Haru Invest Fallout: South African Crypto Platform Says Customers Can Only Access 76% of Crypto Holdings

The South African crypto platform, Revix, said on June 28 that customers can now only access just over three-quarters (76%) of their crypto assets. Revix said the move to block customers’ access to 24% of their crypto assets was made after one of its primary service providers Haru Invest suspended deposits and withdrawals.

Impact of Haru Invest’s Abrupt Suspension of Deposits and Withdrawals

Revix, the South African crypto investment platform, said on June 28 that it has rendered “24% of crypto asset balances held on the Revix platform as of Tuesday, 13th June, at 02:00 GMT+2 as reserved.” The decision means Revix customers can only withdraw 76% of their crypto assets which are stored on the platform.

In a statement explaining the rationale behind the move, Revix said the unexpected suspension of deposits and withdrawals by one of its primary service providers Haru Invest prompted the decision to reserve 24% of customers’ crypto assets. The statement revealed that “Haru is part of this system and holds a portion of Revix-controlled customer assets.”

Announcing its own decision to suspend deposit and withdrawals services, Haru Invest said the recent discovery of irregularities in management reports submitted by B&S Holdings had compelled it to act. Haru Invest also told its investors and customers on June 14 that it has since filed a criminal complaint against B&S Holdings (formerly Aventus) and would soon follow up with a civil action.

According to reports in South Korean media, Haru Invest’s decision to suspend services has also affected another digital exchange platform Delio. In addition, Korean authorities have imposed travel bans on some executives of B&S Holdings, Delio, and Haru Invest.

Customers Still Have Access to 100% of Fiat Deposits

Meanwhile, in its statement, Revix characterized the decision to suspend the withdrawal of a portion of the customers’ crypto funds as the “most appropriate course of action to best mitigate the obvious adverse impact of this matter.” The exchange platform added:

We have taken rigorous measures to protect them by securely moving all of our customers’ assets into protected internal custody. Customer assets — comprising 76% of their crypto holdings and 100% of their fiat cash balances — are fully accessible to customers whenever needed.

Revix added that the discussions it has had with the Haru Invest team have given it hope that the crypto assets held by the South Korean platform will eventually be recovered.

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from Bitcoin News

UK Commission Publishes Recommendations for Reform and Development of the Law on Digital Assets

The Law Commission of England and Wales has published its “recommendations for reform and development of the law on digital assets.” The recommendations, which seek to secure the U.K.’s position as a global crypto hub, are intended “to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish.”

Accommodating Digital Assets as They Evolve

The United Kingdom independent body, the Law Commission of England and Wales, has published its “recommendations for reform and development of the law on digital assets.” In a statement, the statutory body added that the recommendations, which seek to help secure the U.K.’s position as a global crypto hub, are intended “to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish.”

The recommendations also supposedly seek to enable “a diverse range of market participants to interact with and benefit from” the tech and digital assets.

The Law Commission’s latest statement on digital assets came just under a year after it released a consultation paper proposing to reform the law relating to digital assets. As reported by Bitcoin.com News in late July 2022, the commission’s publication of the consultation paper followed a request by the government asking it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”

Ensuring the Law Remains ‘a Flexible Tool That Enables Further Technological Innovation’

Commenting on the Commission’s digital asset regulation recommendations, Sarah Green, Law Commissioner for commercial and common law, said:

Our recommendations for reform and development of the law, therefore, seek to solidify the legal foundation for digital assets. We also aim to ensure that the private law in England and Wales remains a dynamic, globally competitive and flexible tool that enables further technological innovation.

Mike Freer, the U.K. justice minister, said the findings of the consultation process show the strength of English and Welsh law “in responding to the fast-paced changes caused by emerging technologies in the law sector.”

Among some of the recommendations is the commission’s call for the enactment of “legislation to confirm the existence of a distinct third category of personal property under the law.” The commission also recommended the creation of a panel of experts “to provide non-binding advice to courts on complex legal issues relating to digital assets.” The creation of a tailor-made framework for facilitating the “operation and enforcement of collateral arrangements relating to crypto-tokens and crypto-assets” is also described.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Presidential Candidate Javier Milei Claims He Has the Funds to Dollarize Argentina

Javier Milei, a liberal presidential candidate in Argentina, stated recently that he has the funds needed for the dollarization of the country at the current market prices. Milei noted that his team had signed an NDA (non-disclosure agreement) with unknown third parties that would provide the liquidity needed to close the Central Bank of Argentina.

Javier Milei Develops Dollarization Proposal in Argentina

Javier Milei, a liberal presidential candidate in Argentina, has advanced his government plan to eliminate inflation in the country if elected. He stated he already has the funds to dollarize the economy at current market prices.

Milei, who has made dollarization a pivotal part of his government plan, declared:

While they attack, defame, operate, etc., we have been advancing in negotiations and we have already obtained the dollars to dollarize the economy at the value of the market dollar. We continue working to solve a big problem in Argentina, which is inflation.

Milei explained that he and his team had signed a confidentiality agreement with undisclosed third parties to provide the means necessary for the dollarization process. He estimated that the nation could collect double the dollars needed to withdraw all the Argentine pesos from circulation, closing the Central Bank of Argentina.

Milei is also preparing the law project that will be presented to the Argentine congress and estimating the time for the implementation of this initiative. Milei noted that his first proposal required at least two and a half years to be adopted, while new dollarization formats currently being designed demand less time to be put into practice.

Numbers and Feasibility

The dollarization idea, presented to the public in April as a way out of the inflationary and devaluation crisis, has faced criticism from all angles of the political spectrum. Some economists have spoken against it, stating that it would be impossible to cement during the current economic reality of the country.

However, Milei believes economists have greatly overestimated the numbers associated with this process. He detailed:

They said that [dollarization] was crazy impossible, $70 billion was needed. After, it was $50 billion. Someone close to them told them that although it was difficult, it was feasible. Now it’s about $35 billion. If they knew about finance a long time ago, they would have realized that it is possible.

However, Milei’s position on polls has fallen, now showing him in the third position after Sergio Massa, the economy minister of Argentina and a key figure in the current economic establishment, announced he would join the presidential race.

What do you think about the dollarization proposal to stabilize the Argentine economy? Tell us in the comments section below.

from Bitcoin News

FTX Pauses Sale of $500 Million Stake in AI Startup Anthropic

Failed crypto exchange FTX has unexpectedly halted the sale of its stake in the artificial intelligence (AI) startup Anthropic. The stock has been viewed as a source of funds that can be used to compensate customers who suffered losses as a result of the coin trading platform’s collapse.

Cryptocurrency Exchange FTX Postpones Sale of Anthropic Shares

Bankrupt crypto exchange FTX has decided to hold off the sale of its stake in the AI company Anthropic. The stock, worth $500 million, has been among the exchange’s most sought-after assets, Bloomberg noted in a report.

According to sources who chose to remain anonymous, bidders have been informed this month about the pause by Perella Weinberg Partners, the financial services firm acting as an advisor in FTX’s bankruptcy which was looking to sell the Anthropic shares.

