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Compound, one of the leading defi-based protocols, is launching a new service called Treasury. Compound’s Treasury is a new product designed to help institutions enter the defi space. Launched in partnership with Circle and Fireblocks, it skips the uber astounding rates conventional defi protocols offer. However, it seeks to offer stable revenue for companies looking to get passive income from their funds in dollars. Compound to Coax Institutions With Treasury Compound Labs, the company behind the Compound defi protocol, launched Treasury, a new defi service designed for institutions. This new service seeks to offer institutions the chance to garner defi-based gains without having to go the extra mile to do so. Treasury allows third parties to use fiat dollars to enter the space. Compound Labs has partnered with Circle and Fireblocks and allows institutions to register and open a treasury account, where these institutions can wire dollars. Circle offers the conversion services to transform these dollars to USDC while using Fireblocks to keep these assets safe from attacks. Treasury will offer a fixed interest rate of 4% per year on the funds deposited. This is very different from other defi “degen” protocols that offer risky yields of 1000%, but it offers higher yields than traditional banking institutions. The product will also allow withdrawals on demand, effective 24 hours after the request, and no fixed terms. Getting Institutions Into Defi While some companies have been making advances in bringing defi to institutions, there has not yet been a real success story in this regard. Metamask also announced a service directed at institutions not long ago, offering support to access apps and protocols. But due to the number of hacks in the environment, these third parties are wary of supporting the protocols. Compound Labs is looking to remedy this wariness by partnering with known and regulated companies. Circle and Fireblocks are involved, possibly giving the instrument an advantage over similar offerings. Current, a fintech company, has already partnered with Compound to offer Treasury through its app. Trevor Marshall, Current’s Chief Technology Officer stated: Working with Compound Treasury, we’ll be able to give our members access to the protocol’s interest rates through a simple and unified experience that can enable even more people to improve their financial outcomes. What do you think about Compound’s Treasury product? Tell us in the comments section below. View the full article

Small hydropower plants have been put up for sale in China as demand for their cheap energy decreases following the government’s crackdown on crypto miners. Just as with mining rigs, their prices have been going down, leaving owners with limited options to recoup their investments. Ads for Hydropower Plants Appear on Xianyu Marketplace Advertisements for small-scale hydroelectric power plants have been placed recently on the online marketplace Xianyu, the South China Morning Post reported. The ‘second-hand’ installations come with a capacity of around 50 megawatts. The number of these offerings has increased markedly since the beginning of the government offensive against cryptocurrency miners in May. Three sellers have confirmed to the daily that the power plants went on sale because of the mining crackdown and one owner remarked that their prices have gone down. Another seller, obviously trying to convince potential buyers, pointed out: You can secretly mine cryptocurrency if you buy a hydropower station. Some of the plants on offer are situated in the Chinese province of Sichuan, where local officials reportedly ordered over two dozen crypto mining facilities to shut down operations earlier this month. The region is abundant with water resources providing cheap electrical energy. Local authorities have in the past fostered the symbiotic relationship between bitcoin miners and hydropower stations. Small Hydroelectric Stations Turn to Crypto Mining Low-capacity hydropower generating units have spread across other water-rich regions as well, with local governments supporting both private and public facilities. The plants have been instrumental in the electrification of remote rural areas in China where they’ve helped to conserve energy, control floods and alleviate poverty. The Yangtze River Economic Belt, encompassing nine Chinese provinces, is an example of that cooperation. Towards the end of 2020, the area had 25,000 small hydropower stations in operation, according to data compiled by the state-owned industry media China Energy News. Not everything has been going smoothly though, with authorities blaming the power plants for damages to the environment and ordering closures. In the Yangtze Belt, around 20,000 of these facilities had to take measures to comply with government standards. A station seller suggested that operators have been turning to cryptocurrency mining because they were not allowed to connect to the power grid. Environmental concerns are also believed to be behind the government crackdown on the energy intensive bitcoin mining and other industrial activities that could threaten Beijing’s carbon neutrality goals. China plans to cut emissions to 65% of the 2005 levels by 2030. Other affected provinces, besides Sichuan, include Inner Mongolia, Xinjiang, Qinghai and Yunnan. The ensuing exodus of cryptocurrency miners from the People’s Republic flooded the second-hand markets for ASIC and GPU mining rigs as well. The surplus quickly brought down prices per unit and per hashrate, leading to Bitmain’s decision last week to suspended mining hardware sales and international spot deliveries. Do you know of other consequences of the Chinese crackdown on cryptocurrency mining? Let us know in the comments section below. View the full article

Coinbase, the largest exchange in terms of crypto reserves held, has announced the introduction of a savings program tied to usd coin. The company’s high yield USDC savings program allows customers to gain 4% APY interest on stablecoin accounts. Coinbase Reveals USDC Savings Program With Interest Rates Eight-Times Higher the national average The cryptocurrency exchange Coinbase announced pre-enrollment for its usd coin (USDC) savings program that allows clients to earn a 4% APY interest rate on USDC held on the platform. Coinbase joins firms like Blockfi and Crypto.com that already offer interest on USDC stablecoin holdings. Still, Coinbase highlights in its announcement on Tuesday, that 4% APY on USDC is “more than 8x the national average of high-yield savings accounts.” “Everyone wants to get the best interest rate available for the assets they hold,” Coinbase explained in a statement. “But interest rates have decreased steadily over the past few decades, making it difficult to earn meaningful passive income on your assets,” the company said. Coinbase added: The national average for a traditional savings account hovers around 0.07%, with high-yield savings accounts still falling well short of even 1%. Coinbase’s entry into the stablecoin savings products also follows Circle’s USDC business product, which was launched in November 2020. At the time, Circle revealed the launch of high-yield USDC business accounts with APY up to 10.75%. Additionally, Circle just announced five days ago, it would be launching a new API so companies can connect to high-yield decentralized finance (defi) platforms. Coinbase and Circle are the founding members of the Centre consortium and with a number of other consortium members, Centre is the issuer and custodian of the usd coin (USDC) project. In order to get more information on Coinbase’s USDC pre-enrollment, U.S. customers can sign up at the web portal coinbase.com/lend. After an individual gains approval, they will “automatically start to earn 4% APY on the USDC” they hold in their Coinbase account. The company does detail that “APY may change at any time before you start lending.” What do you think about Coinbase offering 4% APY on USDC holdings? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. One of the leading blockchain-based NFT & Metaverse platforms, Dvision Network, has revealed that its long-awaited “Open Beta Test” (OBT) is going live on June 30th 2021. According to Dvision Network, the Open Beta Test launch will be divided into several phases, with the following stages to be announced after the successful completion of the 1st phase. The countdown has already started on their official website: https://dvision.network/. Open Beta Test to incorporate new NFT features The Open Beta Test is the test phase that will precede the launch of Dvision World, an ultimate metaverse that will be a major platform of the Dvision Network’s Ecosystem. Dvision Network has integrated new features into the OBT, including My Space, Character Customization, and a community Leaderboard system. During the OBT, users will be able to fully customize their characters with options like selecting preferred nicknames and desired costumes for their characters, and will further be able to utilize their avatars to enjoy the virtual reality experience within the Dvision World. The avatars are able to implement several cool functions, such as animation, teleportation and socialization, which should boost their performance and enhance the time-spending inside of the metaverse. The My Space feature provides a tailored virtual space where users can obtain their personal piece of a virtual estate within the Dvision World. Users can also purchase different items to build their virtual space according to their needs and preference. Dvision World is expected to provide an innovative metaverse experience that will transform the NFT sector. Users will be able to engage in different economic activities by utilizing NFT standards to protect their digital assets like Avatars, Virtual Spaces, and Items within the Dvision Network’s robust NFT Market. Fast-growing Ecosystem Although Dvision Network’s OBT is only paving its way towards future development, it is regarded as one of the fastest-growing blockchain-based metaverses in the sector, which has achieved a range of milestones in recent months. As a matter of fact, Dvision Network is currently ranked fifth in the Metaverse Sector right behind Axie Infinity, Sandbox, and Decentraland according to CoinMarketCap. Dvision Network is also regarded to be one of the largest BSC and NFT projects in the space with its current market capitalization, which constitutes around 60 million USD with its floating supply of 21%, whereas FDMC is valued around 260 million USD. It should also be noted, that Dvision Network team is continuously making significant developments in the marketing and business aspects, holding different cross-promotion activities and campaigns focused on expanding its community. Dvision recently conducted a huge airdrop with leading cryptocurrency price aggregator CoinMarketCap where 150,000 DVI tokens ($65,000) were distributed among 2,000 lucky winners, and before that they did the similar in collaboration with DappRadar. Currently, the Dvision community comprises over 200,000 members across all social media channels. Previously, Dvision Network has revealed, that they have built the bridge to Binance Smart Chain in collaboration with Curvegrid, and since then, they have continued to make noticeable waves in the Binance Smart Chain (BSC) ecosystem, with their participation in the MVB program, followed by their recent AMA on the BSC official channel. Dvision’s upcoming NFT Market is expected to significantly boost their performance level on the Binance Smart Chain, which shall further elevate their position in their ecosystem. Dvision has also embarked on high-profile partnerships with other blockchain protocols to improve its infrastructure. The NFT metaverse revealed a strategic collaboration with BSC turnkey solution platform Ankr in June. In the nutshell, Dvision Network is utilizing Ankr distributed nodes to power its cross-chain bridge and NFT Marketplace. Dvision Network native token DVI has also continued to show a decent performance, with its recent rebound of 65% after it took a dive followed by a market downturn led by BTC fall. DVI recently got listed on Indodax and Bittrex, opening up the access to token to more users globally. Indodax is the largest regulated exchange in Indonesia with more than 4 million users, while Bittrex is considered to be one of the reputable and largest platforms in Europe. About Dvision Network Dvision Network provides web-based real-time streaming 3D VR metaverse service so that users can easily experience metaverse content such as fairs and games. On the Division platform, anyone can easily create NFT items without any development-related expertise. Division’s NFT trading system enables monetization by directly connecting creators and consumers without intermediaries. This serves to connect the virtual world to reality. All these products are powered by the Dvision Network utility token DVI, listed on several exchanges, including Uniswap, Bithumb, Coinone, Bittrex, Indodax, and Hoo. 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

