White House Publishes ‘Roadmap’ to Mitigate Cryptocurrency Risks
The White House has published a “roadmap to mitigate cryptocurrencies’ risks.” The roadmap calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions “to dive headlong into cryptocurrency markets.”
The White House published a blog post noscriptd “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks” Friday under the National Economic Council (NEC), an Executive Office of the President (EOP) established to advise the president on U.S. and global economic policy.
The roadmap is authored by four White House advisors: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chair Cecilia Rouse, and National Security Advisor Jake Sullivan. The CEA is charged with providing objective economic advice on the formulation of both domestic and international economic policy while the OSTP advises the president on all matters related to science and technology.
The White House advisors detailed:
At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.
“Experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose,” they added.
The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate disclosures, and committing outright fraud. Moreover, the authors claimed that “there is poor cybersecurity across the industry” that has enabled North Korea to “steal over a billion dollars to fund its aggressive missile program.”
While encouraging regulators to continue “using their authorities to ramp up enforcement where appropriate and issue new guidance where needed,” the roadmap authors stressed:
The events of the past year underscore that more is needed. Agencies have redoubled their efforts to fight fraud … Enforcement agencies are devoting increased resources to combatting illicit activities involving digital assets.
“In the coming months, the Administration will also unveil priorities for digital assets research and development, which will help the technologies powering cryptocurrencies protect consumers by default,” they revealed.
The roadmap also calls on Congress to “step up its efforts” in regulating the crypto sector, such as expanding regulators’ powers to prevent misuse of customer assets and mitigate conflicts of interest.
The White House advisors suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit-finance rules, and subject crypto intermediaries to bans against tipping off criminals. However, they cautioned:
Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.
The advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the broader financial system.
In conclusion, they emphasized:
The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.
Nonetheless, the roadmap authors noted that “to realize these benefits, new technologies need commensurate safeguards,” elaborating: “To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals.”
The White House has published a “roadmap to mitigate cryptocurrencies’ risks.” The roadmap calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions “to dive headlong into cryptocurrency markets.”
The White House published a blog post noscriptd “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks” Friday under the National Economic Council (NEC), an Executive Office of the President (EOP) established to advise the president on U.S. and global economic policy.
The roadmap is authored by four White House advisors: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chair Cecilia Rouse, and National Security Advisor Jake Sullivan. The CEA is charged with providing objective economic advice on the formulation of both domestic and international economic policy while the OSTP advises the president on all matters related to science and technology.
The White House advisors detailed:
At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.
“Experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose,” they added.
The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate disclosures, and committing outright fraud. Moreover, the authors claimed that “there is poor cybersecurity across the industry” that has enabled North Korea to “steal over a billion dollars to fund its aggressive missile program.”
While encouraging regulators to continue “using their authorities to ramp up enforcement where appropriate and issue new guidance where needed,” the roadmap authors stressed:
The events of the past year underscore that more is needed. Agencies have redoubled their efforts to fight fraud … Enforcement agencies are devoting increased resources to combatting illicit activities involving digital assets.
“In the coming months, the Administration will also unveil priorities for digital assets research and development, which will help the technologies powering cryptocurrencies protect consumers by default,” they revealed.
The roadmap also calls on Congress to “step up its efforts” in regulating the crypto sector, such as expanding regulators’ powers to prevent misuse of customer assets and mitigate conflicts of interest.
The White House advisors suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit-finance rules, and subject crypto intermediaries to bans against tipping off criminals. However, they cautioned:
Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.
The advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the broader financial system.
In conclusion, they emphasized:
The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.
Nonetheless, the roadmap authors noted that “to realize these benefits, new technologies need commensurate safeguards,” elaborating: “To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals.”
Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million
Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin.
Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday.
The filing shows that the fair market value of Tesla’s BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin News previously reported. “As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,” the company detailed, elaborating:
The fair market value of such digital assets held as of December 31, 2022 and 2021 was $191 million and $1.99 billion, respectively.
The filing also notes that during the two years ended Dec. 31, 2022, Tesla “purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets.”
The electric car company invested $1.5 billion in bitcoin in Q1 2021 but sold 75% of its holdings in Q2 2022. The company also accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, which accounted for an “immaterial amount” of digital assets as stated in the SEC filing.
The electric car company explained that digital assets are considered “indefinite-lived intangible assets under applicable accounting rules.” Therefore, “any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges,” Tesla described, adding:
In the year ended December 31, 2022, we recorded $204 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.
Since its BTC acquisition, Tesla only sold its bitcoin once, which was in the second quarter of 2022. The company sold 75% of its bitcoin holdings which added $936 million in cash to its balance sheet. CEO Elon Musk explained at the time that the company is “certainly open to increasing our bitcoin holdings in [the] future,” noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
Tesla’s SEC filing also states:
We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.
Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin.
Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday.
The filing shows that the fair market value of Tesla’s BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin News previously reported. “As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,” the company detailed, elaborating:
The fair market value of such digital assets held as of December 31, 2022 and 2021 was $191 million and $1.99 billion, respectively.
The filing also notes that during the two years ended Dec. 31, 2022, Tesla “purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets.”
The electric car company invested $1.5 billion in bitcoin in Q1 2021 but sold 75% of its holdings in Q2 2022. The company also accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, which accounted for an “immaterial amount” of digital assets as stated in the SEC filing.
The electric car company explained that digital assets are considered “indefinite-lived intangible assets under applicable accounting rules.” Therefore, “any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges,” Tesla described, adding:
In the year ended December 31, 2022, we recorded $204 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.
Since its BTC acquisition, Tesla only sold its bitcoin once, which was in the second quarter of 2022. The company sold 75% of its bitcoin holdings which added $936 million in cash to its balance sheet. CEO Elon Musk explained at the time that the company is “certainly open to increasing our bitcoin holdings in [the] future,” noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
Tesla’s SEC filing also states:
We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.
Binance Returns to Korean Crypto Market — Invests in Troubled Exchange Gopax
Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global.
Cryptocurrency exchange Binance announced Friday that it has invested in Gopax, a licensed crypto exchange in South Korea. The investment marks Binance’s return to the Korean crypto market, which the company exited two years ago, citing low usage and trading volume.
Gopax halted withdrawals of both principal and interest payments from its decentralized finance (defi) service “Gofi” in November last year “as a consequence of the upstream challenges experienced by Genesis Global Capital LLC,” Binance detailed. “Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.” The global crypto exchange explained:
As part of this transaction, Binance will inject capital into Gopax with the objective of securing in full any potential Gofi users’ withdrawal requests against all staked deposits, including interest.
Gofi’s products are provided by its partner, Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), Gopax previously explained. Genesis halted redemptions and new loan originations at its lending arm General Global Trading in November following the collapse of crypto exchange FTX.
The crypto lender then filed for bankruptcy in January following a lawsuit by the U.S. Securities and Exchange Commission (SEC) alleging that the company offered and sold unregistered securities to retail investors. Gopax’s parent company Streami Inc. is listed as one of Genesis Global’s 10 largest known creditors in the bankruptcy filing.
According to Binance’s chief business officer, Yibo Ling, the company has taken a “meaningful” equity stake in Gopax but the terms of the deal have not been disclosed.
