Crypto Guides, Knowledge & Insights

Global Blockchain Technology Market to Reach $19.9 Billion by 2026

The technology at the heart of bitcoin, blockchain technology is today gaining significant importance. Blockchain is a permanent database that keeps record of every transaction that is executed. The technology has become an integral part of business-to-business and business-to-consumer commerce, products and legal processes. In the banking, financial services and insurance sector, growth is expected to benefit from the growing adoption of blockchain in applications such as digital identities, payments, exchanges and documentation.　　Financial institutions have been spearheading innovations in the Blockchain technology space, with the sector already witness to successful implementations of use cases such as Nasdaq`s private market trading platform and Ripple`s cross border payment platform. Blockchain holds significant potential for prescription management, medical data, online shopping and other areas. The technology is likely to help companies in controlling supply chains, achieving traceability of products and maintaining auditable record of goods movement. In the post COVID-19 period, growth in the market will be led by next-generation blockchain innovations and the resulting development of new applications areas. Blockchain-based identity management systems are likely to emerge as one of the most notable innovations in the next-generation Blockchain space.　　Amid the COVID-19 crisis, the global market for Blockchain Technology estimated at US$2.5 Billion

2022-02-23Deep Dive

Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors

Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency scheme that has duped about 2,000 investors out of $5.4 million.　　11 People Arrested so Far in Cryptocurrency Scam in India　　Indian police have cracked down on a cryptocurrency investment scheme that has duped over 2,000 investors out of 40 crore rupees ($5.4 million).　　The number of arrests reached 11, seven of whom were arrested on Sunday in Maharashtras Nagpur, according to PTI.　　The main accused, Nishid Wasnik, and his wife Pragati, along with two other associates, Gajanan Mungune and Sandesh Lanjewar, were arrested one day prior in Pune. They went into hiding in March last year and had been on a run until they were arrested Saturday, the police said.　　An official described that Wasnik used to flaunt his luxurious lifestyle to lure people to invest in a firm he claimed to be dealing in ether (ETH) cryptocurrency. The official was quoted as saying:　　“He manipulated the website of the firm to show a steady rise in the value of investments while transferring money into his accounts fraudulently between 2017 and 2021.”　　The police said all 11 people were charged under IPC, Maharashtra Protection of Interest of Depositors Act and Information Technology

2022-02-23Deep Dive

El Salvador’s Tourism Sector Grows By Over 30% — Thanks To Its Great Bitcoin Experiment

The tourism industry in El Salvador has significantly improved ever since the Central American nation passed its Bitcoin Law, which paved the way for citizens to pay taxes in BTC and use the cryptocurrency as a medium of exchange.　　Tourism In El Salvador Has Soared 30% Since Bitcoin Adoption　　When El Salvador formally adopted bitcoin as a legal tender in September 2021, many people reacted skeptically. While pundits and international financial institutions were swift to criticize the tiny Latin American nation‘s supposedly utopian decision to embrace bitcoin, the cryptocurrency has not only boosted the country’s gross domestic product (GDP) but has also transformed the tourism industry.　　In a Monday interview with local media, Salvadoran Minister of Tourism Morena Valdez said the tourism sector has in fact grown by more than 30% since the country started recognizing the oldest and most valuable cryptocurrency as official currency.　　Valdez noted that the growth of this sector had transcended the expectations of the government, registering 1.4 million visitors instead of the projected 1.1 million visitors.　　The countrys income also exceeded expectations. “We had projected $800,000 in foreign exchange, but we obtained more than $1,400 million of income in foreign currency,” she posited.　　Valdez added that the embrace of bitcoin has

