Daily Archives: September 6, 2021

Kim Kardashian Called out by UK Regulator for Pumping Crypto Token That Could Harm Investors

Kim Kardashian Called out by UK Regulator for Pumping Crypto Token That Could Harm Investors

Kim Kardashian has been singled out by the U.K.’s Financial Conduct Authority (FCA) for pumping a crypto token that could put investors at risk. With 250 million Instagram followers, the FCA chairman said that Kardashian’s cryptocurrency promotion “may have been the financial promotion with the single biggest audience reach in history.”

Kim Kardashian Promotes Crypto Token That Could Put Investors at Risk, Said Regulator

The chairman of the U.K.’s Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), Charles Randell, singled out celebrity Kim Kardashian in a new warning about crypto scams. Kardashian is an American media personality, socialite, model, and businesswoman. She married the pro-bitcoin rapper Kanye West but filed for divorce earlier this year.

In his speech Monday at the Cambridge International Symposium on economic crime, Randell discussed “The risks of token regulation” and the “rules which protect people from investment fraud and scams.”

When detailing how online platforms can give advice about scams to help investors avoid making bad decisions, he said: “We’ll work with online platforms who want to protect both consumers and their own brands – and we’ll call out those who aren’t playing their part and are destroying the trust of their users.” Randell continued:

Which brings me on to Kim Kardashian. When she was recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by ‘joining the Ethereum Max Community,’ it may have been the financial promotion with the single biggest audience reach in history.

While acknowledging that Instagram’s rules required Kardashian to disclose that her post was an ad, Randell argued that “she didn’t have to disclose that Ethereum Max — not to be confused with Ethereum — was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges.”

The head of the FCA opined:

Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.

Despite all the risks, Randell said that “the hype around them generates a powerful fear of missing out [FOMO] from some consumers who may have little understanding of their risks.”

Randell proceeded to discuss regulations, stating that “It will take a great deal of careful thought to craft a regulatory regime which will be effective in the decentralized world of digital tokens.”

He elaborated that “it’s clear that legislators need to consider three issues.” The first is “how to make it harder for digital tokens to be used for financial crime.” The second is “how to support useful innovation,” and the third is “the extent to which consumers should be free to buy unregulated, purely speculative tokens and to take the responsibility for their decisions to do so.”

The FCA chairman described:

In the meantime, it appears to me that there are two cases where regulators should have the powers to take action to reduce the potential harm to consumers from purely speculative tokens, not least to ensure that trust in the overall technology isn’t destroyed by bad actors in this space.

The first case is crypto promotions, he said, reiterating that “a surprisingly large proportion of people buying these speculative tokens seem to think they may be regulated already.” He then warned that “The second issue is the risk of contagion of the regulated business of authorized firms by unregulated activities in digital tokens.”

What do you think about the FCA chief calling Kim Kardashian out for pumping a crypto token? Let us know in the comments section below.

El Salvador Starts Mass Buying Bitcoin Ahead of BTC Becoming Legal Tender Tomorrow

El Salvador Starts Mass Buying Bitcoin Ahead of BTC Becoming Legal Tender Tomorrow

Bitcoin will become legal tender in El Salvador on Tuesday, Sept. 7. The Salvadoran government has started buying bitcoin ahead of the law taking effect. The first 200 coins have been purchased and “a lot more” are coming, said President Nayib Bukele.

El Salvador Begins Mass Buying Bitcoin Ahead of Bitcoin Becoming Legal Tender

El Salvador’s President, Nayib Bukele, announced Monday: “El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches.” At the current BTC price of $51,691, the 200 bitcoins are worth about $10.34 million.

El Salvador Starts Mass Buying Bitcoin Ahead of BTC Becoming Legal Tender Tomorrow

Bukele also tweeted, “Tomorrow, for the first time in history, all the eyes of the world will be on El Salvador.” The country’s Bitcoin Law, passed in June, will enter into force on Tuesday, Sept. 7. It will make bitcoin legal tender in the country alongside the U.S. dollar. The government recently published a video explaining what to expect.

In preparation for bitcoin becoming legal tender, El Salvador’s Congress approved a law on Aug. 31 to create a $150-million fund to facilitate conversions from bitcoin to U.S. dollars. Money for the new fund will be redirected from the finance ministry’s current budget and administered by the state development bank of El Salvador.

Meanwhile, a growing number of bitcoin supporters are planning to buy $30 worth of BTC to show their support for El Salvador’s Bitcoin Law. $30 is also the amount that President Bukele promised to give anyone who uses the government’s bitcoin wallet, Chivo.

Some people are planning to spend more than $30. Tahini’s Restaurant, for example, said that in support of El Salvador’s Bitcoin Law, it will “buy $300 every hour tomorrow.”