Binance’s stake in Gopax is part of its Industry Recovery Initiative (IRI), launched in November last year following the collapse of crypto exchange FTX and the bankruptcy filings of several crypto firms.
Noting that the initiative was created “to support promising companies that were negatively impacted by the events of last year,” Binance CEO Changpeng Zhao (CZ) emphasized:
We hope that taking this step with Gopax will further rebuild the Korean crypto and blockchain industry.
The two crypto exchanges will also work closely “to improve user education and blockchain awareness through Binance Academy,” Friday’s announcement adds, concluding that Binance is committed to collaborating with local regulators and stakeholders to explore how it can “leverage its technology and liquidity to support the local ecosystem.”
The South Korean government announced this week that it will adopt a cryptocurrency tracking system within the first half of this year. In addition, the country’s Financial Supervisory Service (FSS) has revealed its plan to develop monitoring tools to regularly inspect the risks associated with crypto assets.
Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global.
Cryptocurrency exchange Binance announced Friday that it has invested in Gopax, a licensed crypto exchange in South Korea. The investment marks Binance’s return to the Korean crypto market, which the company exited two years ago, citing low usage and trading volume.
Gopax halted withdrawals of both principal and interest payments from its decentralized finance (defi) service “Gofi” in November last year “as a consequence of the upstream challenges experienced by Genesis Global Capital LLC,” Binance detailed. “Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.” The global crypto exchange explained:
As part of this transaction, Binance will inject capital into Gopax with the objective of securing in full any potential Gofi users’ withdrawal requests against all staked deposits, including interest.
Gofi’s products are provided by its partner, Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), Gopax previously explained. Genesis halted redemptions and new loan originations at its lending arm General Global Trading in November following the collapse of crypto exchange FTX.
The crypto lender then filed for bankruptcy in January following a lawsuit by the U.S. Securities and Exchange Commission (SEC) alleging that the company offered and sold unregistered securities to retail investors. Gopax’s parent company Streami Inc. is listed as one of Genesis Global’s 10 largest known creditors in the bankruptcy filing.
According to Binance’s chief business officer, Yibo Ling, the company has taken a “meaningful” equity stake in Gopax but the terms of the deal have not been disclosed.
Binance’s stake in Gopax is part of its Industry Recovery Initiative (IRI), launched in November last year following the collapse of crypto exchange FTX and the bankruptcy filings of several crypto firms.
Noting that the initiative was created “to support promising companies that were negatively impacted by the events of last year,” Binance CEO Changpeng Zhao (CZ) emphasized:
We hope that taking this step with Gopax will further rebuild the Korean crypto and blockchain industry.
The two crypto exchanges will also work closely “to improve user education and blockchain awareness through Binance Academy,” Friday’s announcement adds, concluding that Binance is committed to collaborating with local regulators and stakeholders to explore how it can “leverage its technology and liquidity to support the local ecosystem.”
The South Korean government announced this week that it will adopt a cryptocurrency tracking system within the first half of this year. In addition, the country’s Financial Supervisory Service (FSS) has revealed its plan to develop monitoring tools to regularly inspect the risks associated with crypto assets.
Report: Korean Regulator Approves Issuance and Distribution of Security Tokens
South Korea’s Financial Services Commission (FSC) has reportedly said that Korean investors will soon be able to easily invest and trade security tokens or fractionalized assets. According to the FSC’s Lee Su-young, security token investors are expected to get the same protection that is provided to investors in conventional securities.
The South Korean financial markets regulator, the Financial Services Commission (FSC), has okayed the issuance and distribution of security tokens, a report has said. According to the report, Korean investors are expected to begin trading security tokens once the regulator has concluded revising the relevant laws.
As per a report in The Korea Times, regulators are hoping that the changes will not only enable investors to make fractional investments, but will also ensure security token holders get the same protection that is accorded to conventional securities investors.
“We have decided to allow the new form of digitized securities to be issued here. This will enable investors to make fractional investments with more ease via the security token. We will also protect security token investors on par with those investing in conventional securities,” Lee Su-young, an official from the regulator’s capital market division, reportedly said.
Also, according to the report, the FSC’s decision to amend the relevant sections of the relevant laws is because it wants the Korean electronic securities and capital markets to reflect “the global investment paradigm shift.”
Meanwhile, Kim Se-hee, an analyst with Eugene Investment & Securities, is quoted in the same report highlighting the likely benefits of expanding the list of tradable assets. Some of the Korean brokerage firms that are reportedly updating their respective trading apps to enable security token trading include KB Securities, Shinhan Securities, and Kiwoom Securities.
While the FSC has taken steps that now make it possible for investors to acquire and hold fractionalized securities, an unnamed source quoted in the report tells investors to think before buying a security token. However, despite this and other concerns, the unnamed source nonetheless insisted that it is “a good sign that the FSC is showing signs of easing regulations on some trendy investment areas.”
South Korea’s Financial Services Commission (FSC) has reportedly said that Korean investors will soon be able to easily invest and trade security tokens or fractionalized assets. According to the FSC’s Lee Su-young, security token investors are expected to get the same protection that is provided to investors in conventional securities.
The South Korean financial markets regulator, the Financial Services Commission (FSC), has okayed the issuance and distribution of security tokens, a report has said. According to the report, Korean investors are expected to begin trading security tokens once the regulator has concluded revising the relevant laws.
As per a report in The Korea Times, regulators are hoping that the changes will not only enable investors to make fractional investments, but will also ensure security token holders get the same protection that is accorded to conventional securities investors.
“We have decided to allow the new form of digitized securities to be issued here. This will enable investors to make fractional investments with more ease via the security token. We will also protect security token investors on par with those investing in conventional securities,” Lee Su-young, an official from the regulator’s capital market division, reportedly said.
Also, according to the report, the FSC’s decision to amend the relevant sections of the relevant laws is because it wants the Korean electronic securities and capital markets to reflect “the global investment paradigm shift.”
Meanwhile, Kim Se-hee, an analyst with Eugene Investment & Securities, is quoted in the same report highlighting the likely benefits of expanding the list of tradable assets. Some of the Korean brokerage firms that are reportedly updating their respective trading apps to enable security token trading include KB Securities, Shinhan Securities, and Kiwoom Securities.
While the FSC has taken steps that now make it possible for investors to acquire and hold fractionalized securities, an unnamed source quoted in the report tells investors to think before buying a security token. However, despite this and other concerns, the unnamed source nonetheless insisted that it is “a good sign that the FSC is showing signs of easing regulations on some trendy investment areas.”
🤖United Telegram Bot Playground: Unique Token Natural Growth Algorithm powered by AI inside Telegram Bot
Research in the web: United Telegram bot
Price Forecast 0.035 (28%+) In 10-14 Days
🕰 Daily Numbers
➖➖➖➖➖➖
💎 Price: 0.02362$
Updated: 7 min. ago
Your gains: +488.27$
➖➖➖➖➖➖
📅 History change
24 hours: +5.31% ↗️
7 days: +16.79% ↗️
30 days: +18.10% ↗️
@UnitedTeleBot - UTB.ai Whitepaper
Powered By AI with small team behind the Telegram
@UnitedTeleBot
Research in the web: United Telegram bot
Price Forecast 0.035 (28%+) In 10-14 Days
🕰 Daily Numbers
➖➖➖➖➖➖
💎 Price: 0.02362$
Updated: 7 min. ago
Your gains: +488.27$
➖➖➖➖➖➖
📅 History change
24 hours: +5.31% ↗️
7 days: +16.79% ↗️
30 days: +18.10% ↗️
@UnitedTeleBot - UTB.ai Whitepaper
Powered By AI with small team behind the Telegram
@UnitedTeleBot
French Luxury Brand Hermes Wins NFT Trademark Infringement Lawsuit
French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered under the U.S. Constitution’s First Amendment but the jury disagreed.