2022-02-23Deep Dive

Kazakhstan Shuts 13 Illegal Bitcoin Mining Farms

Kazakh Ministry of Energy has discovered and shut down 13 illegal cryptocurrency mining farms in the country. This move has landed amid the governments effort to regulate the crypto mining sector. Kazakhstan stands in the second spot with an 18.1% share in terms of bitcoin mining in the world following the United States with 35.4%. Meanwhile, Russia stands at third with a share of 11.2%.　　13 illegal BTC mining farms shut　　Kazakhstans authority of Nuclear and Energy Supervision, and Ministry of Energy with other state bodies conducted joint checks to identify digital mining objects.　　“As a result of the inspections carried out over the past 5 days, mobile teams have identified and stopped 13 mining farms with a total power consumption of 202 megawatts,” the Energy Ministry said in a statement　　“The facilities of digital mining have been found all over the country, which starts with the Karaganda region, Pavlodar, Turkestan, Akmola, Kostanay, Nur-Sultan, Almaty, and Shymkent. Self-restrictions were also introduced in the West Kazakhstan region digital mining with a total capacity of 91 MW, in the Karaganda region – 44 MW,” said the Energy Ministry　　The Kazakhstan government has alerted that work to identify and disconnect mining farms from the electrical networks will continue.

2022-02-23Deep Dive

Bitcoin loses to gold amid Ukraine crisis. What's next for the cryptocurrency?

Bitcoin dropped to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level.　　Bitcoin dropped for a sixth straight day, touching a low of $36,372 on Tuesday after Russian President Vladimir Putin said hes recognizing two self-proclaimed separatist republics in eastern Ukraine and ordering troops there. Other cryptocurrencies also declined, with Ether off as much as 2.9% and XRP down as much as 6.7%.　　Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil. At the same time, gold has reached its highest level since June.　　“In the globes latest maelstrom -- U.S./Russia/Ukraine -- Bitcoin, the asset purported to be the answer to every question, has quietly weakened and is notably underperforming its arch-enemy, gold,” said John Roque of 22V Research in a note on Monday.　　Roque predicted Bitcoin may fall below $30,000 -- a level it hasnt seen since July -- as traders increasingly favor gold, potentially pushing bullion to an all-time high.　　“Bitcoins inability to hold $40,000 amid heightened Ukraine tensions means $30,000 is back

2022-02-22Deep Dive

Is Canada planning to make the financial surveillance act permanent?

The financial surveillance resulting from the Emergencies Act may become a permanent fixture of Canadian society.　　Reports emanating from the country state that the government is considering making these laws permanent. If this happens, centralized crypto platforms operating in the country will become severely affected.　　Canada wants to make surveillance permanent　　Per a previous report, Canadian prime minister Justin Trudeau recently invoked the Emergencies Act to end the series of anti-vax demonstrations in the country. This law makes it possible for financial institutions to freeze individuals accounts without a court order.　　Originally meant to curb terrorism financing and similar criminal activities, the government extended it to cover protesters involved in the protest. It also expanded the law to include cryptocurrency as part of the assets that can be frozen.　　This was done to cut crypto donations to the protesters. More than 30 crypto wallets have already been frozen courtesy of the Act.　　However, it seems the government is considering making the financial surveillance permanent. According to the deputy prime minister, Chrystia Freeland, whos also the finance minister, the government is reviewing making the financial surveillance rules permanent.　　If this happens, it‘ll mean the government has the enduring power to freeze an individual’s account without obtaining a court

2022-02-22Deep Dive

President of Peru Central Bank Criticizes Crypto, Citing Lack of Intrinsic Value and Climate Change

Julio Velarde, the president of the Central Bank of Peru, attacked the value of cryptocurrencies and referred to negative effects they are said to have on the environment. In a recent interview with local media, Velarde said the Bank did not consider bitcoin a payment method. Instead, Velarde referred to it as a “highly volatile financial asset,” that people purchase for this volatility risk.　　President of Bank of Peru Blasts Crypto　　Julio Velarde, the president of the Central Bank of Peru, recently shared his opinion and the considerations that the bank has about cryptocurrencies. The official stated that these new elements in the economy had some defects compared to their fiat counterparts.　　Velarde first referred to the volatility of bitcoin and other cryptocurrencies, stating that they are “highly volatile financial assets.” Velarde also explained that this is the attractive part of cryptocurrency because people and traders purchase them because of this risk.　　One of the reasons for this volatility is the lack of intrinsic value of these assets, according to Velarde. He explained that due to this, “people may lose interest in having it, and then the price can drop to anything.”　　Velarde also explained that there were environmental concerns regarding the use of cryptocurrencies,

