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Eighty-one countries are now exploring central bank digital currencies (CBDCs), according to a new tracker. This number is 46 more countries than the number in May last year. In addition, five countries have fully launched their own digital currencies. 81 Central Banks Explore Launching Own Digital Currencies The Atlantic Council’s Geoeconomics Center unveiled a new central bank digital currency (CBDC) tracker featuring an interactive database last week. The Geoeconomics Center described itself as “a nonpartisan organization that galvanizes U.S. leadership and engagement in the world, in partnership with allies and partners, to shape solutions to global challenges,” its website states. The original version of the CBDC tracker, launched in April last year, has been used by the U.S. Federal Reserve and the Bank of International Settlements (BIS), the center claims, adding that according to the new tracker: 81 countries (representing over 90 percent of global GDP) are now exploring a CBDC. In our original report published in May 2020, only 35 countries were considering a CBDC. The center noted that “Of the countries with the 4 largest central banks (the U.S. Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England), the United States is furthest behind” in developing a state-backed digital currency. Federal Reserve Chairman Jerome Powell said in February that the digital dollar was a “very high priority” for the Fed. However, he emphasized the need to “get it right,” instead of rushing to launch a digital dollar, particularly to compete with China’s digital yuan. Nonetheless, the chairman recently said, “you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency. I think that’s one of the stronger arguments in its favor.” Meanwhile, “5 countries have now fully launched a digital currency,” the Geoeconomics Center added. They are the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada. World map of central bank digital currencies. Source: Atlantic Council’s Geoeconomics Center. The center further detailed that “14 other countries, including major economies like Sweden and South Korea, are now in the pilot stage with their CBDCs and preparing a possible full launch.” Josh Lipsky, Director of the Geoeconomics Center and former senior advisor at the International Monetary Fund (IMF), commented: Before Covid, central bank digital currencies were largely a theoretical exercise. But with the need to distribute unprecedented monetary and fiscal stimulus around the world, combined with the rise of cryptocurrencies, central banks have quickly realized they cannot let the evolution of money pass them by. What do you think about 81 central banks exploring their own digital currencies? Let us know in the comments section below. View the full article

Young U.S. investors are more interested in bitcoin investments than they were three years ago, according to a poll stemming from the Gallup Investor Optimism Index. This year’s poll surveyed 1,037 participants and findings suggest 6% of American investors own bitcoin. American Bitcoin Investors Increase by 4% in 3 Years The American survey and analytics firm Gallup has published new findings from a recent survey the company did on bitcoin investing. The firm’s survey called the Gallup Investor Optimism Index explains there is “more momentum among investors younger than 50.” Gallup poll findings on June 2021 stemming from the Gallup Investor Optimism Index. In 2018, Gallup’s last report had shown that only 2% of investors own bitcoin but in 2021, that metric has increased to 6%. The American adults that participated said they owned roughly $10K in investments like equities and bonds. Further, Gallup’s researchers say that the number of owners increases for younger generations. “Ownership is up a more impressive 10 percentage points, to 13%, among investors aged 18 to 49,” Gallup’s latest report notes. “It remains minimal among investors aged 50 and older; just 3% now say they own it, versus 1% three years ago.” Gallup’s report adds: 8% of those with less than $100,000 invested and 6% of those with $100,000 or more invested currently own it. Separately, Gallup finds male investors are over three times as active as female investors in the bitcoin market, with 11% of male investors and 3% of female investors now owners. Gallup Survey Says Bitcoin Investment ‘Is More Akin to Gold’ Gallup’s study says that bitcoin owners can be compared with mainstream investments like stocks and mutual funds. 84% of those polled invested in either stock or mutual funds while 67% owned individual equities. Researchers note that bitcoin investing is “more akin to gold” which captures 11% of the investor’s portfolio, while 50% of respondents hold bonds. Adversity toward bitcoin has softened since the last survey as well, as only 58% said they have zero interest in investing. In 2018, 72% of the polled participants said they have no interest in ever buying bitcoin. Adding to the 6% who already own bitcoin, another 2% said they will likely purchase the crypto asset in the future. 35% of those polled, stressed that they are intrigued by bitcoin but “won’t be buying it anytime soon.” Gallup’s poll concludes by noting that three years ago, a very small percentage of American investors were interested in bitcoin and a very small fraction owned the crypto asset. Since then, researchers attribute the growth to easier purchasing methods and “large investments in bitcoin by well-known companies such as Tesla, Square, and Morgan Stanley.” “Perhaps, as a result, bitcoin is inching closer to general acceptance among U.S. investors,” Gallup researchers conclude. “Particularly with those under age 50. Not only do 13% of these relatively young investors own it, but their familiarity with it and willingness to buy it have risen to majority levels.” What do you think about the 2021 Gallup poll about bitcoin ownership? Let us know what you think about this subject in the comments section below. View the full article

Banks in Ireland have welcomed an upcoming reform of the European Union’s anti-money laundering regulations that will affect the crypto space. The Irish banking industry organization voiced support for the changes aimed at disrupting illicit transactions at the union level while calling them “radical.” New AML Body to Weed Out Suspicious Transactions in the EU, Irish Banks Say Financial institutions in Ireland have expressed their positive attitude towards intentions to reform the anti-money laundering mechanisms of the European Union, the Irish daily Independent reported. According to the Banking & Payments Federation Ireland (BPFI), the new AML authority the EU plans to create will weed out suspicious cross-border transactions in the bloc. Quoted by the publication, Keith Gross, who heads financial crime and security at the BPFI, noted that the proposed changes include a “set of radical reforms that will greatly assist and bolster our members in their daily and ongoing work – detecting, preventing and disrupting money laundering and the financing of terrorism here in Ireland and across the EU.” Earlier this week, the European Commission put forward a set of legislative proposals tailored to strengthen the EU’s anti-money laundering and countering terrorism financing rules that will apply to the crypto sector. The amendments are expected to ensure “full traceability of crypto-asset transfers.” The legislation envisages the establishment of a new EU Anti-Money Laundering Authority (AMLA). The regulations will oblige crypto exchanges, for example, to identify the sellers and buyers of crypto assets. They will also limit cash transactions across the union to €10,000. The new rules will affect not only cryptocurrency platforms and banking institutions but will extend the EU supervision over the legal, accounting, and real estate sectors as well. Under the existing regulatory framework, national authorities are free to interpret AML rules and Ireland has been criticized by Brussels for failing to properly oversee lawyers, accountants, and other agents setting up trusts on behalf of clients. That’s despite Dublin having three institutions responsible for combating AML offenses: the Garda Financial Intelligence Unit, the Department of Justice, and the Central Bank of Ireland. The updated rules will be applicable across the European Union’s 27 member states. EU officials expect the AMLA authority to help prevent money laundering and terrorist financing cases in the European Union by “directly supervising and taking decisions towards some of the riskiest cross-border financial sector obliged entities,” a media report quoting EU documents revealed earlier this month. What’s your opinion about the proposed AML reforms in the European Union? Share your thoughts on the subject in the comments section below. View the full article