French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-fungible token (NFT) collection which features digital depictions of Hermes’ popular Birkin bags.
Rothschild created the Metabirkins NFT collection in 2021, which he described as “a collection of 100 unique NFTs created with faux fur in a range of contemporary color and graphic executions.” The collection has fetched more than 200 ETH in sales, equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.
Rothschild argued that NFTs should be covered under the U.S. Constitution’s First Amendment. The artist’s defense team compared his work to that of Andy Warhol who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:
These images, and the NFTs that authenticate them, are not handbags. They carry nothing but meaning.
Hermes’ lawyers have accused Rothschild of “stealing the goodwill in Hermes’ famous intellectual property to create and sell his own line of products.” They argued that customers are likely to confuse Metabirkins NFTs with genuine Hermes products. They further said the Metabirkins URL is too similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes said in court: “The reason for these sales was the Birkin name.”
After deliberating for two days, a New York jury delivered a verdict on Wednesday stating that they “found the defendant liable for trademark infringement” and “trademark dilution.” In addition, they found that “the First Amendment protection does not bar liability.” The jury then awarded Hermes $133,000 in damages — $110,000 for trademark infringement and $23,000 for cybersquatting.
French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered under the U.S. Constitution’s First Amendment but the jury disagreed.
French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-fungible token (NFT) collection which features digital depictions of Hermes’ popular Birkin bags.
Rothschild created the Metabirkins NFT collection in 2021, which he described as “a collection of 100 unique NFTs created with faux fur in a range of contemporary color and graphic executions.” The collection has fetched more than 200 ETH in sales, equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.
Rothschild argued that NFTs should be covered under the U.S. Constitution’s First Amendment. The artist’s defense team compared his work to that of Andy Warhol who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:
These images, and the NFTs that authenticate them, are not handbags. They carry nothing but meaning.
Hermes’ lawyers have accused Rothschild of “stealing the goodwill in Hermes’ famous intellectual property to create and sell his own line of products.” They argued that customers are likely to confuse Metabirkins NFTs with genuine Hermes products. They further said the Metabirkins URL is too similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes said in court: “The reason for these sales was the Birkin name.”
After deliberating for two days, a New York jury delivered a verdict on Wednesday stating that they “found the defendant liable for trademark infringement” and “trademark dilution.” In addition, they found that “the First Amendment protection does not bar liability.” The jury then awarded Hermes $133,000 in damages — $110,000 for trademark infringement and $23,000 for cybersquatting.
🏈 $57 Risk-Free Bets for the Super Bowl With Duelbits
This weekend is time for the 57th Super Bowl when Kansas City Chiefs will face the Philadelphia Eagles at the State Farm Stadium.
How to get the Risk-Free Bet
• Place a single bet, between $5-$57 on any Pre-Match market on Super Bowl 57. The single must be placed at minimum 1.5 odds.
• If your Risk-Free Bet loses, you will be given a Free Bet token to the equivalent stake, within 24 hours.
The first Pre-Match bet placed will be eligible, any other bets after this are not considered.
Who do you think is going to lift the Lombardi Trophy in Arizona? Whatever happens Duelbits have you covered. Get up to a $57 Risk-Free Bet on Superbowl 57!
Bet Now To Win
This weekend is time for the 57th Super Bowl when Kansas City Chiefs will face the Philadelphia Eagles at the State Farm Stadium.
How to get the Risk-Free Bet
• Place a single bet, between $5-$57 on any Pre-Match market on Super Bowl 57. The single must be placed at minimum 1.5 odds.
• If your Risk-Free Bet loses, you will be given a Free Bet token to the equivalent stake, within 24 hours.
The first Pre-Match bet placed will be eligible, any other bets after this are not considered.
Who do you think is going to lift the Lombardi Trophy in Arizona? Whatever happens Duelbits have you covered. Get up to a $57 Risk-Free Bet on Superbowl 57!
Bet Now To Win
Receive and send cryptocurrency payments with PassimPay
We created a cryptocurrency payment system. It is a simple, quick, and convenient solution for your financial needs.
PassimPay is suitable for personal use and businesses, offering efficient tools for storing, sending, and receiving money.
— Instant transactions
— Flexible payment settings.
— Service fees between 0.1% and 1% for individuals and up to 3.5% for businesses.
— Multilevel protection system: 2FA, IP-tracking, secret key, intrusion alarm system, etc.
— Simple API integration for any website.
Easy. Instant. Secure. For any purpose. Sign up here!
We created a cryptocurrency payment system. It is a simple, quick, and convenient solution for your financial needs.
PassimPay is suitable for personal use and businesses, offering efficient tools for storing, sending, and receiving money.
— Instant transactions
— Flexible payment settings.
— Service fees between 0.1% and 1% for individuals and up to 3.5% for businesses.
— Multilevel protection system: 2FA, IP-tracking, secret key, intrusion alarm system, etc.
— Simple API integration for any website.
Easy. Instant. Secure. For any purpose. Sign up here!
MINA up +24.02%, BTC +0.58%, Mina Protocol is The Coin of The Day - Daily Market Update for Feb 12, 2023
Key highlights:
- The total cryptocurrency market cap increased from $ 1.03T to $ 1.04T in the past 24 hours, representing a 0.71% change
- The Bitcoin price at press time is $ 21,799 after growing by 0.58% in the last 24 hours
- The total crypto trading volume increased by 0.71% in the past 24 hours, and is currently at $ 149.77B
- All prices and changes are presented at the time of publication: February 12, 2023, at 06:00 UTC
Market Overview
The total cryptocurrency market cap is currently $ 1.04T after a 0.71% increase on the day. The total crypto trading volume increased by 0.71% in the same time frame.
Bitcoin is trading at $ 21,799 after seeing a 0.58% gain in the last 24 hours. The Bitcoin dominance fell by -0.04% and BTC currently represents 40.41% of the cryptocurrency market.
Top Coins By Market Cap
At press time, Bitcoin has a market capitalization of $ 418.92B after gaining 0.58% in the last 24 hours. According to our forecast, the value of Bitcoin will drop by -3.43% and reach $ 21,051 by February 17, 2023. To learn more about how the price of Bitcoin could change over the next 7 days, visit our Bitcoin price prediction page.
Ethereum, which is the second-largest cryptocurrency by market cap, is priced at $ 1,539.42 and has a market capitalization of $ 188.38B. ETH increased by 1.01% in the last 24 hours. If you're interested in where the price of Ethereum could head next, check out the Ethereum price prediction.
Bears Dominate the Market Today
The bears dominated the market today as 73% of coins lost value in the last 24 hours.
Coin of the Day is Mina Protocol
Thanks to its impressive 24.02% performance, Mina Protocol is today's coin of the day! Mina Protocol is currently trading at $ 1.10. Learn more about Mina Protocol and its position in the market on our Mina Protocol price prediction page.
