Bitcoin News and Finance: What You Need to Know

The South African Reserve Bank (SARB) says it has commenced a feasibility study for a general-purpose retail central bank digital currency (CBDC). The study, which the SARB expects to conclude in 2022, will focus on the issuance of a domestic CBDC that can be used by consumers in South Africa for general retail purposes. Study to Focus on Retail CBDC In a statement released on May 25, 2021, the central bank says the feasibility study will include practical experimentation across different emerging technology platforms. The study will take into account a variety of factors, including policy, regulatory, security, and risk management implications. Still, the statement clarifies that this latest study will be distinct from the previous one. The statement explains: It should be noted that while the CBDC feasibility study is different from Project Khokha, which focuses on the settlement of high-value transactions between commercial banks and other stakeholders at the wholesale level,...

TechX Technologies is a publicly traded company headquartered in Vancouver, Canada. TechX is listed on the Canadian Securities Exchange (TECX), Frankfurt Exchange (C0B1), and the OTC (TECXF). TechX Acquires Mobilum for $16 Million TechX Technologies Inc. (CSE: TECX) (OTCMKTS: TECFX) (FRA: C0B1) is a public company making waves with its mergers and acquisitions initiatives. The company acquired 100% of the assets of Cryptobuddy and has rebranded it to Alt Signals , a crypto trading signals platform through its subsidiary at an all-stock deal valued at C$5 million. Shortly after this acquisition, TechX Technologies signed a definitive agreement to acquire a 100% interest in XPort Digital Ltd, a fiat-to-crypto on-ramp platform for users to purchase cryptocurrency without setting up an account. The company acquired XPort through a stock deal valued at C$5 million. On May 26th, the company announced its acquisition of Mobilum OU, a fintech company that provides fiat infrastructur...

A new law draft approved just today by the Finance Commission of the Spanish Congress would make Spain-based custody services report the ownership of the cryptocurrencies under management. The law, which was stuck in Congress for some time, aims to close a gap in the legislation that allowed some users to bypass the requirements and avoid paying taxes in the process. Spain Based Custody Services Would Have to Report Ownership of Assets Third-Party custodial services based in Spain would have to report the holdings of its customers, as well as all the operations made with them, according to a new law draft approved on Wednesday by the Finance Commission of the Spanish Congress. The law, titled “Prevention and fight against tax fraud,” would make mandatory the report of any cryptocurrency funds in these institutions, and also includes individuals or institutions related to initial coin offerings in the mix. Until now, these institutions didn’t have to report any of their activities ...

Famed American entrepreneur and investor Mark Cuban has divulged a strategic investment in Polygon, highlighting his own use and embrace of the protocol’s multi-chain approach to Ethereum. Investment Accompanies Release of the Polygon SDK As major names line up behind Ethereum, notably Goldman Sachs, which presented a thesis highlighting the network’s potential to overtake Bitcoin in terms of crypto dominance, Mark Cuban is among the latest high-profile figures to throw his support behind the network via an investment in Polygon . Polygon, formerly known as Matic, aims to help tackle the scaling constraints that have plagued Ethereum by delivering the interoperability needed to construct and connect Ethereum-compatible chains. The layer 2 scaling solution pioneered by the company will effectively benefit from Ethereum’s core features while building upon the network’s existing capacity. For projects like decentralized finance (defi) that want to avoid the throughput bottlenecks an...

The chief investment officer of Guggenheim, Scott Minerd, has predicted more sell-off for bitcoin. He also warned that it will take a while for the cryptocurrency to return to its previous highs. However, in the long term, Minerd has predicted that bitcoin’s price could rise to $600K. Bitcoin Sell-Off to Continue, Minerd Says The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, has made another bearish prediction for bitcoin’s price in the short term. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies. He told CNBC on Tuesday that bitcoin has not hit its bottom just yet, emphasizing: You can afford to be patient here. There’s more to go. He explained that bitcoin had gone “exponential” and it will take some time for the cryptocurrency to ...

The president of the Federal Reserve Bank of St. Louis, James Bullard, says that most cryptocurrencies are “worthless.” He noted that if “cryptocurrency can facilitate transactions that are difficult to make in conventional currencies, then they will have a purpose and might circulate alongside the nation-backed currencies.” Fed’s Bullard Says Most Cryptocurrencies Are Worthless Jim Bullard, President of the Federal Reserve Bank of St. Louis, talked about inflation risks and what lies ahead for Fed policy in an interview with Yahoo Finance on Monday. He also talked about cryptocurrency, given the high volatility in crypto prices observed over the past weeks. He was asked, “What are your views on cryptocurrency, its use case right now, and … how closely have you been watching a lot of the volatility in crypto markets?” Bullard replied: “I have a slide deck on this that’s called ‘non-uniform currency and exchange rate chaos’ and a couple of things that are in there. One is that curr...

