Home Blog Page 13

Cardano Adds 283 Smart Contracts in a Month to Its Platform

By
Adam Barry
-
0

In September 2021, Cardano upgraded its blockchain ecosystem. Since then, the company has added other updates and features to the network. The platform has also added smart contracts to its ecosystem.

Cardano added 70 smart contracts every week

Plutus, a smart contract platform on Cardano, has also grown dramatically from April 8 to May  8. The platform managed to add 283 smart contracts increasing the number to 2683 by May 8. This increase indicates that Cardano has had about 70 new smart contracts each week since April 8.

The Smart contracts on Plutus initially went live after Cardano launched the Alonzo upgrade in September 2021. Cardano is now preparing for another hardfolk event. The Vasil hardfolk is set for June 2022. The network hopes to leverage this to grow and increase the transactions on the protocol, thus increasing its liquidity and volume.

The company’s upgrades to the network are essential as the company moves towards the Vasil hardfolk. Ethereum also intended to launch an update on The Merge in June. For this update, the company will transition to Proof-of-stake (PoS). However, Ethereum has had several delays. For this reason, Cardano could use the quota that Ethereum has left and increase its adaption after it makes the upgrade.

Cardano managed to achieve several milestones in April. These include adding 100 projects and  100,000 wallets. In February, the platform had 3 million wallet holders. While the increased wallets do not indicate that their bitcoin price will rise, it could still become more accepted in the long run.

The cryptocurrency market is experiencing a decline

Like the rest of the crypto market, Cardano has been trading bearishly. The platform experienced a 12.09% drop in a week. The entire cryptocurrency market is experiencing a decline for various reasons, including macroeconomics. Cardano can not change this price decline despite having increased adaption and more wallets.

Cardano is currently the eighth market in the crypto market, with a market capitalisation of $23.39 billion.

Cardano is an open-source network that offers decentralised public blockchain and cryptocurrency projects. The company focuses on creating a smart contract platform with more advanced features than others.

India Intends To Pass a Legislation That Implements a 28% Tax on Every Cryptocurrency Transaction Conducted in the Country

By
Adam Barry
-
0

A recent publication by a local news outlet in India disclosed that the country’s Goods and Services Tax authority intends to place a 28% tax on the trading of Bitcoin. The country’s leaders announced their intention to place new tax rates on the trading of cryptocurrencies at the next GST gathering. The Goods and Services Tax Council, identified as the GST, is the country’s leading authoritative institution on various issues, including indirect taxes.

The authority appointed a legal panel to discuss the repercussions of the implementation

Various publications revealed that the authority nominated a legal panel to evaluate the impact of the implementation and deliver a proposal to the GST Authority for formal review and acceptance. Other legislative organs will then discuss the proposal leading to the implantation of the 28% tax rates on cryptocurrency trading if it is passed.

The proposition should be introduced at the upcoming GST council gathering. However, the date of the gathering is not ascertained. The recommendation follows a suggestion issued by Nirmala Sitharaman, the country’s Finance Minister, during the presentation of the 2022’s Union Budget. The minister proposed a 30% tax on the proceeds obtained from the trading of crypto assets and other assets. The budget further recommended that other than the cost of buying the assets, no other deductions shall be remitted.

The deductions cited in the budget included the ones highlighted in India’s Income Tax Act of 1961, and no losses from the transactions shall be required to neutralise the profits incurred. India further amended the Income Tax Act to include a portion that implements tax rules required during the trading of crypto assets.

The laws around crypto trading in India are unclear

The legal standing of crypto assets in the country is ambiguous because few laws regulate its trading. However, various investors maintained that the tax implementation legally authorised the trading of crypto assets in India. The Finance Minister, however, took a different approach stating that the taxing of the cryptocurrency transactions does not legalise its trading and that its fate is presently under discussion. In other regions of the country, there has been a surge in goods and services prices in India; thus, investors argue that the council is searching for methods to mitigate the rising prices of various assets.

