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Crypto payments platform ZPAE sues Bittrex for theft after botched listing

Cryptocurrency exchange Bittrex Global is facing a lawsuit for failing to list ZelaaPayAEs ZPAE token on its platform. The Dubai-based payments platform has sued Bittrex for theft, misconduct, misrepresentation, and misleading after the exchange failed to list their token for over six months.　　And while the company is yet to receive a refund for the listing that never happened, ZPAE says the lawsuit isnt about the money, but its reputation.　　A listing that was supposed to happen in mid-April is yet to happen on Bittrex, as the exchange faces lawsuits in the United Arab Emirates and its native Liechtenstein. ZelaaPayAE, a Dubai-based crypto payments platform, sued the exchange for failing to list its ZPAE token for six months and refusing to refund the companys six-figure listing payment.　　According to ZelaaPayAE, the company paid Bittrex an undisclosed amount on April 13th, 2021 to list ZPAE on the exchange. As part of the deal, Bittrex agreed to list the token within 7 days of the payment and signing of the listing contract. However, Bittrex soon delayed the listing claiming that the platform had issues with all Tron-based tokens and that ZPAE most likely wouldnt be listed until the first week of June. As compensation for

2021-11-23Deep Dive

$1.8 billion moved to Ronin DEX from Ethereum in 2 weeks

In the first two weeks since Sky Mavis, the team behind Axie Infinity (AXS), launched Katana, $1.8 billion in net assets bridged from Ethereum (ETH) to Ronin (RON), a recent DappRadar report revealed.　　According to the data acquisition and analysis company that keeps tabs on thousands of dapps across multiple blockchains, in this short timeframe, the first decentralized exchange (DEX) running fully on Ronin has reached $1.3 billion in Total Value Locked (TVL).　　Meanwhile, Ronin, the Ethereum-linked sidechain made specifically for Axie Infinity, reached a new high, surpassing 1.1 million daily active addresses.Farming RON　　Axie became known as the spearhead of the play-to-earn movement and, according to DappRadars data, attracts more than 2 million daily active players.　　Katana‘s deployment increased the liquidity of all assets in the ecosystem, as the DEX currently allows users to swap between four tokens, featuring three liquidity pools, two of which enable users to farm Ronin’s native and governance token, RON.　　Despite Ronin Bridge being fully functioning since May, the launch of Katana unleashed the value flow.　　During the last 30-day period, the bridge recorded over $7,5 billion in volume and has surfaced as the most used solution to move assets out of Ethereum, outpacing Avalanche and Polygon bridges, amongst others.　　During

2021-11-23Deep Dive

“This Is Not A Fad”, Finance Minister Jane Hume Warns Australia Risks Missing Out On Crypto

Australia‘s Financial Services Minister, Jane Hume has differed with the Reserve Bank of Australia’s (RBA) conformist stance on cryptocurrencies, warning that they are real and Australia stands to miss out if it continues to brush them aside.　　Crypto Not A FAD　　Speaking on Monday at The Australian Financial Reviews 2021 Super & Wealth Summit, Hume Hit back at the RBA after it warned Aussie investors against putting their finances into cryptocurrencies labeling the asset class a “FAD” last week.　　“As an industry, and as a government, we need to acknowledge this is not a fad. We should tread cautiously, but not fearfully,” she said.　　Hume who chairs the financial services and the Digital economy in the Australian senate further noted that it was upon the Australian Central Bank to accommodate new technologies. According to her, fighting innovation to maintain the status quo would only end badly.　　“There are some areas of financial services where we cant learn from past experiences, and we have to forge our own trail,” said the senator.　　Regulators Not Budged, Australians Soldier On　　Australias regulators have however remained slow in adopting cryptocurrency regulations since no law defines crypto as a security. ASIC has thus been left with the limited option of cherry-picking laws

2021-11-23Deep Dive

NFL Star Odell Beckham to Accept Entire Salary in Bitcoin

Odell Beckham is the latest National Football League (NFL) star to jump on the Bitcoin bandwagon.　　The famous wide receiver has partnered with Cash App, Square, in order to make this happen.　　Beckham is also giving up $1 million worth of Bitcoin on Twitter after making his announcement.　　Last December, Russell Okung became the first NFL player to accept 50% of his pay in the largest cryptocurrency, which inspired other players to follow his suit.　　NFL superstar Tom Brady secured a stake in the FTX exchange with supermodel wife, Gisele Bundchen, back in June.　　This November, Aaron Rodgers started receiving part of his salary in Bitcoin while also announcing a giveaway for Cash App users.　　Earlier today, the NFL also announced that it would offer digital ticket stubs as non-fungible tokens (NFT).　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-11-23Deep Dive

Eurosystem Publishes New Oversight Framework

The European Central Bank (ECB)s Governing Council has today announced a new oversight framework for electronic payments.　　ECB Regulatory Framework Published　　The ECBs oversight framework for electric payment instruments, schemes, and arrangements (PISA) replaces the current Eurosystem oversight approach for payment instruments to oversee companies “enabling or supporting the use of payment cards, credit transfers, direct debits, e-money transfers and digital payment tokens, including electronic wallets,” as well as “crypto-asset related services,” such as merchants accepting cryptocurrencies as payment or the use of an electronic wallet for sending, receiving, or paying with cryptocurrencies.　　According to the published framework, the Eurosystem has deemed payment instrument innovation, presumably including crypto payments, sufficient for extending the scope of current oversight. As an ECB executive board member Fabio Panetta said, “The retail payments ecosystem is evolving fast owing to innovation and technological change. This calls for a forward-looking approach in overseeing digital payment solutions.” Panetta said this includes “digital payment tokens such as stablecoins.”　　Panetta went on to emphasize the importance of international coordination “to cope with the challenges posed by global digital payment solutions and stablecoins.” The ECBs press release included that cooperation with “other authorities” was one of its aims, and companies already subjected to Eurosystem