The AI startup was established in 2021 by former employees of Openai, the developer of the chatbot Chatgpt. In May of this year, Anthropic announced it had raised $450 million to support the development of its AI bot named ‘Claude.’

Anthropic has been recently valued at $4.6 billion and secondary market buyers have been seeking to acquire shares of the company. FTX’s stake in the AI firm is one of the biggest investments made by what was one the largest digital asset exchanges.

FTX filed for bankruptcy protection amid liquidity issues in November 2022. The sale of the Anthropic stake was halted a day after FTX’s new CEO, John J Ray III, accused the former management of the crypto company of misappropriating assets, Forbes remarked in an article.

Some of the political donations and venture capital investments made by FTX and Sam Bankman-Fried (SBF), its founder and former chief executive, have been partially funded by commingled customer deposits, according to a report published by the exchange’s new management this week.

FTX and SBF’s crypto trading firm Alameda Research made the $500 million investment in Anthropic, according to the internal documents seen by Bloomberg. At this point, it remains unclear how long the sale of the stake in the AI startup will be delayed.

Do you think FTX will sell its stake in Anthropic in the near future? Share your expectations in the comments section below.

from Bitcoin News

Binance to Lose Euro Transfers as Paysafe Drops Support

Paysafe will discontinue support for bank transfers of euros to and from Binance, the payments provider announced. The news comes when the world’s largest cryptocurrency exchange finds itself under pressure from regulators and banking partners in Europe and elsewhere.

Paysafe to Stop Euro Deposits and Withdrawals for Binance

Crypto exchange Binance, the global leader in terms of daily trading volume, will lose access to payments in the common European currency, another setback for its operations on the Old Continent that comes amid regulatory crackdown in various jurisdictions.

“Following a strategic review, we have taken the decision to cease offering our embedded wallet solution to Binance across the region,” its U.K.-based payment processor, Paysafe, said in a statement, quoted by Bloomberg. The company added:

Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.

Paysafe will no longer support bank transfers of euros to and from Binance via the Single Euro Payments Area (SEPA) network, starting from Sept. 25, a spokesperson for the exchange confirmed. Binance “will be changing the provider,” the representative pointed out and emphasized:

All methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected.

The development coincides with increased pressure on Binance in some EU member states. The exchange was recently ordered to cease all crypto services in Belgium while French prosecutors are investigating it for money laundering violations.

Earlier this month, Binance pulled out of the Dutch market, after failing to obtain registration as a crypto service provider in the Netherlands, applied for deregistration in Cyprus as such, and cancelled its U.K. authorization to focus on fewer regulated entities in Europe.

Meanwhile, the platform’s share of euro-denominated crypto trading has dropped to 13% this year, according to data from research firm Kaiko. The market share of Binance’s subsidiary in the in the U.S., where the exchange is engaged in a legal battle with the securities regulator, fell to 1.5%.

In March, Paysafe announced it would stop supporting withdrawals and deposits for Binance in the United Kingdom and did so in May, which resulted in a subsequent drop of crypto trading volume denominated in the British pound across multiple platforms. At the time, the London-headquartered company said it would continue to support transfers for Binance in Europe and Latin America.

Do you think Binance will be able to secure another payment processor for euro deposits and withdrawals before Paysafe halts transfers? Tell us in the comments section below.

from Bitcoin News

Bitcoin Ordinals Are One of Many Ways to Represent Real-World Assets Wakweli Co-Founder

While non-fungible tokens (NFTs) are generally believed to represent the link between an owner and an asset, without platforms acting as “digital notaries” there can be no effective way of stopping scammers from minting and selling plagiarized works, Shaban Shaame, the co-founder of Wakweli protocol has argued.

Tokenizing Real-World Assets

According to Shaame, the ease with which anyone (including scammers) is able to generate a certificate of authenticity for an NFT only further highlights the importance of having such an authenticating entity. In addition to using tools such as digital notaries, the co-founder of Wakweli — a Layer-1 protocol that issues certificates of authenticity for NFTs & real-world assets — said NFT users must learn to do their own research. NFT traders should always triple-check transactions they sign or the projects they join, Shaame added.

Also, in his written answers to questions sent from Bitcoin.com News, the co-founder also offered his thoughts on Bitcoin ordinals and why linking an asset to a “bitcoin fraction” like this may “present risks when making transactions with incompatible wallets.” He also touched on the tokenization of real-world assets and the future prospects of this phenomenon.

Below are all of Shaame’s answers to questions sent to him via Telegram.

Bitcoin.com News (BCN): Can you start by explaining to our readers what the tokenization of real-world assets is all about and the prospects of tokenized real-world assets on a blockchain?

Shaban Shaame (SS): Real-world assets are generally linked to a title of property of some kind, like the paper saying you own your house. The tokenization of real-world assets is the migration of a physical title of the property to a digital one, generally a non-fungible token (NFT). After tokenization, this digital token ideally represents property over the physical asset. This emerging mechanism has several complex parts, especially on how you enforce this digital link to the real world. For instance, is a shared ledger an acceptable support for a legally-binding title? Such questions have different answers depending on where you are in the world.

Once tokenized, new opportunities are enabled by this digital representation: it becomes easier to fragment assets into smaller parts or to transfer them fastly and at scale. For instance, when a building is tokenized, it becomes possible for thousands of people to share its ownership and to recurrently receive rent payments with digital currencies at a fraction of the cost. We also start to see tokenization projects around financial assets, equity shares, music, movies, ticketing, wine…Sky’s the limit, and we’ve only seen the beginning of it.

BCN: On the surface, non-fungible tokens (NFTs) are perceived as certificates of authentication. However, as you may have observed, intellectual property (IP) infringement remains a serious issue. Scammers can and are minting and selling plagiarized works and fake collections on different platforms or blockchains. Is there a way to prevent such scams and assure buyers that they are acquiring an authentic asset?

SS: The tricky part is that everyone can mint an NFT; so if anyone — including scammers — can create a certificate of authenticity, then nothing is. NFTs are a way to represent the link between an owner and an asset, but there is no real definition of what an asset is and what the link is in this scope. There is a missing piece in the digital space to clarify this: in the physical world, a notary would be there to make the link between your house and the paper representing it. As long as we don’t have this missing piece in the digital space — a digital notary — there will be no effective way to stop scammers. Wakweli — “the truth sayers” in Swahili — is this missing piece, an open notary that anyone can benefit from.

BCN: Since Web3 is evolving as a multi-chain ecosystem where users and assets can seamlessly move between different blockchains, can tokenized real-world assets (RWAs) be presented by a single token across the multi-chain cryptosphere? If yes, how does this work?

SS: The first step to answering this question would be to clarify the relationship between tokens and assets. A real-world asset may be represented by one token on one chain (1-1 relationship), but it could also be several tokens on several chains (like a multi-keyed safe). One of Wakweli’s objectives is to clarify this token-to-asset relationship so anyone [can] understand clearly what is linked to what. Anyone is able to get information about the representation of a certified asset by interrogating the Wakweli protocol directly or through third-party integration, such as on marketplaces.