Cryptocurrency Supporters Argue That Governments Are Prohibiting Its Developments Due to Its Decentralization Nature

By
Adam Barry
-
0

Meltem Demirors, a chief strategy officer from a reputable cryptocurrency management institution, announced that several countries are slowly developing methods to prohibit the trading of cryptocurrencies. Demirors further stated that the countries plan to implement these legislations by challenging the proof of work theory that cryptocurrencies have developed since their inception.

Demirors says that governments are looking for excuses to ban cryptocurrency

The Chief strategy officer disclosed these revelations during the Bahamas Crypto workshop and further disclosed that the countries are searching for reasons to prohibit the mining and trading of cryptocurrencies, including the energy-draining assets. Demirors further believe that the countries are only planning to prohibit the trading because of the decentralised currencies. The officer also declares that threatening the mining process is a concrete method of halting the progress of cryptocurrency development across the globe.

Following the announcement, Bitcoin and the crypto industry experienced a huge price correction as the asset began trading below $ 35,000. Various publications revealed that the asset recently traded at $ 34,600, which was an almost 10-month reduction price amount. Following the recent events, Demirors’ issued a statement confidently declaring that the prohibition on the asset will not advance further as the asset gathers support from an effective community.

The strategist further stated that the effective community is entitled to a decentralised form of currency; thus, the country does not possess the power to change crypto assets. Another concerned party, Elizabeth Stark, one of the owners of Lightning labs, supported Demirors’ sentiments and recounted that the prohibition of Bitcoin trading is due to its decentralised form.

The legislation enacted to prohibit the trading of cryptocurrencies in various jurisdictions

The warning follows the legislations created by various countries to prohibit the trading of crypto assets across the globe. The majority of the countries prohibit trading due to its impact on several natural resources, including the energy forms utilised during mining. A recent publication includes the introduction of a bill that intends to inflict a two-year detain on specific regions, thus affecting the production of various crypto assets.

Other areas that recently introduced legislation include the European Securities and Markets Authority advocating for prohibiting crypto assets in European countries. This legislation divides the jurisdiction as the European Union’s parliament voted against prohibiting PoW methods.

The Central Bank of Argentina Issues a Ban Against Cryptocurrency Trading in the Country

By
Adam Barry
-
0

A recent announcement issued by the Central Bank of Argentina gave the citizens an indication of the organisation’s stance on cryptocurrency trading.  With the increased awareness surrounding the trading of digital currencies across the globe, several governments are attempting to obtain methods that regulate the trade, thus protecting the rights of consumers. The central bank of Argentina is among the institutions and authorities that prohibit the trade of crypto assets.

The Banco de la República Argentina (BCRA) ordered the financial institutions in the country to stop any cryptocurrency trading that occurs in the country. The bank further banned the inception of crypto trading or representing their consumers in any crypto transaction. The bank issued this announcement on the 5th of May 2022.

Reasons cited by the Argentinian Central Bank for banning crypto trading

A representative of the Bank stated that it intends to aggravate the risks associated with facilitating the trading of crypto assets and other new forms of financial payments. The representative further stated that the bank’s main priority was to ensure that the financial institutions aim to develop further investment and market the consumption of products and services affected by the domestic pressure and export services.

The announcement follows a warning by the Central Bank, following a May 2021 press release in which it cautioned citizens on the possible risks associated with trading crypto assets. In May 2021, the bank made a warning in collaboration with Argentina’s National Securities Commission and further suggested various methods by which individuals can lessen the pressure involved with volatile consumers and investors.

The mindful advance made by the bank amid the assimilation of the currency in Argentina

The recent implementation follows a few months after President Alberto Fernández, Argentina’s President, publicly backed up the trading of cryptocurrencies. However, President Fernández further addressed the backlash accompanied by the various disadvantages of the currency, including the currency’s familiarity and vulnerability, among others.

