PLUTO, the new reserve currency protocol on Waves, is getting more diverse!
Now you can issue PLUTO tokens by providing WAVES for the protocol’s treasury. The treasury is what makes Pluto resistant to bear markets (FYI, it is happening right now).
In a nutshell, PLUTO’s price can’t go too low for too long but always goes up long-term. From the introduction of minting for WAVES, the price has already went up 40%!
Once you get PLUTO, consider staking without any lock-up or taking part in onboarding with APY up to 678%!
So here’s how you can get your hands on PLUTO in exchange for some WAVES:
1. Connect your wallet at http://pluto.gold
2. Go to "Issue PLUTO"
3. Select $WAVES as an LP token for issuing PLUTO
4. Set the amount, press "Issue" and sign
5. Note that there is an 11-day lock-up period for the issued tokens
Now you can issue PLUTO tokens by providing WAVES for the protocol’s treasury. The treasury is what makes Pluto resistant to bear markets (FYI, it is happening right now).
In a nutshell, PLUTO’s price can’t go too low for too long but always goes up long-term. From the introduction of minting for WAVES, the price has already went up 40%!
Once you get PLUTO, consider staking without any lock-up or taking part in onboarding with APY up to 678%!
So here’s how you can get your hands on PLUTO in exchange for some WAVES:
1. Connect your wallet at http://pluto.gold
2. Go to "Issue PLUTO"
3. Select $WAVES as an LP token for issuing PLUTO
4. Set the amount, press "Issue" and sign
5. Note that there is an 11-day lock-up period for the issued tokens
Square Enix Exploring Blockchain Game Development as Part of Oasys Project Partnership
Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will explore new possibilities regarding developing blockchain games using this decentralized tech, including user-generated contributions.
Square Enix has been one of the few AAA gaming companies in Japan seeking to embrace blockchain elements as part of its business model. The company recently announced that it will go all the way, becoming part of the initial validator set of Oasys, a gaming-oriented blockchain advertised as a “high-speed, zero gas fee experience” for users.
The Japanese gaming giant will be using the Oasys blockchain as a tool for the development of new blockchain games and the inclusion of user-generated content in virtual worlds. About this new partnership, Yosuke Saito, director of the Square Enix Blockchain Entertainment Division, stated:
Our shared enthusiasm for web3 gaming makes this an exciting partnership for us and we look forward to gaining insights that can advance the creation of all-new gameplay experiences for gamers across the globe.
The organization is not alone in this endeavor, as other gaming companies have also established partnerships with Oasys in order to become validators of the network. Both traditional and blockchain gaming companies such as Bandai Namco, Sega, Ubisoft, Netmarble, Wemade, Com2us, and Yield Guild Games are also among these 21 first block validators.
Square Enix’s blockchain focus is not a new thing. In fact, the company has included blockchain tech as part of its business model since last year, saying it would “focus on blockchain games premised on token economies as a form of decentralized content.”
The president of the company has also put significant emphasis on using the tech to reward users that contribute to the creation of virtual worlds with their own elements, as the press release of the Oasys partnership describes. In January, in a new year’s letter, Square Enix President Yosuke Matsuda stated:
From having fun to earning to contributing, a wide variety of motivations will inspire people to engage with games and connect with one another. It is blockchain-based tokens that will enable this.
In July, the company announced plans to issue Final Fantasy-themed non-fungible tokens (NFTs) using the Enjin blockchain in 2023, as part of the celebration of the 25th Anniversary of the creation of the franchise.
Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will explore new possibilities regarding developing blockchain games using this decentralized tech, including user-generated contributions.
Square Enix has been one of the few AAA gaming companies in Japan seeking to embrace blockchain elements as part of its business model. The company recently announced that it will go all the way, becoming part of the initial validator set of Oasys, a gaming-oriented blockchain advertised as a “high-speed, zero gas fee experience” for users.
The Japanese gaming giant will be using the Oasys blockchain as a tool for the development of new blockchain games and the inclusion of user-generated content in virtual worlds. About this new partnership, Yosuke Saito, director of the Square Enix Blockchain Entertainment Division, stated:
Our shared enthusiasm for web3 gaming makes this an exciting partnership for us and we look forward to gaining insights that can advance the creation of all-new gameplay experiences for gamers across the globe.
The organization is not alone in this endeavor, as other gaming companies have also established partnerships with Oasys in order to become validators of the network. Both traditional and blockchain gaming companies such as Bandai Namco, Sega, Ubisoft, Netmarble, Wemade, Com2us, and Yield Guild Games are also among these 21 first block validators.
Square Enix’s blockchain focus is not a new thing. In fact, the company has included blockchain tech as part of its business model since last year, saying it would “focus on blockchain games premised on token economies as a form of decentralized content.”
The president of the company has also put significant emphasis on using the tech to reward users that contribute to the creation of virtual worlds with their own elements, as the press release of the Oasys partnership describes. In January, in a new year’s letter, Square Enix President Yosuke Matsuda stated:
From having fun to earning to contributing, a wide variety of motivations will inspire people to engage with games and connect with one another. It is blockchain-based tokens that will enable this.
In July, the company announced plans to issue Final Fantasy-themed non-fungible tokens (NFTs) using the Enjin blockchain in 2023, as part of the celebration of the 25th Anniversary of the creation of the franchise.
FCA Warns Investors against ‘Unauthorized Firm’ FTX
British regulator the Financial Conduct Authority (FCA) has issued a warning note to FTX crypto exchange, claiming it is operating without authorization. FTX has now found itself on the increasing names on the FCA list that comprises unregistered crypto-related businesses. The British financial watchdog issued the warning on the 16th of September, noscriptd “FTX”.
According to the warning, FTX is not registered by the FCA and is targeting people in the UK. Meanwhile, the regulator stated that nearly all firms and individuals that offer, sell or promote financial services or products in the UK need FCA authorizations or registrations. The chief financial regulator in the UK claimed that FTX did not follow the requirement.
