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Sberbank (OTCMKTS: SBRCY) Launches a Blockchain Exchange-traded Fund

By
Adam Barry
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0

Sberbank (OTCMKTS: SBRCY) one of Russia’s biggest banks, announced the launch of the nation’s first blockchain exchange-traded fund (EFT). The fund, now termed Sberbank Blockchain Economy EFT, has been assigned the ticker “SBBE” in the Russian Stock Market. 

It is the country’s first exchange- traded fund and it aims to expose firms associated with blockchain technology. The firms can follow the Sber Blockchain Economy Index that SberCIB created to understand more about the fund. 

The bank acknowledges the risk of investing in crypto

EVGENY ZAITSEV, Sberbank Asset Management’s General Director, stated that the bank does not plan to invest in crypto assets. However, it plans to invest in institutions that continue the development of blockchain technologies. 

The bank acknowledges the high risk of investing in cryptocurrencies, such as the difficulty of assessing them independently. However, the exchange fund is available to investors due to its simplicity and low threshold. 

The fund supplies various investors with the exposure required to trade with cryptocurrencies such as Coinbase, Blockchain software company Digindex, and Galaxy Digital. In addition, the Blockchain Economy index also provides enterprises with advisory services of the blockchain sector. 

Due to a rise in interest in EFTs across the globe, investors gain exposure to cryptocurrency and blockchain organizations. Recently, other countries such as the U.S. have created several Bitcoin futures exchange-traded funds issued to investors. 

Russia’s stand on crypto is still unclear 

Russia has in the past opposed the use of cryptocurrencies for various reasons, such as its potential use in money laundering and terrorist financing. However, the country’s central bank has announced its intention to create a digital currency that ruble (CBDC) backs up.

In the previous months, Russia’s central bank started plans to prohibit cryptocurrency investment in the country. In addition, three months ago, the Bank of Russia collaborated with other Russian banks to delay payments that relay crypto exchanges. 

Bank officials revealed the aim in doing so was to curb any emotional purchases that inexperienced investors had made. The bank of Russia also announced it aims to introduce legislation that regulates the circulation of digital assets in the country instead of banning them.

The Crackdown on Illegal Bitcoin Mining in Malaysia Leads to the Confiscation of Equipment Worth $ 840,000

By
Adam Barry
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0

Malaysian authorities recently arrested a man for allegedly officiating an illegal Bitcoin operation within the Majung Region. In addition, Malaysian Police have expanded a crackdown on fraudsters taking advantage of investors in the country. 

The authorities arrested the suspect and seized equipment allegedly utilized in the crime. The confiscated equipment included 1,720 Bitcoin mining machines and several items totaling RM3.5 million, equivalent to $840,100. 

What the Police uncovered during the crackdown

The Police also targeted at least 75 other premises that accumulated in confiscating a Toyota Hilux vehicle, seven closed-circuit television (CCTV) alongside a laptop, 22 computer CPUs, and 16 Keyboards, among others. 

Perak police chief Mior Faridalatrash Wahid reported that the Police carried out an inspection in the district and uncovered individuals illegally mining Bitcoin. 

The Malaysian Police described the suspect as a 28-year old and charged him with stealing electricity worth RM2 million (which is equivalent to $480,000) to facilitate the illegal activity. The Police are also conducting further investigations to determine how long the operation has been going on, and they hope to discover other accomplices involved. 

Following the raid, the Police remanded the suspect at the local police station for four days is to be charged with theft and mischief. 

The rise in crackdown on Bitcoin Mining

2021 has been the year of growth for cryptocurrency across the globe. However, fraudsters have also found a way to corn innocent investors and consumers. The Malaysian authorities are cracking down on dealers even though Bitcoin mining has not been declared illegal in Malaysia. 

In July, the Malaysian authorities confiscated 1,069 Bitcoin Mining Devices in a similar raid and resolved to display the devices and destroy them using a steamroller publicly. 

A similar raid in George Town resulted in the capture and arrest of four people. During the attack, the Police confiscated over 400 Bitcoin mining machines worth RM180,000, equivalent to $43,800.

