Crypto
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Korean crypto exchanges are now in compliance with the Travel Rule
South Korean crypto exchanges have reached the government-mandated deadline to come into compliance with the so-called Travel Rule, but not all industry players are pleased with the measure. Starting today, Korean exchanges will flag any crypto transfers worth more than roughly $821. Transfers higher than that value will be restricted to user-verified wallets and a select number of exchanges that have adopted their anti-money laundering system. The Travel Rule is a set of guidelines issued by the international financial watchdog Financial Action Task Force (FATF) designed to help authorities track the movement of virtual assets between virtual asset service providers (VASP) such as crypto exchanges or digital asset issuers. A source from a local centralized exchange today praised the regul...
LG Electronics adds blockchain and crypto as new areas of business
South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter. According to a local South Korean news report, LG added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24. The objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency,” which led to conjecture whether LG would establish some form of crypto exchange. When asked about the company’s intention to start its own exchange or platform, an LG spokesperson tempered any speculation, stating, “Nothing has been decided yet. We just mentioned business areas in a broad manner.” Rumors concerning LG creating a crypto-related marketplace emer...
Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next?
Cardano (ADA) inched higher on March 25, putting itself on course recoup a great portion of losses that it had incurred in the first two months of this year. Cardano: not so bullish yet? ADA’s price jumped by around 7.5% in trading Friday, reaching $1.19 over a month after bottoming out at around $0.75. The Cardano token’s huge rebound move netted around 60% in gains. Nonetheless, it remained at the risk of losing its upside momentum in the coming weeks. At the core of this bearish analogy is a multi-month descending channel pattern, with a reliable track record of causing and limiting ADA’s rebound attempts simultaneously since September 2021. The channel’s upper trendline particularly has served as an ideal selloff zone, now being tested again as resistance, as sh...
Russia is looking towards Bitcoin as a payment form for energy exports
Energy official Pavel Zavalny says Russia has lost all interest in the Euro and dollar On Wednesday, President Putin demanded that all unfriendlies must pay for Russian energy exports in the ruble Recent reports suggest that Moscow is exploring ways to save its economy and get it back on track amidst heavy sanctions from the west. The country is now leveraging one of its most valuable exports – gas. Russia already made it a requirement that all non-friendly nations seeking to buy gas from it must pay in the Russian ruble, while friendlies like China and Turkey can pay in their fiat currencies or the ruble. Bitcoin as an option for the ‘allies’ According to a top government official, the nation is open to accepting Bitcoin as payment for oil and gas exports. Chairman of the Stat...
Australian bank ANZ mints the first Australian dollar-backed stablecoin
ANZ bank minted and transferred 30 million A$DC tokens, in a pilot test, before redeeming them into fiat The bank, one of the big four in Australia, leveraged its EVM compatible smart contract to mint the A$DC stablecoin In what is the first event of its like in Australia, Melbourne-headquartered big four bank ANZ today announced the minting of A$DC stablecoin. A$DC IS the first-ever stablecoin pegged on the Australian dollar. The minted tokens were availed via crypto-asset investment platform Zerocap to the Victor Smorgon Group that wanted to invest in crypto markets. “An ANZ-issued Australian dollar stablecoin is a first and important step in enabling our customers to find a safe and secure gateway to the digital economy,” ANZ Banking Services Lead Nigel Dobson said. “S...
Exxon Mobil is using excess natural gas to power crypto mining: Report
United States-based energy producer Exxon Mobil has reportedly been running a pilot program aimed at using the energy from excess gas to power crypto mining rigs — and it may be expanding its operations to four other countries. In a Thursday report, Bloomberg said Exxon Mobil had inked a deal with Crusoe Energy to use excess gas from oil wells in North Dakota to run Bitcoin (BTC) miners. The project reportedly uses 18 million cubic feet of natural gas per month — roughly 0.4% of the oil giant’s reported operations in the state, producing 158 million cubic feet of natural gas each day. The company launched the pilot program in January 2021 and is now reportedly considering expanding to Nigeria, Argentina, Guyana, and Germany in addition to launching a similar project in Alaska. Cointelegrap...
