Crypto Guides, Knowledge & Insights

Ukraine Crypto Donations: Government Now Accepts Over 70 Crypto Assets

Calls for Widening List of Accepted Crypto Donations　　Lithuania-based crypto payment processor Coingate recently said it has begun an arrangement with the Ukrainian central bank that has seen the number of crypto assets well-wishers can donate to the countrys armed forces rise from just four to more than 70.　　This widening of the list of accepted crypto assets comes just a few days after the Ukrainian government acceded to Polkadot creator Gavin Woods pleas to have DOT added to the list of cryptos accepted for donations. As reported by Bitcoin.com News, shortly after the Ukrainian government said it would accept polkadot donations, Wood immediately honored his pledge and donated DOT coins worth over $5 million.　　Consequently, the Ukrainian governments decision to accept DOT and three other cryptocurrencies prompted more players in the crypto space, including Tron founder Justin Sun, to similarly plead with the Ukrainian government.Real-Time Conversion From Crypto to Fiat　　In his remarks following the announcement, Coingate‘s co-founder, Dmitrijus Borisenka denounced the conflict which he says “is disturbing the freedom of Ukraine and its people.” The crypto payment processor’s head of product, Sarunas Matulevicius, said:　　“We do what we do best. We have a platform that is able to process 70+ different cryptos with

2022-03-07Deep Dive

Japan Looks to Stop Sanctioned Russian Entities From Transferring Crypto Assets

As financial authorities around the world continue to target sanctioned Russian entities, regulators in Japan along with the countrys crypto association are attempting to find and close gaps that may be used to circumvent sanctions. The two bodies, however, have said they are not discussing the plan to block all Russians.　　Calls to Block Russian Users Rejected　　Japan‘s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly said they are trying to find ways of stopping blacklisted Russian entities from evading sanctions via the use of cryptocurrencies. Japan’s move to target Russian cryptocurrency users has come shortly after Tokyo imposed sanctions on Russian officials including the countrys President, Vladimir Putin.　　On the other hand, a report suggested that the two parties are, however, not discussing or deliberating on a plan to block all Russian users. Instead, the report said the regulator is focused on finding ways to stop anyone that uses cryptocurrencies to evade sanctions.　　As previously reported by Bitcoin.com News, some major cryptocurrency exchanges have refused to block all Russian users as has been demanded by many including Ukrainian President Volodymyr Zelenskyy. One of these exchanges, Kraken, said it cannot freeze the accounts of Russian clients without

2022-03-07Deep Dive

Singapore to Impose Restrictions on Russian Financial and Crypto Transactions

Singapore Becomes First Southeast Asian Nation to Impose Sanctions on Russia　　For the first time in decades, as acknowledged by a former diplomat, Singapore is taking steps to sanction another nation without approval from the United Nations Security Council. The city state is preparing to do that against Russia over its military invasion of Ukraine, the South China Morning Post reported, quoting the Ministry of Foreign Affairs which stated:　　For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent. This is why Singapore has strongly condemned Russias unprovoked attack on Ukraine.　　In an announcement published Saturday, the department detailed that the measures include the introduction of export controls on items that can be used for military purposes as well as restrictions on doing business with selected Russian banks — VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya — and non-bank entities. Their assets and funds in Singapore shall be frozen.　　Providing financial services facilitating fund raising by the Russian government, the central bank or affiliated entities will not be permitted. Restrictions will also apply to some sectors of the economies of the two breakaway Ukrainian regions, Donetsk and Lugansk, which Russia decided to recognize as independent states.　　Furthermore, certain crypto

2022-03-07Deep Dive

Paypal Joins Other Payment and Remittance Providers Suspending Services in Russia

Payments Giant Paypal Halts Services in Russia, Maintains Withdrawals for Now　　Paypal, the global online payments provider, has joint a growing list of fintechs supporting western sanctions against Russia over its decision to invade neighboring Ukraine. The company, which had been offering Russians only cross-border transactions, terminated its services in the Russian Federation on Saturday.　　Quoted by Reuters, President and Chief Executive Dan Schulman explained the move with “the current circumstances,” noting that Paypal stands with the international community and condemns Russias military aggression against Ukraine. The platform stopped accepting new Russian-based users earlier this week.　　Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant intends to “ensure that account balances are dispersed in line with applicable laws and regulations.”　　The announcement comes after calls from officials in Kyiv to suspend services in Russia and support Ukraines fundraising efforts. The U.S., California-headquartered company revealed before the weekend that it had “helped raise over $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in crypto donations.　　Paypals move comes after other payment and remittance platforms had already suspended certain services in Russia by the end of February.

2022-03-07Deep Dive

Elon Musk Says Starlink Will Not Censor Russian News Sources Despite Government Requests

Elon Musk Refuses to Censor Russian News Sources　　Spacex and Tesla CEO Elon Musk tweeted early Saturday morning that Starlink has been told by some governments to block Russian news sources. However, Musk said, “We will not do so unless at gunpoint. Sorry to be a free speech absolutist.”　　Starlink is operated by Spacex. The service “provides high-speed, low-latency broadband internet across the globe,” its website describes.　　Many people on Twitter commended Musk for not giving in to government requests.　　Replying to this tweet, a Twitter user told Musk, “Russian ‘news’ resources are propaganda resources.” The Spacex boss replied, “All new sources are partially propaganda, some more than others.”　　Russias parliament passed a draconian censorship bill this week to prosecute anyone spreading “false news” regarding the Russian military. Penalties include fines and up to 15 years imprisonment. Anti-war protestors and those calling for foreign sanctions on Russia can also be prosecuted. False news is described as anything not officially approved by the Kremlin.　　In addition, Russias media regulator, Roskomnadzor, has issued strict guidelines for coverage of Ukraine and the Russian military. The media across the country can only publish information provided by official sources. It is forbidden, for example, to describe the attacks on Ukraine as

