The Reserve Bank of India (RBI) is getting ready to conduct trials of the “digital rupee” at a number of different retail outlets throughout India. In the past, it has experimented with making wholesale transactions using a kind of digital money that was referred to as “central bank digital currency” (also known as the “CBDC”).
Within the next month, we ought to be able to see the debut of the pilot episode.
According to a report from the Economic Times of India, the Reserve Bank of India (RBI) is reportedly coming very close to complete the essential preparations to roll out the retail digital rupee trial.
This rivalry is being taken on by a number of India’s most prestigious banks, including the State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, Yes Bank, and IDFC First Bank, among others.
It would seem that at some time in the future, the scope of the pilot program will expand in order to accommodate participation from all of the commercial banks that are located around the country.
There will be between 10,000 and 50,000 customers putting the CBDC to the test in each of the areas where the participating banks have locations.
Through a combined effort on the part of the financial institutions, the PayNearby and Bankit platforms, and others, the new payment option will soon be made available to customers.
According to reports, the digital rupee will not act as a substitute for the already used mode of payment; rather, it would function in conjunction with the method. This is the expected outcome. In contrast to the original purpose of the digital rupee, which was to act as a replacement, this is not the intended purpose of the digital rupee.
On November 1, the Reserve Bank of India (RBI) began testing the digital rupee in the wholesale market as part of a series of trials.
The settlement of secondary market transactions involving government securities has been the primary use case for this specific application thus far.
The most prominent market researcher and tracker in the cryptocurrency industry, CoinMarketCap, recently made an announcement regarding the launch of a new feature on its platform. This new feature will provide users with the ability to obtain up-to-date financial insights on exchanges.
Proof of Reserves (PoR) is a tracker that examines active cryptocurrency exchanges in the market to guarantee that these exchanges are being honest about their liquidity levels at any given moment. These exchanges are audited to confirm that Proof of Reserves (PoR) is functioning properly.
The announcement states that the tracker provides information regarding the total assets held by the company as well as the public wallet addresses associated with the company, as well as the balances, current prices, and values of the wallets. In addition, the announcement states that the tracker provides information regarding the public wallet addresses associated with the company.
CoinMarketCap has said that the PoR trackers would update their data every five minutes going forward.
In addition to the exchanges that have already been listed, there are a few more, including KuCoin, Bitfinex, OKX, Bybit, Crypto.com, and Huobi, that also make PoR information accessible.
In order to spread the word, Changpeng “CZ” Zhao, CEO and co-founder of Binance, retweeted an announcement from CoinMarketCap and included a link to the company’s website in the tweet.
Members of the cryptocurrency community have voiced their support for this feature on Twitter, referring to it as a “great transparency addition.”
On November 10, it produced a proof-of-assets, which contained wallet addresses and activity. Wallet addresses and activity were provided. Wallet activity was included in the analysis as well.
A vast number of platforms operating in this market have begun publishing data on their financial reserves and liquidity in an attempt to promote transparency. This trend was started by Binance, which served as an example for the other platforms to follow.
Grayscale, on the other hand, is a firm that offers financial products connected to cryptocurrencies. It has made the decision to withhold its on-chain PoR owing to what it sees as security concerns about the network.
As a consequence of the recently revised privacy policy of the decentralized exchange (DEX) Uniswap, it seems that some users are displeased with the service. These people are worried that the practice of gathering and storing user data violates the core ideas behind cryptocurrencies.
A few vocal members of the community have replied in recent days to a blog post that was written back in November and published on the website to announce an updated privacy policy for the organization. They have mentioned in their comments that it is rare for a decentralized firm to obtain and preserve information about its users. This is something that they have stated.
Being open and honest is really necessary.
It was stated there that they did not want any of their customers to be surprised at any point.
This privacy policy, which was most recently updated on November 17th, reveals that the exchange collects data from publicly-available blockchains, information about user devices such as browser information and operating systems, and information about users’ interactions with the exchange’s service providers, amongst other types of information. The most recent update to this policy occurred on November 17th.
In addition, Uniswap said that none of this information includes personally identifying details such as a first or last name, street address, date of birth, email address, or Internet protocol address. Uniswap has confirmed that the aforementioned information is absent from this material.