 However, mall operator Hatten Group and other renowned players are venturing into the commercial mining industry. The organization publicly trades on Singapore’s Catalyst Exchange and has embarked on crypto mining through its premises while leveraging green energy sources. 

A $3 Billion New York Casino Project That Embodies a Significant Crypto Trading Floor

By
Adam Barry
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0

Spring Owl Asset Management, an asset manager based in Las Vegas, is contemplating a multibillion-dollar casino in New York that will include a space for cryptocurrency trading as well as a landing pad for flying vehicles. The asset manager is equipped with decades of experience and owns a Japanese- based gaming behemoth, making it capable of such an investment. 

Besides a crypto–trading floor, the manager plans to develop an e-sports stadium and a facility for live events that include New York fashion week and fleet week. The local gambling authority directed the manager to submit its proposal on or before the 7th day of January 2021. 

How the company plans to develop the Casino

In collaboration with entrepreneurs such as Jason Ader and others, the UE Resorts International named the prospective Casino “Mirai,” a Japanese term that means “future.” The company’s current estimates reveal that the project costs at least $ 3 billion. However, the amount is subject to change, depending on the Casino’s location, which is unknown. 

In an interview, Ader stated that the project’s goal is to create a comprehensive and distinguished approach to entertainment that went beyond Casino gaming by adding pretty cool elements. 

Though the partners prefer that the Casino operates in Manhattan, the city officials have voiced their opposition to this idea. Other potential locations for the Casino include Long Island and its environs. 

UE Resorts is a subsidiary of a Japan-based gaming technology supplier, Universal Entertainment Corporation, which plans to float its common stock on the Nasdaq stock market in the future. The Casino development is probably the beginning of the company’s solo venture in the U.S. 

Reaction to the development of the Casino 

Following the company’s announcement, many Reddit users expressed their opinions on the platform. One member stated that the fastest method to get crypto regulated into oblivion is by putting it in a casino. 

Other individuals who expressed their opinion on the rise of cryptocurrency use include Gary Gensler, chairman of the Securities and Exchange Commission. In his statement, Gensler compared the cryptocurrency market to the running of casinos in the Wild West. 

The Peruvian Congress is to Review a Cryptocurrency Bill

By
Adam Barry
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0

The Peruvian Congress has received a bill that outlines a legal foundation for crypto. It will now debate the proposal and decide on its approval. The document is on the Peruvian legislature’s official website.

 The bill is to regulate crypto-associated businesses

The proposal looks at different areas of Peru’s ecosystem. In addition, José Elías Ávalos introduce the project no known as the Framework Law for the Commercialization of Crypto assets. Ávalos drafts the bill to regulate businesses that offer crypto services like digital wallets and Bitcoin exchanges.

The draft is the country’s first attempt to control digital assets. It defines various aspects of the crypto industry, including cryptography, blockchain, virtual assets service providers, and crypto-assets.

The use of cryptocurrency in Peru is rising, especially in the last year, where it increased by 600%. Cryptocurrency transactions rose by 613% in the first half of 2021 compared to 2022. The proposal clearly defines cryptocurrency and the responsibility of virtual asset service providers. It also legalizes the use of digital assets by companies.

Details of the proposal

The new bill emphasizes that purchasing crypto is the complete responsibility of owners and buyers. Furthermore, it states the need for operational standards for crypto transactions. These standards could include creating a public register of ecosystem-relayed service providers, which will enable users to confirm if a crypto-relates business is registered in the country.

The country will require virtual assets service providers to follow its regulations. They will also have to inform customers that they are not a Peruvian legal tender. Furthermore, they will warn customers that government regulations do not negate any risk.

The bill also explains that it will be necessary to alert relevant authorities on cryptocurrency’s suspicious activities. Moreover, Bitcoin-related firms will have to register with Peru’s Superintendency of Banking and Insurance.

The bill’s approval, which regulates the market, could allow people waiting for a framework for crypto-related activities to adapt it. It could also enable people to incorporate or create companies using cryptocurrency.

