Attackers Steal $80 Million From Rari Capital’s Fuse Platform, Fei Protocol Suffers From Exploit

According to a report from the blockchain company Blocsec, Rari Capital’s Fuse platform has lost roughly $80 million from a “reentrancy vulnerability.” On Saturday, Fei Protocol’s official Twitter account confirmed it lost funds from the Rari Fuse platform exploit.

$80 Million Swiped from Rari Capital

• Another decentralized finance (defi) protocol attacker has managed to siphon millions of dollars worth of crypto from a defi project. On Saturday, the blockchain and smart contract audit firm Blocsec revealed Rari Capital’s Fuse platform suffered a loss of $80 million.
• “Our monitoring system detected that multiple pools related to [Rari Capital] and [Fei Protocol] were attacked, and lost more than 80M US dollars,” Blocsec tweeted. “The root cause is due to a typical reentrancy vulnerability.” Blocsec also shared a picture of the exploit and said: “One picture worth a thousand words.”
• This is not the first time Rari Capital has been attacked. The project revealed on May 8, 2021, that $11 million worth of ethereum was stolen. “These funds were extracted from Rari Capital’s Ethereum Pool before the attacker was stopped when the contracts were paused,” Rari said at the time. “This loss equates to 60% of all users’ funds in the Rari Capital Ethereum Pool.”

• The attack on Saturday was also confirmed by Fei Protocol’s official Twitter account. Fei Protocol also offered the attacker a bounty to return the stolen funds.
• “We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage,” Fei Protocol tweeted on April 30. “To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.”
• Of course, the defi project received a number of jabs and criticisms from the crypto community. A recently published report indicates out of the $1.3 billion in stolen cryptocurrencies during the first quarter of 2022, 97% of the stolen funds stemmed from defi exploits.

What do you think about Rari Capital’s Fuse platform losing $80 million in funds? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Brazilian Senate Approves Cryptocurrency Law Project

The Brazilian Senate has approved a recently presented cryptocurrency policy, advancing the project to discussions in the deputy chamber. The proposal will have to be greenlighted by the deputies of Congress and signed by President Jair Bolsonaro to be approved as law. The project presented is the result of the fusion of several law projects dealing with crypto.

Brazilian Senate Greenlights Crypto Law Project

The Brazilian Senate has greenlighted a cryptocurrency law project that seeks to give more clarity and protect users from different cryptocurrency-related scams that have happened in the country. The project will now advance to the Chamber of Deputies, which will be responsible for debating and approving or rejecting this new project.

The project was elaborated by choosing different projects that were presented earlier by taking some parts from one, and some from another. Senator Flávio Arns, senator Styvenson Valentim, senator Soraya Thronicke, and federal deputy Aureo Ribeiro all contributed to the final text. This was announced by local media before, which informed the institution was taking steps to achieve the approval of a cryptocurrency law before the end of Q2.

While discussing the law project, rapporteur Iraja Abreu stated:

We advanced the discussions of the report so that we could here today finally vote on this matter of regulation of crypto assets… The central bank was constantly demanding Congress to position ourselves in relation to a regulatory framework that could understand the dimension of this new business environment.

Law Project Dispositions

The cryptocurrency law project approved by the Brazilian senate establishes the concept of cryptocurrencies and virtual asset service providers (VASPs), but leaves the faculty of naming the institution destined to oversee them to the Executive branch of the government. In earlier iterations of this project, this faculty was assigned to the Central Bank of Brasil. The executive branch of the government will be able to assign these tasks to an existing organization or create one just for this.

The subject of non-fungible tokens (NFTs) was left outside the scope of the regulation, with the regulation of these tools being left to another law project due to their special traits. However, the document does amend the penal code of the country to include a new crime, denominated “fraud in the provision of services of virtual assets, securities, or financial assets,” with penalties going from imprisonment from two to six years plus fines.

The document also proposes tax benefits for cryptocurrency mining operations that use 100% renewable energies and become carbon neutral.

What do you think about the approval of the cryptocurrency law by the Brazilian senate? Tell us in the comments section below.

via Sergio Goschenko

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Biggest Movers: FTM Down 12% to Start the Weekend, as ATOM Hits 8 Month Low

FTM was down by as much as 12% to start the weekend, as crypto markets were once again under a red wave. ATOM was also victim to this wave, falling to its lowest level since last August during Saturday’s session.

Fantom (FTM)

Fantom (FTM) was down by double digits on Saturday, as bearish pressure continued to send prices deep into multi-month lows.

Saturday saw FTM/USD fall for a third consecutive session, as prices hit an intraday low of $0.786 earlier today.

Today’s low is the lowest point prices have reached since last September, and comes following a bearish start to the year.

Overall, FTM has traded lower for five of the six last months, ever since recording an all-time high of $3.47 in October.

Looking at the chart, this weakness has pushed prices deep into oversold territory, which is one of the only good signs for remaining long-term bulls.

Despite FTM failing to find a floor in recent months, should this current level hold firm, we may begin to see consolidation, and potentially even reversal in upcoming months.

Cosmos (ATOM)

FTM was not the only token to fall to multi-month lows to start the weekend, with cosmos (ATOM) also dropping on Saturday.

Following a peak of $20.36 during Friday’s session, ATOM/USD started the weekend by falling to a low of $18.96.

This bottom was over 5% lower than yesterday’s high, and sees prices fall to their lowest level since the end of last August.

ATOM is now trading in the red for a second consecutive month, as prices continue to struggle to find a sustainable floor.

Its most recent support level of $21.63 was broken earlier this week, as the 14-day RSI continued to also lose strength.

Now tracking at the 28 level, relative strength seems to have an interim floor, and should this hold firm, we could see an attempt to re-enter the $21 level.

Which is more likely to have a strong rebound, ATOM or FTM? Let us know your thoughts in the comments.

via Eliman Dambell

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain in the Red, to Start the Weekend

Bitcoin and ethereum were both trading lower to start the weekend, as crypto markets continued to face bearish pressures. The current uncertainty surrounding next week’s Federal Reserve meeting has seen prices consolidate for most of the week, with Saturday being no different.

Bitcoin

Bitcoin (BTC) was once again in the red during today’s session, as prices continued to trade below the key $40,000 level.

The world’s largest cryptocurrency dropped to a low of $38,235.54 to start the weekend, following a peak of $39,263.60 on Friday.

Saturday’s fall has seen the price continue to slowly approach the long-term support level of $37,570, which is a point that hasn’t been reached since March 13.

One reason why BTC bears haven’t yet captured this floor is due to the fact that the 14-day RSI continues to sit above its own support.

As of writing this, relative strength is tracking at 40.50, which is slightly above the ceiling of 40, and bears have likely avoided entering in huge numbers, as they are likely anticipating a rebound.

Recent history has shown that bulls typically push prices higher at this level, which could be a reason for the tentative start to today’s session.

Ethereum

Ethereum (ETH) on the other hand saw its long-term support level briefly hit during today’s session, as traders prepared to leave April behind.

