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The Officials At White House Reviews Existing Cryptocurrency Rules To Check If Additional Measures Are Required To Protect Investors

By
Adam Barry
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0

Biden Administration is reviewing the prevailing cryptocurrency rules to fill in the gaps and protect investors. 

It is on the backdrop of high volatility in the market involving cryptocurrencies recently. The administration expects to frame new rules to govern crypto.  

According to a communiqué to The Washington Post, the white house officials would check whether terrorists could use cryptocurrencies like bitcoin (BTC) for their financing. 

They would also implement additional measures to safeguard small investors from heavy fluctuations in digital assets. 

Panic selling in Bitcoin

Bitcoin drop below $30,000 caused panic selling. As a result, digital assets lost more than $1 trillion in value in a matter of ten days. 

The value of digital assets almost halved during mid-April 2021 and mid-May 2021.  

The US treasury mandates reporting transactions over $10,000

The US treasury framed a new rule to keep a check on cryptocurrency transactions. According to the new law, the investors need to report all the transactions above $10,000 to IRS (Internal Revenue Agency). 

Plans to strengthen IRS

The bidden administration expects to double the workforce in the IRS in the next ten years. According to a claim of Washington Post citing federal lawmakers, wider variations in cryptocurrency rates would not affect the broader stability of the financial markets. However, stringent measures are necessary to mitigate the risks in crypto.

The value of the cryptocurrency market is more than $2.5 trillion at its peak. However, it is minor compared to the broader financial system worldwide. The risks may increase in the future as the market for crypto grows. It mandates stricter measures to protect investors.

Bitcoin traded at $37,329.93 on June 3, 2021, and maintains dominance of 41.6%. The market cap of global cryptocurrency is $1.68 trillion, surged by 4.3% compared to the previous day. 

The total volume of the crypto market is $109.18 billion in the past 24 hours. 

India to set up new rules

The unregulated crypto industry in India is subjected to self-regulation. The mobile and internet association establishes a committee to resolve issues by applying best practices in crypto. 

The Blockchain and CAC (Crypto Assets Council) would include fintech compliance specialists, technical specialists, and advocates to implement self-regulation. India legalized Crypto exchange business activity. 

Nic Carter Comes Out As Dismissive To Elon’s Position As Leader To Green Bitcoin Mining Crusade

By
Adam Barry
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0

It was sometime back that Elon Musk announced that Tesla Inc (NASDAQ: TSLA) would no longer accept Bitcoin as a form of payment. This leader’s move struck a large section of the crypto community as some sort of betrayal. It seems like Elon’s decision might continue haunting him longer, considering the strong opposition he has faced since then in the crypto segment.

Carter criticizes Tesla CEO

Castle Island’s Nic Carter asserts that Elon Musk isn’t the right candidate to charge for Bitcoin to be greener.

The official spoke in one of the newsrooms, expressing doubt in Elon’s integrity for the movement.

Tesla’s CEO has been championing more energy-friendly Bitcoin mining operations, but his move to decline Bitcoin purchases at Tesla casts a dark shadow on him as a leader of the new movement.

Elon has been a busy man lately, as his recent tweet shows. The leader traveled to North America, where he spoke to the Bitcoin Miners in the area. They reached an agreement where the Bitcoin miners pledged to become more transparent in their mining undertakings.

Carter doesn’t seem opposed to the agreement that Elon arrived at with the North American Bitcoin miners. However, h continues to express his reservations regarding Elon pushing the green movement. His words spark confusion regarding Elon’s suitability as the leader of the progressive movement.

Bitcoin mining continues to face its fair share of challenges, according to analysts. Several governments continue casting doubt on Bitcoin, making some serious moves that frustrate the Bitcoin mining operations. 

Bitcoin faces challenges

China has always been a frontrunner in showcasing its undying support for Bitcoin mining operations, but its last week’s decision remains to be a shocker to many crypto enthusiasts. The country arrived at a resolve to camp down Bitcoin trading activities and the mining operations as well.

Not long after China’s move, the Iranian government moves in with even stricter measures to curb Bitcoin trading and mining activities. The Iranian government has directed that all crypto mining operations come to a standstill until it makes its next statement on the matter on September 22.

