Bitcoin News and Finance: What You Need to Know

India’s central bank, the Reserve Bank of India (RBI), says a basic central bank digital currency (CBDC) model must be adopted initially and tested comprehensively to minimize the impact on the country’s monetary policy and banking system. The Indian apex bank sees several benefits in launching a digital rupee, including “a potential to enhance the efficiency of cross-border payments.” RBI Outlines Benefits of Issuing Digital Currency and How to Launch a CBDC With Minimal Impact The Reserve Bank of India (RBI) released its “Report on Trend and Progress of Banking in India 2020-21” Tuesday. The 248-page report has a section on central bank digital currency. “In its basic form, a central bank digital currency (CBDC) provides a safe, robust, and convenient alternative to physical cash,” the Indian central bank described, adding that “Depending on various design choices, it can also assume the complex form of a financial instrument.” The RBI continued: In comparison with existing for

Electricity shortages have been dogging Kazakhstan’s booming crypto mining industry this year. A media report reveals that some miners, including some of those that moved in amid China’s crackdown on the sector, are now looking to relocate to destinations with a more stable energy supply like the United States. Miners Shut Down Crypto Farms Due to Kazakhstan’s Issues With Power Generation Kazakhstan has become a crypto mining hotspot since China launched a government offensive against bitcoin miners in May. The Central Asian nation maintains capped electricity rates and is a major producer of fossil fuels. However, its neglected infrastructure and insufficient generation capacities have failed to meet the rapidly rising demand for electricity needed to power the energy-hungry coin minting facilities. Authorities have blamed the growing deficit — consumption surged by 7% in the first three quarters of the year — on the mushrooming mining data centers , and lawmakers have proposed

Rising cryptocurrency use in Africa over the past few years has not only shown that digital currencies are now a vital means of moving funds across borders and between people, but that cryptocurrencies are also an important means of accessing global markets for the financially excluded. Cryptocurrency Now a Necessity Despite ongoing efforts by regulators to curtail the use or trade of cryptocurrencies, the number of users of such digital assets continues to grow. As some studies have repeatedly shown, cryptocurrencies like bitcoin — which are seen or used as an alternative store of value — have become a necessity. Barring their volatility, cryptocurrencies offer users or holders a measure of control over their wealth, something they cannot do with fiat currencies. Indeed, in countries ravaged by inflation or those with unstable currencies, cryptocurrencies offer an escape route that was not available to them prior to the 2008 global financial crisis . As recent reports from Turke

S&P Global, an intelligence and data company, suggests that crypto and decentralized finance trends will continue to gather steam in 2022. In its latest report, the company examines the current state of the market and notes that, while there are still serious problems that could hinder adoption, the sector will keep growing by complementing traditional finance in the coming year. S&P Global Believes Crypto Will Continue to Grow in 2022 A new report prepared by S&P Global, an intelligence gathering and data company, predicts that the cryptocurrency and the decentralized finance sectors will keep growing in 2022. The report , titled Global Credit Outlook 2022, declares that while crypto institutional investments are still concentrated in a few companies, this could lead to other institutions following suit. The report states: Three companies–Block.one, MicroStrategy, and Tesla–hold almost 84% of corporate investments in bitcoin. Yet, growing interest from institutional i

With three days left until the end of 2021, the Ethereum network and its native token ether have had a phenomenal year as ether has increased more than 450% in value in 12 months. 145 days ago, on August 5, the Ethereum network implemented the London hard fork and since that day, 1,283,226 ether worth close to $5 billion has been burned. Burning $5 Billion in Ether in 4 Months Around four months ago, Ethereum implemented the London upgrade which added a number of new rule-sets to the chain. The most transformative included EIP-1559 , an Ethereum rule-set improvement that created a new fee rate scheme allowing the network to burn a portion of ether. “The algorithm results in the base fee per gas increasing when blocks are above the gas target, and decreasing when blocks are below the gas target. The base fee per gas is burned,” EIP-1559’s description notes. As of today, December 28, 2021, 1.28 million ether has been destroyed by the burn process, which equates to close to $5 billio

According to data recorded on December 28, there’s approximately 434,265.43 bitcoin-pegged or wrapped bitcoin tokens worth more than $21.3 billion across several blockchains. Ten different bitcoin-pegged projects exist today and the project Wrapped Bitcoin dominates 59.66% of all the tokenized bitcoin in circulation. Close to a Half Million Tokenized Bitcoin Circulates on Several Blockchains, Wrapped Bitcoin Dominates by 59% Toward the end of 2018, when tokenization really started heating up in the crypto space, a number of different projects launched bitcoin-pegged token protocols. On January 30, 2018, Bitcoin.com News reported on the Wrapped Bitcoin (WBTC) project launching on Ethereum. By the end of July 2019, WBTC eclipsed the Lightning Network (LN) in terms of total value locked. Today, WBTC is the largest bitcoin ( BTC )-pegged token project with 259,090 BTC in circulation on the Ethereum network. Statistics indicate that there are seven BTC-pegged projects on Ethereum an

