Day: September 18, 2022

Michael Saylor Supports Bitcoin as a Valuable Asset in the Digital Space

by Blockchain News

Michael Saylor the CEO of MicroStrategy Inc. stated that Bitcoin (BTC) is a better tool for trade compared to the use of other physical instruments.

BTC2.jpg

He highlighted the challenges that come with physical commodities like gold, stocks, and real estate properties. 

 

According to reports from the Australian Crypto Convention. Saylor highlighted the negative experiences that come with owning a physical property such as high increments in taxes associated with their usage, unlike bitcoin. He is of the opinion that the use of bitcoin will reduce the high taxes rate for consumers. Bitcoin has been so secured for so many years now and is always a secured cryptocurrency 

He talked about how physical commodities can’t be moved beyond boundaries adding; “If you have a property in Africa, no one’s gonna want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, you can loan it or rent it to anybody in the world.”

Saylor highlighted that bitcoin can be carried from place to place, even the smallest piece of it, and can be passed down to children up to the fourth generation going to about 250 years. He also made it known that the only product that can’t be taxed is bitcoin.

Bitcoin’s Potentials in the Digital Economy

In a related interview, Saylor said he was clueless about Bitcoin’s potential until 2020 and wasn’t even thinking of investing in it however this view changed when he saw the persuasive wealth of bitcoin to gold. 

Bitcoin is better than gold due to analysis pointed out by his firm, considering government debts, stock derivatives, and precious metals.

“The return of gold is nothing compared to crypto and in the digital world bitcoin is that currency,” says Michael Saylor.

According to survey results made available by Mizuho Securities Co. Ltd., a sizable portion of US citizens may be planning to invest around 10% of the most recent batch of direct stimulus checks on Bitcoin and stocks.

Many who consider Saylor as a persuasive innovator may be moved to inject funds into Bitcoin per his prompting.

Image source: Shutterstock

Source

Tagged : / /

Singaporean Police Force Claims Do Kwon is Not in Singapore

by Blockchain News

The Singapore Police force has made it known that Kwon is not in Singapore.

KWON2.jpg

This statement comes after a Spokesperson claimed that Kwon and five other individuals were issued an arrest warrant and were hiding in Singapore to avoid arrest.

 

Do Kwon, the primary developer of the LUNA cryptocurrency and the founder of the blockchain platform, terraform lab has been battling fraud charges due to the collapse of the two cryptocurrencies associated with Terraform Labs in May. Investors lost billions of dollars to the collapse globally and many have even called it a Ponzi scheme.

 

According to various sources, Kwon was subjected to a Search and Seizure operation in July but has pledged his commitment to corporate to local authorities as regards charges issued against him.

 

Singapore’s police have pledged their support to South Korea in the case of Kwon based on its jurisdictions both locally and internationally.

 

Terra USD became popular early in the year with the company’s non-profit outfit Luna Foundation Guard which is the company behind Terra USD made a pledge to acquire $10 billion worth of bitcoin to support its peg to the dollar. 

 

The algorithmic stablecoin further depegged from the dollar, sending an imbalance into the broader Terraform ecosystem. The cataclysmic drop in the LUNA and UST resulted in a ripple slump that affected other protocols and hedge funds connected to Terraform Labs.


With Do Kwon facing charges in at least one jurisdiction, he has come off as one of the most distressed personalities in the crypto ecosystem in recent times.

Image source: Shutterstock

Source

Tagged : / / / /

Amid Criticisms, Binance’s Changpeng Zhao Praises Biden’s New Crypto Framework

by Blockchain News

Binance’s CEO, Changpeng Zhao popularly known as CZ has declared his support to the president of the United States for bringing out a new framework that will guide the activities of using cryptocurrencies in the country in spite of a backlash from other stakeholders.

ZHAO2.jpg

In a Twitter thread, Zhang made salient points as reasons for welcoming the new framework by President Biden. According to him, ‘’In contrast to the existing patchwork of state rules and regulations that control this business, the US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity’’.

He also pointed out that the framework will strengthen the collaboration of the U.S with other countries as they will now be recognized as pioneers while ensuring that the rights of citizens are protected against fraudulent activities that coexist in the digital space.

According to Zhang, Binance is pledging its commitment to fighting crime and money laundering through the expansion of its analytical capabilities and Anti-Money Laundering (AML) detection. ‘’The need for ensuring that low and middle-class individuals are considered in the framework is also paramount,’’ says CZ.