The financial watchdog further attempted to explain why UK residents should be “wary of dealing with this unauthorized” company. It also mentioned investors’ protection. The agency notes that investors are under the protection of the Financial Services Compensation Scheme (FSCS). Also, they do not have access to the Financial Ombudsman Service. Also, the FCA warned about the possibility of not getting one’s asset with FTX back “if things go wrong.”
Explaining further, the UK regulator provided a link to the Financial Services Register for investors to check crypto companies that are registered and authorized in order to make informed decisions.
“If you used an authorized firm or registered firm, access to the Financial Ombudsman Services and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorized or registered form should be able to help.”
Notably, FTX recently caught the attention of regulators in August. The crypto company received a cease and desist letter from the Federal Deposit Insurance Corporation (FDIC). The Corporation alleged that the company misled the public about specific crypto-related products being insured by the FDIC.
As of August, there were 37 entities that have completed their registrations with the FCA. Crypto also got the green light from the regulator to carry out “certain crypto asset activities” in the UK. More firms like Zodia Markets (UK) Limited and eToro UK also went through the registration process in 2022. After the registration process, they were able to receive Money Laundering Regulations approval.
Since January 2020, the FCA has enforced AML and counter-terrorism financial regulations on crypto-focused businesses. A spokesperson explained that a firm needs to meet the minimum standards for a successful registration. The representative mentioned that there have been “too many financial crime red flags missed by the crypto asset businesses seeking registration.”
British regulator the Financial Conduct Authority (FCA) has issued a warning note to FTX crypto exchange, claiming it is operating without authorization. FTX has now found itself on the increasing names on the FCA list that comprises unregistered crypto-related businesses. The British financial watchdog issued the warning on the 16th of September, noscriptd “FTX”.
According to the warning, FTX is not registered by the FCA and is targeting people in the UK. Meanwhile, the regulator stated that nearly all firms and individuals that offer, sell or promote financial services or products in the UK need FCA authorizations or registrations. The chief financial regulator in the UK claimed that FTX did not follow the requirement.
The financial watchdog further attempted to explain why UK residents should be “wary of dealing with this unauthorized” company. It also mentioned investors’ protection. The agency notes that investors are under the protection of the Financial Services Compensation Scheme (FSCS). Also, they do not have access to the Financial Ombudsman Service. Also, the FCA warned about the possibility of not getting one’s asset with FTX back “if things go wrong.”
Explaining further, the UK regulator provided a link to the Financial Services Register for investors to check crypto companies that are registered and authorized in order to make informed decisions.
“If you used an authorized firm or registered firm, access to the Financial Ombudsman Services and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorized or registered form should be able to help.”
Notably, FTX recently caught the attention of regulators in August. The crypto company received a cease and desist letter from the Federal Deposit Insurance Corporation (FDIC). The Corporation alleged that the company misled the public about specific crypto-related products being insured by the FDIC.
As of August, there were 37 entities that have completed their registrations with the FCA. Crypto also got the green light from the regulator to carry out “certain crypto asset activities” in the UK. More firms like Zodia Markets (UK) Limited and eToro UK also went through the registration process in 2022. After the registration process, they were able to receive Money Laundering Regulations approval.
Since January 2020, the FCA has enforced AML and counter-terrorism financial regulations on crypto-focused businesses. A spokesperson explained that a firm needs to meet the minimum standards for a successful registration. The representative mentioned that there have been “too many financial crime red flags missed by the crypto asset businesses seeking registration.”
China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level
China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping up digitalization efforts this year.
Chinese authorities are going to expand the digital yuan’s area of application in four of the first pilot cities in the project to the rest of their respective provinces. These are Shenzhen in South China’s Guangdong Province, Suzhou in the eastern Jiangsu Province, Xiongan New Area in Hebei Province in the north, and Chengdu in Southwest China’s Sichuan Province.
With the upgrade to province-wide testing in these regions, the government in Beijing hopes to “continue to push the innovation of China’s recognized cryptocurrency,” the English-language newspaper Global Times wrote, quoting a report by the Cnstock business news portal published on Monday.
The plan was announced by Deputy Governor of People’s Bank of China (PBOC) Fan Yifei during an economic forum this week. The high-ranking official emphasized that the monetary policy regulator has been accelerating financial digitalization since the beginning of this year. He noted that the authority has outlined the country’s financial technology development for the period until 2025.
Fan also underscored the importance of securing key technologies in order to enhance China’s financial system and build financial infrastructure that can adapt to the development of the digital economy and support the transformation of the Chinese economy.
The PBOC executive pointed out that the digital yuan has been implemented across multiple economic sectors, including retail and wholesale, catering, leisure, tourism, and government payments, via both online and offline channels. He insisted that the utility of the digital yuan in the first four trial cities should be expanded to the provincial level.
Fan Yifei’s latest statements come after earlier this month the deputy governor urged for widening of the array of use-case scenarios for China’s central bank digital currency (CBDC). He also called for improving the integration between the digital yuan system and traditional tools for electronic payments to increase convenience for users of the e-CNY platform.
China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping up digitalization efforts this year.
Chinese authorities are going to expand the digital yuan’s area of application in four of the first pilot cities in the project to the rest of their respective provinces. These are Shenzhen in South China’s Guangdong Province, Suzhou in the eastern Jiangsu Province, Xiongan New Area in Hebei Province in the north, and Chengdu in Southwest China’s Sichuan Province.
With the upgrade to province-wide testing in these regions, the government in Beijing hopes to “continue to push the innovation of China’s recognized cryptocurrency,” the English-language newspaper Global Times wrote, quoting a report by the Cnstock business news portal published on Monday.
The plan was announced by Deputy Governor of People’s Bank of China (PBOC) Fan Yifei during an economic forum this week. The high-ranking official emphasized that the monetary policy regulator has been accelerating financial digitalization since the beginning of this year. He noted that the authority has outlined the country’s financial technology development for the period until 2025.
