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US Regulators Release ‘To-Do List’ For Cryptocurrencies In 2022 — Here’s What They Are Focusing On

US regulators have released a blueprint to guide the conduct of cryptocurrency market participants in 2022.　　The guidelines place a focus on banks as they look to provide cryptocurrency offerings to their clients.　　Regulators had previously made recommendations to Congress for regulations of stablecoins in October.　　Gary Gensler once referred to cryptocurrencies as the “Wild Wild West” and said that he will try to suppress the ecosystem. It seems the task is a herculean one and will require synergy between financial regulators.　　The Sprint List　　US financial regulators have released an inter-agency policy memo that spells out the blueprint for further regulation in the cryptosphere. The to-do list popularly referred to as the “crypto sprint” is a concerted effort of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.　　The joint statement reduces its scope to banks and other financial institutions with a focus on crypto-asset custody, facilitation of customer purchases and sale of cryptocurrency assets, crypto loan, and all payments involving the use of stablecoins. Regulators are also looking to improve existing regulations on “activities that may result in the holding of crypto-assets on a banking organizations balance sheet.”　　“Throughout 2022, the agencies plan to provide greater clarity

2021-11-29Deep Dive

Tanzania Central Bank Reportedly Prepares To Launch CBDC

Tanzania has reportedly started exploring a Central Bank Digital Currency (CBDC). The country is following the footsteps of Nigeria, which launched its own digital currency last month. Other African countries have similarly announced plans to launch CBDCs.　　Tanzania Explores CBDC　　According to a Bloomberg report on Friday, Bank of Tanzania Governor Florens Luoga announced the countrys CBDC plans on Thursday at the 20th Conference of Financial Institutions (COFI).　　“To ensure that our country is not left behind the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC,” he said.　　Consequently, the governor said that the central bank is also looking to expand research into digital currencies and strengthen the capacity of its team.　　Luoga said this move was inspired by Nigerias launch of its own CBDC, the eNaira, last month. Nigeria partnered with a German FinTech to launch a digital currency to complement the physical naira. The West African country is the second to officially have a CBDC after the Bahamas, which launched its own last year.　　The governor also said that the central bank is planning to diversify its foreign exchange reserves. To this end, it will buy gold from local refineries. “The monetary gold

2021-11-29Deep Dive

Crypto Exchanges Facing "Digital Tax" Blow in U.K.

Cryptocurrency exchanges have to pay a 2% digital services tax in the U.K., according to a Sunday report by The Daily Telegraph.　　They do not qualify for an exemption granted to financial marketplaces since the Her Majestys Revenue and Customs office doesnt recognize cryptocurrencies as “financial instruments.”　　The tax on the local revenues of large tech companies was introduced in April 2020.　　CryptoUK, a crypto lobbying group, is not happy about the lack of the exemption since it would further stifle the industry.　　The U.K. arm of the Coinbase exchange is expected to easily surpass the revenue threshold of £25 million ($33 million) due to the crypto trading boom in 2021.　　However, HMRC is adamant that crypto assets cannot be classified as either commodities or currencies.　　In October, European governments forged a deal with the U.S. to establish a new global tax regime to eschew Americas retaliatory tariffs.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-11-29Deep Dive

Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried

Sam Bankman-Fried, the founder of the crypto exchange FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoins (BTC) mass adoption level. Bankman-Fried added that Avalanche (AVAX) also has the potential to climb to the top.　　He also believes Solana is better than ethereum as its one of the few blockchains with a plan to accommodate mass adoption.　　The 29-year old crypto founder has a net worth of $22.5 billion, making him the youngest person to enter the Forbes rich list after Mark Zuckerberg.Cryptos With The Potential For Real Adoption　　In an interview with Kitco News on Thursday, Bankman-Fried talked about bull and bear runs. And which projects would see mass institutional adoption.　　When asked if he thinks Bitcoin would see its last Bull run in December before eventually crashing, Bankman-Fried responded that he could not predict the future. However, there will always be more crashes as well as more bull runs. And in the next few years, he expects to see “see substantial institutional adoption of cryptocurrencies.”　　In the event of a crash, however, he says that projects with loyal followers and important use-cases are more likely to survive. Hype-driven projects, like meme coins, often crash the

2021-11-28Deep Dive

BITCOIN AND BIASES: AGNOTOLOGY, THE MAKING AND UNMAKING OF IGNORANCE

Its important to understand a bit more about ignorance so that we can understand the differences in some of the ignorant narratives around Bitcoin.　　Most importantly, we need to understand that some narratives are from a situation of really not knowing, and some narratives are intentionally deceptive.　　These narratives are perpetuating ignorance.　　Have you heard of agnotology？ Agnotology is the study of deliberate, culturally-induced ignorance or doubt.　　A book called “Agnotology; The Making And Unmaking Of Ignorance” by Robert Proctor sheds a lot of light on the subject.　　The word “ignorance” has some pretty negative associations such as stupidity, narrowness, and willful denial of facts.　　In reality, there are different flavors of ignorance and they can be on a continuum of positive to neutral to negative.　　Proctor divides ignorance into three main areas:　　Something you just haven‘t learned yet. Think of how much children don’t know, or how much more you know now than you did five years ago.　　Something that is the result of passive selection or culture or geography. You know this area well, but you dont know that area well. A common example is the area of your occupation versus the area of a different occupation.　　Something you are manipulated into knowing as true or not true.