Peru is not the first country in Latin America to develop legislation to regulate digital assets. Others include Venezuela, Paraguay, and Brazil. El Salvador, on the other hand, had made bitcoin a metal tender.

Algorand Partners With Bar Illan to Educate on Blockchain Technology

By
Adam Barry
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0

Algorand has announced its partnership with Bar Ilan (BIU), a research University in Israel, to promote education in blockchain technology. The partnership involves a grant for the 12th BIU Winter School on Cryptography. Moreover, it will encourage more participation in the Algorand blockchain.

What the winter school will cover

Post-doctorate and graduate students, the grant’s beneficiaries, will cover topics such as private set intersection, threshold signatures, homomorphic and private secret sharing, oblivious RAM, and retrieval of confidential information.

According to the CEO of Algorand Foundation, Sean Lee, the company is excited to support the 12th BIU winter school to educate cryptographers on blockchain’s descriptive potential. Educating them will enable people to adapt blockchain further.

The co-organizer of the school and the director of the BIU Center for Research in Advanced Cryptography and Cybersecurity, Benny Pinkas, states that they are grateful for Algorand’s support of their winter school. The school, an annual event, focuses on a different cryptographic topic every year.

Pinkas adds that they will record all lectures and post them on YouTube, where students will use them as learning tools on cryptography.

The BIU Center for Research in Applied Cryptography and Cybersecurity has organized the winter school. The hybrid event will occur between January 23 and January 26, 2022.

BIU expects to educate people globally. For this reason, it will offer classes on YouTube for interested students. Algorand has also asked parties interested to submit projects that will allow them to get grants.

Algorand is collaborating with Drone Racing League 

This collaboration is part of Algorand’s plan to make its blockchain more mainstream. The platform previously signed a deal worth approximately $10 million to support various projects with the Algorand blockchain with the Drone Racing League (DRL).

DRL will use the partnership to introduce non-fungible tokens (NFTs), fan transactions, collectibles, and crypto-powered ticketing. The DRL has already used Algorand’s blockchain to create its first play-to-earn game.

These partnerships will increase the price of the platform’s token, ALGO. The platform has already seen a 235% increase in value. ALGO has managed to perform well despite market volatility in the crypto industry. For example, it gained 45% on December 20.

The City of Jackson Could Offer Employees a Bitcoin Payment Option

By
Adam Barry
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0

The City of Jackson, Tennessee, could be the first to give its employees the option for Bitcoin as a payroll conversion option. Scott Conger, the city’s mayor, has previously suggested adding Bitcoin as a payment option for city employees.

According to Conger, the move will diversify how they pay employees. Moreover, paying contractors and companies in Bitcoin will attract more bidders. Conger already has a motion to bring his plans to fruition.

The city has opened a request for bids

The city has opened a request for a proposal that will enable other platforms to pay as the city’s cryptocurrency converter. Third parties have until December 22 to respond to the RPF. The committee will then go through the bids and decide by February.

The city plans to pay a contractor in U.S dollars for the number of employees they will pay in Bitcoin. Afterward, the company will convert the payment and send it to the employees. If things go according to Tennessee’s plans, employees will receive Bitcoin payments in 2022.

According to Conger, the move will allow employees to diversify their investments. In addition, it will open up opportunities for the city.

Jackson is not the only city considering making Bitcoin a conversion option. Another such city is Miami which is a better option to implement this. However, Conger is sure that his city will be the first.

Many countries are opposed to digital currency

Over the last few weeks, Bitcoin has been downtrend as many countries decide how to handle it. For instance, China has completely banned digital currency. India, on the other hand, is still in discussion on what to do with cryptocurrency. However, the Reserve Bank of India has stated that it supports a full ban.

In addition, the Bank of England also stated that cryptocurrency is completely useless and that investors should be prepared to lose their money at any point. The back also suggested that the industry will not maintain its trajectory in the long run.

Despite crypto’s opposition, a few countries, including Singapore and El Salvador, have accepted it. El Salvador has even created laws to regulate the industry. While its stance in the U.S is not definite, some investors have found comfort in cities such as Jackson supporting it.

