franklin, CEO of Kephithor Studios. “By achieving a perfect balance between gameplay and financial inclusion our mission is to help players enjoy their free time and change their lives while doing so.” Kingdom Karnage is partnering with EnjinStarter, Red Kite, and GameFi to launch their IGOs on the 11th,12th, and 13th of January. Quotes: “Kingdom Karnage is very special to Enjin, being one of the first to join our ecosystem in November 2018. It exemplifies excellent integration of Enjin’s blockchain wallet and tech stack in a simpler turn-based game that runs on mobile and browser. Further, it exemplifies how a small team can grow an organic community with creative game mechanics.” – Witek Radomski, Co-Founder and CTO, Enjin “There is a good number of reasons to be a staunch believer in Kingdom Karnage, the quality of the game is among the best we’ve seen growing in the GameFi space, they’re cross-chain objectives are in line with the future of blockchain as a whole and they are an Enjin-native product, which shows the great deal of quality development they are delivering. These are just some of the reasons we consider them to be a one of a kind game and have great expectations of what they will be able to achieve in a young and upcoming sector of the industry.” – James Wo, Co-Founder and CIO, DFG For more information and updates, please visit: Website: https://KingdomKarnage.com Telegram: https://t.me/KingdomKarnage Twitter: https://twitter.com/Kingdom_Karnage 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 State Bank of Pakistan (SBP), the country’s central bank, has reportedly come to a decision to ban the use of all cryptocurrencies within the country. The central bank has also asked the Sindh High Court to ban “unauthorized operations” of crypto exchanges and impose penalties on them. Pakistani Interministerial Committee Recommends Banning Cryptocurrency and All Related Activities A high-level interministerial committee constituted to make recommendations on whether any form of cryptocurrency should be permitted under Pakistani law reportedly submitted its report to the Sindh High Court Wednesday. The committee was constituted by the Sindh High Court under the supervision of the deputy governor of the State Bank of Pakistan (SBP) and officials from the Pakistani Ministry of Finance, Ministry of Information Technology, Telecommunication Authority, and the Securities and Exchange Commission. The 38-page report, submitted to the court by SBP Deputy Governor Sima Kamil, recommends a complete ban on all cryptocurrencies and related activities in Pakistan. The committee stated that cryptocurrency should be declared illegal, emphasizing that after careful analysis, it found that the risks of cryptocurrency far outweigh its benefits for Pakistan. The report also warns that cryptocurrency could be used for money laundering and terrorism financing. Furthermore, the committee urged the court to ban “unauthorized operations” of crypto exchanges and impose penalties on them as some countries have done. The report cites recent investigations by Pakistan’s Federal Investigation Agency (FIA) of crypto exchanges, including Binance, and the risks they pose to investors. The Sindh High Court directed the committee to send a copy of the report to the Ministry of Finance and the Ministry of Law to make the final decision on whether any form of cryptocurrency will be allowed in Pakistan. The court also directed the two ministries to jointly recommend whether crypto business of any form can be legally carried out in the country. They are to submit a report of their decision on April 11. Petitioner Waqar Zaka, a television host and crypto entrepreneur, has argued that cryptocurrency should be declared legal. The court will resume hearing his petition on April 12. Do you think Pakistan will soon ban cryptocurrency? Let us know in the comments section below. View the full article

Nasdaq-listed cryptocurrency exchange Coinbase has acquired a regulated derivatives trading platform. Coinbase plans to make the derivatives market more approachable to millions of its retail customers. Coinbase Plans to Offer Crypto Derivatives to All US Customers Nasdaq-listed crypto exchange operator Coinbase announced Wednesday that it has acquired Fairx, a regulated derivatives trading platform. Fairx is regulated by the Commodity Futures Trading Commission (CFTC) as a derivatives exchange or Designated Contract Market (DCM). “Through this acquisition, we plan to bring regulated crypto derivatives to market, initially through Fairx’s existing partner ecosystem,” Coinbase detailed. “Over time, we plan to leverage Fairx’s infrastructure to offer crypto derivatives to all Coinbase customers in the US.” The Nasdaq-listed company added: We want to make the derivatives market more approachable for our millions of retail customers by delivering an easy-to-use user experience that Coinbase is known for. Coinbase further noted, “Deep and liquid derivatives markets are essential to the functioning of traditional capital markets,” elaborating: These products are in high demand from investors who seek to effectively manage risk, execute complex trading strategies, and gain exposure to crypto outside of existing spot markets. The acquisition of Fairx is subject to customary closing conditions and reviews. Coinbase expects the deal to close in the first fiscal quarter. In the meantime, Fairx will operate normally during this period. What do you think about Coinbase’s acquisition of Fairx to offer derivatives trading to its retail customers? Let us know in the comments section below. View the full article