2022-03-06Deep Dive

Rich Dad Poor Dad’s Robert Kiyosaki Advises Investors How to Profit From Inflation

Robert Kiyosaki on Profiting From Inflation　　The author of Rich Dad Poor Dad, Robert Kiyosaki, has advised his 1.8 million Twitter followers how to profit from inflation.　　Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.　　Kiyosaki tweeted Friday:　　How to profit from inflation. Biden wants inflation. I counter his criminal actions by investing in Texas and N. Dakota oil. Just bought a gold mine in Utah. Investing in Texas apartments, houses. Saving gold, silver, bitcoin … Invest like a capitalist.　　Kiyosaki has previously warned about inflation on several occasions. He blames President Joe Biden, his administration, and the Fed for destroying the dollar. Last year, he also warned about an imminent depression.　　In November, he similarly said he was buying more gold, silver, bitcoin, ethereum, rental real estate, and oil as concerns about inflation escalated.Kiyosaki on the Russia-Ukraine War　　The famous author has also spoken up a few times recently about the Russia-Ukraine war.　　He tweeted last week: “Putin in trouble. Ukraine‘s President Zelensky … is fighting

2022-03-06Deep Dive

Russia Proceeds With Efforts to Legalize Crypto Amid Sanctions Over Ukraine

Expert Council Meets in Russia to Discuss Law ‘On Digital Currency’　　Attempts to legalize and regulate operations with cryptocurrencies are ongoing in Russia, despite the situation surrounding the military assault the Kremlin launched in neighboring Ukraine. An expert council supporting the crypto regulatory working group at the State Duma, the lower house of parliament, is meeting today to review new legislation.　　The members of the body will hold discussions on the draft law “On Digital Currency.” The bill was submitted by the Ministry of Finance and reflects its concept on the matter. Unlike the Central Bank of Russia, the treasury department favors legalizing the industry under strict rules. Its approach has been backed by the federal government and other institutions.　　Bitnalog, a portal advising Russians on how to pay their taxes on crypto incomes and profits, has published an announcement by the Duma on Telegram about the upcoming meeting. It was originally supposed to take place on Friday, but the outlet later updated subscribers to its channel that it has been rescheduled for Saturday, March 5.　　In January, Bank of Russia proposed a blanket ban on most crypto-related activities, including use in payments, trading, and mining of digital currencies in the Russian Federation. The

2022-03-06Deep Dive

Gold outperforms Bitcoin as a store of value as BTC drops below $40K

As the weekend began, Bitcoin gave up the double-digit gains from earlier in the week to drop below a critical psychological marker of $40k. Data from Santitment charts the contest between Bitcoin and old as the premier store of value as the world continues to experience uncertainty.　　By overlaying the charts, it is clear that, as the likelihood of war increased, both Bitcoin and the S We can transfer Bitcoin’s value to loved ones within minutes. You can’t send physical gold to your family via your mobile phone.　　This opens up the debate about what makes a store of value in 2022？ If a store of value protects us from the day to day volatility of markets, then the above chart shows that neither gold nor Bitcoin passes the test. On the other hand, if a store of value is something that retains or increases over a long enough timeline, well, I don’t think Bitcoin has failed this test quite yet.　　Isn’t a digital store of value the most sensible option in an ever-increasingly digital world？

2022-03-06Deep Dive

Central Banks have been tinkering with digital currencies, and IMF approves

IMF has been pro-CBDC for a while, and the Central Banks from all around the world have been looking to digital currencies to replace cash and many have come a long way. Recently, IMF President Kristalina Georgieva acknowledged the recent movement towards CBDCs and re-stated their support to them by saying:　　“We know that the move towards CBDCs is gaining momentum, driven by the ingenuity of Central Banks. All told, around 100 countries are exploring CBDCs at one level or another. Some researching, some testing, and a few already distributing CBDC to the public.”　　Georgieva further elaborated:　　“As you might expect, the IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote the exchange of experience and support the interoperability of CBDCs.”　　Amongst the 100 countries President Georgieva mentioned, many are at the stage of development. However, there are some like Mexico who are still considering whether or not to invest in launching their own digital currency.　　Amongst the ones who are at the stage of development, Canada started working on their CBDC in 2019, and Russia and India have been working to launch their digital own digital currency. The Federal

2022-03-06Deep Dive

The Sandbox expands the metaverse of K-Pop with this key partnership

The Sandbox has announced a partnership with Cube Entertainment to expand business in the metaverse with the creation of a K-Culture complex in The Sandbox metaverse owned by Cube.　　The Sandbox and Cube entertainment will hold events to “introduce K-Culture in the Metaverse.” K-Culture will include K-Pop. A K-Culture complex in Cube Entertainment-owned LAND will allow users to virtually experience K-Culture from across the world. This partnership focuses on the detailed collaboration for business expansion regarding metaverse and NFT, which began with the establishment of ‘Anicube’, a new joint venture between Animoca Brands which is the parent company of The Sandbox and Cube Entertainment.　　The Sandbox Parent Animoca Brands is planning to promote not only K-POP but the entire K-Culture to continue business alliances in metaverse included in the Animoca Brands ecosystem through their new joint venture, named AniCube Entertainment.　　The joint partnership looks to leverage off the global success of K-Pop bands, including BTS and BlackPink. Animoca Brands placed K-Pop as the driving force behind the likely success of the partnership with Cube Entertainment.　　Cube Entertainment is a South Korean record label. Artists under the Cube Entertainment banner include Jo Kwon, Yoo Seonho. Bands include BTOB, CLC, PENTAGON (G)I-DLE, and LIGHTSUM.K-pop entering the

2022-03-06Deep Dive

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