FTX Trading Limited has announced the company has partnered with seven-time Super Bowl Champion Tom Brady and Brazilian model Gisele Bündchen in a long-term deal. Both celebrities will have an equity stake in FTX and receive payments in crypto, the announcement explains. The NFL star Brady will serve as the ambassador for FTX, while the activist Bündchen will fill the role of FTX’s environmental and social initiatives advisor. NFL Star Tom Brady and Brazilian Model Gisele Bündchen Join FTX FTX continues to enter the realm of mainstream sports and celebrity partnerships and in 2021, the company has made numerous partnerships and acquisitions. For example, FTX was able to purchase the naming rights to the NBA’s Miami Heat arena, and the company also just partnered with MLB. The announcement on Tuesday is considered a historic deal made by West Realm Shires Services Inc., FTX Trading Limited, and Blockfolio Inc., the companies behind FTX. According to the press release sent to Bitcoin.com News, Tom Brady, who is widely considered to be the greatest quarterback in NFL history, will act as FTX’s ambassador. “It’s an incredibly exciting time in the crypto-world and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities,” Brady said in a statement. “This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet. We have the chance to create something really special here, and I can’t wait to see what we’re able to do together,” the NFL quarterback further remarked. FTX says that as the company ambassador, Brady will elevate FTX brands and help the company gain attention from new audiences. Moreover, Brady will work with Bündchen and the FTX CEO Sam Bankman-Fried on “charitable aspects of the partnership.” FTX, Brady, and Bündchen have already committed to an annual “multi-million contribution” to charitable efforts. Bündchen aims to help FTX find the charities that make the most positive impact. The world-renowned Brazilian model and Tom Brady’s wife plans to also help FTX keep the company’s carbon footprint low. “It was fascinating getting to know more about the crypto universe,” Bündchen said during the partnership announcement. “Cryptocurrency will become more and more familiar to all of us as time goes on. What attracted me most about this partnership was the potential to apply resources to help regenerate the Earth, and enable people to lead better lives, therefore generating real transformation in our society,” the model added. In addition to the FTX partnership with Tom Brady and Gisele Bündchen, FTX recently landed a naming deal with the esports giant TSM for $210 million. FTX CEO Sam Bankman-Fried believes the long-term partnership with Brady and Bündchen will share his “passion for giving back in ways that are the most impactful.” What do you think about FTX partnering with Tom Brady and Gisele Bündchen? Let us know what you think about this subject in the comments section below. View the full article

A growing number of crypto firms in the U.K. are withdrawing their applications to register with the Financial Conduct Authority (FCA). Around 64 firms have already withdrawn their applications and will not be able to operate in the U.K. The list of cryptocurrency companies abandoning their attempts to register with the U.K.’s financial regulator is growing, Reuters reported Monday. Under the current crypto regulation, the Financial Conduct Authority (FCA) is responsible for ensuring crypto companies’ compliance with laws on the prevention of money laundering and terrorist financing. Companies wanting to provide crypto-related services in the U.K. must register with the FCA before conducting business. An FCA spokesperson said Monday that registration data shows the number of companies that have ditched their applications jumped by 25% in less than a month. Around 64 companies have withdrawn their applications, the spokesperson said, up from 51 in early June. Only six firms have successfully registered with the FCA so far, the publication conveyed, adding that dozens more companies are being assessed but they are not yet deemed “fit and proper.” The FCA issued a consumer notice on Binance Friday, banning the exchange from engaging in “regulated activities” in the U.K. What do you think about crypto firms exiting the U.K. due to regulation? Let us know in the comments section below. View the full article

Mexico’s central bank, finance ministry, and banking regulator have jointly issued a warning about cryptocurrency. Finance Minister Arturo Herrera emphasized that cryptocurrencies are prohibited from being used in Mexico’s financial system. The central bank of Mexico, the finance secretary, and the National Banking and Securities Commission (CNBV) said in a joint statement Monday that crypto assets are not legal tender in Mexico and are not considered currencies under current laws. The regulators warned that financial institutions operating with them are subject to sanctions. Their statement reads: “The financial authorities reiterate their warnings … on the risks inherent in the use of so-called ‘virtual assets’ as a means of exchange, as a store of value or as another form of investment.” It adds: The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as bitcoin, ether, XRP and others in order to maintain a healthy distance between them and the financial system. The statement also warns that cryptocurrencies tend to be volatile and speculative assets, noting that they do not serve the same function as money, “since their acceptance as a means of payment is limited and they are not a good reserve or value reference.” In addition, the use of stablecoins is not permitted under current Mexican law. At a news conference Monday, Reuters reported Mexico’s finance minister, Arturo Herrera, as saying: Under current rules cryptocurrencies are prohibited from being used in the Mexican financial system, underscoring that the prohibition will likely not change in the near term. The authorities’ statements came after Mexican billionaire Ricardo Salinas Pliego said Sunday: “I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin.” Luis Gonzali, co-director at Franklin Templeton Investments in Mexico, believes that the regulators’ statement was “a reaction to the comments [of] Salinas Pliego,” noting that “It’s a way of saying his bank can’t accept bitcoins even though he wants to … it’s a way of putting a stop to him.” What do you think about Mexico’s approach to cryptocurrency regulation? Let us know in the comments section below. View the full article