April has been the worst month for ETH since December, with prices going from a peak of $3,580, to a bottom of $2,770.

Saturday’s bottom saw ETH/USD drop to an intraday low of $2,782.44, which is marginally above support at $2,780.

Following the low, the price has since climbed, as history suggested, with bulls typically re-entering the market at this point.

As of writing, ETH is trading at $2,832.82, which is 0.43% lower than Friday’s high, and comes as many hope for pending reversals.

Should this occur, the 42 ceiling within the RSI indicator will need to be broken in order to help rally more bulls together.

Will May see price consolidation in crypto finally end? Leave your thoughts in the comments below.

via Eliman Dambell

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Fidelity’s Bitcoin 401(k) Offering Risks Retirement Security of Americans, Says Labor Department Official

The U.S. Labor Department has “grave concerns” about Fidelity Investments allowing investors to put bitcoin into their 401(k) accounts for retirement savings. An official of the Labor Department said it risks the retirement security of Americans, stressing that “cryptocurrencies can present serious risks to retirement savings.”

U.S. Labor Department’s ‘Grave Concerns’ Over Fidelity’s Bitcoin 401(k) Offering

The U.S. Labor Department is deeply concerned about Fidelity Investments’ new offering to allow investors to put up to 20% of their 401(k) savings and contributions into bitcoin (BTC). A 401(k) is a popular workplace savings plan in the U.S that has tax advantages as an incentive to invest for retirement.

Ali Khawar, Acting Assistant Secretary of the Labor Department’s Employee Benefits Security Administration, said in an interview with The Wall Street Journal Friday:

We have grave concerns with what Fidelity has done.

Khawar explained that Labor Department believes that Fidelity allowing savers to put bitcoin into their 401(k) accounts risks the retirement security of Americans.

The official said that he views cryptocurrency as speculative. There is “a lot of hype around ‘You have to get in now because you will be left behind otherwise,'” he opined.

Khawar wrote a blog post on the Department of Labor’s website in March raising concerns about retirement plans investing in cryptocurrencies. He detailed:

The U.S. Department of Labor has serious concerns about plans’ decisions to expose participants to direct investments in cryptocurrencies or related products, such as NFTs, coins, and crypto assets.

He explained that “cryptocurrencies can present serious risks to retirement savings,” citing valuation challenges, price volatility, and the evolving regulatory landscape.

Do you think the U.S. Department of Labor should be worried about Fidelity allowing investors to put bitcoin into their 401(k) accounts? Let us know in the comments section below.

via Kevin Helms

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Illegal Use of Cryptocurrency Largely a Myth, Russian Lawmaker Says

Only a small share of cryptocurrency transactions have illicit purposes and the use of digital coins in illegal activities is for the most part a myth, a high-ranking Russian lawmaker has recently stated. Andrey Lugovoy, who is one of the deputies working on new crypto regulations, also said Russia can become a global leader in crypto mining.

Russian Developers Working on Software Detecting ‘Dirty’ Cryptocurrency

The illegal use of cryptocurrencies is largely a myth, according to Andrey Lugovoy, a member of the working group on crypto regulation at the State Duma, the lower house of Russian parliament. “According to the largest crypto exchanges, no more than 4 to 6% of the cryptocurrency turnover is involved in illegal activities,” the lawmaker told Parlamentskaya Gazeta.

Lugovoy, who is also deputy chairman of the security and anti-corruption committee, pointed out that there are effective tools to identify wallets that are employed for illicit purposes such as those offered by blockchain analytics firms Chainalysis and Crystal. He added that Russian IT developers are also working on domestic software capable of detecting “dirty” cryptocurrency.

“According to experts, cash is used in illegal activities in the amount of 11 to 13 % of the turnover,” the deputy noted. He is convinced that the introduction of transparent crypto regulations in Russia, along with the identification of digital currency users, will make it possible for the government to combat income concealment.

This week, the parliamentary Financial Market Committee approved amendments that will allow the taxation of operations with cryptocurrencies while the Ministry of Finance backed proposals from Russian law enforcement agencies for the new law “On Digital Currency”. Both pieces of legislation should be adopted during the Duma’s spring session to comprehensively regulate the Russian crypto space, along with the law “On Digital Financial Assets,” which went into force in early 2021.

Andrey Lugovoy has in previous statements rejected calls to impose a blanket ban on crypto-related activities in the Russian Federation. He now admits there is a wide consensus among government institutions in Moscow that cryptocurrencies cannot be used for payments. Bitcoin and the like should be defined as property in the new legislation, he added in his recent interview.

At the same time, Russian authorities do not plan to introduce any restrictions on the ownership of crypto assets, the member of the Duma emphasized. However, cryptocurrency owners will likely be obliged to declare their digital holdings to the state.

The legislative changes also aim to bring millions of “grey” crypto miners out of the shadows, Lugovoy said. He highlighted Russia’s contribution to this market, with close to 12% of the global bitcoin hashrate, and ranking third among mining destinations. Given the country’s cold climate and surplus of low-cost electricity, Russia can become the world’s mining leader, the lawmaker elaborated.

Do you expect Russia to adopt a crypto-friendly regulatory framework and reconsider its stance regarding crypto payments? Tell us in the comments section below.

via Lubomir Tassev

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Biggest Movers: NEXO up Nearly 50% After Binance Listing, While TRON Climbs to 1-Week High

NEXO was up by nearly 50% on Friday, as markets reacted to the news that Binance was listing the token on its platform. Today’s surge sent NEXO to a multi-week high, while TRON also moved higher, hitting a one week peak.

NEXO

Two weeks after announcing a partnership with Mastercard to launch the world’s first “crypto-backed” payment card, NEXO today achieved another milestone.

Binance confirmed that it will be adding the token to its platform, and this news was well received by markets.

NEXO/USD rose by nearly 50% during today’s session, hitting an intraday high of $3.66 in the process.

Friday’s surge comes less than 24-hours after prices were trading at $2.14, and as of writing are tracking at a record high.

This recent peak comes following a three day rally which began at support of $2.10, with two long-term resistance levels broken as a result of the bullish ascent.

The price of NEXO, which launched in December last year is now overbought, with the RSI tracking at 71.94, which is a record. Many will anticipate a reversal in upcoming sessions as a result.

TRON

TRON was also higher during today’s session, rising to a one week high, following three consecutive days of rallies.

As of writing this, TRX/USD hit a peak of $0.06967 on Friday, which is its highest level since April 22.

This one week high sees TRX break past its long-term resistance level of $0.06800, with some now targeting a higher ceiling of $0.07600.

Looking at the chart, a upwards crossover of the 10-day and 25-day moving averages has occurred, which typically signals a bullish trend.

However, for this trend to remain on course we will likely need to see a breakout of the current ceiling on the 14-day RSI.

This resistance is at 54, with relative strength currently tracking at 53.05, however should this hurdle be overcome, we will likely see an influx of TRX bulls.

