Crypto Guides, Knowledge & Insights

Fed Chair Powell Says Cryptos 'Risky' but Not Cause for Concern

Federal Reserve Chairman Jerome Powell said in a press conference on Wednesday (Dec. 15) that he doesnt think cryptocurrencies are a concern for financial stability, calling them “really speculative assets,” per a MarketWatch report.　　That statement comes as the Fed readies to speed up its tapering of bond purchases and is planning three hikes next year for the benchmark interest rates.　　However, Powell said cryptocurrencies didnt factor into any economic worries right now.　　“I don‘t see them [cryptocurrencies] as a financial stability concern at the moment,” Powell said. “I do think they are risky, they’re not backed by anything, and I think there‘s a big consumer issue for consumers who may or may not understand what they’re getting.”　　Powell also said stablecoins would likely have a role in the future, and mentioned the Presidents Working Group report, which said Congress should pass new laws to make it so stablecoins had to be issued by insured banks.　　He continued that stablecoins could be “useful” and efficient, if properly regulated. He also added that there was the potential for the coins to scale, especially if theyre affiliated with a large tech network.　　The Fed has been looking into the potential of issuing a U.S. digital currency, although federal

2021-12-16Deep Dive

Elizabeth Warren: DeFi Is 'One of the Shadiest Parts' of Crypto

Massachusetts Democrat Senator Elizabeth Warren has again stepped into the limelight for her comments about the fast-growing sector of decentralized finance (DeFi) and the role of stablecoins in this niche.　　Speaking at a Senate Committee on Banking, Housing, and Urban Affairs hearing on Tuesday, Warren described stablecoins as “the lifeblood of the DeFi ecosystem,” where they are used to trade between different coins, as well as to lend and borrow money outside the regulated banking system.　　Stablecoins are cryptocurrencies that claim to be pegged 1:1 to fiat currencies like the U.S. dollar, meaning that, unlike Bitcoin or many other cryptocurrencies in the market, their prices are supposed to remain steady.　　Warren also stated that stablecoins pose risks to consumers and the economy because they are “propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed.”　　According to Warren, DeFi “is where the regulation is effectively absent and—no surprise—its where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders.”　　“Our regulators need to get serious about clamping down before it is too late,” she said.　　At the same hearing, Warrens fellow party member, Senator Sherrod Brown labeled stablecoins as “magic

2021-12-16Deep Dive

Looking for a Country with Clearest Crypto Tax Policies? Check This List

The European microstate of Liechtenstein came in as the country with the clearest crypto tax policies for 2021, while Germany, coming in as number four, saw one of the best improvements since last year, a new report from consulting giant PwC has found.　　Following Liechtenstein, Australia and Malta ranked as having the second and third clearest crypto tax policies. The United States came in as number 14, after scoring slightly higher this year compared to last years report.　　Other popular jurisdictions for companies working in the crypto space, such as Singapore and Hong Kong, came in fifth and seventh, respectively, the ranking showed.　　The report, titled PwC Annual Global Crypto Tax Report 2021, ranked countries according to 19 assessment criteria to determine how clear and comprehensive their tax guidance for digital assets is.　　The report noted that most of the top-ranked countries from last year also did well in this years report, with Malta, Australia, Switzerland, and Singapore all increasing their scores compared to last year.　　It added that Germany rose significantly in this years report because of a draft decree released in July 2021 on the tax treatment of digital assets. Germany jumped from being ranked as the 20th best country for crypto tax

2021-12-16Deep Dive

African continent the Fastest Global adopters of Crypto Currency.