ICHI Embarks On Stable Coin Issuance After Unveiling The Decentralized Monetary Authority

By
Adam Barry
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0

ICHI runs a platform that facilitates the issuance of stablecoins. It is pleased to unveil something new-the Decentralized Monetary Authority.

The future of mining activities

It might soon be easier for the various cryptocurrency networks to mine their stable coins, and Decentralized Monetary Authority promises to continue offering its support. DMA will remain committed in most of its undertakings, providing the most favorable conditions that aid the various cryptocurrency networks to undertake secure mining activities when it comes to stable coins.

It is a new dawn for most cryptocurrency communities, considering that they stare at a future where they will effectively govern their own fully collateralized stablecoins. The opportunity to develop their stablecoins is one thing, and the capacity and ability to set their value is another thing. Analysts confirm that the cryptocurrency communities will need to set the value at about $1.

Several developers working ICHI have spoken about the recent developments, applauding the various changes to the platform. These developers exude confidence in the platform, outlining that it has what it takes to solve a plethora of challenges that pull along with most of the existing stablecoins. 

One of the major challenges happens to be the great need to sell out cryptocurrencies in the quest to mint more tokens.

The above challenge can be likened to an instance where a stock sale triggers a decrease in the value of the stock in question.

The uniqueness of the ICHI platform

The ICHI platform developers have been working towards transforming it into the sort of platform that provides some wide-ranging benefits. For example, they hope that it will deliver the benefits of the fiat-backed coins without compelling the parties involved to undertake some undesirable tradeoffs. The benefits in question could be those to do with either the USDT or the USDC coins. 

ICHI has its stablecoin issuers, and they are commonly referred to as the “oneTokens.” The issuers in question happen to be fully pegged on the US dollar.

According to analysts who cite the easy verification of the collateral pools and reserves, it is a great move settling for the ICHI network.

Dubai Coin Skyrockets By 1,000% In A Single Day

By
Adam Barry
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0

Arabianchain Technology has described itself as the first public blockchain-based company in Arabia. It has unveiled the Dubaicoin and claims that the coin will facilitate the payment of goods and services on physical stores and online if all goes well. 

Projections of the future of the Dubai coin

The Dubai coin might, in the future, end up taking the place of the traditional bank-backed currencies. Arabianchain Technology understands the great need for controlling the Dubai coin. It mentioned the authorized brokers and the City of Dubai as the parties responsible for the circulation of the Dubai coin. 

It happens to be a new dawn for the city of Dubai following the unveiling of the Dubai coin. Matters seem to be moving pretty fast, considering that the coin has already found a place in numerous exchanges and is performing quite well.

Analysts say that the Dubai coin is a public blockchain, which implies how people can continue their mining acuities to generate DBIX coins.

Dubai coin has left many in shock after it skyrocketed by a margin of about 1,000% in the past 24 hours. Crypto.com unveiled the news today, applauding the coin for its remarkable performance that puts Dubai on the map. Its performance shot up from $0.17 to finally settle at $1.13 at about 4 pm IST on May 27.

Dubai coin will be dynamic

It is not the first time for UAE to shine in matters to do with cryptocurrency. It has for long been considered to be a haven for crypto investors on a global scale. 

Anyone who keenly follows matters can clearly remember the India-based COVID-19 fund and establish an entity in the city responsible for converting crypto donations to fiat currencies. The COVID-19 pandemic continues presenting new variants in different countries worldwide, and donations continue to help save lives.

Analysts continue to express fears over mining activities and how such operations could impact the Dubai coin. 

These analysts project that the mining operations could make the coin volatile, which is indeed one possibility considering that it happens to be in a public-based system. Confusion rages on a people try to understand what the city of Dubai meant when it spoke about the regulation of the Dubai coin price.

South African Reserve Bank Conducting Exploratory Study On Possibility Of Launching A Digital Rand

By
Adam Barry
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0

South Africa has become the latest country to explore the possibility of a central bank-backed digital currency. The South African Reserve Bank (SARB) is conducting exploratory studies on the feasibility, appropriateness, and desirability of a CBDC in line with other central banks. 

