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Former lead maintainer of Monero Riccardo Spagni, aka Fluffypony, has been arrested in the U.S. and is now waiting for his extradition to South Africa where he will stand trial for fraud. Spagni described the case as “an old matter, which I have continuously been trying to resolve since 2011.” Fluffypony Arrested, Waiting for Extradition to South Africa The U.S. government filed a Memorandum of Extradition Law and Request for Detention Pending Extradition Proceedings for Riccardo Paolo Spagni with a district court in Tennessee on July 21. Spagni, also known as Fluffypony, was formerly a Monero lead maintainer. The court document states that “Spagni is believed to have significant cryptocurrency assets that would enable him to flee.” The U.S. is “executing its treaty responsibilities and acting at the request of the government of South Africa,” the filing details, adding that the South African government seeks his “provisional arrest with a view toward his extradition to stand trial for fraud.” On July 20, the district court issued a warrant to arrest Spagni for the offense committed in South Africa. According to the court document, while employed by Cape Cookies CC from Oct. 1, 2009, to June 8, 2011, as its IT Manager, “Spagni knowingly used false information to fabricate” invoices purporting to be from a supplier called Ensync and three other non-existent companies. He “inflated the prices for the goods and/or services” on each invoice and replaced the supplier’s bank information with his own. The court document details: In relying on Spagni’s misrepresentations, Cape Cookies paid each invoice by means of electronic funds transfer into bank accounts Spagni controlled. The evidence indicates that he “received 1,453,561.47 South African Rand, or roughly $99,185, as a result of his efforts to defraud Cape Cookies,” the filing notes. Spagni was charged in the Western Cape Regional Court, Cape Town, for fraud and other charges but he pleaded not guilty to them. However, Spagni failed to appear in court for his trial. In attempting to locate him, South African authorities found that he had fled the country. The Magistrate Court of the District of Cape Town, South Africa, proceeded to issue an arrest warrant for him on April 19, 2021. Spagni issued a statement Monday: Unfortunately, due to a misunderstanding with regards to the setting of court dates in an old matter, which I have continuously been trying to resolve since 2011, I have been held in contempt of court and currently awaiting extradition. His attorney at Duncan Okes Inc. also issued a statement regarding the case: “In our view, and contrary to accepted practice and procedure and given the circumstances, the issue of the warrant of arrest was irregular and unwarranted.” What do you think about this case? Let us know in the comments section below. View the full article

A panel of experts has shared their price prediction for dogecoin for the end of the year as well as in 2025 and 2030. Individually, the experts are divided on the future price of the meme cryptocurrency. Some noted that the price of dogecoin is heavily dependent on Tesla CEO Elon Musk promoting it. Experts Share Price Predictions for Dogecoin Finder, a major product comparison website, published the result of its July 2021 survey on the price prediction of dogecoin last week. To determine if the meme cryptocurrency is “about to jump in price, or has this joke finally reached its use-by date … we asked our 42-expert panel what’s in store for the coin,” the company detailed. The experts were asked about their price forecasts for dogecoin for 2025 and 2030. The company explained that according to the panel: Doge should see its value hit an average value of US$1.21 by 2025 and US$3.60 by 2030, according to the panel average. However, Finder pointed out that the high value was due to “one outlier pulling the average price way up.” The predictions for December 2030 range from $0 to $50, with the average being $3.60. The predictions for December 2025 range from $0 to $10 with the average being $1.21. The highest prediction came from Brighton Business School’s senior lecturer, Paul Levy, who valued DOGE at $10. By comparison, “The median prediction for Doge by December 2025 is US$0.15,” the company noted, adding that ”30% of the panel sees Doge’s worth at US$1 or more in 2025.” Some experts are pessimistic about the future price of dogecoin. Technologist and futurist for Thomson Reuters, Joseph Raczynski, said: “Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than DOGE.” He opined: “It’s amazing to witness what [one] celebrity can do.” Dogecoin has gained much popularity over the past months, largely due to celebrity endorsement, such as Tesla CEO Elon Musk, who is also known as the “Dogefather.” Musk recently revealed that he personally owns dogecoin. Many new investors jumped into dogecoin as the price ballooned more than 10x during April and May from about $0.06 to over $0.72. The price at the time of writing is near $0.20. As for dogecoin’s 2021 price prediction, Finder described: While the one-time hot coin may have seen some high highs in 2021, the future doesn’t look as bright, with Doge’s value expected to end the year almost half its ATH at US$0.42. The dogecoin price predictions for the end of the year range from $0 to $1, with the average being $0.42. Finder found that roughly 15% of its expert panel, or 3 out of 20 panelists, who provided price predictions for dogecoin “expect the coin to crest at the elusive US$1 mark.” University of Saskatchewan’s Ph.D. candidate, Ajay Shrestha, is a panel member who believes the price of the meme coin could reach $1 but “only if dogecoin receives continuous support from the Elon Musk … Otherwise, it wouldn’t get such hype.” Cake Defi CEO Julian Hosp also believes that dogecoin will be worth $1. Nonetheless, he said: It will be a pump and dump. Some experts on the panel were not as optimistic. Senior lecturer at the University of Canberra John Hawkins predicted that the price of dogecoin will only be $0.15 by the end of 2021. He explained: Dogecoin seems largely dependent on Elon Musk’s erratic tweets. It is barely used as a payment instrument and has proved a very poor store of value. Furthermore, the panel detailed: “It’s safe to say that the panel is out on Doge. 80% of the panel calls dogecoin a bubble, whereas 10% says that Doge isn’t a bubble, with the remaining 10% unsure.” The panel includes representatives from Galia Digital, Allnodes, Wave Financial, Morpher, Cryptocompare, Coinsmart, Banz Capital, Arcane Crypto, Rouge International and Rouge Ventures, Celsius Network, Coingecko, Coinflip, Token Metrics, Thomson Reuters, Finder, Morgan Creek Digital, Zebpay, Amber, Decred, UCL, the University of New South Wales, City University of Hong Kong, and the University of Western Australia. What do you think the price of dogecoin will be at the end of the year and in 2025? Let us know in the comments section below. View the full article

NCR Corp., a global leader in ATM software applications, has announced that it is acquiring Libertyx, the crypto company that claims to be “America’s first and largest network of bitcoin ATMs, cashiers, and kiosks.” NCR Acquires Libertyx NCR Corp. (NYSE: NCR), a leading enterprise technology provider, announced Monday “a definitive agreement to acquire Libertyx, a leading cryptocurrency software provider.” Libertyx claims to be “America’s first and largest network of bitcoin ATMs, cashiers, and kiosks.” Its software runs on ATMs, kiosks, and point-of-sale (POS) systems, allowing customers to buy BTC at more than 20K retail stores and 9,500 traditional ATMs. NCR’s website states that the company is the number one “global provider of multi-vendor ATM software applications and middleware” and “the world’s #1 ATM brand,” with more than 650K ATMs installed globally. The company also claims that more than 15 million consumers are using its digital banking solution. NCR’s products are distributed in 141 countries. Research firm RBR ranks NCR as the largest provider of point-of-sale software to grocery and other retail stores globally, with a 45% market share. Tim Vanderham, NCR’s chief technology officer, commented: Due to growing consumer demand, our customers require a complete digital currency solution, including the ability to buy and sell cryptocurrency, conduct cross-border remittance and accept digital currency payments across digital and physical channels. The Libertyx solution will accelerate our ability to rapidly deliver these capabilities to the market. “Moving forward, NCR will offer the Libertyx capabilities as part of its solutions for banks, retailers and restaurants. NCR’s digital wallet and mobile applications will provide these capabilities across NCR’s physical and digital touchpoints,” the announcement details. While the financial terms of the transaction have not been disclosed, the transaction is expected to close later this year, subject to customary closing conditions, including obtaining certain regulatory licensing consents and approvals. In June, New York Digital Investment Group (NYDIG) announced a collaboration with NCR to allow 650 banks and credit unions in the U.S. to offer bitcoin trading to their customers through their mobile applications. What do you think about NCR acquiring Libertyx? Let us know in the comments section below. View the full article

