Biggest Movers: SOL Slips to 12-Day Low, as NEAR Drops by Nearly 12% on Tuesday
Solana fell for a second consecutive session on Tuesday, pushing the token to its lowest level in twelve days. The move comes as sentiment in crypto markets turned bearish ahead of tomorrow’s FOMC meeting. Near protocol was also lower, dropping by as much as 12% today.
Solana (SOL) was in the red for the second day running, as prices moved closer to a key support level.
On Tuesday, SOL/USD slipped to an intraday low of $35.28, which is the lowest level that the token has traded since July 14.
The move pushed prices closer to a support point of $32.40, which has been in place since mid-June.
This recent downtrend in solana started exactly a week ago today, when the $47 price ceiling held firm, following an attempt from bulls to move to $50.
Looking closer at the chart, this took place as another ceiling was it, as price strength ran into a resistance point of 65.20.
That was the highest the relative strength index (RSI) had tracked since early April, with previous bulls unable to sustain the pressure needed for further rallies.
SOL/USD could first head towards the $32.40 floor, before we see bulls prepare to reenter.
Like solana, Near protocol (NEAR) extended recent losses during today’s session, with the token falling by as much as 12%.
Following a peak of $4.08 to start the week, NEAR/USD dropped to a low of $3.59 earlier in the day.
This saw the token fall to its lowest point since last Monday, June 18, when prices were climbing from a then-floor of $3.50
Today’s selloff has taken near protocol back towards this point, and comes following last week’s failed breakout into the $5.00 region.
The drop in prices comes as the 14-day RSI slipped below a floor of its own at 46.80, and is now tracking at 44.99.
Overall, NEAR is now trading over 17% lower than at the same point last week, with all indications pointing to further declines in upcoming sessions.
Solana fell for a second consecutive session on Tuesday, pushing the token to its lowest level in twelve days. The move comes as sentiment in crypto markets turned bearish ahead of tomorrow’s FOMC meeting. Near protocol was also lower, dropping by as much as 12% today.
Solana (SOL) was in the red for the second day running, as prices moved closer to a key support level.
On Tuesday, SOL/USD slipped to an intraday low of $35.28, which is the lowest level that the token has traded since July 14.
The move pushed prices closer to a support point of $32.40, which has been in place since mid-June.
This recent downtrend in solana started exactly a week ago today, when the $47 price ceiling held firm, following an attempt from bulls to move to $50.
Looking closer at the chart, this took place as another ceiling was it, as price strength ran into a resistance point of 65.20.
That was the highest the relative strength index (RSI) had tracked since early April, with previous bulls unable to sustain the pressure needed for further rallies.
SOL/USD could first head towards the $32.40 floor, before we see bulls prepare to reenter.
Like solana, Near protocol (NEAR) extended recent losses during today’s session, with the token falling by as much as 12%.
Following a peak of $4.08 to start the week, NEAR/USD dropped to a low of $3.59 earlier in the day.
This saw the token fall to its lowest point since last Monday, June 18, when prices were climbing from a then-floor of $3.50
Today’s selloff has taken near protocol back towards this point, and comes following last week’s failed breakout into the $5.00 region.
The drop in prices comes as the 14-day RSI slipped below a floor of its own at 46.80, and is now tracking at 44.99.
Overall, NEAR is now trading over 17% lower than at the same point last week, with all indications pointing to further declines in upcoming sessions.
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Report: IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks
The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”
The International Monetary Fund (IMF) has reportedly said the Kenyan central bank’s proposed digital currency should complement and not threaten the existing private sector digital money. The global lender insisted that if no safeguards are put in place, a digital currency issued by the Central Bank of Kenya (CBK) can potentially lower transaction costs to the point of driving out mobile money operators such as M-Pesa out of business.
According to a report by The Nation, the IMF, in its commentary, said it wants the CBK’s digital shilling document to outline how the central bank plans to keep the payment system open and competitive.
“The paper could state the intent of potential issuance of CBDC is to complement rather than substitute existing private-sector digital payment solutions, and affirm CBK’s commitment to an open, competitive payment system. We note in this regard that the balance between central bank money and private sector payment instruments is not fixed over time, and there is no ‘right’ balance,” the IMF is quoted as stating.
