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Ukraine Legalizes Bitcoin amid Intensified Tension with Russia

by Blockchain NewsFebruary 18, 2022

Amid escalating tension with inevitable military conflicts with Russia before the incoming full-blown war, the Ukrainian parliament unanimously voted to legalize Bitcoin and cryptocurrencies by passaging a Virtual Assets law on Feb 17.

The legislation called “Law of Ukraine on Virtual Assets” has been passed with at least 270 votes approval, according to a statement from the Parliament.

The law stipulates the requirements that crypto service providers like exchanges ought to adhere to and the accrued fines in case of violations.

Mykhailo Fedorov, the Ukrainian deputy prime minister, believed that the law would open the nation’s boundaries to crypto companies, given that Ukraine is among the top-5 countries in crypto usage. He noted:

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets.”

However, the passage of the bill does not mean the legalization of the adoption with Bitcoin as legal tender. According to Nasdaq.com, citing a report from Bitcoin Magazine, the nation’s financial watchdog, the Securities Commission, will monitor the crypto market and issue permits to service providers.

The passage of the virtual assets law is the country’s second attempt to legalize Bitcoin after the first effort reached a dead end following President Volodymyr Zelensky’s rejection.

The legalization of Bitcoin in the nation comes at a crucial time when tensions with Russia have intensified, given that Russia has marshalled more than 100,000 troops to the border, although Russian claims that have withdrawn some of the troops from the borders.

On the other hand, U.S. President Joe Biden recently noted that Russia was ready to fabricate reasons to invade Ukraine, warning that an attack would emerge in the coming days.

Therefore, volunteer groups and NGOs in Ukraine have been receiving Bitcoin donations to support the army with drones, medical supplies, and military gear.

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Blockchain Usage in the Retail Market Expected to Increase 12-Fold, Hitting $2.08B by 2028

by Blockchain NewsFebruary 18, 2022

Blockchain technology is expected to continue streamlining the retail market, given that its usage is anticipated to increase 12-times to reach $2.082 billion by 2028 from $172.22 million recorded in 2021.

In a new report entitled “Blockchain in Retail Market, 2021-2028,” research and consulting firm Fortune Business Insights speculates that the market will record a compound annual growth rate (CAGR) of $42.8% during the 2021-2028 forecast period.

The study noted that the post-pandemic era has necessitated integrating blockchain solutions into the retail market based on new measures like the termination of production divisions and global manufacturing units. Therefore, blockchain comes in handy in aiding transparency throughout the supply chain.

Fortune Business Insights also highlighted that digital payments had engulfed the retail market, making it necessary to the rollout of distributed ledger technology.

Per the report:

“Blockchain in retail enables low-cost, safe, and rapid payment operating services with the usage of encoded distributed ledgers technology. This aids in the verification of the transactions in real-time without the requirement for intermediaries such as clearinghouses and banks.”

The research acknowledged that some of the leading players aiding blockchain usage in the retail market included IBM Corporation, Amazon Web Services (AWS), Cisco Systems Inc., and Tata Consultancy Services, among others.

Meanwhile, the global blockchain technology market is speculated to hit $1.43 trillion by 2030, according to Grand View Research.

Despite the adoption of blockchain technology being in the experimental stage in most SMEs, it is expected to surge in the coming years based on transparency and low infrastructure costs.

On the other hand, the blockchain industry is continuously experiencing groundbreaking research, with JP Morgan Chase, Ciena, and Toshiba recently showing a Quantum Key Distribution (QKD) Network’s practicability when averting quantum attacks and eavesdropping.

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Tagged : Blockchain / Industry / RETAIL MARKET

DeFi Protocol Ref Finance Completes $4.8M Financing Led by Jump Crypto

by Blockchain NewsFebruary 18, 2022

NEAR’s Blockchain ecological DeFi project Ref Finance announced the completion of $4.8 million financings led by Jump Crypto.

Other investors include Alameda Research, Dragonfly Capital, D1 Ventures, OKX BlockDream Ventures, Kucoin Ventures, SevenX Ventures, Kronos, Move Capital, Puzzle Ventures, 0xMaki, Caoyin, etc.

Ref Finance’s latest financing will expand its team, continue to build DeFi services, and build better DeFi products and services for customers to support the NEAR ecosystem.

Reportedly, Ref Finance currently uses algorithms such as automatic market maker (AMM) to provide DeFi one-stop service for the NEAR ecosystem.