Our technical indicators show that the current Mina Protocol sentiment is Bullish.
Key highlights:
- The total cryptocurrency market cap increased from $ 1.03T to $ 1.04T in the past 24 hours, representing a 0.71% change
- The Bitcoin price at press time is $ 21,799 after growing by 0.58% in the last 24 hours
- The total crypto trading volume increased by 0.71% in the past 24 hours, and is currently at $ 149.77B
- All prices and changes are presented at the time of publication: February 12, 2023, at 06:00 UTC
Market Overview
The total cryptocurrency market cap is currently $ 1.04T after a 0.71% increase on the day. The total crypto trading volume increased by 0.71% in the same time frame.
Bitcoin is trading at $ 21,799 after seeing a 0.58% gain in the last 24 hours. The Bitcoin dominance fell by -0.04% and BTC currently represents 40.41% of the cryptocurrency market.
Top Coins By Market Cap
At press time, Bitcoin has a market capitalization of $ 418.92B after gaining 0.58% in the last 24 hours. According to our forecast, the value of Bitcoin will drop by -3.43% and reach $ 21,051 by February 17, 2023. To learn more about how the price of Bitcoin could change over the next 7 days, visit our Bitcoin price prediction page.
Ethereum, which is the second-largest cryptocurrency by market cap, is priced at $ 1,539.42 and has a market capitalization of $ 188.38B. ETH increased by 1.01% in the last 24 hours. If you're interested in where the price of Ethereum could head next, check out the Ethereum price prediction.
Bears Dominate the Market Today
The bears dominated the market today as 73% of coins lost value in the last 24 hours.
Today's Top Gainers are Mina Protocol, Oasis Network, and ChainThanks to a 24.02% price increase, Mina Protocol was the biggest gainer of the day among the top 200 cryptocurrencies by market cap. Oasis Network came in second place, with 24-hour gains of 17.37%. Chain, Syscoin and Hedera Hashgraph complete today's list of the top cryptocurrency gainers.
Today's Top Losers are TerraClassicUSD, Riskmoon, and EverscaleUnfortunately, not all coins performed well today. The worst performer in the cryptocurrency top 200 was TerraClassicUSD, which saw a loss of -5.97%. Riskmoon also didn't perform well, as its price declined by -2.49% in the last 24 hours. Everscale, Convex Finance and XRP round out today's top 5 worst performers.
Coin of the Day is Mina Protocol
Thanks to its impressive 24.02% performance, Mina Protocol is today's coin of the day! Mina Protocol is currently trading at $ 1.10. Learn more about Mina Protocol and its position in the market on our Mina Protocol price prediction page.
Our technical indicators show that the current Mina Protocol sentiment is Bullish.
🏈 $57 Risk-Free Bets for the Super Bowl With Duelbits
This weekend is time for the 57th Super Bowl when Kansas City Chiefs will face the Philadelphia Eagles at the State Farm Stadium.
How to get the Risk-Free Bet
• Place a single bet, between $5-$57 on any Pre-Match market on Super Bowl 57. The single must be placed at minimum 1.5 odds.
• If your Risk-Free Bet loses, you will be given a Free Bet token to the equivalent stake, within 24 hours.
The first Pre-Match bet placed will be eligible, any other bets after this are not considered.
Who do you think is going to lift the Lombardi Trophy in Arizona? Whatever happens Duelbits have you covered. Get up to a $57 Risk-Free Bet on Superbowl 57!
Bet Now To Win
This weekend is time for the 57th Super Bowl when Kansas City Chiefs will face the Philadelphia Eagles at the State Farm Stadium.
How to get the Risk-Free Bet
• Place a single bet, between $5-$57 on any Pre-Match market on Super Bowl 57. The single must be placed at minimum 1.5 odds.
• If your Risk-Free Bet loses, you will be given a Free Bet token to the equivalent stake, within 24 hours.
The first Pre-Match bet placed will be eligible, any other bets after this are not considered.
Who do you think is going to lift the Lombardi Trophy in Arizona? Whatever happens Duelbits have you covered. Get up to a $57 Risk-Free Bet on Superbowl 57!
Bet Now To Win
Microsoft Reportedly Shutting Down Industrial Metaverse Focused Group
Software giant Microsoft is shutting down one of its most significant groups dedicated to the development and promotion of the industrial metaverse. According to reports, the company terminated its whole Industrial Metaverse Core group, which was composed of 100 employees, as part of the 10,000-person layoff rounds announced in January.
Microsoft, the Washington-based software giant, seems to be abandoning the metaverse in favor of other initiatives. According to reports from The Information, the company announced internally the disbandment of the Industrial Metaverse Core group, a division of the company directed to bring the metaverse to industrial environments.
The group, which was formed just 4 months ago, served as a bridge for the implementation of metaverse interfaces to control electrical power plants, industrial robotics, and transportation networks. The division was part of the efforts directed to bring the metaverse to industrial environments by bridging software to this initiative.
The 100 employees that were part of the group were laid off. However, Microsoft has said that the products built by the group will continue to be supported in the future. The company stated:
We are applying our focus to the areas of the industrial metaverse that matter most to our customers and they will see no change in how they are supported. We look forward to sharing additional information in the future.
Microsoft had previously announced a round of 10,000 layoffs as part of a restructuring process in January.
The recent turn of events suggests that Microsoft is taking part of its resources from metaverse initiatives to put into other areas like artificial intelligence (AI). Earlier reports indicate that other metaverse projects have been affected by Microsoft’s cuts, with employees from metaverse platform Altspacevr — which announced its closure by March —and the Mixed Reality Tool Kit, also being laid off.
Microsoft has been putting funds behind AI-based startups since January. On Jan. 23, the company disclosed a “multi-year, multibillion-dollar investment” in Openai, the company behind the development of GPT-3, and its Chatgpt interface. Also, as part of this partnership, Microsoft recently announced the inclusion of Chatgpt in Bing, its search engine, and also as part of Edge, its web browser.
To accompany this move, Satya Nadella, Microsoft’s CEO, stated:
AI will fundamentally change every software category, starting with the largest category of all – search.
Software giant Microsoft is shutting down one of its most significant groups dedicated to the development and promotion of the industrial metaverse. According to reports, the company terminated its whole Industrial Metaverse Core group, which was composed of 100 employees, as part of the 10,000-person layoff rounds announced in January.
Microsoft, the Washington-based software giant, seems to be abandoning the metaverse in favor of other initiatives. According to reports from The Information, the company announced internally the disbandment of the Industrial Metaverse Core group, a division of the company directed to bring the metaverse to industrial environments.
The group, which was formed just 4 months ago, served as a bridge for the implementation of metaverse interfaces to control electrical power plants, industrial robotics, and transportation networks. The division was part of the efforts directed to bring the metaverse to industrial environments by bridging software to this initiative.
The 100 employees that were part of the group were laid off. However, Microsoft has said that the products built by the group will continue to be supported in the future. The company stated:
We are applying our focus to the areas of the industrial metaverse that matter most to our customers and they will see no change in how they are supported. We look forward to sharing additional information in the future.
Microsoft had previously announced a round of 10,000 layoffs as part of a restructuring process in January.