A U.S. lawmaker has introduced a bill in Congress to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. “It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,” he stressed. Bill Introduced to Prohibit the Fed From Issuing CBDC Directly to Consumers U.S. Congressman Tom Emmer (MN-06) announced Wednesday that he has “introduced a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals.” He explained that countries like China “develop CBDCs that fundamentally omit the benefits and protections of cash.” In contrast, he stressed that the U.S. digital currency policy must protect financial privacy, maintain the dollar’s dominance, and cultivate innovation. Otherwise, the Fed could “mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely,” the lawmaker cautioned. Emmer further warned: Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government. “Requiring users to open up an account at the Fed to access a U.S. CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism,” the congressman continued. Rep. Emmer opined: It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts. He further emphasized that “any CBDC implemented by the Fed must be open, permissionless, and private.” The congressman concluded: “In order to maintain the dollar’s status as the world’s reserve currency in a digital age, it is important that the United States lead with a posture that prioritizes innovation and does not aim to compete with the private sector.” Meanwhile, the Federal Reserve still has not published a report on its CBDC work which it promised to release last year. Fed Chair Jerome Powell said earlier this week that the report will be published “within weeks.” Do you think the Fed should issue a CBDC directly to individuals? Let us know in the comments section below. View the full article

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PRESS RELEASE. Taipei: Metaverse (MV), a token of the GensoKishi Online Project , has partnered with Bybit, a leading crypto exchange that provides Crypto currency-related services globally, and announced its listing. Bybit is one of the world’s largest cryptocurrency exchanges, trusted by traders around the world. Metaverse (MV) to be on launch pool and listing on Bybit As a result of this partnership, Metaverse (MV) will be launched and listed on Bybit. Launch pool starts: January 19: Bybit Listing on Bybit: January 27 Launch Pool is a service that allows you to be the first to acquire new crypto currency to be listed on the market. It is a project where you can deposit your tokens and receive token dividends for free. To participate in the project, you need to open an account at Bybit and complete the KYC level 1. Detailed rules for participation will be announced on Bybit’s blog in near future. Various schedule adjustments There will be some schedule changes due to this. The 1st Fashionable Equipment NFT Auction： Jan 17 → Feb 7 TRUSTPAD IDO：Jan 18, 9:00 pm UTC+9 – Jan 19, 2:00 am UTC+9 Bybit Launch Pool Start：Jan 19, 9:00 pm UTC+9 – Jan 26, 8:59 pm UTC+9 MV distribution to Whitelist MV buyers：January 20 → January 27, changed to coincide with or immediately after Bybit listing Bybit listing：Jan 27th, 7:00 pm UTC+9 Listing on Uniswap and QuickSwap：Changed from Jan 20 to Jan 31 Please note that participation in Bybit’s launch pool is restricted to the following countries. Restricted countries: United States, China, Hong Kong, and all authorized OFAC countries (DR Congo, Iran, Myanmar, Sudan, Iraq, Republic of Cote d’Ivoire, North Korea, Syria, Zimbabwe, Cuba, Belarus, Liberia) Community Telegram : https://t.me/gensometamain Discord: https://discord.gg/gensometa Twitter : https://twitter.com/genso_meta LINE：https://lin.ee/fRx2vvE The Gensokishi Online Project will continue to provide cryptogame fans with the latest information on this project. 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 main finance industry association of Russia has urged authorities to reconsider a position against crypto investments in the nation’s financial market strategy. The organization insists that the crypto investments of Russians should be brought out of the “gray zone” instead of being banned. Finance Industry Body Urges Government to Regulate Operations With Crypto Assets The Russian National Financial Association (NFA) has issued a call to amend the country’s Strategy for Development of the Financial Market of the Russian Federation Until 2030 in the part concerning investments in cryptocurrencies, RIA Novosti and Prime reported, quoting the proposal. The NFA unites over 200 entities active in Russia’s financial market. The strategy now states that the Russian government and Bank of Russia will continue to oppose the use of “monetary surrogates,” a term often employed to describe decentralized digital currencies such as bitcoin. They carry high risks for citizens, according to the document, and may hinder the implementation of macroeconomic policies aimed at creating favorable economic conditions. Operations with crypto assets remain “in the gray zone” despite the fact that investments of Russians in cryptocurrencies are significant, the self-regulatory body of the Russian finance sector noted. Foreign companies and unregistered intermediaries receive revenues from such transactions, the organization remarked. The NFA believes that the option to provide Russian investors with access to digital financial assets through Russian professional market participants, as well as the possibility of creating exchange-traded mutual investment funds with cryptocurrencies for qualified investors, requires additional study. The proposal comes after recent reports revealed that cryptocurrency is a popular investment choice for many Russians. According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), at least 17.3 million people in Russia have crypto wallets. In December, the head of the Financial Market Committee at the State Duma, Anatoly Aksakov, announced that Russian citizens have invested 5 trillion rubles in crypto (over $67 billion). Bank of Russia has been a strong opponent of the legalization of cryptocurrencies in the country and wants to restrict crypto investments by blocking card payments to recipients such as digital asset exchanges. However, estimates quoted in the central bank’s own Financial Stability Overview for Q2 and Q3 of 2021 have indicated that the annual volume of digital currency transactions made by Russian residents amounts to around $5 billion. Do you think Russian authorities will change their stance on cryptocurrency investments? Tell us in the comments section below. View the full article