Fan also underscored the importance of securing key technologies in order to enhance China’s financial system and build financial infrastructure that can adapt to the development of the digital economy and support the transformation of the Chinese economy.
The PBOC executive pointed out that the digital yuan has been implemented across multiple economic sectors, including retail and wholesale, catering, leisure, tourism, and government payments, via both online and offline channels. He insisted that the utility of the digital yuan in the first four trial cities should be expanded to the provincial level.
Fan Yifei’s latest statements come after earlier this month the deputy governor urged for widening of the array of use-case scenarios for China’s central bank digital currency (CBDC). He also called for improving the integration between the digital yuan system and traditional tools for electronic payments to increase convenience for users of the e-CNY platform.
What is the best coin to pay in online stores?
Anonymous coins are breaking into our daily life. Despite the delisting of many privacy coins from the Huobi exchange and existing problems of other cryptocurrency exchanges, some projects find a way out and use all possible options to provide users with convenience and security.
One such project is Utopia P2P (https://u.is/en/) and its privacy coin Crypton (CRP). This is the main financial unit of the Utopia P2P ecosystem and coin that is now available in 1,800 online stores on the internet.
By the way, Utopia P2P — is an anonymous and decentralized ecosystem that ensures users’ privacy and stability on the network.
Using Crypton (CRP) people can safely, and without unnecessary hassles, pay for various things on the internet:
- Secure and anonymous payments
- Protection from threats
- Fast and hidden financial transactions
- Low commissions
- Worldwide availability
Using Utopia as payment, sellers get an audience that cares about data privacy and their own security.
Utopia P2P: https://u.is/en/
Telegram: https://news.1rj.ru/str/utopiachatoff
Anonymous coins are breaking into our daily life. Despite the delisting of many privacy coins from the Huobi exchange and existing problems of other cryptocurrency exchanges, some projects find a way out and use all possible options to provide users with convenience and security.
One such project is Utopia P2P (https://u.is/en/) and its privacy coin Crypton (CRP). This is the main financial unit of the Utopia P2P ecosystem and coin that is now available in 1,800 online stores on the internet.
By the way, Utopia P2P — is an anonymous and decentralized ecosystem that ensures users’ privacy and stability on the network.
Using Crypton (CRP) people can safely, and without unnecessary hassles, pay for various things on the internet:
- Secure and anonymous payments
- Protection from threats
- Fast and hidden financial transactions
- Low commissions
- Worldwide availability
Using Utopia as payment, sellers get an audience that cares about data privacy and their own security.
Utopia P2P: https://u.is/en/
Telegram: https://news.1rj.ru/str/utopiachatoff
✅You've never seen stability so stable!
Allbridge, the multichain hub, is expanding its stablecoin options on the Waves blockchain, while an instant exchange service Swop.fi is opening multi-pools for investing! 💸
Each multipool consists of differently flavored USDT or USDC stablecoins: Allbridge-wrapped tokens from Ethereum, Polygon, Binance Smart Chain and a traditional Waves-based coins. 💪🏿4x stability for your investments!
🔥For early liquidity providers, Swop.fi is offering an exclusive reward in USDT from September 26 to October 15: ~100%❗️ APR at target TVL, in addition to commission income. On top of that, multi-pools will begin farming SWOP governance tokens starting October 3.
See our article for details on multi-pool mechanics.
Choose your multi-pool or add liquidity to both!
Telegram | Twitter
Allbridge, the multichain hub, is expanding its stablecoin options on the Waves blockchain, while an instant exchange service Swop.fi is opening multi-pools for investing! 💸
Each multipool consists of differently flavored USDT or USDC stablecoins: Allbridge-wrapped tokens from Ethereum, Polygon, Binance Smart Chain and a traditional Waves-based coins. 💪🏿4x stability for your investments!
🔥For early liquidity providers, Swop.fi is offering an exclusive reward in USDT from September 26 to October 15: ~100%❗️ APR at target TVL, in addition to commission income. On top of that, multi-pools will begin farming SWOP governance tokens starting October 3.
See our article for details on multi-pool mechanics.
Choose your multi-pool or add liquidity to both!
Telegram | Twitter
JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined
Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse.
The global head of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked about client demand for crypto as a payment method in an interview with Bloomberg Television this week. He said:
We saw a lot of demand for our clients, let’s say up until six months ago. We see very little right now.
While noting that the demand for crypto as a payment tool has drastically declined, Georgakopoulos stressed that the bank will still support clients who want to use crypto for this purpose.
He added that cryptocurrencies are also becoming “larger and larger” in the gaming sector — both in traditional gaming and in the metaverse, where he sees many opportunities.
This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism about bitcoin and cryptocurrency. “I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes,” the executive said. However, he emphasized that he is not skeptical about blockchain and decentralized finance (defi), calling them “real” innovations.
A recent survey conducted by Deloitte in collaboration with Paypal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
A different survey by Bank of America showed “growing interest” in crypto’s use as a payment method. “39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the bank described. Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.
Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse.
The global head of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked about client demand for crypto as a payment method in an interview with Bloomberg Television this week. He said:
We saw a lot of demand for our clients, let’s say up until six months ago. We see very little right now.
While noting that the demand for crypto as a payment tool has drastically declined, Georgakopoulos stressed that the bank will still support clients who want to use crypto for this purpose.
He added that cryptocurrencies are also becoming “larger and larger” in the gaming sector — both in traditional gaming and in the metaverse, where he sees many opportunities.
This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism about bitcoin and cryptocurrency. “I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes,” the executive said. However, he emphasized that he is not skeptical about blockchain and decentralized finance (defi), calling them “real” innovations.
A recent survey conducted by Deloitte in collaboration with Paypal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
A different survey by Bank of America showed “growing interest” in crypto’s use as a payment method. “39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the bank described. Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.