On Tuesday, Bakkt Holdings revealed a partnership between the national quick-service restaurant (QSR) Quiznos. The company Quiznos is a brand based in Denver, Colorado, and the restaurants specialize in offering submarine sandwiches. According to the announcement, Bakkt and a Quiznos location in Denver will be launching a pilot that allows customers to purchase food with bitcoin by leveraging the Bakkt application. Denver Airport’s Quiznos Plans to Pilot Payments via the Bakkt App in Mid-August Bakkt has revealed that it is collaborating with the company Quiznos and plans to launch a test pilot at the Quiznos located at the Denver airport. The pilot will allow customers to pay for goods and services at Quiznos using bitcoin (BTC) via the Bakkt App. According to the announcement the Denver airport Quiznos sees a lot of traffic and the pilot will start in mid-August. The president of REGO Restaurant Group, which owns Quiznos and a number of national QSR chains, believes partnering with Bakkt has various benefits. “Partnering with an innovative platform such as Bakkt is appealing to us for a number of reasons, primarily because it allows us to accept bitcoin directly at the point of sale as part of a quick and seamless transaction,” REGO president Mark Lohmann said in a statement. Lohmann stresses the partnership bolsters the path toward digitalization. The REGO president added: As we continue our digital transformation journey and respond to mobile and millennial consumer demand for alternative and cryptocurrency payment options, we are excited to offer yet another accessible way for customers to buy a meal, in this case, through the Bakkt digital asset wallet. Bakkt further details that customers who download the Bakkt App, buy bitcoin and use it to purchase their next Quiznos meal “will receive $15 worth of bitcoin as a reward.” The partnership with Quiznos follows the ability to use the Bakkt App and bitcoin (BTC) at Starbucks which was announced during the first week of April. Bakkt has also launched a new pre-paid crypto Visa card that allows users to load the card with bitcoin to pay for goods and services wherever Visa is accepted. What do you think about Bakkt partnering with Quiznos? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Bitcoin.com Exchange is ecstatic to announce the listing of ERG, being available to trade on the 3rd August 2021 at 10:00AM UTC. Ergo was created by its team to build advanced cryptographic features and radically new DeFi functionality on the rock-solid foundations laid by a decade of blockchain theory and development. ERG will start trading with BTC and USDT pairs. What is Ergo? Ergo is designed for developing decentralized applications with the main focus of providing an efficient, secure and easy way to implement financial contracts. Ergo’s advanced cryptographic features and radically new DeFi functionality complement tried and tested principles with the latest peer-reviewed academic research in blockchain, consensus models and digital currencies. The ecosystem is powered by Multi-Stage Contracts using Ergo’s native language, ErgoScript. With its signature Σ-protocols (Sigma-protocols) and use of NIPoPoWs (Non-Interactive Proofs of Proof of Work), ErgoScript allows developers to create scalable and secure dApps. Ergo is partnered with EMURGO, the commercial arm of Cardano, to improve blockchain research and zero-knowledge systems. Ergo is also a member of the BPSAA. Ergo Ecosystem: NFT Auction House, ErgoMixer, SigmaUSD, Oracle Pools, ErgoUtils, Zero-Knowledge Treasury, ErgoDex. What are Ergo’s use cases? Ergo’s Sigma protocols and blockchain architecture make it possible to launch numerous use cases that would be difficult or impossible on conventional blockchain platforms, as well as those that can be implemented on other networks. While the range of possible use cases is endless, here are several examples. Digital gold Just like Bitcoin, Ergo has digital scarcity. There is a limited supply, mined into existence through Proof of Work. In this respect, Ergo is a conservative blockchain. Furthermore, novel features such as storage rent ensures that miners are adequately compensated after block rewards end. Powerful privacy applications: ErgoMixer The project uses Ergo’s Sigma protocols to enable efficient, trustless mixing of funds, enabling a high degree of privacy while ensuring security is not compromised. Safe, simple financial contracts Ergo enables new models of financial interaction with the UTXO model, underpinned by smart contracts built on flexible and powerful ErgoScript that is easily accessible to developers. Alternative financial systems and products The need to reform the global financial system has been clear since the last crisis in 2008. Now, COVID-19 has forced our hands. We cannot delay, and the best way to start is from the grassroots. Ergo offers powerful tools to achieve this with smart contract-powered mutual credit facilities such as Local Exchange Trading Systems (LETS). Experimental Economics As the next financial crisis takes hold, it’s clear that conventional monetary policy is at its limit. Ergo as a smart contract platform enables more innovative, targeted implementations of economic stimulation that the conventional banking sector cannot achieve. Money for hard times Ergo supports light clients through NIPoPoWs with no compromise in security. Ergo is ideally suited to use in locations with limited internet connectivity, or where bandwidth and storage are an issue. With support for alternative financial systems that can be accessed safely from any device, Ergo is a natural choice for failing states and economies. Strong Endorsement Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on ERG’s listing, saying that: “Ergo draws on ten years of blockchain development, complementing tried and tested principles with the best peer-reviewed academic research into cryptography, consensus models and digital currencies. Their mission is clear, making advanced cryptographic features easy and accessible, and with their array of products, this is a project I believe will continue to grow.” Chaudhry continues on by saying: “We’re very excited to see how Ergo will continue to empower their vision, and gain further outreach with our outstanding community at the exchange.” Armeanio, Ergo’s Business Manager expressed his enthusiasm when listing the ERG token on the exchange, by stating: “Ergo is excited to join the Bitcoin.com Exchange family. It is our honor to collaborate with Bitcoin.com Exchange as it has a history of being a good actor in the crypto space. They offer a wide variety of crypto products, services, educational content and user tools. We are looking forward to a long and prosperous partnership.” About Bitcoin.com Exchange The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence. About Ergo Hailed by Charles Hoskinson as a future Top 10 cryptocurrency, Ergo is a Proof of Work blockchain with highly developed smart contract functionality for the decentralized finance network. Led by Alexander Chepurnoy, Ergo is built by some of the leading minds in cryptography who have previously worked in developing blockchain and cryptocurrencies for NXT, Scorex, Cardano, Waves and smartcontract.com which is now known as Chainlink. 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