Besides posing a threat to fintechs, the CBK’s proposed digital shilling also poses a threat to banks which have also made “remarkable progress in developing digital solutions.” According to the IMF, the CBK’s digital shilling paper must make clear that the proposed digital currency will “do no harm.” It must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”
The IMF also argued that the digital shilling must also not result in the increased cost of financing for banks, or deny “banks of valuable information they obtain through establishing customer relations.”
The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”
The International Monetary Fund (IMF) has reportedly said the Kenyan central bank’s proposed digital currency should complement and not threaten the existing private sector digital money. The global lender insisted that if no safeguards are put in place, a digital currency issued by the Central Bank of Kenya (CBK) can potentially lower transaction costs to the point of driving out mobile money operators such as M-Pesa out of business.
According to a report by The Nation, the IMF, in its commentary, said it wants the CBK’s digital shilling document to outline how the central bank plans to keep the payment system open and competitive.
“The paper could state the intent of potential issuance of CBDC is to complement rather than substitute existing private-sector digital payment solutions, and affirm CBK’s commitment to an open, competitive payment system. We note in this regard that the balance between central bank money and private sector payment instruments is not fixed over time, and there is no ‘right’ balance,” the IMF is quoted as stating.
Besides posing a threat to fintechs, the CBK’s proposed digital shilling also poses a threat to banks which have also made “remarkable progress in developing digital solutions.” According to the IMF, the CBK’s digital shilling paper must make clear that the proposed digital currency will “do no harm.” It must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”
The IMF also argued that the digital shilling must also not result in the increased cost of financing for banks, or deny “banks of valuable information they obtain through establishing customer relations.”
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Bitcoin, Ethereum Technical Analysis: BTC, ETH Enter August Trading Below $24,000 and $1,700 Respectively
Bitcoin was trading marginally lower to start the week, as prices of the token fell lower for a fourth consecutive session. The world’s largest cryptocurrency has suffered from increased market volatility, following last Saturday’s surge to a six-week high above $24,000. Ethereum was also in the red on Monday.
Bitcoin (BTC) was trading in the red to start the week, as markets fell for a fourth consecutive session on Monday.
Following last Saturday’s peak of $24,678, which saw BTC/USD hit its highest level since June 13, the token has fallen in back-to-back sessions.
This latest decline saw bitcoin hit a bottom of $22,994.61 earlier in the day, cementing a five-day low in the process.
Bearish sentiment appears to have begun following the breakout attempt, where bulls were unsuccessful in keeping prices above $24,400.
This comes as price strength hit a ceiling of its own at 62 via the 14-day relative strength index (RSI), which seems to be the primary reason behind the recent decline.
The RSI is now tracking at 56, but looks to be moving towards a floor of 54, and should this happen, we could see prices fall near $21,000.
In addition to bitcoin, ethereum (ETH) was also lower for a fourth straight day, as bearish sentiment continues to sweep through crypto markets.
After a high of $1,745.88 on Sunday, ETH/USD fell to an intraday low of $1,650.42 earlier in today’s session.
Following almost a week of lower lows, prices now seem to be moving towards a support point of $1,620.
Like bitcoin, the 14-day RSI on the ETH chart was recently held at a resistance point, which then triggered this latest bearish downtrend.
As of writing, the relative strength index is tracking at 62.35, following a recent breakout of a floor of 63.
Should bearish pressure persist, the next floor on the indicator seems to be the 58 level, which may be a point that traders are now targeting.
Bitcoin was trading marginally lower to start the week, as prices of the token fell lower for a fourth consecutive session. The world’s largest cryptocurrency has suffered from increased market volatility, following last Saturday’s surge to a six-week high above $24,000. Ethereum was also in the red on Monday.
Bitcoin (BTC) was trading in the red to start the week, as markets fell for a fourth consecutive session on Monday.
Following last Saturday’s peak of $24,678, which saw BTC/USD hit its highest level since June 13, the token has fallen in back-to-back sessions.
This latest decline saw bitcoin hit a bottom of $22,994.61 earlier in the day, cementing a five-day low in the process.
Bearish sentiment appears to have begun following the breakout attempt, where bulls were unsuccessful in keeping prices above $24,400.
This comes as price strength hit a ceiling of its own at 62 via the 14-day relative strength index (RSI), which seems to be the primary reason behind the recent decline.