One of the hottest topics in the United States in 2022 is the rising inflation, as the U.S. Labor Department’s data published on Wednesday indicated that the consumer price index (CPI) rose to 7% in December. This represents the largest annual jump since 1982. Federal Reserve governor Lael Brainard is set to tell congressional leaders today that the central bank is focused on battling inflation. Moreover, members of the Democratic party are concerned that the rising inflation may cost the Biden administration politically. CPI Rate Jumps to 7%, Wholesale Prices Spike 9.7% On January 11, 2022, the U.S. Labor Department published CPI data for the month of December and the metrics indicate that the U.S. inflation rate jumped 7% year-over-year (YoY) and last month was the third consecutive month over 6%. The rise is the highest jump the CPI has seen since June 1982 as inflation is making the cost of goods and services spike exponentially. Basically, the CPI is a measure of a basket of consumer goods and services urban consumers pay for on a regular basis. After the Labor Department published the statistical estimate, the CPI jump made headlines and ignited a number of discussions about inflation on social media and forums. Making matters worse, the U.S. producer price inflation rate, or wholesale prices, jumped 9.7% in December from a year ago, which is the highest YoY record to date. The inflation levels have caused a number of U.S. officials to grow concerned about the lack of purchasing power Americans are dealing with today. Federal Reserve Governor to Address Inflation Concerns, State Governors Take Action On Thursday, Federal Reserve governor Lael Brainard plans to discuss the central bank’s focus on the inflation issue in prepared testimony to the U.S. Congress. Brainard released a statement on Wednesday, which said the Federal Reserve’s “policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone.” The day prior, Florida governor Ron DeSantis said that he had proposed a bill to help Florida families stave off inflation burdens. DeSantis tweeted: To help alleviate the burden of inflation on Florida families, I am proposing a $1 billion gas tax holiday to help reduce prices at the pump. If Washington, D.C., won’t change course, then we have a responsibility to step up on behalf of Floridians. Headlines Show Biden, Democrats Could Pay a ‘Political Price’ Over Inflation — Biden Administration Dismisses Concerns Meanwhile, there are numerous headlines on Thursday that say “Democrats worry Biden could pay the political price for rising inflation.” A CNN analysis written by Maeve Reston and Stephen Collinson says “inflation concerns could spell trouble for Democrats.” However, Jared Bernstein, Biden’s economic adviser, dismissed the concerns when discussing the subject with CNN’s Jim Sciutto. “It’s really important to get under the hood of these monthly inflation reports,” Bernstein told Sciutto. “And if you look at the change from November to December, inflation is up half a percent. That’s considerably down from October and November, when inflation was up, .8 and .9%, respectively.” U.S. President Biden reiterated the same commentary and said: Today’s inflation numbers show a meaningful reduction in headline inflation over [the] last month. We are making progress in slowing the rate of price increases. But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth. US Officials Ridiculed on Social Media, Economist Peter Schiff Says Rates Far Worse Than the ‘Government’s Cooked CPI’ On social media politicians and the U.S. central bank were ridiculed for the rising inflation. Square and Twitter founder Jack Dorsey said “Damn, Santa didn’t take the transitory inflation away.” Northman Trader’s Sven Henrich jokingly tweeted: “SPX turns red as the inflation party has run out of free drinks.” Gold bug and economist Peter Schiff discussed the inflation subject in a blog post called: “The Inflation Freight Train.” Schiff’s blog post reminds Americans that the CPI formula is considered inaccurate and inflation is likely much higher. “Keep in mind, this is using the cooked government CPI formula that understates inflation,” Schiff’s editorial claims. “If the government was still using the formula that it used in 1982, inflation would be higher in 2021 than it was then. In fact, we’d have the highest level of inflation in history. According to Shadowstats, it would be just over 15%,” the blog post adds. What do you think about the rising inflation in the United States and the criticisms of the country’s political leaders? Let us know what you think about this subject in the comments section below. View the full article