Is this current ceiling a trap set by bears to catch unsuspecting bulls anticipating a breakout? Let us know your thoughts in the comments.

via Eliman Dambell

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Bitcoin, Ethereum Technical Analysis: Crypto Uncertainty Continues, as BTC Drops Again

Crypto prices continued to seesaw on Friday, as both bitcoin and ethereum fell into the red, after a short lived rally on Thursday. Bitcoin was once again below $40,000 during the session, while ethereum extended its recent spell of trading below $3,000.

Bitcoin

Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session.

Following a peak of $40,269.47 on Thursday, BTC/USD fell to an intraday low of $38,698.16 earlier today.

This comes as BTC was unable to climb above resistance of $40,500, as bullish momentum eased, which was likely a result of traders closing positions.

Now that we are back in the red, the first thought would be for how long, with some likely to be targeting the $37,570 floor as a potential exit point.

Looking at the chart, the 14-day RSI has also changed course, and is now tracking at a floor of its own marginally below 43.

If price strength were to continue to fall beyond this point, we could see this shift in momentum entice even more bears to re-enter the market.

Ethereum

Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains.

ETH/USD found a bottom of $2,841.23 earlier today, as prices continued to trade below $3,000 for a third consecutive session.

Thursday saw ETH climb to a peak of $2,973.13, however, these gains were unable to continue following a breakout of the $2,950.00 ceiling.

As of writing this, ethereum is currently down by 1.08%, and is trading at $2,872.80, with bears likely targeting a floor of $2,780.

Should this floor be hit in the next few sessions, we would see ETH ending the week, at the same level it started, for the second week in a row.

Overall, crypto markets continue to be volatile, with some putting the current uncertainty down to the outcome of the upcoming Fed rate hike decision.

Could we see ethereum rally beyond $3,000 at some point this weekend? Leave your thoughts in the comments below.

via Eliman Dambell

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Central Bank of Cuba Introduces Specific Virtual Asset Service Providers Regulation

The Cuban government has issued new regulations concerning the operation of virtual asset service providers (VASPs) in the country. In an official resolution, the Bank of Cuba establishes specific procedures that these individuals or companies must follow to operate legally in the country, after establishing a general framework in August.

Bank of Cuba Clarifies Rules for VASPs

The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers must proceed to operate legally in Cuba. A new decree, identified with the number 89/2022, specifies and defines the requirements that individuals and companies must comply with to operate cryptocurrency exchanges and custody services in the country.

First and foremost, the resolution established the Central Bank of Cuba as the only institution with faculties related to the revision and approval of virtual asset service provider licenses. In this sense, the resolution explains that:

To carry out activities as virtual asset service providers, natural or legal persons request a license from the Central Bank of Cuba. The Central Bank of Cuba, when considering the license request, evaluates the legality, opportunity, and socioeconomic interest of the initiative, the characteristics of the project, the
responsibility of the applicants, and their experience in the activity.

The VASPs must also comply with the directives that the Central bank of Cuba issues as part of preventing, detecting, and combating money laundering, terrorism financing, and the proliferation of weapons or other related conduct of similar severity.

The institution will also have the say on which cryptocurrencies or digital assets will be able to be listed on these exchanges, as it states that “virtual asset service providers operate only with virtual assets approved by the Central Bank of Cuba, through a license.” The law gives interested parties 20 days to apply for a license before having to face penalties.

Cuban Cryptocurrency Law Evolution

Cuba has been a very active country when it comes to the use and adoption of cryptocurrencies. In fact, the Communist Party on the island proposed to make use of this technology to face the economic crisis the country was experiencing back in April 2021.

This resolution follows a first resolution issued back in August 2021, when the Cuban government established the first definitions to recognize cryptocurrencies and establish the requirements for private individuals to manage these.

On the posture of the bank, Pavel Vidal, a former Cuban central bank economist, told Reuters that:

If the central bank is creating a cryptocurrency-friendly legal framework, it is because they have already decided that it can bring benefits to the country.

What do you think about the requirements that the new resolution issued by the Central Bank of Cuba establishes for VASPs? Tell us in the comments section below.

via Sergio Goschenko

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Finland to Donate Millions of Dollars From Sale of Seized Bitcoin to Ukraine

The government of Finland is discussing supporting Ukraine with part of the money from the liquidation of millions of dollars worth of cryptocurrency seized in crime investigations. Finnish authorities want to sell the bitcoins soon and say they couldn’t come up with a better idea for the proceeds.

Finland Selects Brokers to Sell $75 Million of Confiscated Crypto

Authorities in Helsinki have recently chosen two brokers to organize the sale of over €71 million ($75 million) worth of bitcoin (BTC) in the coming weeks. The country owns the coins that have been sized by Finnish Customs in the course of investigations into drug trafficking and other crimes.

The agency has signed two-year contracts with Coinmotion Oy and Tesseract Group Oy and plans to sell the crypto during the spring and early summer, Bloomberg reported, quoting an emailed statement. Out of 1,981 bitcoins held by the customs office, 1,890 will be released.

Most of them have been confiscated in raids carried out before 2018. That year, the State Treasury adopted guidelines for their storage, banning the customs authority from keeping the digital money on a crypto exchange, insisting it should be stored offline.

Last July, а tender was launched for brokers that can help the Finnish government turn the digital assets into fiat currency. Finnish Customs Director of Financial Management Pekka Pylkkanen said at the time that the agency wants a permanent solution for selling cryptocurrencies forfeited to the state coffers.

Finish Government to Donate Over Half of Proceeds From Crypto Sale to Ukraine

Finland mow intends to use a large portion of the fiat it will receive from the sale to expand its financial support for Ukraine, which was invaded by Russia in late February. The decision has already been made, the Helsingin Sanomat newspaper unveiled on Wednesday, quoting knowledgeable sources.

The government is yet to determine how much of the total will be sent to Kyiv, but in any case, the donation will represent a serious increase in Helsinki’s assistance for the Ukrainians. Since 2014, the Nordic country has granted the Eastern European nation €85 million. In February, the Finland government approved €14 million in humanitarian and development aid to Ukraine.

The Finnish government began considering using the bitcoins to fund Ukraine in early March. Sending the crypto directly was also discussed as both the United Nations Children’s Fund (Unicef) and the U.N. High Commissioner for Refugees accept crypto donations, but it was eventually decided to convert the coins.

On Wednesday, Finland’s Minister of Finance Annika Saarikko confirmed the country will provide Ukraine with more than half of the money raised in the crypto sale which is expected to bring €70–80 million.

“I am open to whether these tens of millions of euros would now be quickly allocated as humanitarian aid in the middle of the war or also in part for reconstruction work in due course. That day is coming too,” Saarikko stated, while also noting she couldn’t think of a better use for the bitcoin.

What do you think of Finland’s initiative to share some of the seized cryptocurrency with Ukraine? Tell us in the comments section below.

via Lubomir Tassev

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GAIMIN Goes From Strength to Strength in Readiness for Its GMRX Listing

In readiness for the imminent listing of our crypto currency, GMRX, we want to explain our philosophy and strategy and answer a number of questions and address some misconceptions about GAIMIN.