Affyn will become the NUMBER 1 blockchain metaverse in the entire industry. Can’t wait for their upcoming BIG UNVEILS in 2 Days!
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TELEGRAM:
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Binance Seeks License to Reenter Japanese Crypto Market After Exiting 4 Years Ago: Report
Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Binance exited the Japanese crypto market in 2018 following a warning by Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. In June last year, Binance got another warning from the FSA reiterating that the exchange has been providing crypto exchange services to Japanese customers without registration.
Following warnings from multiple regulators that it has been operating illegally without a license, Binance has made regulatory compliance one of its top priorities. The exchange platform previously revealed its plans to become a regulated financial institution.
Recently, Binance established a global advisory board to tackle regulatory challenges. The body is comprised of “distinguished experts in public policy, government, finance, economics, and corporate governance,” Binance detailed.
Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Binance exited the Japanese crypto market in 2018 following a warning by Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. In June last year, Binance got another warning from the FSA reiterating that the exchange has been providing crypto exchange services to Japanese customers without registration.
Following warnings from multiple regulators that it has been operating illegally without a license, Binance has made regulatory compliance one of its top priorities. The exchange platform previously revealed its plans to become a regulated financial institution.
Recently, Binance established a global advisory board to tackle regulatory challenges. The body is comprised of “distinguished experts in public policy, government, finance, economics, and corporate governance,” Binance detailed.
#1xBit #Crypto #Polygon
🔥1xBit has added a new cryptocurrency to its incredible portfolio of supported crypto assets. Now you can use Polygon on the platform🔥
✨Polygon is a decentralized platform for Web3 applications and dApps meant to better some of Ethereum’s most significant shortcomings. It improves scalability, user-friendliness, and Ethereum’s high transaction fees✨
🚀Thanks to 1xBit and Polygon, gambling with cryptocurrency is faster and easier than ever🚀
💰It’s the perfect time to create your 1xBit account - a generous Welcome Bonus of up to 7 BTC for the first 4 deposits awaits all new players. Besides Polygon, 1xBit supports over 40 other popular crypto assets💰
Take gambling to the next level with Polygon on 1xBit!
🔥1xBit has added a new cryptocurrency to its incredible portfolio of supported crypto assets. Now you can use Polygon on the platform🔥
✨Polygon is a decentralized platform for Web3 applications and dApps meant to better some of Ethereum’s most significant shortcomings. It improves scalability, user-friendliness, and Ethereum’s high transaction fees✨
🚀Thanks to 1xBit and Polygon, gambling with cryptocurrency is faster and easier than ever🚀
💰It’s the perfect time to create your 1xBit account - a generous Welcome Bonus of up to 7 BTC for the first 4 deposits awaits all new players. Besides Polygon, 1xBit supports over 40 other popular crypto assets💰
Take gambling to the next level with Polygon on 1xBit!
💎 Fashion TV and FTVIO released their official Token called STYL and it gained over +150% before getting listed in Gate.io 💎
✅ You can buy STYL on pancakeswap and uniswap 🔥💰🚀
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✅ You can buy STYL on pancakeswap and uniswap 🔥💰🚀
✅ Join our community to get more information👇👇
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✅ The coin is officially listed in CMC and Coingecko 📈📊
✅ Visit our website to learn more and get started NOW! 🪩
🌿💸 Breathing can be profitable! Yeah 🤯. That’s the point thanks to a revolutionary project - Oumua.
Many of you might remember STEPN & the earnings there until the project reached 10 million users. We’ve discovered the Oumua project and and it is set up to knock STEPN out of the business.
Here are our insights as to why you should participate in the Oumua project ASAP:
🌱 Oumua makes smart breathing trainers paired with a web3 DApp that allows its users to gain returns on literally breathing
🌱When you purchase the NFT you get a real device (!) and access to the Breathe2Earn mechanic, which won't die in a month because it doesn't allow inflation to rise indefinitely like STEPN did.
🌱Breathe2Earn concept is built around Oumua Pro trainers and earning OUM and MUA, the utility and governance tokens of the ecosystem
To start earning on Oumua just join the whitelist now and get a chance to be an NFT holder for that price between 0.5BNB and 4 BNB (the NFT rarity depends on your dep size).
Moreover, Oumua has announced the 1,000,000 MUA tokens promo fund for the community members.
👇Join now 👇
https://bit.ly/Oumua_BtcTrunk
Many of you might remember STEPN & the earnings there until the project reached 10 million users. We’ve discovered the Oumua project and and it is set up to knock STEPN out of the business.
Here are our insights as to why you should participate in the Oumua project ASAP:
🌱 Oumua makes smart breathing trainers paired with a web3 DApp that allows its users to gain returns on literally breathing
🌱When you purchase the NFT you get a real device (!) and access to the Breathe2Earn mechanic, which won't die in a month because it doesn't allow inflation to rise indefinitely like STEPN did.
🌱Breathe2Earn concept is built around Oumua Pro trainers and earning OUM and MUA, the utility and governance tokens of the ecosystem
To start earning on Oumua just join the whitelist now and get a chance to be an NFT holder for that price between 0.5BNB and 4 BNB (the NFT rarity depends on your dep size).
Moreover, Oumua has announced the 1,000,000 MUA tokens promo fund for the community members.
👇Join now 👇
https://bit.ly/Oumua_BtcTrunk
Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill
The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryptocurrency bill on September 2. The Senate defended the initiative, stating that passing the bill would benefit the country due to its effect on tracking the energy consumption of crypto miners and the income that mining taxes would bring to the state.
The Paraguayan Senate is ready to fight against the president when it comes to the passing of the recently approved cryptocurrency bill. President Mario Abdo exerted a complete veto action on this initiative earlier this month, but the Senate has reaffirmed its support for the sanction of this bill in a new discussion, rejecting the action.
