Category: Crypto

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Bank For International Settlements (BIS) Criticizes Cryptocurrency Again

The head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency, saying it “cannot take over the functions of money,” BIS reported on July 4th.

Bank for International Settlements (BIS) general manager stated cryptocurrency “are not a good means of payment”

In statements to the Swiss daily Basler Zeitung last week, later published by the BIS, general manager Agustin Carstens warned the “young people” against “trying to make money,” referring mostly to the Bitcoin (BTC) mining industry.

Those who have the greatest incentive in the system of this so-called cryptocurrency are those who produce the assets – the miners. This incentive, however, is not compatible with maximizing the utility of money. he told the publication. Cryptocurrency does not serve any of the three purposes of money. They are not a good means of payment or a good unit of account, nor are they suitable as a deposit of value. They fail dramatically in each of these counts.

Agustin Carstens, general manager of BIS

This is not the first time BIS position itself against cryptos

The BIS caused outrage when it published an article on cryptocurrency in June, and the significant media widely reported its highly suspicious view of the phenomenon against the fiat currency. Along with identical concerns about its potential to function as “fiat money,” the article also feared that the massive adoption of cryptocurrency could “stop the Internet” and other controversial claims.

Continuing the story, Carstens, who in turn has on multiple occasions presented himself as against cryptocurrency, said that it would unequivocally not have a “happy ending.”

“You don’t have to beat around the bush like that. It should not be forgotten that central banks have been providing electronic means of payment for decades,” stated Agustin Carstens, general manager Bank for International Settlements (BIS).

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Sberbank CEO Said Governments Will Maintain Centralized Role Instead Of Accepting Cryptocurrency

The CEO of Russia’s largest state-owned bank, Sberbank, Herman Gref, said he still could not foresee that governments would “give up their centralised role” in creating fiat currency as part of their comments on cryptocurrency.

During the Astana Finance Day conference, Sberbank CEO said he doesn’t believe the governments will give up fiat money

Talking to journalists during the international Astana Finance Days conference in Kazakhstan’s capital on July 4th, Herman Gref Sberbank repeated the comments he has made many times about the future role of cryptocurrency in the economy.

“Do I see a perspective of the global use of cryptocurrency as an alternative to fiduciary money? I don’t see it, and I said it many times,” said Herman Gref. “I don’t think the state is willing to cede its centralized role in issuing fiat currency to other decentralized institutions,” he added.

New cryptocurrency regulations in Russia will classify cryptos as separate digital assets

Gref’s words broadly reflect the ongoing metamorphosis of the regulatory status of cryptocurrency within Russia. This week is the deadline for new cryptocurrency regulation to become laws that will consolidate cryptos as a separate digital assets class devoid of legal tender status.

However, Sberbank has begun to increase its interactions with the cryptocurrencies market in the run-up to the new cryptocurrency regulation era, revealing last month its plans to launch a cryptocurrency-based mutual fund previous month.

Sberbank CEO compared cryptocurrency investments with gambling in a statement last week

A week earlier, however, Herman Gref, Sberbank CEO, had gone into the bass, telling local news station Kommersant that he “wouldn’t recommend [buying cryptocurrency] to anyone who didn’t like to play in a casino,” comparing cryptocurrency investments with gambling.

This vision of the Russian Sberbank CEO regarding the cryptocurrency is another evidence that cryptos are not doing very well in Russia.

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Malta Becomes The First Country To Adopt Comprehensive Blockchain And Cryptocurrency Legislation

Malta passed the three bills that will regulate the entire blockchain and cryptocurrency space on the so-called Blockchain Island. The Prime Minister of the country, Joseph Muscat, confirmed in a press conference that the parliament unanimously reaffirmed its decision to approve the three projects, which reach legal status with the names of Digital Innovation Law, Law of Innovative Technology Arrangements, and Services and Law of Virtual Financial Assets.

Malta, officially the first country in the world to have a holistic legislative framework regulating blockchain and DLT technology. We will be the global hub for market leaders in this new sector. Now let’s move on to the implementation of Blockchain Island.

Joseph Muscat, PM of Malta

The Parliamentary Secretary for Digital Innovation and Finance of Malta, Silvio Schembri, then issued a tweet to disseminate the announcement, stating that with the legal status of these three projects, Malta becomes the first jurisdiction to provide full legal certainty in the blockchain and cryptocurrency ecosystems.

This is the final stage of legislation that will put Malta on the international map of blockchain and kryptonite regulation. There is political consensus on this roadmap and we anticipate that this area will become the pillar of our growth for the next 4-5 years.