Why has GAIMIN established a successful esports company – GAIMIN Gladiators?

GAIMIN.IO Ltd (GAIMIN) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance.

GAIMIN targets the PC gamer as this market segment has the high performance devices and from our research, we found a typical gamer only uses their computer for gaming 20% of the day, leaving the computer switched on for 80% of the day. When a gamer downloads the GAIMIN app and connects their device to the GAIMIN decentralised data processing network, GAIMIN utilises this gaming downtime to enable a gamer to passively monetise their device.

Participation in the GAIMIN distributed data processing network rewards the user in the form of GMRX, GAIMIN’s native cryptocurrency. Monetisation of devices participating in the network results in GAIMIN being remunerated in a number of different crypto and fiat currencies. GAIMIN consolidates these rewards into GMRX and returns upto 90% of the generated revenue back to the user, retaining 10% for its own operational activities.

GAIMIN’s business model is based on increasing the number of users who actively participate in the GAIMIN network. The number of users who can participate in the GAIMIN network is unlimited. GAIMIN’s approach to identify potential users within the PC gaming industry is to generate brand awareness through the gaming and esports community. GAIMIN has created GAIMIN Gladiators, an esports community which currently manages 5 esports gaming teams, focussing on DOTA2, Rocket League, Pokemon Unit, Rainbow 6 Siege and CounterStrike: GO. These 5 esports teams have a global following of over 1 million gamers and their participation in esports tournaments and events provides a global brand reach of over 5 million followers. Through this marketing and the success of the esports teams, GAIMIN is generating significant global brand awareness of the GAIMIN brand and associated products and services.

In its first three months, GAIMIN Gladiators has achieved success never seen before from newly established esports teams. GAIMIN Gladiators has already won over $100k and the DOTA 2 team have recently qualified as 1 of just 18 participants in the ESL One tournament in Stockholm. This tournament has a $500k prize pool and has a viewer reach of over 5 million followers both during and after the tournament.

GAIMIN has established an esports company to increase brand awareness and to facilitate many more users of the GAIMIN application and allow followers of the esports team to build a community and generate passive rewards from following their favourite teams and players.

Is GAIMIN a crypto mining company?

GAIMIN’s approach to monetisation through its distributed data processing network is often associated with “crypto mining”, however this is not a true comparison. GAIMIN deploys a number of different monetization options within its platform, each with its own inherent profitability. The choice of monetisation functionality is determined by the GAIMIN AI engine, which identifies the most profitable functionality at any given time, assesses available resources (devices) and deploys these devices to process data, generating a return.

GAIMIN’s network does “mine” (power blockchain computations) however GAIMIN also deploys its data processing network into other monetisation functionality, such as video rendering, which is a more profitable service, but has less continuous business requirements than the powering of blockchain computations. As such, the rewards returned to the user vary depending on services required by clients and so direct comparison to a typical service dedicated to mining is not appropriate for GAIMIN.

So GAIMIN is not a “mining” company, it is a monetisation engine, capable of delivering rewards back to the user which are in excess of the rewards generated through mining applications.

Creating a deflationary token

Users earn GMRX through participation in the distributed data processing network. The earned GMRX can be held to increase the rewards earned for greater spending power in the GAIMIN marketplace and within in game economies supporting the GMRX token. Alternatively, when listed GMRX can be converted to other crypto or fiat currencies.

GAIMIN’s approach is to incentivise users to utilise their earned GMRX within the GAIMIN ecosystem. GAIMIN has established a marketplace for the purchase of accessories, merchandise, in game assets and NFTs. When using earned GMRX for purchases, GAIMIN will reward the user in a number of ways – bonus GMRX, discounts on prices, enhanced NFT attributes for example.

Creating a deflationary token allows token holders to retain a token with a real-world value through listing on exchanges whilst also creating value within digital ecosystems.

Why is GAIMIN implementing a novel approach to NFT acquisition?

NFTs are typically sold at a premium cost with a view to them being retained as a collectors asset, with potential increasing value. GAIMIN’s approach is the opposite. However the problem with this approach is that these NFTs must continue to have utility and use or be associated with unique and collectable assets that people want to trade. If utility and use is not maintained, interest in the NFT declines along with the value.

As a gaming company, with blockchain and NFTs technology integrated into the most popular games, GAIMIN will be creating NFTs that are not only cheap but also usable within games. In order to incentivise users to generate their own GMRX and increase the number of GMRX, GAIMIN will create NFTs with purchase prices associated with typical passive earning rewards and also incentivise users to purchase NFTs with their passively earned GMRX.

GAIMIN’s initial research indicates a typical user can earn around $1 per day when monetising their devices with GAIMIN. The actual earnings are dependent on the duration of monetisation activities and the performance of their device. Based on this $1 per day typical earning capability, GAIMIN will make available NFTs that can be purchased for less than 1 day’s monetization, or NFTs that can be purchased for say, 1 day’s, 1 week’s, 1 month’s typical monetization, for example – less than $1, $1, $7, $30. This will enable a gamer to quickly build their in-game assets based on their participation in the GAIMIN network and their retention of GMRX (as opposed to converting to fiat or other crypto).

In addition, GAIMIN also allows users to acquire NFTs through duration of participation in the data processing network, rather than hashrate contribution. The more hours a user is connected to GAIMIN’s network, the better the NFT – this is irrespective of hashrate contribution.

GAIMIN will also incentivise users to hold GMRX. A GMRX holder using their retained GMRX in the marketplace will receive discounts when purchasing with GMRX, will receive bonuses for holding GMRX and when using GMRX to purchase NFTs, the NFTs attributes will be enhanced.

GAIMIN;s approach is to allow as many gamers as possible to obtain useable and functional NFTs for their gaming activities and move these assets into other games, retaining their investment in gaming.

GAIMIN is creating the world’s first interoperable NFT

WIth blockchain and NFT technology embedded into games, GAIMIN is at the forefront of gaming technology development. Previously a gamer purchases an in game asset, such as a sword and that asset could only be used in that game and for the purpose for which it was designed. So, moving to a different game was always a problem – building up an asset repository in one game meant the gamer had to restart building up their asset repository in the new game. NFTs are one solution to this problem – building an NFT based asset repository in a game allows the gamer to remove their NFT from one game and use it in another game, however a sword was always a sword and if the new game did not utilise swords, then this asset would be useless.Interoperable NFTs solve this problem. A sword in one game can become a flower in another game!

GAIMIN is developing the world’s first interoperable NFTs through its GAIMCRAFT technology components. GAIMCRAFT integrates blockchain and NFT technology into existing games, such as Minecraft and GTA5. An interoperable NFT used in Minecraft will become a different asset in GTA5, making the NFT much more usable across games and allowing gamers to build a completely interoperable asset base based on their passive GMRX earnings. This will incentivise users to hold onto their GMRX and use it solely for GAIMIN-related purchases.