The RSI is now tracking at 56, but looks to be moving towards a floor of 54, and should this happen, we could see prices fall near $21,000.
In addition to bitcoin, ethereum (ETH) was also lower for a fourth straight day, as bearish sentiment continues to sweep through crypto markets.
After a high of $1,745.88 on Sunday, ETH/USD fell to an intraday low of $1,650.42 earlier in today’s session.
Following almost a week of lower lows, prices now seem to be moving towards a support point of $1,620.
Like bitcoin, the 14-day RSI on the ETH chart was recently held at a resistance point, which then triggered this latest bearish downtrend.
As of writing, the relative strength index is tracking at 62.35, following a recent breakout of a floor of 63.
Should bearish pressure persist, the next floor on the indicator seems to be the 58 level, which may be a point that traders are now targeting.
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National Power Administration Will Propose a Special Cryptocurrency Mining Fee in Paraguay
The National Power Administration of Paraguay has proposed to set a special mining fee for cryptocurrency mining operations in a decree project directed to the national economic team. Due to the immense losses the organization has faced, it has stopped supplying energy to some mining operations that were evading the payment of power bills, being illegally connected to the grid.
The National Power Administration is proposing a new way of charging cryptocurrency companies for the electricity used in mining operations in Paraguay. The company has brought a new decree proposal to the national economic team that would collect the payments for these services in advance in U.S. dollars, and with an annual adjustment. This proposal would also create a new billing group for these activities.
The head of the East Regional Management Division, Alfredo Argüello, stated that while inspecting different cryptocurrency mining operations, the group was able to detect irregularities in some of them that led to the loss of more than $400,000 monthly. Some of these irregularities included direct connections, bypass connections, and modified power meters, Argüello informed.
As a result of this, the company is stopping the power supply to these companies until a new power billing structure is approved for these entities, an issue that’s already being discussed in the Paraguayan senate.
The cryptocurrency mining activity in Paraguay has experienced a boom due to the cheap fees that the power companies are actually charging for electricity. Several companies have expressed their interest in establishing operations in Paraguay after the Chinese mining ban, which forced many mining operators to leave the country and search for new lands for carrying out their activities.
The Senate passed a bill in July that, if approved, will bring clarity to these operations in the country. The law, which is still waiting to be sanctioned by the Paraguayan president, establishes that the energy provided to mining operations will still be subsidized, but will have to be set at a rate 15% higher than what other industries pay currently.
About this, the president of the National Power Administration, Felix Sosa, stated:
At that point, we believe that it has to respond to a cost structure so that it is viable for the installation of electrical energy supply.
Furthermore, Sosa stated that he will propose a partial veto of this bill due to the proposals it makes regarding power billing to these companies.
The National Power Administration of Paraguay has proposed to set a special mining fee for cryptocurrency mining operations in a decree project directed to the national economic team. Due to the immense losses the organization has faced, it has stopped supplying energy to some mining operations that were evading the payment of power bills, being illegally connected to the grid.
The National Power Administration is proposing a new way of charging cryptocurrency companies for the electricity used in mining operations in Paraguay. The company has brought a new decree proposal to the national economic team that would collect the payments for these services in advance in U.S. dollars, and with an annual adjustment. This proposal would also create a new billing group for these activities.
The head of the East Regional Management Division, Alfredo Argüello, stated that while inspecting different cryptocurrency mining operations, the group was able to detect irregularities in some of them that led to the loss of more than $400,000 monthly. Some of these irregularities included direct connections, bypass connections, and modified power meters, Argüello informed.
As a result of this, the company is stopping the power supply to these companies until a new power billing structure is approved for these entities, an issue that’s already being discussed in the Paraguayan senate.
The cryptocurrency mining activity in Paraguay has experienced a boom due to the cheap fees that the power companies are actually charging for electricity. Several companies have expressed their interest in establishing operations in Paraguay after the Chinese mining ban, which forced many mining operators to leave the country and search for new lands for carrying out their activities.
The Senate passed a bill in July that, if approved, will bring clarity to these operations in the country. The law, which is still waiting to be sanctioned by the Paraguayan president, establishes that the energy provided to mining operations will still be subsidized, but will have to be set at a rate 15% higher than what other industries pay currently.