Senators argued that there are several decisions in the bill that would bring benefits to the state and the cryptocurrency industry, including crypto miners. Senator Enrique Salyn Buzarquis vowed in support of the sanction of the bill, stating that the state should formalize collecting taxes on the cryptocurrency mining activities that are taking place in Paraguay. He explained:
It is better for the cryptocurrency business to formalize and charge what corresponds, so I defend the bill.
Abel Gonzalez, another senator, also argued in favor of this sanction, stating that the energy should be used to generate income for the state, instead of being wasted. Senator Daniel Roja also decided to support this bill again, explaining that it might contribute to the use of energy in new forms of employment through cryptocurrency.
All 33 senators rejected the presidential veto on the mentioned bill.
The cryptocurrency bill was vetoed fully, taking several environmental and operational concerns into account. The veto predicts that, if the cryptocurrency mining industry keeps growing, the country might have to import power at some time in the future. The rejection document considers that cryptocurrency mining is “characterized by its high consumption of electrical energy, with intensive use of capital and little use of labor.”
Also, the power fees proposed in the cryptocurrency bill for mining operations have been subject to criticism by the power administration of the country, with some officers stating they were inadequate.
Now, the cryptocurrency bill will be passed to the National Deputy chamber, which will have to discuss whether it also rejects the presidential veto. If this does happen, the bill will be sanctioned finally, even without presidential support. The matter is expected to be resolved before 2023.
The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryptocurrency bill on September 2. The Senate defended the initiative, stating that passing the bill would benefit the country due to its effect on tracking the energy consumption of crypto miners and the income that mining taxes would bring to the state.
The Paraguayan Senate is ready to fight against the president when it comes to the passing of the recently approved cryptocurrency bill. President Mario Abdo exerted a complete veto action on this initiative earlier this month, but the Senate has reaffirmed its support for the sanction of this bill in a new discussion, rejecting the action.
Senators argued that there are several decisions in the bill that would bring benefits to the state and the cryptocurrency industry, including crypto miners. Senator Enrique Salyn Buzarquis vowed in support of the sanction of the bill, stating that the state should formalize collecting taxes on the cryptocurrency mining activities that are taking place in Paraguay. He explained:
It is better for the cryptocurrency business to formalize and charge what corresponds, so I defend the bill.
Abel Gonzalez, another senator, also argued in favor of this sanction, stating that the energy should be used to generate income for the state, instead of being wasted. Senator Daniel Roja also decided to support this bill again, explaining that it might contribute to the use of energy in new forms of employment through cryptocurrency.
All 33 senators rejected the presidential veto on the mentioned bill.
The cryptocurrency bill was vetoed fully, taking several environmental and operational concerns into account. The veto predicts that, if the cryptocurrency mining industry keeps growing, the country might have to import power at some time in the future. The rejection document considers that cryptocurrency mining is “characterized by its high consumption of electrical energy, with intensive use of capital and little use of labor.”
Also, the power fees proposed in the cryptocurrency bill for mining operations have been subject to criticism by the power administration of the country, with some officers stating they were inadequate.
Now, the cryptocurrency bill will be passed to the National Deputy chamber, which will have to discuss whether it also rejects the presidential veto. If this does happen, the bill will be sanctioned finally, even without presidential support. The matter is expected to be resolved before 2023.
Cryptocurrency Is Losing Popularity as Investment Vehicle in US, According to Bankrate Survey
The popularity of cryptocurrency as an investment vehicle is dwindling in the U.S., according to a survey made by Bankrate. The survey found that trust in crypto has diminished across several groups, with millennials losing 20% of their trust in the assets — more confidence lost than in the other generational groups surveyed.
While crypto is still considered a new investment vehicle in the current market, some of its believers have started to lose faith. A survey made by Bankrate shows that the number of Americans comfortable with investing in crypto has dropped across generational groups.
Millennials, who have traditionally been open and connected to new tech like crypto, have been one of the groups to lose the most confidence in crypto. The percentage of millennials that were “very comfortable” or “comfortable” investing in crypto went from 49% in 2021 to 29% this year.
However, other groups also lost confidence in crypto, with the same metrics going from 37% to 21% among Gen Xers, and from 21% to 11% among baby boomers. In total, only 21% had some degree of confidence in crypto as an investment this year, compared to 35% in 2021.
According to the report, this is the result of the recent cryptocurrency market downfall, produced by the United States Federal Reserve’s intervention, raising interest rates to combat inflation. Greg McBride, CFA and Bankrate’s chief financial analyst, stated:
It is a lot easier to be enthusiastic and believe in something when you see the value going up continually. The real test of belief comes when the chips are down, and a lot of investors have realized they now feel differently about investing in cryptocurrency.
The report also tries to reveal why younger groups tend to be more interested in investing in cryptocurrency. These younger groups, including Gen Zers and millennials, are said to be more inclined to get financial advice from less-than-ideal sources like social media and friends and family, instead of hearing from sources like actual investors.
Even with this loss of trust in crypto, the ones that still believe in it also believe that crypto might make them billionaires in the future. A survey made by Harris Poll shows that the younger crowds, including millennials and Gen Zers, are the most confident groups in their ability to become billionaires through crypto.
The popularity of cryptocurrency as an investment vehicle is dwindling in the U.S., according to a survey made by Bankrate. The survey found that trust in crypto has diminished across several groups, with millennials losing 20% of their trust in the assets — more confidence lost than in the other generational groups surveyed.
While crypto is still considered a new investment vehicle in the current market, some of its believers have started to lose faith. A survey made by Bankrate shows that the number of Americans comfortable with investing in crypto has dropped across generational groups.
Millennials, who have traditionally been open and connected to new tech like crypto, have been one of the groups to lose the most confidence in crypto. The percentage of millennials that were “very comfortable” or “comfortable” investing in crypto went from 49% in 2021 to 29% this year.
However, other groups also lost confidence in crypto, with the same metrics going from 37% to 21% among Gen Xers, and from 21% to 11% among baby boomers. In total, only 21% had some degree of confidence in crypto as an investment this year, compared to 35% in 2021.
