Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
New York state releases guidance for issuing dollar-backed stablecoins
The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer. The requirements in the guidance concern redeemability, reserves and attestation. They state that a stablecoin must be fully backed by reserves as of the end of every business day and the issuer must have a redemption policy approved in advance in writing by the DFS that gives the holder the right to redeem the stablecoin for U.S. dollars. Furthermore, the issuer’s reserves must be segregated from its proprietary assets and consist of U.S. Treasury instruments or deposits at state or federall...
Digital assets still make a lot of sense, says Codex co-founder
Co-founder and chief evangelist officer for Codex, Alex Gordon-Brander, spoke to Cointelegraph about his Bitcoin story, the real-world use cases for crypto, and the economic downturn during a World Economic Forum interview in Davos, Switzerland. Standing curbside in front of Davos’ “Crypto House” at dusk, where Gordon-Brander had just finished demonstrating Codex’s capabilities during a crypto panel, the co-founder shared an upbeat outlook on crypto. A long-serving crypto enthusiast and trad-fi veteran, Gordon-Brander told Cointelegraph he was exploring digital and energy-backed currencies prior to discovering Bitcoin (BTC). He researched a “distributed currency based on renewable energy credits and governments,” but he concedes it was “super complicated.” Around the time, a friend s...
Traders target $1,400 Ethereum price after ETH drops closer to a critical support level
On June 8 the Ethereum network successfully underwent the merge to become proof-of-stake on its Ropsten testnet, but the news had little impact on ETH price. With the Ropsten upgrade now looking more like a buy the rumor, sell the news type of event, most analysts have kept a short-term bearish outlook for Ether price. Let’s take a look. ETH/USDT 1-day chart. Source: TradingView Can Ether escape the head and shoulders pattern? Twitter analyst, “Cactus”pointed out a bearish head and shoulders pattern and questioned whether Ether price would be able to follow the sharp downside that typically follows the completion of the pattern. ETH/USD 1-week chart. Source: Twitter Cactus said, “This is what we are getting excited about? Hard to be bullish any t...
Information, AML/CFT steps are key to fighting international digital crime, DOJ report says
The United States Department of Justice (DOJ) released a report on international law enforcement related to digital assets Tuesday. It is the first of the approximately one dozen reports mandated in President Joe Biden’s March 9 executive order “Ensuring Responsible Development of Digital Assets.” The report, titled “How To Strengthen International Law Enforcement Cooperation For Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets,” was written with the collaboration of Departments of State, Treasury and Homeland Security, as well as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Countries have varying degrees of capacity to deal with criminal activity due to the unique law enforcement challenges associated wi...
US central bank digital currency commenters divided on benefits, unified in confusion
In January, the United States Federal Reserve Board of Governors released a discussion paper on a potential U.S. central bank digital currency (CBDC) titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The comment period for the paper ended May 20, with the Fed receiving over 2,000 pages of comments from individuals alongside responses from leading stakeholders. Cointelegraph read a selection of shareholder responses to the Fed paper, and it quickly became apparent that there are plenty of confidently stated opinions but little agreement among them. The main points of commonality are in the places they are all perplexed. The Fed wants to know Appropriately for its purpose, the Fed paper provides a broad overview of central bank digital currencies and CBDC-adj...
Thailand’s crypto islands: Working in paradise, Part 1
Walking into Remote and Digital’s La Casa co-working space on the tropical island of Koh Pha-ngan, you wonder how anybody gets any work done. I sip a cocktail and wait for my burrito as James Brown plays in the background.There’s a real palm tree growing at the edge of the cafe, and behind it sits shallow crystal blue water stretching off for miles, with Koh Samui’s jungle-covered mountains jutting up in the distance. Adding to the ambiance, kite surfers are getting massive air off small waves, before gently floating back to earth. 30-year-old Belgian blockchain developer Jérôme Van Vlierbergen is one of the regulars at this Ban Tai co-working space and runs his Equinox Launchpad here. He explains Koh Pha-ngan (or Koh Phangan) has a thriving crypto scene, mostly populated by digital nomads...