About this, the president of the National Power Administration, Felix Sosa, stated:
At that point, we believe that it has to respond to a cost structure so that it is viable for the installation of electrical energy supply.
Furthermore, Sosa stated that he will propose a partial veto of this bill due to the proposals it makes regarding power billing to these companies.
Shark Tank Star Kevin O’Leary Buys the Bitcoin Dip — Says Crypto ‘Desperately Needs Policy’
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: “Now crypto itself desperately needs policy. It needs regulation.”
Kevin O’Leary shared his crypto market outlook and investment strategy during this bear market in an interview with Stansberry Research, published Thursday.
“I see bitcoin sort of testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC seems to be holding between $20K and $23K. “Still very profitable for bitcoin miners that are currently mining at about $7,000 per coin at scale,” he opined.
“There has been a knee-jerk reaction against bitcoin miners lately because of ESG environmental, social, and corporate governance concerns but they’re also self-correcting by getting into nuclear and hydropower, which you know is plentiful in some countries like Norway,” O’Leary explained.
The Shark Tank star continued:
Now crypto itself desperately needs policy. It needs regulation.
O’Leary explained: “There was a bill just two weeks ago that was contemplated being pushed through, not on bitcoin, just stablecoins as payment systems. And as you know that’s been a very volatile area.”
Noting that the bill “has been stalled for September,” he stressed: “I think there’s a 50-50 chance that we will have policy on basically stablecoins tied to the U.S. dollar.”
Mr. Wonderful detailed:
Let me explain specifically why I think it’s going to happen. There is a turf war going on between the SEC and every other regulator as regards to crypto, NFTs, tokens — all of this stuff.
“The smart regulators, the policymakers are saying: ‘Wait a second, let’s take one outcome. Let’s just do payment systems, just like a credit card, a visa card, or a money market fund, which has very limited flexibility in terms of what you can hold it.’ Basically, T-bills and dollar-for-dollar cash — same thing with a payment system like a stablecoin,” the Shark Tank star noted, adding:
If that policy comes down. Let’s say it gets done in September. That’s a signal to the market that we’re starting to break open the logjam on policy-making, and I’m very very optimistic.
O’Leary was also asked about his own crypto investments and what strategy he has been using during this bear market.
“We took a hit. We were at 20% and then it grew up to 23%, then it went down to 16% of the portfolio,” he shared. “It was really volatile but I’ve always said you’re going to get this volatility in an asset industry that’s not regulated because there’s no institutional bid so probably at the low we’re at 15%. We lost 40% of the value and now we’ve come back up in some projects. They haven’t all come back at the same pace.”
Naming bitcoin, ethereum, solana, and polygon, which he called “the big players, the big market cap names,” O’Leary revealed:
In some cases, we doubled down. We took advantage of the extreme volatility and the large-cap names like ETH and bitcoin. Why not add to the position if you’re going to stay long.
Mr. Wonderful noted that the crypto asset class “is not correlated with anything as people thought,” including inflation.
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: “Now crypto itself desperately needs policy. It needs regulation.”
Kevin O’Leary shared his crypto market outlook and investment strategy during this bear market in an interview with Stansberry Research, published Thursday.
“I see bitcoin sort of testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC seems to be holding between $20K and $23K. “Still very profitable for bitcoin miners that are currently mining at about $7,000 per coin at scale,” he opined.
“There has been a knee-jerk reaction against bitcoin miners lately because of ESG environmental, social, and corporate governance concerns but they’re also self-correcting by getting into nuclear and hydropower, which you know is plentiful in some countries like Norway,” O’Leary explained.
The Shark Tank star continued:
Now crypto itself desperately needs policy. It needs regulation.
O’Leary explained: “There was a bill just two weeks ago that was contemplated being pushed through, not on bitcoin, just stablecoins as payment systems. And as you know that’s been a very volatile area.”
Noting that the bill “has been stalled for September,” he stressed: “I think there’s a 50-50 chance that we will have policy on basically stablecoins tied to the U.S. dollar.”
Mr. Wonderful detailed:
Let me explain specifically why I think it’s going to happen. There is a turf war going on between the SEC and every other regulator as regards to crypto, NFTs, tokens — all of this stuff.
