Virtual money is regulated in Alaska

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In accordance with Alaska’s legislation governing the transfer of money, the phrase “virtual currency” will be implemented on January 1, 2023.

Companies that deal in virtual currencies will be required to get a money transmission license in the state if this bill is passed.

To be able to do business in the state involving cryptocurrency, the enterprises will need to get a new kind of license.

As stated in a report published on December 19 by the legal firm Cooley, the state of Alaska recently modified its legislation governing the transfer of money to include a description of virtual currency.

A person who engages in money transmission activities involving virtual currency will be required to submit an application for a license, as stipulated by an amendment to the local Administrative Code that was adopted by the Division of Banking and Securities (DBS). This change will become effective on January 1, 2018. The most obvious impact of this change is that it will require a person to submit an application for a license.

The concept of monetary value and the types of investments that are allowed under the amendment will be expanded to include virtual currency, in accordance with other provisions of the amendment.

However, based on the findings of the Cooley investigation, loyalty and rewards programs, in addition to the digital tokens used in online gaming, continue to be excluded from the category of virtual money.

Even before the amendment was passed, platforms dealing with cryptocurrencies were required to get a money transmission license in the state of Alaska.

However, a prior version of their Limited Licensing Agreement (LLA) with DBS expressly did not include the concept of virtual money.

As a result, these LLAs will no longer be valid as of January 1st.

Alaska is one of just nine jurisdictions that continue to provide investors with the option of paying no tax on capital gains.

The remaining states are Wyoming, South Dakota, New Hampshire, Nevada, Texas, Tennessee, and Florida. Washington, Wyoming, and South Dakota are also included.

However, the most recent analysis carried out by Invezz places it just 36th out of the 50 states in terms of the acceptance of cryptocurrencies.


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Bitcoin Miner Core Scientific Apparently Declares Chapter 11 Bankruptcy

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According to reports, Core Scientific has submitted a petition for protection under Chapter 11 of the U.S. bankruptcy code in the state of Texas due to declining revenues and prices of bitcoin.

Only a few days after creditors attempted to help Core Scientific, a Bitcoin mining company, escape probable bankruptcy, news emerged confirming the company’s impending demise.

To preserve the value for the company’s stakeholders, the financial services platform B. Riley made an offer to finance Core Scientific in the amount of $72 million on December 14; of this amount, $42 million would be provided with no conditions attached, and the remaining $32 million would be subject to certain requirements.

The decision was reached after the valuation of Core dropped from $4.3 billion in July 2021 to $78 million at the time the report was made.

Core Scientific was forced to liquidate 9,618 Bitcoin in April in order to continue business as usual. This was a direct consequence of a protracted bear market.

The Bitcoin mining firm will reportedly file for Chapter 11 bankruptcy on December 21, 2022, based on a report by CNBC, which cited a person familiar with the company’s finances as its source.

Even while the firm is still producing positive cashflows, the money is not sufficient to cover the operational expenditures, which include paying back the lease for the Bitcoin mining equipment.

As stated in the article, Core Scientific does not appear to have any intention of winding down its mining activities and will apparently carry them out as usual.

During the time that creditors were willing to extend a helping hand, the company’s shares saw a momentary increase of about 200%, which has since been followed by a consistent decrease.

The United States Securities and Exchange Commission received a filing from Core Scientific on October 26 that suggested the company was in a precarious financial position.

According to the firm, the key causes for this predicament were low Bitcoin prices, rising power expenses, a rise in the worldwide Bitcoin hash rate, and a bankruptcy filing by crypto lender Celsius that wiped off the obligations owing to Core Scientific.

As an effort to improve the reliability of its cloud services, the multinational technology company Microsoft recently implemented a restriction that prevented its cloud customers from mining cryptocurrency.


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Huawei Research Indicates Metaverse Infrastructure Isn’t Ready


Huawei, a Chinese multinational telecommunications corporation, is of the opinion that the existing telecommunications infrastructure is not enough to meet the requirements of the Metaverse, but that 5G and 6G networks just could be.