Reactions to the U.S New Framework

Zhang’s support of the new framework comes after a Ranking Republican leader, Patrick McHenry issued a press release in opposition to President Biden’s new framework stating that Biden is focused on the potential risk of digital assets instead of addressing the potential growth of digital assets as a vital tool to the growth of the U.S economy.

McHenry also stated that Biden’s report has failed to address whether the proposed benefits of using a Central Bank Digital Currency (CBDC) will be greater than the risks involved.

While some commenters from the Twitter thread think that Binance’s support of the U.S new framework is a good step because of the clarity it would bring to the digital space, others seem to think that Binance is just seeking favor and attention from the U.S government.

Image source: Shutterstock

Source

Tagged : / / /

Yuga Labs Taps Tucker Spencer as its Chief Gaming Officer

by Blockchain News

Yuga Labs, a Web3 startup that seeks to push the crypto and NFT innovations to a new height has recently appointed Spencer Tucker as the Chief Gaming Officer in charge of the gaming and the Otherside metaverse project.

YUGA2.jpg

Spencer made the news known on a LinkedIn post saying, ‘’I’m joining Yuga Labs as their first Chief Gaming Officer! It’s a huge opportunity and an excellent pairing of like minds. I am super stoked to partner with the Yuga team & community in building the most compelling and creative experiences across the Metaverse.”

Tucker believes that player ownership, social interaction, and creative expression will be the driving forces behind the future of gaming where players come together to combine, and materialize diverse and interesting worlds, content, art, and gaming experiences. 

Tucker said he is excited to be working in the swampy depths, creating the cutting edge of the future with such amazing individuals and an amazing community.

Tucker is a gaming expert that specializes in Game development, MMORPGs, mid-core games, action games, UGC, Web3, game design, and business management. He has nearly 2 decades of experience with Socio-competitive/cooperative system design, analytics/personalization strategies, online marketplace strategies, micro-transaction economic design, data analysis, complex project planning and He is also a Patent holder/inventor in online virtual goods distribution systems.

 

 

Yuga’s Contribution to the digital space

Yuga Labs has made several innovations in the digital space, they are responsible for creating a flagship collection known as the Bored Ape Yacht Club (BAYC), a series of non-fungible tokens.

Yuga’s long-term ambition of aiming to be the home to top NFT collections is hinted at by this newly created C-suite position and recent events like Otherside’s First Trip demo.

 Yuga Labs is also extending its influence in the developing Web 3.0 and metaverse spheres by acquiring the IP rights (Mutant Ape Yacht Club, Bored Ape Kennel Club) and other collections (Meetbits series and CryptoPunks).

The Yuga team also has plans to raise $50 million through a new NFT collection called the ‘’Mecha Apes’’ according to a filing in September.

Image source: Shutterstock

Source

Tagged : / /

Indian Finance Minister Urges Banks to Use Web3 Technology to Detect Fraud

by Blockchain News

Indian Finance Minister Nirmala Sitharaman called on banks to use technologies such as Web3 and AI to detect fraud and generate early warning signs at the 75th Annual General Meeting of the Indian Banks Association in Mumbai on September 18.

She also asked the bank to strengthen customer service through digital Tools.

The finance minister urged banks to use digital tools to detect fraud and unusual transactions.

Nirmala Sitharaman also asked the banks to make plans for the next 25 years to embrace digitization and modern technologies to make India a developed country by 2047.

The finance minister further stated, “You need to have strategies to meet the aspirations of the youth of India in the next 25 years. You need to make your portfolios so that they are attractive to the young as well and make yourselves accessible to them.”

The Indian Prime Minister has called for a collective global effort to tackle the challenges posed by cryptocurrencies as the country’s crypto sector remains in uncertainty.

The crypto space has had its ups and downs on Indian soil, with a blanket ban on digital assets surfacing at one point.

As of June 2022, the number of crypto investors in India had clocked 115 million, representing 15% of the nation’s population aged 18 to 60 years, according to a survey by crypto exchange KuCoin.

Cryptocurrency trading volume on Indian exchanges has dropped by more than 90% since a 1% cryptocurrency tax was introduced in July this year.

Image source: Shutterstock

Source

Tagged : / / / / /

Binance Accounting Vulnerability Led to Uneven Distribution of About $20M HNT

by Blockchain News

The Helium Foundation says a bug in Binance’s accounting system caused users to mistakenly receive around $20 million worth of HNT tokens.

Binance discovered an accounting error last night that caused Helium’s MOBILE token to be mistaken for HNT and allowed users to send MOBILE balances to HNT wallets, which were then sold to the market.