BCN: Your protocol is said to use the so-called proof of democracy (PoD) consensus algorithm to certify the authenticity of any tokenized asset. Can you explain how it works as well as how this ensures that the same asset is not being represented by multiple tokens on multiple platforms?

SS: With the PoD, anyone can request verification for an asset on Wakweli. It is a community-based system where all actors have to lock actual value in certificates, from the requester to the certifier and its electors. Certificates are then controlled by the community who can issue challenge requests to try and get back this locked value if something’s wrong. This mechanism creates a general incentive for the community to tell the truth, generating a virtuous system that scales to protect the $16 trillion market that digital assets will represent in 6 years. And once an asset is certified on one chain, it will be referenced on Wakweli meaning any new certificate request for the same asset on another chain will be declined.

BCN: The Bitcoin Ordinals NFTs have recorded more than 10 million inscriptions so far. Ordinals are said to have brought a whole range of use cases to the Bitcoin network including BRC-20 tokens, NFTs, and more. What’s your take on the Bitcoin network’s ability to handle large volumes of tokenized real-world assets?

SS: Bitcoin Ordinals are one of many ways to represent real-world assets, with their own pros and cons. It relies on Bitcoin, the mother of all blockchains, using tech that was so far never breached: this has great value. On the other hand, linking an asset to a bitcoin fraction like this presents risks when making transactions with incompatible wallets. The Proof-of-Work mechanism also has some pros and cons, like energy consumption with current mining difficulty. Alternatives like smart-contract-based representations or protocol-native tokens enable different features that may be a good fit for some use cases. It ultimately depends on what you are tokenizing and who is your targeted audience, but Bitcoin Ordinals are a big part of the picture.

BCN: With the growing use cases of NFTs, many users have been falling victim to NFT scams. Scammers are always seeking new ways to exploit people and their holdings. What tips would you like to share to help our readers stay safe and avoid scams?

SS: You probably heard that many times before: always do your own research. Triple-check transactions you sign and projects you join: are they authentic? Is the team behind them reliable? Is the IP legit? Actually, this is precisely why we built Wakweli: to provide a simple way to avoid scams at a glance with a green tick mark. With Wakweli, anyone can share their project review, make it easily accessible and valorize it.

What are your thoughts about this interview? Let us know what you think in the comments section below.

from Bitcoin News

Mind Network Secures $25 Million in Initial Funding From Binance Labs and Other Prominent Venture Capitalists

PRESS RELEASE. Mind Network, an innovative platform leading the way in data security and privacy within the Web3 ecosystem, is delighted to announce the successful completion of its initial funding round, raising $2.5 million. Binance Labs, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other notable investors participated in the funding round.

Mind Network has emerged as a frontrunner in the Web3 arena, providing users with end-to-end encryption and granting them full control over their personal data, financial transactions, and user interactions. By incorporating the principles of Zero Trust Security, Zero Knowledge Proof, and proprietary Adaptive Fully Homomorphic Encryption techniques, the platform ensures robust protection and access control within the decentralized ecosystem.

“We are extremely pleased to receive the support and confidence of such esteemed investors,” stated Mason, representing Mind Network. “This funding will enable us to further develop our groundbreaking technology and accelerate the adoption of our platform across various industries, ensuring worldwide data privacy and ownership for our users.”

As a participant in Binance Incubation Program Season 5, Mind Network has benefited from the expertise and guidance of Binance Labs, the VC and incubation arm of Binance. Moreover, the company has been chosen to be part of the prestigious Chainlink BUILD Program, reaffirming its commitment to establishing a Web3 ecosystem centered around data privacy and ownership.

“We are excited to welcome Mind Network to our ecosystem,” commented Oliver Birch, Global Head of Chainlink BUILD. “Their innovative approach to data security aligns with our mission, and we eagerly anticipate collaborating with them to shape the future of decentralized applications.”

Mind Network has formed strategic partnerships with industry giants, including Chainlink, Consensys, and Arweave, providing a solid foundation for the platform’s growth. These partnerships have also facilitated early support from global banks, insurance companies, and various dApps and protocols.

Mind Network has assembled a formidable team comprising accomplished leaders in their respective fields. The CTO, George, previously conducted research at Cambridge University, and the United Kingdom government and high-street banks have adopted his cryptographic findings. Dennis, the CSO, made history as the first white hat hacker to breach Tesla’s security in 2014. The remainder of the team consists of serial entrepreneurs, award-winning scientists, and Web3 marketing veterans.

With the successful completion of the seed funding round and the ongoing support from its partners and investors, Mind Network is well-positioned to advance its mission of enhancing data security, privacy, and ownership in the Web3 era.

To find out more about Mind Network and its groundbreaking technology, please visit:

Website: https://mindnetwork.xyz/

Twitter: https://twitter.com/mindnetwork_xyz

Medium: https://mindnetwork.medium.com/

Gitbook: https://mind-network.gitbook.io/mindnetwork/

Discord: https://discord.gg/UYj94MJdGJ

Telegram: https://t.me/MindNetwork_xyz

 

 

 

 

 

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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.

from Bitcoin News

Alleged Admin of Darknet Marketplace Monopoly Market Extradited to US

The suspected administrator of the Monopoly Market darknet marketplace has been extradited from Austria to face charges in the U.S. The man, a citizen of Serbia and Croatia who was arrested in Vienna last November, has been accused of facilitating $18 million in illegal drug transactions using cryptocurrencies.

DNM Administrator Charged in U.S. With Running Drug Market on the Dark Web

Austrian authorities announced on Monday they have extradited to the United States the alleged administrator of a large darknet market (DNM) known as Monopoly Market. Milomir Desnica, a 33-year-old resident of the Serbian town of Smederevska Palanka, was handed over on Friday, the Associated Press reported.

Desnica has been accused by the U.S. Department of Justice (DOJ) of running the Monopoly Market site and facilitating $18 million in illegal transactions related to drug trade using cryptocurrencies. The dark web marketplace was shut down in December 2021 when its servers were seized.

Last month, Europol unveiled the results of a major operation, conducted in collaboration with law enforcement agencies from Europe, the U.S., the U.K., and Brazil, which led to 288 arrests and the seizure of over $53 million in cash and crypto assets, along with drugs and weapons.

The charges against Desnica, unsealed on May 25, were announced by the DOJ on June 23. He was indicted on July 26, 2022, by a grand jury in the U.S. District Court for the District of Columbia on charges of conspiracy to possess and distribute methamphetamine and one count of conspiracy to launder monetary instruments. The indictment also seeks confiscation of all criminal proceeds.

On the Monopoly servers seized in 2021, investigators found records of the narcotics sales facilitated by Monopoly, financial records documenting cryptocurrency payments on Monopoly, and communications with vendors which helped to identify Desnica as the DNM’s operator.