According to the report, this is the result of the recent cryptocurrency market downfall, produced by the United States Federal Reserve’s intervention, raising interest rates to combat inflation. Greg McBride, CFA and Bankrate’s chief financial analyst, stated:
It is a lot easier to be enthusiastic and believe in something when you see the value going up continually. The real test of belief comes when the chips are down, and a lot of investors have realized they now feel differently about investing in cryptocurrency.
The report also tries to reveal why younger groups tend to be more interested in investing in cryptocurrency. These younger groups, including Gen Zers and millennials, are said to be more inclined to get financial advice from less-than-ideal sources like social media and friends and family, instead of hearing from sources like actual investors.
Even with this loss of trust in crypto, the ones that still believe in it also believe that crypto might make them billionaires in the future. A survey made by Harris Poll shows that the younger crowds, including millennials and Gen Zers, are the most confident groups in their ability to become billionaires through crypto.
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Apollo, Sixth Street No Longer in Discussions to Finance Twitter Deal
Apollo Global Management Inc and Sixth Street Partners are reportedly backing out of financing Elon Musk’s Twitter (NYSE: TWTR) deal. According to two sources familiar with the matter, both companies are no longer in talks with Musk regarding his proposed Twitter buyout. Their decision to back out reportedly happened several months ago, around the time that Musk backtracked from the deal.
Musk has affirmed that neither Apollo nor Sixth Street was still part of the third-party equity financing to acquire Twitter. Meanwhile, representatives for both Apollo and Sixth Street declined to comment. However, both companies have large credit investing arms, and could reemerge as investors. This is especially so if banks decide to syndicate Twitter buyout debt to investors.
Apollo and Sixth Street had been in discussions to contribute billions of dollars, via a preferred equity stake, to the Twitter acquisition. At the time, Musk was seeking to raise up to $6 billion from preferred equity investors. This was in order to lessen his own cash outlay burden from the $44 billion Twitter deal. However, what followed thereafter was a series of back and forth between Musk and Twitter over the latter’s handling of bot accounts.
According to the Tesla (NASDAQ: TSLA) CEO, the social media giant was not forthcoming in providing adequate information which addressed those fake account concerns. In addition, he also accused Twitter of attempting to misinform his team by providing manipulated data. However, the popular microblogging platform continues to deny Musk’s claims and maintain that they were as cooperative as possible.
Eventually, Musk pulled out of the deal, triggering a lawsuit from Twitter to force a continuation. The company accused him of developing cold feet and attempting to find an escape route with the bot accusations. Musk then countered Twitter’s lawsuit with one of his own. Both parties were set for a legal showdown less than two weeks from now until Musk announced the deal was back on. Financing details also include $13 billion of debt, which a group of Morgan Stanley-led banks agreed to provide.
Musk changing course to buy Twitter once more comes amid a significant downturn in the broader financial landscape. With inflation at record highs and interest rates rising , many conclude that financing optics remain bleak. This also becomes even more apparent when factoring in soaring global energy prices, which also impact the financial tapestry.
However, the recent spate of interest rate hikes by global central banks is not all doom and gloom. For instance, about two weeks ago, crypto-linked stocks rallied as the US Federal Reserve announced another interest rate hike. Prior to this development, these crypto-associated stocks were at substantial lows owing to the general underperformance of the crypto market.
Apollo Global Management Inc and Sixth Street Partners are reportedly backing out of financing Elon Musk’s Twitter (NYSE: TWTR) deal. According to two sources familiar with the matter, both companies are no longer in talks with Musk regarding his proposed Twitter buyout. Their decision to back out reportedly happened several months ago, around the time that Musk backtracked from the deal.
Musk has affirmed that neither Apollo nor Sixth Street was still part of the third-party equity financing to acquire Twitter. Meanwhile, representatives for both Apollo and Sixth Street declined to comment. However, both companies have large credit investing arms, and could reemerge as investors. This is especially so if banks decide to syndicate Twitter buyout debt to investors.
Apollo and Sixth Street had been in discussions to contribute billions of dollars, via a preferred equity stake, to the Twitter acquisition. At the time, Musk was seeking to raise up to $6 billion from preferred equity investors. This was in order to lessen his own cash outlay burden from the $44 billion Twitter deal. However, what followed thereafter was a series of back and forth between Musk and Twitter over the latter’s handling of bot accounts.
According to the Tesla (NASDAQ: TSLA) CEO, the social media giant was not forthcoming in providing adequate information which addressed those fake account concerns. In addition, he also accused Twitter of attempting to misinform his team by providing manipulated data. However, the popular microblogging platform continues to deny Musk’s claims and maintain that they were as cooperative as possible.
Eventually, Musk pulled out of the deal, triggering a lawsuit from Twitter to force a continuation. The company accused him of developing cold feet and attempting to find an escape route with the bot accusations. Musk then countered Twitter’s lawsuit with one of his own. Both parties were set for a legal showdown less than two weeks from now until Musk announced the deal was back on. Financing details also include $13 billion of debt, which a group of Morgan Stanley-led banks agreed to provide.
Musk changing course to buy Twitter once more comes amid a significant downturn in the broader financial landscape. With inflation at record highs and interest rates rising , many conclude that financing optics remain bleak. This also becomes even more apparent when factoring in soaring global energy prices, which also impact the financial tapestry.
However, the recent spate of interest rate hikes by global central banks is not all doom and gloom. For instance, about two weeks ago, crypto-linked stocks rallied as the US Federal Reserve announced another interest rate hike. Prior to this development, these crypto-associated stocks were at substantial lows owing to the general underperformance of the crypto market.
Russian Companies Are Using Crypto in Trade Despite Lack of Regulation, Officials Admit
With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions.
Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed.
Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale.