The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range. ETF Analyst: ‘China Doesn’t Reject Bitcoin, Bitcoin Rejects China’ On July 23, Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGlone’s written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as there’s been a slight trend reversal during the last 48 hours. “Our crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,” Balchunas tweeted on Friday. “[McGlone] also says China’s rejection of open-source software crypto assets may mark [a] plateau in [the] country’s economic ascent,” Balchunas added. A few individuals responded to McGlone’s take and one person said: That’s a hot take on China. Rejecting things like this typically shows a fear that something is better than your own currency. Every Country that rejects Bitcoin is SCREAMING the same thing. Balchunas replied to the comment and said it reminded him of some old jokes. “Reminds me of the Chuck Norris jokes for some reason. China doesn’t reject bitcoin, bitcoin rejects China,” Balchunas said. McGlone: ‘Bitcoin Market Akin to the 2018-2019 Consolidation Period’ As far as McGlone’s bitcoin (BTC) price forecast is concerned, the ETF analyst’s screenshot of McGlone’s outlook said: Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000. The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate. Besides China, regulators have been cracking down on cryptocurrency operations worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers.” Hey #China? Good Luck With That One – #Bitcoin, #Dollar Dominance: China's rejection of open-source software crypto-assets may mark a plateau in the country's economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com/gI3rNjC9X7 — Mike McGlone (@mikemcglone11) July 23, 2021 In addition to the regulatory climate, global markets, in general, are a touch shaken by the narrative surrounding the Covid Delta variant. While lots of people responding to Balchunas’ Twitter thread agreed with McGlone, one individual said he only agreed with one specific part of the statement where he said bitcoin is more likely to hit $60K than $20K. This isn’t the first time McGlone has made such predictions concerning bitcoin‘s future price. Last month, the senior commodity strategist said “$40,000 appears more likely than $20,000” and the latest $60K call is a lot more optimistic. What do you think about Mike McGlone’s bitcoin price outlook? Let us know what you think about this subject in the comments section below. View the full article

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface. Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens. Uniswap has introduced token censorship on the main UI You can see a list of 129 hidden tokens herehttps://t.co/G9yjycH2F7 — banteg (@bantg) July 23, 2021 The restriction of access to these specific tokens stems from app.uniswap.org but users can still bypass the problem and trade using the token contract. The token removal announcement from Uniswap Labs doesn’t really explain why the tokens were removed but the firm’s blog post did say: These tokens have always represented a very small portion of overall volume on the Uniswap Protocol. Some of these tokens derived from protocols such as Synthetix, Tether, Opyn, UMA, and more. A Twitter user named “Banteg” discussed the issue at hand and said: “Seems like all UMA, Synthetix, Mirror, Opyn tokens are affected. Even if you add them manually, you cannot trade them on the main [Uniswap] UI.” However, within Banteg’s Twitter thread the crypto community shared a myriad of ways to bypass Uniswap’s main user interface. Defi Proponent: ‘This Is a Wake-up Call — Bookmark Decentralized Interfaces’ A number of crypto supporters criticized the move made by Uniswap and they believe other decentralized finance (defi) platforms could do the same. Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur tweeted that he loves Uniswap “but this sets [a] really bad precedent IMO.” Krug also added that this “won’t be the 1st case of defi censorship.” Defi supporter Nick Chong said that people should start bookmarking decentralized interfaces and mirror applications. Chong added: The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user defi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call. Bookmark the decentralized interfaces. Make them lindy. The creator of the popular defi project Yearn Finance, Andre Cronje also offered his opinion of the Uniswap situation. “My unsolicited opinion; Uniswap, a company registered in the U.S. Uniswap.org, a website owned by the U.S. entity. Uniswap smart contracts, decentralized code. The company should act in its best interest, including censoring the website where it is in their interest,” Cronje said. What do you think about Uniswap removing 129 tokens from the main user interface? Let us know what you think about this decision in the comments section below. View the full article

While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law. Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ and Like ‘Playing the Lottery’ One might think from some of the fluffy reports stemming from a number of cryptocurrency magazines that all is swell in El Salvador in regard to the new bitcoin law. However, during the first week of July, a survey conducted by Disruptiva polled 1,233 people residing in El Salvador and a majority of Salvadorans said they were skeptical of bitcoin as a currency. Following the implementation of the new bitcoin tender law, leaked reports claimed Nayib Bukele’s government cohorts were planning to launch a stablecoin. Now a regional report from the news outlet El Mundo shows a number of Salvadorans have taken to the streets to protest the bitcoin law. Marchers gathered together to speak out against Bukele’s tender law and said the crypto asset was “too volatile.” There’s also a resistance group called the “Popular Resistance and Rebellion Block” group, which has written a letter to Bukele’s regime saying the law is unconstitutional. The group says bureaucrats under the control of Bukele did not consult the citizenry first and they stressed the president’s move was akin to playing “the lottery.” Nayib Bukele Is Considered a ‘Dictator’ Nayib Bukele is considered an authoritarian leader and recently mandated that citizens must take Covid-19 vaccines, despite the pushback against the experimental drugs. A number of mainstream American news publications have called El Salvador’s president a “dictator.” Last May, Bukele’s New Ideas Party fired several Supreme Court members and the attorney general. Despite leaning toward bitcoin, El Salvador’s president has been called a “dictator.” In recent times he’s been criticized for mandating Covid-19 vaccines on the populace without full consent. Twenty government institutions linked to the Bukele administration were under investigation for manipulation and corruption. He then fired all those who were involved in the investigation. The news publication El Faro has also accused Bukele of secretly negotiating a deal with Mara Salvatrucha, the most powerful gang in El Salvador. Bukele even tweeted about the removal and exclaimed the representatives had been “dismissed.” People believe the members were fired because the Supreme Court ruled a few times that Bukele made unconstitutional mistakes. The Salvadoran attorney general was investigating several of the Bukele regime’s ministers. On May 4, U.S. vice president Kamala Harris spoke about the Salvadoran nation in a speech. “Just this weekend, we learned that the Salvadoran parliament moved to undermine its nation’s highest court. An independent judiciary is critical to a healthy democracy and a strong economy. On this front — on every front — we must respond.” Resistance Group Says ‘Bitcoin Serves the Elite and Ill-Gotten Money’ Protestors who dislike the new bitcoin law also believe Bukele’s New Ideas Party is in the wrong. The Popular Resistance and Rebellion Block group stressed: Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money. While the supermajority in the Salvadoran congress passed the law, bitcoin (BTC) won’t officially be recognized until September 7, 2021. Protestors hope that in the interim, Salvadoran lawmakers will stop Bukele’s New Ideas Party from successfully implementing the legislation. Meanwhile, a few Salvadorans disliked the group’s protest and said: “How can they be called resistance and rebellion? Hahaha… Bitcoin is true financial freedom.” “Sad to see people who seek to go backward and limit the growth of the country,” another individual added. What do you think about the protestors who dislike the new Salvadoran bitcoin tender law? Let us know what you think about this subject in the comments section below. View the full article

