Bitcoin News and Finance: What You Need to Know

Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.” Binance Building Cryptocurrency Exchange in Indonesia Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s largest telecoms company. The aim of the joint venture is “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange,” the announcement details, elaborating: Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform. “Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem gl...

On December 15, FINMA-licensed Swiss bank, Seba, announced the launch of a gold token that can be delivered in physical form, on-demand, at any time from the firm’s partner refineries. Seba believes the token can be leveraged as a compliant stablecoin “backed by responsibly sourced gold.” Swiss Bank Introduces ‘Seba Bank Gold Token’ Backed by Physical Gold Stored at Partner Refineries Switzerland-based crypto bank Seba has introduced a number of new crypto products this year, like adding decentralized finance (defi) tokens to the company’s product lineup. In October, the Swiss bank revealed that customers can earn a yield on crypto holdings in an “institutional-grade” fashion. On Wednesday, Seba revealed its gold token offering that can be traded for physical gold at any time. “The Seba Bank Gold Token is a landmark development in investment products, enabling investors for the first time to own a digital form of physical gold via a fully regulated, cost-effective, and future-pr...

The wealth manager Vaneck has announced it has expanded its exchange-traded note (ETN) offerings to support the tokens polygon and avalanche. The two ETNs follow five previously launched funds in Europe that allow investors to gain exposure to leading digital assets. Vaneck Adds Polygon and Avalanche to Its List of Cryptocurrency ETNs Vaneck has announced the launch of two ETNs that leverage the crypto assets polygon (MATIC) and avalanche (AVAX). The ETNs represent shares of either AVAX or MATIC and the funds are fully collateralized. “Vaneck expands its crypto investment offering with two new ETNs on crypto platforms Avalanche and Polygon,” the wealth manager tweeted on December 16. Avalanche and polygon have seen significant demand this year and have gathered massive gains year-to-date. The token avalanche (AVAX) has seen its market capitalization join the top ten digital assets in the world, in terms of overall valuation. Today, AVAX holds the 9th position after climbing 3,509...

India’s central bank, the Reserve Bank of India (RBI), has reportedly told the central board of directors that it favors a complete ban on cryptocurrencies, stating that a partial ban will not work. The central bank reiterates that it has serious concerns regarding crypto. Meanwhile, the Indian government is reportedly making additional changes to the crypto bill. RBI Wants a Blanket Ban on Crypto, Says a Partial Ban Won’t Work The Reserve Bank of India (RBI) held the 592nd meeting of the central board of directors Friday under the chairmanship of Governor Shaktikanta Das. The central board is the highest decision-making body of the apex bank. The board reviewed the current domestic and global economic situation, evolving challenges, and remedial measures. The directors also discussed various aspects relating to cryptocurrency and central bank digital currency (CBDC). The RBI reportedly said at the meeting that it favors a complete ban on cryptocurrencies, noting that a partial ba...

An industry organization controlled by the Chinese government has updated a list of topics users of video-sharing apps should avoid. Crypto-related content is now among the entries along with traditional taboos in China like mocking its leadership, provoking sectarianism, and showing sex. Clips on Crypto Trading, Mining Banned in China The China Netcasting Services Association (CNSA) has recently published a blacklist of 100 topics that online videos posted on platforms similar to Tiktok should not feature. Among them are the usual suspects like questioning China’s official history, imitating its political leaders, challenging the country’s guiding ideology of “socialism with Chinese characteristics,” and discussing fascism. The “Online Short Video Content Review Standard Rules (2021)” document marks a number of other banned themes. A report by the Register points to a few of them like drug use, gambling machines, crime and gangs, violence, and mental abuse. Sexually explicit con...

The number of cryptocurrency holders in Serbia has climbed to around 200,000 with interest in cryptocurrencies increasing alongside growing crypto markets. The country’s decision to legally recognize digital assets this year has also contributed to their increasing popularity. Law on Digital Assets Puts Serbia on Crypto Map Recently adopted regulations and genuine investor interest have placed Serbia, a nation of 7 million located in Southeast Europe, among countries that view cryptocurrency as a thing of the present. About 200,000 Serbs now own one coin or another, local media reported, quoting the latest estimates provided by the crypto industry. Serbia’s Law on Digital Assets entered into force at the end of June, this year. The legislation recognizes cryptocurrencies like bitcoin as virtual assets. Its provisions define them as digital records of value that can be purchased, sold, transferred, and exchanged. Serbs holding cryptos have increased in number since its adoption, the...