Russian entities are now actively using digital payment instruments, including cryptocurrencies, agreed Vladimir Gamza, head of industrial, financial and investment policy at the Council of the Chamber of Commerce and Industry of the Russian Federation.
Gamza also told the newspaper that due to the financial restrictions, payments in U.S. dollars, euros, and other fiat currencies have decreased to a minimum. As part of the measures adopted in response to Russia’s invasion, Russian banks were cut off from SWIFT, the global payment messaging system.
The executive further elaborated that digital coins are now mainly utilized in settlements with what he referred to as “unfriendly countries,” primarily for Russian exports and in payments for import components for the manufacturing sector.
Cryptocurrencies are also used to pay for the import of consumer goods. Against the backdrop of sanctions, the volume of cross-border transactions in crypto could potentially see a several-fold increase, Vladimir Gamza predicted.
It’s important to try all alternatives to the SWIFT payments, Ivan Chebeskov was quoted by RBC Crypto as saying earlier this week. He also unveiled that the Finance Ministry and the Central Bank of Russia intend to allow international crypto payments for any industry, without restrictions.
Throughout the year, Russian authorities have been mulling over how to regulate the country’s crypto space and sanctions have convinced them they need to legalize at least cross-border payments with cryptocurrencies. In September, the head of the parliamentary Financial Market Committee Anatoly Aksakov indicated that Russian businesses may be permitted to choose which coin they want to use.
With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions.
Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed.
Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale.
Russian entities are now actively using digital payment instruments, including cryptocurrencies, agreed Vladimir Gamza, head of industrial, financial and investment policy at the Council of the Chamber of Commerce and Industry of the Russian Federation.
Gamza also told the newspaper that due to the financial restrictions, payments in U.S. dollars, euros, and other fiat currencies have decreased to a minimum. As part of the measures adopted in response to Russia’s invasion, Russian banks were cut off from SWIFT, the global payment messaging system.
The executive further elaborated that digital coins are now mainly utilized in settlements with what he referred to as “unfriendly countries,” primarily for Russian exports and in payments for import components for the manufacturing sector.
Cryptocurrencies are also used to pay for the import of consumer goods. Against the backdrop of sanctions, the volume of cross-border transactions in crypto could potentially see a several-fold increase, Vladimir Gamza predicted.
It’s important to try all alternatives to the SWIFT payments, Ivan Chebeskov was quoted by RBC Crypto as saying earlier this week. He also unveiled that the Finance Ministry and the Central Bank of Russia intend to allow international crypto payments for any industry, without restrictions.
Throughout the year, Russian authorities have been mulling over how to regulate the country’s crypto space and sanctions have convinced them they need to legalize at least cross-border payments with cryptocurrencies. In September, the head of the parliamentary Financial Market Committee Anatoly Aksakov indicated that Russian businesses may be permitted to choose which coin they want to use.
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Samsung to Debut Knox Matrix Blockchain-Based Security System for Smart Devices
Samsung, the consumer electronics giant, has announced the introduction of a blockchain-like security system for its smart devices. Named Knox Matrix, the objective of the system is to increase the security of a multi-device environment, with each smart device monitoring others and sharing access data to simplify login tasks.
Blockchain technology is being harnessed for more and more uses each passing day, including security and trust-based applications. This time Samsung, the Korean consumer electronics and software company, has announced the implementation of a “private blockchain” system as a way of increasing the security of its smart devices.
At the recent Samsung Developer Conference, the system, named Knox Matrix, was presented as a revamp of Samsung’s current security approach. While the company was thin on details and did not specify about the inner workings of the system, it did explain that it will interconnect the different smart devices available on a network, to enhance security through “multi-layered mutual monitoring.”
For example, Samsung claims that using a phone connected to another smart device like a TV or a smart AC will make these devices safer from being compromised by any threat.
According to Samsung, its Knox Matrix solution will also streamline login tasks all around the home, because the login state is distributed automatically to devices that need it to join the network. However, at the same time, it will ostensibly protect sensitive information from other devices in the network.
The announcement also notes that “Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK [software development kit].” The launch date and the specifications of this system were not provided by Samsung.
Samsung has been active when it comes to including hardware security specially created for blockchain and cryptocurrency-based environments. As early as 2019, the company included a wallet in its flagship smartphone, the Samsung Galaxy S10, that featured hardware-based protection of private keys.
The security system included at that time, called Knox, is the precursor to the system Samsung recently presented. The company has also been very present in the non-fungible token (NFT) area, collaborating with six different companies in August to establish its own Galaxy-branded NFT ecosystem.
Samsung, the consumer electronics giant, has announced the introduction of a blockchain-like security system for its smart devices. Named Knox Matrix, the objective of the system is to increase the security of a multi-device environment, with each smart device monitoring others and sharing access data to simplify login tasks.
Blockchain technology is being harnessed for more and more uses each passing day, including security and trust-based applications. This time Samsung, the Korean consumer electronics and software company, has announced the implementation of a “private blockchain” system as a way of increasing the security of its smart devices.
At the recent Samsung Developer Conference, the system, named Knox Matrix, was presented as a revamp of Samsung’s current security approach. While the company was thin on details and did not specify about the inner workings of the system, it did explain that it will interconnect the different smart devices available on a network, to enhance security through “multi-layered mutual monitoring.”
For example, Samsung claims that using a phone connected to another smart device like a TV or a smart AC will make these devices safer from being compromised by any threat.
According to Samsung, its Knox Matrix solution will also streamline login tasks all around the home, because the login state is distributed automatically to devices that need it to join the network. However, at the same time, it will ostensibly protect sensitive information from other devices in the network.
The announcement also notes that “Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK [software development kit].” The launch date and the specifications of this system were not provided by Samsung.
Samsung has been active when it comes to including hardware security specially created for blockchain and cryptocurrency-based environments. As early as 2019, the company included a wallet in its flagship smartphone, the Samsung Galaxy S10, that featured hardware-based protection of private keys.