The recent turn of events suggests that Microsoft is taking part of its resources from metaverse initiatives to put into other areas like artificial intelligence (AI). Earlier reports indicate that other metaverse projects have been affected by Microsoft’s cuts, with employees from metaverse platform Altspacevr — which announced its closure by March —and the Mixed Reality Tool Kit, also being laid off.
Microsoft has been putting funds behind AI-based startups since January. On Jan. 23, the company disclosed a “multi-year, multibillion-dollar investment” in Openai, the company behind the development of GPT-3, and its Chatgpt interface. Also, as part of this partnership, Microsoft recently announced the inclusion of Chatgpt in Bing, its search engine, and also as part of Edge, its web browser.
To accompany this move, Satya Nadella, Microsoft’s CEO, stated:
AI will fundamentally change every software category, starting with the largest category of all – search.
SEC Chairman Proposes Amending Federal Custody Rules to Cover ‘All Crypto Assets’
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has proposed amending federal custody rules to cover “all crypto assets.” The SEC chief said: “Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, announced Wednesday that he has proposed changes to federal regulations “to expand and enhance the role of qualified custodians.”
All asset classes, including crypto, would be included in the expanded custody rules under his proposal, and companies offering crypto custody services to their clients will be required to obtain registration. Gensler emphasized:
Today’s proposal, in covering all asset classes, would cover all crypto assets.
The SEC chairman proceeded to highlight four key proposed changes to the existing regulations. Firstly, the proposal will help ensure that customer assets “are properly segregated,” he said. Secondly, for the first time, advisers and qualified custodians will be required to “enter into written agreements with each other that help guarantee the custodian’s protections,” Gensler explained, adding that they include requiring custodians to undergo annual evaluations from public accountants, provide account statements, and provide records upon request.
The proposal would also “make explicit that the custody rule’s safeguards apply to discretionary trading — when an adviser would seek to buy or sell an investor’s assets on behalf of an investor,” Gensler described. Further, it would “enhance requirements for foreign financial institutions that serve either as qualified custodians or as sub-custodians to a qualified custodian,” he detailed.
“Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians,” the SEC chairman stressed, elaborating:
Based upon how crypto platforms generally operate, investment advisers cannot rely on them as qualified custodians.
Current regulations already cover “a significant amount of crypto assets,” Gensler pointed out, noting that most crypto assets “are likely to be funds or crypto asset securities covered by the current rule.”
Reiterating his concerns that crypto platforms are not properly segregating customer assets, the SEC chairman said:
Rather than properly segregating investors’ crypto, these platforms have commingled those assets with their own crypto or other investors’ crypto.
“When these platforms go bankrupt — something we’ve seen time and again recently — investors’ assets often have become property of the failed company, leaving investors in line at the bankruptcy court,” Gensler warned. Last year, a number of crypto firms filed for bankruptcy, including FTX, Celsius Network, Voyager Digital, Three Arrows Capital (3AC), and Blockfi.
The SEC has recently been active in the crypto space. Last week, the securities watchdog charged cryptocurrency exchange Kraken over its staking program. The commission has also sent a Wells notice to Paxos regarding stablecoin Binance USD (BUSD), alleging that the crypto is a security and that Paxos should have registered the offering under federal securities laws. Binance CEO Changpeng Zhao (CZ) subsequently warned of “profound impacts” on the crypto industry if BUSD is ruled as a security.
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has proposed amending federal custody rules to cover “all crypto assets.” The SEC chief said: “Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, announced Wednesday that he has proposed changes to federal regulations “to expand and enhance the role of qualified custodians.”
All asset classes, including crypto, would be included in the expanded custody rules under his proposal, and companies offering crypto custody services to their clients will be required to obtain registration. Gensler emphasized:
Today’s proposal, in covering all asset classes, would cover all crypto assets.
The SEC chairman proceeded to highlight four key proposed changes to the existing regulations. Firstly, the proposal will help ensure that customer assets “are properly segregated,” he said. Secondly, for the first time, advisers and qualified custodians will be required to “enter into written agreements with each other that help guarantee the custodian’s protections,” Gensler explained, adding that they include requiring custodians to undergo annual evaluations from public accountants, provide account statements, and provide records upon request.
The proposal would also “make explicit that the custody rule’s safeguards apply to discretionary trading — when an adviser would seek to buy or sell an investor’s assets on behalf of an investor,” Gensler described. Further, it would “enhance requirements for foreign financial institutions that serve either as qualified custodians or as sub-custodians to a qualified custodian,” he detailed.
“Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians,” the SEC chairman stressed, elaborating:
Based upon how crypto platforms generally operate, investment advisers cannot rely on them as qualified custodians.
Current regulations already cover “a significant amount of crypto assets,” Gensler pointed out, noting that most crypto assets “are likely to be funds or crypto asset securities covered by the current rule.”
Reiterating his concerns that crypto platforms are not properly segregating customer assets, the SEC chairman said:
Rather than properly segregating investors’ crypto, these platforms have commingled those assets with their own crypto or other investors’ crypto.
“When these platforms go bankrupt — something we’ve seen time and again recently — investors’ assets often have become property of the failed company, leaving investors in line at the bankruptcy court,” Gensler warned. Last year, a number of crypto firms filed for bankruptcy, including FTX, Celsius Network, Voyager Digital, Three Arrows Capital (3AC), and Blockfi.
The SEC has recently been active in the crypto space. Last week, the securities watchdog charged cryptocurrency exchange Kraken over its staking program. The commission has also sent a Wells notice to Paxos regarding stablecoin Binance USD (BUSD), alleging that the crypto is a security and that Paxos should have registered the offering under federal securities laws. Binance CEO Changpeng Zhao (CZ) subsequently warned of “profound impacts” on the crypto industry if BUSD is ruled as a security.
🚨ATTENTION 🚨
⚡️ Greatest Brazilian Token of all time is landing into your world at Lbank Exchange (top 15) - February 20 at 12:00 UTC ⚡️
Let's check more about Wibx and their achievements
🚀 Wibx Ad platform
👉 It has a user base of 617.000 users in its app platform
‼️ It was founded in 2018
🚀 The True Web3 Utility Token
👉 The project also expanded their operations to serve basically all sectors of Web3: Metaverse, Whitelabel, Games, and also being seen on real-life payments.
🚀 Metaverse world
👉 The project carries out several activations with famous brands, such as: "Risqué" and "Natura". Wibx is also developing a virtual metaverse mall using Wibx token.
🚀 Real Life Payment Solutions
🔥 Wibx gets accepted as a payment method in the biggest supermarket chain in Brazil, and in large stores in the capital São Paulo 🔥
Check it out here - https://www.youtube.com/watch?v=iXAmDoNuDCY&t=2122s
🚀 The Next Step Event
Last year, Wibx showed its technology to the biggest entrepreneurs and institutions in Brazil. Managing to gather around 15% of Brazil's GDP in just one place.
🎯 With its global expansion and technologies, The project hopes to reach $40 million income in 2023
🎯 For more details on the project
Check WIBX here 👉🏻 https://bit.ly/_wiboo_
Follow them on Telegram - https://news.1rj.ru/str/wibxinternational
You can't miss this! 🔥
⚡️ Greatest Brazilian Token of all time is landing into your world at Lbank Exchange (top 15) - February 20 at 12:00 UTC ⚡️
Let's check more about Wibx and their achievements
🚀 Wibx Ad platform
👉 It has a user base of 617.000 users in its app platform
‼️ It was founded in 2018
🚀 The True Web3 Utility Token
👉 The project also expanded their operations to serve basically all sectors of Web3: Metaverse, Whitelabel, Games, and also being seen on real-life payments.