It is also noteworthy that the country possesses at least 14 Bitcoin ATMs where the consumers or investors can purchase or dispose of the digital currency. However, the ATMs are mostly located in one city identified by various publications as Buenos Aires.

Labor Department maintains its reservations over Fidelity’s plan to allow Bitcoin into 401(k) accounts

By
Adam Barry
-
0

The U.S. Labor Department maintains its opposition to the idea of Fidelity Investments moving ahead with its plan to allow bitcoin into the 401(k) accounts. A senior administrator of the organization considers the move dangerous to the financial security of Americans and wishes Fidelity Investments drops the idea.

Ali Khawar speaks out

The acting assistant secretary of the Employee Benefits Security Administration called, Ali Khawar is the other leader that has expressed concerns over the planned move. He said the move bears grave dangers to Americans. Mr. Khawar’s division falls under the massive Labor Department, and it has been looking closely into the company-sponsored retirement plans. The leader appears pessimistic as he takes the strong stand that the whole idea o0f cryptocurrency comes with a great deal of speculation.

Mr. Khawar understands everything about the hype surrounding cryptocurrency, and he doesn’t consider it healthy for the people. He doesn’t like the high talk asking Americans to jump onto the “bandwagon” as fast as possible, or they might be left behind. The leader discloses that he learned about Fidelity’s planned move a day before the pronouncement. Fidelity had a great determination to execute its plan of offering Bitcoin as an investment option and had about 23,000 companies in mind.

Changes sweeping across

The leader said that all the 23,000 companies depended on 401(k) services. Fidelity seems to b seriously focused on convincing employees to devote about 20% of their retirement funds to Bitcoin. It hoped they would start doing it towards the end of this year, and a firm like MicroStrategy has already shown willingness to allow the move.

Reports indicate that most Americans wish to secure their old age, so they accommodate ideas about saving for the future. It is a common trend among the average Americans instead of the millionaires and billionaires that would have a lot to invest.

It is true the hype around cryptocurrency continues to escalate, but many companies still express concerns over Bitcoin’s volatility. Reports show the recent changes involving organizations, municipal governments, and individuals showing their willingness to accept cryptocurrencies as part of their transactions in trading and other commercial activities.

Argentine Banks Focus on Providing Cryptocurrency Purchase and Investment Options

By
Adam Barry
-
0

Argentine banks seem open to the idea of providing cryptocurrency purchase and investment options. Reports show two banks collaborating with foreign crypto platforms to deliver these options flawlessly. However, reports indicate that there might be several limitations for people who want to sell assets. In other words, there might be a few issues to deal with for persons involved with cryptocurrency trading contracts.

Leading the way

The leading bank in the country called, Banco Galicia, has indicated its willingness to support Cryptocurrency investments. It intends to work closely with clients to enable them to maneuver easily in making investments in Bitcoin and other cryptocurrencies. Another bank that has been at the frontline in supporting cryptocurrency investments is Brubank. This bank undertakes most of its operations online, and it is now official that it will start supporting other cryptocurrencies.

Banco Galicia home banking roles out the cryptocurrency-related services with the other major bank and hopes interested persons will take advantage of their services. It introduced the “Crypto” option, which people can find under the “Investments” section. Clients can also check out other investments on the menu. The investments include “CEDEAR Stock Bonds,” “Fixed Term,” “Primary Tenders,” and  “FIMA Funds.”

Clients have a wide range to choose from in making cryptocurrency investments, and those include  Ripple’s XRP, Bitcoin (BTC), USD Coin (USDC), and  Ether (ETH). The notable point is that the digital currencies mentioned above are purchasable for anyone with Argentine pesos. However, the option is limited to persons with an investment of about ARS 100 ($0.50 USD).