South Africa’s Central Bank studying digital currencies 

SARB said in a statement on May 25 that they are exploring the possibility of having a central bank-backed digital currency as an electronic legal tender, complementary cash, and for general retail use. The bank said a CBDC is a digital cash form that seeks to offer the best attributes of electronic and cash payments. The feasibility study SARB is considering will look at how the CBDC issuance will feed into the central bank’s mandate and policy position. The bank said that it is looking at a digital currency that consumers can use for retail purposes. 

Interestingly the feasibility study will entail practical experimentation of the digital currency across emerging tech platforms with consideration of a range of factors including regulatory, risk, management, security, and policy implications. The feasibility study will last until next, and it aligns with the current institutional digital payments pilot under “Project Khokha.”

However, the project shouldn’t be confused with the Khokha Project, which is focusing on high-value transactions settlement between banks and stakeholders at the wholesale level.  SARB launched Project Khokha in 2018, and the interbank payment system runs on EThereum-based Quorom infrastructure in testing and settling interbank payments. Interestingly the studies will lead to better coordination and policy alignment. 

Momentum is growing with various countries studying CBDCs. 

SARB joins other central banks studying CBDCs, and the current study doesn’t indicate that the bank is planning to issue a digital rand soon. The CBDC sector has continued to expand in recent times, with China being the de factor leader among major economies.  Recently South Korea’s central bank announced that it will partner with a leading tech firm in building a sovereign digital coin for its testing protocols that will commence this August.

Chia Network’s Valuation Rises To $500 Million After Raising $61 Million In Funding Round

By
Adam Barry
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0

Blockchain platform Chia Network has raised $61 million in a Serie D funding round led by venture capital giants Richmond Global Ventures and Andreessen Horowitz. Following the funding round, Chia Network is currently valued at $500 million, which is almost double its previous value. 

Chia network offers an eco-friendly Chiacoin

Co-founder and CEO of AngelList Naval Ravikant, True Venture, DHVC, Slow Ventures, Cygni Capital, Collab+Currency, and Breyer Capital also backed the funding round. 

The decentralized blockchain platform runs Chiacoin and was founded by BitTorrent P2P protocol founder Braham Cohen. The crypto will apply knowledge from the past thirteen years to take on BTC’s might. Chiacoin is often considered the eco-friendly alternative to bitcoin. 

Cohen has hinted before that he is considering taking the company public through an IPO later this year to add a layer of legitimacy. Although cryptocurrencies have made significant strides in adoption, integration into mainstream financial systems is still a challenge. Coinbase has set precedent in the sector by becoming the first crypto exchange to go public. 

Chia Network making crypto easier to use than cash

Gene Hoffman, Chia Network’s COO and President, said that they are looking to make digital currency use easier than cash. Hoffman confirmed the intention to take the company public this year through an IPO. The COO said that the goal is to go public as quickly as possible. That will clarify the regulatory environment and permit customers to use Chiacoin in hedging market volatility, unlike other coins. Chia Network refers to its Chia token (XCH) as the green money for the crypto sector.

The unique consensus mechanism called “Proof of Space and Time” is the primary value proposition of Chia Network. Most importantly, the consensus method claims to offer enhanced energy efficiency relative to proof-of-Work mining and seeks to identify unused computing power on validator’s hard drives. To farm or create XCH, users need to install the Chia software responsible for writing cryptographic data called “plots” to the hard drive. After every 18 seconds, the blockchain will broadcast a problem for every new block.

Travel Booking Platform – Travala Will Soon Accept Payments In XDC For Hotel Booking, Flight Tickets, And Weekend Activities

By
admin
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0

Travala.com entered a pact with XinFin to accept payments in XDC. As per the terms of the deal, XinFin will add XDC to the payments portal of Travala.

Purchase 3 million travel products using XDC

The customers can soon make payments in XDC at Travala while booking flight tickets, hotels, resorts, and weekend activities.  

The new deal allows XDC holders to purchase over 3 million travel products at Travala. 

Travala currently covers over 90,000 destinations worldwide in 230 territories and nations. It owns more than two million properties worldwide. 

Travelers rejoice

According to a communiqué of Travala, the customers can clinch travel deals at 40 % less compared to other travel portals. 