The authorities allege that between April 2020 and July 2022 Milomir Desnica used at least two crypto exchanges to convert his cryptocurrency, moving the digital money between blockchains before eventually selling it to peer-to-peer traders in Serbia for fiat in order to launder the proceeds from the drug sales.

The DOJ detailed that the drug distribution charge carries a maximum sentence of life in prison while the charge of conspiracy to commit money laundering can result in a maximum term of 20 years in prison. The charges also carry potential financial penalties, the department added.

Monopoly Market and other darknet markets have been a major target for law enforcement agencies around the world. In April 2022, police in Germany shut down what was then one of the largest DNMs, Hydra, which was focused on Russian-speaking users.

Do you think law enforcement authorities will shut down other DNMs in the near future? Share your thoughts on the subject in the comments section below.

from Bitcoin News

Sharia-Compliant Islamic Coin Secures $200 Million in Funding From ABO Digital

Islamic coin, a Sharia-compliant crypto asset, has secured $200 million from ABO Digital, which brings to $400 million the total funding that the project has received. The latest capital raise is expected to give the crypto project access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.”

Revolutionizing the Sharia-Compliant Market

Islamic coin, the “Sharia-compliant” digital asset, has secured $200 million from ABO Digital, the digital asset investment arm of the ABO group. The latest raise brings to $400 million the total funding the crypto project has received.

According to a press release, ABO Digital’s capital injection is expected to give crypto-asset access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.” Remarking on ABO Digital’s decision to partner with Islamic Coin, Amine Nedjai, the CEO of the digital asset investment firm, said:

ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionizing the Shariah-compliant market by introducing digitization. We are honoured to have been selected as a partner.

In addition to receiving global recognition, Islamic Coin has signed a memorandum of understanding with the United Kingdom-based DDCAP Group. This partnership, according to the press release, will result in the development of several solutions for Islamic Finance such as a Shariah-compliant Web3 alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). A digital asset platform, central bank digital currencies, and tokenization are the other solutions that will ostensibly be developed as a direct result of the partnership.

Islamic Coin co-founder Mohammed AlKaff AlHashmi said his team is “building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance.”

Some of the big-name Middle East North Africa (MENA) leaders that are reportedly backing the crypto project include the grandson of the United Arab Emirates founder Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan. Besides the backing of the Abu Dhabi and Dubai ruling families, the endeavor is supported by Islamic finance experts.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Binance Abandons Planned Delisting of Some Privacy Coins in EU Markets

Cryptocurrency exchange Binance has reconsidered a decision to delist some privacy tokens in several European markets. The leading coin trading platform will continue to offer trading in these digital assets after revising their classification to comply with EU regulations.

Binance to Continue Support for Certain Privacy Coins Despite Earlier Intentions to Remove Them

The world’s largest crypto exchange by trading volume, Binance, has decided to reverse a plan to delist privacy-oriented cryptocurrencies in several EU jurisdictions. The move comes after the company received feedback from some of the projects and traders.

Last month, Binance informed customers it intends to remove 12 privacy coins in France, Spain, Italy, and Poland. Those set to be delisted on June 26 were dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).

At the time, the exchange cited local regulatory requirements in these four markets that prevent it from offering privacy-enhanced cryptocurrencies, such as the obligation to monitor transactions of listed coins. In a statement quoted by crypto media, the exchange now indicated it has revised the approach to their classification:

After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.

Trading in some of the tokens, namely monero, beam, mobilecoin, firo, and horizon, will remain restricted, told users. Other projects, such as Verge, already notified their communities that their coins will not be affected. Secret Network confirmed in a tweet that its token will not be delisted, along with six other privacy-focused cryptos.

The European Union is preparing to implement the recently adopted Markets in Crypto Assets (MiCA) law. Besides this comprehensive regulatory package, European lawmakers also approved additional legislation ensuring that crypto transactions can “always be traced” by applying the so-called ‘travel rule’ to digital assets.

Finding itself under increased regulatory scrutiny lately, including a legal battle with the U.S. securities regulator over the status of some of the coins it lists, Binance recently pulled out of the Dutch market, applied for deregistration in Cyprus, and cancelled its U.K. authorization to focus on fewer regulated entities in Europe.

Do you think the EU’s new crypto regulations will ultimately prevent the trading of privacy coins in Europe? Share your thoughts on the subject in the comments section below.

from Bitcoin News

Robert Kennedy Jr Promises to Protect Your Right to Use and Hold Bitcoin as President

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to ensure that “your right to use and hold bitcoin is inviolable” if he is elected U.S. president. “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” said the presidential hopeful.

Robert F. Kennedy Jr.’s Bitcoin Promise

U.S. Presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has made a promise regarding bitcoin if he is elected president of the United States. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. RFK Jr. tweeted Tuesday:

As president, I will make sure that your right to use and hold bitcoin is inviolable.

“Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” he continued.

The presidential hopeful explained in May that he opposes central bank digital currencies, stating that CBDCs “will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke.” Warning that central bank digital currency could lead to financial slavery and political tyranny, he emphasized:

I support bitcoin, which allows people to conduct transactions free from government interference. Bitcoin has been a lifesaver for people’s movements around the world, especially in Burma.

“Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he also tweeted in May.

Kennedy, who accepts bitcoin donations for his presidential campaign, also recently slammed the U.S. Securities and Exchange Commission (SEC) for protecting banks instead of the American people. “I don’t want people on the SEC commission who are anti-crypto,” he stressed. “At most, they should be neutral, and we should have people on there who are from the crypto community.”

What do you think about the promise by Robert F. Kennedy Jr. to safeguard the right to use and hold bitcoin? Let us know in the comments section below.

from Bitcoin News

Bitcoin Ethereum Technical Analysis: BTC Consolidates Below $31000 Following Prime Trust Liquidation

After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900.

Bitcoin

Bitcoin (BTC) consolidated on Wednesday, as traders opted to secure profits following a recent bull run.

BTC/USD broke out of a key resistance level at $30,800 on Tuesday, on its way to a peak at $31,006.79 late in yesterday’s session.

However, take profit orders seemed to have been triggered, with bitcoin dropping to an intraday low of $30,169.78 today.

Bitcoin chart by TradingView

As mentioned yesterday, the relative strength index (RSI) was approaching a ceiling at 73.00, and it appears that bulls were unable to move beyond this point.

The index is now tracking at the 66.45 mark, which comes after price strength was unable to stop at a support level at 68.00.

Should this downward momentum continue, it is likely that BTC will fall below $30,000 in the coming days.

Ethereum

Additionally, ethereum (ETH) also edged lower on Wednesday, with price once again falling under the $1,900 mark.

After Tuesday’s peak at the $1,911.31 mark, ETH/USD slipped to a bottom at $1,850.87 earlier in today’s session.

This low has acted as an interim point of support for previous bulls, who typically go on to push prices higher from this level.

Ethereum chart by TradingView

So far, that has been the case, with the world’s second largest cryptocurrency now tracking at $1,862.93.