Crypto mining hardware manufacturer Bitmain has partnered with Enegix to host Antminer S19 Pro devices in one of the world’s largest data centers. The facility located in Kazakhstan is designed to accommodate more than 50,000 mining rigs. Bitmain to Work With Mining Facility Operator Enegix Leading mining equipment producer Bitmain has announced a partnership with Enegix. As part of the agreement, the ASIC giant will host Antminer S19 Pro miners in a 180MW facility operated by Enegix in Kazakhstan, which is one of the largest in the world. Enegix focuses its business efforts on designing, building, and operating data centers since 2017, a press release published by Bitmain details. The one in question was commissioned in late 2020 and is the company’s third such facility. Its total capacity exceeds 50,000 current-generation mining rigs. Commenting on the new project, Bitmain Mining Division Vice President Du Shisheng noted that his company is pleased to have a solid strategic partner in the region and stated: Enegix is a clear leader in design and operation of large-scale mining facilities. Their success over the years has put them on the map for all major bitcoin miners. “Enegix is pleased to be able to offer Bitmain the remaining capacity of its 180MW facility. This step from the leading manufacturer of ASIC miners is very important for our company, as it shows trust in our operation,” Enegix CEO Yerbolsyn Sarsenov added. He expressed hopes that the cooperation will be beneficial for both companies and continue into the future. Enegix to Build More Mining Centers in Kazakhstan Enegix plans to further expand its activities in Kazakhstan in response to surging demand from cryptocurrency miners. The company wants to develop additional mining infrastructure and is working on design projects for new mining facilities in the Central Asian republic. Enegix is also negotiating agreements for the purchase of electricity to power the crypto farms. Amid an ongoing crackdown, Chinese companies involved in cryptocurrency mining have been migrating to friendlier jurisdictions in the region, most notably Kazakhstan. In May, Shenzhen-based Bit Mining announced it’s planning to build a 100 MW mining data center there, in partnership with two local companies. According to a study by the University of Cambridge, the country has seen a six-fold increase in its share in global bitcoin extraction in less than two years. It now ranks third in the world by crypto mining volume. However, the government in Nur-Sultan decided to introduce a surcharge for electricity used by mining entities. The local crypto industry expressed concerns the move could turn away potential investors. Do you think Kazakhstan will remain an attractive destination for cryptocurrency miners? Share your thoughts in the comments section below. View the full article

A leading convenience and fuel retailer, Circle K, is deploying bitcoin ATMs in its stores across the U.S. and Canada. More than 700 machines operated by Bitcoin Depot have already been installed. “As one of the world’s leading convenience and fuel retailers, Circle K is the first major retail chain to deploy bitcoin ATMs within its stores.” Circle K Stores Install Bitcoin ATMs The world’s largest bitcoin ATM operator, Bitcoin Depot, announced Thursday “an exclusive international partnership with Circle K that spans across both the U.S. and Canada with over 700 bitcoin ATMs in 30 states already installed.” The company wrote: As one of the world’s leading convenience and fuel retailers, Circle K is the first major retail chain to deploy bitcoin ATMs within its stores. Circle K is a global brand of Alimentation Couche-Tard, a leader in convenience and fuel retail, with more than 14,200 stores operating in 26 countries and territories. According to the company, it is the largest independent convenience store operator in terms of the number of company-operated stores in the U.S. and a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, and Ireland. The company also has a presence in Poland and Hong Kong. The Atlanta-based Bitcoin Depot currently has 3,793 cryptocurrency ATMs, making it the largest crypto ATM operator ahead of Coin Cloud with 2,628 machines and Coinflip with 2,499 machines, according to the crypto ATM tracking website Coinatmradar. Bitcoin Depot’s crypto ATMs enable users to buy bitcoin and over 30 other cryptocurrencies. Bitcoin Depot CEO Brandon Mintz opined: “Circle K understands that cryptocurrency will be a growing part of the future economy and payments landscape. By adding bitcoin ATMs to the company’s stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set themselves apart from other retailers with this new technology.” Denny Tewell, Senior Vice President of Global Merchandise and Procurement at Circle K, commented: Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy bitcoin. What do you think about Circle K installing bitcoin ATMs in its stores in the U.S. and Canada? Let us know in the comments section below. View the full article

The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021 Thursday. Form 1040 is the main tax form used for filing individual income tax returns in the U.S. The draft form shows that the tax agency has modified the crypto question slightly. The crypto question now reads: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Previously, the question read: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” Draft IRS Form 1040 for the year 2021. For the year 2021, the IRS has removed the word “send” and replaced “acquire” with “disposed of.” IRS Form 1040 for the year 2020. Shehan Chandrasekera, Head of Tax Strategy at tax software company Cointracker, explained that “The revised question only inquires about your taxable transactions compared to the much broader scope of the 2020 version.” He opined, “Although these changes have no big impact on your taxes, it hints at what the IRS has learned from the 2020 version and the direction it’s heading,” elaborating: Under the revised question, you don’t have to check ‘Yes’ if you send cryptocurrency in between wallets/exchanges or acquire them, which are both non-taxable transactions. What do you think about the new crypto question on the tax form? Let us know in the comments section below. View the full article