Some of the DeFi protocols that the market is familiar with, such as Uniswap, use algorithms such as automatic market maker (AMM), allowing investors to deposit funds into the on-chain liquidity pool in advance, which makes a completely decentralized and non-custodial manner, all the while providing seamless transactions between cryptocurrencies.

It also uses the stable-swap market, a version of AMM, to exchange stablecoins.

Currently, NEAR supports the trading of ETH, SOL, LUNA, and CELO tokens through Asset Bridge for financial activities. Transaction costs on Near are about 1 cent per transaction, and transactions completed in one to two seconds.

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Tagged : Bitcoin / Blockchain / DeFi / Finance / Jump Crypto / Near / REF FINANCE

Indian Crypto Taxation Leads to Daily Sign-ups Increase for Exchange Platforms

by Blockchain NewsFebruary 18, 2022

Indian crypto-asset exchange platform WazirX witnessed a 30% jump in its daily sign-ups since the country decided to impose a 30% tax on profits from cryptocurrency trading, according to co-founder Nischal Shetty.

While rival CoinSwitch saw a daily increase of 35%, according to founder Ashish Singhal. Binance owned WazirX is the largest crypto bourse in India.

The crypto tax decision by the Indian government could be seen as a boon instead of an obstacle as crypto interest among the public has risen due to a probability that taxation has legitimized an industry that was earlier in regulatory limbo, although it had already been facing stringent backlashes from the central bank.

According to Shetty, there could be about 100 million individual investors in crypto in the next two to three years.

“Investors are seeing a lot of clarity and visibility now with taxation announced in the budget,” Shetty said. “Earlier, people were on the sidelines wondering if cryptos were allowed or not.”

Neither exchange disclosed how many customers they added in total since Feb 1, but Shetty said that on average, the new client puts about 30,000 rupees to 40,000 rupees ($400 to $533) in their trading account.

Following the announcement of the taxation scheme, crypto wary companies have started to show investment interests in WazirX, Shetty said. However, India’s crypto industry still lives in uncertainty as the country has not introduced legislation governing digital assets.

Meanwhile, the Reserve Bank of India (RBI) or central bank has not shown any signs of toning down its criticism against the use of digital assets.

Earlier in February, RBI Governor Shaktikanta Das showed distaste towards cryptocurrencies saying that they are a threat to financial stability and comparing them unfavourably to the 17th-century Dutch tulip mania.

RBI Deputy Governor T. Rabi Sankar echoed Das’ sentiments saying that India should ban cryptocurrencies as they are related to Ponzi schemes or worse and they pose a threat to financial and macroeconomic stability, Blockchain.News reported on February 15, 2022.

“We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and maybe even be worse,” T. Rabi Sankar said in a speech.

Blockchain.News also reported that India’s Finance Minister Nirmala Sitharaman came out guns blazing to clarify that cryptocurrency taxation is a “sovereign right” and “corrective action”.

Sitharaman clearly noted that while the “profit emanating from transactions associated to cryptocurrency has been taxed, nothing has been done, at the moment, to legalise, ban or de-legalise it”.

Sitharaman also clarified doubts about the future of cryptocurrency in the country, stating that if there were any final decisions on prohibiting digital currencies, it would only come after due consultation from all stakeholders.

Sitharaman, however, also gave hope to crypto exchanges and investors who have been arguing for the regulation of cryptocurrencies as an asset.

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Tagged : Asia / Bitcoin / Blockchain / Crypto / Cryptocurrency / India / Wazirx

Sequoia Capital Invests over $500M to Participate in Crypto Governance

by Blockchain NewsFebruary 18, 2022

California-based venture capital firm, Sequoia Capital, is doubling down on its bullish stance in the digital currency ecosystem with the launch of a $500 to $600 million investment dubbed the Sequoia Capital Fund.

As detailed by the company, the establishment of the fund is aimed at becoming an active participant in the key decentralized and open-source protocols that it backs.

According to the company, its major partners in the crypto ecosystem have often asked it to do more than just invest in the space and evolve into either a liquidity provider of any of such related activities that sustains a blockchain-backed project. With the new funds, Sequoia Capital will invest “primarily on liquid tokens and digital assets.”

“Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves,” the Venture Capital said in an announcement. “We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research. We will also continue to partner with crypto teams across every stage of their journey out of our seed, venture, growth, and expansion funds.”

According to a Bloomberg report, citing Shaun Maguire, a partner at Sequoia Capital, crypto is believed to be a technology that will form a “megatrend over the next 20 years” additionally calling it “the future of money.”