Abhinav Purohit, Chief Expert on Business & Strategy Consulting for Huawei’s Middle East area, made the remarks. On December 20, he released a three-part blog series that focused on the potential of the Metaverse sector and where telecom firms would come into the picture.

Purohit, in his explanation of what the Metaverse is or what its actualization will look like, outlined that a metaverse is a collective virtual shared space that will enable participants located in different parts of the world to enjoy realistic, spatially-aware experiences that seamlessly blend virtual content in a user’s physical world. In other words, a metaverse is an actualization of the Metaverse.

In addition to this, he said that the concept of an open Metaverse is intrinsically linked to the Web3 movement, as in-built economies would be made possible by the use of digital currencies and non-fungible tokens (NFTs).

It is expected that advancements in download speeds, streaming quality, mobile devices, and Metaverse hardware, amongst other things, will need to be made quickly in order to fulfill such a vision. These developments will allow a virtual sphere that can be navigated easily.

Additionally, Abhinav Purohit is of the opinion that there will need to be modifications made to cellular standards, network optimizations, and improvements made to the latency between mobile devices and networks.

The primary challenges that are preventing metaverse networks from reaching their full potential at the moment are latency (the responsiveness of a network), symmetric bandwidth (the speed at which data travels), and quality of experience (network throughput).

He concludes by asserting that widespread use of 5G networks would greatly boost bandwidth while simultaneously lowering network congestion and latency, and that adoption of 6G networks will raise speeds by an additional order of magnitude.

In order to put the speeds of 5G networks into perspective in comparison to those of fixed wireless broadband, it is said that 5G is capable of reaching rates of one gigabyte per second (MBps).

When viewed from the outside of the Metaverse, it does appear that there is a significant push to get 5G fully operational across the globe. According to data provided by the Global mobile Suppliers Association (GSA), as of August 2022, 501 operators in 153 countries and territories were investing in 5G.

According to the statistics provided by the GSA, 222 of these 501 operators have already offered 5G mobile services in 89 nations and territories. These countries and territories are located all over the world.


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Binance Spreads Holiday Cheer With Themed Gift Card And Secret Santa Events

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Binance, the leading cryptocurrency exchange, is spreading holiday cheer with festive events and promotions. Last year, Binance introduced its popular Gift Cards, empowering users to gift cryptocurrency in a unique and non-traditional way. These gift cards have experienced significant demand, with over 1.8 million traded between July 2021 and October 2022.

This year, Binance expanded its Gift Cards selection to include over 238 unique holiday-themed designs. Adding to the festivities, the platform is hosting a series of promotional events, including Mystery Boxes and a Secret Santa promotion with more than $70,000 in rewards.

The Secret Santa promotion will end on December 28th and will give away 36,000 “New User Exclusive (NUE) Gift Cards” to fresh users worth up to $5. The recipients will be selected randomly, with 6,000 new users receiving $5 each, 10,000 users awarded $2 each, and 20,000 users collecting $1 each. Users can claim their winnings on the Binance app or website, and to redeem the gift cards, recipients must access the platform’s official Gift Card website.

The Secret Santa promotion will be joined by a Mystery Box event running from December 19 to December 25. During this event, each Binance Gift Card will include a Mystery Box containing random rewards. Users can purchase a Mystery Box for $1 for a chance to multiply the value of their participation fee. Once the event ends, users will be able to claim their respective rewards from the Mystery Boxes.

The grand prize in the Mystery Box event on Binance is $2,000, with second and third-place winners receiving $1,500 and $500, respectively. However, in the spirit of giving, Binance will allow users to recover their participation cost (entry fee) by opening the Mystery Box within the specified time frame and participating in other seasonal events throughout December.

Binance’s Gift Cards can be sent anywhere in the world in minutes, making them a popular choice for users. In addition to the featured designs and themes, the platform enables users to create their own single and multiple cards through its user-friendly platform. To send a gift card, users can customize it, enter the desired amount, and complete the 2FA process. Once the funds are deducted from their spot wallet on Binance, users can send the gift card via text message, email, or directly to the recipient’s Binance wallet.

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users through an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.


Tal Dotan


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