Sales and withdrawals limitations

Investors must put up with several limitations linked to sales and withdrawals. A good example would be a case involving an investor who wishes to withdraw capital and profits in cryptocurrencies. Such an investor must conform to the directive, which is to maintain the same bank when he/she wants to offer them for sale.

The  Banco Galicia investment contract has several conditions that investors must fulfill, and the directive mentioned above is one of them. Any user must sign to confirm that he/she is willing to be bound by the conditions before gaining the freedom to carry out operations.

Hawaii Senate Committees To Set Up A Task Force To Explore The Regulation Of Crypto, Blockchain

By
Adam Barry
-
0

The Hawaii State Legislature is at the frontline in establishing a specialized task force that will come up with a working plan to look into the regulation and the use of cryptocurrency and blockchain. Ways and Means (WAM) and the Commerce and Consumer Protection (CPN) are the two committees under the legislature that made everything possible. Reports show that they voted unanimously to approve the unveiling of a specialized task force to carry out the activities.

Tasks ahead

The specialized task force is ready for the job ahead. It has already started preparations that will enable it to explore the crypto ecosystem thoroughly with a special focus on use and regulation. President of the Hawaii State Senate called, Ron Kochin confirmed that they received a letter from several legislators. The letter asked him to support the creation of a “Blockchain and Cryptocurrency Task Force.”

Some of the persons that wrote the letter included Roz Baker and Roz Baker. Ron Kouchi reveals more information about the letter, including when it was initially proposed. It was proposed in bill SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY, .”The Department of Budget and Finance had had to be at the center of everything. The task force established within it was entrusted with reviewing and compiling data on a countrywide scale.

The value of the plan

The Crypto data would give directions on both regulation and the usage of crypto, and the team was expected to do a great job. The team will collect data and send the required information to the State Capitol.   One of the things their team must do is develop a plan to guide the expansion of blockchain adoption and hand it over to the State Capitol. The team’s plan will expand blockchain adoption in both the public and private sectors.

The task force will consist of 11 members, and it is the task of the governor to appoint them. They will be selected from a blockchain payments solution company,  a cryptocurrency association,  and a cryptocurrency exchange. Brazil’s Senate took advantage of its plenary session on Wednesday to approve the first crypto-related bill. The next move would be the setup of a regulatory framework.

Tesla Inc (NASDAQ: TSLA) Considers Bitcoin the Best Liquid Alternative to Cash

By
Adam Barry
-
0

There is probably nothing wrong with billionaire Warren Buffett’s recent statements about Bitcoin. After all, he is entitled to his opinion. He lashed out at the cryptocurrency, downplaying it as an unproductive asset. After a short while, Tesla Inc (NASDAQ: TSLA) Comes to the front with a completely different perspective regarding Bitcoin.

Tesla’s take

Tesla spoke out on the two strengths it believes Bitcoin has. It points out the cryptocurrency’s long-term potential and its liquidity. The company recently made a filing with the US Securities and Exchange Commission, where it spoke elaborately about its take on Bitcoin. It outlined its support and trust in Bitcoin. The gist of the matter was when Tesla referred to the cryptocurrency as “a liquid alternative to cash.”

There are many things one could tell from a close look at the filing. One of them is that Tesla continues to hold on to its Bitcoin from the prior quarter. The other thing is that the carmaker channeled about $1.5 billion to act as its Bitcoin in the first quarter of 2021. It had also disclosed detailed information on the plans it had underway with the Bitcoin investment.

Why Bitcoin is the way to go

It asserted that such an investment was the flexibility it needed. It also spoke about the investment as a way to help it maximize its returns on cash. A particular excerpt from the recent filing reveals important information about the carmaker and its intentions. It has high hopes for its digital assets worth $1.50 billion.

The amount translated to the fair market value as of March 31, 2022, stood at $1.96 billion.

Tesla exudes confidence in its digital assets and their long-term potential. It considers investments in Bitcoin to be the best any company or individual could make and also asserts the crypto’s position as an alternative to liquid cash.