2021-11-28Deep Dive

El Salvador is building a $1 billion Bitcoin City as pressure on Bukele ramps up

Nayib Bukele, the President of El Salvador, announced that the country will be building a carbon-neutral Bitcoin City. The city will have no property, income, or capital gains taxes, and the massive endeavor will be partly financed by a $1 billion Bitcoin bond issued by Blockstream.　　And while the move was celebrated in the crypto world, ramping criticism of Bukeles policies has begun exposing the cracks in the way El Salvador is presented to the world.The unveiling of El Salvador‘s Bitcoin utopia　　The dreams of many crypto investors are about to come true as the world got a glimpse of the first-ever “Bitcoin City.” And while this might sound like something dug out from the early pages of the Bitcoin Talk forum, it’s actually a project proposed by none other than the President of El Salvador.　　Earlier this week, President Nayib Bukele announced his plans to create a city in the countrys eastern La Union province during the Latin American Bitcoin and Blockchain Conference.　　Bukeles “Bitcoin City” is a very ambitious project, to say the least. Speaking on the stage at the closing of the conference, Bukele said that the endeavor would be financed through a $1 billion sovereign, Bitcoin-backed bond, which will be

2021-11-28Deep Dive

The Benefits Of Using Blockchain Technology In Businesses And Industry

Since the debut of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system, blockchain technology has advanced significantly. Today, entrepreneurs across a wide range of disciplines are beginning to see the advantages of the technology that underpins Bitcoin. Many industries, ranging from health to banking and online casinos such as roulette, explore ways to incorporate blockchain technology into their infrastructures.　　By its decentralized and trustless character, Blockchain technology has the potential to open up new avenues for corporate growth while also enhancing transparency, increasing security, and simplifying traceability.　　How Blockchain Can Boost the Performance of Your Company　　Blockchain solutions are not just restricted to the trading of cryptocurrencies but also include other applications. Because of its distributed and decentralized structure, this technology can provide several benefits to organizations across a wide range of sectors. These include:　　Transparency has been improved.　　The fact that the Blockchains transaction record for public addresses is publicly accessible is the most distinguishing feature of the technology. Financial systems and companies will benefit from this new layer of accountability. Each sector of the organization will be held accountable for acting with integrity in the interests of its development, its community, and its consumers.　　Efficiency has been improved.　　Blockchain eliminates the need for

2021-11-27Deep Dive

Crypto Is Here To Stay, Says Paytm Founder Amid Regulatory Debate In India

The government of India is set to propose a new crypto bill in Parliament. This bill contains some regulations that are unfavorable to Indias cryptocurrency economy. In the midst of this, Vijay Shekhar Sharma, the founder of Paytm, has a lot to say. Paytm is an Indian multinational technology company that specializes in digital payment systems, e-commerce, and finance.　　Sharma proclaimed that crypto is here to stay, and he expects it to become mainstream in a few years.Crypto Will Become Mainstream In 5 Years　　On Thursday, at a virtual conference organized by the Indian Chamber of Commerce (ICC), Sharma spoke about cryptocurrencies. He stated that crypto is Silicon Valleys answer to Wall Street.　　“I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet, which is (now) part of daily life,” he said.　　In India currently, there are no laws that regulate crypto use. However, Prime Minister Narendra Modi recently held a meeting with other officials on the regulatory steps to take.　　According to a parliamentary bulletin dated Nov. 23, the Indian government plans to introduce a new bill to regulate digital currencies. With this bill, the authorities are preparing to

2021-11-27Deep Dive

Whales bought 40,000 Bitcoin during the dip this week

While many individuals might see the recent crypto market correction as a reason not to invest in any of the crypto assets, Bitcoin whales have taken advantage of the dip to buy over $2 billion worth of the flagship digital asset.Bitcoin whales buy more BTC despite the dip　　Data shared by Santiment recently revealed that Bitcoin wallet addresses holding between 100 to 10,000 units of Bitcoin, popularly referred to as Whales, accumulated over 40,000 units of Bitcoin when the price of the asset dropped to around $56,000 in the past week. Judging by the current price of the asset, this roughly translates to around $2.2 billion spent on purchasing new units of the digital gold.　　In another report, Santiment revealed that Bitcoin whales have been moving their BTC holdings away from crypto exchanges. According to market experts, this action is a positive indication for the industry as it means that investors are looking to hodl their asset as opposed to selling it in the short term.　　Most times, this usually leads to a drastic decline in the selling pressure on the asset thereby leading to a drop in the sell-off.　　The crypto analytics site also noted that the current sentiment about BTC is bearish.

2021-11-27Deep Dive

Cardano sinks following eToro delisting, are the cracks starting to show?

Cardano (ADA) sunk to $1.58 on Wednesday, marking a 15 week low. This coincided with news that social trading exchange eToro intends to delist both ADA and TRX, for U.S users, in the coming weeks.　　In the run-up to the release of Alonzo smart contracts, Cardano hit an all-time high of $3.10. But since then, despite wider market rallies, it has failed to retest this level having been caught in a slump.　　$1.90 level has proven a key level of significance, acting as support on three occasions during this downtrend. But it failed to hold last week. And while bulls stepped in to post a recovery of sorts over the preceding two days, the weekend saw Cardano sink back below this level.　　With that, Cardano investors have voiced their concerns on social media, especially with regard to the lack of functional dApps since Alonzo went live. But are these concerns justified？eToro delists Cardano　　eToro announced on Tuesday that they will no longer support Cardano or Tron trading and staking.　　The firm didnt go into specifics as to why only that “the evolving regulatory environment” had forced their hand.　　Commenting on the situation, IOHK CEO Charles Hoskinson said it was a developing story that he had no

2021-11-27Deep Dive
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