🚀 Metaverse world
👉 The project carries out several activations with famous brands, such as: "Risqué" and "Natura". Wibx is also developing a virtual metaverse mall using Wibx token.
🚀 Real Life Payment Solutions
🔥 Wibx gets accepted as a payment method in the biggest supermarket chain in Brazil, and in large stores in the capital São Paulo 🔥
Check it out here - https://www.youtube.com/watch?v=iXAmDoNuDCY&t=2122s
🚀 The Next Step Event
Last year, Wibx showed its technology to the biggest entrepreneurs and institutions in Brazil. Managing to gather around 15% of Brazil's GDP in just one place.
🎯 With its global expansion and technologies, The project hopes to reach $40 million income in 2023
🎯 For more details on the project
Check WIBX here 👉🏻 https://bit.ly/_wiboo_
Follow them on Telegram - https://news.1rj.ru/str/wibxinternational
You can't miss this! 🔥
Economist Warns the Fed Can’t Reach Inflation Target Without ‘Crushing’ US Economy
Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested.
Economist Mohamed El-Erian warned on Friday that the Federal Reserve cannot achieve its inflation target of 2% without “crushing the economy.” El-Erian is president of Queens’ College, Cambridge University, and chair of Gramercy Funds Management. He is also chief economic adviser at Allianz, the corporate parent of PIMCO, one of the largest investment managers.
“You need a higher stable inflation rate. Call it 3% to 4%,” the economist stressed in an interview with Bloomberg Television. He emphasized:
I don’t think they can get CPI to 2% without crushing the economy, but that’s because 2% is not the right target.
El-Erian’s comments followed the government’s consumer price index (CPI) data released Tuesday. On a month-by-month basis, prices increased by 0.5% in January, the most since October. On an annual basis, consumer prices climbed 6.4% in January, down from 6.5% in December. Following the CPI report, several Fed officials said the U.S. central bank may have to raise interest rates beyond initial expectations in order to subdue the ongoing price pressures.
The Allianz economic advisor explained that there are several factors that necessitate a higher target inflation rate. They include supply-side developments, including an energy transition, the change in supply chains during the pandemic, a tight labor market, and shifting geopolitical issues.
El-Erian said the Federal Reserve is “too data dependent.” Noting that “It’s right to take data into account but you’ve got to have a view of where you’re going,” he cautioned that the problem now is that the Fed is stuck chasing an elusive 2% goal. In January, El-Erian predicted that inflation may become “sticky” around the 4% range.
The economist previously warned that the Federal Reserve could lose credibility if it changes the inflation Target. He opined:
You can’t change an inflation target when you’ve missed it in such a big way.
Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested.
Economist Mohamed El-Erian warned on Friday that the Federal Reserve cannot achieve its inflation target of 2% without “crushing the economy.” El-Erian is president of Queens’ College, Cambridge University, and chair of Gramercy Funds Management. He is also chief economic adviser at Allianz, the corporate parent of PIMCO, one of the largest investment managers.
“You need a higher stable inflation rate. Call it 3% to 4%,” the economist stressed in an interview with Bloomberg Television. He emphasized:
I don’t think they can get CPI to 2% without crushing the economy, but that’s because 2% is not the right target.
El-Erian’s comments followed the government’s consumer price index (CPI) data released Tuesday. On a month-by-month basis, prices increased by 0.5% in January, the most since October. On an annual basis, consumer prices climbed 6.4% in January, down from 6.5% in December. Following the CPI report, several Fed officials said the U.S. central bank may have to raise interest rates beyond initial expectations in order to subdue the ongoing price pressures.
The Allianz economic advisor explained that there are several factors that necessitate a higher target inflation rate. They include supply-side developments, including an energy transition, the change in supply chains during the pandemic, a tight labor market, and shifting geopolitical issues.
El-Erian said the Federal Reserve is “too data dependent.” Noting that “It’s right to take data into account but you’ve got to have a view of where you’re going,” he cautioned that the problem now is that the Fed is stuck chasing an elusive 2% goal. In January, El-Erian predicted that inflation may become “sticky” around the 4% range.
The economist previously warned that the Federal Reserve could lose credibility if it changes the inflation Target. He opined:
You can’t change an inflation target when you’ve missed it in such a big way.
MAPay and its crypto subsidiary MPayz, a global healthcare technology firm with a focus on decentralized payment networks, unveiled its partnership with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, India, to provide NFT technology that will store personal health data on the blockchain for the first time. Built on Algorand, the first deployment will introduce upwards of 100 million NFTs for this purpose.
MAPay will use its proprietary NFT technology to enable secure, decentralized storage. This application for NFTs will help eliminate intermediaries in the healthcare system that routinely cause bottlenecks, introduce risk, and drive up costs for all parties – including patients; public, private, and government health providers; insurance companies; and banks. See the full press release here:
https://rb.gy/jkecc3
The project is launching in Q2 of 2023, stay up to date and get in before institutional money moves in. Click the link to join the telegram group!
https://link.mpayz.io/2eqY
MAPay will use its proprietary NFT technology to enable secure, decentralized storage. This application for NFTs will help eliminate intermediaries in the healthcare system that routinely cause bottlenecks, introduce risk, and drive up costs for all parties – including patients; public, private, and government health providers; insurance companies; and banks. See the full press release here:
https://rb.gy/jkecc3
The project is launching in Q2 of 2023, stay up to date and get in before institutional money moves in. Click the link to join the telegram group!
https://link.mpayz.io/2eqY
Bank of Japan to Launch Digital Yen CBDC Pilot Later This Year ⭐️
The Bank of Japan is preparing to launch a pilot test for a digital yen, its central bank digital currency (CBDC), later this year. Shinichi Uchida, executive director of the Bank of Japan, explained that the goals of this new pilot are to test the technical feasibility of the currency and to include private businesses in its design process.
The Bank of Japan is advancing in its research for the issuance of a hypothetical Japanese central bank digital currency (CBDC), the digital yen. On Feb. 17, Shinichi Uchida, executive director of the Bank of Japan, announced the bank had decided to launch a new pilot for the digital yen, as a continuation of two phases of proof-of-concept tests.
Uchida said that the new pilot will focus its activities in two directions. The first one will be the fine-tuning of the technical aspects of the currency, in order to test new use cases and integrate the system with other structures.
He declared:
We plan to develop a system for experiments, where a central system, intermediary network systems, intermediary systems, and endpoint devices would be configured in an integrated manner.
The second direction has to do with the inclusion of private institutions in the pilot to provide feedback and help improve the design of the digital yen. To achieve this goal, the Bank of Japan will establish a CBDC Forum, with private entities in the payments area being invited to contribute to the project.
Uchida also explained the way in which the announced pilot tests will be executed. The Bank of Japan will take an incremental approach, proposing narrower objectives first and then expanding the scope of the program. Also, he clarified the new pilot will not include transactions between retailers and consumers, with only simulated transactions being settled during this test.
The launch of this test is no surprise, as Nikkei had reported about it in November. At that time, the outlet informed the tests would have a duration of two years, and would focus on testing the functionality of the system in offline environments.