Russia’s energy chief says it would accept Bitcoin for oil and gas
The Russian Federation’s energy chief Pavel Zavalny has floated the possibility of accepting Bitcoin as payment for its oil and gas from “friendly countries” such as China and Turkey. He said those countries could begin paying for energy in Russian Rubles, Chinese Yuan, Turkish Lira — or even Bitcoin (BTC) — rather than the international standard US dollar. According to Russian news media RBC, Chairman of the State Duma Committee on Energy Zavalny stated at a Mar. 24 press conference that he and representatives from China and Turkey have been discussing changes to preferred settlement currencies for its biggest export. “We have been proposing to China for a long time to switch to settlements in national currencies of rubles and yuan. With Turkey, it will be lira and rubles. The set o...
DOJ cracks down on ‘rug pulls’, charging Frosties NFT project founders
The Department of Justice (DOJ) has taken action against an alleged NFT rug pull, after it slapped the founders of the Frosties project with charges relating to fraud and money laundering. The two founders are accused of purposely concealing their identities to operate a rug pull on the Frosties community by failing to deliver on the project’s roadmap and “utility” which touted rewards for NFT hodlers, giveaways, access to a Metaverse game and exclusive access to future mints from the project. According to a March 24 release from the Attorney’s Office of the Southern District of New York, 20-year-olds Ethan Nguyen and Andre Llacuna were arrested in Los Angeles and both charged with one count of wire fraud and one count of conspiracy to commit money laundering in “connection with a million-...
President Bukele hits out at Bitcoin Bond ‘FUD’ as CZ jets in to El Salvador
El Salvador President Nayib Bukele took to Twitter on Wednesday evening, hitting out at a Reuters report claiming Binance CEO Changpeng Zhao (CZ) was flying in to save El Salvador’s Bitcoin Bond. “Please don’t spread Reuter’s FUD,” Bukele tweeted to his 3.6 million followers, rebuking the claim that CZ was flying in to assist after the $1 billion bond offering, originally scheduled for mid-March, was postponed until September. He was responding to a tweet on the subject by Bitcoin Magazine, which has now deleted the post. I’m a fan of @BitcoinMagazine, please don’t spread @Reuters FUD. The #Bitcoin Volcano Bonds will be issued with @bitfinex. The short delay in the issuance is only because we are prioritizing internal pension reform and we have to send that to congress before. https://t.co...
Portsmouth residents can now settle bills using crypto
The mayor of Portsmouth doesn’t want his city to miss out on the utility of crypto and blockchain tech He envisions a future where crypto transforms financial services, but he says it could serve the underbanked for now Portsmouth, a small city in New Hampshire, is working to enable its residents to pay their bills in crypto. The city’s mayor Deaglan McEachern vouched for the decision, saying City Hall is now more informed on how to leverage crypto and blockchain tech. Crypto will redefine finance and the port city wants to be part of this future According to a March 23 report from local news outlet Seacoastonline, the mayor acknowledged that into the future, this type of technology is likely to have an even bigger impact, and Portsmouth should not be left behind. “There&...
Why Bored Ape Yacht Club scares me
Last week, I wrote an article on ApeCoin, the new cryptocurrency launched to be “the primary token for all new products and services” from the Bored Ape Yacht Club (BAYC). I won’t go over previously covered ground, but to summarise it quickly, ApeCoin is an ERC-20 governance token; the thesis is that holders can vote on potential changes to Bored Ape Yacht Club, in addition to gaining access to exclusive events and merchandise, as well as use it for in-game currency. After a bit of a volatile start (who would have guessed?) the coin has gone vertical, with a market cap of $3.7 billion at time of writing. BAYC have yet again proved that everything they touch turns to gold (although Bitcoin diehards may not like the choice of words in that expression). $450 million raise Yuga Labs, the creat...
Bitcoin hits $44K, but traders want to see a few daily closes here before a move higher
Morale across the cryptocurrency ecosystem is rising on March 24 as several days of positive moves have helped lift Bitcoin (BTC) back above $44,000 and Ether bulls took control at $3,100. The climbing price of BTC comes amid a backdrop of surging inflation and rising interest rates, which could see up to seven hikes over the course of 2022, according to Minneapolis Federal Reserve President Neel Kashkari. BTC/USDT 1-day chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that after trading near $43,000 throughout the morning session on March , a midday spike lifted the price of BTC to an intraday high at $44,186 where it bumped up against a major resistance zone. Bitcoin needs to flip $44,000 into support A look at the weekly chart shows that “Bitcoi...