Amazon’s Payments Acceptance & Experience team is hiring a digital currency and blockchain expert to develop the company’s digital currency and blockchain strategy and product roadmap, including a launch strategy. “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” the company’s spokesperson said. Amazon Developing Crypto Strategy Amazon has posted a job opening for a “Digital Currency and Blockchain Product Lead.” The job posting explains that “The Amazon Payment Acceptance & Experience Team is responsible for how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe,” elaborating: The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s digital currency and blockchain strategy and product roadmap. The company further described: “You will leverage your domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.” Among the basic qualifications required for the role is a “Deep understanding of the digital / cryptocurrency ecosystem and related technologies.” The posting adds: “You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.” Confirming the job posting to CNBC, an Amazon spokesperson said in a statement: We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. “We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,” the spokesperson noted. Amazon Web Services currently offers a service called managed blockchain but Amazon does not currently accept bitcoin or other cryptocurrencies as payment for its products. Do you think Amazon will soon accept crypto payments? Let us know in the comments section below. View the full article

A major high street bank in the U.K., Natwest, has blocked payments to crypto exchange Binance. Natwest’s decision came after two other major British banks — Barclays and Santander — made a similar move to block fund transfers to Binance. The banks acted in response to a warning on the cryptocurrency exchange by the U.K.’s Financial Conduct Authority (FCA). Natwest Blocking Fund Transfers to Binance British bank Natwest (NWG.L) has reportedly become the latest financial institution in the U.K. to block payments to cryptocurrency exchange Binance. According to its 2020 annual report, Natwest Group is the largest business and commercial bank in the U.K., with 19 million customers across the U.K. and Ireland. A Natwest spokesperson explained that the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media websites. “To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers,” the spokesperson said, adding: Our customers will still be able to accept cryptocurrencies as forms of payment. The U.K.’s Financial Conduct Authority (FCA) issued a warning about Binance on June 26 stating that the crypto exchange was not permitted to engage in regulated activities. Following the FCA’s warning, Barclays stopped clients from sending funds to Binance. Santander Bank followed suit and blocked payments to the crypto exchange. Binance has suspended GBP withdrawals and EUR deposits via SEPA bank transfers and service providers Faster Payments and Clear Junction have stopped processing payments for the crypto exchange. Meanwhile, Visa and Mastercard said they are monitoring Binance’s regulatory compliance and have not cut ties with the company. Besides the FCA, a growing list of regulators have issued warnings against Binance, including regulators in Hong Kong, Lithuania, Italy, Thailand, Cayman Islands, and Japan. What do you think about banks blocking payments to Binance? Let us know in the comments section below. View the full article

A St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations. Officials From Town of Massena Don’t Like the Look of Bitcoin Miners Operating Alongside Route 42 The town of Massena, with a population of around 13K, has attracted bitcoin miners according to a report from Reuters. The New York town’s officials have taken issue with bitcoin miners and the authorities plan to impose a 90-day moratorium on any new bitcoin miners looking to tap into the town’s energy sources. According to Massena Town Supervisor Steve O’Shaughnessy, the town doesn’t want Massena’s roadsides to be filled with shipping containers that house mining rigs. “We don’t want it littered with these trailers that are pumping out bitcoin,” O’Shaughnessy told WWNY-TV. “We just want to make sure if they’re going to come here, that it’s a nice presentable building,” he added. Photograph of the alleged mining operations via the regional news station WWNY-TV. The report notes that there’s been a surge of cryptocurrency miners setting up shop in Massena. The electrical company Massena Electric is currently in the midst of negotiations with three prospective operations. “The key components for the developers is low-cost electricity and reliability, which are two things we’ve always had,” Andrew McMahon, Massena Electric’s superintendent said. Reports say Route 42 in Massena near Fort Covington has numerous mobile bitcoin mining units that are housed in shipping containers. Massena Electric told WWNY-TV that the deals with bitcoin miners always come second to current customers but “customers could even benefit from the increased sales.” New York Continues to Have Tussles With the Bitcoin Mining Industry, Route 42 Mining Facility Advertised for Sale The crypto mining operation Petawatt Group is located in Massena, as the firm was able to purchase 140 acres of land two years ago. Petawatt Group and its co-founder Jason Rappaport say bitcoin mining operations can potentially bring jobs to Massena locals. “We’re not like some new operation that decamped from somewhere else and coming in and trying to find power, you know, relatively inexpensively, and not being part of the community,” Rappaport stressed to the local news station. Interestingly, around the same time the Massena town officials started to complain, an advertisement for a cryptocurrency mining facility located on Route 42 was listed for sale. The property offers “power and location” for $299,000 and claims the owner can get energy at rates as low as $0.03 per kWh. “The facility has approved 2 MW power available underneath three-phase power lines owned by Massena Electric Department,” the ad details. “The electrical service can potentially be upgraded to 10MW and even above.” New York and bitcoin miners have seemed to go hand-in-hand because of the state’s abundant access to cheap hydropower. However, residents and officials from a few New York communities have taken issue with bitcoin miners in a similar fashion. For instance, residents who live alongside Seneca Lake blamed bitcoin mining for heating up the water. The lake was “so warm you feel like you’re in a hot tub,” a report by NBC News noted at the time. Democrat senator Kevin Parker also introduced a bill that seeks to establish a three-year moratorium on any bitcoin mining operations in the state. The Committee on Environmental Conservation reviewed the bill on May 3. The bill declared that cryptocurrency miners should be responsible for the environmental impacts the industry might cause the state. Senator Parker insists cryptocurrency mining has a negative environmental impact and mining businesses would have to pass state greenhouse gas emission targets in order to continue. What do you think about the issues bitcoin miners are having in Massena, New York? Let us know what you think about this subject in the comments section below. View the full article