Following Mozilla’s decision to pause crypto donations due to environmental concerns, a number of Wikimedia Foundation community members have submitted a proposal that asks the foundation to stop accepting digital currency donations. The proposal explains that crypto donations “signals [an] endorsement of the cryptocurrency space,” and also says that “Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability.” Proposal Claims Cryptocurrencies May Not Align With the Wikimedia Foundation Members of the Wikimedia Foundation are voting on a proposal that could stop the foundation from accepting digital currencies like bitcoin and ethereum. The U.S. non-profit started accepting crypto assets in 2019 via Bitpay. “We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective,” Pats Pena, director of payments and operations at Wikimedia Foundation said at the time. However, a proposal submitted by the user dubbed “Gorillawarfare” claims that accepting crypto donations goes against specific Wikimedia Foundation principles. “Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability. Bitcoin and ethereum are the two most highly-used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy,” the proposal says. While the proposal mentions the Cambridge Bitcoin Electricity Consumption Index it leverages a lot of the research done by the Digiconomist’s Bitcoin Energy Consumption Index. The proposal seems to have a lot of support as voting members left comments signaling affirmation. “Long overdue. Accepting cryptocurrency makes a joke out of the WMF’s commitment to environmental sustainability,” Wikimedia user Gamaliel said. However, not everyone agreed and in fact, there are a great number of people who voiced the opposite opinion. In reply to Gamaliel’s statement, for instance, one person wrote: Are you aware that the traditional banking system also uses energy? Individual Insists ‘Each Point Is Untrue and/or Misleading’ There is some discussion from a few people’s submitted comments that insists Wikimedia Foundation members should realize the U.S. dollar is backed by significant amounts of carbon energy and worst of all, state-enforced violence. One person explained that each point that Gorillawarfare brought up in the proposal “is untrue and/or misleading.” For example, the point about being aligned with the crypto industry’s so-called values. The individual retorted that “this is not true, any more than accepting USD signals endorsement of the U.S. Dollar or the U.S. Government.” In reply to the environmental concerns Gorillawarfare introduced in the proposal, the individual explained that the proposal’s point is conflated. “The proposal conflates the existence of Bitcoin to merely using it,” the Wikimedia Foundation member Awwright opined. “The proposal does not demonstrate that dropping acceptance of Bitcoin (or other cryptocurrency) will actually have an effect. As a technical matter, there is no direct relationship between making a Bitcoin transaction and energy usage (that’s significantly more than the domestic banking system).” Commenters Highlight Bias Stemming from the Digiconomist Furthermore, there are many complaints about Gorillawarfare citing the Digiconomist, as the researcher’s work has been widely dismissed over inaccuracies and extreme bias. “Digiconomist is a blog run by Alex de Vries, who is an employee of De Nederlandsche Bank NV (DNB), the central bank of the Netherlands, which is a direct competitor to Bitcoin,” one of the comments against Gorillawarfare’s proposal notes. Another individual explained that the Digiconomist’s work is inaccurate, as many others have discovered, and the Digiconomist’s work is loaded with discrepancies. One individual wrote: Digiconomist isn’t just biased and conflicted. De Vries is self published, has no editorial review process and he has a poor reputation for fact-checking and accuracy. At the time of writing, there’s a myriad of individuals who are against the proposal submitted by Gorillawarfare, but the lion’s share of the votes and comments support the idea. It seems the crypto community and proponents of proof-of-work (PoW) must work harder to dispel the myths that are circulating from mainstream media pundits, the old financial guard, and ​​paid opposition researchers. What do you think about the Wikimedia Foundation proposal that suggests the foundation stop accepting crypto assets over environmental concerns? Let us know what you think about this subject in the comments section below. View the full article

A record high consumption of electricity blamed on illegal crypto farms in northwestern Georgia has caught the attention of authorities in the capital Tbilisi. The central government and the local utility are taking on the issue of dealing with power shortages in the mountainous region of Svaneti. With Tourism Hit by Pandemic, People in Georgia Turn to Crypto Mining on Cheap Energy The government of Georgia, a small nation in the Caucasus, has joined forces with the energy distribution company Energo-pro, to address the growing illegal use of electricity to mine cryptocurrencies in the Svaneti region. The move was announced by the country’s Minister of Economy and Sustainable Development, Natia Turnava, at a press conference this week. The extraordinarily high power consumption by mining farms in the area of the historic town of Mestia has been a hot topic for a whole month now, the Novosti-Georgia news agency reported. Svaneti has attracted miners with its low electricity rates introduced for businesses working in the mountainous region. The population of Mestia has access to free electrical energy. Until the end of December, residents of Svaneti had to put up with a limited power supply regime. Underground crypto miners have been blamed for the shortages and damages to the power grid. Minister Turnava commented: Of course, illegal consumption of electricity is unacceptable, especially the problems with home mining which exists there. We are working with the local government, as well as with Energo-pro Georgia which supplies electricity to Svaneti, in order to gradually resolve this issue. Residents of Mestia have held several demonstrations demanding the closure of the mining farms and accused local authorities of protecting the miners. Meanwhile, Energo-pro Georgia threatened to increase the electricity tariffs for the region. Despite this and the protests, consumption has not decreased yet. “Compared to previous years, consumption has grown by 237% this year,” the municipality of Mestia revealed in a statement last month. The local authorities also urged residents involved in the minting of digital currencies to abandon the activity. Natia Turnava expressed her hope that people in the region will not risk jeopardizing the tourist season. With beautiful landscapes, medieval towers and ancient traditions, Svaneti and Mestia have attracted thousands of visitors in the past decade. However, as the number of tourists declined amid the Covid-19 pandemic, locals have found an alternative income source in mining. Georgia became a mining hotspot several years ago when the country ranked as the second most profitable location for bitcoin miners after China. According to a 2018 study by the Cambridge Center for Alternative Finance (CCAF), the nation also placed second in terms of electricity consumed for cryptocurrency mining. As of August 2021, its share of the global average monthly hashrate was 0.18%. Do you think Georgian authorities will be able to solve the problems with electricity supply in the Svaneti region? Tell us in the comments section below. View the full article