China Bans Short Videos Related to Cryptocurrency

By
Adam Barry
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0

A few months after China banned cryptocurrency, the country targets short crypto-related videos online. The China Netcasting Services Association (CNSA) has released a publication that bans citizens from sharing videos that promote cryptocurrency.

China banned 99 more topics

A per the Online Short Video Content Review Standard Rules, 2021 users are not allowed to share videos that promote participation in trading, mining, and speculating digital currencies. The ban applies to several platforms, including the country’s TikTok version, WeChat, Douyin, and Kuaishou. The regulator also banned people from publishing 99 other topics online. Examples of these topics are fascism, challenging the country’s ideology, imitating officials, and questioning the country’s history.

Many experts believe that TikTok will be adversely affected by the new crackdown as 26% of its users are between 25 and 44, while 60% are between 16 and 24. Moreover, most crypto users are between 26 and 44 and 18 and 25.

The ban of cryptocurrency videos is among the newest items on the list. Failure to comply with the regulations will result in fines.

This latest move is the country’s latest bid to wipe out cryptocurrency in China. The country previously banned the mining and trading of cryptocurrency as it will affect its financial stability. Moreover, China claims that banning crypto mining will enable it to reach its sustainability goals.

Chinese agencies such as foreign exchange and securities regulators, financial regulators, and the central bank vowed to work together to eradicate cryptocurrencies in the country. As a result, many mineral and exchanges have shut down and moved to more friendly areas such as El Salvador and the U.S

Bitcoin is on the downtrend

One company that had to exit the country was Huobi Global. The ban has also impacted the crypto market, and Bitcoin value has gone down. However, experts have stated that the country’s crackdown on crypto will not impact the sector in the long term.

In the past, the country had banned crypto activities like capital raising and digital currency reading via coin offering in 2017. However, authorities had not interfered with mining until recently.

Meanwhile, authorities in India are still trying to decide what to do about cryptocurrency. So far, the Reserve Bank of India has stated that it supports a complete ban.

The Reserve Bank of India Supports a Cryptocurrency Ban

By
Adam Barry
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0

The Reserve Bank of India (RBI) has told the Central Board it supports a cryptocurrency ban at a Central bank meeting on December 17, 2021. The RBI cited concerns over regulating exchanges and maintaining financial and macroeconomic stability.

The RBI explains its doubts on crypto

The Central bank has also expressed doubt on the market value of crypto and the number of people trading them.

The RBI has also stated that it could be difficult to regulate digital assets from overseas. Moreover, since they are available on foreign exchanges, the central bank is worried about digital assets’ secrecy.

According to the governor of the RBI, Shaktikanta, the central bank has concerns that have caused it to flag cryptocurrency. He adds that the bank has looked into the matter relating to private cryptocurrencies and a central bank digital currency.

However, a few board members wanted a broad perspective on cryptocurrency. They wanted to be aware of the disadvantages it could cause the finance sector and the technical advancements.

The administration will propose the bill during the next parliament session

In addition, the government has also included the Cryptocurrency and Regulation of Official Digital Currency Bill among the bills it will introduce in the parliament’s Lok Sabha session. The bill was also to be included in the previous budget session. However, the administration decided to revise it first.

The proposal includes a framework for a digital currency that the RBI will offer. It also bans private cryptocurrencies from the country. However, the bill makes some exceptions to benefit from the technological advancements in crypto.

The Prime Minister of India, Narendra Modi, will finalize the framework and decide to allow the bill. Despite this, many believe that the administration will not table the proposal. The administration wants more time to consult on the subject. However, Modi has had several negotiations on the matter.

In July 2019, a government panel completely banned private cryptocurrencies. Dealing in crypto could result in up to ten years in prison or a fine of Rs 25 crores. Furthermore, the RBI drafted a proposal in October to amend the Reserve Bank of India Act, 193, and change the definition of banknotes to encompass digital currency.