The Argentinian Chamber of Fintech, a membership-based organization whose goal is to lead the digitization and modernization of the financial services industry, issued a series of recommendations for the upcoming regulation of virtual assets in the country. The proposed framework asks the government to follow FATF recommendations, and it calls for a clear definition of virtual assets and Virtual Asset Service Providers (VASPs). Argentinian Chamber of Fintech Weighs In on Regulation The Argentinian Chamber of Fintech, a group that works for the modernization of the structure of financial service providers, issued its take on how the Argentinian government should regulate cryptocurrency assets in the future. The proposal, which takes into account the rise in usage of these assets in the country, establishes a series of key issues that, according to the group, should be followed to better regulate cryptocurrency. The first one of them mentions the need to follow the recommendations o...

Consensys, an Ethereum software company, announced yesterday the launch of a new scaling solution for Ethereum, called “Consensys Rollups.” The company enlisted Mastercard programmers to design the solution, which aims to allow the network to reach a throughput of 10,000 TPS (transactions per second), according to a PR statement. The solution can be implemented on top of private, permissioned protocols like Quorum, or on public chains like Ethereum. Consensys to Address Scaling With Mastercard’s Assistance Consensys, an Ethereum software company, launched Consensys Rollups yesterday, a ZK-proof-based scaling solution for Ethereum-based networks. The company revealed that this initiative had been undertaken with the help of Mastercard’s engineering team, which helped to design the solution. According to Consensys, the Consensys Rollups solution will be deployable on enterprise-focused protocol platforms such as Quorum , or directly on Ethereum. Quorum is a Consensys-acquired, JPMor...

The team behind Polygon, the protocol dedicated to interconnected blockchain networks like Ethereum, and Alexis Ohanian’s Seven Seven Six venture capital company have revealed a $200 million investment fund in blockchain-based social media projects. According to the announcement, the partner’s mission is to attempt to bridge blockchain, Web3 technology, and social media together. Polygon and Alexis Ohanian’s Seven Seven Six Launch $200 Million Fund Dedicated to Web3, Blockchain, and Social Media Polygon and Alexis Ohanian’s firm Seven Seven Six plan to bolster Web3 technology with social media via blockchain compatibility with an investment of $200 million, according to the Polygon team’s most recent blog post . Polygon is best known for its scaling enhancements with the open-source blockchain network Ethereum and its native token called MATIC. Alexis Ohanian is well known for co-founding the social media and news aggregation web portal Reddit with Steve Huffman and Aaron Swartz. ...

The total value locked (TVL) in decentralized finance has slid 15.63% since the metric’s all-time high of $275 billion sixteen days ago on December 1. Since the end of the first week of December, the TVL is down 7.19% lower with a number of protocols seeing seven-day losses in terms of TVL. Defi Tokens YFI and CVX See 7-Day Double-Digit Gains, Aggregate Locked in Defi Slips Close to 3% to $243 Billion According to statistics , decentralized finance (defi) tokens represent $132.6 billion or roughly 5.79% of the entire $2.28 trillion crypto economy. The largest defi token in terms of market capitalization is terra (LUNA), which commands 18% dominance and a market valuation of around $23.9 billion. The top two performing defi assets during the last week were yearn finance (YFI) and convex finance (CVX). Yearn finance jumped 33% in value this past week and convex finance increased in value by 26.3%. Meanwhile, the defi tokens tokemak (TOKE) and bonfida (FIDA) saw the deepest weekly lo...

A major cryptocurrency exchange in India, Wazirx, has reported “a massive surge in user signups” this year, with 82% of its users making profits on their crypto investments. Its trading volume also rose 1,735% from the previous year. Meanwhile, the Indian government is actively working on the country’s crypto regulation. $43 Billion in Trading Volume, 82% of Users Earned Profit Indian cryptocurrency exchange Wazirx released its “2021 Year of Crypto” report Thursday. “Wazirx witnessed a massive surge in user signups leading to us crossing 10 million users,” the report details, adding that the exchange clocked a trading volume of over $43 billion, a 1,735% increase over the previous year. The report notes: As of 30th November 2021, 82% of Wazirx users have made profits on their crypto investments, i.e., seen a growth in their crypto portfolio. The exchange explained that bitcoin ( BTC ) remained the most traded cryptocurrency on its platform. Other heavily traded cryptocurrencie...

I came to the Sandbox Alpha for the musical experiences of Snoop Dogg and Deadmau5. It was awesome dancing with my voxelated avatar: green hair, pink sports bra, denim shorts, yellow stockings, and red shoes. All with the insane creatures around me dancing, and the feeling of indulging in a real concert with flashing lights and pounding beats. I thought I might just stay at the show for the rest of the Alpha, until I saw the reveal schedule countdown and realized I had to get out of there and complete the quests. I needed to be able to claim assets by the end of the Alpha. The prize NTFs were calling me. Introduction : The Sandbox is a decentralized, community-driven gaming ecosystem where designers and artists can create, share, and monetize NFTs and gaming experiences on the blockchain, and is partnered with many industry giants. Its popular virtual real estate, known as LANDs, are taking over the NFT world. The Sandbox Alpha, Show House for Metaverse Creators What is the Sandb...