“The smart regulators, the policymakers are saying: ‘Wait a second, let’s take one outcome. Let’s just do payment systems, just like a credit card, a visa card, or a money market fund, which has very limited flexibility in terms of what you can hold it.’ Basically, T-bills and dollar-for-dollar cash — same thing with a payment system like a stablecoin,” the Shark Tank star noted, adding:
If that policy comes down. Let’s say it gets done in September. That’s a signal to the market that we’re starting to break open the logjam on policy-making, and I’m very very optimistic.
O’Leary was also asked about his own crypto investments and what strategy he has been using during this bear market.
“We took a hit. We were at 20% and then it grew up to 23%, then it went down to 16% of the portfolio,” he shared. “It was really volatile but I’ve always said you’re going to get this volatility in an asset industry that’s not regulated because there’s no institutional bid so probably at the low we’re at 15%. We lost 40% of the value and now we’ve come back up in some projects. They haven’t all come back at the same pace.”
Naming bitcoin, ethereum, solana, and polygon, which he called “the big players, the big market cap names,” O’Leary revealed:
In some cases, we doubled down. We took advantage of the extreme volatility and the large-cap names like ETH and bitcoin. Why not add to the position if you’re going to stay long.
Mr. Wonderful noted that the crypto asset class “is not correlated with anything as people thought,” including inflation.
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Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases
The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot.
The Reserve Bank of Australia (RBA) announced the launch of a research program to explore the benefits of issuing a central bank digital currency (CBDC) for the country’s economy. The project, expected to take about a year, will be realized together with the Digital Finance Cooperative Research Centre (DFCRC), an industry group partially funded by the Australian government.
Besides clarifying certain legal, regulatory and technological aspects, the project will also aim to identify innovative use cases for a state-issued digital currency as well as business models that could be supported through a CBDC, the monetary authority unveiled in a statement.
According to a survey conducted by the Bank for International Settlements in 2021, the majority of central banks are researching the feasibility of CBDCs. While acknowledging the progress made in that respect, including by exploring the potential implementation of technologies like distributed ledgers, the RBA noted:
A question that has received less attention to date, especially in countries like Australia that already have relatively modern and well-functioning payment and settlement systems, is the use cases for a CBDC and the potential economic benefits of introducing one.
As part of the initiative, a limited-scale pilot will be developed in a closed environment with a pilot CBDC that is a real claim on the Reserve Bank, the RBA also revealed, quoted by Reuters. Interested industry participants will be invited to develop solutions demonstrating how a CBDC could be used to provide new payment and settlement services for both households and businesses, the authority added.
A range of use cases will be selected by the RBA and DFCRC and included in the pilot. Their assessment will be provided in a subsequent report. “The findings will contribute to ongoing research into the desirability and feasibility of a CBDC in Australia,” the bank said. The two institutions will be joined by the Australian Treasury participating as a member of the project’s steering committee.
Deputy Governor of the Reserve Bank of Australia Michele Bullock described the program as an important next step in the research on central bank digital currency as the regulator is seeking to better understand the potential benefits.
“CBDC is no longer a question of technological feasibility. The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits,” added Andreas Furche, the chief executive of the DFCRC.
The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot.
The Reserve Bank of Australia (RBA) announced the launch of a research program to explore the benefits of issuing a central bank digital currency (CBDC) for the country’s economy. The project, expected to take about a year, will be realized together with the Digital Finance Cooperative Research Centre (DFCRC), an industry group partially funded by the Australian government.
Besides clarifying certain legal, regulatory and technological aspects, the project will also aim to identify innovative use cases for a state-issued digital currency as well as business models that could be supported through a CBDC, the monetary authority unveiled in a statement.
According to a survey conducted by the Bank for International Settlements in 2021, the majority of central banks are researching the feasibility of CBDCs. While acknowledging the progress made in that respect, including by exploring the potential implementation of technologies like distributed ledgers, the RBA noted:
A question that has received less attention to date, especially in countries like Australia that already have relatively modern and well-functioning payment and settlement systems, is the use cases for a CBDC and the potential economic benefits of introducing one.
As part of the initiative, a limited-scale pilot will be developed in a closed environment with a pilot CBDC that is a real claim on the Reserve Bank, the RBA also revealed, quoted by Reuters. Interested industry participants will be invited to develop solutions demonstrating how a CBDC could be used to provide new payment and settlement services for both households and businesses, the authority added.