HSBC has reportedly become the latest British bank to announce that it has suspended payments to cryptocurrency exchange Binance. Citing a consumer warning by the country’s financial regulator, the Financial Conduct Authority (FCA), the bank told its customers: “We’ve made this decision due to concerns about the possible risks to you.” ‘We’re Suspending Payments to Binance,’ Said HSBC British bank HSBC has reportedly become the latest bank to suspend payments to global cryptocurrency exchange Binance. Several people have shared on Twitter a notice they claim to have received from the HSBC Banking Team in the U.K. The notice, titled “We’re suspending payments to Binance,” reads: We wanted to let you know we’re stopping payments from our credit cards to Binane wherever possible. We’ve made this decision due to concerns about the possible risks to you. “We take our duty as a responsible lender seriously and want to do everything we can to protect you. We’ll continue to monitor the situation and let you know if anything changes,” the notice continues. The bank cited a notice by the country’s financial regulator, the Financial Conduct Authority (FCA), as one of the reasons. “The FCA has recently issued a warning to consumers on the regulatory status of Binance in the U.K. This also explains some of the risks of investing in cryptassets should things go wrong,” HSBC wrote. The FCA’s warning about Binance in June states that no entities in the Binance Group “holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.” Besides the FCA, a number of other regulators have also issued a similar warning about Binance, including the regulators in Malaysia, Japan, Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania. Other British banks that have stopped payments to Binance include Barclays, Santander, and Natwest. HSBC has maintained its anti-crypto stance. In April, the bank changed its crypto policy to bar clients from buying stocks of companies that hold bitcoin, such as Microstrategy, which now holds more than 100K BTC. In addition, while a growing number of investment banks are providing their clients with crypto exposure, HSBC CEO Noel Quinn recently said that his bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers. What do you think about HSBC suspending payments to Binance? Let us know in the comments section below. View the full article

On Monday, the publicly listed bitcoin mining firm Marathon Digital Holdings announced that it purchased 30,000 S19j Pro Antminers from Bitmain. According to the company, once the new lot of mining rigs are fully deployed, Marathon will gain 13.3 exahash per second (EH/s) from the newly added machines. Marathon Buys 30K Miners for $120 Million On August 2, Marathon Digital Holdings, Inc. (Nasdaq:MARA) revealed the bitcoin mining company has acquired 30,000 S19j Pro Antminers. Depending on the model, S19j Pro processes SHA256 hashrate at around 100 to 104 terahash per second. A single S19j Pro machine using today’s BTC prices, current mining difficulty, and electricity at $0.12 per kilowatt-hour (kWh), can profit by $29 per day. According to the announcement, the machines cost around $120.7 million for the entire lot. Marathon says that it anticipates all 30,000 newly purchased miners to be delivered between January 2022 and June 2022. This timeframe shows lead times for newly produced mining rigs from today’s top manufacturers can be quite lengthy. Marathon says after the rigs are fully deployed it will get an added 13.3 EH/s and “more than 133,000 bitcoin miners” under the company’s ownership. “If all of Marathon’s miners were deployed today,” the mining firm’s announcement details, “the company’s hashrate would represent approximately 12% of the Bitcoin network’s total hashrate, which was approximately 109 EH/s as of August 1, 2021.” Marathon CEO Thinks It’s the Perfect Time to Add New Miners to the Firm’s Fleet Fred Thiel, Marathon’s CEO, emphasized during the announcement he thinks it is the perfect time to purchase mining rigs. “Increasing our percentage of the total network’s hash rate increases our probability of earning bitcoin, and given the uniquely favorable conditions in the current mining environment, we believe it is an opportune time to add new miners to our operations,” Thiel said. Marathon’s CEO added: “With this new order, we are growing our operations by 30% to approximately 133,000 miners, producing 13.3 EH/s. As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally.” The number of bitcoin miners in North America has been growing. Firms like Marathon, Riot, Hut8, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Compute North, Core Scientific, and more have been purchasing a lot of mining rigs over the last year. Marathon settled a record-breaking mining rig acquisition in December 2020, when the firm purchased 70,000 bitcoin miners from Bitmain. What do you think about Marathon purchasing 30,000 bitcoin miners from Bitmain? Let us know what you think about this subject in the comments section below. View the full article

During the first half of the year, non-fungible token (NFT) sales surged to $2.5 billion in 2021, and trade volume shows the trend hasn’t slowed down. For instance, July saw a record $363 million spent on approximately 157,801 NFT sales. Meanwhile, as new NFTs enter the space every day, older Rare Pepe NFTs from 2016 are making a comeback and are being sold on the Opensea marketplace for top dollar. New Dispenser Technology Makes Old School Counterparty NFTs Accessible on Today’s Most Popular Marketplaces Non-fungible token (NFT) sales have been all the rage these days as millions of dollars have been exchanged for NFT art and collectibles. On Monday, Bitcoin.com News reported on the project Cryptopunks outpacing the competition this week in terms of sales. Furthermore, one Cryptopunk owner wants to sell a rare punk (Cryptopunk 3100) for $91 million or 35,000 ether. Additionally, NFTs like Stoner Cats, Art Blocks, Meebits, and more are also selling for tens and even hundreds of thousands of dollars per NFT. In recent times, XCP asset holders have been able to sell their SoG, Bitcorn, Rare Pepe, and Mafia Wars assets on popular NFT markets like Opensea. While all these NFTs are raking in lots of ether, old school NFTs are starting to see significant demand as well. The non-fungible token collectible cards from the 2016 Rare Pepe project developed on Counterparty have seen significant sales during the last few weeks. The reason for this is because Counterparty (XCP) issued NFTs can now be sold on marketplaces like Opensea. XCP-issued NFTs can leverage emblem.finance and connect it to a noncustodial Web3 wallet in order to trade XCP and BTC-based assets on secondary markets. There’s even a step-by-step guide to add your Bitcorn, Spells of Genesis, Mafia Wars, and Rare Pepe trading cards on popular NFT markets. Nakamoto Card Sells for $93K, Lord Kek Dust Sells for Close to $900 per 0.00042069 LORDKEK Ever since this cross-technology was released, the Rare Pepe collectible card series has seen significant demand on the Opensea NFT marketplace. There have been numerous Pepe sales taking place this week as the cards are selling for thousands of dollars, in comparison to the lower values they held four years ago. RAREPEPE Card 1, Series 1 bought for 35.0Ξ ($93113.65) #EmblemVault $COVAL https://t.co/dAK1WyGQmM — Emblem Vault Bot (@EmblemVaultBot) August 2, 2021 “RAREPEPE” Card 1, Series 1 often referred to as the “Nakamoto Card” sold on Monday for 29.17 ether or $75,964 at the time of sale. The “LOVEPEPETATO” Series 1, Card 12 recently sold for 2.25 ether or $5,949 at the time of sale. Another “Nakamoto Card” (300 were issued) sold for 35 ether or $93,113 on Monday as well. In another sale, the “ILLUMINATIPE” (1/10) NFT trading card was purchased for 12.5 ether or $29,364 when the sale was executed. While the emblem.finance protocol has allowed people to sell Rare Pepe cards on Opensea, the most coveted Rare Pepe trading card “LORDKEK” Series 1, Card 34 has not sold yet. This fraction of LORDKEK dust sold for 0.35 ether or $878 at the time of sale nine days ago. The “LORDKEK” card is one of the few divisible Rare Pepe trading cards and only ten cards were issued. Rumor has it only eight “LORDKEK” cards can change ownership and years ago a single Kek sold for 1,600 XCP. There is a single card listed on Opensea alongside fractionalized Kek cards worth 0.00042069 LORDKEK. Kek card dust has been selling, like the fraction that sold for $878.54, or 0.35 ether, nine days ago. What do you think about the recent Rare Pepe NFT trading card comeback? Let us know what you think about this subject in the comments section below. View the full article