2021-11-23Deep Dive

Nigeria’s eNaira stablecoin becomes focus of new IMF report

Nigeria‘s central bank digital currency project, eNaira, is drawing attention and interest of leading financial institutions and it also gaining traction amongst other country’s central banks looking to initiate a similar project according to a report released by the International Monetary Fund (IMF)　　 eNaira to boost remittance　　The report, authored by economist Jack Ree, explained why Nigerias eNaira has lately been drawing interest from around the globe. According to the report, one of the reasons for the interest in the project is because of the control the Nigerian apex bank has over the digital currency, unlike other crypto assets.　　It continued that unlike volatile digital coins like Bitcoin, Ethereum, and others whose value, funnily, have been depreciating in the past few days, the eNairas value is tied to that of the physical naira.　　Keying into Nigerias central bank claim that the CBDC project would boost remittance and at the same time lead to an increase in financial inclusion for the West African country, IMF in its report said;　　“The e-naira is expected to lower remittance transfer costs, making it easier for the Nigerian diaspora to remit funds to Nigeria by obtaining eNaira from international money transfer operators and transferring them to recipients in Nigeria

2021-11-22Deep Dive

Foreign Access to a Country’s CBDC Could Result in Serious Consequences: World Economic Forum

The World Economic Forum (WEF) has released the results of a study on central bank digital currencies (CBDC), with one of the key conclusions relating to the risks of foreign access to a nation‘s CBDC. The whitepaper released is one of many that fall under the WEF’s Digital Currency Governance Consortium (DCGC) white paper series.　　Like other reports and statements in the past, the WEF believes that there are macroeconomic risks associated with cross-border CBDCs. It states that,“significant foreign access to a countrys CBDC could result in serious unintended consequences to both the home country and foreign countries.”　　CBDC risks　　Specifically, it lists currency appreciation/depreciation and exchange rate volatility, cybersecurity, high operation and overhead costs, tax avoidance, and currency substitution as some of the risks with these assets. As for stablecoins, which is not the main focus of this particular whitepaper, it also sees them as posing issues for emerging economies.　　However, it does not suggest that CBDCs be dismissed outright, but that governments and regulators need to identify and develop policies and tools to curb any spillover impacts and risks. With more CBDC announcements being made, this will only become more apparent.　　The DCGC is a global, multi-sector set of more than 85 leading

2021-11-22Deep Dive

Will AMC Theaters Accept Shiba Inu For Movie Tickets?

Those that have dabbled in the stock market during the pandemic, or followed the trending headlines, have probably ran into AMC and it‘s massive jump during the 2020 pandemic. AMC now makes headlines once again in the crypto world, announcing it’s interest with hot crypto Shiba Inu. AMC Theatre CEO Adam Aron confirmed the company will begin accepting SHIB for online payment within the next two to four months.Big News & Future Moves…　　This was tweeted by AMC CEO Adam Aron as he revealed that he personally lobbied BitPay, the blockchain payments company used by AMC Theatres, to support Shiba Inu. The token has seen a lot of mainstream acceptance and seen big jumps in the past few weeks and months.　　According to Aron‘s tweet, cryptocurrency payment processor BitPay is adding Shiba Inu “specifically” so that AMC could accept the meme-inspired cryptocurrency for online payments of movie tickets and concessions. Aron had earlier posted a Twitter poll in late October asking if the company should accept Shiba Inu payments and a resounding 81.4 percent of people voted ’Yes – this then sparked the next move.　　Posted from the twitter account of AMC CEO Adam Aron:　　Attention #SHIBArmy: Our friends @Bitpay decided to support Shiba

2021-11-22Deep Dive

Argentina introduces a crypto tax regime on back of El Salvador’s Bitcoin story

Countries around the world are now waking up to how the crypto space could play a pivotal role in their wider economic life as a number of them are now introducing taxes for the space.　　The latest country to implement a tax regime for the space is Argentina whose authorities released an official notice on November 16 that will see crypto exchanges with bank accounts in the country charge 0.6% tax on every transaction.　　Argentinas new crypto tax regime　　According to details of the new tax rule, it would be subjected to the countrys cheque tax rule meaning all crypto-related transactions which could either be buying or selling made via a crypto exchange in the country would pay a 0.6% tax.　　Previously, Argentina had equated crypto transactions to be the same thing as cash transactions which made them free of any tax obligations. However, despite this exemption, crypto transactions were generally taxed under capital gains tax the country had introduced in 2017.　　“The exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation and/or any other operation on crypto assets,

2021-11-22Deep Dive

WHY BITCOIN IS GENERATIONAL WEALTH

The short film “Bitcoin Is Generational Wealth” by Matt Hornick and Tomer Strolight premiered on November 1, 2021, to shed light on the true value proposition of Bitcoin. While many projects in the world today seek to enrich their founding members and provide palpable profits in U.S. dollars for anyone who joins, the worlds most secure and robust monetary network aims to propel humanity forward based on the fundamental rights to property and freedom.　　As people around the world watched the film, many different reactions emerged. Bitcoiners, aware of the goal for which Bitcoin was brought to the world in 2009 as a direct response to the bailouts of central banks to financial institutions the year before, got emotive when seeing the future reality that proper sound money could enable.　　“The film stirred many emotions within the community, Twitter exploded with feedback and people sharing that they had been moved to tears,” Daniel Prince, host of the “Once BITten” podcast, said. “Hope was the main emotion shared in our home, a feeling so devoid in that place we call ”normie“ land.”　　Driven by the desire to change the world, Bitcoin evangelists already preach that hopeful reality today; however, skeptics often fall for fallacious

2021-11-22Deep Dive
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