Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticism
Janet Yellen, the 78th United States Secretary of the Treasury, spoke Friday morning on CNBC’s flagship business and politics show Squawk Box, on an array of topics from the growth of the renewable energy sector amid Russia’s economic isolation, the rising levels of inflation and Federal Reserve responsibility, as well as her current perspective on digital assets. Recognizing the multitude of technological and societal advancements within the cryptocurrency space over the past few years, Yellen offered a friendlier, more receptive tone than on previous occasions, stating that crypto is “now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans.” “There are benefits from crypto, and we recognise that innovations in the p...
MIT adds the Bank of England to its stable of CBDC digital currency research partners
The Bank of England announced Friday that it had reached an agreement with the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI, on a joint twelve-month research project on Central Bank Digital Currency, or CBDC. The bank said in a statement that the new project was for research purposes only, and not intended to develop an operational CBDC. The bank began studying CBDC in 2020, releasing a discussion paper in March of that year, which the DCI responded to with a discussion of how a CBDC could meet the objectives stated in the paper. The bank and the treasury headed up an exploratory task force on the matter last April. The bank’s latest discussion paper on CBDC was released Thursday. Other voices have entered the discussion as well, with the House of Lor...
Ukraine launches NFT museum ‘to keep the memory of war’
The Ministry of Digital Transformation in Ukraine has started an online nonfungible token museum aimed at preserving the timeline of major events starting with the Russian military invading the country. In a Friday tweet, Ukraine’s minister of digital transformation Mykhailo Fedorov said the government launched an initiative with nonfungible token, or NFT, artwork depicting key moments from the Ukrainian perspective from Feb. 24 onward. The NFTs feature events starting at 5:45 AM local time on the day of the conflict, when Russia announced a “special military operation” in the Donbas region of Ukraine. According to the NFT museum website at the time of publication, 54 NFTs of key moments in the war between Feb. 24 and Feb. 26 will be available starting on March 30, with proceeds of the sal...
Rapper Drake donates $1 Million in Bitcoin to the Lebron James Family Foundation
Drake revealed he recently won a bet while playing roulette on Stake, promising to donate the winnings Earlier this month, the Canadian rapper announced a live betting event in partnership with Stake.com, intending to give his winnings to fans I PROMISE School (IPS), under the Lebron James Family Foundation (LJFF), is set to receive a crypto donation from Hollywood phenomenon and Canadian rapper Drake. In an announcement posted on his Instagram page, Drake disclosed that the donation was part of winnings he collected playing roulette on Canadian cryptocurrency betting platform Stake.com. The music celebrity termed it his biggest hit ever. “Speaking of memorable nights, I had an incredible night last night playing roulette on Stake.com. It was my biggest hit ever,” he said, addi...
Finance Redefined: Hoskinson talks about DApps, Coinbase Cloud launches Avalanche tools and more
The week was filled with ups and downs for the decentralized finance (DeFi) space, with several tokens registered new weekly highs. Cardano founder admitted he was wrong about his bold prediction on the number of decentralized applications (DApps) in the Cardano ecosystem, and Coinbase Cloud released a new developer tool suite for the Avalanche blockchain. SushiSwap community introduced a new proposal for a legal structure to mitigate risks for token holders and members of the Sushi protocol. We had another week another DeFi exploit with Li Finance becoming the latest victim. On the price side, most DeFi tokens in the top 100 registered double-digit gains, and the total value locked (TVL) in the DeFi market blossomed to over $130 billion. Charles Hoskinson cheekily admits he was wrong abou...
Crypto tax policy framework passes India’s parliament despite pushback from lawmakers
A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill. On Friday, India’s lower house of parliament, the Lok Sabha, passed the 2022 Finance Bill, which included 39 amendments proposed by Sitharaman. The amendment on crypto established a 30% tax targeting digital asset and nonfungible token transactions and did not allow for deductions from trading losses while calculating income. In addition, taxpayers in India will have an additional 1% tax deducted at source, or TDS. As per the new amendment proposed in the Finance bill 2022 to sections of crypto tax. Loss cant be set off against any profit. Similar to betting tax rules. #reducecryptotax — Aditya Singh (@CryptooAd...