2022-02-22Deep Dive

Malaysian Authorities Seized $13M Worth Crypto Mining Equipment in 2021: Report

Bitcoin (BTC) mining operations have started to spread worldwide and invade not-so-friendly territories. In Malaysia, illegal crypto mining operations are at a record high.　　Drastic Rise in Bitcoin Mining　　Bukit Aman Criminal Investigation Department (CID) chief Datuk Seri Abd Jalil Hassan revealed that in 2021 alone, Malaysia had 570 investigation papers opened, 528 people arrested, and around $13 million worth of mining equipment seized.　　According to the report by Malay Mail, only 20 papers were opened, 26 individuals were arrested, and about $301K worth of equipment was seized. All in all, from 2020 to 2021, there has been a rise of an astonishing 4,200% increase with respect to confiscated items.　　The chief reportedly pointed out that the majority of the suspects were between the age of 18 to 30 years old, who he believes to have been lured by the promise of high returns. Interestingly, the oldest offender is 61 years old.　　Electricity Theft for Crypto Mining Operation　　While Malaysian policymakers have not entirely banned cryptocurrency mining, there are strict laws with regard to power use. As of August 2021, stats show that Malaysia accounts for around 3% of all the global bitcoin miners, placing it in the top ten mining destinations in the world.　　But bad

2022-02-22Deep Dive

Meta's Horizon Worlds Userbase Grows Tenfold in Three Months

Horizon Worlds Grows Amidst Metaverse Push　　Metas focus seems to be picking up steam among the VR crowd. The company announced that Horizon Worlds, one of its flagship metaverse apps allowing users to build and inhabit their own spaces, has reached a monthly active user base of 300,000 users for the first time.　　The information was shared by Chris Cox, the company‘s CPO, during a virtual meeting last week. The executive also stated this constituted a tenfold increase in this metric in just three months, according to The Verge. The app was recently featured in Meta’s Quest 2 Super Bowl ad, something that might have contributed to its newfound popularity alongside the rise of the metaverse as a new technology.　　While the company celebrates this achievement, the growth of the tool is closely linked to the number of VR headsets available for users. This is because the app is only available for users of these headsets, able to experience the worlds in an immersive way. However, there seems to be a growing interest in the metaverse app, as it announced recently that users had created over 10,000 worlds.Horizon Worlds Expansion Plans　　The company plans to keep expanding its userbase by allowing more users to

2022-02-21Deep Dive

JPMorgan Opens a Lounge in the Metaverse After Stating the $1 Trillion Market 'Will Likely Infiltrat

JPMorgan on the Metaverse　　Global Investment bank JPMorgan recently published a report titled “Opportunities in the metaverse.” The report is authored by Christine Moy and Adit Gadgil. Moy is the global head of Liink, Crypto & the Metaverse at Onyx by J.P. Morgan. Gadgil is the head of e-commerce solutions at J.P. Morgan Payments.　　The JPMorgan report details:　　The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.　　The report cites research by Grayscale Investments which states: “The metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.”　　“As a result, we see companies of all shapes and sizes entering the metaverse in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others,” the authors wrote.　　JPMorgan proceeded to outline its approach to the metaverse. “The success of building and scaling in the metaverse is dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds,” the authors explained, adding:　　Our approach to payments and financial infrastructure will allow that interoperability to grow.　　The investment bank

2022-02-21Deep Dive

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