The government of Abkhazia is negotiating with Russia to solve a problem that led to a ban on cryptocurrency mining. The partially recognized republic in the South Caucasus is now planning to legalize the industry and source sufficient power supplies from its energy-rich northern neighbor. Abkhazia Wants to Create Conditions for Cryptocurrency Mining The autonomous Republic of Abkhazia in northwestern Georgia is holding talks with the Russian Federation on the supply of electricity to satisfy its needs. Those of the energy-hungry crypto mining sector are also covered by the negotiations, Forklog reported. Despite a temporary mining ban introduced in 2018, the activity allegedly took the country to the brink of an energy crisis last year, forcing regulators to extend the restrictions to March 2022. Fines and criminal liability were introduced for illegal use of electrical power to mint digital currencies and a number of mining operations were shut down. Officials in Sokhumi are now trying to create conditions for cryptocurrency miners to operate legally, Abkhazia’s Minister of Economy and Deputy Prime Minister Christina Ozgan revealed at a press conference this week. Quoted by Apsnypress, she said that authorities plan to organize the supply of electricity from Russia and set up facilities where miners can install their equipment. Russian representatives have already visited the republic to clarify the technical side of the deal and the Abkhaz government has received a draft agreement, Ozgan told reporters. She emphasized that electricity shortages were the main reason for the crypto mining crackdown. According to estimates by the local power distribution company, Chernomorenergo, the total capacity of the mining equipment operating in the republic was at least 40 to 45 megawatts in 2020. When fully loaded, the hardware can burn around 400 million kilowatt hours of electricity annually, which forms a large portion of the country’s deficit. Christina Ozgan also announced that more than 66,000 mining devices had been delivered to Abkhazia before the imports of mining equipment were halted. She added that authorities are now going to approve a new electricity tariff for cryptocurrency miners and encourage them to pay their bills. Abkhazia wants crypto mining farms to be legally connected to the electrical grid. The government also intends to regulate the interaction between mining entities and the state-run power utility. Do you think Abkhazia can turn into a friendly destination for cryptocurrency miners? Tell us in the comments section below. View the full article

The Central Bank of Colombia has announced its involvement in the first blockchain bond pilot program in the country, with the participation of the Interamerican Development Bank (IDB) and Davivienda, a private commercial bank. The proof of concept will use the Lacchain blockchain platform developed by the IDB, which will handle the operative part of the issuance. Central Bank of Colombia Joins Blockchain Bond Pilot Program The Central Bank of Colombia has announced its participation in the first blockchain bond program in the country. Issued by Davivienda, one of the most important commercial banks in Colombia, and with counseling from the Interamerican Development Bank (IDB), this pilot program seeks to explore the benefits of the new technology and study its application for the next bond issuances. According to the official announcement from the Central Bank of Colombia, these benefits would include the potential reduction of operational costs, the optimization of process times, greater efficiencies in the traceability and security of operations, the elimination of information asymmetries, and better management of financial risks. The bonds will be issued and managed using Lacchain, IDB’s blockchain platform that is designed to support this kind of application. The role of the central bank will be to run an observing node in the blockchain and support the issuance in its high-value payments system. Colombians Reaching for Blockchain While Colombia has not been known for its adoption of cryptocurrencies or blockchain, the country is slowly introducing its financial system to the idea of these new technologies. Earlier this year, in February, the financial watchdog of the country, the SFC, authorized the establishment of a regulatory sandbox that allowed some banks to establish alliances with exchanges to process cryptocurrency purchases in a joint effort. Davivienda, the bank involved in this blockchain bond trial, was also included in this batch of banks. The objective of the establishment of this sandbox is to better understand how cryptocurrency systems can work in tandem with traditional banking systems to issue laws that adapt to this new paradigm. This indicates that Colombian regulators are considering cryptocurrencies as potentially influential factors in the country in the years to come. However, the retail cryptocurrency business in Colombia is small and it doesn’t reach the importance it has in other countries of the region like Venezuela or Argentina. What do you think about the first blockchain-issued bond pilot program in Colombia? Tell us in the comments section below. View the full article

As central bank digital currencies (CBDCs) advance in testing, a number of countries have taken the lead in an effort to create a CBDC. The enterprise blockchain firm Guardtime recently conducted a survey that shows adults from ten different countries would likely use a CBDC. Nearly two out of three respondents said they would likely use a CBDC after launch and most of the study’s participants believe a major CBDC will be launched within three years. 63% of Survey Respondents Would Leverage a CBDC if Launched, 33% Would Be ‘Very Likely’ to Use a CBDC The enterprise blockchain firm founded by Christopher Leiter and Mike Gault, Guardtime has recently conducted a survey throughout ten major economic regions throughout Europe, United Arab Emirates, Asia, and North America. The study has found that out of all the surveyed participants, 64% said they would “likely” leverage a CBDC if their country happened to launch one. 33% of respondents said they were “very likely” to utilize a CBDC if a major one was launched. Guardtime’s study says the company is working with “several central banks around the world” and it believes “the introduction of central bank digital currencies could upend the global economic order.” Only 10% of the study’s respondents said that they would “never” use a CBDC. Furthermore, Guardtime says that the company found “strong support” from participants who would convert their current savings into a CBDC. Support for CBDC paid salaries also saw “strong support” in the Guardtime survey. “Around one in three adults (33%) would be willing to convert their savings into a CBDC within a month,” the Guardtime research report notes. “Another 26% would do so within one to six months. Just 11% say they would never convert savings into a CBDC,” the company’s study adds. Guardtime’s researchers continued by stating: Up to 30% would be happy to have their salary paid in a CBDC within a month with another 27% following within one to six months. Around 12% would never accept being paid in a CBDC. Study: ‘Consumers Ranked Privacy on Transactions as the Most Important Attribute of a CBDC’ As far as predictions are concerned, Guardtime’s study suggests that because of things like the Coronavirus crisis. The increased digitization of our modern world will likely bolster the first major CBDC “within three years,” the study says. The head of strategy at Guardtime, Luukas Ilves, believes the survey’s findings are fascinating. “People worldwide have embraced rapid digitisation during the Coronavirus crisis and that appears to be reflected in the relative enthusiasm for the launch of digital currencies from central banks,” Ilves said. The Guardtime executive further added: It is fascinating to see that 64% of people would be willing to use CBDCs – even though they have not been launched yet – and are happy to support and trust central banks to ensure digital currencies are delivered. Guardtime’s research details that respondents said they would not necessarily want to stop using cash. Although, 31% of participants detailed that they would substitute more than half of their financial transactions via a CBDC within one month after it launched. 28% said they would want to wait more than a month and up to six months in order to carry out financial transactions with a CBDC. There were three very important features respondents wanted to see which were privacy, ease-of-use, and the ability to leverage a CBDC without an internet connection. What do you think about Guardtime’s recent survey? Would you leverage a major CBDC if one was introduced in the near future? Let us know what you think about this CBDC survey in the comments section below. View the full article

The Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from government oversight. Chinese Miners Pivoting to Other Crypto Activities The recent mining and trading crackdown in China affected the lives of thousands of miners that had to stop their operations due to new policies established by the government. While a lot of them are seeking to relocate to other countries, there is also a group seeking to pivot to new alternatives to keep operating in the country. The new wave of storage-based tokens is one of the biggest focuses of this group. Bloomberg confirmed this, present at the Web 3.0 Blockchain Application Cum Computing Power Overseas and Distributed Storage Conference in Chengdu — one of the first crypto-related events to happen after the crackdown. Some of the miners present were interested in Filecoin, mentioning it could be a safer bet due to its less energy-intensive mining process. Another miner stated Filecoin was a “grey area business that hasn’t yet caught regulators’ attention,” explaining the interest behind it. Another storage-based token that is getting the interest of these miners is Swarm, a currency that shares the same proposal as Filecoin and Chia. Miners Still Hesitant to Act However, these miners are the bravest of the bunch, as these new cryptocurrencies could also be targeted by the Chinese government in the near future. According to experts, some miners are still in a wait-and-see phase, expecting further action from the government. But the signs aren’t favorable. Last week, Anhui, another Chinese province, announced it would crack down on bitcoin mining operators in the region due to power shortages. According to Tan Weizhe, managing partner of Zhizhen Capital, there is still a large number of miners waiting to relocate to other countries and most of them will relocate next October. Weizhe runs mining power migration services and is in charge of operating several crypto complexes in the U.S., Australia, and Canada. As the crackdown on mining and trading operations increases, the Chinese government increases the scope of the test phase of its central bank digital currency, the digital yuan. What do you think of this new pivot of Chinese miners to more obscure cryptocurrencies? Tell us in the comment section below. View the full article

The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the “e-naira,” is expected to use the Hyperledger Fabric blockchain. CBDC Comes to Life The revelation of the launch date for Nigeria’s central bank digital currency (CBDC) comes just a few months after central bank governor, Godwin Emefiele, said the digital currency will soon “come to life.” It also comes after the CBN suggested in June that Nigeria would have its own CBDC by the end of the year. With this revelation — when confirmed officially — Nigeria will become the second West African nation to announce the pilot phase of its own digital currency in 2021. As previously reported by Bitcoin.com News, the Bank of Ghana is the other country from the region to announce a start date for its digital currency project. Culmination of a Long-Running Study As the Nairametrics report quoting Central Bank of Nigeria IT director Rakiya Mohammed explains, the announcement is the culmination of the central bank’s research into digital currencies which started in 2017. The director added that the CBN might still “conduct a proof of concept before the end of this year.” In the meantime, the report reveals some of the focus areas that stand to benefit from the rollout of the e-naira. Some of these areas include cross-border trade, monetary policy, tax revenue collection, and remittance inflows. Do you agree that the CBDC will be beneficial to the broader Nigerian economy? You can share your views in the comments section below. View the full article

The French central bank, Banque de France (BOF), recently carried out its fifth experiment on the Central Bank of Tunisia (CBT)’s central bank digital currency (CBDC). According to a statement from BOF, the latest experiment is part of the banks’ joint effort to create conditions that are “conducive to a better inclusion of the Tunisian diaspora in Europe.” Platform Targets Tunisian Diaspora In his comments following the experiment, Mohamed Sadraoui, a director-general at CBT, suggested that the CBDC platform’s success will likely “reinforce transparency, speed and cost savings” for users. He went on: The success of this experiment is an opportunity to start thinking about the deployment of alternative channels for cross-border transfers initiated by the Tunisian community in Europe to Tunisia. As a press statement explained, this experiment involved the simulation on a private blockchain of the issuance and settlement of unlisted securities and of the settlement of listed securities. Settlements of securities were simulated by central bank digital currency issued on the blockchain. Central and Commercial Bank Collaboration However, this experiment required the development and deployment of smart contracts so that the BOF could issue and control the circulation of CBDC tokens while ensuring that each transfer takes place simultaneously with the delivery of the securities. In her remarks on behalf of BOF, Nathalie Aufauvre, the bank’s director-general of financial stability and operations, said “this experimentation has helped appreciate the interest of the interbank MNBC for the execution of retail cross-border transfers by resorting to cooperation between commercial banks and central banks for the establishment of more efficient processes.” A consortium of actors driven by Liquidshare is part of this experimental program that was launched in March 2020. What are your thoughts on this experiment on the CBT’s digital currency? You can share your views in the comments section below. View the full article

Binance CEO Changpeng “CZ” Zhao has explained in a recent interview that the company is looking to launch a U.S.-based initial public offering (IPO) in the future. The crypto exchange has been stuck in regulatory crosshairs during the last few weeks and has had issues with payment providers. CZ also noted during his interview that the firm was looking for a new chief executive officer with a “very strong regulatory background.” Binance Cheif Executive Says Company Is Looking for a New CEO At the blockchain virtual summit Redefine 2021, Binance CEO Changpeng “CZ” Zhao discussed some of the company’s regulatory problems and the possibility of a future U.S.-based IPO. Binance has had issues with the UK’s Financial Conduct Authority (FCA) when the regulator issued a consumer warning against the crypto trading platform. Besides the UK, Binance has received warnings from Italy, Lithuania, Thailand, Japan, Ontario, and South Africa. Payment providers like Visa and Mastercard are monitoring Binance, and financial institutions like Barclays, Santander, Clear Junction, and others have suspended services with the company. CZ spoke in another interview while all the regulatory crackdowns were happening and said: “compliance is a journey – especially in new sectors like crypto.” CZ still seems to have an optimistic outlook and Binance, despite all the regulatory issues, is still the world’s largest spot and derivatives crypto exchange worldwide. Speaking at the blockchain virtual summit Redefine 2021, CZ explained that crypto infrastructure construction is hard and a long process. In order to “build products people use” CZ says that it is a “long journey as infrastructure will have to be built along the way.” Additionally, the Binance CEO suggested the company was looking for another CEO. The new leader will have a “very strong regulatory background,” CZ explained at the “Redefine Tomorrow” event hosted by SCB 10X, a Siam Commercial Bank subsidiary. Binance Is ‘Setting Structures to Make It Easier for an IPO to Happen’ Furthermore, Binance is looking at an initial public offering (IPO) in the United States. The company’s subsidiary Binance US is already setting up the needed requirements to fulfill this goal. “Our partner in the U.S. is looking at the potential IPO route. Most regulators are familiar with a certain pattern, or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen,” CZ said. He also mentioned that the IPO was not “100%.” In addition to the United States, CZ talked about other global regions with significant potential. The Binance CEO sees “huge potential for growth in Asia and SEA.” He also noted that “Africa is also a blank-slate for development.” Each region has different strategies for different places the Binance executive emphasized. As far as digital currencies are concerned, he understands that his company has to operate as a financial institution with accountability. “[Cryptocurrencies] are very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” CZ explained during the Redefine 2021 summit. What do you think about Binance looking to IPO in the United States? Let us know what you think about this subject in the comments section below. View the full article