It affirms that Bitcoin could serve as a good alternative to liquid cash. The company will keep checking out its business needs to make important determinations on whether to increase or decrease its digital assets.

Warren Buffett Admits Bitcoin  has a “Magic to it” but Won’t Buy it Even for $25

By
Adam Barry
-
0

Warren Buffett is one of the billionaires that have had a bad attitude toward Bitcoin, and his disbelief in the cryptocurrency spans several years. He has time and again trash-talked Bitcoin and even gone as far as referring to it as “rat poison, .”He hasn’t openly shown his excitement over Bitcoin, but at least there is something positive he had to say recently.

Warren’s speech

When he made some interesting utterances, the billionaire was at the Berkshire Hathaway Inc. Class A (NYSE: BRK.A) Annual Shareholder meeting. Most investors focused on Warren when he said that Bitcoin had “magic to it .”Analysts can’t read a lot from the utterances because they represent his conviction at the moment. 

The billionaire would move ahead to express disapproval of Bitcoin, as he has continuously done in most of the meetings he addresses. He outlined that the asset class wasn’t among the productive assets he could choose. Warren firmly believes that assets deliver something to a particular person to be regarded as having value. 

Warren says Bitcoin doesn’t offer value

He jested about a process to see them come up with Berkshire coins. However, he asserted that what mattered was real money at the end of it. Buffet said that it was illogical for people to keep predicting a great future for Bitcoin. He believes it is a bad idea because every prediction is based on mere speculation.

Buffet strongly believes that the speculation moving about doesn’t result in anything solid or tangible and fights the mindset for its misleading nature. He says it is petty surprising how people keep buying the same speculation repeatedly. Buffet says he doesn’t care whether Bitcoin will go up next year, over the next five years, or even 10. The persistent fact will always be that Bitcoin doesn’t produce anything.

The business magnate maintained his usual path where he always settled for some other asset classes. He downplayed Bitcoin and instead settled for real estate. He said that he couldn’t buy all the Bitcoin in the world even for $25 because there is nothing useful he would do with it. 

Ukraine Imposes Ban on the Purchase of Cryptocurrencies Using Hryvnia

By
Adam Barry
-
0

The National Bank of Ukraine has given an update about the various limitations introduced to cross-border transactions. It cites its reason as a quest to counter the unproductive outflow of funds from Ukraine. The country has been under martial law for several months. The new restriction implies that citizens will only be free to purchase products or assets exchangeable for cash immediately. It is also important that they buy assets linked to quasi-cash transactions.

Focus on limitations

The restriction puts a limit to about UAH 100,000 every month. The figure translates to about $3,300 a month. This set limit will also apply to the peer-to-peer transactions involved in cross-border. The institution has given out directions to those that want to use the non-cash transactions. It asks such people to use payment cards, but they must be the ones belonging to accounts opened using foreign currency.

The central Bank stipulates everything that falls under quasi cash transactions. It mentions the payment of traveler’s checks, purchase of cryptocurrencies, replenishment of electronic wallets, and opening FX or brokerage accounts. At the time Russia was deploying its troops in Ukraine, reports came out about the performance of Hryvnia. Reports showed the Ukrainian Hryvnia at its best. Analysts said it was at its record highs.

The essence of the changes

The Bank speaks about the modifications it puts in place and their impact. It expects the changes to make things better in the foreign currency market. It says the modifications are essential because they form the basis for eliminating restrictions in the future. The Bank also mentions that the changes are necessary because it is the only thing to do to lower pressure on its international reserves.

Matters have been looking good for the export-import trades in the foreign currency segment. It is a change that started towards the end of March. However, it was necessary to pay for transactions using the various international payment systems. Settling such purchases exerted immense downward pressure on the exchange segment.

The National Bank admits it is in a difficult situation but says the changes could spark an impressive dynamic.

1...121314...66Page 13 of 66

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

©