Cryptocurrency miners that are illegally connecting their equipment to the power grid should go to prison, says a Russian lawmaker who recently announced that his nationalist party is working on draft legislation to regulate the crypto activity. The industry cannot rely on support from the state, another high-ranking parliamentarian has added. Unauthorized Use of Power Could Land Miners Behind Bars The issue of regulating cryptocurrency mining is looming in Russia and lawmakers have been actively discussing the topic. Andrey Lugovoy, member of the lower house of parliament, the State Duma, has threatened miners with jail if they plug their hardware into the electrical grid without official permission. If mining is to become legal, the deputy noted, miners should turn to the respective utility before powering up their devices. And if they are denied access but nevertheless connect to the distribution network, they will be in violation of both the Administrative and the Criminal code...

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if approved, would introduce a central body to regulate all cryptocurrency brokerage activity — ostensibly the Central Bank of Brazil — and establish new penalties for crypto-related crimes. Chamber of Deputies Passes New Crypto Bill in Brazil The Chamber of Deputies of the Congress of Brazil has approved new proposed legislation that seeks to bring clarity to cryptocurrency regulation in the country. The project, identified as Bill 2303/15 and proposed by Deputy Aureo Ribeiro, establishes definitions for exchanges and virtual currencies. It also requires a central body to oversee all cryptocurrency-based operations, which will be appointed by the executive branch of the government. The bill will now be passed to the Senate, which will ultimately decide if it is passed into law. The regulation doesn’t mention cry...

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge it via Ethereum. Now, Circle, the issuer of usd coin (USDC), will allow users to mint the tokens directly on Avalanche’s C-Chain, saving on fees and eliminating the need for bridges to wrap this token. Native USDC Support on Avalanche Circle, the issuer of USDC, has announced the launch of its stablecoin on the Avalanche network. Circle expects this development to create new opportunities and payment options for projects being specifically developed in the Avalanche ecosystem. While Avalanche users already had the stablecoin available on the chain, it was in a wrapped state, and users had to bridge it from its Ethereum version. This was viewed by some as causing friction due to associated fees. Now, users of the Circle platform will be able to mint and redeem USDC directly on top of Avalanche’s C-chain....

American professional basketball player for the National Basketball Association (NBA) Kevin Durant, is joining Coinbase according to a recent report from Bloomberg. According to the report, Durant will appear as “a face of the brand” and will help promote the exchange’s advertising content. Kevin Durant Joins Coinbase NBA legend Kevin Durant, otherwise known as “KD,” has joined Coinbase in an advertising deal that will feature Durant as a Coinbase spokesperson. Durant plays for the Brooklyn Nets as a power forward and is widely considered one of the best professional basketball players of all time. The Brooklyn Nets star will join Coinbase as “a face of the brand” according to Durant’s manager, Rich Kleiman, speaking with Bloomberg. While Kleiman says that KD does minimal amounts of brand partnerships, off-court, the Nets’ forward is one of the highest-paid basketball players in the world thanks to his deals with Nike and Foot Locker. “Kevin does very, very few brand deals and th...

YouHodler is a fintech platform that helps people access the benefits of the crypto economy. It allows users to get instant cash and cryptocurrency loans, exchange crypto, and earn up to 13% APY by depositing crypto in their reward account. Ilya Volkov is the CEO and Founder of YouHodler . He recently joined the Bitcoin.com News Podcast to talk about the business: Ilya has more than 15 years experience in the fintech industry. Prior to his entry into the cryptocurrency and DLT industry, he got his expertise in different financial market segments such as commercial finance and online trading with various financial assets — for almost 6 years he was a Member of the Management Board of Libertex Group (Forex Club Group). Currently, Ilya is Member of the Board of the Crypto Valley Association, Switzerland, and its Western Chapter Chair, coordinating the CVA’s activity in this region and abroad. The Bitcoin.com News podcast features interviews with the most interesting leaders, fou...

Global markets have defied predictions as the U.S. Federal Reserve and several central banks worldwide are prepping to slow down monetary easing policy. On Wednesday, the U.S. central bank’s Federal Open Market Committee (FOMC) said it plans to taper quantitative easing (large monthly asset purchases) and end the program by March 2022. Moreover, the FOMC members decided to keep interest rates at zero but expect at least three rate hikes next year. Federal Reserve Outlines Asset Purchase Tapering Plan and Rate Hikes for 2022 Since the onset of Covid-19 in the United States, the U.S. Federal Reserve initiated a monetary easing policy like no other in history. The move has led to a surge in inflation and analysts and economists worldwide have criticized the Fed’s decisions in recent times. The FOMC concluded a two-day meeting on Wednesday and the central bank explained that it plans to shrink its bond purchase program to $30 billion per month by January. This month the Fed will leve...