Ethereum’s price strength is currently hovering slightly below a floor at 55.00, and should it once again move above this zone, bullish optimism could rise.

If so, the next target will likely be a breakout of the $1,930 resistance level.

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Do you expect any other crypto custodians to be shut down? Leave your thoughts in the comments below.

from Bitcoin News

Swiss Central Bank to Launch Wholesale CBDC Soon Says Chairman Thomas Jordan

The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the bank is being “a little bit prudent at the moment.”

‘This Is Not Just an Experiment’

The Swiss central bank said on June 26 it intends to issue wholesale central bank digital currency on SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. According to Thomas Jordan, the chairman of the Swiss National Bank (SNB), the pilot CBDC project is expected to commence soon and will run for a limited period.

However, the SNB chairman who spoke at the Point Zero Forum, revealed that the experiment would involve the use of a real money equivalent.

“This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants,” Jordan reportedly said.

Central Bank Not Keen on Launching Retail CBDC

By taking this step, the Swiss central bank joins its peers in countries which have either launched their respective CBDCs or are still in the trial or study phase. Their objective, according to a Reuters report, is to avoid ceding control of digital payments to the private sector.

Meanwhile, during his address at the forum, the SNB chairman attempted to explain why the central bank is currently unwilling to launch a retail CBDC. He said:

“We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment.”

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670.

Whitepaper Submission and Review

The Dubai digital asset regulator, Virtual Asset Regulatory Authority (VARA), recently unveiled a schedule of fees for “the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications.” Also, in its June 21 announcement, the regulator stated will be accepting and reviewing whitepaper submissions.

According to the announcement, proprietary traders in the country will be required to have a so-called no-objection certificate (NOC) before commencing any “proprietary trading in or from the Emirate of Dubai.” The annual NOC fee is pegged at approximately $367 (AED1,000) and no further fees are required from applicants.

For registered digital asset firms seeking to amend or change the details of their VARA license, a payment of approximately $184 is needed, the regulator said. On the other hand, licensed entities seeking to completely withdraw from the country will be asked to pay a license withdrawal fee of $3,670.

Concerning the regulation of whitepapers, VARA said issuers that seek review under its Virtual Asset Issuance Rulebook will have to pay a fee of $1,830. An additional fee equivalent to $18,300 will be required for the “completion of a detailed review.” Similarly, requests to amend whitepapers will also be subject to a submission fee of $1,830 and a detailed review fee of up to $18,300.

Meanwhile, in instances where “legal opinions or memorandums” are submitted to the regulator for review and consideration for the “regulatory perimeter applicable to a firm’s virtual asset activity,” VARA said a fee of up to $1,090 may be charged.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Shanghai Clearing House Introduces Support for Digital Yuan Settlements

The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets.

Shanghai Clearing House to Support Digital Yuan

The Shanghai Clearing House, one of the largest counterparty and clearing companies in Asia and the world, recently introduced support for operations and settlements using the Chinese central bank digital currency (CBDC), the digital yuan. According to local reports, the institution will allow its customers to settle bulk commodities payments with the digital yuan with no added fees for the time being.

Some experts believe that using the digital yuan in a large clearing house business will boost efficiency in managing commodity settlements. Dong Dengxin, director of the Finance and Securities Institute of the Wuhan University of Science and Technology, stated:

The launch of the services will make cross-border settlement of bulk commodities more secure, faster, more efficient, and more cost-effective for financial institutions and service providers.

China was the second biggest commodities importer in the world in 2021, with 12.6% of all commodities being purchased by the nation for $2.68 trillion, just behind the U.S., which imported $2.93 trillion in the same period.

Opening Paths for the Digital Yuan

The measure can be seen as a natural extension of the movements that the People’s Bank of China has been making to position the digital yuan as a cross-border transactional currency after passing tests in retail environments.

Dong added:

The move will also facilitate the internationalization of the Chinese currency, and provide the world with a trusted clearing system.

The currency is also being tested with the Faster Payments System to allow Hong Kong citizens to pay with the digital yuan in mainland China. In May, the Chinese autonomous region of Guanxi announced that it was preparing to present the digital yuan at the next China-ASEAN Expo event. Guanxi also plans to use digital yuan as a settlement currency in cross-border trade with other Association of Southeast Asian Nations (ASEAN) countries.

Previously, in April, it was announced that the city of Changshu, with more than 1.5 million inhabitants, would be the first city to use the digital yuan to pay for wages of city employees, including public servants in government offices, as well as schoolteachers, medical staff, and employees of state companies.

What do you think about the support for digital yuan services from the Shanghai Clearing House? Tell us in the comments section below.

from Bitcoin News

State Duma Chairman of Financial Markets Committee: Russia to Exert Serious Control Over Crypto After Legalization

Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use the assets for international settlements.

State Duma Official: Russia to Have ‘Serious’ Control Over Crypto After Legalization

Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, has given an update about the legalization of crypto in Russia and the role of the Russian government regarding its control. According to local media, Aksakov hinted at establishing tight regulations regarding crypto transactions and service providers.

He stated:

Cryptocurrency will be legalized. Its movement will obviously be under serious control so that there will be no abuse.

Aksakov also declared that cryptocurrency users in Russia were expecting this legalization to allow for crypto to be used easily, including leveraging it to settle international transactions and avoid problems at the banking level. Aksakov explained:

They are ready to work in the legal space, because foreign banks are sometimes wary of interacting with Russian banks and making settlements with Russia.

The State Duma official has supported the identification of cryptocurrency holders in Russia previously to “establish taxation and certain rights for cryptocurrency owners,” as well as offer protection in these markets.

Using Crypto to Sidestep International Sanctions

Aksakov remarked on the importance of using crypto as an instrument to expedite international trade.

The Central Bank of Russia (CBR) informed recently that it intends to run pilot tests of cross-border settlements using digital and central bank digital currencies (CBDCs). Deputy chairman of the CBR, Alexey Guznov, stressed that these settlements would not be available inside the country but were directed to expedite international transactions.

In this sense, Aksakov had declared before that “exchanges will be used for cross-border settlements, including bypassing sanctions restrictions, so new restrictions may be introduced against them” when announcing that the country had dropped the idea of a national cryptocurrency exchange.

Aksakov also reported that he expected a bill regulating crypto to be passed by next October. Previously, Aksakov expected to pass four crypto-related laws during the State Duma’s spring session, which ends on July 30.

What do you think about the statements of Anatoly Aksakov regarding the “serious” control that the Russian government plans to exert on the crypto market after its legalization? Tell us in the comment section below.

from Bitcoin News

Nevadas Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns

In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize its property, assets, books, papers, documents, and records. The state’s financial overseer aims to place Prime Trust under receivership, ensuring a comprehensive resolution to the matter.

Nevada Regulator Moves to Shut Down Prime Trust as Crypto Custodian Faces Insolvency and Asset Accessibility Issues

Nevada’s financial watchdog has raised concerns about the financial status of crypto custodian Prime Trust. In a recent development, the Nevada Financial Institutions Division revealed that Prime Trust faced insolvency and was unable to fulfill customer withdrawal requests.