Ethereum price hits $3.2K as anticipation builds ahead of the ‘Merge’
The week-long uptrend in the cryptocurrency market has begun to awaken bullish crypto investors and the successful March 15 launch of the Ethereum “merge” on the Kiln testnet has the community excited about the upcoming switch to proof-of-stake (POS). Data from Cointelegraph Markets Pro and TradingView shows that since the successful launch on Kiln, the price of Ether has climbed 25% from $2,500 to a daily high at $3,193 on March 25 as traders look to lock in their positions ahead of the merge. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what analysts in the market are saying could happen with the price of Ether as the merge approaches and how the switch to POS could affect its price long term. A clear breakout from the downtrend The turnaround in Ether pri...
Crypto Biz: Do you believe in Ethereum killers? Put your money where your mouth is, March 18–24
While crypto markets are still in a state of “fear,” as evidenced by Bitcoin’s Fear & Greed Index, the industry as a whole is giving us reasons to be bullish. Large venture funding rounds, growing adoption of decentralized governance models and new institutional-grade product offerings suggest that crypto is more than just daily chart patterns. This week’s Crypto Biz newsletter looks at a new Grayscale product that’s giving accredited investors more ways to bet on the so-called “Ethereum killers.” We also document two funding stories and draw your attention to the latest developments surrounding El Salvador’s Bitcoin (BTC) bond. Grayscale launches smart contract fund for Ethereum competitors Grayscale Investments, the world’s largest digital asset manager, has officially launched...
Senators Lummis and Gillibrand are collaborating on a new digital assets bill
The two US senators are working on a bill addressing, among others issues, consumer protection and taxes The news of the bill being drafted follows a crypto directive recently signed by President Biden US Senators Cynthis Lummis and Kirsten Gillibrand are looking to table a bill that will touch on several issues within the digital assets industry, “Thrilled to be working with [Gillibrand] on a bipartisan framework to create clarity, establish responsible sideboards, & ensure reasonable consumer protections. With feedback, this legislation will allow the digital assets industry to innovate and flourish in America,” Lummis posted earlier today. Some of the aspects that will feature in the regulatory framework are privacy, banking, and crypto taxation, Bloomberg reports.. The forthco...
India’s most popular short video app Changari partners with Fashion TV
India’s fastest-growing and most popular short video app Chingari has inked an exclusive partnership with Fashion TV (FTV), a leading fashion and lifestyle broadcasting television channel. This is the first time that Fashion TV is collaborating with a video app around the world. The partnership will allow Chingari, which is powered by Gari Network native token GARI, to play Fashion TV content on its app. The two (Chinagri and Fashion TV) have also collaborated in launching 100 GARI Panda NFTs. The holders of these NFTs will be granted access to exclusive fashion shows and parties by Fashion TV and access to the Fashion Metaverse among many more. After partnering, the CEO and Co-founder of the Chingari app, Mr. Sumit Ghosh, said: “We are extremely happy to announce the partnership of Chinga...
Weekly Report: Thailand, Honduras and Malaysia mull over crypto adoption as Ireland and UK regulators clamp down on ads
Honduras’ central bank has denied any plans of adopting a Bitcoin legal tender The Thai SEC cites risks to financial and economic stability as the reason why it has banned crypto payments The Central Bank of Ireland warns against the “risky and speculative nature” of crypto and the aggressive promotion/ ads coming with it The Bank of England says the Ukraine situation has made it even more essential to establish effective policies frameworks around crypto Malaysia’s ministry of finance stands firm against the idea of legalising crypto, says the country will focus on a CBDC instead This week, the focus has been on crypto regulation, with authorities and market regulators around the world making statements in that regard. Here are the details: Honduras central bank di...
Did rapper YG just flex a $30M BTC stack in his new music video?
Keenon Dequan Ray Jackson, the rapper who goes by the name YG, appears to show off a fat $30 million stack of Bitcoin (BTC) in his latest music video. The reveal appears to either be an eye-watering — but possibly fake — flex, or a crafty bit of product placement, as a cold storage device from crypto wallet provider Ledger is featured prominently in the video. The social team from Ledger was on it immediately too: We see you! @YG knows how to secure those bags of #bitcoin … not your keys, no your coins. — Ledger (@Ledger) February 11, 2022 In one of the scenes of the music video for the song titled “Scared Money” featuring J. Cole and Moneybagg Yo, YG is seen holding a Ledger wallet close to a smartphone which has a screen bearing a wallet application with more than $30.6 million of BTC in...