No Gamer will be Left Behind

GAIMIN will soon be listing its GMRX token on global exchanges. When the token lists, the GAIMIN platform will be released globally. At the moment, the platform is only available for limited download. GAIMIN are asking interested users to register their interest on the whiteline and we are releasing 100 download links a week to users. This is our final phase of testing with the app and platform and we are poised for worldwide growth.

Very soon, we will be enabling anyone with a suitable device to passively earn GMRX rewards and either utilise them for in game purchases or convert to other crypto or fiat currencies. When used within the GAIMIN ecosystem, reward value will be enhanced through additional GMRX, discounted products and merchandise or enhanced NFT attributes.

Any user can participate in the GAIMIN network – GAIMIN does not just reward users based on hashpower contribution, GAIMIN has also released a range of in game NFTs based on hours connected to the data processing network. This is hashpower agnostic and enables any gamer to obtain usable and functional NFTs.

Over the next few years, GAIMIN’s strategy is to ensure we can support as many gamers as possible, irrespective of the performance of their device, irrespective of their location whilst improving the gaming experience for gamers and allowing them to retain and grow their investment in their gaming activities.

So,

• Is GAIMIN an esports company? Yes and No!
• Is GAIMIN a “mining” company? Yes and No!
• Is GAIMIN a competitor to mining companies? No!
• Is GAIMIN creating a community of gamers who can retain their investment in their gaming? Definitely
• Is GAIMIN allowing a gamer to increase their investment in their gaming activities? Definitely
• Are gamers benefiting from their participation in the GAIMIN distributed data processing network? Yes
• Is GAIMIN enjoying this experience? Most definitely

No gamer left behind!

For more information on GAIMIN Gladiators click on this link: https://linktr.ee/GaiminGladiators

For more information on GAIMIN click on this link:

www.gaimin.io

For up to date information, please follow the following GAIMIN social media accounts:

Facebook: https://www.facebook.com/Gaimin.io

Instagram: https://www.instagram.com/gaimin_io/

Twitter: https://twitter.com/GaiminIo

LinkedIn: https://www.linkedin.com/company/gaimin/

YouTube: https://www.youtube.com/c/Gaimin

Telegram: https://t.me/officialgaimin

Discord: https://discord.gg/7XUnd2kjJK

 

 

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Collection of South African Fine Wine Sold as NFTs

Collections of South Africa’s fine wines were recently sold as non-fungible tokens (NFTs) with one lot being sold for $79,000. Immediately following the auction, two lots were reportedly paid for using bitcoin.

Lots Exceed Estimates

Collections of fine wines made by some of South Africa’s leading producers have been sold as non-fungible tokens (NFTs) in what has been described as a first for the country’s wine industry. The auction, which was conducted by fine art auctioneer Strauss & Co, saw some lots, like Klein Constantia’s Vin de Constance vertical collection from 1986-2027, being sold for $79,000 (R1,251,800).

Other lots that exceeded estimated prices include winemaker Meerlust’s “50-year vertical of their famous Rubicon,” which reached $68,000. Vilafonté Series C 2003-2027 topped $36,000, while Mullineux Olerasay 1-20 is reported to have garnered $20,000. The collection from Kanonkop Paul Sauer, 2000-2025, fetched $16,000.

Securing South Africa’s Fine Wine Heritage

Speaking after the sale, Roland Peens, a fine wine specialist at Strauss & Co, said:

This is a big step in securing South Africa’s fine wine heritage! These pristine vintage bottles are now securely on the blockchain for future trading and enjoyment. We believe this new technology is the most powerful way of packaging and trading vintage wines, especially when provenance is so vital.

A statement released after the sale said while each collection is an NFT, individual bottles will also be ‘minted’ as NFTs and these “can be drawn or traded at any time on any NFT platform around the world.” Immediately following the sale, two lots were paid for with bitcoin, the statement added.

Meanwhile, the statement revealed that a total of $6,000 was simultaneously raised for charities that are critical to South Africa’s wine industry.

What are your thoughts on this story? Tell us what you think in the comments section below.

via Terence Zimwara

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Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the Presidency

Following the confusion that surrounded initial reports, a senior staffer in the Central African Republic (CAR)’s presidency has now confirmed that bitcoin will become the country’s reference currency.

First Country in Africa to Officially Adopt Bitcoin

A press statement supposedly issued by the office of the Presidency of the Central African Republic (CAR) appeared to confirm reports by multiple media outlets suggesting that the bill passed by the National Assembly not only proposes to govern cryptocurrencies but recognizes bitcoin as a reference currency.

In a statement posted on Facebook, Obed Namsio, the chief of staff, said President Faustin Archange Touadera’s government will support all necessary efforts that allow the country to “carry out this approach that places the Central Africa Republic on the map of the most courageous and visionary countries in the world.”

Namsio said with this move the CAR had become the first country on the African continent to adopt bitcoin as a reference currency. Lauding the move, Namsio said:

We are going on a new path that will mark a new milestone for our country while being aware of the difficulties we will have to face to continue our mission.

The chief of staff’s statement, however, appeared to contradict an earlier report by Bloomberg suggesting the bill passed had only gone as far as to propose the creation of a cryptocurrency regulator.

Conflicting Reports

In the report, Hervé Ndoba, the minister in charge of finance and budget, is quoted insisting the CAR is not about to follow in the footsteps of El Salvador, which became the first country to introduce bitcoin as legal tender. Rather, the proposed legislation only seeks to establish a regulatory framework, the report quotes minister stating.

While the release of the French language statement is expected to end the confusion which followed the initial report which said the country had adopted bitcoin, Useful Tulips’ peer-to-peer bitcoin volume data starting in 2020 suggests interest in the crypto had been growing. In fact, by the end of September 2021, the CAR had, according to the data, become the country with the fifth-highest P2P volumes in Africa.

Bitcoin ‘Undefeated’

Meanwhile, the news and Namsio’s apparent confirmation of CAR’s decision have delighted players in the crypto community. In comments shared with Bitcoin.com News, Christos Krokides of ARK36, a crypto hedge fund, said:

“Bitcoin adoption continues undefeated by any geopolitical or financial global matters. Even in such uncertain times, the Central African Republic (CAR) adopted bitcoin as a legal tender marking yet another big step toward a global digital transformation. This initiative will completely transform the CAR’s digital infrastructure, which is now considered underdeveloped, by applying the blockchain technological innovation necessary for the project’s implementation.”

Ransu Salovaara, the CEO of Likvidi, said that as “bitcoin gets bigger and bigger, it will become also more stable and that will speed up the government level adaptation even more.”

However, others like Anthony Oduu, the co-founder and CTO at cross-border payment platform Verto, said a wider adoption of the crypto will depend on attitudes as well as how the country improves its infrastructure, elaborating:

“Country-wide adoption will be very much dependent upon the performance of infrastructure and locals’ attitudes towards the currency. The Central African Republic does not have the best standard of telecommunications and digital infrastructure. In 2021, internet penetration was around 10% and mobile connections were available to just 30% of the population.”

According to Oduu, the CAR needs to invest significantly in infrastructure in order to make digital currencies accessible to the entire population.