The Central Bank of Russia (CBR) plans to obtain information from commercial banks pertaining to some money transfers between private individuals, including clients trading cryptocurrency. The measure is likely to affect online crypto exchangers which the regulator accuses of conducting illegal operations. Central Bank to Check Transactions Between Russians Exchanging Crypto As part of efforts to clamp down on certain transactions it considers illegal, the Bank of Russia is going to seek additional data from financial institutions processing transfers between individuals. The move concerns a number of platforms using accounts registered in the name of dummy persons such as online bookmakers and websites providing crypto trading services, local media revealed. The Russian business news portal RBC reported Monday that the regulator had sent banks a new reporting form for transactions. According to the initial report, the CBR intends to request information on money transfers between R

PRESS RELEASE. NFTs have exploded in terms of popularity and usage in 2021, and for good reason. Artists and content creators alike have been able to profit immensely from NFTs, and many traders have also been able to benefit from buying, selling and trading these non-fungible tokens. However, one project in particular is looking to change the way we look at NFTs, and that is Vincent Peter’s ‘Inheritance Art’, provided by Inheritance AI. What is the issue with the current generation of NFTs? NFTs are one-of-a-kind digital assets which may be used to demonstrate ownership of various goods or experiences. Since their conception, NFTs have come a long way, but there is still considerable space for development. However, one feature that many people find particularly vexing is the present market’s lack of subtlety and elegance. Instead of developing wholly new forms of art, a vast majority of NFTs are generated by modern animators who study market trends and attempt to mimic them. This

Hackers recently took control of a group of HP-branded servers and used them to remotely mine a cryptocurrency called raptoreum, according to reports. This resulted in the compromised cluster of HP machines becoming the biggest contributor to the total mining pool of the cryptocurrency, allowing attackers to rake in $110,000 worth. The coins are said to have been mined between December 9 and December 17. HP Servers Suffer Cryptojacking Attack A group of HP servers operating for an undisclosed company was attacked by hackers that managed to take control of the hardware and repurpose it to mine cryptocurrency. The crypto chosen by the hackers was called raptoreum, a coin in the top 1,000 by market cap that takes advantage of an algorithm called Ghostrider, blending PoW (proof-of-work) and PoS (proof-of-stake) consensus mechanisms. The server cluster started mining raptoreum on December 9, and at the time, it provided more hash power than all other parties combined on the Raptoreum b

A man allegedly behind a cryptocurrency investment scam has been arrested in Bangkok, Thailand. He lured people into investing in his fraudulent crypto scheme by promising high returns, telling investors they could earn a 400% return by investing in just 200 days. Alleged Crypto Scammer Arrested in Bangkok A 50-year-old man who allegedly scammed Thai and foreign cryptocurrency investors was arrested on Saturday in Bangkok, Thailand. He tried to flee with over 500 million baht ($15 million), the Bangkok Post reported . Major General Montri Thetkhan, commander of the Crime Suppression Division (CSD), said Mana Jumuang, along with his Thai and Vietnamese accomplices, allegedly colluded to swindle investors in 2018 and 2019. He detailed that Jumuang claimed to be a cryptocurrency guru, duping investors into investing in Onecoin by promising high returns. The CSD chief noted that the suspect told investors they could invest and earn a 400% return in just 200 days. In addition, he and

The pensioners of the state-owned oil company of Venezuela, PDVSA, have started receiving a Christmas bonus in petros (PTR), the first national cryptocurrency launched back in 2018. The petro, which is backed by Venezuelan oil and other resources, can be traded in local exchanges for these pensioners to access fiat currency, as the reach of the currency as a means of exchange is still limited according to local reports. Venezuelan Pensioners To Get 2 Petros This Christmas A group of Venezuelan pensioners stemming from the PDVSA, the state-owned oil company, will receive a bonus paid in petro (PTR), Venezuela’s national cryptocurrency launched back in 2018. The pensioners will receive this bonus as a Christmas gift via the Motherland platform, where they will be able to manage the two Petro (worth approximately $120) that started being deposited on December 23. The pensioners destined to get this bonus will receive an alert via the platform so they can move their two PTR out of it.