An open-source, enterprise-ready, and hybrid blockchain protocol – $XDC (XinFin XDC Network) is ideal for decentralized finance.

Consumes less power – a significant benefit

Compared to power-hungry Bitcoin that threatens the environment, the XDC network consumes just 0.000000118 kWh for each transaction and offers a significant advantage. According to the recently collected data, the entire XDC network uses power equal to that consumed by two Tesla cars in a year.

The customers can complete their buy transactions at lightning speed because the XDC network could process more than 2000 transactions in a second. It is a significant achievement compared to Ethereum (ETH) that processes 12 to 16 transactions in a second, whereas Bitcoin processes three to six transactions in a second. Therefore, the XDC network eliminates network congestion and allows seamless transactions for customers.

The users of Ethereum need to pay a total fee of $89 million. On the other hand, the XDC network charges just $0.00001 for each transaction. 

XinFin FinTech becomes the first company to use DASL Crypto Bridge. 

XinFin can utilize DASL to move XDC to public Corda Network from XDC Network to settle the tokens inside the Corda ecosystem. 

The adaptable technology solution – DASL is based on Corda for digital assets. It could be interoperated with other DLTs for consolidating the technology. 

DASL Crypto Bridge facilitates data recording on the Corda network privately and reduces the risk for institutions because of limited data sets transfer to the XDC public network.

deFIRE Enters A Deal With Coin360 To Provide Access To DEX Prices: Bitcoin Declines Sharply

By
Adam Barry
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0

The smart order routing DeFi project – deFIRE signed a pact with Coin360. Following this deal, DeFi users can get reliable DEX prices on ADA (Cardano).

Changelly powered deFIRE is based on Cardano. The main aim of the decentralized project is to offer distributed oracle service on ADA. Also, the low latency decentralized order routing of deFIRE could improve ADA’s native token ecosystem.

Supports retail traders

deFIRE could utilize Coin360, the live data aggregator, to expand its flourishing DeFi ecosystem. It can also extend support to retail traders and several institutional order flow originators utilizing Coin360’s tools and global reach. 

Coin360 is specialized in tools such as charts, widgets, liquidity books, and heatmaps. Its tools would educate the beginners about how to trade prudently. 

Expert traders could utilize Coin360’s tools in optimizing strategies. 

Raises more than $5 million

deFIRE raised over $5 million in a pre-IDO funding round. 

deFIRE attracted the interest of leading VCs such as SwissBorg Ventures, Cryptodromfund, and Morningstar. 

Coin360 commands a visitor base of more than 4.65 million. The deFIRE users could gain access to reliable and comprehensive cryptocurrency market data. 

Both deFIRE and Coin360 would explore new integration and collaboration opportunities in the future. 

Bitcoin (BTC) drops to $30,000

Bitcoin declined surprisingly to a low of $30,000 on May 19, 2021, and eroded its market value drastically. A few days back, Bitcoin is trading at $42,107.19 with a market cap of $787.99 billion. 

Ethereum (ETH), the second popular cryptocurrency, trades at $2,222 on May 19, 2021, with a market value of $256.5. Its value declined by 40% on May 19, 2021. A few days ago, just like Bitcoin, Ethereum also scaled a high $2886.63. 

The drop in cryptocurrencies values is on the backdrop of Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), who reversed his decision to accept payments in Bitcoin for his vehicles. A series of tweets from Musk created confusion in investors to offload their holdings. 

The reliability of cryptocurrency is under question because investing in crypto is illegal in some nations like China and legal in the US. 

Nouriel Roubini, an American economist, hogged the headlines saying Bitcoin does not have any intrinsic value. He also criticized institutional investors for parking their money in a volatile instrument. 

Red Bull Racing Honda Enters A Deal Tezos To Unveil Its Digital Collectable Non-fungible Tokens On Blockchain

By
Adam Barry
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0

Tezos is chosen as a blockchain partner for Red Bull Racing Honda. Red Bull Racing Honda chose Tezos as its blockchain partner. As per the terms of the deal, the company will unveil digital collectible non-fungible tokens (NFTs) on the Tezos blockchain. 

