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Reserve Bank of India Advocates for Crypto Ban

The Reserve Bank of India (RBI) has advocated for a blanket ban to be imposed on the digital currency ecosystem as the central bank believes this nascent asset class poses a threat to the rise of the country as a global power.　　While the underlying concern seems noble, the call from the RBI, which comes as a published critical bulletin, has sent the crypto world into a new frenzy, having nursed the possibilities of these currencies being regulated in the country.　　India remains a crucial hub for the future of digital currencies, not just because of its population and market but also because great talents come from the country. In the Bulletin, the RBI acknowledged and commended the technology backing the cryptocurrencies. The understanding that their existence poses a threat to the financial sovereignty of India is enough ground for an outright ban.　　“Historically, private currencies have resulted in instability and have evolved into fiat currencies over centuries. The retrograde step back to private currencies cannot be taken simply because technology allows it without considering the dislocation it causes to societys legal, social and economic fabric.”　　Indian authorities were making excellent headway in pushing for the regulation of the crypto ecosystem as consultations with

2022-03-22Deep Dive

FTX US President explains how crypto can help marijuana businesses

The banking problems of Marijuana-Related Businesses (MRB) is real. Currently, 34 states within the US allow either recreational or medical usage of cannabis. Even though possession and distribution are still illegal, the MRB industrys estimated worth is at $16 billion. This number is expected to reach $57 billion by 2027.　　Yet, only 30% of the MRBs have a bank account. The majority of the businesses are effectively underbanked, and according to FTX USs president Brett Harrison, crypto can help them out. In a recent Twitter thread, Harrison described the reasons why MRBs are underbanked and described how crypto can be applied to provide an effective solution.Reluctance of Banks　　Harris gives three reasons why major national banking systems are not eager to accept MRBs as customers.　　The first reason is that the state-based legalization of cannabis is not good enough for them. There are still 17 states that havent legalized marijuana. Harrison argues that until cannabis is legalized federally or legislation on legalization passes, national banking systems will not accept MRBs as customers.　　Secondly, according to Harrison, banks treat MRBs as high-risk businesses which fall under the same category as gambling or firearms businesses. High-risk organizations require certain compliance programs which may be prohibitive for

2022-03-21Deep Dive

Here’s why war in Ukraine is bound to transform the nature of donations

When Russia invaded Ukraine, large numbers of people from around the world immediately pledged their support to the country under siege, donating their time and money to the cause. However, not many of their initial attempts were successful. Some fundraising pages for the country, such as Patreon, were removed for no apparent reason. Anyway, this is not the entire story. Heres how, despite being bombed, innovators managed to do the right thing while working for a more decentralized future for the industry.Unconditional Support and Global Struggle　　When the conflict erupted and all of Ukraine‘s major cities, as well as its economic and commercial centers, were attacked, it became clear that traditional funding would be rendered ineffective if all banks ceased to function. Back then, Mykhailo Fedorov, Ukraine’s vice prime minister, said, “Now even meme can support our army and save lives from Russian invaders,” referring to the well-known Dogecoin.　　Aid for Ukraine, a platform in the form of a decentralized autonomous organization (DAO) established by Solana in collaboration with the Ukrainian government, was the first milestone in the entire crypto donation process. At this moment, this charity initiative holds nearly $1.4 million worth of funds that, as developers assure us, “will go

2022-03-21Deep Dive

Why is Cryptocurrency trading so beneficial and popular?

The benefits of trading cryptocurrency include:Volatility　　While the crypto market is still new, it has experienced some volatility because of the short-term speculation interest. Between October 2017 and 2018, Bitcoins price rose to $19,378 and dropped down to $5,851. Other cryptocurrencies have been more stable, but new technology can attract more interest.　　However, that volatility is what makes the market exciting. Rapid price movements throughout the day can give you many opportunities. Still, it comes with a bigger risk. Make sure you research the cryptocurrency market and develop a risk-management strategy before doing much else.Market hours　　The crypto market is usually open to trade 24/7 because theres no governance. The transactions take place between individuals and on exchanges throughout the world. However, there could be downtime periods when the market adjusts to infrastructural updates.Better liquidity　　Liquidity measures how easily and quickly a cryptocurrency is converted to cash without impacting market prices. Its crucial because it brings faster transaction times, better pricing, and better accuracy.　　Generally, the cryptocurrency market is called illiquid because its transactions are dispersed through many exchanges. Overall, smaller trades have a big impact on market prices. That also ties into volatility.　　When you trade Bitcoin CFDs, you have better liquidity because it sources

2022-03-21Deep Dive

Metametaverse Secures $2 Million — Aims to Achieve Metaverse Interoperability

The Metaverse Interoperability Question　　The idea of the Metaverse linked to digital experiences and token economies is relatively new, and just now hundreds of companies are building their own version of the metaverse. Be it a work-related environment, or a gaming-focused world, all of these metaverses have their place as an application of the technology.　　Metametaverse, a company founded by Joel Dietz, one of the founder architects of Metamask, wants to provide a tool to make all these metaverses interoperable and available for users to enjoy. For this task, Metametaverse proposes a Layer 1 blockchain in the same fashion that Ethereum or Bitcoin, but with a different purpose, which is to serve as a metadata pool to connect different experiences in the metaverse.　　The company already has 25 people working towards this task and its scope includes a language to create metaverses and to communicate them even while residing in other blockchains, which would make it blockchain agnostic. In an interview with Venturebeat, Dietz explained this task would be like　　reinventing the internets Domain Name System (DNS), which is the addressing system for finding things on the internet. But this would be a coordinate system for complex 3D objects that live in a 3D