Wells Fargo, one of the largest wealth managers in the U.S., has reportedly started offering crypto investments to its wealth management clients. Wells Fargo Offers Crypto Exposure A spokesperson for American financial services company Wells Fargo reportedly confirmed to Business Insider Friday that the company has started offering cryptocurrency exposure to its wealth management clients. Wells Fargo’s wealth and investment management arm, which includes the firm’s private banking services and Wells Fargo Advisors, is one of the largest U.S. wealth managers. It oversees nearly $2 trillion in assets. Darrell Cronk, the president of Wells Fargo Investment Institute, a wholly owned subsidiary of Wells Fargo Bank, revealed in May that his team was preparing to offer “a professionally managed solution” for cryptocurrency to clients. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” he was quoted as saying. Cronk still does not see cryptocurrency as an asset class, however, viewing it as an “alternative investment” rather than a “strategic allocation.” In contrast, global investment bank Goldman Sachs said in May that bitcoin had become an investable asset and clients are treating it as a new asset class. Another investment bank, JPMorgan, also said that its clients see cryptocurrency as an asset and want to invest in it. A growing number of major investment banks have started offering or are in the process of offering crypto investment to clients, including Morgan Stanley, Goldman Sachs, Citigroup, and JPMorgan. Meanwhile, Bank of America has established a crypto research team. What do you think about Wells Fargo offering crypto exposure to clients? Let us know in the comments section below. View the full article

A court has ordered one of Russia’s largest banks to lift restrictions imposed on the accounts of a Russian citizen who was selling digital coins on cryptocurrency exchanges. The state-owned giant Sberbank will now have to unblock its client’s cards and restore his access to its online banking platform. Regional Court in Russia Rules in Favor of Crypto Trader Suing Sberbank The plaintiff identified as Pavel R., a resident of Revda in Sverdlovsk Oblast, had accounts and cards issued by Sberbank and was also offered remote banking services as per his contract. Between May and August last year, he received regular deposits from other individuals and withdrew the money. The bank decided these were unusual transactions that could be linked to money laundering and blocked Pavel’s accounts and cards. He was asked to prove the source of the funds, explain the purpose of the transactions and told that any future operations should be ordered in person. But even after Pavel presented all the necessary documents showing the transfers were linked to the sale of cryptocurrency on various exchanges and filed a claim with the bank, the restrictions remained in place. Convinced the bank’s actions contradicted the law, the Russian crypto trader filed a lawsuit with the Revdinsky City Court, but the court of first instance turned down his request to restore access to his accounts. Sberbank’s client then submitted an appeal with the Sverdlovsk Regional Court. The court agreed that the bank had the right to suspend its services to the plaintiff but noted that even after receiving evidence indicating the nature of the transactions, the defendant did not lift the imposed restrictions and didn’t respond to Pavel’s claim. In a press release, the Sverdlovsk Regional Court pointed out that while crypto trading was not regulated by Russian law at the time of the dispute, it was not prohibited either. It also elaborated: Since the client disclosed the economic meaning of the transactions and indicated the source of the funds, the Bank had no reason to maintain the blocking of the bank cards and limit the provision of remote banking services. The regional court disagreed with the Revdinsky City Court’s conclusion that Pavel’s rights were not violated. “Under the terms of the contract, the Bank is obliged to not only open and maintain an account, but also provide an additional remote banking service that allows the client to use the account without visiting the Bank’s offices. However, at the moment Pavel R. is deprived of such opportunity,” the judges explained. Sberbank has been obliged to restore Pavel’s access to its online services and unblock his cards and accounts. The Russian bank will also have to cover the costs of the legal proceedings in Sverdlovsk region. What are your thoughts on the court case between the Russian crypto trader and Sberbank? Let us know in the comments section below. View the full article

Fundraising has experienced a dramatic change over the past ten years. What was once limited to individuals with a specific acumen, network, and level of capital is now accessible to anyone with an internet connection. New technologies and platforms allow the average retail investor to become an early supporter of some of the most exciting ideas that just hit the market. This capability was fostered by the cryptocurrency space with its decentralized funding, but it also applies to other asset classes. As a result, the number of angel investors in the crypto industry has rapidly increased in recent years. While angel investing is a common practice within the sector, there still exist many outside of the community who know little about the practice. What Is Angel Investing? Angel investors, also known as seed investors, are those who contribute early-stage and pre-launch funding for startups. They are a big part of the fundraising process and often know the company and its founders inside and out. Startups can then use this funding to get their idea off the ground. Most IDO and seed investors commit to a variety of projects, often intending to maximize their short-term monetary earnings, which causes limitations for the long-term growth of the projects. Such a phenomenon is especially true when it comes to the utilization of resources and potential development. At the same time, so many who lack that kind of capital genuinely want to fund good ideas — and the concept of a platform that caters to this large swathe of investors is a growing one. Imagine a platform where all users have the equal chance to participate in angel investing, with early loyalty and backing of the platform resulting in long-term involvement and great access to new projects. This groundbreaking feature will flip angel investing on its head, revolutionizing the industry and allowing users of all monetary backgrounds to get involved in projects. That is the motivation behind Polylauncher, which focuses on creating a platform that allows anyone to become an angel investor. Polylauncher, the Angel Investment Platform for Everybody Powered by the Polygon network, Polylauncher is a fully decentralized platform that simplifies the process of becoming an early-stage investor. The goal is to simultaneously make investing easy while nurturing the growth of projects building on top of Polygon. The Polylauncher team has described its mission as aiming to be the Y Combinator of Polygon. With the increasing interest in the metaverse and NFT-related projects, Polylauncher has the potential to cement a position in the market with its focus on due diligence and a sustainable target market. All of the projects in the Polylauncher metaverse will be thoroughly vetted and required to follow our criteria for determining high quality. Angel investors will be given scores, determined based on the amount of Polylauncher utility tokens staked, offering a fair and democratic process for anyone to get involved regardless of their monetary level. The more you stake, the higher your angel score, offering greater accessibility to new projects. This gives smaller and medium sized investors more opportunities, especially when compared to whales who are traditionally able to dominate the market. The angel score system is perfect to help boost investor loyalty in committing to a project, while also helping Polylauncher build a community, creating a long-term win-win situation for all parties involved. Polylauncher is still in the early stages of its development, with an alpha version expected to be released in Q2 2021. KYC implementation and a beta version will follow the next quarter, and more importantly, so will the first IDO. The last quarter of the year will see more exciting features like staking, angel scores, private pools, and social mining — details of which will be provided in the months to come. Polylauncher Wants To Make Angel Investing Accessible There’s no doubt that there are significant bottlenecks in the investment space, both in the traditional and crypto markets. But the technology to solve that problem exists right now, and all the angel investment process requires is a strong streamlined experience that adheres to high standards. That’s what Polylauncher is aiming to build, and the signs look good so far. The platform can remove a large barrier of entry for investors and support the growth of promising projects, and this can subsequently make it a crucial part of the Polygon ecosystem. To know more about Polylauncher and its future developments, visit their social media channels listed below. Twitter: twitter.com/Polylauncher Telegram: t.me/Polylauncher Website: polylauncher.com This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A South African court has granted liquidators of the collapsed bitcoin investment firm Africrypt the powers to track down missing investor funds. Also, as part of the court decision, Africrypt liquidators will now have the authority to sell assets and property belonging to the company. Africrypt’s Evidence Under the Microscope According to a report, the court decision follows recent claims that Raees Cajee, one of the collapsed firm’s directors, is opposing the final liquidation of Africrypt from his hideout in Tanzania. The latest decision by the South Africa court comes as doubts grow surrounding Africrypt directors’ claims of a breach by Ukrainian hackers. For instance, in the past few weeks the liquidators’ legal representative, Ruann Kruger, is reported to have released a statement wherein he unravels Africrypt’s dubious business model. In addition to questioning Africrypt’s model, the statement also takes aim at the evidence which has been used by the firm’s management to back the hacking claims. After examining Africrypt’s claims, Kruger’s statement goes on to repeat earlier allegations that Raees and his brother, Ameer, may have had a hand in the disappearance of investor funds. The statement says: There is no evidence that this was indeed a hack of the Africrypt systems, and in support thereof, it seems that funds were depleted from the Africrypt wallets four months before the alleged hack. Soon after Africrypt abruptly stopped operating back in April 2021, a group of investors immediately applied for the court to grant a liquidation order against the investment company. According to the report, a provisional order was duly granted on April 26, while parties to the final liquidation proceedings are now expected to argue their cases in September. Tracking Down Africrypt Assets Meanwhile, the report also quotes liquidators explaining the importance of the court’s decision to grant them additional powers. The liquidators said: With the liquidator’s extended powers, they will be able to investigate and interrogate the relevant parties, directors, and their related companies during the enquiry to uncover the mystery behind this ostensible bitcoin heist. The liquidator’s main objective is to track down assets, attempt to gain access to Africrypt systems and their source codes to recover bitcoin wallets and funds invested and lost by investors. To aid in this process of recovery, the liquidators confirmed that a forensic auditor has been hired to look into the affairs of Africrypt and related parties. Do you agree that these additional powers are going to be useful to the liquidators’ cause? Tell us what you think in the comments section below. View the full article