All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country’s crypto law is unconstitutional. A number of exchanges are currently considering filing a lawsuit against the government and the financial authorities alleging the country’s crypto law is unconstitutional, Business Korea reported Monday. The revised Act on Reporting and Use of Certain Financial Transaction Information requires cryptocurrency exchanges to submit a document by Sept. 24 showing that they have a real-name account issued by a bank. However, banks in South Korea are reluctant to provide a real-name service to cryptocurrency exchanges due to money-laundering concerns. Several banks, including NH Bank and Shinhan Bank, are conducting risk assessments on the country’s largest cryptocurrency exchanges: Upbit, Bithumb, Coinone, and Korbit. However, no banks are willing to work with smaller crypto exchanges. Therefore, a large number of exchanges are expected to be forced to shut down. One exchange told the publication: These days, banks are refusing to initiate their cryptocurrency exchange verification processes without clear reasons and most exchanges are failing to get a chance to prove themselves. The Financial Services Commission needs to step in right away. What do you think about Korean exchanges suing the government over the bank account requirements? Let us know in the comments section below. View the full article

Fidelity, Standard Chartered Bank, and TP ICAP are collaborating to launch a cryptocurrency trading platform. It will feature a marketplace for spot crypto trading and provide “connectivity and post-trade infrastructure into a network of digital assets custodians.” TP ICAP, a leading provider of market infrastructure, announced Tuesday that it is launching a cryptocurrency trading platform in collaboration with Fidelity Digital Assets, Zodia Custody, and Flow Traders. The new platform is subject to registration with the U.K. Financial Conduct Authority (FCA). It “will feature a wholesale electronic marketplace for spot cryptoasset trading, including bitcoin and ethereum, as well as providing connectivity and post-trade infrastructure into a network of digital assets custodians,” the announcement details. TP ICAP launched its digital asset business in 2019, enabling clients to trade crypto derivatives products. Simon Forster, co-head of digital assets at TP ICAP, commented: 　Client demand to trade spot cryptoassets is significant and growing, with interest coming from our traditional customer base across the different asset classes we operate in. Flow Traders, which has been providing liquidity to crypto markets since 2016, will be one of the initial liquidity providers on this new platform. Zodia Custody is a digital asset custodian for institutional investors, established by Standard Chartered Bank to address the need for a digital asset custodian that truly understands custody. The announcement notes: The platform has already started to onboard clients and will launch to the market in the second half of the year. What do you think about Standard Chartered Bank, Fidelity, and TP ICAP collaborating to launch a crypto trading platform? Let us know in the comments section below. View the full article

Have you ever dreaded pressing ‘send’ on a crypto transaction, fearing you might have entered a wrong address by mistake? Kirobo is the innovative company that developed a solution for that, in the form of an ‘undo button’ that helps protect your funds. Learn how you can use the ‘undo button’ right now and never have to worry before making a crypto transfer ever again. The Groundbreaking Crypto ‘Undo Button’ Kirobo, is a Tel Aviv-based blockchain technology firm with the goal of granting people the freedom to control their crypto. It develops secure and straightforward solutions that provide unprecedented levels of transaction security, making crypto management, custody, and trading a no-brainer. The company is famous for its crypto transfer ‘undo button’ for bitcoin and ethereum transactions that was recently expanded for UNI, Chainlink, BNB, USDT, Sushi coin, as well as its native utility token KIRO. With its technology transfers can also be password protected to ensure only the intended recipient can get the crypto. Demonstrating the demand for such vital services, Kirobo has already processed more than $500 million in crypto transactions. The firm is also the recipient of two grants from the Israeli Innovation Authority — making it the only blockchain technology company to achieve that honor. Watch the following video to see how easy it is to use the ‘undo button’ with MetaMask so you can protect your funds: Further showcasing the pent-up demand for such services in the crypto community, users have flocked to KIRO Staking. By staking the token powering Kirobo’s services users can benefit from lower rates for themselves while helping the liquidity of the entire network. The coin has also about tripled its value over the past month alone. In another major development for the token, KIRO was recently made available on Binance Smart Chain (BSC). It is available on the decentralized exchange PancakeSwap via ChainPort as a cross chain bridge between KIRO and WKIRO. This means that any token found on PancakeSwap can be swapped for KIRO. See here for detailed instructions. Kirobo Continues to Innovate Following Strategic Investment The company is also working on new state-of-the-art services, following a major recent capital injection. In May 2021 it was revealed that DigiMax Global Inc. (CSE:DIGI), a Canadian public company, made a strategic investment in Kirobo, geared towards expediting the release of crypto management, custody and trading products. The $5 million investment will help launch Kirobo’s DeFi security products that are designed to further improve the DeFi ecosystem. Kirobo also recently added crypto pioneer Brock Pierce to its Advisory Board, where he will provide strategic guidance around the global launch of the company’s portfolio of products. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS, Blockchain Capital, Tether, and Mastercoin. In 2017, Pierce co-founded Block.one, which developed the EOS.IO software and sold over $4 billion USD in tokens in the EOS crowdsale. The Kirobo executive team meeting with crypto pioneer Scott Stornetta “It’s important to highlight that the ‘Undo Button’ is only the first feature that Kirobo released and we’re aiming to release a few products as early as the beginning of July and throughout Q3,” explained CEO Asaf Naim. “These products are all unique and quite groundbreaking. Not more of the same. They’re also in-line with our stated goal of granting people the freedom to control their crypto – as simply and securely – as they do with their fiat, plus the obvious advantages of decentralization.” To learn more about what Kirobo and its services can do to help you control your crypto check out the ‘Undo Button’ and the Staking features right now. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Widely regarded as one of the most influential hip-hop artists in history, Shawn Carter, professionally known as Jay-Z, has been dipping his toes into the ocean of non-fungible token (NFT) collectibles recently. The American rapper has also partnered with Sotheby’s to auction an NFT called “Heir to the Throne.” Further, Twitter CEO Jack Dorsey and Jay-Z recently discussed adding NFT capabilities to the music streaming service Tidal. Jay-Z Becomes a Cryptopunk Jay-Z is a well-known hip-hop artist, songwriter, record executive, businessman, and media proprietor and the mogul is now getting into non-fungible token (NFT) collectibles. Just recently, Jay-Z changed his Twitter profile picture to Cryptopunk #6095 which made people think the legendary rapper had purchased the unique Cryptopunk NFT. Market data shows the Cryptopunk #6095 was sold for 55 ether or $119K using today’s ETH exchange rates. The Cryptopunk display on Twitter is not Jay-Z’s only foray into NFTs, as the musician is also partnering with Sotheby’s to sell an NFT based on his 25-year-old album “Reasonable Doubt.” Jay-Z commissioned the popular artist Derrick Adams to animate the NFT and the collectible is called “Heir to the Throne.” The Sotheby’s press release notes that the NFT collectible was inspired by Jay-Z and the digital artist’s “life in the urban streets.” The Jay-Z NFT auction hosted by Sotheby’s started on June 25 and ends on July 2. Jay-Z also discussed NFTs and blockchain technology with Twitter’s CEO Jack Dorsey this week. Both Dorsey and Jay-Z have a significant stake in the music streaming service called Tidal and are considering applying blockchain tech to Tidal’s services. Jay-Z talked about a painting that was sold for a few grand and then resold later for $100K. “With these blockchains and these smart contracts,” Jay-Z stressed that the original artist’s family or the artist himself could have gotten a profit from re-sales because “it’s very transparent.” Jack Dorsey agreed with Jay-Z’s assessment and talked about how bitcoin has changed the dynamic. “You look at Bitcoin and how it enables people anywhere in the world to contribute and to become artists themselves and also to receive tips or grants or donations without having to go through any third-parties, there’s a lot of power in that,” Dorsey remarked. The Twitter CEO believes that the spirit of non-fungible token (NFT) collectibles is similar. “A lot of our focus going forward is to make sure that we’re just looking deeply at entirely new ways to give artists the right tools to help them and to build,” Dorsey added. Jay-Z’s NFT exhibition premiered at Sotheby’s New York, but people can also view the artwork via the metaverse Decentraland. The hip-hop artist noted that a portion of the proceeds from the auction will go to the Shawn Carter Foundation. The Foundation is a charitable effort that helps people afford secondary schooling and gives money to low-income neighborhoods. What do you think about rapper Jay-Z dipping his toes in the blockchain and NFT industry? Let us know what you think about this subject in the comments section below. View the full article