Despite this, some members of the cryptocurrency community have expressed concerns that the developments run counter to the industry’s fundamental principles, which are centered on protecting the privacy and anonymity of users. These members of the community have voiced their concerns in a number of different ways.
The programmers who created the cryptocurrency that protects users’ anonymity On November 21, Firo sent out a tweet to its 83,700 followers in which it said that the recent privacy upgrade that was done by Uniswap establishes a “dangerous precedent” for DEXs. The post was directed against Uniswap.
OwenP, an affiliate for the decentralized exchange SpookySwap, made the statement that it was unusual for a decentralized exchange to gather and keep user information on the backend of the platform. OwenP’s statement was made in response to a question about why a decentralized exchange would do such a thing.
As a result of the recent shutdown of the FTX cryptocurrency exchange at the beginning of this month, the term “transparency” has gained greater traction in the industry.
The current bear market in cryptocurrencies has claimed another victim: the Australian-based Bitcoin mining company Iris Energy. This makes Iris Energy the latest company to fall victim to the bear market. Due to the fact that it was unable to repay a loan on time, the company was forced to write off a significant percentage of its mining capacity.
It was revealed that as of November 18th, the firm had unplugged its hardware that was being used as collateral in a loan for $107.8 million. This information was found in a document that the company provided to the United States Securities and Exchange Commission on November 21st.
The corporation has made it clear that its divisions “do not generate enough cash flow to meet their respective debt financing obligations.” as stated in their statement.
The company is unable to meet its monthly debt obligations of $7 million despite the fact that it generates a gross profit from bitcoin transactions of around $2 million per month.
Iris has now reduced its capacity for mining by about 3.6 exahashes per second (EH/s), which is the unit of measurement used for mining capabilities.
It has been said that there is still a capacity of around 2.4 EH/s, which is comprised of 1.1 EH/s of gear that is operational and 1.4 EH/s of rigs that are either on their way or are ready to be deployed.
Earlier this month, the corporation was served with a notice of default for the amount of $103 million. The notification was sent successfully.
Iris Energy primarily oversees the management of Bitcoin mining facilities in Canada that are exclusively fueled by sources of renewable energy.
At the beginning of August, the company’s hash rate increased by more than four times its previous level as a direct result of electrifying its facilities in Canada.
Iris Energy (IREN) had a decline of 18% in its share price during the course of the trading day, and it was last seen trading at $1.65 in the after-hours market.
It achieved a new all-time low on November 21, plummeting 94% from its all-time high of $24.8, which it reached when it first began trading in November 2021. The high point was attained when it first started trading. Miners of Bitcoin are now suffering a triple whammy, as high hash rates and difficulty, high energy costs, and low Bitcoin prices all combine to make mining unprofitable. Miners of Bitcoin are currently experiencing a triple whammy.
Two of the founders of HashFlare, a Bitcoin cloud mining service that is no longer active, have been arrested in Estonia on suspicion of being engaged in a crypto fraud scheme with a potential loss of $575 million. The conspiracy was allegedly perpetrated by a third party.
The year 2015 saw the commencement of business for the company that is now known as HashFlare, which is a cloud mining firm. Customers may rent the business’s hashing power to mine bitcoin and obtain a percentage of the income created by the company, according to the company’s website, which states that customers have the option to do so.
At the time, the company was generally recognized as one of the most important participants in the business. Nevertheless, in July of 2018, it paused a substantial portion of its mining efforts, which led to widespread speculation that it may have been planning to exit the market.
The entire mining operation, which was run by the company’s founders Sergei Potapenko and Ivan Turõgin, was, however, part of a “multi-faceted scheme” that “defrauded hundreds of thousands of victims,” as stated in a statement issued by the United States Department of Justice and citing court documents. According to this statement, the mining operation was part of a “multi-faceted scheme” that “defrauded hundreds of thousands of victims.”
It is also alleged that the two conspired together to hide their “criminal proceeds.” via the use of 75 residences, six luxury vehicles, cryptocurrency wallets, and hundreds of pieces of cryptocurrency mining equipment. Both of them have been accused of doing this thing.
“These defendants capitalized on both the allure of cryptocurrency and the mystery surrounding cryptocurrency mining in order to commit an enormous Ponzi scheme,” he has been quoted as saying.