India’s Ministry of Finance has answered some questions regarding the status of cryptocurrency trading in the country as well as crypto regulation and investor protection. The minister of state for the finance ministry has indicated that the recommendations in the draft bill proposed by the interministerial committee are still being considered. Indian Government Answers Crypto Questions The Indian minister of finance was asked about cryptocurrency trading in Lok Sabha, the lower house of India’s parliament on Monday. The first question concerns “the status of cryptocurrency trading in India.” Minister of State for the Ministry of Finance Shri Pankaj Chaudhary replied, “This information is not collected by the government.” His answer reiterates what the finance minister recently said that the government does not collect information on the number of cryptocurrency exchanges or traders in India and has not been informed of any fraud conducted by any exchanges. The second question was about “the current regulatory regime surrounding cryptocurrency and its trading.” The minister of state explained that all entities regulated by the central bank, the Reserve Bank of India (RBI), have been advised to carry out customer due diligence processes in line with a number of regulations, including know your customer (KYC) standards, anti-money laundering (AML) law, Prevention of Money Laundering Act (PMLA), and Foreign Exchange Management Act (FEMA) for overseas remittances. Next, the finance minister was asked about the laws in place to protect crypto traders and investors “from fraud and other misdemeanors in its trading.” The minister replied: Depending upon the nature of the fraud, various laws including the Indian Penal Code 1860, are in place for protection against fraud. The last three questions revolve around “whether the government intends to introduce regulations specific to cryptocurrency trading in India.” The minister of state proceeded to provide the same answer said several time in parliament, starting with the announcement in the Budget Speech for 2018-19 that “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” The minister then mentioned the inter-ministerial committee (IMC) constituted under Former Finance Secretary Subhash Chandra Garg, who no longer holds a position in government. The minister stated that the IMC “recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the state, be prohibited in India,” adding: The government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in the parliament following the due process. Recently, the finance minister revealed that the crypto cabinet note is ready for consideration. However, the crypto bill is not listed on the list of items to be considered in this parliament session. What do you think about the answers to the crypto questions provided by the minister of state for the finance ministry? Let us know in the comments section below. View the full article

While traditional crypto assets have seen market sentiment drop to a level of uncertainty, non-fungible token (NFT) assets have continued to sell in the millions. One project developed by Larva Labs called Cryptopunks has seen some of its NFTs sell for millions and on May 11, a collection of nine Cryptopunks sold for $16.9 million at Christie’s. Now a Cryptopunk NFT owner is attempting to unload a single NFT (Cryptopunk 3100) for $91.64 million. Cryptopunk 3100 Owner Wants $91 Million Non-fungible token (NFT) artwork and collectibles have shocked the world and NFT artists have made millions selling these products to willing buyers. Bitcoin.com News has been covering the NFT space for quite some time and just recently reported on a study that showed the most prominent and most profitable NFT collectors to date. Furthermore, another study indicated that as far as sports fans are concerned, close to three out of four sports fans are “moderately skeptical” about the longevity of NFT investments. Despite some skepticism, the fact is traditional crypto assets have not been performing as well as NFTs and these collectibles are still selling like hotcakes. The owner of this specific Cryptopunk 3100 with headband accessory and one of nine alien punks wants 35,000 ether for the NFT. Now the owner of a rare Cryptopunk (3100) wants to get around 35,000 ethereum (ETH) for the unique NFT. That’s around $91.64 million in value if the owner sold it for the desired amount and it would surpass the recent Christie’s auction which sold nine Cryptopunks for $16.9 million. This particular Cryptopunk (3831) sold this week for 850 ether or just over $2 million. It would also top the most expensive NFT sold to date, which is Beeple’s “Everydays: The First 5000 Days” which sold for 26,508.809 ETH or $69.3 million. The Larva Labs issued Cryptopunk 3100 was sold for $7.6 million on March 11, 2021. A few years ago on July 6, 2017, Cryptopunk 3100 sold for 8 ETH or $2,127 at the time of sale. Cryptopunks Is the Top Selling NFT Collectibles This Week, Pixelated Punk Sales Outpace 8 Different NFT Projects Data from nonfungible.com shows Cryptopunks have done extremely well during the last seven days selling for millions of dollars in ether. During the last seven days, Cryptopunks saw 935 sales that total $115 million. TGIF pic.twitter.com/zdB3R3Kyd7 — Larva Labs (@larvalabs) July 31, 2021 For instance, not too long ago on August 2, Cryptopunk 8053 sold for 80 ether or $210K. Over the last seven days, Cryptopunk 5217 sold for 2,250 ether ($5.5M), #2140 sold for 1,600 ether ($3.7M), and #3831 sold for 850 ether or just over $2 million. Cryptopunk 3100 is rare because it is one out of only nine Alien punks. #3100 also has an accessory which is the headband and 406 punks share this same feature. The lot of nine rare Cryptopunks that sold at Christie’s for $16.9 million. Nonfungible.com also indicates that the NFT collection of 10,000 different punks is currently the top NFT project this week out of ten different NFT projects. Cryptopunks has surpassed Art Blocks, Meebits, Superrare, The Sandbox, Decentraland, and Hashmasks. In fact, Cryptopunks has done two times the sales that Art Blocks saw last week and Cryptopunks’ seven-day stats outpace the latter eight NFT project’s sales combined. What do you think about the owner of Cryptopunk 3100 looking to sell the rare punk for $91 million? Would you pay hundreds of thousands or millions of dollars for a single pixelated Cryptopunk NFT? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Blockchain venture capitalist firm Nodeseeds has announced the launch of a three-tier membership system to democratize its investment process. Nodeseeds revealed further details in a blog post on its medium page. Fair Allocation Tier System According to the post, Nodeseeds stated that the tiers were designed to ensure fair allocation of bonuses to NDS token holders. The three-tier system is divided into Seed Members, Private Members, and Anchor Members. Seed Members is the entry-level tier and the minimum requirement to qualify is to hold 25 NDS tokens. Some of the perks include early access to some projects and discord rooms. Participants also get 2x referral rewards but are limited in their access to get lottery allocations of forfeited funds. Private Members is the intermediate tier and eligible for users with a minimum of 350 in their portfolio. Members have guaranteed allocations for projects ranging from $500 to $1500. Other benefits include 2.5x referral rewards and access to all private Discord rooms. This ensures that they are able to access potential investments and get more information on Nodeseeds activities. Anchor Membership is the flagship tier and has a lot of benefits for members. Members must have a minimum of 700 NDS in their portfolio to join this exclusive group. Nodeseeds has crafted an incentive structure that maximizes mutual value for all community members. Anchor membership can access 3x referral rewards and are exempted from paying investment fees. Anchor members have expanded priority in the lottery allocation system and can also access lucrative OTC deals. Nodeseeds also revealed that Anchor members would gain access to bonus allocations via its incubation program scheduled to launch by Q4 2021. Nodeseeds invests in Cardwallet.fi Nodeseeds has also continued to make notable investments within the blockchain space. The VC recently revealed that it had invested in blockchain wallet services CardWallet. CardWallet is a multi-chain wallet that will support Cardano, Ethereum, and Bitcoin blockchain-based tokens. It intends to allow easy swaps between multiple blockchains and incentivize users to utilize its wallet services. Nodeseeds has made a significant investment on Cardwallet.fi. Other recent investments include PolyWhirl, a privacy protocol on the Polygon and 1UP.fun in recent weeks. An innovative blockchain VC Nodeseeds is a unique blockchain-based venture capitalist that is focused on decentralizing the entire VC ecosystem. It seeks to break the current barriers associated with the common investor accessing some of the top projects’ private sales. Users can access early token sales and seed rounds by holding their native token NDS. NDS is a unique token and allows users to take a part of Nodeseeds profits. In addition, Nodeseeds uses 40% of its profits to buy back NDS tokens and burn them periodically, with just 15% going directly to the company. The VC also has a form on its website page for new crypto projects that desire funds to fill a form on its website profile. Although primarily built on Ethereum, Nodeseeds invests in projects from other blockchain protocols. Occam is a DeFi suite on Cardano and Trustpad is a secured decentralized multi-chain fundraising platform. Nodeseeds intends to continue its current pace of investing and will fund more projects as its community grows in the coming months. Official links — Nodeseeds Website Twitter Telegram Telegram — Announcements 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