Even with the launch of this pilot program, the issuance of a digital yen is still not a sure thing. In March last year, Haruhiko Kuroda, governor of the Bank of Japan, stated there were no plans for issuing a CBDC.
The Bank of Japan is preparing to launch a pilot test for a digital yen, its central bank digital currency (CBDC), later this year. Shinichi Uchida, executive director of the Bank of Japan, explained that the goals of this new pilot are to test the technical feasibility of the currency and to include private businesses in its design process.
The Bank of Japan is advancing in its research for the issuance of a hypothetical Japanese central bank digital currency (CBDC), the digital yen. On Feb. 17, Shinichi Uchida, executive director of the Bank of Japan, announced the bank had decided to launch a new pilot for the digital yen, as a continuation of two phases of proof-of-concept tests.
Uchida said that the new pilot will focus its activities in two directions. The first one will be the fine-tuning of the technical aspects of the currency, in order to test new use cases and integrate the system with other structures.
He declared:
We plan to develop a system for experiments, where a central system, intermediary network systems, intermediary systems, and endpoint devices would be configured in an integrated manner.
The second direction has to do with the inclusion of private institutions in the pilot to provide feedback and help improve the design of the digital yen. To achieve this goal, the Bank of Japan will establish a CBDC Forum, with private entities in the payments area being invited to contribute to the project.
Uchida also explained the way in which the announced pilot tests will be executed. The Bank of Japan will take an incremental approach, proposing narrower objectives first and then expanding the scope of the program. Also, he clarified the new pilot will not include transactions between retailers and consumers, with only simulated transactions being settled during this test.
The launch of this test is no surprise, as Nikkei had reported about it in November. At that time, the outlet informed the tests would have a duration of two years, and would focus on testing the functionality of the system in offline environments.
Even with the launch of this pilot program, the issuance of a digital yen is still not a sure thing. In March last year, Haruhiko Kuroda, governor of the Bank of Japan, stated there were no plans for issuing a CBDC.
🌟Israeli Startup Chain Reaction Raises $70 Million to Build Blockchain Silicon 🌟
Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised $70 million as part of its Series C funding round. The objective of the company is to expand its engineering staff to accelerate the production of its blockchain-focused silicon and collaborate in the development of its cryptographic-focused chips.
Chain Reaction, a startup that focuses on building blockchain-based silicon, announced that it has raised $70 million as part of its Series C funding round. The round, which was led by Morgan Creek Digital, part of Morgan Creek Capital — a VC company co-founded by crypto influencer Anthony “Pomp” Pompliano — saw the participation of Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and Blue Run Ventures.
🌊With this capital influx, the company expects to increase its engineering headcount in order to hasten the development of its blockchain silicon products, estimated to reach the market later this year. According to Alon Webman, co-founder and CEO of Chain Reaction, the mass production of the first batch of chips, called “Electrum,” will start in Q1 2023.
According to reports from Reuters, Electrum will be a highly efficient ASIC chip designed for bitcoin mining, a field dominated by companies like Bitmain. The fabless startup enrolled the services of TSMC, one of the biggest foundries in Taiwan, to mass produce the chips.
While the company did not disclose its valuation, Techcrunch estimates it to be around $500 million, having raised $115 million since its founding.
Chain Reaction aims to use its first batch of blockchain chips as a trampoline to developing more advanced silicon, designed to tackle cryptographic problems.
The more advanced chips would be centered around a technique called homomorphic encryption, which allegedly could allow them to make operations with encrypted data without decrypting it in the first place.
This could have several applications in the cryptography field, allowing for more efficient and private operations without having to put plain information in the open when working with data.
The company is optimistic about having a solution for this cryptographic issue, even with today’s limited processing capabilities. Chain Reaction co-founder and CEO Alon Webman stated:
🗣We think our solution will make homomorphic encryption viable. We have unique architecture and we also understand the limitations on compute and memory among processors today. We have the solution needed to make it possible.
Chain Reaction expects to launch this chip sometime at the end of 2024.
Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised $70 million as part of its Series C funding round. The objective of the company is to expand its engineering staff to accelerate the production of its blockchain-focused silicon and collaborate in the development of its cryptographic-focused chips.
Chain Reaction, a startup that focuses on building blockchain-based silicon, announced that it has raised $70 million as part of its Series C funding round. The round, which was led by Morgan Creek Digital, part of Morgan Creek Capital — a VC company co-founded by crypto influencer Anthony “Pomp” Pompliano — saw the participation of Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and Blue Run Ventures.
🌊With this capital influx, the company expects to increase its engineering headcount in order to hasten the development of its blockchain silicon products, estimated to reach the market later this year. According to Alon Webman, co-founder and CEO of Chain Reaction, the mass production of the first batch of chips, called “Electrum,” will start in Q1 2023.
According to reports from Reuters, Electrum will be a highly efficient ASIC chip designed for bitcoin mining, a field dominated by companies like Bitmain. The fabless startup enrolled the services of TSMC, one of the biggest foundries in Taiwan, to mass produce the chips.
While the company did not disclose its valuation, Techcrunch estimates it to be around $500 million, having raised $115 million since its founding.
Chain Reaction aims to use its first batch of blockchain chips as a trampoline to developing more advanced silicon, designed to tackle cryptographic problems.
The more advanced chips would be centered around a technique called homomorphic encryption, which allegedly could allow them to make operations with encrypted data without decrypting it in the first place.
This could have several applications in the cryptography field, allowing for more efficient and private operations without having to put plain information in the open when working with data.
The company is optimistic about having a solution for this cryptographic issue, even with today’s limited processing capabilities. Chain Reaction co-founder and CEO Alon Webman stated:
🗣We think our solution will make homomorphic encryption viable. We have unique architecture and we also understand the limitations on compute and memory among processors today. We have the solution needed to make it possible.
Chain Reaction expects to launch this chip sometime at the end of 2024.
Bitcoin and ethereum were trading lower on Feb. 28, as markets anticipated the release of the upcoming U.S. consumer confidence report. The data, which is for February, is expected to show a slight increase in confidence for the month. This will likely result in the Federal Reserve maintaining its rate hike policy next month.
Bitcoin (BTC) fell for a second straight session on Tuesday, as prices flirted with a breakout below $23,000.
The move comes after bulls were unable to jump back above the $24,000 mark on Monday, with bears using this as an opportunity to reenter.
At the time of writing, the index is trading at 52.46, with bitcoin slightly higher than its earlier low.
BTC is now trading at $23,466.92, with a move back towards $23,800 still on the cards.
In addition to bitcoin, ethereum (ETH) also stuttered in today’s session, with prices moving close to the $1,600 level.
Following a high of $1,662.58 to start the week, ETH/USD fell to a bottom of $1,615.39 earlier in the day.
This recent decline comes after a failed attempt to move past a long-term resistance level of $1,675.
Additionally, price strength has also hit a ceiling at the 53.00 mark, with the index tracking at 52.74.
Ultimately this consolidation, which is almost identical to bitcoin’s, comes as markets wait for this afternoon’s consumer confidence report, before deciding which direction to take.
However, should ETH bulls break the 53.00 ceiling on the RSI, there is a good chance that price could be heading to or above $1,700.