A learning institution in Nigeria’s Kano state, the New Oxford Science Academy, recently announced it will be accepting cryptocurrency as payment for school fees. According to the school’s proprietor, Sabi’u Musa Haruna, the institution arrived at this decision after consulting parents and guardians of the students. Move Consistent With Global Trends As reported by the Dailypost, the New Oxford Science Academy owner also justified the move saying this is in line with the changing global trends. Haruna said: We have decided to accept cryptocurrency as school fees because the world today is tilting towards the system. We believe one-day digital money will gain more acceptance than paper money. The decision is aimed at easing the payment of school fees for the parents. School Ignores CBN Warnings By accepting cryptocurrencies, New Oxford Science Academy is ignoring the Central Bank of Nigeria (CBN) and other regulators’ repeated warnings against the use and acceptance of cryptocurrencies. In their warnings, Nigerian regulators — like many of their peers across the African continent — point to the volatile nature of cryptocurrencies. They also highlight the high number of scam operations that claim to be legitimate crypto investing platforms. In addition to attacking cryptocurrencies’ volatile nature, the CBN leadership and its governor, Godwin Emefiele, have in the past implied that decentralized cryptos are helping to accelerate the naira’s plunge on the foreign currency black market. Therefore, to curb this growth and influence of cryptocurrencies on the country’s economy, Nigerian authorities directed financial institutions to stop offering their services to exchanges and individuals that are associated with cryptocurrencies. However, it appears the CBN directive as well as the repeated warnings have not succeeded in persuading Nigerians to stay away from crypto. Instead, as data shows, Nigeria still remains one of the biggest cryptocurrency markets in Africa. In addition, New Oxford Science Academy’s acceptance of cryptocurrency suggests interest in cryptocurrencies has not regressed. What are your thoughts on the New Oxford Science Academy’s decision to accept cryptocurrencies? Tell us what you think in the comments section below. View the full article

While there’s been a lot of concentration on bitcoin mining crackdowns in China and Bitcoin’s recent hashrate loss on Monday, many other digital assets have seen hashrates drop significantly as well. Some of the largest digital currencies, in terms of market valuation, lost considerable dedicated hashpower over the last few days. PoW Chains Feel the Wrath of the Great ASIC and GPU Exodus Lots of crypto advocates have been focused on China and Bitcoin’s (BTC) hashrate losing a large percentage of hashpower. Data shows on Monday, June 28, that BTC’s hashrate did drop considerably, but intraday statistics are not as reliable as they will be in five to seven days. Bitcoin Cash hashrate on June 28, 2021. Estimates show BTC’s intraday hashrate drop was over 35% but this metric may be recorded differently by the end of next week. There’s been a huge focus on the BTC chain’s hashrate, but no one’s talking about a large number of other blockchains that secure their networks using proof-of-work (PoW) losing considerable hashpower as well. For instance, on Sunday, June 27, Monero’s (XMR) hashrate was around 2,580 megahash per second (MH/s) or 2.58 gigahash per second (GH/s). The following day, XMR’s hashrate slipped to 2.36 GH/s losing 8.52% of its intraday hashrate. Hashrate on the Bitcoin Cash (BCH) chain was above 2.5 exahash per second (EH/s) during the first week of June. Nevertheless, on June 22, it dropped to a low of 1.15 EH/s. BCH hash has jumped back some, and hovers just below the 2 EH/s region at time of writing. On Saturday, June 26, Litecoin’s (LTC) hashrate was around 218 terahash per second (TH/s) and it slid to a low of 145 TH/s on Monday morning (EDT). LTC’s hashrate has kicked back up to 197 TH/s, but it’s still down 9.63% since Saturday. Litecoin hashrate on June 28, 2021. Dash had 6 petahash per second (PH/s) on Sunday afternoon, but on Monday the DASH hash rate was down 34.5% intraday at 3.93 PH/s. Hashrate has dropped on the Ethereum (ETH) blockchain, Ethereum Classic (ETC), Zcash (ZEC), and many other PoW chains. Some consider blockchains like Dash’s consensus mechanism a modification of the proof-of-stake (PoS) and PoW algorithm, because the chain also leverages masternodes and LLMQ-based Chainlocks. The Ethereum chain is also in the midst of transitioning to a full PoS chain but it also uses a mixture of PoW at the moment. Ethereum hashrate on June 28, 2021. While these coins do use PoW, they leverage different consensus algorithms, which means different application-specific integrated circuits (ASIC) and graphics processing unit (GPU)-driven machines are needed to mine these coins. BTC, BCH, and BSV all share the same SHA256 algorithm but there are many other PoW algorithms like Scrypt (dogecoin, litecoin), Randomx (XMR), Ethash (ETH), Blake (DCR), X11 (DASH), and Equihash (ZEC). Since the crackdowns in China, any coin with a hashrate pulse has felt the pressure of the great ASIC and GPU exodus. What do you think about all the crypto asset networks that have lost considerable hashrate in June? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. The 15M TON Yield Farming program will take place on TON Swap (Free TON’s DEX powered by Broxus), except for the WTON-USDT pair which will be both hosted on Uniswap and TON Swap. On June 29 the first stage of farming begins. The second stage is expected to start by the end of the week. The rewards for liquidity providers will be given within two months. Free TON is a fast, secure and scalable network, which can process millions of transactions per second thanks to its unique dynamic sharding technology. It is on a mission to drive widespread adoption of decentralized solutions by millions of users. Other unique features of Free TON in addition to its infinite sharding paradigm include instant hypercube routing, proof-of-stake mechanics to validate new blocks, an ability to configure network parameters by voting, and many more. Distribution for the 1st stage Pair Platform Reward within 2 months in TON Farming speed0.84 WTON/sec WTON-USDT TONSwap 4 354 650,000 0,84 WTON-USDT Uniswap 518 400,000 0,10 WTON-WETH TONSwap 518 400,000 0,10 BRIDGE-WTON TONSwap 518 400,000 0,10 WTON-WBTC TONSwap 518 400,000 0,10 WTON-USDC TONSwap 518 400,000 0,10 WTON-FRAX TONSwap 518 400,000 0,10 USDT-USDC TONSwap 518 400,000 0,10 Free TON has recently committed to adding $1B in liquidity before the end of 2021. Most of the network’s tokens will be put into Yield Farming in order to attract other significant DeFi protocols as well as to add more liquidity to Free TON and pull more liquidity from Ethereum before the launch of Ethereum 2.0. This time the Free TON DeFi Alliance has partnered with FRAX (FRAX, FXS) and STASIS (EURS) protocols. The partnership will be advantageous for users of all three networks as it will open up access to highly scalable, stable, and on-chain money with low transaction costs and high TPS. How to take part in Yield Farming and collect rewards Install Crystal Wallet for Google Chrome https://chrome.google.com/webstore/detail/ton-crystal-wallet/cgeeodpfagjceefieflmdfphplkenlfk?hl=en Send TONs to your address in the Crystal wallet In order to participate in yield farming, you need a pair of tokens, for example WTON-USDT To turn TON into WTON visit wton.io and exchange TON for WTON one-to-one To receive USDT in the FreeTON network, you can buy USDT via a trading pair at tonswap.io, or send from ETH to FreeTON via tonbridge.io 5a. Visit https://tonswap.io/swap and exchange the currency you need 5b. Visit https://tonbridge.io/, connect your Metamask and Crystall wallets there and use the ETH-TON tab. Select the token and follow the further instructions on the website. As soon as there are two tokens on your Crystal wallet in the FreeTON network (for example, WTON and USDT), go to https://tonswap.io/pool and add liquidity to the pair. After the liquidity has been delivered, take your LP tokens (click the cross next to the LP tokens at the bottom of the page), and you will receive the pool LP tokens on your wallet Go to https://tonswap.io/farming, select the pool corresponding to your pair where you put liquidity and click the Deposit button Done! After the LP tokens are credited towards farming, you will see your share in the pool and will be able to collect the reward. Reasons behind Yield Farming and why it’s worthwhile to participate For the Free TON DeFi Alliance: 1.Firstly, yield farming is a growth hacking technique that creates a positive feedback loop: token subsidies increase returns, returns boost capital inflows, the greater the inflows the bigger the TVL of the pool is, the more efficient way the trades can be executed; more volume is acquired, the more volume the higher the returns. The business will grow by subsidizing the activity / liquidity of users at an early stage, until the operating income for users covers the required profitability for them early on in project development. Thus, by issuing tokens to them, you make early users the beneficiaries of future revenue streams and thereby overcome their reluctance to put liquidity into early protocols. Decentralization of the network and acquiring new supporters. For users: The opportunity to earn outsized returns either in terms of transaction fees or TON Crystal subsidies. If you experience any difficulties at any stage of the Free TON Yield Farming Program, then visit the Broxus Telegram Chat, and the team will do their best to help you. 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