There is presently an obsession with Crypto currencies across the African continent. The later continent has emerged the fastest adopters of Crypto Currency across the different continent. Many believe that this is due to lack of meaningful jobs for the citizens while others consider it as promoting money laundering and supporting terrorist activities. Nigeria had remained the greatest users in Africa despite the Central Bank severe attitude towards Crypto currency dealers.　　.　　Despite the fact that Crypto currencies has not been fully legalized globally, the African continent has emerged the greatest adopters and dealers in Crypto Currencies. According to the Africa report: Cryptocurrency adoption in Africa grew 1200% between July 2020 and June 2021, making it the fastest adoption rate in the world. Yet the continent is still said to be below other continent especially the Western world in terms of overall values traded. Probably this could be attributed to the lack of values of the African local Currencies when converted to Bitcoin or other Western fiat Currencies including USDT, Euro and Pounds.　　Across the African continent, countries like Nigeria, Kenya, South Africa, Ghana, and Tanzania had some of the highest grass-roots adoptions in the world and ranked in the top 20 Global

2021-12-15Deep Dive

Indian Cryptocurrency Bill Might Get Delayed Again

The much-awaited Indian cryptocurrency bill might not get tabled during the ongoing parliament session as promised by the government earlier, said a report published in Economic Times.　　The cryptocurrency bill in question was expected to bring new regulations for the Indian crypto market, and going by the hype around it along with the positive comments made by Indian Finance, many believed Indians could not just introduce but also pass the bill. However, as per the latest reports, the crypto bill hasnt been finalized.　　The draft bill needs to get cabinet approval before being introduced for discussion in the parliament, and sources familiar with the matter said it hasnt been finalized yet.　　The proposed ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is not on the agenda of Union Cabinet meeting scheduled on December 15, sources confirmed.　　The ongoing parliament session has also been cut short amid protests from the opposition and the suspension of a few members of parliament. The suspended MPs have been protesting over the passing of key bills within minutes and without any deliberate discussion.　　Indian Crypto Ecosystem Will Have to Wait Longer　　The Indian cryptocurrency bill is getting delayed again and the growing Indian ecosystem would have to wait for another

2021-12-15Deep Dive

Switzerland’s Largest Online Bank Plans to Launch Crypto Exchange Next Year

Switzerland‘s largest online bank, Swissquote, is planning to launch a cryptocurrency exchange early next year to meet clients’ surging demand for digital assets.　　Swissquote to Launch Crypto Exchange　　The bank‘s sales manager Jan De Schepper shared the company’s plans to roll out a crypto trading platform during an interview with Finews.asia.　　“We want to enable more trading in various cryptocurrencies on the platform,” he said, adding that the companys compliance and customer service teams were almost overrun by the recent crypto rush.　　Founded in 2000, Swissquote Group Holding SA is the largest online banking institution in Switzerland. The company has been a long-term admirer of the crypto industry, and it has been seeking ways to engage and offer digital asset services to its clients.　　First Bank to Offer ICOs　　Back in 2018, Swissquote announced that its clients could participate in Initial Coin Offerings (ICOs) through its platform picking LakeDiamond (LKD) as its first ICO issuer. The move made the organization the first bank in the world to offer such services.　　Swissquote aims to use its upcoming crypto exchange to dive deeper into the industry and become the leading Swiss provider of digital assets. It plans to expand its crypto offering by enabling staking services and adding more

2021-12-15Deep Dive

If you are hodling Cardano, SUSHI or UNI, you are most likely in loss

There is no denying the fact that the crypto industry is currently bleeding as the market cap of the industry which recently touched a high of over $3 trillion is now barely above the $2 trillion mark.　　This has had a ripple effect on the market and addresses holding a number of certain digital assets appear to be the most affected.Cardano, Sushiswap and Uniswap holders are in red　　According to data from IntoTheBlock, over 70% of addresses holding Cardano are currently at a loss. Other notable crypto assets whose holders are at a loss include Sushiswap with over 80% and Uniswap at 71%.　　You‘ll recall that we reported that Cardano’s price had dropped rapidly after the digital asset had reached a peak of $3.10 in early September. Since then, the asset has lost over 50% of its value and also its position as top 5 crypto asset by market cap.　　Available data on CryptoSlate shows that ADA has lost over 5% within the last 24 hours and over 15% within the last 7 days.　　For Sushi and Uni, the native tokens of two leading decentralized exchanges, their values have plummeted rapidly since reaching a new ATH earlier in the year. Sushi, for instance, has lost