The security system included at that time, called Knox, is the precursor to the system Samsung recently presented. The company has also been very present in the non-fungible token (NFT) area, collaborating with six different companies in August to establish its own Galaxy-branded NFT ecosystem.
FX Strategists From Citi Say Euro Could Sink to $0.86 if Macro Turmoil Continues
While the euro has found support between 0.96 to 0.97 nominal U.S. dollars per unit, foreign exchange (FX) strategists from Citi believe the euro could tap a low of around $0.86 against the greenback. While the dollar slumped on October 13, the fiat currency is rising again and market strategists from Citi argue that the U.S. dollar “has likely not peaked yet.”
In recent times, the official fiat currency of 19 out of the 27 member states of the European Union (EU), the euro (EUR), has been in a slump against the U.S. dollar (USD). Year-to-date, the euro has lost 14.53% against the greenback and six-month stats indicate the EUR is down 10.09%. While the 10% shave hurts, the percentage loss is less severe than fiat currencies like the Japanese yen (down 14.99% in six months), the U.K.’s pound sterling (down 14.46% in six months), and the Australian dollar (down 16.19% in six months).
While the euro has found support between 0.96 to 0.97 nominal U.S. dollars per unit, foreign exchange (FX) strategists from Citi believe the euro could tap a low of around $0.86 against the greenback. While the dollar slumped on October 13, the fiat currency is rising again and market strategists from Citi argue that the U.S. dollar “has likely not peaked yet.”
In recent times, the official fiat currency of 19 out of the 27 member states of the European Union (EU), the euro (EUR), has been in a slump against the U.S. dollar (USD). Year-to-date, the euro has lost 14.53% against the greenback and six-month stats indicate the EUR is down 10.09%. While the 10% shave hurts, the percentage loss is less severe than fiat currencies like the Japanese yen (down 14.99% in six months), the U.K.’s pound sterling (down 14.46% in six months), and the Australian dollar (down 16.19% in six months).
EU to Target Crypto Miners’ Power Usage as Union Relies Less on Russian Energy
Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector.
The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to Bloomberg, the EU will also urge member states to target crypto miners’ energy usage as it seeks to navigate the winter with far less Russian gas and other energy than before the sanctions imposed over the war in Ukraine.
Quoting a draft proposal, the report revealed that the EU’s executive arm wants to work with international partners to adopt a grading measure that will encourage more environmentally friendly crypto systems, such as the proof-of-stake (PoS) protocol as opposed to the energy-intensive proof-of-work (PoW) mechanism employed by Bitcoin.
“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more,” the European Commission notes in an Action Plan. “In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy efficient versions of the technology,” the Commission emphasizes.
Controlling the energy consumption of the Information and Communications Technology (ICT) sector, including through an “environmental labelling scheme for data centers… and an energy efficiency label for blockchains,” is one of the key measures envisaged in the document announced on Tuesday. In a press release, the Commission explained:
With data centers and the growing appetite for online services demanding ever more resources from our energy system, today’s plan also outlines ways to decouple the energy footprint of the ICT sector from the exponential growth of data.
The move comes after an earlier attempt to prohibit PoW mining through the upcoming Markets in Crypto Assets (MiCA) regulatory framework, which sparked negative reactions from the Old Continent’s crypto community and industry as it amounted to a Bitcoin ban.
The controversial provision was eventually dropped from the latest draft of the legislation but other texts oblige service asset providers to disclose the energy consumption and environmental impact of the assets they work with.
PoS mining, to which the Ethereum blockchain recently migrated, uses much less energy than the proof-of-work minting of digital coins. Although the EU accounts for only around 10% of the PoW crypto mining, any new policies introduced by the 27-strong bloc in this field can potentially have global effects, Bloomberg pointed out.
The cited document also unveils that the European Union is going to produce a report evaluating the climate impact of the industry by 2025 and call on EU countries to end any tax breaks for cryptocurrency miners. Brussels also insists that member states should be ready to halt mining activities in case of electricity shortages.
Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector.
The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to Bloomberg, the EU will also urge member states to target crypto miners’ energy usage as it seeks to navigate the winter with far less Russian gas and other energy than before the sanctions imposed over the war in Ukraine.
Quoting a draft proposal, the report revealed that the EU’s executive arm wants to work with international partners to adopt a grading measure that will encourage more environmentally friendly crypto systems, such as the proof-of-stake (PoS) protocol as opposed to the energy-intensive proof-of-work (PoW) mechanism employed by Bitcoin.
“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more,” the European Commission notes in an Action Plan. “In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy efficient versions of the technology,” the Commission emphasizes.
Controlling the energy consumption of the Information and Communications Technology (ICT) sector, including through an “environmental labelling scheme for data centers… and an energy efficiency label for blockchains,” is one of the key measures envisaged in the document announced on Tuesday. In a press release, the Commission explained:
With data centers and the growing appetite for online services demanding ever more resources from our energy system, today’s plan also outlines ways to decouple the energy footprint of the ICT sector from the exponential growth of data.
The move comes after an earlier attempt to prohibit PoW mining through the upcoming Markets in Crypto Assets (MiCA) regulatory framework, which sparked negative reactions from the Old Continent’s crypto community and industry as it amounted to a Bitcoin ban.
The controversial provision was eventually dropped from the latest draft of the legislation but other texts oblige service asset providers to disclose the energy consumption and environmental impact of the assets they work with.
PoS mining, to which the Ethereum blockchain recently migrated, uses much less energy than the proof-of-work minting of digital coins. Although the EU accounts for only around 10% of the PoW crypto mining, any new policies introduced by the 27-strong bloc in this field can potentially have global effects, Bloomberg pointed out.
The cited document also unveils that the European Union is going to produce a report evaluating the climate impact of the industry by 2025 and call on EU countries to end any tax breaks for cryptocurrency miners. Brussels also insists that member states should be ready to halt mining activities in case of electricity shortages.