Mpex founder and Bitcoin evangelist Mircea Popescu reportedly drowned off the coast of Costa Rica, adding to the mystery surrounding the man, his purported bitcoin fortune, and what it might mean for the future of the network. Father of “Bitcoin Toxicity” Faced No Shortage of Controversy Just like the pseudonymous Satoshi Nakamato sparked a thrilling hunt for the true identity of the person or persons behind Bitcoin, the network has reportedly lost one of its most enigmatic and polarizing figures of the last decade. Mircea Popescu, a Romanian national and noted Bitcoin maximalist who promised to dump over one million bitcoins if block sizes were adjusted, supposedly drowned off the coast of Costa Rica on June 23rd. Confirmation of his passing has been scant, with outlets originally reporting that a Polish national had drowned. A relatively mysterious figure within the community, little is known about Popescu apart from his blogging on Trilema, support for security-focused open-source projects, and dedication to keeping the Bitcoin network unchanged despite calls for bigger block sizes. After blogging on cryptocurrency in its early years, he founded bitcoin exchange Mpex in 2012, which later became the target of a US Securities and Exchange Commission (SEC) investigation. Satoshi DICE, a popular gambling website that only accepted bitcoin, was listed on Romanian-based Mpex by Eric Voorhees. Eventually, the listing became a part of the SEC investigation after the offering was not approved by the regulator. Voorhees was later fined and forced to buy back the shares that were listed. During the situation, Popescu was famed for trolling the SEC, going so far as to post his correspondence with the enforcement team in his Trilema blog. His eccentricity was on full display as he set out to dismantle the SEC’s requests and lay bare the holes in their arguments for information about Mpex and client activities. Despite the little known about his personal and professional endeavors, Popescu’s commitment to open-source systems is well known. After the open-source operating system Open BSD, which has been around since the 1990s, ran into funding issues, Popescu donated $20,000 in 2014 to keep the non-profit foundation behind the software running. Given the security-centric approach of the OS and Popescu’s leanings, Mpex also employed the technology in its platform. Mired in controversy for years, Popescu left behind many quotes and sayings, some of which painted a fairly negative image of the man himself. Yet, none of his antics were taken so seriously as his promise to dump a million bitcoins in the market if changes were made to Bitcoin block sizes (this reportedly occurred in 2016), earning him the moniker “Father of Bitcoin Toxicity.” Eventually, Segwit2x, an initiative designed to double the block size to 2MB, was abandoned and cemented the network’s use of the 1MB block size. Despite never being confirmed, it was inferred that Popescu actually did command control over that vast swathe of a million bitcoin, which, if true, made him likely the only bitcoin millionaire (owner of more than one million coins). However, this figure was never confirmed. It did create concerns in light of his alleged death, though, that one million bitcoins could hit the market and cause prices to careen lower. For now, the situation remains shrouded in mystery amid the lack of formal confirmation of his passing. What do you think will happen with Mircea Popescu’s bitcoin fortune? Let us know in the comments section below. View the full article

Fresh reports from South Africa suggest that the transfer of locally acquired cryptocurrencies to overseas crypto exchanges will now be subject to the country’s exchange control regulations. Consequently, transactions where an individual purchases crypto assets in South Africa and uses them to externalize “any right to capital” will be deemed a criminal offense. Risk of Imprisonment According to a Mybroadband report, this new interpretation of the country’s exchange control regulations is contained in the FAQ document recently published by the Intergovernmental Fintech Working Group (IFWG), a body that is comprised of South Africa’s financial regulators. In the document, regulators explained: Exchange Control Regulation 10(1)(c) prohibits transactions where capital or the right to capital is, without permission from the National Treasury, directly or indirectly exported from South Africa. The IFWG document adds that individuals in contravention of these regulations face a financial penalty of over $17,500 (250,000 rand) and possibly up to five years in prison. South African Exchanges Still Studying IFWG Position Paper Meanwhile, the same report suggested that South African crypto exchanges are still studying the IFWG’s position paper, while others say they want to help regulators put in place the appropriate regulatory frameworks. For instance, Richard de Sousa, the CEO of Altcoin Trader, is quoted by Mybroadband stating that his firm is looking at the papers published by the IFWG and is “considering many things.” On the other hand, Marius Reitz, Luno’s GM for Africa, told the same publication that while his company “is supportive of clear and market-conducive regulations for the crypto industry” it is presently not clear “how this [new regulation] will be implemented and regulated.” The Luno Africa boss also shared what he sees as the advantages of a phased implementation of regulations over the early imposition of burdensome regulations. He explained: A phased approach to implementing regulation for the crypto industry in South Africa — beginning with mandatory AML/KYC obligations — is a sensible approach which will assist in mitigating any potential negative implications of regulation. New Push Against Cryptos As recently reported by Bitcoin.com News, South Africa’s IFWG released a position paper on crypto assets that calls for their regulation. Following the position paper release, reports of financial institutions blocking clients from buying cryptocurrencies with credit cards soon emerged. The attempt to stop local exchanges from transferring cryptocurrencies to overseas platforms appears to be the latest sign that South African regulators now want to rein in privately issued digital currencies. However, by threatening to punish individuals and entities that transfer locally acquired crypto assets to overseas exchanges, South African regulators are attempting to censor cryptocurrency transactions. It now remains to be seen if these restrictions are going to stifle crypto use or if this is going to force traders to go underground as Reitz warned. Do believe that South African regulators are capable of stopping the transfer of crypto assets to overseas platforms? Tell us what you think in the comments section below. View the full article