2021-12-15Deep Dive

Pollen DeFi announces IDO on Roco Finance launchpad

DeFi index platform Pollen recently announced its PLN token IDO on Roco Finance launchpad.　　Roco Finance is a decentralized GameFi platform built on Avalanche, which, besides providing blockchain services to game developers, content creators and player communities, also mediates with the RocoStarter IGO platform to promote up-and-coming projects at the seed and incubation stage.RocoStarters first DeFi IDO　　Pollen DeFi is an innovative DeFi protocol, designed to enable community managed asset portfolios and associated indexes. It recently opened the registration for its IDO on RocoStarter.　　According to the protocols design, the platform will allow traders to build a reputation and climb the leaderboard while earning rewards.　　At the same time, ‘passive’ users are enabled to delegate governance tokens and share rewards with those who are successfully managing portfolios. 　　“We intend to be a key project in the Avalanche ecosystem,” wrote Pollen on Twitter, adding that the decision not to launch on Ethereum was made “following the feedback from the community.”Democratizing access to curated crypto portfolios　　The protocols governance token, PLN, is central to all activity in the Pollen DeFi ecosystem.　　PLN enables users to actively manage a portfolio on the platform and, if successful at it, to earn more PLN as rewards. 　　The token also enables ‘passive’

2021-12-15Deep Dive

Why Binance withdrew its Singapore license application, and what this means for Zilliqa

Binance CEO Changpeng Zhao (CZ) set the record straight regarding his firm withdrawing its crypto trading permit application with the Monetary Authority of Singapore (MAS).　　Since the summer, the troubled crypto exchange has been at odds with global regulators. This has forced numerous changes in how Binance conducts its business, including reducing leverage to a maximum of x20. And, the end of September saw it stop fiat deposits for Singaporean users.　　More recently, happenings in Singapore have accelerated. Not only did Binance withdraw its crypto trading permit application in the sovereign island city-state, but the firm also announced it would cease operations effect from February 13, 2022.Binance Singapore to shut next year　　In an announcement to its Singaporean users on Monday, Binance said it intends to withdraw its license application with MAS and wind down its services.　　The message laid out a timeline of actions to facilitate withdrawing from the region, beginning immediately with the closure of new users to the platform.　　It also advised existing users to withdraw funds before the February 13 deadline, warning that failure to comply would trigger a costly withdrawal procedure to recover funds.　　The firm said it was not a decision taken lightly and apologized for the inconvenience.　　“The decision has

2021-12-15Deep Dive

Gensokishi Online “META WORLD” enters into a technical alliance with Polygon

Gensokishi Online “META WORLD” recently announced entering into a technical alliance and partnership with Polygon and Polygon Studios.　　While combining “Free to Play”, “Play to Earn” and “User Generated Contents to Earn” elements into one game, Gensokishi Online “META WORLD” is set to conquer the GameFi sector.Choosing Polygon　　While introducing diverse UGC to Earn and P2E features into the gameplay, Gensokishi was inclined to opt for a platform that leverages the optimal transaction speed, as well as low gas fees.　　“We decided that Polygon (MATIC) was the only service that could solve these issues in the smartest way, and so we entered into a technical alliance and partnership with Polygon & Polygon Studios,” said the Gensokishi team in the announcement.　　“The Gensokishi Online project is a game from Japan that has already been released on playstation4 and Nintendo switch. It will be a GameFi version of a game that already has users in the gaming metaverse,” said Arjun Krishan Kalsy, VP of Growth at Polygon.　　“We are glad that such a traditional game has entered the crypto industry and deployed on Polygon,” he added, assuring that the platform will continue to support Gensokishi in its future success.Monetize Point　　Besides various NFTs featured in the game, including

2021-12-15Deep Dive

...

369371

...

742