Energy-efficient blockchain

Energy-efficient and open-source blockchain – Tezos is widely used for applications and assets. According to Red Bull, the COVID-19 pandemic greatly impacted Grand Pix fans worldwide. The Red Bull team contemplates including an immersive, innovative, and unique experience in its fan engagement program.

Red Bull’s CEO, Christian Horner, said Tezos’s capability to offer sophisticated blockchain technology is a perfect match for its Red Bull Racing. Tezos operates with minimal energy requirements and environment friendly with a negligible carbon footprint. 

Tezos’s energy-efficient approach aligns perfectly with its environmental ambitions in the future. Formula One Innovation, adopted by Red Bull, also targets achieving carbon neutrality. 

The low carbon footprint techniques adopted by Tezos are a valuable asset. Tezos would develop NFTs and helps Red Bull in offering maximum engagement to its fans. 

Chair of Tezos Foundation, Hubertus Thonhauser, said the company is excited to get selected by Red Bull as an exclusive blockchain platform. 

Denies reports of Andy Cowell joining powertrains project

There are reports that Andy would join the powertrains project at Red Bull. Horner said the reports of Andy Cowell, ex Mercedes engine chief, joining its innovative powertrains project are untrue. He also denied any deal with Andy. 

Horner said a lot of media attention on topics related to personnel joining its new outfit. However, he is surprised to read the news this morning that Andy agreed to take a role at its powertrains project. He denied and said the recruitment is based on engine regulations in 2025. 

In 2020, Andy said he will step down from Mercedes AMG HPP (High-Performance Powertrains) as a Managing Director. It led to the speculation that he could join a high-profile F1 constructor later. 

Honda decided to pull out of F1, and Red Bull is busy establishing its powertrains arm. The company already poached Ben Hodgkinson from Mercedes and posted him as a technical director for its new division. It also snapped personnel from Mercedes.

US Treasury Imposes Strict Restrictions On Cryptocurrency Transactions To Keep A Check On Tax Evaders And Eyes $700 Billion In Tax Revenues: IRS Strengthens Its Teams With A $80 Billion Package

By
Adam Barry
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0

The US Treasury is imposing stricter restrictions on transactions involving cryptocurrency to prevent tax evasion. According to the recent directive, all the investors in the US need to report all cryptocurrency transactions of more than $10,000 to IRS (Internal Revenue Service) for taxation and documentation.

Cryptocurrency loses sheen

The US government enacted the latest initiative after the crypto industry, including Bitcoin (BTC), lost more than $350 billion in the recent massive crash. 

The massive crash is in the backdrop of the Chinese announcement of cracking down on cryptocurrencies mining and power failure. China already outlawed cryptocurrencies such as Bitcoin.

FSDC (Financial Stability and Development Committee) in China, on May 22, 2021, said it will tighten the regulations on crypto trading and mining. It will concentrate on reducing credit risks besides imposing severe punishment on those involved in illegal transactions. The crypto participants, who are not aware of a recent law in China, will bear the brunt in the future. 

It dealt another blow for bitcoin, which already lost and crashed to the $38,000 region on May 19, 2021. Bitcoin touched a low of $35,383 during intraday trading before recovering to $40,000 two days back. 

In April 2021, Bitcoin declined to $52,000 after moving over the benchmark of $60,000. According to experts, a drop in hash rate and expected regulations on crypto are the factors behind this flash crash. Limitations imposed in power usage on crypto mining in China also facilitated the crash.

The US expects to benefits from $700 billion

Unlike China, the US will not ban cryptocurrencies and expects to generate revenues of $700 billion in the next 10 years through tax collections. 

It is searching for effective mechanisms to improve tax revenues in the future. IRS will strengthen its resources and manpower with an $80 billion package. As a result, individuals and businesses that engage in the cryptocurrency space will face strict regulations.

According to IRS, several wealthy investors possess sophisticated tools to overcome the radar of tax agencies and indulge in money laundering. IRS received a directive earlier this month from the US district court in California’s Northern District to collect the details of taxpayers that use Kraken.

In the week beginning May 17, 2021, Sichuan’s Aba County-based State Grid directed local enterprises and households to reduce their power usage because of growing power demand. 

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