JPMorgan Chase has released an investor note stating that the cryptocurrency market appears “to be beginning the process of healing.” In the short term, however, the JPMorgan analysts expect further sell-offs before capitulation. JPMorgan’s Crypto Market Outlook JPMorgan Chase’s analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the outlook of the cryptocurrency market in a note published Friday. They explained that the near-term outlook for the crypto market is “challenging,” noting that blockchain data suggests recent cryptocurrency sell-offs were made to cover losses. “There is likely still an overhang of underwater positions which need to be cleared through the market,” they detailed. The analysts also warned of the possibility of increased production costs of BTC as China’s crackdown pushes bitcoin mining abroad. Nonetheless, the JPMorgan analysts see stability in the bitcoin futures market as a positive factor. They concluded: Cryptocurrency market shows signs that it is not yet healthy, [but] it does also appear to be beginning the process of healing. Last week, a different JPMorgan analyst, Nikolaos Panigirtzoglou, wrote that despite the recent correction, “we are reluctant to abandon our negative outlook for bitcoin and crypto markets more generally.” He emphasized, “Despite some improvement, our signals remain overall bearish.” Panigirtzoglou added that bitcoin’s fair value, derived from comparing its volatility to gold, is in a range of $23,000 to $35,000 in the medium term. He elaborated: It would still take price declines to the $25,000 level before longer-term momentum would signal capitulation. What do you think about the comments by JPMorgan’s analysts? Let us know in the comments section below. View the full article

A fee change proposal for Dogecoin has been submitted and Tesla CEO Elon Musk says that it is “important to support” it. “This document proposes a new fee structure and policy for Dogecoin Core, to be gradually deployed to the network over multiple software releases,” said the Dogecoin developer who submitted the proposal. Elon Musk Signals Support for Dogecoin Fee Change Proposal Tesla CEO Elon Musk has signaled his support for the Dogecoin fee policy change proposal submitted Sunday. Software engineer and Dogecoin developer Ross Nicoll posted on Twitter that “The Dogecoin fee change proposal is up.” Musk replied to his tweet: “Important to support.” The Dogecoin fee policy change proposal was submitted by Dogecoin developer Patrick Lodder. “This document proposes a new fee structure and policy for Dogecoin Core, to be gradually deployed to the network over multiple software releases,” his proposal reads. He explained on Reddit: TLDR; This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy. Musk began talking about improving Dogecoin back in May. He tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.” The Tesla CEO also urged anyone wanting to help develop Doge to submit ideas on Github and on the Dogecoin Reddit forum. He tweeted in May: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.” The Dogecoin fee change proposal can be found here. What do you think about Elon Musk supporting the new Dogecoin fee change proposal? Let us know in the comments section below. View the full article

The U.S. economy is looking stagnant according to data stemming from the Bureau of Economic Analysis, as core personal consumption expenditures (PCE) jumped 3.4% in May from a year prior. The recent PCE spike is the highest year-over-year basis change since 1992 and the statistic is fueling inflation concerns. Amid ‘Never Ending’ Market Rallies, Core Inflation Indicator Jumps Highest in Close to Three Decades After more than a year of lockdowns and business shutdowns alongside the massive monetary expansion introduced by the Federal Reserve, economists are worried about rising inflation. Last week the Fed revealed its possible future interest-rate decisions and global markets shuddered for a couple of days and then recovered. Northmantrader.com founder, technical analyst, and macroeconomic commentator, Sven Henrich, jokingly wrote about the manipulated markets in a blog post called “The Never Ending Rally.” Henrich remarked on how the president of the Federal Reserve Bank of Minneapolis Neel Kashkari made markets feel better on Friday. “Last week’s trial balloon by the Fed, if that was the intent, made it clear again that this market runs not only on easy money, but also on the continued expectation of easy money,” Henrich wrote. “So the Fed followed its long adopted approach to monetary policy: Go in big, go in fast, and go out excruciatingly slow for fear of the consequences of upsetting markets.” Fernando Martin, research officer and economist at the St. Louis Fed noted that “estimates project annual inflation above 2% for three months (March, April, and May) and converging back to the pre-pandemic average towards the end of the year.” While Wall Street is getting the benefits from the Fed, Americans returning back to work are facing an assault on their purchasing power. Even retirees are getting hammered with inflation woes as Barron’s award-winning financial columnist Gail MarksJarvis explained on Saturday. “As the pandemic fades and the country reopens,” MarksJarvis said, “retirees are emerging to the unsettling whiff of inflation. Gas prices are up more than 50% year over year. Grocery prices have climbed 2.2% overall. Airfares are up nearly 25%.” Amid the never-ending market rally for a small privileged few, core personal consumption expenditures (PCE) index data was published by the Bureau of Economic Analysis (BEA) on Friday. The data was concerning because the PCE rose 3.4% higher than the number for May 2020, which is the largest year-over-year increase in close to three decades. The BEA is a U.S. government agency that provides economic and market statistics. Every month, the BEA releases data on the total value of American consumption expenditures. The PCE price index found in the BEA’s Personal Income and Outlays report, and shows the changes in inflation tied to everyday goods and services purchased by U.S. consumers. All kinds of commodities and for-profit solutions are mixed into the PCE equation like services, nondurable goods, and durable goods. Treasury Yields Jump and Transitory Inflation Despite the dreary PCE data, the yield on the benchmark 10-year Treasury note spiked by almost four basis points, and gold markets jumped higher as well. Similar to Henrich, economist and gold bug Peter Schiff has also been commenting on the Fed’s monetary theatrics and even published a radio broadcast called “Everything Is Awesome Because the Fed Says so.” “High inflation keeps pushing the price of oil higher,” Schiff tweeted on Friday. “So far today it’s already hit $73.40, the highest price since Oct. of 2018. Yet investors aren’t buying gold because instead of looking at what’s actually happening to oil, they believe the Fed that it’s only transitory.” Schiff added: New definition of transitory: An adverse permanent change in conditions that if fully appreciated by the public or investors would accelerate both the impact on an economy or financial markets, and the damage done to the reputations of incumbent administrations or central banks. Coinshares Report Says Bitcoin’s Relationship With Inflation Changes Statistically Significant As concerns about rate hikes and the recent PCE data rattled markets, Coinshares’ James Butterfill published a report on how data suggests that bitcoin is beginning to fulfill the role of an inflation hedge. “Observing bitcoin’s price changes relative to changes in inflation shows that this relationship is becoming statistically significant,” Butterfill’s research highlights. The researcher’s report details that it’s difficult to know if inflation is headed our way and how long it could last. The Coinshares study also notes that since the inception of the Bitcoin network, data shows “the relationship between bitcoin and inflation is currently better than between inflation and gold.” “There is increasing evidence that bitcoin is maturing as an asset,” Butterfill’s research concludes. “After the most recent FOMC statement (16th June) where an unexpectedly hawkish tone was expressed, prices moved in a very similar way to gold. This is highlighting that bitcoin is behaving as investors would expect from a real asset, by appreciating when the U.S. dollar declines and vice versa.” Satoshi’s Design Is Meant To Be Predictable As Butterfill’s report highlights, it’s difficult to know or predict what the global economy will do. What makes it much worse is how unpredictable the Fed’s monetary system — with its never-ending rallies and busts — can be. Even though bankers and bureaucrats continuously tout that inflation is only 2% to 2.24%, the surging value of goods and services highlights the fact that 2% inflation is a myth. In contrast to unpredictable monetary expansion, tightening, and mythical inflation rates, Bitcoin’s inflation rate per annum is only 1.77%. Central banks and politicians have always leveraged a 2% target reference, but data from web portals like shadowstats.com and equipmentradar.com, clearly shows the general increase in prices for goods and services is much higher than 2%. Unlike the Fed’s system, Bitcoin’s inflation rate per annum shrinks every four years during the reward halvings. Satoshi’s idea of an active supply coupled with demand and the reward rate decreasing every four years developed a predictable economic system with an inflationary rate no one can control. We can actually predict with rough estimates how much lower Bitcoin’s inflation rate per annum will be in the future. By 2025, it’s estimated that Bitcoin’s inflation will be lower than 1% and by 2028 the network’s inflation rate per annum will be 0.4%. What do you think about the recent inflation concerns and the PCE data spike? Do you think assets like gold or bitcoin are a better hedge against inflation? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. With an ever-increasing demand for computing power, PORT Network launches the first dApp to merge both Cloud and Volunteer computing on the blockchain. 28th June 2021, Düsseldorf, Germany – The demand for increased computing power is growing at an exponential rate. Industries such as IoT, Pharmaceutical, AI, 3D Image Processing and Deep Learning all require huge bandwidth in a non-restrictive and cost-efficient approach. This is where PORT Network seeks to break new ground. PORT Network is the first decentralized P2P application which unites both Cloud and Volunteer computing on the blockchain. Unused computational power from individuals and businesses can be sold for the native token, PORT. Private and Corporate companies can then purchase this unused resource to increase their bandwidth and computing power. In short, PORT not only incentivizes sustainable resource sharing but allows enterprises to focus their energies on building. This allows corporations, often in scientific fields, the extra computing power needed to perform intricate calculations at high speed in a fraction of the time compared to in-house computers. The PORT Network offers a scalable solution and consumers can purchase as little or as much power as required. The opportunities and savings this creates are enormous with the benefits being tangible across all industries and sectors. “Sustainable energy is the future.” said CEO Janusz Siuda. He continued: “The PORT Network utilizes unused computing power. This gives consumers both the extra power when needed but also helps to create an environment-friendly ecosystem.” The Benefits of PORT Network Anyone with idle CPU Power and/or Storage can earn PORT tokens, which will be redeemable for additional computing power or traded on Exchanges Kind to the planet: PORT uses pre-existing computing power which is a must in today’s eco-conscious world, instead of generating new and unnecessary power High-Performance Computing consumers can purchase PORT and implement this enhanced power to their own systems quickly and in a cost-effective manner Provides a far less expensive alternative to existing, cumbersome cloud services Upcoming/Roadmap Q3 2021 will see the launch of the platform’s native PORT Token Sale, where PORT will be available for purchase for later use within the platform. Q4 2021: Software Launch. PORT Listed on DEXs & CEXs allowing token holders the ability to trade PORT on exchanges. Q1 2022: TV advertising campaign and continued online marketing presence once the Token Sale is complete. PORT Token Sale Currently ongoing is the PORT Token Sale. Port Network have made available 50,000,000 PORT tokens of the 100,000,000 in existence to be sold in a stage-based deployment. Port Network have set a hard cap of 22,500,000 USD, and the token sale will run until Q4 of 2021. Follow the Port Network social media channels to stay up to date with their latest news: Website | Telegram | Twitter | Facebook | Instagram | YouTube | LinkedIn Media Contact Contact Person: Tatjana Schmiedebach Email: marketing@portnetwork.io Port Network is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 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