PRESS RELEASE. Zug, Switzerland, 13th January 2022: As part of its strategic business objective to become the leading gaming technology company, GAIMIN announces a plug-in and metaverse environment that enables blockchain technology and NFTs to be used within Minecraft. GAIMIN has developed a gaming and technology platform that delivers blockchain and NFT technology to gamers and game studios whilst providing a mechanism for gamers to passively generate rewards based on the processing power of their gaming PC. The GAIMIN platform incorporates a Windows-based software application to allow users/gamers to generate rewards whilst they play. GAIMIN’s “P2E 2.0″, the next evolution in play to earn (where you earn even when you are not playing!) platform utilises the processing power in a gamers high performance PC to access GAIMIN’s distributed data processing network and generate rewards for the gamer in the form of GAIMIN’s GMRX token. These rewards can be used to acquire in-game assets, in the form of NFTs from GAIMIN’s marketplace or converted to other crypto or fiat currencies when GMRX is imminently launched on crypto exchanges. GAIMIN’s Minecraft plug-in delivers a dedicated metaverse for GAIMIN’s Minecraft players and enables these gamers to utilise NFTs and blockchain based components within Minecraft and thus benefit from any NFT investments they make, utilising their GMRX rewards to acquire assets. Blockchain technology allows gamers to acquire, store, use, sell, rent and stake their NFT assets across games and applications that incorporate blockchain technology and NFTs in their software, ensuring these assets are potentially re-usbale across different games and the GAIMIN ecosystem. Martin Speight, CEO of GAIMIN explained, “GAIMIN is a gaming and technology company. Our business has been developed for gamers by gamers. In 2021 we successfully tested our technology to utilise the processing power available from the GPU in a gaming PC, which generates revenue for GAIMIN and rewards the gamer for the use of their device. As part of the development of our gaming platform, we wanted to provide our users with the facility to utilise their rewards within the games they play. Joseph Turner, GAIMIN’s Chief Gaming Officer, stated “Minecraft is our first target for blockchain and gaming technology. We have developed our own Metaverse environment for Minecraft fully based on blockchain and NFT technology. Minecraft gamers can access our Minecraft environment through the GAIMIN platform, play Minecraft and passively generate GMRX rewards for in-game use, improving their gaming experience whilst ensuring any assets they acquire are not lost and can be used outside of Minecraft. Martin concluded, “Minecraft is our first target for blockchain and gaming technology. We have plans to expand our technology to other game ecosystems and are in the process of developing an SDK for developers using the Unreal Game platform to utilise blockchain and NFTs within Unreal games. This will allow interoperability of NFT assets across different gaming ecosystems, allowing gamers to retain their investment in gaming assets which are not lost when a gamer changes games.” The GAIMIN platform with Minecraft blockchain and NFT updates will be launched in February 2022 following the listing of GAIMIN’s GMRX token. The GAIMIN.IO website allows users to register their interest and be updated on the release of the platform. About GAIMIN GAIMIN.IO Ltd (GAIMIN) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance. With a free to download PC-based application GAIMIN monetises the under utilised performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. Focusing initially on the powering of blockchain computations, the GAIMIN data processing network also supports a number of different large scale data processing applications, including video rendering. GAIMIN pays users in its own crypto currency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories and merchandise, or it can be converted to fiat or a different crypto currency. For further information, please contact: The Americas, Middle East and Australian Pacific – Andrew Faridani, Chief Marketing Officer for GAIMIN (based in Toronto, Canada): andrew@gaimin.io UK and Europe – Marc Bray, Director of Communications for GAIMIN (based in Manchester, UK): marc@gaimin.io 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