What are your thoughts on this story? Tell us what you think in the comments section below.

via Terence Zimwara

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VegaX Expands B2B Technology for Institutional Clients to Unlock Crypto Market

PRESS RELEASE. NEW YORK, April. 28, 2022 — VegaX Holdings (“VegaX”), the cryptocurrency index platform providing actionable cryptocurrency indexes and index-based asset management products for traditional investors globally, announced the company’s first partnership with institutional investment manager, UNCAP Investment Management, providing the fund with access to proprietary portfolio rebalancing tools and indexes to enhance investment returns from the cryptocurrency markets.

VegaX clients are globally distributed, with a recent influx of new traditional funds and institutions actively seeking the firm’s crypto index products and technology. VegaX CEO, Sang Lee noted, “As the crypto market hit an all time high of USD $3 Trillion in 2021, traditional fund managers and institutions globally could no longer deny the importance of the asset class and the diversification potential that the crypto market provides. Sophisticated firms like UNCAP recognize the long term opportunities the crypto market creates, allowing VegaX to be an ideal partner in providing the technical infrastructure to support the firm’s needs. We look forward to a long term relationship with the UNCAP team.”

As institutions and funds actively explore opportunities to participate in the crypto market, various difficulties are faced including onboarding, custody, security, and access to secure return enhancing crypto products. VegaX provides solutions to these difficulties with a suite of crypto investment products, tools, and services, making it efficient for traditional funds and institutions to benefit from the crypto market in its early stages. “VegaX, through their unique product offerings and services, has been paramount to the launch and growth of our fund. We are confident that institutional investors of all sizes will have an outstanding experience working with the VegaX team, and we look forward to sustained growth together in the future” noted UNCAP Managing Director, Jeremy Sziklay.

The firm’s flagship products include the VegaX Enhanced Bitcoin Exposure (VEBE) and the VegaX Enhanced Ethereum Exposure strategies (VEEE) – options like strategies providing a familiar structure for traditional investors to access crypto investment products. The company recently released a Solana strategy, VSOL, and an NFT strategy, VNFT, to provide clients with additional portfolio rebalancing opportunities and access to different verticals across the crypto market. VegaX crypto products provide clients with 25% – 125% APY, pending strategy, which provides attractive opportunities for institutions and funds. For more information on VegaX’s products and fund consultation, visit: www.vegaxholdings.com.

For more information: https://www.vegaxholdings.com

About VegaX Holdings:

VegaX Holdings (VegaX) is a cryptocurrency index platform providing actionable cryptocurrency indexes and index-based asset management products for traditional investors. Established in 2019, VegaX creates next-generation indexes and financial products that are needed to support the growth of the cryptocurrency industry and improve returns for investors worldwide. Headquartered in New York, NY and Seoul, South Korea, VegaX has a globally distributed team passionate about building infrastructure to support the next generation of digital assets. Better indexes, Better Returns – VegaX: https://vegaxholdings.com/

About UNCAP Investment Management:

UNCAP Investment Management is a boutique cryptocurrency and blockchain-focused alternative investment firm. UNCAP’s flagship offering is a Cayman domiciled hedge fund, which features an opportunistic multi-strategy approach, including quantitative trading, arbitrage, structured products, liquid token selection and project level investment. Through utilizing long-biased products, alongside yield generation and early-stage investments in VC projects, UNCAP seeks to capture the upside of the asset class and mitigate downside over time.

Leadership:

Sang H. Lee – CEO

Natasha Bansgopaul – COO

Media Contact:

press@vegaxholdings.com

212-457-8974

VegaX URLS:

• https://vegaxholdings.com/
• https://twitter.com/VegaXHoldings
• https://www.facebook.com/VegaXHoldings/
• https://www.linkedin.com/company/vegaxholdings
• https://medium.com/@VegaXHoldings
• https://www.instagram.com/vegaxholdings/

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

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Biggest Movers: STEPN GMT Remains Close to Record Highs, as GRT and CAKE Trade Higher

Following a short-lived move above $4.50 on Wednesday, GMT was once again higher, and traded up by over 20% in today’s session. GRT was another big gainer in Thursday’s session, as it moved to a multi-week high, whilst CAKE rebounded after recent losses.

The Graph (GRT)

Newly formed GMT was undoubtedly today’s top gainer, climbing by over 20%, however due to its infancy in the markets, there is not enough history to support a true technical view of its price movement.

However, another token with similar initials also conjured up double-digit gains on Thursday, and that is in fact GRT.

GRT/USD rose to an intraday high of $0.4084 during today’s session, which saw its price up by over 11% earlier in the day.

This peak follows on from a low of $0.3472 on Wednesday, which was close to its long-term support level of $0.3410.

Bulls have since carried prices from support to a now resistance level of $0.4040, which has now held, as earlier gains have eased.

GRT is now trading at $0.3779, whilst the 14-day RSI is also hovering below its own ceiling of 50.13, which could be the main obstacle preventing price from climbing back above $0.4000.

Pancakeswap (CAKE)

CAKE rebounded from a recent multi-week low on Thursday, as bulls seemed to have re-entered, following Tuesday’s engulfing bear candle.

As of writing, CAKE/USD hit a peak of $8.37 earlier in the day, as prices moved away from a recent support level.

This floor was at $7.40, and comes after a marginal breakout, which took price to a one-month low of $7.38 on Wednesday.

Since then, CAKE now looks to be heading for resistance of $9.40, as prices continue to consolidate after a month of market uncertainty.

In order to get towards this resistance, CAKE will first have to overcome the 48 level on the RSI, which looks as if it may be a ceiling.

Should this happen, some bulls may well be looking toward the $10.00 mark as a potential price target.

Will we see an extension of today’s GRT surge as we head into the weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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Blackrock Launches Blockchain ETF Offering Investors Exposure to Crypto Sector

The world’s largest asset manager, Blackrock, has launched a blockchain exchange-traded fund (ETF). The fund, trading on the NYSE Arca, gives investors exposure to “companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies.”

Blackrock Debuts Blockchain ETF

Blackrock, the world’s largest asset manager with $10 trillion in assets under management, announced the launch of its Ishares Blockchain and Tech ETF (ticker: IBLC) Wednesday. The new exchange-traded fund (ETF) is trading on the NYSE Arca.

The asset manager explained:

The Ishares Blockchain and Tech ETF seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies.

At the time of writing, the new blockchain ETF’s top holdings include Coinbase Global, Marathon Digital Holdings, Riot Blockchain, USD Cash, Galaxy Digital Holdings, International Business Machines, Hive Blockchain Technologies, Bitfarms, Paypal Holdings, Canaan, Nvidia, Advanced Micro Devices, Block Inc., Hut Mining, Argo Blockchain, and Cleanspark. Blackrock noted that its blockchain ETF does not invest directly in cryptocurrencies.