This week, bitcoin’s market dominance among the market capitalization of all 12,046 crypto assets in existence has been hovering above 38%, while ethereum’s overall valuation commands 19% dominance. A report published on Monday shows that since 2014, the market share of altcoins surged threefold from 21% in 2014, to today’s market share of 62%. Report Says ‘Tide Is Turning,’ Altcoins Are ‘Making Ground on Bitcoin’ A report published by tradingplatforms.com and author Edith Reads shows that altcoins have swelled in value over the last seven years. The author’s report explains that “the tide is turning” and altcoins are “making ground on BTC as their popularity continues to soar.” It is well known that since bitcoin’s inception, BTC ’s market dominance among all the other crypto assets in existence has been over 80% until February 2017. On February 26, 2017 , BTC had a market dominance rating of 86% and it’s never returned to above the 80% range since that day. “Since 2014, the m

The digital currency cardano has jumped over 8% in value during the last 24 hours and 25% over the last seven days. The price move follows an update on Charles Hoskinson’s and IOHK’s plans for the Cardano network in 2022. Charles Hoskinson’s 2022 Cardano Outlook: ‘A Formal Open-Source Project Structure Is Going to Be Formed’ Cardano ( ADA ) supporters were pleased to get two updates from IOHK, the team behind the crypto project’s development. On December 24, the founder of Cardano, Charles Hoskinson, spoke for 30 minutes in a new video explaining some of his goals for the next year. “My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano,” Hoskinson said during his video. Hoskinson further noted that a formalized open-source system would be introduced that would be similar to Linux. “A formal open-source project structure is going to be formed, kind of like Hyperledger to Linux,” the Cardano

PRESS RELEASE. GensoKishi Online, which intelligently integrates GameFi with the popular MMORPG Elemental Knights, today announced a partnership with TrustPad, who will help promote GensoKishi on its popular platform and publicise this opportunity to its broad range of investors. TrustPad is the first decentralized multi-chain fundraising platform which enables projects to raise capital whilst promising ease-of-access and safety to early stage investors. In an additional benefit of this partnership, GensoKishi will receive the full support from the DeFi Launchpad Association. GensoKishi, a game that derives from a series that has been available to play since 2008 and has already accumulated 8 million downloads in total, was due to list their MV governance token on DEXs this month (Uniswap and Quickswap). Having consulted with their launchpad partners they have decided it would be best to delay the IDO to take full advantage of the increased marketing, awareness and new players th

The Central Bank of Russia is currently reviewing various ways to prevent Russians from investing in cryptocurrency. One the options on the table is to block card payments to certain recipients such as crypto exchanges, a media report has unveiled. A recent meeting at the State Duma has indicated, however, that the authority’s hardline stance is not backed by other government institutions in Moscow. Russia’s Central Bank Considers Mechanisms to Limit Crypto Investments In talks with financial market participants, the Central Bank of Russia (CBR) has been discussing several approaches to restricting access to cryptocurrencies for domestic investors, the Russian edition of Forbes magazine has revealed, quoting sources familiar with the matter. According to Andrey Mikhaylishin, founder of a crypto project tested in the regulator’s sandbox, one of the options under consideration is to block card payments to crypto platforms. The monetary authority may try to oblige banks to stop transa

A Colombian real estate platform is now allowing users to purchase properties with Bitcoin. The platform, called La Haus, is promoting bitcoin payments for a new real estate project in Santa Marta, called Natura City. This is an expansion of the platform, which has already established such a service in Mexico. La Haus to Allow Colombian Citizens to Buy Real Estate With Bitcoin A Colombian real estate platform, La Haus , is enabling bitcoin investors to buy real estate with the cryptocurrency directly. To kickstart this initiative in the country, the platform is featuring a new housing project in an exclusive part of Santa Marta, called Natura City . The location is less than 200 meters from the Colombian beaches and construction of the complex is estimated for completion by 2025. La Haus partnered with payment processor OpenNode for this task and allows users to pay for the properties via Lightning Network or on-chain, depending on the needs of the buyer. The buyer can pay 100% in

2021 is coming to an end and one prominent theme this year in the world of cryptocurrencies and blockchain technology most definitely belongs to non-fungible token (NFT) assets. This year NFTs became a billion-dollar industry and many NFTs have sold for millions of dollars. The following is a look at the top ten NFTs, in terms of sale value in 2021, as they are considered the most expensive NFTs on earth. 2021’s Top 10 Most Expensive NFTs Billions of dollars in digital assets have been traded for NFTs and various collections have significantly sized market valuations. For instance, according to dappradar.com metrics , the Axie Infinity NFT collection has captured $3.81 billion across 11.4 million sales. Cryptopunks is the second-largest NFT collection in terms of overall sales with $2.32 billion. The Cryptopunks collection itself has a market capitalization of around $3 billion today, while Bored Ape Yacht Club’s market cap is $2.5 billion. There’s also a list of the most expensiv