On January 11, 2022, the Washington-based bitcoin mining operation Luxor announced the launch of a new application-specific integrated circuit (ASIC) trading desk. According to the company, Luxor’s new trading desk will give miners and investors access to bitcoin ASIC mining rigs “at a fair market price.” NYDIG-Backed Mining Operation Luxor Reveals ASIC Trading Desk Service The bitcoin mining firm Luxor aims to purchase and sell bitcoin mining machines via the company’s new ASIC trading desk service. The press release published on Luxor’s web portal explains that the company “will purchase and sell specialized Bitcoin mining hardware on behalf of the Luxor team, miners and investors.” Luxor recently raised $5 million in a Series A led by the firm NYDIG in June 2021. Furthermore, the Luxor mining pool is the 12th largest mining pool at the time of writing on Wednesday, with 0.46 % of the global hashrate or 801.30 petahash per second (PH/s). Luxor’s ASIC trading desk announcement details that the company is confident in its equipment procuring process. “After moving tens of thousands of machines and serving miners across a few continents, we established a streamlined process for procuring equipment. Our multinational team has a deep network of ASIC manufacturers, re-sellers, miners, and investors,” Lauren Lin, Luxor’s operations manager remarked during the announcement. The move to establish a mining rig trading desk follows Foundry’s mining machine marketplace announcement last December. The market is called Foundryx and the firm’s announcement claimed at the time that it had 40,000 mining machines ready for resale. During the first week of June 2021, Canaan revealed the company has established an overseas after-sales center in Kazakhstan. Luxor says the firm will take “principal positions in ASICs to help miners gain access to rigs at fair market prices. “Our ASIC Trading Desk is an important step on our roadmap to becoming a full-scope mining services firm,” Alex Brammer Luxor’s VP of business development explained. Brammer added: Whether it’s an institutional miner replacing a fleet of new-generation machines or retail buying one rig, we are able to maximize our clients’ capital efficiency and minimize their risk. Our goal is to simplify the procurement process so our miners can spend more time building hashrate and less time worrying about how to find it. What do you think about the Luxor ASIC trading desk? Let us know what you think about this subject in the comments section below. View the full article

According to a recent interview, trial lawyer Kyle Roche from the legal firm Roche Freedman LLP has started a tech startup called Ryval that aims to be “the stock market of litigation financing.” The firm plans to launch during the first quarter and allow people to leverage tokens in order to wager on civil lawsuits. Ryval’s Initial Litigation Offering Concept The trial lawyer Kyle Roche was recently interviewed by the Vice author Maxwell Strachan as Roche’s new tech startup Ryval was showcased for its litigation tokenization concept. Ryval co-founder Roche told Strachan that “Ryval’s goal is to make access to justice more affordable.” Essentially, the Vice editorial discusses how Ryval will gamify the court system by decentralizing the barrier to access shares in multi-billion dollar court cases. “What we do is: tell the story, vet the legal claim, and then allow the public to invest and give you the funds to go and litigate your case,” Roche told Strachan. “And what does the public get in return? The public gets an interest in the outcome of your suit.” Kyle Roche is well known for the myriad of crypto lawsuits his law firm Roche Freedman has been involved in during the last few years including the multi-billion dollar lawsuit against Craig Wright, a lawsuit against Tether, and a case against multiple digital currency exchanges and the issuers of certain initial coin offering (ICO) tokens. The law firm Roche Freedman managed to win $100 million against the self-described Bitcoin inventor Craig Wright. Apothio, LLC v. Kern County Roche revealed some of what Ryval is doing in October last year when he explained that Roche Freedman and Republic were involved with an “initial litigation offering (ILO).” Very excited to announce that Roche Freedman and Republic have launched the world’s first ILO today by leveraging the power of the AVAX ecosystem,” Roche tweeted at the time. According to the details, the offering is aimed at raising funds for the company Apothio’s litigation proceeds. Hemp producer Apothio is involved with a lawsuit against Kern County California after its been alleged that state officials were involved in “one of the largest alleged wholesale destruction of crops by a state official in the history of the United States.” According to Republic’s report in 2019, Apothio anticipated a significant hemp harvest cultivated from 450 acres of land. However, the Kern County Sheriff’s Office and California’s Department of Fish and Wildlife allegedly destroyed Apothio’s harvest “estimated to be worth between $500M and $1B at the time, without prior warning, justification, or opportunity for Apothio to be heard.” Republic’s report notes that litigation is costly and the firm has to pay “attorney and expert witness fees, discovery costs, and trial expenses.” Roche explained to Strachan that for the first few years Ryval will be picky on which cases it chooses. “[Ryval will be] focused on access to justice and taking on claims that we believe are good claims,” Roche said. “But at the end of the day, I don’t think anybody should be the gatekeeper to who has access to the courts. I think access to the court system, access to the legal justice system should be something that is given to as many people as the justice system can handle.” What do you think about the tech startup Ryval and the concept of an initial litigation offering via tokenization? Let us know what you think about this subject in the comments section below. View the full article