They have been charged with conspiracy to conduct wire fraud, 16 counts of wire fraud, and one count of conspiracy to commit money laundering using shell businesses and bogus invoices and contracts. The founders of HashFlare are the ones who are facing these charges. If they are proved to be responsible, the creators of HashFlare may be sentenced to a maximum of twenty years in jail.
HashCoins OU, the company that is now HashFlare’s parent company, was created in 2013, and HashFlare’s mining services were made accessible for the first time in 2015. Potapenko and Turõgin are responsible for the establishment of both of these businesses.
HashFlare made the announcement that it will discontinue providing Bitcoin mining services in July of 2018, citing the difficulties in turning a profit owing to the volatility nature of the market as the primary reason for the decision.
As part of the investigation that is now being conducted by the FBI, customers who signed up for what the FBI thinks to be fraudulent operations by HashFlare, HashCoins OU, and Polybius are being approached for information in order to get it from them.
People had the impression that Genesis, a company that lends out cryptocurrencies, intended to file for bankruptcy “imminently” if it was unable to pay a deficit of $1 billion brought on by the collapse of the cryptocurrency exchange FTX. This deficit was caused by the collapse of FTX, which was a company that traded cryptocurrencies. After FTX went bankrupt, Genesis ran into financial difficulties and was unable to meet its obligations, which led to the accumulation of this deficit. This void was brought about as a direct consequence of the collapse of FTX. On the other hand, this is not the case, since the book of Genesis makes it quite clear throughout its text. On November 21, people who are familiar with the matter told Bloomberg that the company had problems collecting money for its lending section and that it advised investors that it would have to file for bankruptcy if the situation did not improve. Additionally, people who are familiar with the matter said that the company warned investors that it would have to file for bankruptcy if the situation did not improve. Furthermore, according to those who are aware with the issue, the business reportedly informed investors that it would have to file for bankruptcy if the situation did not improve.
Genesis has been in “imminently” conversations with its creditors, as suggested by a spokeswoman for the business, and the company does not have any “constructive” intentions to file for bankruptcy, as revealed by the spokeswoman for the company.
After the collapse of FTX on November 16, Genesis said that it has temporarily halted withdrawals of funds from its customers’ accounts. The business said that the temporary halt on withdrawals was necessary due to “unprecedented market turmoil” as the basis for the decision.
The company’s most recent statement, which was issued on November 10 and indicated that it had around 175 million dollars worth of cash locked in an FTX trading account, was made on that day.
According to some reports, the cryptocurrency exchange Binance is said to have been in discussions to perhaps save a lender that is controlled by Digital Currency Group. Binance is claimed to have apparently been in negotiations. According to the sources that were quoted in an article that was published by the Wall Street Journal on November 21, Binance reportedly made the decision not to complete the purchase because doing so would have led to a conflict of interest. This was stated by the sources that were mentioned in the article that was published.
Sherrod Brown, who chairs the United States Senate Banking Committee, and three other Democratic members of the committee sent letters on November 21 to a number of government authorities as well as to Anthony Noto, the president of SoFi Technology. Noto was also copied on the letters. Brown chairs the committee.
They were concerned about the efforts that the online bank was making to satisfy the standards that were laid out by the Federal Reserve Board, as well as the trading of nonbank digital assets that was being conducted by SoFi Digital Assets. Specifically, they were concerned about the trading of nonbank digital assets by SoFi Digital Assets.
Sherrod, along with Senators Jack Reed, Chris Van Hollen, and Tina Smith, mention in their letter to Noto that the Federal Reserve has stated that SoFi is “currently engaged in crypto-asset related activities that the Board has not found to be permissible” for a bank holding company (BHC) or financial holding company. This information is included in the letter that Sherrod sends to Noto. This assertion is made in relation to the reality that SoFi is “now participating in actions linked to crypto assets that the Board has not deemed to be acceptable. “
After SoFi completed its purchase of Gold Pacific Bancorp, a bank holding company, at the beginning of this year, the Federal Reserve acknowledged SoFi as a suitable candidate for the post of financial holding company.
However, the company did “announce a new service that lets customers of its national bank invest a portion of every direct deposit into digital assets for free.” Although SoFi was not allowed to expand its illegal activities or conduct cryptocurrency transactions within its national bank subsidiary, the company did “announce a new service that lets customers of its national bank invest a portion of every direct deposit into digital assets for free.”