Rachel Aguirre, head of U.S. Ishares Product at Blackrock, commented: “The expansion of our megatrends line-up today reflects the power of the millennial and rise of the self-directed investor, whose buying habits have reshaped mainstream consumer behaviors, and in turn, the companies in which they invest.” She added:

We believe the moment is now to embrace these forward-looking investment themes before the market recognizes their full potential.

The world’s largest asset manager has been looking into offering clients exposure to the crypto sector. “Blackrock is studying digital currencies, stablecoins, and the underlying technologies to understand how they can help us serve our clients,” CEO Larry Fink said in March.

Earlier this month, Blackrock and a few other companies, including Fidelity, participated in a $400 million funding round for crypto firm Circle Internet Financial, the issuer of the stablecoin USDC.

“In addition to its corporate strategic investment and role as a primary asset manager of USDC cash reserves, Blackrock has entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USDC,” the crypto firm noted.

What do you think about Blackrock launching a blockchain ETF? Let us know in the comments section below.

via Kevin Helms

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Fuzzle NFT Game is Landing on Planet Earth

PRESS RELEASE. PLANET EARTH (April 27, 2022) – Gala Games has teamed up with Endless AI to introduce Fuzzle– a first-of-its-kind “living” NFT collectable, simultaneously pushing the boundaries of conversational AI and blockchain gaming through a groundbreaking interactive entertainment experience with loads of utility.

Fuzzles have come to explore Earth and learn all about its human inhabitants. Fuzzles’ superior artificial intelligence is accompanied, however, by a total naivety of Earth and its culture. Fuzzles say what’s on their mind, and will often inspire “What the fuzz!?” reactions.

“Our mission is to make magical products that blow people’s minds,” said Michael Fox, CEO and Chief Creative Officer at Endless AI. “We see ourselves as pioneers navigating the uncharted worlds of blockchain-based entertainment and AI-enabled interactivity. With the “living” NFTs of Fuzzle, we’re just scratching the surface of what the future may hold. The possibilities are endless.”

Each Fuzzle is a completely unique “living” NFT. Fuzzles aren’t just art, and have been ‘brought to life’ through Clockwork– Endless AI’s intelligent production platform and OpenAI’s GPT-3, which is the leading Natural Language Processing AI. This enables Fuzzle to speak naturally with its owner and for it to respond with contextually relevant questions and ideas. Ownership of a Fuzzle opens up access to special community events and ways to earn rewards.

“The first time my Fuzzle told me he was developing methods to turn me into human-meat meatballs, I knew we had a project like the world has never seen before,” said John Osvald, President of Games at Gala Games. “Fuzzles are right on the bleeding edge of AI, gaming, and blockchain and we can’t wait to see how people interact with them.”

Fuzzle Pods will be available for humans to purchase as NFTs on April 27, and owners of Fuzzle NFTs will unlock in-app gameplay soon after they are revealed. Fuzzle owners is able to interact with their Fuzzles on dedicated iOS or Android apps.

Recently Times Square has been overrun by adorable alien invaders as Fuzzle, an AI NFT project, unleashed multicoloured, unlikely conquerors all over the 180-degree view billboard at 7th and 48th. These odd alien creatures curiously surveyed the crowds, towering over the thousands passing below. Fuzzle will be appearing on the billboard intermittently until May 1st 2022.

About Endless AI

Endless AI is a technology-driven entertainment company focused on the fusion of AI-enabled interactivity and blockchain technology to make magical products for a Web3 world.. The endless team brings experience from some of the biggest games and interactive stories to date – including Jam City’s mega-hit Harry Potter Hogwarts Mystery, the billion-downloaded Minion Rush, the original Pokemon Trading Card Game Online, Telltale’s Game of the Year-winning Walking Dead, and $200M-grossing Minecraft and Batman series.

About Gala Games

Founded by Eric Schiermeyer, the co-founder of Zynga, Gala Games was founded to make blockchain games that players actually want to play. Launched in 2019 and powered by the world’s largest decentralized gaming node network, Gala Games has been built to give power to the gaming community.

For more information please visit

Gala Games Website: https://app.gala.games/

Fuzzle Website: https://collectfuzzle.com/

Join the conversation Discord @GalaGames.Chat

Join Telegram: @GoGalaGames

Follow Fuzzle on Twitter: https://twitter.com/FuzzleOfficial

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

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Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low

Market uncertainty in crypto was once again higher on Thursday, as traders continue to anticipate next week’s Fed decision. Following a drop to a one-month low during Wednesday’s session, BTC rebounded, with prices now hovering below $40,000. ETH also rallied, attempting to break out of the $2,950 resistance level.

Bitcoin

BTC was back in the green on Thursday, as bulls bounced back following yesterday’s drop, which sent prices to a one-month low.

Wednesday saw BTC/USD trade at a bottom of $38,555.90, however the momentum swung today, with prices hitting an intraday high of $39,798.51.

This rebound saw the world’s largest cryptocurrency move past its long-term resistance level of $39,700, prior to tailing off.

Gains eased as historic uncertainty crept up on bulls, with some opting to take profits for now, rather than attempting to break through $40,000.

Looking at the chart, the 14-day RSI also broke through its own resistance of 43, after a brief stint below 40, and is now tracking towards a higher ceiling of 45 .

Today’s bulls, who have not given up earlier positions, will likely look at that 45 RSI level as an ideal point to exit, when price will likely be above $40,000.

Ethereum

Thursday was also favorable for ETH bulls, as its long-term support level of $2,780 once again proved to be sturdy enough to avoid a break.

ETH/USD climbed to a high of $2,939.98 earlier in today’s session, which comes after the price fell to a low of below $2,800 on Wednesday.

Moving away from its recent floor, today’s surge saw price move closer to resistance, however the rally wasn’t strong enough to break the $2,950 ceiling.

As of writing, the world’s second-largest token is trading marginally above $2,900, with relative strength also facing some obstacles.

Looking at the chart, the RSI is tracking at 43.70, which is slightly under its ceiling of 44.20, and this will likely be the main hurdle in the way of further gains.

If this fence were to be cleared, we will likely be talking about ETH tracking not only above $3,000, but heading towards $3,100.

Is next week’s Fed rate decision impacting the moves of crypto traders? Leave your thoughts in the comments below.

via Eliman Dambell

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Russian Law Enforcement Submits Proposals to Regulate Seizure of Crypto Assets, Data Sharing

Russian Ministry of Finance has accepted a number of crypto regulatory proposals submitted by the country’s law enforcement departments. They cover a range of related areas, including the seizure of digital assets and the reporting of information on cryptocurrency transactions.

Finance Ministry of Russia Backs Regulations Proposed by Law Enforcement Agencies

Russia’s Ministry of Finance (Minfin) has supported some regulatory ideas regarding cryptocurrencies put forward by the nation’s law enforcement services, the daily Izvestia unveiled this week. The ministry is responsible for drafting the legislation that will introduce comprehensive rules for the nation’s crypto space, which is only partially regulated at the moment.