This disclosure, made five days ago, prompted the regulator to assert that Prime Trust had breached its fiduciary responsibilities. Consequently, on the same day, Prime Trust took the step of suspending both deposits and withdrawals, compounding the situation further.

Now a filing submitted to the Eighth Judicial District Court in Las Vegas and put forward by the regulator’s commissioner Sandy O’laughlin stresses that Prime Trust should be placed into receivership immediately.

The regulator wants to immediately impound the property including all assets, documents, and the firm’s application programming interface (API). The regulator wants to “appoint a receiver over Prime Trust with the authority to enter the business and immediately oversee operations.”

The filing says that in 2019, the company enlisted the services of Fireblocks, a digital asset security firm to safeguard assets. The migration to Fireblocks’ platform was successfully carried out in 2020, rendering Prime Trust’s original wallet inactive.

With the arrival of new management in the same year, they were assured by their predecessors that all cryptocurrency assets could be accessed through the Fireblocks platform. In January 2021, the company reintroduced legacy wallet forwarding addresses for customers.

“Prime purportedly believed that these legacy wallets existed on the Fireblocks platform or were configured to forward to wallets accessible on the Fireblocks platform,” the filing details. Unfortunately, in December 2021, a revelation unfolded—the company found itself unable to access the legacy wallets and the digital currency they contained.

Faced with this predicament from December 2021 to March 2022, the company allegedly resorted to utilizing customer funds to procure additional digital currency in order to fulfill withdrawals from the inaccessible legacy wallets.

Despite relentless efforts, Prime Trust has yet to regain access to the elusive legacy wallets as of the present day. While it tried to stave off withdrawals with other funds available, Nevada’s financial watchdog says that in recent times withdrawals became more frequent and larger.

“As such, at or about the time of the instant petition, it is understood that Prime’s financial status is such that it owes, in fiat currency, $85,670,000 to its clients but has $2,904,000 in fiat currency (equaling an $82,766,000 fiat currency liability),” the court filing discloses. “As to digital currency, Prime owes $69,509,000 to its clients but only has $68,648,000 in digital currency.”

What are your thoughts on the regulatory action against Prime Trust? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

Bitcoin Mining the Highest User of Sustainable Energy New Data Reveals

Bitcoin mining is the highest user of sustainable energy and has similarly achieved the highest increase in sustainable energy mix between July 2019 and June 2023, new data has shown. The data also shows that bitcoin mining’s emission intensity has declined from more than 500 g/kWh seen in July 2021 to the June 2023 figure of 296 g/kWh.

Bitcoin Mining Has the Highest Increase in ‘Sustainable Energy Mix’

According to the data comparing bitcoin mining to other industries’ energy mix, the process to extract the top cryptocurrency ranks as “the highest user of sustainable energy (52.6%) across sub-sectors.” The data shows the banking sector as the next highest user of clean energy with 39.2%, while the gold industry is ranked fourth with 12.8%.

The data, which is based on the so-called Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model, indicates that Bitcoin mining has also achieved the “highest increase in [the] sustainable energy mix (+38%) during the period charted from Jul 2019 – Jun 2023 compared to other global industries.”

The new data, which was compiled by climate tech investor Daniel Batten and his team, appears to contradict past studies whose findings seem to fault Bitcoin mining’s supposed disproportionate use of electricity. The data also appears to show that the Bitcoin mining industry has taken of heed climate change activists’ concerns.

8/9

I didn't start off a Bitcoin-advocate, but I've become one

My conclusion:

There's probably never been a more important technology to our chances of mitigating runaway methane emissions, enabling the renewable transition and giving financial sovereignty to 4Billion+ people

— Daniel Batten (@DSBatten) June 22, 2023

An Important Technology

Batten, who is also an environmental, social, and governance (ESG) analyst, also recently tweeted about the top cryptocurrency’s impact and importance to billions of people.

“I didn’t start off a Bitcoin-advocate, but I’ve become one. My conclusion: There’s probably never been a more important technology to our chances of mitigating runaway methane emissions, enabling the renewable transition and giving financial sovereignty to 4Billion+ people,” Batten said.

Meanwhile, concerning the emission intensity of the different sectors examined, the data on the Batcoinz website suggest that Bitcoin mining’s emission intensity has declined from more than 500 g/kWh seen in July 2021 to the June 2023 figure of 296 g/kWh. Bitcoin mining’s just over 50% drop in emission intensity dwarfs the banking sector’s 3.3% decline.

According to the data, the iron and steel industry had the highest emission intensity in the period and the least (0.5%) decrease. The data also shows the gold industry as the sector with the next highest emission intensity of 679g/kWh. Following closely behind is the agricultural sector with 646g/kWh.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

The Long Awaited Goracle $GORA IDO Is Here

PRESS RELEASE. Prepare yourself for the highly anticipated public sale of $GORA on June 28th by staying informed and ready. Rest assured, we have all the vital information about the two launchpads, Poolz and Tokensoft, to guide you through the process seamlessly.

This concise guide will provide you with valuable insights and specifics about these platforms, enabling you to navigate the sale with ease. Don’t miss your chance to secure $GORA tokens through Poolz and Tokensoft and be an integral part of the revolutionary Goracle Network. Get ready to join the action!

IDO Overview

Date: Wednesday, June 28th, 10:00 A.M. UTC

Location: we are launching on the following launchpads

• Tokensoft: Goracle Portal . A well known IDO platform with successful project launches such as The Graph, Tezos & Hedara Hashgraph
  

To participate, complete your KYC (Know Your Customer) process today by visiting http://goracle.tokensoft.io. This step is essential to comply with regulatory requirements and secure your place in the IDO. Don’t miss out on this opportunity to be part of the Goracle ecosystem!

• Poolz: Poolz — Invest in the future leaders of Web3 . A well known IDO platform with successful project launches such as SingularityDAO
• Connect wallet to website to enter public sale

For more information in the $GORA token, please read here.

Disclaimer

The project team reserves the right to make changes, updates, or amendments to the Tokenomics structure, as deemed necessary or appropriate, to align with project goals, regulatory requirements, market conditions, or any other factors that may impact the project’s success.

About Goracle

Goracle is a decentralized oracle network that links the Algorand blockchain to the physical world. Join our community through Discord, Telegram or Twitter to learn more and get involved.

 

 

 

 

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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.

from Bitcoin News

Six Samurai: Anonymous Developers Seek to Revive Terra Classic Ecosystem

While the co-founder of Terraform Labs has been sentenced to four months in jail in Montenegro, a team of six anonymous developers have been attempting to revive the Terra Classic ecosystem after its collapse in May 2022. The six programmers, known as the “Six Samurai,” wholeheartedly believe that luna classic (LUNC) has “limitless upside potential.”