In addition to this, “SoFi’s facilitation of customer digital asset trading and holding digital assets on the balance sheet raises questions about the appropriate calculation of capital requirements.” [Citation needed] [Further citation is required]
In conclusion, the senators have a few questions and concerns concerning the digital assets that are made available by SoFi.
In the investor protection documents that it provides, SoFi classified one of the cryptocurrencies it distributes as “a crypto pump-and-dump” Despite this description, the business did not stop providing the cryptocurrency to its customers.
A response to the issues mentioned above is required by the authors by December 8 at the latest. In addition, the senators expressed their concerns once again in a letter that was sent to Michael Barr, who is the vice chair of the Federal Reserve; Martin Gruenberg, who is the acting head of the Federal Deposit Insurance Corporation; and Michael Hsu, who is the acting comptroller of the currency.
The Capital Markets Law of Kenya was subject to a potential modification that was suggested on November 21. If this amendment were to become law, private individuals who own cryptocurrencies or participate in the trading of cryptocurrencies would be required to provide the Capital Markets Authority of Kenya with information regarding their activities for the purpose of determining how much tax should be collected from those activities.
To our knowledge, this is the first time that cryptocurrencies have been incorporated in any of Kenya’s financial regulatory system.
According to the Capital Markets (Amendment) Bill, Kenyans would be obligated to declare and pay capital gains taxes to the Kenyan Revenue Authority if they sell or purchase digital currencies. This obligation is detailed in the legislation.
Any cryptocurrency that is held for more than a year will be subject to capital gains tax, while any cryptocurrency that is held for less than a year would be subject to income tax on its value.
In Kenya, there is a graduated tax on income that ranges from 10 percent all the way up to 30 percent.
A centralized electronic record of all transactions involving digital currencies throughout the country would be created as a result of the bill, which would also make it possible for individual crypto dealers to register with the government. Additionally, it would recognize digital currencies as being securities.
Kenya is rated number 19 in the world for the amount of persons that use cryptocurrencies, and it is ranked number 5 for trading amongst peers, according to a survey that was done by Chainalysis and released in September.
At the same time as Kenyan President William Ruto is making a request to broaden the country’s income base, the possibility of making the move that is now being discussed is being studied.
It is estimated that around 4 million individuals in this country make use of various cryptocurrencies.
Due to the fact that approximately 8.5% of the population lives in privately owned homes, Kenya now has the fifth highest rate of property ownership in the world.
WAHED is delighted to announce a brand new partnership with Creator’s Group. Bringing years of experience in the real estate and property management sector, the Creators Group can look forward to enjoying a number of advantages that the blockchain can add to this industry.
Established by CEO Eng. Ali Al Salman in Riyadh, Saudi Arabia in 2016, Creators Group has established itself as a leader both in local markets and overseas. Serving the best interests of investors, homeowners, corporate clients, developers and landlords, the Creator’s group streamlines investment activities for all those looking to get involved in real estate.
Creator’s Group offers the following services to clients in Saudi Arabia and abroad
Buy and selling of land and property
Commercial and residential leases and rentals
Feasibility studies
Project development
Property brokerage
Investment guidance and opportunities
Real estate valuation
WAHED is a next-generation investment and philanthropy platform powered by WAHED Coin. Based in the United Kingdom and headed by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, WAHED has a vision of improving the world by nurturing business activities. Serving as a blockchain and investment partner, WAHED aims to bring all the advantages of the decentralized economy to businesses seeking to deliver value at a greater scale, and with improved efficiency.
How The Partnership Will Bring Value
The WAHED Ecosystem is built on the Binance Smart Chain, an innovative blockchain that enables the deployment of smart-contracts. With the ability to program actions on a publicly-viewable and permanent blockchain, it will be possible to implement greater transparency and accountability across the entirety of activities.
Transparency and Efficiency in Operations
The proximity of the real estate world with existing legal and government frameworks make drafting contracts and obligations a critical and cost-intensive process. Blockchains and smart contracts can significantly reduce costs by utilizing templates that can be adapted to the end user’s requirements. Thanks to this innovation, the entire scope of operations stands to benefit from increased efficiency and lower recurring costs.