The new bill “On Digital Currency” is expected to be filed with the State Duma, the lower house of Russian parliament, in May. A number of government institutions have provided feedback and suggested amendments to the draft, including several relevant ministries, the Federal Tax Service (FNS), and Russia’s financial watchdog, Rosfinmonitoring.

Law enforcement departments have also proposed certain provisions pertaining to their respective fields. For example, the Federal Security Service (FSB) wants to oblige crypto exchanges and wallet providers to share information not only with courts but also with investigators working on cases involving digital financial assets.

The Ministry of Internal Affairs (MVD) believes that the draft law “On Digital Currency” does not fully detail the procedure that exchanges should follow when they have to freeze cryptocurrency funds following a court order. The department also calls for the adoption of rules for the establishment of wallets that will be used to store confiscated crypto assets.

According to a document seen by Izvestia, the Minfin has agreed to incorporate the proposals of the FSB and MVD into the new law. The ministry has also accepted the suggestion of the FNS to tighten regulations for unlicensed crypto exchanges and wallet providers. The tax service wants to ban the advertising of such platforms in Russia.

However, the finance ministry has rejected other initiatives of the security and tax officials aimed at introducing even harsher rules. The department considers it inappropriate to impose “excessively detailed and strict regulation” at this stage of the crypto market’s development, warning this could cause an outflow of both customers and investors.

Meanwhile, Prosecutor General Igor Krasnov has reiterated his opinion that digital currency provisions should be added to Russia’s criminal law. This will help law enforcement to investigate cases of cryptocurrency theft and seize crypto funds. In his annual address to the Federation Council, the upper house of parliament, Krasnov noted that crime involving virtual assets is on the rise.

What do you think about the crypto regulatory proposals of the Russian law enforcement agencies? Let us know in the comments section below.

via Lubomir Tassev

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Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets

The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment.

Russian Stock Exchanges to List Digital Financial Assets, Central Bank of Russia Suggests

Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia (CBR) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain.

Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersant reported. The discussions were focused on the new plan to organize the trading of DFAs and utilitarian digital rights (UDRs) drafted by the CBR.

Some crypto-related activities in Russia were regulated with the law “On Digital Financial Assets,” which went into force in January 2021, including issuance of digital coins (digital financial assets) and fundraising through tokens (digital rights). However, other operations such as mining and trading, as well as the circulation of cryptocurrencies, remained unregulated. A new law “On Digital Currency,” authored by the finance ministry, aims to change that.

A source from Russia’s financial sector, who took part in the meeting, told the business daily that the exchanges and the brokers supported the idea to trade digital assets, which would expand the array of financial instruments available to them. At the same time, the information system operators were skeptical about the proposal.

They fear that admitting stock exchanges into this market will jeopardize the business of digital asset platforms which have not had enough time to develop yet. Their representatives also warn about various challenges, including those related to the implementation of blockchain technologies and the slower pace of operation of traditional exchange platforms.

On the other hand, officials from the Moscow Exchange welcomed the initiative, stating they were ready to discuss it further. “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets,” they noted during the talks.

According to Pavel Utkin, a lead lawyer at Parthenon United Legal Center, Bank of Russia seeks to gain control over the circulation of DFAs and turn their trading into something similar to the regular stock market. “Since the regulator has lost the battle with the Ministry of Finance to block the circulation of cryptocurrencies in the country, it is necessary to create a platform that will make it possible to control the circulation of these assets,” the expert elaborated.

Do you think the Central Bank of Russia will be able to establish control over crypto trading in the country? Share your expectations in the comments section below.

via Lubomir Tassev

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Former Chinese Central Bank Governor: US Dollar Will Remain Global Reserve Currency, Says It ‘Has Great Inertia’

In remarks that appear to pour cold water on assertions that digital currencies will topple the U.S. dollar anytime soon, a former governor of the Chinese central bank, Zhou Xiaochuan, insisted the greenback will remain in its position as the global reserve currency. Xiaochuan said the dollar still “has great inertia.”

Process to Change Role of Dollar Very Slow

The former governor of the Chinese central bank, Zhou Xiaochuan, insisted in a recent interview that “unless there is [a] change in the global landscape” the U.S. dollar will remain the global reserve and payment currency. While he admitted that digital currencies could potentially become alternatives to the dollar, the former governor claimed that any process to change the role of the dollar is likely to be “very slow.”

In his remarks while being interviewed by CGTN, Xiaochuan, however, suggested that policy “mistakes” by the U.S. government might potentially have a bearing on the dollar’s continued dominance. Xiaochuan, who is now the vice-chairman of the Boao Forum for Asia, points to the use of the dollar as a sanctioning tool as one such mistake. Xiaochuan explained:

For example, if we rely too much on the dollar system to impose financial sanctions, of course, if you impose sanctions, people will hide from you, and your role in payment and reserves will inevitably decline.

Still, the former governor cautions that using the dollar system to impose sanctions just like other factors will not lead to the sudden waning of the currency’s dominance. He said when looked at from the perspective of reserves or from that of value storage, the dollar “has great inertia.”

“You can’t say that the things you saved before are suddenly useless,” argued Xiaochuan.

People Used to Dollar Payment System

When looked at from the perspective of payment, the former governor argued that because people have become used to getting paid in dollars, it will be difficult for them to suddenly shift to an alternative.

Despite not being optimistic about the prospects of alternatives to the dollar, Xiaochuan nonetheless suggested that China does advocate for a global reserve that is not dominated by one currency.

What are your thoughts on this story? Tell us what you think in the comments section below.

via Terence Zimwara

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Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12%

NEAR saw recent losses extend on Wednesday, as it fell to a one-month low during today’s session. The decline in NEAR came as XMR also traded in the red, falling to a multi-week low in the process.

NEAR Protocol (NEAR)

NEAR was one of the biggest tokens to fall on hump-day, as prices fell to a one-month low earlier in today’s session.

Following a peak of $15.18 on Tuesday, NEAR/USD slipped to an intraday bottom of $12.50 on Wednesday.

The drop saw NEAR fall to its lowest level since March 27, and keeps prices close to recent support of $12.45.

Since hitting this floor, there has been somewhat of a rebound, with the price now trading at $12.84, which is still nearly 7% lower than yesterday’s high.

This comes as bulls have historically used this floor as an entry point, with a few rallies occurring at this level in the past.

Aside from this, the 14-day RSI is now hovering around a two-month low, which could be another reason for some to remain optimistic about potential rebound.

Monero (XMR)

XMR was down by over 12% in today’s session, however as the day matured, losses somewhat eased from earlier lows.

As of writing, XMR/USD is trading at $225.58, which follows on from today’s intraday bottom of $224.32.

Overall, monero has been trading lower for the past six sessions, with today’s low coming less than 24 hours after a top of $243.88.

This latest decline pushed prices below the long-term support level of $229.00, taking XMR to a two-week low in the process.

While prices are trading at a multi-week low, the 14-day RSI is currently tracking at its weakest point since February 26.

Should this recent trend continue, it is likely that bears will be looking to push price toward the lower support level of $211.00.

Will we see XMR end this bearish trend heading into the weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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