Please open Telegram to view this post
VIEW IN TELEGRAM
HSBC and Nationwide have imposed new restrictions on cryptocurrency purchases in the U.K. The two financial institutions cited a warning from the Financial Conduct Authority (FCA), the British regulator overseeing the financial services industry, regarding the risks involved in purchasing cryptocurrencies.
🇬🇧British financial institution Nationwide Building Society allegedly sent an email to its customers on Thursday to inform them of restrictions on cryptocurrency purchases. According to the email shared by several people on Twitter, Nationwide wrote, “We will be introducing restrictions on purchasing crypto currency from 28 February,” elaborating:
The Financial Conduct Authority (FCA), who regulate the financial services industry, has highlighted certain risks associated with purchasing crypto currency.
“We will be introducing limits on card payments made to crypto exchanges from a current account,” the email continues, adding that the new daily card limit is 100 British pounds for Flexone accounts and 5,000 pounds for other current account types.
Nationwide further detailed in the email which it allegedly sent two days after the crypto restrictions went into effect:
We will not allow payments to crypto exchanges using a Nationwide credit card … Neither you nor any additional card older will be able to use a Nationwide credit card to purchase crypto currency.
Last week, several people on Twitter also shared an email they claimed to have received from the banking giant HSBC regarding crypto purchases. According to the email, HSBC wrote:
“This is because of the possible risk to you. The Financial Conduct Authority has warned against investing in crypto assets, as they’re considered very high risk, speculative investments,” the bank emphasized. “If something goes wrong, it’s unlikely you’ll be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.”
Please open Telegram to view this post
VIEW IN TELEGRAM
Democratic Senators Push Against Meta’s Idea of Bringing the Metaverse to Teens
▪️Meta, the social network company, is getting some pushback on its plan to market and bring Horizon Worlds, its flagship metaverse app, to teens. Democratic senators Ed Markey and Richard Blumenthal directed a letter to the company to halt these actions, citing concerns about the interactions that teens could have in Meta’s virtual worlds.
Two Democratic senators have written a letter asking Meta to stop its recently reported plan of opening its metaverse world to teens. Ed Markey and Richard Blumenthal, Democrat senators from Massachusetts and Connecticut, criticize the idea of opening Horizon Worlds, Meta’s flagship metaverse app, to teens 13 years and up, citing diverse factors that might endanger them through the interactions available in this virtual world.
The letter differentiates between standard virtual reality experiences and Horizon Worlds, explaining that “the cumulative set of immersive virtual reality experiences a teenager would confront on the socially-driven Horizon Worlds are distinct from their use of a virtual reality headset to, for example, play a specific single-player game. Inviting young teens into this environment, therefore, poses serious risks.”
Markey and Blumenthal call for halting the plan to protect the health of these young users and their privacy in the metaverse, calling out the company for its previous mistakes involving this demographic.
➖The Wall Street Journal reported on Meta’s plan of including teens in its metaverse on Feb. 7. According to an internal memo obtained by the news outlet, the company’s new strategy included opening the Horizon Worlds experience to teens aged 13 years old and up. This would constitute a change from the current policies of the app, which only allows users from 18 years old to roam the virtual world.
According to WSJ, Meta’s memo reinforces the need of pushing these services to young users in order to keep growing. Horizon Worlds VP Gabriel Aul reportedly stated:
🔝Today our competitors are doing a much better job meeting the unique needs of these cohorts. For Horizon to succeed we need to ensure that we serve this cohort first and foremost.
While Horizon Worlds experienced rapid growth in its initial stages, growing its user base tenfold soon after release in Decemeber 2021, the app has been criticized for its buggy state even by Meta’s own employees. In October, VP of Metaverse Vishal Shah acknowledged that the issues present in the app hampered the experience for its users and that even employees of the company were not spending much time using it.
▪️Meta, the social network company, is getting some pushback on its plan to market and bring Horizon Worlds, its flagship metaverse app, to teens. Democratic senators Ed Markey and Richard Blumenthal directed a letter to the company to halt these actions, citing concerns about the interactions that teens could have in Meta’s virtual worlds.
Two Democratic senators have written a letter asking Meta to stop its recently reported plan of opening its metaverse world to teens. Ed Markey and Richard Blumenthal, Democrat senators from Massachusetts and Connecticut, criticize the idea of opening Horizon Worlds, Meta’s flagship metaverse app, to teens 13 years and up, citing diverse factors that might endanger them through the interactions available in this virtual world.
The letter differentiates between standard virtual reality experiences and Horizon Worlds, explaining that “the cumulative set of immersive virtual reality experiences a teenager would confront on the socially-driven Horizon Worlds are distinct from their use of a virtual reality headset to, for example, play a specific single-player game. Inviting young teens into this environment, therefore, poses serious risks.”
Markey and Blumenthal call for halting the plan to protect the health of these young users and their privacy in the metaverse, calling out the company for its previous mistakes involving this demographic.
➖The Wall Street Journal reported on Meta’s plan of including teens in its metaverse on Feb. 7. According to an internal memo obtained by the news outlet, the company’s new strategy included opening the Horizon Worlds experience to teens aged 13 years old and up. This would constitute a change from the current policies of the app, which only allows users from 18 years old to roam the virtual world.
According to WSJ, Meta’s memo reinforces the need of pushing these services to young users in order to keep growing. Horizon Worlds VP Gabriel Aul reportedly stated:
🔝Today our competitors are doing a much better job meeting the unique needs of these cohorts. For Horizon to succeed we need to ensure that we serve this cohort first and foremost.
While Horizon Worlds experienced rapid growth in its initial stages, growing its user base tenfold soon after release in Decemeber 2021, the app has been criticized for its buggy state even by Meta’s own employees. In October, VP of Metaverse Vishal Shah acknowledged that the issues present in the app hampered the experience for its users and that even employees of the company were not spending much time using it.
🏦Silvergate Bank Announces Voluntary Liquidation as Crypto Industry Woes Persist
At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value.
Over the last six months, Silvergate Capital Corporation’s (NYSE: SI) stock dropped 94.82% against the U.S. dollar as the company faced significant financial troubles tied to its exposure to the now-defunct crypto exchange FTX. On Wednesday, March 8, 2023, the company announced it was winding down operations and plans to liquidate the bank. Four days ago, Silvergate discontinued the firm’s Silvergate Exchange Network payment platform.
➖ “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,” the company’s press release detailed.
➖ “The bank’s wind down and liquidation plan includes full repayment of all deposits. The company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets,” Silvergate’s statement added.
💫 Silvergate’s stock closed Wednesday at $4.91 per share after the stock shed 40.99% in USD value over the last five days. Last week, it told the U.S. Securities and Exchange Commission (SEC) that it had to delay its annual fiscal earnings report, and the bank’s stock was downgraded by banking giant JPMorgan. In the filing, Silvergate mentioned its “ability to continue as a going concern,” and it also noted that it faced regulatory scrutiny from U.S. officials.
At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value.
Over the last six months, Silvergate Capital Corporation’s (NYSE: SI) stock dropped 94.82% against the U.S. dollar as the company faced significant financial troubles tied to its exposure to the now-defunct crypto exchange FTX. On Wednesday, March 8, 2023, the company announced it was winding down operations and plans to liquidate the bank. Four days ago, Silvergate discontinued the firm’s Silvergate Exchange Network payment platform.
Please open Telegram to view this post
VIEW IN TELEGRAM