Shopify (NYSE: SHOP) is Partnering With GigLabs to Mint Non-fungible tokens

By
Adam Barry
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0

Shopify (NYSE: SHOP) is now trading and minting non-fungible tokens (NFTs). The company is collaborating with GigLabs. GigLabs is a company that provides tools for creating, minting, and trading NFTs depending on the Flow Blockchain.

Flow Blockchain is one of the fastest-growing blockchains globally. It has more than 17 million NFTs and 2 million accounts. Flow uses Proof-of-Stake (PoS), which is more environmentally friendly.

Shopify may partner with other apps

Shopify may also collaborate with partner apps to mint flow, Near, Polygon, and Ethereum NFTs. The company has already launched a beta program for Shopify merchants in the U.S. In addition, customers who wish to integrate their Shopify Plus account with the GigLabs NFT collection could contact GigLabs.

Shopify Plus merchants will create and trade NFTs on the platform with little to no experience in blockchain. NFT fans could buy the collectibles through debit cards, credit cards, Shop Pay. Cryptocurrencies, or Shopify Payments. When people buy the NFTs, they will receive an email with the NFT, and they can add it to their digital wallets.

BreakingT and Infinity Objects will use GigLabs

According to Shopify’s Director of Product, Robleh Jama, its growing portfolio of NFT apps shows its commitment to giving merchants a platform to trade their NFTs directly.

The GigLabs NFT has allowed Infinite Objects and BreakingT to be among the most companies that use the tokens on their platforms. These companies helped GigLabs to create the app. They can now integrate NFTs in their Shopify stores.

The CEO of BreakingT, Alex Welsh, says that the company uses its CrowdBreak platform to teach its social data while searching for fan engagement in big sports moments. BreakingT has also incorporated the GigLabs app into its 24/7 model to turn historical sports moments into NFTs quickly.

This move is not the first Shopify has made in the cryptocurrency sector. The company partnered with BTCPay in 202, so they could accept Bitcoin.

Joe Saveedra, the CEO of Infinite Objects, adds that people should appreciate moving images as they do photographs, prints, and posters. Moreover, the app will allow Infinite Objects to integrate NFTs into its platform.

Bitwise (OTCMKTS: BITW) Has Launched a Non-fungible Token Index Fund

By
Adam Barry
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0

Bitwise (OTCMKTS: BITW) has launched the first non-fungible token (NFT) index fund to expose investors to the NFT sector. The fund manager has stated that the Blue-Chip will help people interested in NFTs with little time to take part in auctions.

Bitwise based its decision on crypto’s success

Bitwise currently hosts ten of the most valuable NFTs, including Fidenza, Bored Apes, and CryptoPunks. These NFT collections have a collective value of $6 billion. Bitwise weighs these collectively based on market value to simplify price discovery and liquidity.

Bitwise explains that it started the fund after the NFT trading reached $10 billion in the third quarter of 2021. NFTs, which served as digital proofs of ownership, has completely revolutionized the art world. Many art pieces have sold for millions.

The fund also has low minimums allowing the investors opportunities to share ownership for art that they could not have otherwise bought. NFTs are generally expensive and time-consuming. Furthermore, sourcing and buying NFTs is complex.

According to the CEO of Bitwise, Hunter Horsely, NFTs have contributed significantly to the growth of the cryptocurrency sector. Moreover, NFTs are slowly changing how people think of property rights. Hunter also believes in helping investors take part in the growth of crypto through the fund.

Matt Hougan, the CIO of Bitwise, adds that investors should know the risks of investing in NFTs. He points out that the market is still in its infancy. In addition, NFTs are highly volatile and have a few custody challenges.

NFTs have provided a medium for art

Hougan states that NFTs have provided a new medium for art which is rare. NFTs have become the first digital media for owing collectibles and art. Moreover, they can use in the digital world, can have value and meaning in the digital world. This combination presents an excellent opportunity for investors.

This find is not the first crypto fund that Bitwise has launched. It has also launched the ex Bitcoin Index Fund and the Bitwise DeFi Index Fund. The new fund is available to investors who pay $25,000 for a minimum investment.

The Blue-Chip NFT Index Fund will enable investors to put funds in major art collections and NFTs.

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