Banking institutions in South Korea have reportedly requested to not be held accountable for crimes linked to cryptocurrencies such as money laundering. According to local media, financial regulators are now developing rules that could relieve Korean banks from responsibility when screening the crypto exchanges they work with. New Guidelines to Appease South Korean Banks Korean Banks remain reluctant to open real-name accounts for traders on domestic cryptocurrency exchanges, the Korea Herald wrote on Sunday. The reasons hide in recently adopted regulations obliging the trading platforms to partner with local financial institutions. Few of them have managed to do so as banks fear they could be held liable for money laundering, fraud, and other offenses related to cryptocurrency transactions. The Financial Services Commission (FSC), South Korea’s main financial regulator, is now considering issuing specific guidelines that may lift part of the burden from the banks, the Korean daily revealed, quoting an unnamed government official. The publication elaborated that the guidelines are likely to come in the form of “no-action letters” in which members of the government can state they are not recommending legal action against banks in case the aforementioned issues arise. According to the official, a final decision on the matter is expected by the end of next month. The report suggests that regulators are aware of concerns expressed by financial institutions. Banks now run the risk of being held responsible for failing to detect potential fraud or money laundering activities when issuing real-name accounts. The provision of relevant guidelines ensuring that Korean banks are protected from such risks can alleviate their worries and open them to crypto service providers. Banks and Exchanges Stuck on Real-Name Accounts Issue Amendments to the Act on Reporting and Using Specified Financial Transaction Information, which went into effect in March, require Korean crypto exchanges to partner with local commercial banks that should issue real-name accounts to their users by Sept. 24. However, major institutions such as the banking group Hana have decided to keep away from the sector for now. Only the four largest trading platforms, Upbit, Bithumb, Coinone, and Korbit, have so far succeeded in finding a banking partner. The online K Bank currently opens real-name accounts for Upbit, while Shinhan Bank is working with Korbit and NH Nonghyup Bank provides the service to Bithumb and Coinone, the Korea Herald detailed. At the same time, hundreds of smaller exchanges are under threat of being banned from withdrawing funds for cryptocurrency trading in case they fail to secure a partnership with a Korean bank by the September deadline. All of South Korea’s 200 platforms can be shut down, FSC Chairman Eun Sung-soo warned in April. Meanwhile, a number of Korean exchanges have started to delist some “high-risk” coins and put others on warning lists in preparation for the upcoming stricter rules for crypto-related transactions in the country. The delisting, which has increased volatility in the market, is also viewed as a move to appease Korean banks. Do you think crypto exchanges will manage to convince Korean banks to open real-name accounts for their traders? Tell us in the comments section below. View the full article

Europol, the EU law agency, cracked down on Vitae, a Belgian Ponzi scheme. Europol raided 17 locations related to the website, promoted as a social media site with its own cryptocurrency. The company operated in Switzerland under the name VITAE AG. Law enforcement officials recovered €1.1 million in cash and €1.5 million in cryptocurrency during this action. Europol Shuts Vitae Down Europol took action against a group of individuals that used the Vitae platform to run an alleged Ponzi scheme. The European law enforcement agency coordinated the actions with the Belgian Federal Judicial Police under the jurisdiction of the Belgian Federal Prosecutor’s Office to organize a joint criminal investigation. This joint force raided 17 houses related to the case, mainly in Antwerp, West Flanders, and Limburg. According to reports, Swiss police conducted other searches. Five people were arrested for their alleged participation in the Vitae scheme. Europol also closed the Vitae website and replaced it with a warning about the content of the site, now considered illegal according to Belgian legislation. The investigation was secret and few people knew about the raids, so the alleged criminals could not escape the action. Vitae acted as a privacy-oriented social network with its own cryptocurrency token. The site was advertised as an earning platform for top posters, that would earn vitae token with quality content. The site had over 200,000 users. As a consequence of the action, the price of the Vitae token plummeted. A Focus on the Digital Frontier Europol and its associated agencies have expressed their worries about digital crimes and their consequences. In a newly emitted report titled The Cyber Blue Line, the organism states their new focus lies in cyberspace. The report states: The criminal abuse of encryption, an essential element of our digitalized democracies, and other privacy-enhancing technologies and designs have created an imbalance between privacy, security, and safety. Cryptocurrency is said to be one of the many tools that cybercriminals use in their attempts to be undetected by police forces. Currently, hackers responsible for ransomware attacks use bitcoin (BTC) and other cryptocurrencies as payments. This happened in the Colonial Pipeline cyberattack case last month. The report anticipates these kinds of cyberattacks will keep happening in the future. Europol and other police organizations in the world are now turning their eyes to encryption and cryptocurrencies. As a consequence, regulators will also focus on these subjects in the future. What do you think about Vitae’s Europol crackdown? Tell us in the comments section below. View the full article

