Bitcoin News and Finance: What You Need to Know

While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. Threat From Fintech Startups In addition, some analysts insist the digital currency’s already tenuous position is made worse by the fact that it has to compete with fintech startups. As previously reported by Bitcoin.com News, Nigeria is home to some of the biggest fintech startups and is a country that receives a relatively large chunk of the continent’s fintech investment. According to a Financial Times report , it is this threat from well-funded fintech startups that raises questions about the e-naira’s chances of fulfilling some of the CBN’s goals like bringing more people into the financial system or allowing for more targeted social and welfare spending. One of the analysts who is quoted in the report casting doubts about the e-naira’s prospects of succeeding is A...

OVR has decided to upgrade its token economics to make its own tokens more rare and valuable. Last May, the OVR team burned about 1 million OVR tokens to celebrate the first six months of the project. Now it is announcing an exciting decision to make token burn an integral part of its token economics. OVR’s token economics plan On November 1, a full-fledged token burn program was officially kicked off. The project team has decided to take 50% of the revenue generated from the ongoing sale of OVRLand on a monthly basis and manage it in the following way: 40% is directly used to burn tokens the remaining 10% is used to incentivize the sale of OVRLand. A sort of “lottery” takes place in which one of the OVRLand buyers is drawn each month, with the use of Chainlink VRF, to win the remaining 10% of the revenues. It goes without saying that the more OVRLands tokens an investor has, the better his chances of winning 10% of the revenues. Potential issues The burning program s...

The Bank of Botswana (BOB) has said the country does not have a specific legal or regulatory framework pertaining to crypto assets. The bank does, however, warn residents investing in cryptocurrencies that they will have no legal recourse should they suffer financial losses. Central Bank Responding to Public Inquiries In its statement released on November 10, the central bank starts by acknowledging that local residents, just like their counterparts around the world, are engaged in cryptocurrency trading. In addition, the BOB also acknowledged that it has been receiving and responding to public and media inquiries on the subject. Next, the statement shares some of the observations that were made by the central bank when it monitored developments in the increasing trade of crypto assets. “There is no specific legal or regulatory framework pertaining to, or proscribing investment, in crypto assets, such as bitcoin in Botswana. Therefore, trading in bitcoin or similar decentralised ...

An unknown investor has proposed to acquire a 51% stake in Africrypt — the collapsed cryptocurrency investment company — for a purchase price of $5 million. However, in exchange for the offer, the investor wants all criminal proceedings against Africrypt directors dropped. Offer Must Be Supported by 75% of Creditors According to a report by Moneyweb, Africrypt creditors are set to vote on the compromise offer on November 12, 2021. However, this offer can only become an order of the court if it receives support from 75% of the creditors. As previously reported by Bitcoin.com News, Africrypt collapsed when the firm’s two young directors, Raees and Amir Cajee, reported a breach of the company’s systems. Soon after alleging that Africrypt was the victim of a hack, the Cajees disappeared along with investor funds. This in turn prompted Africrypt investors to launch legal proceedings against the two directors. However, as part of the compromise offer that has been presented to credito...

Twitter has set up a team to focus on “crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Initially, the team will explore how it can “support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities.” Twitter to Focus on Crypto, Blockchain, and Decentralized Apps Twitter has established a dedicated crypto-focused team led by Tess Rinearson. She explained Wednesday that the “new team [is] focused on crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Twitter said: We’re exploring ways to incorporate decentralized technologies into our products and infrastructure. Initially, the company will explore payments, ways for people creating content to earn crypto, and the “decentralization of social media.” Rinearson emphasized that “Twitter truly ‘gets’ crypto,” referencing the company’s bit...

As a growing number of governments are looking to tap into crypto profits, authorities in Austria have indicated their intention to tax gains from digital asset investments just like those from stocks and bonds. The move is expected to increase trust and access to cryptocurrencies. Austria to Apply Capital Gains Tax to Bitcoin, Make Crypto More Accessible Claiming it aims for an equal treatment of investments in cryptocurrencies like bitcoin, the government in Vienna has announced it’s considering applying the same 27.5% levy to crypto assets it currently uses to tax capital gains from traditional stocks and bonds. Austria intends to impose the measure as part of a wider tax overhaul to be carried out next year. Тhe news comes as more and more nations around the world are exploring ways to tax incomes stemming from the expanding crypto asset market, а report by Bloomberg notes. Just recently, the total capitalization of the crypto economy exceeded $3 trillion in value, as Bitcoin.c...