Binance, the leading cryptocurrency exchange by trading volumes, announced it is discontinuing its derivatives and futures products in Germany, Italy, and the Netherlands. This is likely the consequence of the regulatory crackdown that governments all over the world have exerted on Binance lately. The company also stressed this was the start of a complete plan to wind down their derivatives products offerings across the European region in a now-deleted tweet. Binance Discontinues Derivatives Offering in Germany, Italy, and the Netherlands Binance, one of the biggest cryptocurrency exchanges, has announced it will be winding down its derivatives and futures products in Germany, Italy, and the Netherlands, three countries that belong to the European Union. In its official statement, Binance stressed: As the crypto ecosystem evolves globally, we are continually evaluating our products and working with our partners to meet our users’ needs. Binance could be making reference to the statements given by its CEO Changpeng Zhao, who said the company is now compromised to register everywhere. The measure is already in effect, and users in these countries are now unable to open positions using these investment products. The affected user in the mentioned countries will now have 90 days to close their open positions. The company stated this would be the start of a full “winding down” of their derivatives and futures services in Europe in a now-deleted tweet. In the Sight of Regulators Binance has been in the sights of regulators worldwide for the last two months due to claims it lacks compliance with the rules in certain countries. Last May 13, according to people familiar with the situation, it was revealed that the exchange was being probed by the DOJ and the IRS. But that was just the start. Since then, regulators from UK and Japan have issued warnings against the exchange, stating it was not registered to do business in these countries. Even the Thailand SEC filed a criminal complaint against Binance, while the Cayman Islands also stated the exchange was not authorized to conduct operations there. Several UK banks have blocked transactions to Binance in the country. More recently, on July 15, Lithuania And Italy (one of the countries where Binance is retiring its products today) issued more warnings on the illegal operation of Binance in their territories. Changpeng Zhao, the current CEO of Binance, declared that they want to be “registered everywhere,” stating they would be a financial institution from now on, and even hinted at the possibility of stepping down from his role to facilitate this transition last week. What do you think about Binance’s discontinuation of derivatives and futures products in Germany, Italy, and the Netherlands? Tell us in the comment section below. View the full article

Bank of America has outlined some benefits to be had from adopting bitcoin as legal tender in El Salvador. The opportunities include low-cost remittances, financial digitization, more choices, and greater investments from foreign companies. Bank of America Highlights Opportunities Bitcoin Brings to El Salvador as Legal Tender Bank of America (BOA) outlined some potential benefits in El Salvador adopting bitcoin as legal tender in a report published last week. The analysts, including Latin American strategist Claudio Irigoyen, explained that “The market has been excessively pessimistic about it and is overlooking any argument in favor, even if those benefits are admittedly more uncertain.” Firstly, the report details: Bitcoin could be used as an intermediary for cross-border transfer … Using bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels. The Bank of America analysts further noted that bitcoin’s volatility could be reduced if the conversions between BTC and dollars “happen automatically.” Financial intermediaries would receive less in remittance fees, leaving recipients with more disposable income. However, Bank of America cautioned, “it is unclear how the bitcoin transaction fees would compare to traditional remittance channels.” Secondly, the Bank of America report describes that “financial digitization” could be another benefit since “more than 70% of the adult population in El Salvador does not have a bank account.” The analysts emphasized, “democratizing access to electronic payments through bitcoin has a progressive touch.” In addition, adopting bitcoin as legal tender is “giving more choice to consumers,” the Bank of America analysts noted, elaborating: We disagree with the notion that it is coercive that businesses will be legally bound to accept bitcoin as form of payment as long as they have the proper technological infrastructure. They further explained that payments can automatically be converted to dollars using the government’s electronic wallet, Chivo. Lastly, the report said that bitcoin adoption could bring foreign direct investment (FDI) flows into El Salvador, such as from Strike, bitcoin miners, and ATM manufacturers. At least two crypto ATM companies have already announced plans to install cryptocurrency ATMs in El Salvador: Chainbytes and Athena Bitcoin. Despite seeing some benefits, Bank of America believes that adopting bitcoin as legal tender in El Salvador is negative overall, largely due to the cryptocurrency’s high volatility. The analysts explained that letting people pay taxes with a highly volatile asset is particularly worrying, warning that it could lead to sharp falls in revenues if the price tumbles. What do you think about Bank of America’s view on bitcoin as legal tender in El Salvador? Let us know in the comments section below. View the full article