On July 22, developers working on the platform Reddit, the social news discussion aggregation forum, revealed that the team was scaling Reddit’s community points program with the Ethereum Layer-2 solution Arbitrum. Currently, Reddit developers are testing the community point tokens on top of the Rinkeby testnet and will migrate to the Ethereum mainnet after testing is complete. Reddit Leverages Ethereum-Compatible Layer-2 Scaling Solution Arbitrum Reddit developers detailed on Thursday that the programmers are planning to leverage the Layer-2 scaling solution Arbitrum, a cryptocurrency platform that claims to make smart contracts scalable, fast, and private. Last year, Reddit launched the company’s community points on Ethereum in order to make the point system “decentralized.” Then Reddit hosted a Scaling Bake-Off in order to best scale the project on Ethereum’s mainnet. Following the scaling event, Reddit developers said they were impressed by Arbitrum’s rollup technology. The Reddit programming team wrote: “Today, we are launching our own Layer-2 rollup using Arbitrum technology. We will be testing this scaling network on top of Rinkeby, before migrating to the Ethereum mainnet.” A number of other projects have utilized Arbitrum’s technology like Bancor, Mcdex, and Arbiswap. Arbitrum’s blog posts claim that the technology has made things more efficient, citing Arbitrum supported Bancor users seeing a 55% gas reduction when doing swaps on the decentralized exchange (dex). The Arbitrum rollups project is one of many ideas that leverage rollups as the technology has been making waves within the crypto development community. ‘138,000 Subreddits Just Became Proto-DAOs’ Arbitrum’s white paper purports to achieve goals like scaling, speed, and privacy “through a unique combination of incentives, network protocol design, and virtual machine architecture.” Reddit developers stressed in the announcement that community point token users will notice the difference. “You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons/Bricks every month. They’ll just show up in your Vault like magic,” the developers said. Ethereum proponents were pleased with the fact that Reddit is choosing to leverage an Ethereum-compatible technology. Ethereum evangelist Ryan Sean Adams explained on Twitter that Reddit choosing to use Ethereum was a big deal. “Reddit has 430 million monthly users,” Adams tweeted. “Reddit is using Ethereum for its tokens. Do you know what this means? 138,000 subreddits just became proto-DAOs.” Reddit developers believe the transition is a milestone. “Today’s launch is a big step forward, but our work is far from done,” the Reddit developers’ announcement concluded. “Our goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain.” What do you think about Reddit choosing to utilize the Ethereum-compatible Arbitrum Layer-2 rollup solution? Let us know what you think about this subject in the comments section below. View the full article

In line with its hardline stance on cryptocurrencies, the Central Bank of Russia (CBR) has issued a recommendation against the listing of securities tied to crypto assets on the country’s stock exchanges. The “preventive measure” will not affect state-issued digital currencies. Bank of Russia Worried About Common Investors’ Exposure to Crypto Derivatives Russia’s central banking institution, known as Bank of Russia, has again expressed its misgivings regarding decentralized money. Cryptocurrencies and digital assets are characterized by high volatility, lack of pricing transparency, low liquidity, technological, regulatory and other specific risks, the financial authority said this week, emphasizing: The purchase of financial instruments linked to them entails increased risks of losses for people who do not have sufficient experience and knowledge. The new warning came as part of a recently issued recommendation for Russian exchanges not to allow the trading of domestic or foreign securities, the dividend payments of which “depend on cryptocurrency rates.” Among the unwanted financial products, the bank further listed those tied to “prices of foreign digital financial assets, changes in cryptocurrency and crypto asset indices as well as the cost of crypto derivatives and securities of cryptocurrency funds.” The regulator’s notice also refers to financial instruments connected to the prices of tokens, defined under the current Russian legislation as ‘digital rights,’ which are offered or accepted as a non-currency means of payment. These do not represent a Russian or foreign legal tender, or an international monetary unit and unit of account, the central bank stressed. According to the advisory letter sent out by the Bank of Russia, asset managers should not include cryptocurrency assets in mutual funds. The CBR advised brokers and trustees to refrain from offering “pseudo-derivatives with such underlying assets to unqualified investors.” These recommendations are meant as a “preventive measure,” the Russian central bank noted in the announcement. “They are aimed at preventing the offering of such instruments to the mass investor,” the regulator emphasized. Bank of Russia remarked the restrictions do not apply to national digital currencies issued by governments, or CBDCs. They won’t affect digital financial assets issued in accordance with Russian law and by information systems whose operators are registered with the Russian central bank, the institution added. What’s your opinion about Bank of Russia’s position on crypto-related financial instruments? Let us know in the comments section below. View the full article