Toward the end of this week, crypto-assets rebounded in value after meandering for two weeks and consolidating. While specific tokens like decentralized finance (defi) coins, metaverse tokens, and smart contract coins improved a great deal, the meme-token economy increased in value as well, as a number of meme coins like dogecoin, shiba inu and dogelon mars have seen significant gains during the last seven days. Meme Coins Climb Higher in Value This Past Week — Shiba Fantom and Luni Lead the Pack 21 days ago on December 5, the meme token economy was down more than 12% and hovering just above the $47 billion region . Today, the market valuation of the meme-based crypto economy is $54.1 billion , up 14.61% since that day. Out of the top ten meme-based crypto assets today, 8 out of 10 of them saw seven-day gains. The largest meme-based crypto-asset dogecoin (DOGE) jumped 9.6% last week while shiba inu (SHIB) spiked 21% during that time frame. Other top ten meme-based assets that saw g

Crypto․com CEO Kris Marszalek has an issue with coinmarketcap.com’s exchange volume rankings, according to a tweet he published on December 25. Marszalek claimed in his tweet that the popular crypto aggregation website “arbitrarily reduced” the exchange’s ranking. Crypto․com CEO Complains About Coinmarketcap․com’s Exchange Rankings A recent tweet stemming from the CEO of Crypto.com’s Kris Marszalek indicates the exchange executive is upset with the web portal coinmarketcap.com. Marszalek claims that Crypto.com’s exchange volumes are being misreported and the trading platform’s ranking was changed to the 14th position on a whim. “Merry Christmas to [the] team [at] Coinmarketcap who a week after my response to their poorly worded tweet arbitrarily reduced our exchange ranking to 14th,” Marszalek tweeted on Christmas day. “We are 2nd/3rd on Coingecko so you guys know where to look for real and market neutral data,” the exchange CEO added. According to statistics on coinmarketcap.com

Investors in Africrypt, the now-defunct South African crypto platform, were recently reimbursed a portion of their invested funds. The payments were made by Pennython Project Management LLC as part of a settlement offer that potentially ends claims against Africrypt’s runaway directors. White Knight Investor Identity Revealed Investors in Africrypt, a collapsed South African cryptocurrency investment platform, recently began receiving payouts from a so-called white knight investor, a report has said. According to an Itweb report , which named Pennython Project Management LLC as the previously unnamed party, Africrypt investors began receiving the payouts after a majority opted to accept the tabled offer. As previously reported by Bitcoin.com News, Pennython Project Management had proposed to pay an equivalent of 65% of each dollar invested. Although some investors were reportedly not happy with the offer, Ruann Kruger, an attorney representing Africrypt provisional liquidators, i

Everybody inside and outside of the metaverse world knows that land ownership is important, and acquiring a plot of land is a very traditional investment. What most people outside of the metaverse world don’t quite understand — or are still not convinced of — is why people want to become landowners in the metaverse, and what such virtual land ownership can actually bring them. What Can a Small Plot of Land Do in the Metaverse? Just to be clear, not all metaverse games have the same popularity level and not all of them are developed with land ready to be sold to investors. The Sandbox is one of the leading metaverse games and the Alpha release gave me a very concrete idea of how metaverse land ownership works. So I’ll take the land ownership in this game as an example. When I checked the land price on OpenSea, ranking price from lowest to highest, I could see that the smallest plot of land in The Sandbox currently costs from $11,000 to $19,000. At the same time, large plots of conne

Tap Send, the creator of a remittances app of the same name, revealed it has raised $65 million in a Series B funding round. The fintech firm plans to use the funds to build a cheaper and faster cross-border money transfer platform. Remittances to Overlooked Countries The fintech startup behind the remittances app, Tap Send, recently said it has raised $65 million in a Series B funding round. According to the startup, the funds raised will be used to bolster remittances to the most overlooked countries in Africa and Asia. As stated in a Techcrunch report , Tap Send’s latest capital raise — which surpassed the Series A total raise of $13.4 million — was led by Spark Capital. Other participants in the round included Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, and additional unnamed investors. Market Said to Be Crowded In comments following the funding round, Tap Send co-founder and CEO Paul Niehaus explained why his firm