Edge announces confidential no-KYC digital currency Mastercard
On Wednesday, self-custody crypto exchange Edge announced a no-Know Your Customer (KYC) debit Mastercard that can be funded with Bitcoin and other digital currencies. Without KYC verification, users would be able to spend their crypto at more than 10 million merchant terminals in the United States. Currently, one can fund the Edge Mastercard using Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Litecoin (LTC) and Dash (DASH) directly from the Edge app. In a statement to Cointelegraph, representatives at Edge say that the card is compliant with Anti-Money Laundering and Counter-Terrorism Financing regulations because of a $1,000 daily spending limit on the card (approx. $30,000 monthly). In addition, the card is only available for use at U.S. merchant terminals. Paul Puey, a co-founder ...
Wall Street sends BTC price to $30.8K as latest US dollar uptick fails
Bitcoin (BTC) showed strength at the June 8 Wall Street open as impatient traders waited for a trend to emerge. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin still in “no trade zone” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD jumping to near $30,850 after the opening bell, helping claw back some of the ground lost in an overnight correction. Choppy trading conditions prevailed within a familiar range on the day, however, leading to both long and short traders seeing increased risk on low timeframes. For popular trader Crypto Chase, this was a prime period for the transfer of value to “smart money” — away from small-volume speculators and those with “weak hands.” A prior Twitter post had argued for a hands-off approach until a decisiv...
If you are looking for sports tokens, these might be your best options
The English Premier League has filed crypto and NFT trademarks. Interest in sports-related NFTs is high, given the fact that many companies are getting into the sphere. Each of these tokens has the potential for exponential growth going forward. Flow (FLOW), Chiliz (CHZ), and dotmoovs (MOOV) are some of the best sports-related tokens you can get on June 8, 2022. On June 6, 2022, the English Premier League (EPL) filed two cryptocurrency and NFT trademarks in the U.S., which is a sign that the sports league has plans to expand its brand into the digital sphere. These trademarks were filed with the United States Patent and Trademark Office (USPTO) and showcased in a tweet by licensed trademark attorney Michael Kondoudis. On June 6, 2022, the MetaverseHub team showcased a Flow ...
Metaverse tokens up 400% year on year despite altcoin bloodbath
Metaverse tokens are vastly outperforming every other crypto category in the current bearish condition, up by nearly 400% year-on-year. Leading the gains are Decentraland (MANA) up 41%, Sandbox (SAND) up 470%, Axie Infinity (AXS) up 511%, and STEPN (GMT) up 746% according to data from the May 2022 market report by Kraken Intelligence and CoinGecko. Metaverse tokens can be used to pay fees, buy land, and participate in governance. The #NFT boom of 2021 has not only drawn mainstream attention to digital art investments, it has also popularized the crypto metaverse. Kraken Intelligence’s report takes a closer look at how the crypto metaverse will change the way we communicate: https://t.co/kjrf6Pu8yg pic.twitter.com/YHpljpBJR9 — Kraken Exchange (@krakenfx) June 7, 2022 The next highest ...
Beer, gambling and crypto: Budweiser races into Zed Run’s NFT games
Popular beer manufacturer Budweiser has teamed up with Zed Run to deploy tokenized Clydesdale draught horses in its virtual NFT-based horse racing and wagering game. The latest move from Budweiser adds to the $120,000 it spent on NFT fan art and the purchase of the Beer.eth domain name it purchased via the Ethereum Name Service in August 2021. Zed Run was founded by Sydney-based Virtually Human Studio in early 2019 and its racing horse NFTs initially went for around $30 to $80 and mint but have since gone on to be highly sought after assets that trade for thousands on secondary markets. One user sold a single race horse for as high as $125,000 in April 2021. As part of the deal with Zed Run, the duo will launch a Budweiser-themed race track, Budweiser NFT passes, prize pools for Bud-sponso...
Human rights activists take aim at privileged crypto critics in letter to Congress
Human rights activists from 20 countries have submitted an open letter to the United States Congress in support of a “responsible crypto policy” and praising Bitcoin and stablecoins as essential tools aiding democracy and freedom for tens of millions. The letter comes just a week after an anti-crypto open letter was sent to Congress purporting to be from the scientific community but whose lead signatures included well known crypto critics and authors from high income, democratic countries. The group of 21 activists clapping back include those from countries which have either seen recent conflict or have otherwise unstable economies such as Ukraine, Russia, Iraq, Nigeria, Venezuela, Cuba and even North Korea. The letter states: “We write to urge an open-minded, empathetic approach toward mo...