Transparency in Transactions
By using the blockchain’s permanent ledger, all parties involved in a transaction will be aware of the requirements, costs and procedures to ensure that the deal is concluded efficiently. Using smart contracts to factor in costs such as travel time, office supplies, legal counsel and auction bidding can make requirements clear to every party involved, making significant savings in time and money.
Transparency in Obligations
When a property moves from one owner to another, they may be conditions that affect the terms of sale. These obligations may include alterations to abide with legal requirements such as material quality and fire safety, or aspects relating to design and/or function. The immutable recording of these requirements on a smart contract that executes when the terms are met will be a significant time saver.
Transparency for Brokerage
Agent and broker commissions can be between 1%-6% of the cost of the transaction. While there may be significant costs leading to fees being this high, the lack of transparency can affect buyer trust. Blockchains enable trustless transactions, and the ability to reduce the number of middlemen. End users can enjoy quicker turnaround time and lower fees.
Permanent Records of Ownership and Property Rights
Blockchains are ideal to show ownership of property. These tamper-proof and permanent records can be updated when assets change hands, and further details such as stipulating the commercial and usage rights for a specified plot can also be added. Due diligence and the registering of ownership with the Federal Registration Service and notary payments will all happen on the blockchain, and fees will be included as part of the services package.
The partnership between Creators Group and WAHED stands to provide a range of benefits that will undoubtedly elevate the experience and cost savings of the end users. By utilizing blockchain as a tool to promote efficiency and transparency, WAHED aims to raise the bar on how businesses can be conducted, and how lives can be improved.
About WAHED
WAHED Coin will be available for trading on LBank on the 5th of December 2022. Join the WAHED community to get all the latest updates regarding partnerships, new features and more. Visit our official website for more information and join our Twitter, Discord, Facebook and Instagram.
Contact
Wahed Projects Team marketing@wahedprojects.org Source
Tuition Coin aims to enhance the appeal of the Cardano ecosystem through its Teach to Earn nature. The venture will streamline participation in educational technology, benefiting students and teachers alike.
Tuition Coin is created by the Crystal Chain team and brings Teach to Earn to the Cardano blockchain. Teachers can tap into a new ecosystem free from being underpaid and overworked. Instead, they can explore cryptocurrency rewards by contributing to the global educational space.
Any teacher globally can become part of the Tuition Coin initiative. All they need to do is register on the Coins for College platform and verify their identity through a Know-Your-Customer (KYC) process.
Following the approval, they can begin creating educational content and earn cryptocurrency rewards by sharing knowledge. In addition, existing online content and lessons can be incorporated to build Tuition Coin’s open information sphere.
All content provided through the Coins for College platform is accessible free of charge to students. That positions Tuition Coin as a leading initiative to promote equality to high-quality educational resources and materials. It is a much-needed solution to the educational gaps that remain in place today.
Furthermore, students who complete lessons and tasks will earn Scholarship Points, allowing their overall progress to be measured through a streamlined system. Although the SAT system exists already, its influence is waning, and a new global standard for education is in high demand.
Tuition Coin has a maximum supply of 100 billion TUIT coins. Sixty percent is reserved for educators and can only be earned through contributions to the Coins for College platform. Teachers receive identical incentives for content regardless of whether it is newly created or imported existing material. However, all content must meet the 1EdTech standards to ensure it is suitable for remote learning.
With TUIT, teachers can supplement their income and give more students global access to educational resources. In addition, all content on the platform can be shared freely as it will meet age-appropriate guidelines based on the student’s country’s educational requirements.
About Tuition Coin
Tuition Coin is the cryptocurrency that powers the Coins For College platform. Created by Crystal Chain, Tuition Coin forms a key part of the reward mechanism for teachers creating content and lesson plans.
Students can access the content for free using the Coins For College platform and will be awarded Scholarship Points upon completing modules and assessments. These Scholarship Points will serve as a measurement tool to identify promising and deserving students who desire to pursue further education, but may lack the financial resources to do so.
Visit the Tuition Coin website to learn more about how you as an educator can get involved in shaping the future of generations to come. Join the community on Facebook, Twitter and Instagram for the latest updates within the TUIT and Coins For College ecosystem Website | Facebook | Twitter | Instagram