Sotheby’s, the British-founded American luxury auction house, has announced the company will be selling Banksy works for real-time bids in ethereum at “The Now Evening Auction” on November 18. While the upcoming auction will have pieces from highly acclaimed artists such as Mark Bradford and Yoshitomo Nara, Banksy’s “Love in the Air” and “Trolley Hunters” will be sold for ether “for the first time at auction.” 2 Banksy Paintings to be Sold at Auction in Ethereum via Sotheby’s Fine Auction House In 2021, the fine auction house Sotheby’s has been in the thick of cryptocurrency payments and non-fungible token (NFT) collectibles. While at first getting into NFTs , the leading auction house decided to accept digital currency payments via Coinbase this past May. In October, Sotheby’s launched the firm’s Metaverse Marketplace and Paris Hilton listed a few NFTs on the newly launched market. On November 11, Sotheby’s announced the “ The Now Evening Auction ” will feature real-time auctio...

PRESS RELEASE. Welnance, a DeFi protocol built on Binance Smart Chain, is set to launch the first Lao crypto and decentralized product on the 11th of November, 2021. Welnance is a decentralized financial platform that’s aimed at promoting financial freedom and choices for people around the world by offering fast, secure, reliable financial products and services to customers. Welnance is under the Phousy Group ( one of the 6 companies authorized by the government of Laos to trade and mine cryptocurrencies). Since its inception in 1997, The company has participated in different business operations in Laos, especially its construction portfolio of roads and bridges. In 2009, The company’s total assets increased to over $3 billion and today it has skyrocketed. Phousy Group Portfolio comprises road and bridge construction, architecture & design, petroleum, irrigation system, mining, hydropower, and import/export, hotel, transportation, and grindstone factory. It’s home to over 10...

Foundry, the Digital Currency Group (DCG) subsidiary and cryptocurrency mining and consulting firm from Rochester, New York announced the launch of a new platform on Wednesday called Foundry Staking. The company says the product currently supports 20 blockchain networks and will provide digital asset staking and advisory services going forward. Foundry Launches Staking Services The New York-based Foundry has been making a number of moves in 2021 and partnering with a variety of crypto mining operations. Companies like Hut8 , Bitfarms , Greenidge, and many others have joined forces with Foundry in recent times. Furthermore, in terms of Bitcoin hashrate, the firm’s mining pool Foundry USA is the fourth largest mining pool operating today with 12.67% of the network hash at the time of writing. The mining pool Foundry USA has 20.72 exahash per second (EH/s) in hashrate on November 11, 2021. The new platform called Foundry Staking offers “white-glove services around various proof-of...

On November 10, the non-fungible token (NFT) marketplace Rarible.com and the Rarible protocol announced an integration with the Flow blockchain. The announcement details that Rarible users can now create, list, and trade Flow-based NFTs on the marketplace. Rarible Partners With Flow Blockchain The NFT market Rarible.com and the Rarible protocol have revealed the support of the Dapper Labs crafted blockchain network Flow. Rarible’s announcement explains that Flow-based NFT users will see “extremely low gas fees and a swift user experience.” For instance, data shows on Thursday, November 11, ethereum ( ETH ) network fees are 0.012 ether per transaction or $57.98. Rarible’s announcement notes that Flow’s network fees are around $0.0001 per transfer. “Moreover, since Flow has been created with both end-users and developers in mind, we also integrated it with the Rarible Protocol , which means that you can now make use of fully open-source infrastructure to build NFT projects with Flow...

In mid-September China’s Evergrande Group, the country’s second-largest property developer by sales, sparked fear in the global economy as the company’s market valuation plummeted to an 11-year low. Global economists have warned that if Evergrande defaults on its debts, it could start a credit contagion similar to the Lehman Brothers bankruptcy in 2007. So far, Evergrande has managed to dodge default on its loans three times in the past month, but Evergrande bondholder Deutsche Marktscreening Agentur (DMSA) seems to be preparing to file for bankruptcy against the real estate giant. Credit Contagion Stemming From Real Estate Sector Looms — Evergrande Wobbles, Zillow Falters The real estate market worldwide has issues and a number of occurrences have shown that major corporations dealing with properties are struggling. China’s Evergrande is just one piece of the puzzle as real estate markets across the globe are feeling a squeeze. For instance, the major real estate company Zillow rev...

Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s top Islamic body that holds the authority on Shariah compliance, has reportedly declared the use of crypto as a currency haram, forbidden under Islamic law for Muslims. Asrorun Niam Sholeh, head of religious decrees, explained Thursday after the council held an expert hearing that cryptocurrency has elements of “uncertainty, wagering, and harm,” Bloomberg reported. However, he noted that if crypto can abide by Shariah tenets and can show a clear benefit, then it can be traded as a digital asset or a commodity. Indonesia, the country with the largest Muslim population, has an e...

PRESS RELEASE. MetaWars, a space-themed play-to-earn blockchain game utilising high-tech NFTs, is looking forward to a very bright future following a successful token launch. The game, in which players will take the role of pilots in a futuristic, post-apocalyptic 50th century space war, will utilise special NFTs, its native token, as well as in-game currency in a rewarding ecosystem to command a fleet of mechs and conquer planets. After much hard work behind the scenes to develop the best tokenomics for their dynamic game architecture, as well as expert strategic execution from marketing partners, both $WARS and $GAM tokens are now in the hands of the project’s earliest user base. A Promising Start The MetaWars team indicated their thanks to their 82,000+ community and strong array of partners after a smooth and exciting start to their journey to become the best intergalactic GameFi product on the market. Impressively, the team has hit all its deadlines so far, with their pre-la...

U.S. inflation continues to roar higher as this week’s data from the consumer price index (CPI) jumped 6.2% from a year ago. Americans are concerned as the Federal Reserve has expanded the monetary supply like at no other time in history, suppressed the benchmark interest rate, and U.S. politicians are creating multi-trillion-dollar packages with money the government doesn’t have. The news of hotter than usual inflation caused stock markets to fall on Wednesday, and U.S. president Joe Biden said the White House is prioritizing “getting prices down.” Inflation: ‘The Predictable Outcome of Reckless Government Policies’ Inflation in the U.S. is running hot and after the media and Federal Reserve officials continued to say inflation would be “transitory” for the last 12 months, it clearly is not. Data from the U.S. Bureau of Labor Statistics’ consumer price index (CPI) indicates inflation is the highest it’s been in the country since the 1990s. The CPI is a basket of products and the A...

Millions of customers dining at 500 restaurants across the U.S. will soon be able to earn bitcoin points, thanks to a partnership between restaurant giant Landry’s and New York Digital Investment Group (NYDIG). In addition, Landry’s said it will buy bitcoin for its treasury. “We view bitcoin as a good choice for a portion of our own treasury, so we want to offer that choice to our customers as well.” Earning Bitcoin Points While Eating at 500 Restaurants Restaurant giant Landry’s announced Tuesday a partnership with New York Digital Investment Group (NYDIG) “to power a bitcoin loyalty rewards program for the millions of customers in Landry’s loyalty program — Landry’s Select Club.” NYDIG is the bitcoin investment arm of Stone Ridge Asset Management. The announcement details: This partnership will allow Landry’s Select Club members to earn bitcoin points when dining at any of its 500 locations nationwide. “The Landry’s Select Club program currently offers one point back for ever...

The digital ruble is what Russian citizens need as it will facilitate inexpensive and reliable payments, the head of Bank of Russia, Elvira Nabiullina, told participants in an international banking forum. The governor also warned that cryptocurrencies and fiat-backed stablecoins create risks for financial stability. CBR’s Nabiullina Praises Digital Ruble Concept, Rejects Cryptocurrencies The Central Bank of Russia ( CBR ) takes very seriously cryptocurrencies and stablecoins as they pose risks to the financial stability of the country, the head of the monetary authority said during a conference organized by Bank of Finland’s Institute for Emerging Economies. Russia takes a cautious view on both of these types of private tokens, Elvira Nabiullina told the audience via a video call while also sharing the Russian perspective on central bank digital currencies ( CBDCs ). The entrance of cryptocurrencies and especially global stablecoins into emerging markets may increase currency subst...

The U.S. Treasury Department proposed regulating stablecoin issuers as banking institutions, which may be a great idea if stablecoin issuers are offered the same privileges as regulated banks. US Treasury Department Report: Stablecoins Regulation Is Urgently Needed The rise of stablecoins within the crypto ecosystem serves as a glaring reminder that cryptocurrencies and blockchain technology have outgrown their humble beginnings, gradually positioning themselves as challengers of brick and mortar finance’s existing hegemony. With the market capitalization of stablecoins expanding at an unprecedented rate , governments and financial regulators worldwide have started focusing on better regulating this rising asset class. By design, stablecoins are backed by “stable” assets that allow them to maintain a constant value relative to the underlying asset. Due to this feature, stablecoins are increasingly used to facilitate lending, borrowing, and trading other digital assets. The stablec...