Developers Rally to Breathe Life Into Terra Classic

Following the collapse of the Terra ecosystem in May 2022, a new blockchain called Phoenix was formed, and the network issued new luna (LUNA) tokens. However, the old blockchain, now referred to as the “Classic” network, continues to exist and has a market valuation of approximately $531 million as of Monday, June 26, 2023. The native token of the Terra Classic chain, now known as luna classic (LUNC), currently trades at around $0.00009140 per unit.

A group of developers, self-identified as the “Six Samurai,” now aims to revive the struggling network and infuse new life into the Terra Classic blockchain ecosystem. The Six Samurai released a proposal outlining their idea, which was submitted by two developers named Bilbo Baggins and Solid Snake.

“If this proposal passes the whole team will dedicate themselves to performing their duties for the entire quarter, so the community doesn’t have to worry about anyone leaving partway through it,” the developers Bilbo Baggins and Solid Snake detail.

Although LUNC has experienced a 0.6% increase since the proposal, it pales in comparison to its all-time high of $119 per unit, which was recorded on April 5, 2022. However, LUNC has surged by 9,029% from its all-time low of $0.000000999967, which was registered on May 13, 2022, shortly after the collapse of Terra’s ecosystem.

This is not the initial instance of developers discussing the revival of the Terra Classic ecosystem. In late April 2023, supporters of Terra Classic deliberated on restoring terrausd classic (formerly UST) to its $1 parity. However, the plan never fully materialized, although terrausd classic (USTC) experienced a slight increase during the week the idea was deliberated.

The Six Samurai proposal encompasses numerous ideas to revive the chain, such as token burns, the establishment of a USTC testnet, and the creation of a feeshare module. The token burn concept entails “burning all the LUNC reminted from Binance customers’ fees to date.” A review of the comment section in the proposal reveals that several individuals expressed support for the idea.

What are your thoughts on the Six Samurai’s proposal to revive Terra Classic? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News

IMF Boss: Supporting Egyptian Currency Akin to Putting Water in a Bucket That Has Holes

Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich.

Multiple Exchange Rates ‘Create Privileged Positions for Some’

According to the International Monetary Fund (IMF)’s managing director, Kristalina Georgieva, attempting to shore up the Egyptian currency without first plugging foreign reserves leakages is akin to “putting water in a bucket that has holes.” Georgieva also argued that Egypt’s multiple exchange rate policy has created a system that only benefits the privileged.

However, in her remarks during an interview with Asharq Business, the IMF boss insisted the global lender is still holding discussions with Egyptian authorities. She also highlighted how a closer working relationship with the global lender can help the country’s leaders make the right decisions.

“I have high respect for President Abdel Fattah Al-Sisi and I trust that by working together, he can make the right decisions for the country,” Georgieva said.

The IMF leader added that Egyptian authorities have already made the right decisions which include agreeing to use the International Finance Corporation (IFC)’s expertise.

State Urged to Make Way for Private Sector

However, Georgieva insisted that Egypt still needs to do more on three fronts to improve its competitiveness. One of the first steps the North African country needs to take is to get the state out of sectors of the economy where the private sector is better placed. Doing this will not only allow the private sector to flourish but will also create jobs.

According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich. Authorities also need to think of ways of bolstering the country’s foreign reserve position.

Meanwhile, in his remarks at a finance summit in France, Egyptian President Al-Sisi asked global lenders to show mercy. He said his country is currently undertaking infrastructure projects which “cost us major sums of money” and therefore he requests for “our development partners to be understanding.”

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What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

HSBC Enables Bitcoin and Ethereum ETF Trading on Mobile Apps in Hong Kong

Banking giant HSBC has begun letting customers buy and sell bitcoin and ethereum exchange-traded funds (ETFs) that are listed on the Hong Kong stock exchange (HKEX) using its mobile apps. The stock exchange currently has three crypto futures ETFs listed.

HSBC Customers Can Trade Crypto Futures ETFs Using Mobile Apps

Banking giant HSBC has reportedly begun allowing customers to buy and sell bitcoin and ethereum exchange-traded funds (ETFs) listed on the Hong Kong stock exchange (HKEX) through its mobile apps. Chinese reporter Colin Wu tweeted Monday:

HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell bitcoin and ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong.

Wu further noted that HSBC has launched “Virtual Asset Investor Education Centre,” emphasizing: “Investors need to read and confirm the educational materials and risk disclosures in the Virtual Asset Investor Education Center before investing in any virtual assets-related products through HSBC HK Easy Invest app, HSBC HK Mobile Banking app, and online banking.”

Currently, there are three crypto ETFs listed on the Hong Kong stock exchange: CSOP Bitcoin Futures ETF (stock code: 3066), CSOP Ether Futures ETF (stock code: 3068), and Samsung Bitcoin Futures Active ETF (stock code: 3135).

The CSOP bitcoin and ether futures ETFs, which began trading on the HKEX in December last year, track the standardized, cash-settled bitcoin futures contracts and ether futures contracts traded on the Chicago Mercantile Exchange (CME) respectively. The Samsung bitcoin futures ETF was listed in January; it seeks to provide economic exposure to the value of BTC by investing predominately in front-month bitcoin futures on CME.

Hong Kong recently revamped its regulatory framework for crypto in an attempt to become a crypto and innovation hub. The new law went into effect on June 1. The Hong Kong Securities and Futures Commission (SFC) stated that its new regulatory regime “seeks to capture all the dimensions of the public’s interface with virtual assets, providing for investor protection and market integrity while managing key risks to financial institutions.”

Many people were quick to point out on social media that the cryptocurrency ETFs that customers can trade through HSBC’s apps are not spot crypto ETFs. In the U.S., the Securities and Exchange Commission (SEC) has approved several crypto futures ETFs but has yet to greenlight any crypto spot ETF.

Moreover, these crypto ETFs have been available through the HSBC Broking service since they were listed on the HKEX but were not available on mobile apps. HSBC Broking offers ETF trading on the Hong Kong Stock Exchange and other major markets around the world.

Hong Kong is setting itself apart from the United States in terms of regulatory approaches towards cryptocurrencies. While the U.S. SEC has been actively taking action against unregistered crypto trading platforms and securities tokens, including charging Coinbase for violations of security laws, Hong Kong has adopted a different stance. In response to developments in the U.S., Hong Kong legislator Johnny Ng invited Coinbase and other global crypto exchanges to apply for licenses in Hong Kong. The lawmaker stated, “I hereby offer an invitation to welcome all global virtual asset trading operators, including Coinbase, to come to Hong Kong for the application of official trading platforms and further development plans.”

HSBC recently filed trademark applications for a wide range of digital currency and metaverse services. The bank’s CEO, Noel Quinn, however, has said that crypto is not in HSBC’s future. In March, the bank joined the metaverse by partnering with blockchain virtual gaming platform The Sandbox. In May, the Hong Kong Monetary Authority (HKMA) announced that HSBC and 15 other firms have been selected to participate in the first round of e-HKD pilots for 2023.

What do you think about HSBC letting customers trade bitcoin and ethereum ETFs listed on the Hong Kong stock exchange using its apps? Let us know in the comments section below.

from Bitcoin News

Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imports in Chinese Currency Report

Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos Aires explained.