Federal Reserve Chairman Jerome Powell says that he does not see cryptocurrencies as a financial stability concern. However, he noted that they are risky and “there’s big consumer issues for consumers who may or may not understand what they’re getting.” Fed Chair Powell Says Cryptos Are Risky but Currently Not a Financial Stability Concern Fed Chairman Jerome Powell talked about cryptocurrency in a press conference Wednesday. Commenting on whether cryptocurrencies are a threat to the country’s financial stability, he said: I don’t see them as a financial stability concern at the moment. I do think they are risky. They’re not backed by anything. “I think there’s big consumer issues for consumers who may or may not understand what they’re getting,” Powell continued, adding that “There are certainly developments in the markets that are worth following, which are really not in our jurisdiction.” Powell also discussed stablecoins. He noted that he supports the view expressed in the ...

The Indian government is reportedly making additional changes to the country’s crypto bill. The bill, which is listed for the current session of parliament, may be taken up in the budget session instead. According to reports, the government could also “consider bringing an ordinance or special order after the session.” Indian Crypto Bill Needs More Work The government of India is reportedly planning to make additional changes to the crypto bill. The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is currently listed to be considered in the winter session of parliament. However, a senior government official told Business Today Thursday that the government is considering reworking the bill and will likely introduce it in the budget session in February. According to the unnamed official: Discussions are ongoing and key issues like the treatment of private cryptocurrencies, the rationale of regulation and global practices is being looked into once again. The...

Minereum, the project behind the first self-mining smart contract, welcomes you to The Minereum World – an exciting and interactive play-to-earn 3D game venture where users can come together virtually in the metaverse! The goal of the game is to grab and own as much land as possible! The more land you own, the more cubes you will get, leading to more and more Minereum. Want to know more? Find out below. Introducing the Minereum World Metaverse Minereum has recently announced to the community that its entering the Metaverse race with the launch of Minereum World . The Minereum World consists of a finite number of land plots, these land plots are NFTs, and once minted by the users, they can be traded on open markets like opensea.io. The Land Pre-Sale is live, so anyone can now mint Minereum Land for the ETH , BSC , and Polygon Chains. 20,000 plots of land are available for meeting on each blockchain and can be minted by anyone via the Minereum web3 platform. The costs to mint NF...

A court in Beijing has ruled that three investment agreements for bitcoin mining operations in Sichuan are “invalid.” A compensation claim has been rejected in the case, viewed as an indication that the Chinese judiciary would not provide protection for crypto-related interests. Beijing Court Invalidates Bitcoin Mining Contracts The Chaoyang District People’s Court in the Chinese capital has recently rejected a lawsuit seeking damages from a crypto company. It was filed by one of its clients who failed to make a return on his investments in bitcoin mining, the Hong Kong daily South China Morning Post reported, quoting state-run media in the mainland. Beijing Phonf Marketing Technology, the plaintiff, entered into three agreements with Zyzc Blockchain Technology in May 2019 for the deployment of mining hardware in Sichuan, paying 10 million yuan ($1.6 million) for the job. At the time, the central government was still tolerant of crypto mining, while some local authorities, includin...

The pace of the crypto industry’s acceleration in 2021 has surprised many, including Marcus Swanepoel, CEO of cryptocurrency exchange Luno. Swanepoel recently remarked: “We knew it was coming, but just not that fast, particularly in certain subsectors like NFTs and some altcoins.” Subsectors at ‘Top of Their Hype Cycle’ The acceleration of the crypto industry in 2021 surprised some players in the space, including Marcus Swanepoel, co-founder and CEO of crypto exchange platform Luno. Although Swanepoel notes this acceleration was expected, he nonetheless concedes that the pace of the growth was not anticipated. In remarks published by the Daily Maverick, the CEO offers his thoughts on what may have caused the rapid acceleration. “The industry accelerated a lot faster this year than we anticipated. We knew it was coming, but just not that fast, particularly in certain subsectors like NFTs and some altcoins,” Swanepoel is quoted explaining. However, Swanepoel opines that some of th...

Along with the growing popularity of cryptocurrencies, Ukrainians are enjoying an expanding range of related services and products. Besides new options to buy and trade coins, crypto users in the country will be offered two cards that will allow them to spend their digital currencies in stores and online. Wirex Gives Ukrainians Access to Over 20 Cryptocurrencies, Promises Crypto Card U.K.-based crypto payment processor Wirex has allowed residents of Ukraine to purchase and exchange cryptocurrencies on its platform. The company supports more than 20 cryptocurrencies, including major coins such as BTC and ETH as well as popular altcoins like DOGE. Ukrainians will also be able to open crypto savings accounts based on defi products, Wirex told Forklog this week. These will return up to 16% compound interest on selected currencies annually, the provider explained, noting that the interest can also be credited in the native WXT currency. Wirex also plans to issue its card to Ukrainia...