Several U.S. lawmakers have spoken up against the cryptocurrency tax provision in the $1 trillion infrastructure bill. While the bill has been revised from last week’s version, the text is still “unworkable,” according to Senator Pat Toomey. “I plan to offer an amendment to fix it.” Other lawmakers, including Sen. Ron Wyden, Rep. Warren Davidson, and Rep. Ted Budd have also voiced concerns. Lawmakers Oppose Crypto Tax Provision in Infrastructure Bill The U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a statement by Ranking Member Pat Toomey Monday on a provision in the bipartisan infrastructure package that would tax cryptocurrency transactions. The statement reads: Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences. By including an overly broad definition of broker, the current provision sweeps in non-financial intermediaries like miners, network validators, and other service providers. The senator from Pennsylvania added: “Moreover, these individuals never take control of a consumer’s assets and don’t even have the personal-identifying information needed to file a 1099 with the IRS. Simply put, the text is unworkable. I plan to offer an amendment to fix it.” The crypto provision in the infrastructure bill has been highly criticized. Its aim is to step up tax enforcement on crypto transactions by imposing stricter reporting requirements on businesses. The provision is expected to raise $28 billion to help fund the $1 trillion infrastructure plan. The language of the infrastructure bill was slightly revised by lawmakers on Monday, such as to clarify what defines a broker. However, Jerry Brito, executive director of Coin Center, explained that the changes in the revised bill are not sufficient, stating: Yes, there were concessions but the latest language can still be interpreted by Treasury to cover miners, lightning nodes, and the like. If that’s not Congress’s intent, there are easy fixes they can adopt. There’s still time. Another senator also wants the language of the bill changed. The chairman of the Senate Committee on Finance, Sen. Ron Wyden, who leads the chamber’s tax-writing panel, said he wants to tweak the crypto tax provision. Noting that “Americans avoiding paying the taxes they owe through cryptocurrency is a real problem that deserves a real solution,” he tweeted Sunday: The Republican provision in the bipartisan infrastructure framework isn’t close to being that solution. It’s an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works. Other lawmakers who have voiced concerns regarding the crypto provision in the infrastructure package include Rep. Ted Budd and Rep. Warren Davidson. Rep. Budd said Monday that the crypto regulations in the infrastructure bill are “devastating” for American jobs and the country’s competitiveness in the financial technology industry. Rep. Davidson called the language in the bill “very sloppy,” tweeting: “This is really bad policy making its way through an infrastructure bill. It’s America essentially abandoning the fintech revolution.” What do you think about the U.S. government taxing crypto transactions to fund the infrastructure plan? Let us know in the comments section below. View the full article

South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have not been able to meet the requirements. 11 Crypto Exchanges Could Be Shut Down South Korea’s top financial regulator, the Financial Services Commission (FSC), will reportedly shut down 11 cryptocurrency exchanges, The Korea Herald reported Monday, citing unnamed industry sources. The 11 crypto exchanges allegedly used fraudulent collective bank accounts and the FSC plans to notify prosecution and police of the alleged illegal activities, the sources added, noting that the exchanges will find it impossible to get approvals from the FSC to continue their businesses. The names of the exchanges have not been disclosed. Crypto exchanges must obtain approval from the FSC by Sept. 24 to continue operations. Some efforts to provide more time for exchanges to comply with regulations, such as by People Power Party Congresswoman Cho Myeong-hee, who hoped to extend the deadline until Dec. 24, have been dismissed. The FSC stands by its Sept. 24 deadline, stating that crypto exchanges have already been given a six-month grace period. One of the requirements is for crypto exchanges to partner with local banks to open real-name accounts for customers. However, banks have been reluctant to partner with exchanges other than the top four: Bithumb, Upbit, Coinone, and Korbit. Without the ability to offer real-name accounts, exchanges will have to cease operations. Several mid-sized exchanges have already announced plans to shut down or suspend services, the publication conveyed, adding that Darlbit went out of business on July 15. CPDAX said on July 30 it will terminate services on Sept. 1, emphasizing: “It is not a temporary but a permanent measure to close business. Those who possess cryptocurrencies in the account must withdraw them before 3:00 p.m. on Aug. 31.” Another requirement is that exchanges must obtain an Information Security Management System (ISMS) certificate. Many crypto exchanges in South Korea also find it difficult to meet the requirements for this certification. The publication noted that Bitsonic exchange, for example, announced on July 30 that it will temporarily stop providing services to renew its service systems in order to meet the ISMS requirements. What do you think about the FSC shutting down 11 exchanges and many more will have to shut down due to their inability to comply with the upcoming regulation? Let us know in the comments section below. View the full article

A new proposal of a digital transformation law, written by a group of lawmakers in Spain would introduce the possibility of paying mortgages with cryptocurrency. The law draft also gives different incentives for companies and organizations using and developing solutions using these technologies, including tax cuts. Banks are also included in the regulation, and the draft includes the use of smart contracts for managing some processes in these organizations. Spain Would Include Crypto in Its Mortgage System A new draft of a digital transformation law, presented by a group of lawmakers from the Popular Party in Spain, would regulate and legalize several new technologies like cryptocurrency, blockchain, and AI in the country. Among its numerous proposal, it contemplates the possibility of house owners paying their mortgages with cryptocurrencies, enticing the use of these assets as means of exchange. But the proposal also extends this functionality to investment firms to create their own cryptocurrency for buying mortgages from banks too. The proposal also contemplates the modernization of the structure of banks, that would be able to use blockchain, cryptocurrencies, and smart contracts to carry ordinary processes such as mortgage management, and to streamlining compensation and settlements derived from insurance policies. Blockchain technologies are also contemplated to see used in supply chain applications, and in medical processes. Tax Cuts for Adopters The proposed draft includes several tax exemptions for companies and organizations providing solutions and developing these technologies on Spanish soil. Tax cuts for these companies are proposed to reach 25% and even more, depending on some conditions. Companies using cryptocurrency could also apply for a technological innovation deduction. This would entice the use of cryptocurrencies as it presents a clear benefit for using them. AI and the Internet of Things (IoT), emergent technologies that are also present in several solutions are also regulated in the draft, which establishes several benefits for these service providers. Spain has been very aggressive when it comes to regulating big tech and cryptocurrency. Just last month, Spain’s congress passed an anti-fraud law that establishes harsh penalties for users who fail to disclose their cryptocurrency holdings for tax purposes. This law also established limits on the number of euros that can be paid in cash per transaction, with the objective of improving tax collection and control capital movements across the country and the E.U. What do you think about the new digital transformation law draft in Spain? Tell us in the comments section below. View the full article