On Friday, the game token utilized within the Axie Infinity gaming realm has once again captured another all-time price high at $32.17 per unit. The game token has outperformed a great majority of crypto assets by commanding more than 844% in gains during the last month. Axie Infinity Outperforms Crypto Competitors The cryptocurrency community is chatting about the token axie infinity (AXS) again this week as the crypto asset has captured new price highs. On July 23, 2021, during the early morning trading sessions (EDT), AXS tapped an all-time high (ATH) at $32.17 per unit. The price of AXS has slid more than 3% from the ATH since, and is currently trading for $31.55 per unit at the time of writing. Over the last 24 hours, AXS has jumped a whopping 28.6% and 150.0% in two weeks. AXS/USD on July 23, 2021, at 9:30 am EDT. Out of the more than 10,000 crypto assets in existence, the AXS market valuation is currently ranked in the 53rd position. The AXS market cap is around $1.9 billion on Friday and there’s $3.1 billion in global trades dedicated to this coin. Interestingly, statistics from cryptocompare.com show the top trading pair with AXS is tether (USDT) which commands 83% of AXS trades today. This is followed by the BUSD (10.34%), BTC (4.46%), BNB (0.68%), USD (0.58%), and ETH (0.18%) trading pairs. Smooth Love Potion Follows Axie Infinity’s Run-Up With Lighter Gains Out of the entire crypto market capitalization of around $1.37 trillion, the axie infinity (AXS) market commands a 0.14% dominance rating. That’s a far cry from the dominance rating held by bitcoin (BTC) at 45.8% and ethereum (ETH) at 18.1%. The other token tied to the Axie Infinity gaming universe, smooth love potion (SLP) has also seen some gains during the last 24 hours. The percentage gains are not nearly as large as AXS’s market performance but SLP is still up over 42.1% across the last two weeks. Smooth love potion is ranked 208th out of the 10,000 cryptocurrencies in existence today. SLP/USDT on July 23, 2021, at 9:30 am EDT. SLP has an overall market cap of around $155 million on Friday and there’s $229 million in 24-hour global swaps. At the time of writing, SLP is swapping for $0.287, down 27% from the coin’s ATH at $0.399 over ten days ago. SLP has a much different set of pairs than AXS, as the top trading pair with SLP is the stablecoin BUSD with 66.93% of trades. This is followed by ETH (28.85%), USDT (3.57%), USD (0.66%), and BTC (0.01%). What do you think about the recent axie infinity (AXS) token ATH? Let us know what you think about this subject in the comments section below. View the full article

The deputy governor of the Reserve Bank of India (RBI) has revealed that the central bank is planning to launch a state-backed digital currency in phases so that it would have “little or no disruption to India’s banking or monetary systems.” RBI Plans ‘Phased Implementation’ for Digital Rupee RBI Deputy Governor T. Rabi Sankar talked about India’s central bank digital currency (CBDC) at the Vidhi Centre for Legal Policy on Thursday, local media reported. He explained that the “RBI has been exploring the pros and cons of introduction of CBDCs since quite some time,” elaborating: RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems. According to the central bank, a CBDC “is the same as a fiat currency and is exchangeable one-to-one with the fiat currency,” Sankar described, adding that “Only its form is different.” He noted that “Generally, countries have implemented specific-purpose CBDCs in the wholesale and retail segments,” emphasizing that “Going forward, after studying the impact of these models, launch of general-purpose CBDCs shall be evaluated.” The deputy governor further opined, “conducting pilots in wholesale and retail segments may be a possibility in near future.” Deputy Governor Sankar highlighted a few benefits of a central bank-backed digital currency. They include reducing dependency on cash, saving on the cost of money printing, and enhancing settlement mechanisms. Another benefit is the elimination of the “time zone difference” in foreign exchange transactions, which would result in a cheaper and smoother international settlement system. He also clarified that private cryptocurrencies, such as bitcoin, do not fit the RBI’s definition of currency and one of the reasons central banks worldwide, including India, are experimenting with CBDCs is to minimize the risks posed by cryptocurrencies on traditional financial systems. What do you think about the RBI’s plan to launch a digital rupee in phases? Let us know in the comments section below. View the full article

Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by the end of this year. Strategy for Crypto Market Development Adopted in Ukraine As a country where cryptocurrencies have enjoyed a growing popularity, Ukraine now also has a strategy to develop its virtual asset market within the next three years. The plan has been presented by officials from the Ministry of Digital Transformation, other government institutions and representatives of the private sector, Forklog reported. The roadmap envisages various regulatory, educational and infrastructural activities. Participants in the initiative have already established almost a dozen working groups to achieve a set of goals. One of the key areas they intend to focus efforts on is the introduction of a relevant legal terminology and the adoption of necessary by-laws. To do that, however, Ukraine has to first adopt comprehensive legislation to govern its crypto industry. A draft law “On Virtual Assets” was voted through at the first reading in the Ukrainian parliament in December. Since then, the bill which aims to regulate cryptocurrency transactions in the country has been revised and in June the parliamentary Committee on Digital Transformation recommended its final adoption. The authors of the development strategy hope this will happen by the end of the year. Ukrainian lawmakers will have to prepare rules for crypto taxation and approve an anti-money laundering (AML) policy for cryptocurrency exchanges and their users. Other priorities in the roadmap include promotion of real asset tokenization as well as the launch of a pilot fiat-crypto gateway. Officials and entrepreneurs also want to create educational materials on cryptocurrencies and establish a sandbox for projects in the crypto ecosystem. The Digital Transformation Ministry and the industry members aim to bring Ukraine into the top 10 countries with the highest level of cryptocurrency integration. They estimate that the roadmap will be successfully implemented if by 2024 at least 47% of Ukrainians use digital currencies, 10% of Ukrainian companies tokenize or employ tokenized assets, and the country’s educational institutions have launched a master’s program in decentralized finance. What’s your opinion about the new Ukrainian crypto development strategy? Let us know in the comments section below. View the full article

Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two important stablecoins, presented a report that states 96% of the backing is comprised of cash and cash equivalents. While the cash is held in U.S. dollars at insured institutions, the cash equivalents are held in the form of U.S. Treasury bills with maturities of three months or less. The remaining 4% is comprised of U.S. Treasury bills that will mature in October 2021. Paxos explains these are separated from cash equivalents because the maturity date is still four months away. This report is very different from what’s being presented by Tether and Circle, which are also involved in the issuance of stablecoins — USDT and USDC, respectively — the two leading stablecoins in the market. Stablecoin Companies Criticized Dan Burstein, Chief Compliance Officer of Paxos, issued harsh criticism regarding these stablecoin groups, calling their products stablecoins by name only. Burstein stated: These tokens are backed by illiquid and risky debt obligations – a critical weakness that no prudential regulator would allow to exist as this creates undue risk for their customers. Paxos is regulated by the New York State Department of Financial Services (NYDFS), meaning these backing assets are constantly under the scrutiny of state regulators. As a consequence, these backing assets can only be held in safe and liquid forms, like U.S.-based insured bank accounts and Treasury bonds. Circle, who is reportedly going public via a SPAC (special purpose acquisition company) deal later this year, presented an attestation of USDC reserves on July 20th, disclosing that only 61% of its issuance was backed by cash or cash equivalents. Tether has also been criticized for the lack of transparency about the assets backing more than 60 billion dollars in USDT issued. While it released a simple sheet depicting the structure of its backings last month, Tether’s CTO Paolo Ardoino acknowledged that a full audit of Tether’s funds is still months from happening yesterday in an interview on CNBC. What do you think about Paxos’ stablecoin asset disclosure? Tell us in the comments section below. View the full article