A range of use cases will be selected by the RBA and DFCRC and included in the pilot. Their assessment will be provided in a subsequent report. “The findings will contribute to ongoing research into the desirability and feasibility of a CBDC in Australia,” the bank said. The two institutions will be joined by the Australian Treasury participating as a member of the project’s steering committee.
Deputy Governor of the Reserve Bank of Australia Michele Bullock described the program as an important next step in the research on central bank digital currency as the regulator is seeking to better understand the potential benefits.
“CBDC is no longer a question of technological feasibility. The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits,” added Andreas Furche, the chief executive of the DFCRC.
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Venture funding for African crypto startups grew 11x in 2022.
While Africa has not yet seen a “blockchain mega-deal,” the report notes that crypto unicorns might emerge from the region in two to three years.
As many in Africa continue to adopt crypto and blockchain, more venture funding flowed into the continent in Q1 2022 than in Q1 2021, according to a new report by blockchain investment firm Crypto Valley Venture Capital (CV VC) and Standard Bank.
The report, noscriptd “The African Blockchain Report 2021,” shows that blockchain startups were able to raise $91 million in the first quarter of 2022. Q1 2022 saw a 1,668% year-on-year increase in cash inflow compared with Q1 2021's growth of 149% — a jump of more than 11x, according to CV VC.
While Africa has not yet seen a “blockchain mega-deal,” the report predicts that unicorns may emerge from the region’s crypto and blockchain scene within two to three years as more venture capitalists show interest in the region.
Gideon Greaves, CV VC’s managing director for Africa, told Cointelegraph that blockchain funding in Africa surpassed other forms of startup funding. Working in a venture capital firm that focuses on investing in blockchain projects, Greaves noted that the region has an opportunity to enter markets faster through blockchain. He said that:
“We see this development as a key enabler for African enterprises, giving them rapid entry to markets by using blockchain as the catalyst to build new businesses.”
Additionally, Greaves said that the lack of legacy infrastructure within the region gives blockchain startups an advantage because they have the opportunity to fill in the void with fast, innovative technologies.
According to the CV VC executive, Africa is equipped with the right tools, the motivation and the population to create large companies that serve millions of people. Greaves expects the continent to become the leading region for “capitalizing on business using blockchain” within the next five years.
Meanwhile, venture capital firms recently invested $23 million to launch crypto exchange platform Mara. The exchange will initially commence its operations within Kenya and Nigeria to provide a simple way to trade crypto.
While Africa has not yet seen a “blockchain mega-deal,” the report notes that crypto unicorns might emerge from the region in two to three years.
As many in Africa continue to adopt crypto and blockchain, more venture funding flowed into the continent in Q1 2022 than in Q1 2021, according to a new report by blockchain investment firm Crypto Valley Venture Capital (CV VC) and Standard Bank.
The report, noscriptd “The African Blockchain Report 2021,” shows that blockchain startups were able to raise $91 million in the first quarter of 2022. Q1 2022 saw a 1,668% year-on-year increase in cash inflow compared with Q1 2021's growth of 149% — a jump of more than 11x, according to CV VC.
While Africa has not yet seen a “blockchain mega-deal,” the report predicts that unicorns may emerge from the region’s crypto and blockchain scene within two to three years as more venture capitalists show interest in the region.
Gideon Greaves, CV VC’s managing director for Africa, told Cointelegraph that blockchain funding in Africa surpassed other forms of startup funding. Working in a venture capital firm that focuses on investing in blockchain projects, Greaves noted that the region has an opportunity to enter markets faster through blockchain. He said that:
“We see this development as a key enabler for African enterprises, giving them rapid entry to markets by using blockchain as the catalyst to build new businesses.”
Additionally, Greaves said that the lack of legacy infrastructure within the region gives blockchain startups an advantage because they have the opportunity to fill in the void with fast, innovative technologies.
According to the CV VC executive, Africa is equipped with the right tools, the motivation and the population to create large companies that serve millions of people. Greaves expects the continent to become the leading region for “capitalizing on business using blockchain” within the next five years.
Meanwhile, venture capital firms recently invested $23 million to launch crypto exchange platform Mara. The exchange will initially commence its operations within Kenya and Nigeria to provide a simple way to trade crypto.