The Helium Foundation said that around 4,829,043 MOBILE tokens were exploited by a bug in Binance’s accounting system, and the bug was not a blockchain issue and was isolated from the exchange.

Founded in 2013, Helium network is the world’s first peer-to-peer LoRaWAN wireless Internet of Things, also known as “People’s Network”.

The Helium Foundation has warned Binance and said:

“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,”

Helium is changing the way we connect and extend the world’s wireless networks. Helium’s ever-expanding network of hotspots enables anyone to own and operate a wireless network for low-power Internet of Things (IoT) devices, while customers can earn by setting up and participating in the network using a cryptographic token called HNT award.

Last August The Helium network, supported by Andreessen Horowitz, raised $111 million through the sale of its native token (HNT).

Earlier this month, Decentralized peer-to-peer (P2P) 5G wireless network Helium is proposing to migrate its own network, officially known as HIP 70, to Solana in search of more efficient operations.

Image source: Shutterstock

Source

Tagged : / / / / / /

U.S. Financial Stability Oversight Council to Discuss Digital Asset Regulation Next Week

by Blockchain News

The Financial Stability Oversight Council (FSOC), chaired by U.S. Treasury Secretary Janet Yellen, will meet on September 23 to discuss regulatory loopholes in digital currencies and the potential risks they pose.

Previously, the annual report released by the U.S. Treasury Department’s Financial Stability Oversight Committee (FSOC) mentioned digital assets as one of the emerging innovations in the U.S. financial ecosystem and a potential threat to its stability.

The FSOC’s mission is to identify “new threats to the stability of the U.S. financial system,” noting that financial innovation in cryptocurrencies such as bitcoin and stablecoins “could provide consumer and consumer benefits by addressing unmet or emerging needs or reducing costs. Businesses bring great benefits”, but they also create risks and uncertainties.

Warren also highlighted key risks posed by cryptocurrencies, including a lack of transparency from hedge funds, threats from stablecoins, and the use of digital currencies in cyberattacks.

FSOC calls for “continued coordination between federal and state financial regulators to support responsible financial innovation and competitiveness, promote a consistent regulatory approach, and identify and address potential risks arising from such innovation.”

Last fall, the U.S. Financial Markets Working Group recommended that the FSOC should be given the power to regulate stablecoins if Congress fails to pass stablecoin regulation legislation.

Digital currencies are becoming the first asset to be looked at by U.S. regulators, especially those charged with overseeing them. With more attention, perhaps the crypto ecosystem will get more embrace from U.S. regulators, a desire of many industry giants.

U.S. President Joe Biden established a new framework on September 17 on how cryptocurrencies are traded and regulated in the U.S. – focusing on improving cryptocurrencies to perform seamless transactions and reduce what can happen with digital assets for investors and the crypto space in general crime.

Image source: Shutterstock

Source

Tagged : / / / / /

Digital Asset Gateway Fasset Launches Peer-to-peer Trading Platform in Pakistan

by Blockchain News

Digital asset-based fintech startup Fasset Technologies has launched a peer-to-peer trading platform in Pakistan to drive financial inclusion.

The move is one of Fasset’s international expansion move since raising $22 million in a Series A round led by Liberty City Ventures and Fatima Gobi Ventures in April.

As detailed, Fasset will leverage its bespoke technology to provide Pakistanis with digital banking services, enabling customers to send and receive money quickly through their linked bank accounts, simplifying transactions.

Fasset is an internationally regulated Digital asset gateway that aims to connect the next billion to buy, sell, send and store digital assets such as bitcoin and real world asset tokens.

In its official Twitter annoucement that:

“We’ve successfully launched our Peer-to-Peer (#P2P) trading platform in #Pakistan that will ease transactions by enabling customers to send and receive money through their linked bank accounts quickly.”

Fassett is investing in growing its digital offerings, and developing training and education platforms to bring the underserved into the formal economy.

In July, Fasset partnered with payments giant Mastercard, Fasset will provide digital payments and cybersecurity solutions to support Indonesia’s efforts in financial inclusion and drive more extensive use of digital technologies, helping to bridge the digital divide and improve community livelihoods.

Image source: Shutterstock

Source

Tagged : / / / /
Bitcoin (BTC) $ 26,593.13 0.01%
Ethereum (ETH) $ 1,594.99 0.26%
Litecoin (LTC) $ 64.74 0.24%
Bitcoin Cash (BCH) $ 207.24 0.62%