Chinese Yuan Usage Hits Record High in Argentina

The Argentine customs agency has revealed that over 500 companies in Argentina, spanning various industries such as electronics, auto parts, textiles, oil, and mining, have requested to use Chinese yuan for import payments, Bloomberg reported Friday.

As the scarcity of U.S. dollars persists in Argentina, the use of the Chinese yuan has reached an all-time high in the country. According to officials from the country’s central bank, import payments authorized in the Chinese currency have amounted to $2.9 billion. Marcelo Elizondo, a trade economist in Buenos Aires, explained:

The central bank doesn’t have dollars so it needs the emergency aid China is offering … For Argentina, its currency ties to China represents an emergency, but for China it’s a point of leverage to take advantage of a geopolitical opportunity.

Whirlpool Corp. is among the companies seeking to utilize China’s currency for import payments. The American appliance giant invested $52 million in its new factory outside Buenos Aires last year. Juan Carlos Puente, president of Whirlpool Latin America, was quoted as saying: “We’ve had to stop the factory at some points and that’s not good for business, productivity nor quality … We’re working to see how we can leverage this new avenue of flows to be able to continue importing materials.”

According to Argentina’s customs agency, between May and August, Argentine companies, including Mirgor and Newsan, made import payments totaling $630 million in Chinese yuan.

China recently granted Argentina access to over half of an $18 billion currency swap line, aimed at bolstering trade between the two countries. This bilateral swap agreement, which has been in place since 2009, serves as a contingency measure to enhance foreign reserves during periods of liquidity crises.

Maria Castiglioni, director of consulting firm C&T Asesores in Buenos Aires, emphasized that Argentina is left with limited options due to the scarcity of the USD, stating:

The only option it has left is to access the yuan from the China swap line.

Recent data from Mercado Abierto Electrónico, one of Argentina’s prominent exchanges, shows that the daily proportion of Chinese yuan transactions in the country’s foreign currency market has reached a new daily record of 28%. This represents a significant increase compared to the previous month when the share of yuan transactions stood at a maximum of 5%.

What do you think about companies in Argentina wanting to pay for imports using Chinese yuan? Let us know in the comments section below.

from Bitcoin News

Circle CEO Jeremy Allaire: Other Governments Are Regulating Digital Dollars Before the US

Jeremy Allaire, CEO of Circle, the company behind the issuance of usd coin (USDC), has expressed his worries about the state of stablecoin regulation in the U.S. In a congressional hearing, Allaire stated that other governments were already regulating the issuance of digital dollars (dollar-backed stablecoins) and called on the U.S. government to act by issuing stablecoin rules.

Circle CEO Jeremy Allaire Calls for Stablecoin Regulation: ‘It’s Time to Act.’

Jeremy Allaire, CEO of Circle, a U.S.-based stablecoin company, has called for stablecoin regulation to preserve the country’s sovereignty over the issuance of digital dollars. In a congressional hearing, Allaire explained that other countries have already drafted and established frameworks for issuing dollar-backed stablecoins, leaving the U.S. behind.

Allaire explained:

We are seeing governments around the world — the EU, the U.K., Japan, Hong Kong, Singapore, and others — actually defining the rules for how dollars, digital dollars, are issued and operate in those markets, which is astounding.

Furthermore, Allaire detailed how the lack of regulation could have “devastating consequences” for the competitiveness of the U.S. dollar in a world driven by digital interactions on the internet. Allaire recently reiterated his call to action on social media, stating: “It’s time to act.”

How Commercial Banking Affected USD Coin

Circle is the company behind usd coin (USDC), the second largest stablecoin in the crypto market, with a market cap of $28.3 billion. The token suffered a depegging incident in March due to the demise of Silicon Valley Bank (SVB), which held 8.8% — about $3.3 billion — of the total reserve backing the USDC stablecoin.

The depeg, which took the price of usd coin as low as $0.85, was reverted with the announcement that all the depositors of SVB would be made whole. At the time, Allaire remarked on the importance of establishing clear rules to avoid this from happening again, advocating for “full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.”

Stablecoins have risen as a significant part of the cryptocurrency market, with a notable jump in their utilization. According to Kaiko, a cryptocurrency market data provider, the utilization of stablecoins has risen to 76% of all cryptocurrency transactions. This represents a 16% increase since the beginning of 2022.

A new stablecoin legislation draft was released by House Financial Services Committee Chair Patrick McHenry on June 8.

What do you think about Jeremy Allaire’s calls for stablecoin regulation? Tell us in the comments section below.

from Bitcoin News

Metagalaxy Land Ushers in Advanced Metaverse Experience Bolstered by Investment from Blockchain Incubator 10SecLabs

PRESS RELEASE. 10SecLabs, a leading force in the blockchain incubation landscape, has taken a significant investment leap into the innovative Metagalaxy Land project. This development comes ahead of Metagalaxy Land’s much-anticipated Metaverse Platform Launch. Set to be a trailblazer in the GameFi and metaverse arenas, Metagalaxy Land states that this investment has catalyzed considerable progress in their project, enabling it to leap forward towards future releases.

Metagalaxy Land’s pre-alpha version, due to launch in early July, promises an exhilarating experience for its users. Assuming the roles of Space Pirates, they’ll explore the ‘Decentralized Planet.’ The adventure involves hunting for Metagalaxy Land points, which are strategically scattered across the map daily. Accumulating these points allows users to scale the leaderboard and reap enticing rewards. Furthermore, while navigating the NFT Exhibition on the Decentralized Planet, users have the ease of accessing the trade page for purchases and attending the Conference for unique events and video presentations.

10SecLabs is renowned for propelling projects into the next phase of their development and daringly exploring uncharted blockchain territories. The team at 10SecLabs have expressed their early recognition of Metagalaxy Land’s immense potential, stating, “We are unwavering in our commitment to nurturing innovative projects that bolster the blockchain ecosystem. Our strategy involves identifying potential in projects and delivering the necessary ignition power through targeted investments. This strategy not only elevates 10SecLabs’ standing in the web3 world but also serves to enrich our portfolio with cutting-edge projects,” reinforcing their intention to make a substantial and lasting impact in the industry.

As the countdown to the pre-alpha metaverse launch begins, both Metagalaxy Land and 10SecLabs are extending an invitation to adventurers, gamers, and blockchain enthusiasts to come explore the metaverse.

About 10SecLabs:

10SecLabs is a preeminent incubator in the blockchain space, renowned for its significant investments in pioneering projects that advance the blockchain ecosystem.

Related Links

Websites

https://10seclabs.com/
https://metagalaxyland.com/ https://nft.metagalaxyland.com/

Social Media

Twitter: https://twitter.com/metagalaxyland

Telegram: https://t.me/metagalaxylandofficial

https://t.me/metagalaxylandofficial

Youtube: https://www.youtube.com/c/MetaGalaxyLand

 

 

 

 

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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.

from Bitcoin News