Founded in 1972 by Donald T Valentine, Sequoia Capital has always put its money where its mouth is and the firm has a number of sizable stakes in digital currency-based firms. As reported by Blockchain.News, Sequoia Capital led the recent $450 million Polygon Network private token sale earlier this month.

The company is also a major investor in Reddit, as well as FTX Derivatives Exchange. The new Fund and the company’s plans are billed to transform Sequoia from just a passive partner to a major offshoot that helps keep protocols running.

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Tagged : Finance / Polygon / SEQUOIA CAPITAL / VENTURE FUNDING

SEC to Give “Careful Consideration” to Concern about Spot BTC ETFs: Gensler

by Blockchain NewsFebruary 18, 2022

In a letter sent to members of Congress, Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), promised to give “careful consideration” about spot Bitcoin Exchange Traded Products (ETPs).

Recalled that two Congressmen, Tom Emmer (MN-06) and Darren Soto (FL-09), sent a letter to Gensler back in November last year requesting to know the reason for the commission’s caution towards a spot BTC ETF product when indeed, it has approved a related product based on the futures price of the premier cryptocurrency.

“We question why, if you are comfortable allowing trading in an ETF based on derivatives contracts, you are not equally or more comfortable allowing trading to commence in ETFs based on spot Bitcoin,” the letter read at the time following the approval of ProShares futures-based Bitcoin ETF product. “Bitcoin spot ETFs are based directly on the asset, which inherently provides more protection for investors.”

In response to the inquisition, Gensler said the proposals for both a futures-based and a spot ETF are considered separately based on the provisions of the Exchange Act. While Gensler said, the commission would continue to probe whether the proposals for a spot Bitcoin ETF product are capable of preventing fraud and manipulative practices.

The fears of the SEC are compartmentalised mainly to the U.S., and other countries, including Canada, Brazil, and Germany, have fully functional spot Bitcoin ETF products trading on their public bourses. In a bid to prevent the United States from lagging behind in emerging financial innovations, Rep Emmer tweeted saying;

“This issue remains a priority for us and we will continue to oversee the SEC in its mission to maintain fair and orderly markets and facilitate capital formation.”

While the SEC Chairman reassured that the commission would continue to consider new proposals to list a spot BTC ETF, the ecosystem is hardly optimistic about the chances of anyone emerging soon.

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Tagged : Bitcoin Etf / CRYPTO REGULATION / Gary Gensler / Regulation / SEC / Us Congress

Colorado State to Permit Payment of Taxes in Crypto this Summer

by Blockchain NewsFebruary 18, 2022

Colorado State Governor Jared Polis has revealed that it plans to let its residents pay their taxes in digital currencies as early as this summer.

Speaking in an interview with CNBC, the governor said the state does not intend to keep or HODL any of the digital currencies it receives. The funds will immediately be converted to fiat as they are received, making the adventure a risk-free one for the state.

The tax collection or payments through crypto will not be limited to just Bitcoin (BTC), as it is meant to support a wide range of cryptocurrencies. Additionally, Governor Jared Polis said the supported provisions would expand to other license payments beyond taxes in due time.

“We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes,” said Polis. “Then we plan to roll that out across all of state government for things like, could be as simple as driver’s license or hunting license within a few months after that.”

Governor Polis has always had a soft spot for digital currencies, notably one of the first politicians to accept crypto as donations for his campaigns. Not long after taking office back in 2019, Governor Polis signed the Colorado Digital Token Act into law. This Bill was intended to shield cryptocurrencies with a “primarily consumptive purpose” from being classified and treated as securities in the state.

Elected American politicians are generally beginning to take much liking for digital currencies, with Miami Mayor arguably amongst the most bullish of all. While Miami as a state has made headlines through several initiatives, including the strong embrace of Bitcoin miners from China, the move to permit citizens to pay taxes has not turned out successful for Ohio, and Seminole County, Florida, have made such moves in the past.

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Tagged : Colorado / Cryptocurrencies / Cryptoeconomics / Tax

US DOJ Announces Leader for New FBI Crypto Unit

by Blockchain NewsFebruary 18, 2022

The new national cryptocurrency enforcement team will be led by a prosecutor in charge of the case against Russian hackers, the U.S. Department of Justice said, also adding that the Federal Bureau of Investigation (FBI) will launch a unit for blockchain analysis and virtual asset seizure.

Following a successful case against the Russian hacker who helped steal data about more than 80 million JPMorgan & Chase Co customers, Deputy Attorney General Lisa Monaco announced that Eun Young Choi has been chosen to lead the “virtual asset exploitation” unit, according to the official statement.

Monaco also said that the innovation of a new global virtual currency initiative that is underway will be aggressive about disrupting cyber threats.