Silvio Schembri

Malta adopted three projects that will comprehensively regulate blockchain and cryptocurrency

Malta’s Digital Innovation Act will allow for the establishment of the Malta Digital Innovation Authority (MDIA), which will operate autonomously and independently and will be responsible for all matters relating to technological innovation and its forms of use. In its initial phase, it will only regulate blockchain technology and smart contracts, but will also promote government policies, educate on technological fixes and encourage the advancement, design, and use of innovative technology.

On the other hand, the Law of Innovative Technology Arrangements and Services, which will be in charge of establishing the regulations required by the MDIA to operate with cryptocurrency, it will include registration of service providers, system administrators and auditors, as well as certification of technological arrangements.

Finally, the Virtual Financial Assets Act will establish the regulatory regime of the blockchain and cryptocurrencies market in order to ensure that the fundamental principles of financial regulation are complied with, that the investor is protected and that financial integrity is provided.

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Nebulas Rank Yellow Paper Allows Cryptocurrnecy Investors To Measure Value Of Blockchain

The brand new Nebulas Rank Yellow Paper is the cryptocurrencies universe’s leading market-based insight for cryptocurrency investors on the various smart solutions that are available in the cryptocurrencies market. Whether it’s about value discovery, smart contracts or blockchain users, Nebulas seeks to catch this whole users segment, using the last algorithm expansion.

In the cryptocurrency’s universe where speculation is the norm, the Nebulas Foundation has become a pioneering firm. It has been among the very few to research blockchain technology from a consumer’s point of view and to construct the innovative Nebulas blockchain.

Nebulas blockchain has developed into the core algorithm by which the whole classification system is built. Nebulas Rank’s Yellow Paper carries this core feature to the next step of its evolution, providing users with a deeper understanding, allowing them to find out more about the blockchain or to measure the value of blockchains, and to examine smart contracts more thoroughly.

From Nebulas Mainnet to Nebulas Rank Yellow Paper

The initial variant of Nebulas Mainnet initial version, 1.0 Eagle Nebulas, was a reference point in the cryptocurrency universe at the time of its first launch. More significantly, it completes decentralized applications (DApps).

A significant development in blockchain technology is DApps. The effectiveness of search procedures is reduced, and it is a primary task to grasp the application of the blockchain in addition to smart contracts. Actually, there is a limitation when you use PageRank, as it is not covering the entire span of requested information and the value evaluation parameters in the blockchain.

The Nebulas Rank Yellow Paper allows you to measure the value of the blockchain by employing Nebulas Rank’s core algorithm and expanding it incrementally to permit users to maximize the capabilities of smart contracts and find blockchain apps.

The Nebulas Rank Yellow Paper will gauge the cryptocurrency in the market, along with economic perspectives and levels of account contribution. The work of the Nebulas algorithm against manipulation ensures fairness standards for the blockchain incentive mechanism.

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Canadian Cryptocurrency-Related Survey Revealed That 40% Of Ontario-Based Crypto Investors Sell Their Cryptos

A new cryptocurrency-related survey carried out in Canada showed that 40 percent of the Ontario-based cryptocurrency investors are selling their cryptos and that the Canadians are generally cautious when it comes to cryptocurrency investments.

40 percent of Ontario-based cryptocurrency investors sell their cryptos

A survey carried out by the Ontario Securities Commission (OSC) measures the investment habits made by cryptocurrency investors and traders, as well as the people’s level of understanding regarding the new cryptocurrencies market. This study, conducted on over 14 million people in Ontario (more than 38 percent of the total population) found that nearly half of the 18-year-old residents of the Canadian state, about 5 percent of the state’s residents, invested in the cryptocurrencies market.

The study, in general, showed that Canadians tend to be cautious about their investment habits in the cryptocurrencies market, as, for example, less than 9 percent invested more than $9,999 in cryptos.

Also, according to this study, about 40 percent of the Ontario-based cryptocurrency investors are selling their cryptos.

The survey showed that Canadians were generally cautious in cryptocurrency investments

81 percent of those surveyed heard about Bitcoin (BTC), 25 percent of Bitcoin Cash (BCH), while only 13 percent knew about Litecoin (LTC). It was also found that only 11% knew Ethereum (ETH), the second largest cryptocurrency in the market.

Perhaps the most exciting aspect of the survey was the way participants used to get their cryptos. 46 percent said they had traditionally bought them from cryptocurrency exchanges, while only 28 percent said they had obtained them through mining.

Most of the participants said they used cash savings to buy their cryptos, while a small group said they were investing. The authorities reported the final result of the work as follows:

According to the results of this research, the vast majority of the people of Ontario are cautious about their cryptocurrency investments. Only a small percentage have their own cryptos and those who own them did not have to spend significant amounts of money to get it.

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