The Ontario Securities Commission (OSC) published documentation on Tuesday that claims the Seychelles-based crypto exchange, Poloniex has failed to contact the OSC in order to start compliance discussions. Poloniex meets the OSC’s jurisdiction because the trading platform operates trading accounts for Ontario residents, the OSC’s breach and conduct report notes. OSC Says Poloniex Failed to Communicate With the Ontario Regulator According to Ontario’s top financial regulator, the Ontario Securities Commission (OSC) sent out communications to crypto-asset trading platforms that offer digital currency services to citizens of Ontario. On March 29, the letter said “they must bring their operations into compliance with Ontario securities law or face potential regulatory action.” The notice also told the exchanges that the firms needed to contact the OSC by April 19, 2021 “to start compliance discussions.” However, the OSC’s latest report highlights that the Seychelles-based crypto exch...

PRESS RELEASE. Legendary boxer and sports icon, Floyd Mayweather Jr.’s first ever NFT collection is officially available on Rarible . The drop includes digital collectibles celebrating the legacy of Floyd Mayweather Jr.’s life and career, including animations, physical artwork, and access to Mayweather Jr.’s both virtual and in-person meet and greets. Select NFTs are also associated with physical prints in addition to being logged forever on the blockchain. The final 1/1 limited edition auction piece can include private boxing lessons and dinner with Floyd Mayweather Jr. in addition to a custom diamond ring. Don’t miss out on the legacy collection. The Prelude Drop: Date: May 26, 2021 # Pieces: 1 Quantity: 50 Marketplace: https://rarible.com/floydnft   The Legacy Drop Date: June 1, 2021 # Pieces: 4 Quantity: Both Fixed & 1/1 Auction Marketplace: https://rarible.com/floydnft   For more information about the upcoming Mayweather NFT drop, please vis...

Beijing’s recent crackdown on the cryptocurrency industry has found its way into Inner Mongolia according to a recent report. Inner Mongolian officials plan to introduce harsh penalties to bitcoin mining operations using the region’s grid without permission from authorities. New Rules Aim to ‘Punish Bitcoin Miners’ A regional report published by South China Morning Post’s contributor Coco Feng explains that Inner Mongolia’s top economic planner has revealed new rules against operating bitcoin mining facilities in the region. The new draft rules are available for public review until June 1 and it recently follows Inner Mongolian authorities asking residents to report illegal bitcoin data centers to the government. Beijing wants mainland China and even the Mongolic autonomous region of the People’s Republic of China to be carbon neutral by 2060. Feng details that the authorities in Inner Mongolia plan to target “industrial parks, data centres, telecoms companies, internet firms, a...

An analyst from the biotech consulting group Biotechvalley Insights believes after bitcoin lost 53% from the crypto asset’s all-time high, “the party is clearly over.” The biotech consulting group analyst thinks crypto investors will witness a slow “grind down the slope of hope with a periodic dead cat bounce” and expects prices to drop to $15,000 in the next few weeks. Analyst Says to Drop Bitcoin and Never Look Back According to an analyst from Biotechvalley Insights, crypto investors should sell bitcoin and “do not look back.” The analyst said that he had warned investors in a previous article, before bitcoin ( BTC ) collapsed from a high of $64,895 to $30,066 losing more than 50% in value. The biotech consulting group investor stresses that people “should consider liquidating anything related to bitcoin or short it.” “[The] recent collapse proves that Bitcoin isn’t a safe haven, store of value, or a hedge against inflation/market correction, but a speculative token that can go ...

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets. Biden Administration Discussing Crypto Regulation The Biden administration, lawmakers, and central bankers have held numerous meetings amid recent volatility in the crypto market, the Washington Post reported Tuesday. White House officials were briefed by the Treasury Department about the risks posed by cryptocurrencies earlier this month, the publication cited two people familiar with the matter. Federal regulators, including the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), were also involved. Officials of the Biden administration are studying potential “gaps” in oversight related to the cryptocurrency market, such as w...

