Bitcoin News and Finance: What You Need to Know

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...

Ethereum co-founder Vitalik Buterin has some suggestions of what he personally would like to see happening with Dogecoin and the meme cryptocurrency’s cooperation with Ethereum. Vitalik Buterin on Dogecoin’s Development and Its Ethereum Collaboration Ethereum co-founder Vitalik Buterin shared his thoughts on the potential cooperation between Dogecoin and Ethereum Wednesday as part of a Twitter experiment he is conducting where only the 268 people he followed can ask him questions. Three Arrows Capital CEO Zhu Su asked: “What are some promising ideas for Ethereum / Doge cooperation? What was it about Doge that got you interested in the project?” Su recently said that he is “ very bullish ” on dogecoin and that the meme cryptocurrency has “no risk of it having any regulatory issues ever.” Referencing Proof-of-Stake (PoS) and Proof-of-Work (PoW), Buterin replied to Su: Personally, I hope that doge can switch to PoS soon, perhaps using Ethereum code. I also hope they don’t cancel th...

Nigeria’s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division “to study crypto investments.” This was revealed by Lamido Yuguda, the director-general of the SEC during an interview. Protecting Crypto Investors In the interview , Yuguda explains that the study’s findings will help inform the SEC of the best ways to regulate cryptocurrency should the Central Bank of Nigeria (CBN)’s February 6 directive be lifted. However, the director-general did not provide a time frame for issuing regulations or state when he expects the CBN directive to be lifted. Meanwhile, in the same interview, Yuguda explains why his organization is eager to come up with crypto regulations. He explained: We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain. As previously reported by Bitcoin.com News, Nigeria continues to be an ideal hunting ground for crypto scamm...

According to a recent report, the National Football League (NFL) advised teams that they could not, at least for now, sell non-fungible tokens (NFTs) and sponsorships to digital currency companies. Advertisements for specific crypto assets were mentioned alongside initial coin offerings (ICOs), according to various club sources who remained anonymous. Anonymous Club Sources Disclose the NFL’s New Policy On Friday, The Athletic reported that sources familiar with the matter detail that the NFL is barring teams from participating in certain crypto ventures. The NFL’s alleged ban follows a great number of blockchain, NFT, and cryptocurrency endorsements from a number of star athletes and teams. For instance, Tom Brady has shown his support for bitcoin with laser eyes , but he’s also started his own NFT company called Autograph . Brady and his Brazilian supermodel wife Gisele Bündchen also signed a long-term partnership with FTX. But the seven-time Super Bowl champion is not the on...

At the beginning of 2021, a trend ignited by the creators of the Reddit forum r/wallstreetbets caused the whole world to focus on retail traders in the stock market purchasing so-called dead stocks like AMC, GME, and others. The hype behind the Wallstreetbets group has fizzled in the last few months, but a group that claims to represent the Wallstreetbets community has started a decentralized finance (defi) project called wsbdapp.com. The Wallstreetbets application provides traders with the ability to swap synthetic stocks backed by blockchain tech. Wallstreetbets and Defi: ‘Synthetic Stonks’ A small team that claims to be associated with the creator of Reddit forum r/wallstreetbets has started a defi platform, or decentralized application (dapp). The platform is called wsbdapp.com and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today. The tokens are blockchain-based tokens that represent stocks listed on the stock market and they ...

Global investment bank JPMorgan says cryptocurrency markets are “looking frothy” as retail investors spill over from the stock market into cryptocurrencies and non-fungible tokens (NFTs). Crypto Markets Look Frothy, According to JPMorgan JPMorgan published a note Wednesday on the stock market and cryptocurrencies. It explains that retail investors bought stocks at a record pace over the summer with an estimated net flow into the U.S. stock market of $13 billion in August after reaching a record high of almost $16 billion in July. The JPMorgan analysts asserted that the stock-buying frenzy spilled over into altcoins and non-fungible tokens (NFTs) in August, and the surge in NFTs and decentralized finance (defi) activity has boosted the price of certain cryptocurrencies, such as ethereum, solana, and cardano. They wrote: Cryptocurrency markets [are] looking frothy again. As Bitcoin.com News reported , the crypto market gained approximately 83% in value over the last three months...

India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a report. How India Will Regulate Cryptocurrencies India is reportedly planning to regulate cryptocurrencies as commodities based on use cases. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” The Economic Times reported Friday, citing three people aware of the development. The publication detailed: Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per use case — payments, investment or utility. “Crypto assets can be either categorized on the basis of the technology they use or they can be defined on their end-use. So, before talking about how the regulations shoul...

Clients of BBVA Switzerland will be able to buy, store, and trade crypto assets with a digital account that comes with a cryptocurrency wallet. The new banking product will be available across the European Union as well as in a number of markets in South America. BBVA Switzerland Account Facilitates Cryptocurrency Investments The Swiss subsidiary of Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account.” With the offering, the bank is trying to meet the needs of a new type of tech-savvy clients who want to invest “in more innovative, sustainable sectors and even in crypto-assets.” The ‘New Gen’ account, BBVA Switzerland explained, offers access to a catalog of companies and funds. They are organized into 11 themes including climate change, and by disruptive technologies like robotics, 3D printing, and autonomous vehicles. “The catalog also seeks to emulate the portfolios of major investors such as Cathie Wood or...

South Korean crypto exchange Bithumb said it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the trading platform moves to comply with the country’s updated regulations coming into force later this month. Korean Exchange Bithumb Prepares to Register Under New Rules Foreign nationals who do not pass mobile phone identity verification will not be able to use services provided by Bithumb, one of South Korea’s four largest cryptocurrency exchanges. The platform made the announcement this week as it prepares to follow new, stricter rules for the Korean crypto sector by Sept. 24. The country’s revised Special Funds Act took effect on March 25 and will be enforced after a six-month grace period. It requires domestic crypto exchanges to register with the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC). They also have to cooperate with local banks on the implementation of the real-name accounts system....

Most European citizens reject the idea of a cryptocurrency regulation regime imposed by the European Union (EU) on its member states, according to a recent survey. Most surveyed citizens lean towards independent cryptocurrency regulation in each country, compared to 25% that approve an EU-imposed regulation. However, most of the citizens polled acknowledged they still don’t know much about cryptocurrencies in the first place. Europeans Reject EU Crypto Laws, Favor Local Proposals European citizens are against the establishment of EU-imposed cryptocurrency-related laws, according to a recent survey ordered by Euronews. The poll, that was carried out by Redfield & Wilton Strategies, a global consulting firm, polled more than 31,000 citizens in 12 states of the European block: Germany, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal, and Spain. The survey found that most Europeans support locally issued laws instead of a set of rules ...

A law project introduced in June in the National Congress of Brazil has jumped into the spotlight recently because it establishes a fixed period for the executive to start regulating cryptocurrency transactions. If approved, the proposal will establish the payment of taxes for cryptocurrency-based transactions. The project is being reviewed by the Chamber of Deputies and will have to be analyzed conclusively by the Finance and Taxation Committee. Cryptocurrency Transactions to Be Regulated in Brazil A law project proposal, Bill 2140/21, that was introduced to the Chamber of Deputies of Brazil in June, is now in the spotlight because it establishes a fixed period for the regulation of cryptocurrency transactions for the executive branch of the government. If approved, it would give a time limit of 180 days to devise all the necessary structures to regulate cryptocurrency transactions in an effective way. The project was presented by the deputy Alexandre Frota , part of the Partido d...