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Regional reports from China indicate that government officials have been reviewing over 5,100 small-sized hydropower plants in order to get them to adapt to China’s cleanup and rectification process concerning future energy sources. China has pledged to be carbon neutral and ultimately have zero carbon emissions by 2060 and the recent crackdowns on bitcoin miners and small power plants have been fueled by this goal. Sichuan, Yangtze River Hydropower Plants Feel the Aftermath of the Recent Crackdowns on Energy Production and Consumption in China During the last few months, China’s goal to get net carbon emissions down to zero in 39 years has affected bitcoin miners and small power plants in five different provinces. China’s president, Xi Jinping, surprised the world when he said China was committed to reducing emissions down to zero. Bitcoin miners and small power facilities started to feel the effects of China’s goal to drastically reduce emissions when reports surfaced from Inner Mongolia. Following the issues in Inner Mongolia, bitcoin miners in Xinjiang were instructed to shut down on June 9, 2021. Xinjiang reports were followed by bitcoin mining bans in Qinghai province, and then Yunnan province saw warnings from officials as well. Finally, after a May 31 report that notified the public officials from Sichuan would discuss bitcoin mining in the area, Sichuan authorities sent notice to bitcoin miners in the province to shut down by June 25. These crackdowns made it so Bitcoin’s global hashpower shuddered from 147 exahash per second (EH/s) on June 14, to a low of 69 EH/s on June 28. In addition to bitcoin miners, small-sized hydropower facilities were forced to follow a cleanup and rectification process. The rectification orders stem from the Sichuan Provincial Water Resources Department and government officials from the Yangtze River Economic Zone. Bitcoin.com News reported on the mandates seemingly pushing a few hydropower stations to put the hydropower facilities up for sale. The regional publication People’s Daily reported last week that the crackdown has hurt hydropower operators who could not complete the government’s cleanup and rectification mandates. 1,360 Hydropower Stations in Sichuan Could Not Fulfil the Cleanup and Rectification Orders, 243 Hydropower Facilities Are on Standby People’s Daily reporters say 5,131 small hydropower plants were reviewed in total but a great number were caught in regulatory crosshairs. 3,528 were able to successfully complete the mandated processes but 1,360 hydropower facilities were unable to complete the cleanup and rectification orders. Furthermore, 243 hydropower plants are in limbo as they are considered “reserved” by Sichuan and Yangtze River Economic Zone officials. The People’s Daily report notes that it is uncertain whether or not these hydropower plants will continue after government officials from China make their decisions. Bitcoin miners have had warnings for a long time and many started migrating elsewhere last year. At the moment, one of the of most popular destinations is Kazakhstan and there has been a myriad of reports indicating a lot of Chinese operations are moving to Kazakhstan. Unfortunately, hydropower facilities are not so versatile and cannot shut down shop and move with such ease and China’s crackdown has desecrated many small-sized hydropower operators. What do you think about the officials from the Yangtze River Economic Zone and Sichuan cracking down on hydropower facilities in China? 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 Digital Asset Market Structure and Investor Protection Act. The legislation would “provide the Securities and Exchange Commission (SEC) with authority over digital asset securities and the Commodity Futures Trading Commission (CFTC) with authority over digital assets.” Digital Asset Market Structure and Investor Protection Act U.S. Representative Don Beyer introduced the Digital Asset Market Structure and Investor Protection Act last week. The legislation would incorporate digital assets into existing financial regulatory structures, according to an announcement posted on his official website. The congressman said: Digital assets and blockchain technology hold great promise, and it is clear that assets like bitcoin and ether are here to stay. Unfortunately, the current digital asset market structure and regulatory framework is ambiguous and dangerous for investors and consumers. “Digital asset holders have been subjected to rampant fraud, theft, and market manipulation for years, yet Congress has hitherto ignored the entreaties of industry experts and federal regulators to create a comprehensive legal framework,” he described. Specifically, the bill would “Create statutory definitions for digital assets and digital asset securities and provide the Securities and Exchange Commission (SEC) with authority over digital asset securities and the Commodity Futures Trading Commission (CFTC) with authority over digital assets.” It will also: Provide legal certainty as to the regulatory status for the top 90% of the digital asset market (by market capitalization and trading volume) through a joint SEC/CFTC rulemaking. In addition, the bill will “Require digital asset transactions that are not recorded on the publicly distributed ledger to be reported to a registered Digital Asset Trade Repository within 24 hours to minimize the potential for fraud and promote transparency.” The Federal Reserve will have “explicit authority to issue a digital version of the U.S. dollar,” the bill further states, adding that the U.S. Treasury Secretary will have the “authority to permit or prohibit U.S. dollar and other fiat-based stablecoins.” The full bill can be seen here. What do you think about this Digital Asset Market Structure and Investor Protection bill? Let us know in the comments section below. View the full article

Matrixport, the digital currency financial services company co-founded by the former Bitmain CEO Jihan Wu, has revealed the company has raised $100 million in a Series C financing round. The funding has propelled Matrixport’s valuation to unicorn status as the firm now has a valuation of over $1 billion. Matrixport Now Valued at $1 Billion, Company Raises $100 Million in Series C On Sunday, the company Matrixport, a financial services firm that specializes in cryptocurrency solutions, management, and custodial services, revealed the company has raised $100 million from a slew of strategic investors. The $100 million Series C funding round was led by DST Global, C Ventures, and K3 Ventures. Additionally, other investors include A&T Capital, Foresight Ventures, Lightspeed, Polychain, Dragonfly Capital, CMT Digital, and IDG Capital. The Singapore-based start-up Matrixport plans to use the financing to continue bolstering the company’s expansion. Matrixport details that to date, the startup has raised a total of $129 million and the latest financing has transformed the firm into a crypto unicorn. According to the company, Matrixport has $10 billion in assets under management (AUM) and the startup’s services deal with $5 billion per month in global trade volume. “I always believe an open and permissionless blockchain ecosystem is the bedrock of a new financial network that will benefit a large part of the world’s population,” the company’s co-founder Jihan Wu said in a statement. Matrixport’s Wu continued by adding: As a result, there will be hundreds of trillions of value created, stored, and transferred on this new financial network. Financing to Be Used for Global Expansion, Securing Licenses to Operate in More Jurisdictions In addition to global expansion, the financing will be leveraged for research and development (R&D), product offerings, security enhancements, and optimizing the user experience. “The funds will also be used to support its global expansion as well as to secure licenses to operate in more jurisdictions,” Matrixport emphasizes. Adrian Cheng, the founder of C Ventures and CEO of New World Group, believes Matrixport will bolster the wider adoption of blockchain technology and cryptocurrency solutions. “As blockchain-based digital assets gain wider adoption and acceptance, new pathways are needed to capture yield, source liquidity, and manage crypto assets as an emerging asset class,” Cheng said. With deep knowledge of traditional finance and a keen understanding of crypto assets, Matrixport is well positioned to answer the increasing demand for this new area of investment, driven primarily by the younger generations,” the New World Group CEO concluded. What do you think about Matrixport raising $100 million from strategic investors? Let us know what you think about this subject in the comments section below. View the full article

Mastercard’s CEO has outlined the company’s plans to develop products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). “We want to be playing a role across all of them … It’s obviously a vibrant space around digital currencies,” said the CEO. Mastercard Wants a Role in All 3 Crypto Areas Payments giant Mastercard provided an update of its cryptocurrency plans during the company’s earnings call Thursday. CEO Michael Miebach explained that his company wants a role in three crypto areas. In addition to cryptocurrencies, such as bitcoin, the company also focuses on the private sector’s stablecoins, and central bank digital currencies. He affirmed: We want to be playing a role across all of them … It’s obviously a vibrant space around digital currencies … This is a relevant technology. As a multi-rail player, we got to be in this space because people are looking for answers. For cryptocurrency, Miebach explained: “We’re making it easier for cryptocurrency wallets to connect seamlessly to our network through a pilot with Paxos, Circle and Evolve Bank & Trust, which simplifies the conversion of crypto into fiat.” The executive added: “Separately, we’re partnering with Consensys, the Ethereum software engineering firm, to accelerate the development of crypto applications and services to our customers.” Regarding crypto investing, the CEO said: Clearly, people want to invest in that. They don’t want to sell their investments, and we’re going to make this as easy as possible. So we have all these partnerships out there. As for stablecoins, the CEO said that Mastercard is “engaging with private sector players as well as regulators on what does good policy look like around private sector stablecoins because this question about regulatory compliance is still unresolved.” Miebach then reiterated what he said during the company’s Q1 earnings call that Mastercard was “getting ready to technologically enable our network to carry these stablecoins as settlement currencies provided they meet one of our — all three of our criteria, which is regulatory compliance, consumer protection and stability.” Regarding central bank digital currencies, he noted that a growing number of central banks are exploring CBDCs, including the European Central Bank (ECB) and the Bank of England. The executive said: Things are definitely continuing to move forward … there is clear progress. Responding to a question about Mastercard’s value proposition to central banks and the government in the crypto space, the CEO said: “we bring a unique perspective to the market … to these players as a multi-rail provider because all these countries have to make the trade-off.” He opined: Everybody has different motivations ranging from financial inclusion to cross-border payments and hence, we’re a sought-after party because we have experience in all of that. Specifically, he noted: “I think a particularly critical proposition here is our virtual test platform because all of these design choices that governments have to make and that we consult them on, we then have to live in the wild, so to say. They’ve got to work with the existing financial infrastructure, and that’s what our virtual test platform does for them.” What do you think about Mastercard’s plans for the crypto space? Let us know in the comments section below. View the full article