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Showing posts from January 23, 2022

Mercadolibre Gets Closer to Crypto With Investments in Paxos and Mercado Bitcoin

Mercadolibre, one of the biggest Latam-based unicorns, has announced strategic investments in two cryptocurrency exchanges: Paxos and Mercado Bitcoin. With these investments, the platform gets closer to cryptocurrency, having already bought bitcoin as a direct investment for its treasury, and offering the possibility of investing in crypto for its users in several countries in Latam. Mercadolibre Puts More Money Behind Crypto Mercadolibre, one of the biggest e-commerce platforms in Latam, with more than 70 million customers, announced strategic investments in two exchange platforms. The Latam-based unicorn announced on January 20th it had acquired shares of 2TM, the parent company of Mercado Bitcoin, one of the leading exchanges in Brazil, with three million customers. The company also invested in Paxos, a stablecoin issuer and blockchain infrastructure provider. The amounts invested in each of these companies were not provided, but the company informed that the objective of the i...

UBS Warns of Crypto Winter Amid Expectation of Fed Rate Hikes and Regulation

UBS, Switzerland’s largest bank, has warned about a crypto winter where prices crash and may not recover for years. The bank’s analysts explained several major reasons affecting the prices of cryptocurrencies. UBS Expects Crypto Winter That Could Last Years Switzerland’s largest bank, UBS, has warned of a crypto winter where prices crash and may not recover for years. The bank’s analysts, led by James Malcolm, recently explained in a note to clients several reasons why cryptocurrency may lose its attractiveness to investors this year. Firstly, the UBS analysts detailed that the Federal Reserve’s interest rate hikes are set to reduce the appeal of cryptocurrencies, such as bitcoin, for many investors who see the asset class as a good alternative store of value. The analysts added that if central banks move to get a handle on inflation, investors may not be holding bitcoin as protection against rising prices. They noted that government stimulus was a key factor boosting the prices ...

Biden Administration Preparing to Release Government-Wide Crypto Strategy: Report

The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be presented to President Joe Biden in the coming weeks. The strategy could be released as soon as next month. US Government-Wide Crypto Strategy The Biden administration is reportedly preparing to release an initial government-wide strategy on digital assets, including cryptocurrencies. The strategy is being drafted as an executive order, Bloomberg reported Friday, citing people familiar with the matter, who revealed that senior administration officials have held multiple meetings on the plan. The finalized executive order is expected to be on President Joe Biden’s desk in the coming weeks, the publication conveyed, adding that the strategy could be released as soon as next month. The directive will detail economic, regulatory, and national security challenges posed by cryptocurrencies. It will direct various federal agencies to weigh in wi...

Russia May Allow Crypto Mining and Gold-Backed Stablecoins, Lawmaker Says

Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control, a high-ranking member of the Russian parliament has suggested. The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining. Mining and Some Stablecoins Can Be Legalized in Russia, Duma Deputy Insists The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control, the Chairman of the State Duma Committee on Industry and Trade, Vladimir Gutenev, told the RIA Novosti news agency. On Thursday, The Central Bank of Russia ( CBR ) published a consultation paper in which it presented its comprehensive view on cryptocurrencies. The monetary authority proposed to prohibit coin operations through the Russian financial system, crypto investments, exchange, and mining...
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