In a hint that Tanzania might soon reverse its 2019 crypto ban, an unnamed spokesperson of the Bank of Tanzania (BOT) recently suggested the apex bank is “working on the directives given.” The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan’s call on the country’s finance chiefs to prepare for cryptocurrencies. BOT Move Commended In a speech delivered shortly after El Salvador made bitcoin legal, President Hassan pointed to the inevitability of cryptocurrencies. However, as one report explains, the central bank spokesperson did not reveal whether or not the BOT is planning to adopt existing cryptocurrencies such as bitcoin or if it wants to issue its own digital currency. Still, even with this lack of clarity, some members of Tanzania’s blockchain and crypto community have welcomed the reports. For instance, Abdulmajid Nsekela, the chairman of the Tanzania Bankers Association commends the reports that are attributed to the BOT’s spokesperson but warn of challenges that lie ahead. Nsekela said: The most challenging element for regulators is to be caught by surprise by innovations. Gradual preparations would help the central bank assess the risks and come up with ways of addressing them in advance. Slow Progress In November 2019, the Tanzanian central bank banned cryptocurrencies saying these were not recognized by local law. However, following Hassan’s call, Tanzania now joins few other African countries that have or are planning to reverse regulations that restrict cryptocurrencies and other emerging technologies. In the meantime, the same report also quotes Faith Mwangi, an analyst at Tellimer, who suggests that implementation of Hassan’s call will be slow. Mwangi explained: “The change in tone from Tanzania’s president is clear, but wait to see whether the central bank will take concrete steps towards embracing cryptocurrencies.” The analyst also points to Uganda where President Yoweri Museveni similarly promised the reversal of anti-crypto regulations. However, according to the report, since the 2017 announcement, Uganda’s central bank is still to rescind the restrictions. How long do you think it will take for BOT to completely reverse its 2019 crypto ban? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. June 2021, leading Crypto service comparison site – Cryptowisser, attempts to dissipate the cloud of confusion surrounding tax regulations on crypto currencies around the world. As the tax season comes to a close and a record amount of crypto traders are holding, how do you legally save your crypto? It is no surprise that as the recent surges and as alt coins continue flooding the market, more and more people are seeing it as a potential way of making money. And the once fabled mysterious currency, is well, becoming more regulated. Like anything else, regulatory boards are catching on and impicating tax laws. As the Cryptowisser tax essentials report states, the majority of crypto tax either comes from Income Tax or Capital Gains tax. Tax free crypto conditions still exist – The report clarifies Geo advantageous spots for crypto traders- Malaysia for example, does not tax crypto trading unless it is a registered business. Other crypto transactions such as donations and “gift sums” are tax free depending on the amount and location. The report also clarifies that the simplest way to avoid crypto tax is to keep transactions Fiat free. For the most part actually buying crypto has no tax, you can buy as much as you want, only to pay the fees on whatever crypto exchange you decide to use. Wallet to wallet crypto transfers also avoid tax. Capital Gains Tax on Crypto – Any investment gain made from crypto currency will be looked at the same as any other investment- and tax will be paid unless in a capital gain tax free country such as New Zealand, Sri Lanka, Singapore etc. In most countries however, that is not that case. Cryptowisser reported on the countries with the highest crypto capital gains tax here. The report also explains taxed crypto transactions such as selling crypto holdings, exchanges and online shopping. Crypto Income Tax With the increase of remote based companies, with employees often in other countries, crypto has become a popular payment option. However, any earnings you do make from your employment, crypto or not, has to be declared and paid. Even if you are making gains with mining crypto, tax will be paid. Concluding Remarks The future of crypto tax is bittersweet, the more accepted and adopted it is, the more regulation there will inevitably be. Countries with more favourable crypto conditions will attract investors and likely stabilize crypto currency as legal tender leading to a more crypto positive future. Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world. For more information please contact press@cryptowisser.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The former CEO of Gyft and the cofounder of the project Civic, Vinny Lingham has been called an ‘oracle’ at times for correctly predicting the future price of bitcoin. On various occasions all the way back to 2016, Lingham has made correct bitcoin price calls over the years. Even though bitcoin’s price has been lower in recent weeks after shedding over 40% in the last three months, Lingham has an optimistic outlook if “$30k continues to hold.” Vinny Lingham’s Recent Bitcoin Predictions Show Optimism Vinny Lingham is talking about bitcoin (BTC) price predictions again and when he does a number of people listen. Lingham has been giving price forecasts for years now, and people have referred to him as the “oracle” for guessing correctly a lot more than most people. Bitcoin (BTC) 1-week chart against the U.S. dollar on June 27, 2021. Bitcoin tapped a high of $64,895 on April 11, 2021, and tapped a low of $28,600 on June 22, 2021. The cofounder of the project Civic’s bitcoin predictions are not always optimistic and his calls are usually more conservative than people with outlandish forecasts. Still, Lingham, like many others, thinks there’s a possibility that BTC could reach six digits in value in 2021. “If $30K continues to hold, we’ll likely break $100K bitcoin this year,” Lingham tweeted on Sunday afternoon (ET). A number of people responded to Lingham’s tweet and one individual wrote: “The legend has been spoken. Last time he [predicted] BTC, ETH, [and] FIL and in the end [they pumped] hard. Big respect.” Another Twitter account dubbed “Ronpaul2012” also replied to Lingham and predicted: “$169,420 by Christmas.” Lingham ‘Expects a Big Rally Later This Year’ Four days ago, Lingham also sent out a bullish tweet and reminded his 184,000 Twitter followers about a tweet he wrote on May 23. At that time in May, Lingham said: “2021 is looking a lot like 2013…” His bullish tweet on June 22, retweeted his May statement and he remarked: You heard it here first. Expect a big rally later this year… In response to the “big rally” statement one person called the commentary bold. “Pretty bold man. I like it. It hasn’t felt this bad/bearish for a long time,” the individual said to Lingham. “I think mid to low $20K’s looks like a great opportunity…if we get it.” The Civic cofounder also discussed El Salvador earlier this month, when president Nayib Bukele and Salvadoran congress made BTC legal tender in the country. While sharing an exploding head emoji, Lingham wrote that the implications are mind-blowing. “Bitcoin has just gone from being non-state sanctioned money to state-sanctioned money,” Lingham tweeted. “I’m really not sure if this is good or bad yet. #popcorntime,” he added. What do you think about Vinny Lingham’s recent tweets about bitcoin hitting $100K and the expectation of a big rally later this year? Let us know what you think about this subject in the comments section below. View the full article