Franklin Noll, an academic and monetary historian, has asserted that crypto can be both a security and a currency. Pointing to the history of U.S. money, Noll argues that being both a currency and a security is, in fact, not contradictory. The ‘Infamous’ Continental Dollar Coins Franklin Noll, a U.S.-based monetary historian, has asserted that the history of the U.S. dollar over the years shows that being a currency and a security is not contradictory and that crypto can be both. The assertions by Noll, the president of Noll Historical Consulting, come as the debate over the status of cryptocurrencies continues to be a contentious and unresolved one. For instance, Bitcoin.com News recently reported on current U.S. SEC chair Gary Gensler’s comments on the subject. Yet in a short piece published to his blog recently, Noll starts by using the example of the continental dollar coins to support his assertions. According to the historian, these now “infamous” coins were an attempt “to fund the American Revolutionary War by printing money” that ultimately failed. In addition to functioning as a currency for funding the war, the continental dollar coins were intended to act as securities. Noll explains: As Farley Grubb [a professor in economics and history] has pointed out, Continentals were basically zero-coupon bonds issued in small denominations. However, the plan collapsed when Congress changed the original terms of repayment, rendering the notes valueless. Besides the continental dollar, Noll also points to the creation of interest-bearing notes which were in fact “a grouping of Civil War-era paper money-related emissions of the U.S. Treasury.” According to Noll, these notes were intended “to act both as currency and as a security.” However, unlike the continental dollar coins that ultimately failed, interest-bearing notes were successful. “The interest-bearing note was created to act both as currency and as a security. Issued in denominations as low as $10, the notes paid 5% interest. This interest would be paid when the note matured and was turned into the Treasury. These notes were a success and were paid off as promised by the U.S. Treasury,” explains Noll. The New Paradigm Meanwhile, when asked how long it will take regulators, in particular, to come around to the idea that crypto can be both a security and a currency, Noll told Bitcoin.com News that this will probably take some time. He argues that “regulatory agencies don’t think that way.” To them, something is either a security that should be monitored by the SEC or it is a form of money that must be monitored by the U.S. Treasury or some other agency. “I think it will take some time for regulators to move to a new paradigm (or really, return to an old one that hasn’t been seen for a century) where the categories for payment methods are different or merged. I think we are talking at least 5 years,” he concluded. Do you agree with Noll’s argument that crypto can be both a security and a currency? Tell us what you think in the comments section below. View the full article

N26, a German online neobank, has announced it will get into the cryptocurrency trading business this year. The announcement was made by Max Tayenthal, co-founder and a CEO of the company, who pondered whether focusing on cryptocurrency instead of going global may have been a better idea. The company closed operations in the U.K. and is now exiting the U.S. N26 to Offer Cryptocurrency Services N26, a German online bank, has announced it will roll out cryptocurrency trading services for its customers this year. The co-founder of the bank, and one of its current CEOs, Max Tayenthal, made the recent announcement expressing the need to be a universal platform. Tayenthal also talked about oversights the bank may have made in ignoring cryptocurrencies last year. The executive told Financial Times: Should we have built trading and crypto instead of launching in the US? In hindsight, it might have been a smart idea. N26, a bank with more than 7 million customers as of January 2021, made the decision to expand to the U.K. and U.S. before launching these services. However, they have already exited the U.K. last year, and are currently closing operations in the U.S. Tayenthal stated this has to do with a policy shift after he noticed the bank was “spreading too thinly,” and that there were “so many things to do instead of putting flags in new markets.” Regulatory Issues While the bank has been successful, being valued at €7.8 billion (~$8.8 billion) last year, it has been facing regulatory pressure from Bafin, the German fintech regulator. According to the institution, the company had troubles with AML compliance. This is why the German regulator put a cap on the number of customers N26 could admit each month. Currently, only 50K customers can sign in to enjoy the capabilities and services that the company offers. Bafin assigned two representatives to track the progress of the company and report. Tayenthal was confident that N26 could work with regulators to lift this cap that is affecting the growth of the company. The company signed-on an average of 170,000 customers per month last year before the cap was enforced. Regarding this, Tayenthal declared: We have a plan. We have an understanding of what needs to be done and we are able to execute [it]. Bitcoin.com News has further reported recently that other traditional banks could also offer cryptocurrency services for their customers starting this year. What do you think about N26’s move to include cryptocurrency trading in the services it offers? Tell us in the comments section below. View the full article