The British Advertising Standards Authority (ASA) has banned a bitcoin ad campaign put up across the London Underground network and on London buses by cryptocurrency exchange Luno. The UK advertising regulator says the ads are misleading and irresponsible. ‘Time to Buy Bitcoin’ Ads Banned in the UK A bitcoin advertising campaign put up across London Underground and on buses has been banned by the U.K. Advertising Standards Authority (ASA). The ads contained an image of a bitcoin with the words “If you’re seeing bitcoin on a bus, it’s time to buy” or “If you’re seeing bitcoin on the Underground, it’s time to buy.” They were put up in February. The ASA said it received four complaints. Three complainants “believed the ad failed to illustrate the risk of the investment” and “challenged whether it was misleading.” One complainant “challenged whether the ad took advantage of consumers’ inexperience or credulity,” the regulator detailed. “We considered that consumers would interpret the...

U.S. government agencies are urgently working together on a joint regulatory framework for cryptocurrencies, Federal Reserve Vice Chair of Supervision Randal Quarles has confirmed. “We along with the OCC and the FDIC are engaged right now in what we are calling a sprint in seeking to pull together views on” crypto regulation. US Agencies Collaborating on Joint Regulatory Framework for Cryptocurrencies Federal Reserve Vice Chair of Supervision Randal Quarles talked about regulators’ efforts on cryptocurrency supervision on Tuesday, Reuters reported . Answering a question from a member of the Senate banking committee about cryptocurrency and its illicit use, Quarles referenced work done by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on this topic. He confirmed that U.S. financial regulatory agencies are working together on addressing issues related to cryptocurrency, stating: We, along with the OCC and the FDIC, are engag...

Scalability is one of the problems facing public blockchains like Bitcoin and Ethereum. This is because their architecture is not sufficient to handle the increased number of users. Ethereum, in particular, has been plagued with slow confirmation times and high transaction fees leading many to search for alternatives. ABEYCHAIN 2.0 seeks to be an alternative to popular public blockchains as a platform where anyone can build solutions and launch projects. The blockchain platform is built on a highly scalable architecture and is set to become the home of web 3.0 applications. How does ABEYCHAIN 2.0 work To help understand how ABEYCHAIN 2.0 works, it is important to note that most public blockchains use one consensus protocol. ABEYCHAIN 2.0 uses a hybrid of Delegated Proof-of-stake and Proof-of-Work to achieve census on its blockchain. You may already know that proof of work packages transactions into blocks that are solved by miners using computing power. In contrast, proof of stake...

Following the infamous Wallstreetbets story a few months ago, the company Gamestop is doing much better than it did a year ago. Now a new website called nft.gamestop.com indicates that the firm is dipping its feet into blockchain technology via non-fungible tokens built with Ethereum. ‘Power to the Players’ The publicly listed company Gamestop (Nasdaq: GME) has seemingly launched a new website dedicated to non-fungible tokens (NFTs). The public isn’t fully aware of what the web portal means because Gamestop has not officially announced the project. However, on April 8, 2021, Gamestop revealed it was hiring a security analyst but was looking for someone experienced with blockchain, cryptocurrency, and NFTs. Following the offer, it was suspected that Gamestop would be leveraging blockchain technology in some fashion. The website was discovered by a number of Ethereum community members and the news went viral on Twitter. The website dubbed nft.gamestop.com is very retro-looking and s...

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele however insists his organization is still conducting its investigation and will “make our data available.” Governor Says Many Nigerians Have Embraced Cryptos Meanwhile, a report quotes the governor expressing his displeasure at the fact that many Nigerians have embraced cryptocurrencies. He said: We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate. As several reports have shown, the CBN’s February 6 directive to banks appears to have failed in its objective. Nigerian interest in cryptocurrencies an...

Shenzhen-based Bit Mining is planning to construct and operate a 100 MW crypto-mining data center in Kazakhstan. The project will be implemented in partnership with two local companies that will also provide the enterprise with an array of services. The total amount of the investment will exceed $9 million. Kazakhstan to Host New 100 MW Crypto Mining Facility Bit Mining announced this week it has entered into a binding investment term sheet with a Kazakhstani entity. The two companies will cooperate on the construction of a new crypto mining facility in the Central Asian republic. The Chinese firm will have an 80% equity interest in the new Kazakhstan Mining Data Center, with the remaining 20% held by its local partner. The bitcoin farm will launch with a power capacity of 20 MW and when fully operational it’s expected to reach a total capacity of 100 MW. Bit Mining said it’s going to invest 60 million Chinese yuan (around $9.33 million) into the joint project. The Chinese compan...

The use of mobile banking across the world has exploded, and the pandemic has provided an added impetus to implement more efficient and effective banking solutions for consumers and businesses alike.  While providing a user-friendly mobile banking application should be seen as table stakes for every bank, developing an application that delivers an efficient transfer … Continued The post BankDhofar Launches Mobile Banking Payments from Oman to India with RippleNet appeared first on Ripple. http://dlvr.it/S0R4jb