Leading European Tire Retreader Vaculug to Accept Crypto Payments
Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.
U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.
In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.
Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.
Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.
“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.
Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.
Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.
U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.
In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.
Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.
Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.
“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.
Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.
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South African Banking Regulator: ‘De-risking’ Crypto Firms Potentially Creates ‘Opacity in Financial Conduct’
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.”
South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes.
According to a guidance note sent to financial institutions by Fundi Tshazibana, the CEO of Prudential Authority, the removal of crypto entities such as exchanges from the banking system “can potentially create opacity in the affected persons or entities’ financial conduct.” The same also eliminates the possibility of treating risks such as money laundering, terrorist financing, and proliferation financing, the eight-page guidance note added.
The remarks by Tshazibana come more than six months after reports emerged that certain South African financial institutions had sent out account termination notices to clients that offered automated cryptocurrency arbitrage services. As previously reported by Bitcoin.com News in late 2021, one of the banks, Standard Bank, insisted at the time that the termination of services to crypto entities was meant to ensure the financial institution’s compliance with regulations.
However, in the guidance note, which must also be sent to the respective institutions’ independent auditors, the CEO instead urges banks to perform the relevant risk assessment for each crypto asset (CA) or crypto asset service provider (CASP). Tshazibana explains:
It is thus prudent for banks to be able to risk categorise CA/CASP-related clients through conducting a risk assessment which will assist banks in determining the appropriate level of money laundering, terrorist financing, proliferation financing risk management measures necessary, as opposed to total avoidance, in line with the application of a risk-based approach.
The CEO argued that the decision to de-risk or terminate service should only be made after the “risk posed by a particular business or customer is too great to manage successfully.”
Reacting to the Prudential Authority’s latest guidance note, Farzam Ehsani, CEO of a South African crypto exchange platform called Valr, said in a tweet that the arguments put forward by the regulator indicate it now understands the benefits of monitoring crypto transactions. Ehsani also gave his thoughts on what the guidance note means for the crypto industry. He said:
“In my view, this is a great step forward for crypto, for South Africa and for the banks themselves. It’s particularly helpful for companies in the crypto space that are responsibly trying to build products to serve people. Risks and bad actors obviously remain in crypto (as they do elsewhere) and banks won’t immediately start banking all crypto companies.”
The Valr boss also argued that the latest guidance note will likely steer South Africa “in the right direction of allowing new technologies and innovation to flourish in the country.”
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.”
South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes.
According to a guidance note sent to financial institutions by Fundi Tshazibana, the CEO of Prudential Authority, the removal of crypto entities such as exchanges from the banking system “can potentially create opacity in the affected persons or entities’ financial conduct.” The same also eliminates the possibility of treating risks such as money laundering, terrorist financing, and proliferation financing, the eight-page guidance note added.
The remarks by Tshazibana come more than six months after reports emerged that certain South African financial institutions had sent out account termination notices to clients that offered automated cryptocurrency arbitrage services. As previously reported by Bitcoin.com News in late 2021, one of the banks, Standard Bank, insisted at the time that the termination of services to crypto entities was meant to ensure the financial institution’s compliance with regulations.
However, in the guidance note, which must also be sent to the respective institutions’ independent auditors, the CEO instead urges banks to perform the relevant risk assessment for each crypto asset (CA) or crypto asset service provider (CASP). Tshazibana explains:
It is thus prudent for banks to be able to risk categorise CA/CASP-related clients through conducting a risk assessment which will assist banks in determining the appropriate level of money laundering, terrorist financing, proliferation financing risk management measures necessary, as opposed to total avoidance, in line with the application of a risk-based approach.
The CEO argued that the decision to de-risk or terminate service should only be made after the “risk posed by a particular business or customer is too great to manage successfully.”
Reacting to the Prudential Authority’s latest guidance note, Farzam Ehsani, CEO of a South African crypto exchange platform called Valr, said in a tweet that the arguments put forward by the regulator indicate it now understands the benefits of monitoring crypto transactions. Ehsani also gave his thoughts on what the guidance note means for the crypto industry. He said:
“In my view, this is a great step forward for crypto, for South Africa and for the banks themselves. It’s particularly helpful for companies in the crypto space that are responsibly trying to build products to serve people. Risks and bad actors obviously remain in crypto (as they do elsewhere) and banks won’t immediately start banking all crypto companies.”