2022-03-21Deep Dive

US Treasury Official: We Don't See That Crypto Could Be Used in Large-Scale Way to Evade Sanctions

Treasury Departments View on Crypto Use to Evade Sanctions　　Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters.　　The senior Treasury official explained that the crypto market is currently not large enough to run an economy on, and the crypto ecosystem is too underdeveloped to effectively facilitate sanctions evasion on a large scale.　　“The transaction size weve seen is fairly small. Of course, we recognize we may not see everything, but there is a fair amount of oversight,” Liang was quoted as saying. She elaborated:　　At this point, we just dont see that it could be used in a large-scale way to evade sanctions.　　The official revealed that the Treasury has been studying the issue for years. In addition, the Group of Seven (G7) advanced economies and other countries have raised concerns about the use of cryptocurrency for illicit finance.　　She added:　　While its growing because the use of crypto is growing, its share as a medium for illicit finance is not anywhere as large as just using cash.　　Despite many sources confirming that cryptocurrency is currently not an effective tool for sanctions evasion on a large scale, Senator

2022-03-21Deep Dive

Three EU Regulators Warn Crypto Investors of Potential Losses

Three European Union regulators, the European Banking Authority (EBA), European Securities and Markets Authority (ESMA), and European Insurance and Occupational Pensions Authority (EIOPA), have warned investors in the digital currency ecosystem within the bloc of potential losses inherent in the volatile ecosystem.　　The call was accompanied by warnings of the likelihood of the investors losing their money and not having the right to seek any form of help from the government as the digital currency ecosystem has no investor protection laws.　　Regulators have shown worry as there has been an increase in consumers buying 17,000 different crypto-assets, such as bitcoin and ether which forms 60% of the crypto market, without entirely being aware of the risks involved.　　“Consumers face the very real possibility of losing all their invested money if they buy these assets,” the regulators said. “Consumers should be aware of the lack of recourse or protection available to them, as crypto-assets and related products and services typically fall outside existing protection under current EU financial services rules.”　　The EU is one of the most prominent hubs for crypto-related activities, with a lot of startups offering services in the ecosystem springing up at a fast pace. The warnings from the watchdogs are notably

2022-03-21Deep Dive

Crypto Exchange FTX Partners With AZA Finance 'to Expand the Adoption of Web3 and Digital Currencies

Bolstering Adoption of Web3 and Crypto in Africa　　Hong Kong-based cryptocurrency exchange FTX recently announced the start of a partnership with AZA Finance, whose objective is to “expand the adoption of Web3 and digital currencies throughout Africa.” This also includes non-fungible tokens (NFTs).　　A statement released by AZA Finance said the two companies will work to “create pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities.” The statement added that the two firms are also hoping to “Make it easier than ever to deposit and pay out in African currencies on FTX.com, including mobile money and local bank account integrations.”　　In her comments following the announcement, Elizabeth Rossiello, the CEO and founder of AZA Finance, said her company was ready to help FTX expand its footprint across the African continent. She added:　　As we built Africas largest platform for trading African currencies, one thing has been clear – that this continent is the future of global, digital economies. After serving these booming enterprises for years, we know that the next generation of users, creators & builders for the Web3 economy is undoubtedly African.　　According to the statement, AZA Finance, which operates in 10 African countries, offers

2022-03-20Deep Dive

Peter Thiel Says His ‘Biggest Mistake of the Decade Was Getting Too Late and Too Little Into Bitcoin

Paypal Co-Founder Peter Thiel Reveals the Biggest Mistake He‘s Made in the Last Decade　　Last week, the new book dubbed “The Founders” written by Jimmy Soni was discussed at great length during a panel conversation with the co-founders of Paypal. The book called “The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley,” was published last month and the story gives an account of Paypal’s origins.　　The callin.com broadcast published on March 12, features the Paypal co-founders Peter Thiel, Max Levchin, David Sacks, and Luke Nosek. While most of the conversation touches on the Paypal origins topic, at the 55:30 mark, the discussion turned to cryptocurrencies. The host of the discussion managed to squeeze in one more question, as he said “it would not be a tech conversation without a little bit of wild-eyed forward-looking statements.”　　The discussion host explained that amid Paypals rise, a “whole crypto thing going on” and he highlighted how Peter Thiel has “written and spoken a lot about it.” When asked what the group thinks about “payment systems now and crypto,” Thiel responded. The Paypal co-founder remarked:　　The biggest mistake I made in the last decade was getting too late and too little into bitcoin.While Thiel

2022-03-20Deep Dive

Here’s how the new sanctions bill could hurt the crypto industry

Yesterday, a group of democratic co-sponsors led by Senator Warren introduced a bill titled the Digital Asset Sanctions Compliance Enhancement Act. The bill presents certain precautions to properly prevent Russia from using crypto to evade economic sanctions.　　In addition to the fact that crypto cant single-handedly rescue Russia and that most countries are already applying crypto sanctions, the introduced precautions apply restrictions on persons who build, operate, and use cryptocurrency networks even if they have no knowledge or intent to help anyone evade sanctions. Anyone who publishes open-source software or facilitates communication among network participants would fall under that definition and face sanctions themselves.What would happen if the bill passed？　　The bill calls for sanctions on:　　“Anyone who significantly and materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of any [sanctioned] person.”　　This vague definition is very prone to be used in an overinclusive manner. So lets briefly go over the first actors that come to mind.All exchange platforms　　From the above sentence, exchange platforms are direct collocutors of “goods or services.” Even though non-compliant overseas crypto exchanges remain the most significant threat against Anti Money Laundering and Counter Financing of Terrorism, this act

2022-03-20Deep Dive
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