As Thailand prepares to impose a levy on crypto profits, parties on both sides of the aisle have expressed concerns over the government’s current proposal. A number of political figures have insisted that important aspects need to be clarified in order to avoid double taxation of income related to cryptocurrencies. Thai Politicians Warn About Negative Effects of Crypto Tax Representatives of parties from various corners of the political spectrum in Thailand have shared their disagreements with the government’s plan to tax gains from cryptocurrencies. The reactions come after recent reports revealed that the Finance Ministry in Bangkok intends to introduce a 15% levy on profits from crypto investments and trading. On Monday, the Revenue Department announced it will finalize the details of the tax by the end of January. Cryptocurrency miners, dealers, and investors will be affected if the proposal is passed into law, the Thai Enquirer writes in an article on Wednesday. Traders will have to keep a record of all their transactions to establish which ones require the withholding of tax. Korn Chatikavanij, former investment banker, finance minister, and incumbent leader of the Kla Party, recently pointed out that all profitable transactions will be subject to the new tax. These profits, however, will also have to be combined with other income for annual tax returns, Korn explained, and stated on social media: I disagree with the Revenue Department on collecting this tax until there is further clarification on issues of concern. Then comes the value-added tax (VAT), he noted, elaborating: “The Revenue Department is collecting VAT like crypto is a product. Therefore, there will be a double VAT payment on cryptocurrency transactions where you have to pay the VAT when selling the product and paying another VAT from selling crypto in baht.” Korn added that if the draft legislation is adopted, crypto sellers will have to pay VAT without being able to issue a receipt as the coins are often traded on platforms where the buyers are unidentified. He emphasized this is a reason why many countries, such as Singapore, Australia, and EU member states, are amending their laws to exempt crypto transactions from VAT. Two other political organizations, Pheu Thai Party and Thai Sang Thai, have also raised concerns regarding the tax proposal. Last week, Pheu Thai Party’s registrar Jakkapong Sangmanee remarked that crypto traders are already obliged to pay personal income tax. The introduction of another tax on top, he said, will hurt retail investors while benefiting institutions. “There is nothing wrong with a policy to collect tax on profits from digital assets, as long as it is fair and does not take advantage of taxpayers,” the leader of the Thai Sang Thai party Sudarat Keyuraphan commented this week. At the same time, the government does not see the chance to raise income in the country by promoting digital assets. This, in her view, will block an income opportunity for the new generation. Do you think Thailand will adopt the new tax on capital gains from cryptocurrency? Share your expectations in the comments section below. View the full article

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Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies. India Authorities Seize Assets in Alleged Crypto Scam Case India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, has seized assets valued at 36.72 crore rupees ($5 million) in connection with a cryptocurrency scam. The ED began investigating the scheme after a first information report (FIR) was registered by the Kerala Police under the Indian Penal Code. Multiple other FIRs were subsequently registered by police in other districts. The scheme involves a nonexistent cryptocurrency called Morris coin. Nishad and his companies conducted an initial coin offering (ICO) for the coin and collected money from investors. The ED explained that they held “promotional events in the presence of celebrities” and used “flashy websites” to attract investors. The police said that over 900 investors were duped out of 1,200 crore rupees. The money collected from investors was used to purchase immovable properties, cryptocurrencies, and luxury cars, as well as pay for premium hotels and resorts, the ED noted. The seized assets belong to Nishad K. and his associates. They include money in multiple bank accounts, land, and cryptocurrencies purchased out of the proceeds of crime. The ED detailed: Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, valued at ₹25,82,794, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime. “During investigation, all the above cryptocurrencies … were converted into Indian rupee and transferred to the bank account by the coins’ owner, which were attached,” the ED statement notes. What do you think about this case? Let us know in the comments section below. View the full article

Regulated Swiss bank Seba has predicted that the price of bitcoin could reach $75K this year. “Institutional money will probably drive the price up,” said the bank’s CEO. Seba Bank’s Bitcoin Price Prediction Seba Bank CEO Guido Buehler shared his bank’s prediction on where the price of bitcoin is heading with CNBC at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday. Seba Bank is a digital assets banking platform licensed by the Swiss Financial Market Supervisory Authority (FINMA). Regarding the price of bitcoin this year, he said: We believe the price is going up. Our internal valuation model indicates a price right now between $50,000 and $75,000. “I’m quite confident we are going to see that level. The question is always timing,” he noted. When asked if his bank’s prediction refers to the price of bitcoin in 2022 and whether BTC will test some of the record highs seen last year, Buehler replied: “I think so, though volatility remains high.” The Seba Bank boss further explained that institutional investors will help boost the price of bitcoin in 2022. He opined: Institutional money will probably drive the price up. We are working as a fully regulated bank at Seba. We have asset pools that are looking for the right time to invest. Last week, Galaxy Digital CEO Mike Novogratz said that his firm sees tremendous demand from institutional investors for cryptocurrency. A recent survey by Nickel Digital Asset Management found that institutional investors believe that more regulation will boost the price of cryptocurrencies. Meanwhile, global investment bank Goldman Sachs predicted last week that the price of bitcoin could reach $100K as BTC continues to take gold’s market share as a store of value. Do you agree with Seba Bank about the price of bitcoin and institutional demand? Let us know in the comments section below. View the full article