The Valr boss also argued that the latest guidance note will likely steer South Africa “in the right direction of allowing new technologies and innovation to flourish in the country.”
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Ethereum Classic Hashrate Taps an All-Time High, ETC Hashpower Jumped 39% Higher in 4 Days
On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block height 15,776,674 as it tapped 38.37 terahash per second (TH/s). The crypto asset has seen its hashrate surge since Wednesday, August 17, jumping 39.22% higher from 27.56 TH/s to the all-time high (ATH).
Roughly six years after ethereum classic (ETC) miners mined the first ETC block at block height 1,920,000, ETC’s hashrate tapped an ATH on August 20, 2022. ETC’s hashrate reached 38.37 TH/s at block height 15,776,674.
The hashrate has been added to the ETC chain as Ethereum (ETH) approaches The Merge upgrade on or around September 15, 2022. Four days ago, on August 17, ETC hashrate was 27.56 TH/s and its jumped 39.22% higher since that day.
ETC’s largest mining pool is Ethermine as it commands 8.05 TH/s, which is followed by Poolin’s 8.02 TH/s. Ethermine’s and Poolin’s combined hashrate of around 16 TH/s is more than 40% of ETC’s global hashrate.
ETC was initiated after the DAO hack in 2016 and the first ETC block was mined on July 20, 2016. Proponents of ETC believe it is the original unchanged Ethereum blockchain as the DAO hard fork erased the event from the blockchain.
In a commitment to sticking to proof-of-work, Ethereum Classic developers removed the difficulty bomb from the ETC chain. ETC’s difficulty bomb removal took place at block height 5,900,000.
While Ethereum Classic (ETC) has seen a significant hashrate spike, other Ethash-based token networks like Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not see any substantial increases in hashpower.
Ethereum Classic’s all-time hashrate high follows the many predictions that forecasted ETH’s hashrate would migrate to ETC. Last week, JPMorgan market strategists predicted that ETC would likely be one of the main beneficiaries of The Merge.
Meanwhile, as ETC has seen a significant hashrate increase, roughly 1 petahash per second (PH/s) or 1,000 terahash (TH/s) is still dedicated to the Ethereum (ETH) blockchain.
On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block height 15,776,674 as it tapped 38.37 terahash per second (TH/s). The crypto asset has seen its hashrate surge since Wednesday, August 17, jumping 39.22% higher from 27.56 TH/s to the all-time high (ATH).
Roughly six years after ethereum classic (ETC) miners mined the first ETC block at block height 1,920,000, ETC’s hashrate tapped an ATH on August 20, 2022. ETC’s hashrate reached 38.37 TH/s at block height 15,776,674.
The hashrate has been added to the ETC chain as Ethereum (ETH) approaches The Merge upgrade on or around September 15, 2022. Four days ago, on August 17, ETC hashrate was 27.56 TH/s and its jumped 39.22% higher since that day.
ETC’s largest mining pool is Ethermine as it commands 8.05 TH/s, which is followed by Poolin’s 8.02 TH/s. Ethermine’s and Poolin’s combined hashrate of around 16 TH/s is more than 40% of ETC’s global hashrate.
ETC was initiated after the DAO hack in 2016 and the first ETC block was mined on July 20, 2016. Proponents of ETC believe it is the original unchanged Ethereum blockchain as the DAO hard fork erased the event from the blockchain.
In a commitment to sticking to proof-of-work, Ethereum Classic developers removed the difficulty bomb from the ETC chain. ETC’s difficulty bomb removal took place at block height 5,900,000.
While Ethereum Classic (ETC) has seen a significant hashrate spike, other Ethash-based token networks like Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not see any substantial increases in hashpower.
Ethereum Classic’s all-time hashrate high follows the many predictions that forecasted ETH’s hashrate would migrate to ETC. Last week, JPMorgan market strategists predicted that ETC would likely be one of the main beneficiaries of The Merge.
Meanwhile, as ETC has seen a significant hashrate increase, roughly 1 petahash per second (PH/s) or 1,000 terahash (TH/s) is still dedicated to the Ethereum (ETH) blockchain.
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