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Showing posts from January, 2021

India could introduce legislation to ban cryptocurrencies

  The central bank is looking into the need for a digital version of the fiat currency and how to implement it. India plans to introduce a bill seeking to prohibit all private cryptocurrencies in the country during the budget session of parliament that began Friday. The proposed law will provide a framework for the creation of an official digital currency to be issued by the Reserve Bank of India and allow certain exceptions to promote blockchain, the underlying technology of cryptocurrency and its uses, according to a bulletin of the lower house of parliament. The central bank is looking into the need for a digital version of the fiat currency and how to implement it. India’s monetary policy regulator had in 2018 banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the nation’s currency .  At the time, RBI said the move was necessary to curb “ring-fencing” of the country’s financial system.  It had a

Visa Could Add Crypto to Its Payments Network, Says CEO

  While the financial services giant already partners with crypto wallets , the next step would put Bitcoin on equal footing with the 160 fiat currencies on Visa’s network. In brief Visa’s CEO says the firm could support certain cryptocurrencies directly. Currently, Visa partners with 35 different crypto wallets and platforms. Visa previously laid out a platform-agnostic approach to supporting crypto. Global financial services juggernaut Visa already has its fingers in cryptocurrency via wallet and platform partnerships; digital asset companies BlockFi, Fold, and already issue Visa-branded products. However, CEO Alfred Kelly now suggests that cryptocurrencies could run directly on the Visa network in the future. In Visa’s fiscal Q1 2021 earnings call yesterday  ( via  The Motley Fool ) , Kelly took a moment out of his introductory statement to specifically touch on crypto and the opportunity he sees in the space. He detailed Visa’s case for being the largest financial servic

Property seller wants Bitcoin payment for Brighton flat

  Buyers of a Brighton flat will have the option to pay in cryptocurrency , in what is believed to be a first for the city. The owners of the Sussex Heights flat will accept either Bitcoin or Ethereum cryptocurrencies as payment. The property has been valued at £525,000 but has been listed as offers above £500,000. At the current exchange rate the price is equivalent to about 21.48 Bitcoin. This listing by Brand Vaughan marks the first of it's kind to be accepting the Ethereum cryptocurrency . With only two prior properties sold for cryptocurrency in the UK, Brand Vaughan hopes this to be the third. The seller, a young tech entrepreneur has been involved with cryptocurrency for several years and sees the usage and price of cryptocurrency growing exponentially in coming years. The seller will accept offers in GBP but has expressed a preference in accepting Ethereum or Bitcoin. The apartment sits on the 20th floor of Sussex Heights. It contains two bedrooms, a reception room with bu

Bitcoin Daily: California Man Jailed For Defrauding Crypto Investors Of Over $20 Million; Bitcoin Falls Below $30,000

Jerry Ji Guo was sentenced to six months in jail for defrauding investors of over $20 million in a fraudulent initial coin offering scheme, according to a   press release   from the   U.S. Department of Justice . Guo presented himself to potential investors as an initial coin offering consultant and promised to perform marketing and publicity services.  Instead, he embezzled their cash and cryptocurrency , the release stated. The 33-year-old was also ordered to pay $4,392,636.14 in restitution and sentenced to a three-year supervised release, according to the release. “Some criminals believe mistakenly that cryptocurrency is beyond the reach of law enforcement,” said U.S. Attorney David Anderson in the release.  “This case shows we can use criminal forfeiture to compensate fraud victims even when cryptocurrency is used in the fraud.” In other news, bitcoin fell below $30,000 Wednesday (Jan. 27) as the cryptocurrency struggles volatility after months of hitting record highs,  Bloomber

President Biden's Financial Team Will Clarify Bitcoin and Cryptocurrency Regulations

  The  cryptocurrency market  is looking for a firm regulatory framework.  Governments around the world are trying to figure out whether bitcoin is a currency, a tradable commodity, a security on par with stocks and options, or a brand new asset class of its own.  Once they figure that one out, they'll have to ask the same questions about Ethereum, Tether, Ripple, and Cardano , and the list of major cryptocurrencies only grows longer over time.  Settling the thorny issues of legality, taxation, and trading rules will take time, adding to the uncertainty and volatility of the global crypto market. President Biden is putting together a team of financial leaders that should clarify the tricky cryptocurrency market in a hurry.  Three of Biden's top-level financial staff picks have a proven understanding of how blockchain and cryptocurrency assets actually work. The view from the top Let's start with our next U.S. Treasury Secretary, Janet Yellen. In last week's written tes

Crypto Miner Marathon Patent Group Buys $150M in Bitcoin

The Nasdaq-listed mining company wants to become a "pure-play bitcoin investment option" for Wall Street. Cryptocurrency mining company Marathon Patent Group (MARA) bought $150 million in bitcoin for around $31,100 apiece during the crypto asset’s recent price rout. The Nasdaq-listed firm said Monday it purchased the cryptocurrency through institutional  bitcoin  (BTC, -4.6%)  shop NYDIG. Marathon is the latest publicly traded company to swap a cash treasury for bitcoin, and, with 4,812.66 BTC now on the books, one of the largest by sheer investment size. Marathon CEO Merrick Okamoto said in a statement the bitcoin buy “accelerates” his mining company’s transformation into a “pure-play bitcoin investment option” for crypto-hungry Wall Street traders. Wall Street traders already have a few options on that front, some more creative than others. There’s Square, the payments company and Cash App owner with 4,702 BTC. And there’s Grayscale Bitcoin Trust, which has purchased over

Analyst Michaël van de Poppe Names Top 10 Crypto Assets, Says Altcoin Season Will Be Larger Than Investors Can Imagine

  Widely-followed trader and crypto strategist Michaël van de Poppe is unveiling his list of top five crypto assets to watch this year. In a tweet, Van de Poppe tells his audience of 110,300 that expects the incoming altcoin season to be larger than what investors can possibly imagine. “I’ve been checking some of those weekly charts on  altcoins . But my god, this is going to be such a massive year, I think we can’t even imagine how big it will be.” Looking at the market capitalization of all crypto assets, the trader believes that it will correct and retest support at $730 billion before skyrocketing above the trillion-dollar mark. “The total market capitalization of  crypto  is looking great here. A retest of the all-time high of 2017 seems likely to occur, but all we also know is the following: The 2017 bubble will look like a small bump on the ride. This cycle is just starting.” Source: Van de Poppe/Twitter Amid the trader’s rosy outlook, he says he’s keeping a close watch on Po

An early bitcoin investor says the best time to buy is when nobody's talking about it - and warns this isn't the first crypto bubble

  An early bitcoin adopter says the best time to buy is when no one's talking about it. He started out with an initial purchase of 2.5 bitcoins in 2013, when the token was trading around $100.  The buyer, who prefers to remain anonymous, lost 16 bitcoins in the 2014 Mt. Gox scandal. The ultimate time to buy bitcoin is when no one is talking about it, according to one early adopter. "The best time to buy bitcoin is whenever blood is on the street, everyone's panicking, and no one's talking about it," the investor, who prefers to remain anonymous, told Insider in a phone interview from Manila, Philippines.  In 2013, he made an initial purchase of 2.5 bitcoins from a seller who went by the name "Mang Sweeney" on  when the cryptocurrency was trading at $100 per coin.  "Mang" denotes a sign of respect in the local language in the Philippines.  At the time, the platform allowed face-to-face meetings, after which the seller would t

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