“Moving forward, prosecutors, agents, and analysts will now assess – at each stage of a cyber investigation – whether to use disruptive actions against cyber threats, even if they might otherwise tip the cybercriminals off and jeopardize the potential for charges and apprehension,” she said.

The cryptocurrency enforcement team is formed after the Justice Department made the largest-ever financial seizure earlier this month, in which a couple was charged for laundering $4.5 billion worth of bitcoin in the 2016 hack of Bitfinex.

According to Choi’s LinkedIn profile, she has served as Monaco’s senior counsel and worked for almost a decade as a cybercrime coordinator and assistant U.S. attorney in New York.

The crypto industry has witnessed a series of high-profile cyberattacks last year on the largest U.S. fuel pipeline network and the world’s largest beef supplier which has called for a higher level of scrutiny of the expanding industry. In such attacks, ransomware groups often demand their pay in bitcoin.

According to Reuters, cryptocurrencies rely on blockchain technology, a database shared across a network of computers, in which records are difficult to change once added.

Blockchain.News on February 17, 2022, reported that the FBI said law enforcement can barely keep up with the advancements of criminal activities in the cryptocurrency sector.

The FBI said that cybercriminals have embraced digital innovations in the cryptocurrencies technology so rapidly that it is getting hard to keep up, the report added.

Bitcoin has become the most favourable form of cryptocurrency payment among criminals in ransomware attacks since it is unhackable and can be transferred in large amounts instantly without having to go through a banking system.

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Tagged : Bitcoin / Blockchain / Crypto / Cryptocurrency / Fbi / Legal

US DOJ Announces Leader for New FBI Crypto Unit

by Blockchain NewsFebruary 18, 2022

Monaco also said that the innovation of a new global virtual currency initiative that is underway will be aggressive about disrupting cyber threats.

According to Choi’s LinkedIn profile, she has served as Monaco’s senior counsel and worked for almost a decade as a cybercrime coordinator and assistant U.S. attorney in New York.

According to Reuters, cryptocurrencies rely on blockchain technology, a database shared across a network of computers, in which records are difficult to change once added.

Blockchain.News on February 17, 2022, reported that the FBI said law enforcement can barely keep up with the advancements of criminal activities in the cryptocurrency sector.

The FBI said that cybercriminals have embraced digital innovations in the cryptocurrencies technology so rapidly that it is getting hard to keep up, the report added.

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Tagged : Bitcoin / Blockchain / Crypto / Cryptocurrency / Fbi / Legal

JP Morgan, Ciena and Toshiba Partner to Establish Quantum Key Distribution Network

by Blockchain NewsFebruary 18, 2022

To protect the blockchain networks from eavesdropping and quantum computing attacks, JP Morgan Chase, Ciena, and Toshiba have shown the feasibility of a Quantum Key Distribution (QKD) system in groundbreaking research.

In a statement, the research team disclosed that the QKD network can offer speeds of 800 Gbps for mission-critical blockchain applications irrespective of environmental factors.

Yasushi Kawakura, Toshiba America’s vice president, believes that the QKD project is a stepping stone towards averting quantum attacks on the blockchain ecosystem.

The QKD network is an integration of JP Morgan’s P2P blockchain-based network called “Liink”, Toshiba’s proof of concept network infrastructure, and Ciena’s Waveserver 5 platform consisting of 800 Gbps optical-layer encryption.

Therefore, it is based on quantum physics and uses a solid two-way communication framework.

Marco Pistoia, the head of the FLARE Research group at JP Morgan Chase, welcomed the strategic partnership and stated:

“This work comes at an important time as we continue to prepare for the introduction of production-quality quantum computers, which will change the security landscape of technologies like blockchain and cryptocurrency in the foreseeable future.”

Given that the quantum computing era is on the horizon, Steve Alexander believes research and development are crucial for optimal results like Ciena’s first-ever 800 Gbps encryption.

The chief technology officer at Ciena explained:

“With more sensitive information being distributed across fiber-optic networks every day, robust encryption is of vital importance.”

Quantum computers are still in the developing phase and are deemed superfast than standard computers.

JP Morgan has been crafting a name for itself in the blockchain/crypto space. For instance, it created a business unit dubbed Onyx to house its digital currency and blockchain efforts.

The leading bank also recently set foot in the metaverse through a virtual lounge.

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Tagged : Blockchain / CIENA / Ecosystem / Jp Morgan Chase / Quantum Computing / QUANTUM KEY DISTRIBUTION (QKD) / Research / TOSHIBA