According to Bukele, about 200 ATMs and 50 bank branches featuring the government’s Chivo wallet are being installed in different parts of the country where users can deposit and withdraw money without paying commissions.

Not everyone is keen on bitcoin becoming legal tender in El Salvador, however. A recent national survey shows that seven out of 10 Salvadorans want the Bitcoin Law repealed and as many as nine out of 10 respondents do not have a clear understanding of what bitcoin is.

What do you think about El Salvador buying a lot of bitcoin and making the cryptocurrency legal tender? Let us know in the comments section below.

Baanx Acquires Stake in Major US Fintech Bank

PRESS RELEASE. Baanx, the fast growing B2B2C “Better than a Banking Platform” specializing in fintech services & lending, becomes the third-largest shareholder in the United States regulated Maxwell State Bank in a multi-million-dollar deal to enhance cybersecurity and banking access to communities throughout America.

Maxwell State Bank is a fintech bank and VISA Principal Member established circa 1943 in Iowa. With total assets of $29,655,000 and deposits of $25,058,000 Maxwell has been FDIC certified since 1943 for insured deposits. Maxwell was acquired by serial fintech entrepreneur Ronald Ingram, founder of multi-billion dollar fintech programs and companies. He has ambitious plans to make this bank the most secure and future-proof bank in America by expanding their services. He plans to achieve this by working with fintech leaders in cybersecurity, cryptography, tokenization and private/public key infrastructure companies.

Baanx has rapidly become a market leader in secure transaction payment systems, secured lending and banking services with a focus on fast growing verticals. Offering VISA & Mastercard programs through their platform, combined with secured lending services from as little as 0% APR, they are expanding quickly through their B2B2C business model. Baanx partners with leading corporate communities, white-labelling as a leading brand, whilst completely managing the delivery and support of the service to each community they engage with.

Garth Howat, CEO of Baanx said today: “We are very excited to have taken a stake in Maxwell and working with Ronald Ingram, who has a strong track record of delivering high performing secure fintech services, having been responsible for $100s of billions of fintech transactions in recent years.”

Ronald Ingram, Chairman of Maxwell said today: “We are very pleased to welcome Baanx as an investor in Maxwell State Bank. Maxwell Bank has been profitable and well managed for decades, Maxwell, as of 2021, is the most connected bank in North America with direct fiber and low earth laser satellite connectivity. We expect Baanx will expand upon Maxwell’s commitment to futurize banking. Baanx is a money center fintech, in the historical banking center of the world, London, with specializations across cryptography, lending, cybersecurity and public/private key infrastructure. We look forward to strategic partnership opportunities such as state-of-the-art cyber security, access to digital safe-keeping of assets and general privacy that we expect to evolve out of this strategic investment.

About Baanx

Baanx “Better than a Banking Platform”, offers banking services to fintechs, including secured lending against digital assets and payment authorisation integration into VISA, Mastercard & other transaction payment systems. Baanx headquarters are in London (UK) with subsidiaries in Delaware (United States), Portugal and Lithuania. Baanx manages digital assets using military

grade cryptography for maximum privacy and security with digital asset insurance through their partners up to $100m. Baanx is managed by a seasoned team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.

About Maxwell

Maxwell State Bank has been serving Americans for nearly 75 years. January 2021 it was acquired by Ronald Ingram, a serial entrepreneur in fintech, who created a roadmap to ensure the future of this well-established profitable bank for the next generations in the community, region and beyond.

Learn more about Maxwell State Bank

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

ETH 2.0 Contract Exceeds 7.4 Million Ether, Close to $30 Billion Locked, Liquid Staking Pools Grow

ETH 2.0 Contract Exceeds 7.4 Million Ether, Close to $30 Billion Locked, Liquid Staking Pools Grow

The Ethereum 2.0 contract now has more than 7.4 million ether worth over $29.3 billion using today’s ether exchange rates. According to statistics, the smart contract address is the largest holder of ethereum out of all the wallets in existence.

Ethereum 2.0 Contract Nears $30 Billion

In the early days, the Ethereum (ETH) protocol was a 100% proof-of-work (PoW) blockchain but in more recent times, Ethereum is now a mix of proof-of-stake (PoS) and PoW. In time, the digital currency and smart contract network will be 100% PoS and this will be the main consensus algorithm that keeps Ethereum chugging along.

On November 6, 2020, Bitcoin.com News reported on the co-creator of Ethereum, Vitalik Buterin, adding $1.4 million worth of ether into the Phase 0 smart contract. Since then, the ETH 2.0 contract has swelled significantly. In July 2021, Bitcoin.com News reported on the Ethereum 2.0 contract exceeding six million ether. At the time on July 2, the six million ether was worth $12.4 billion using exchange rates from that day.

ETH 2.0 Contract Exceeds 7.4 Million Ether, Close to $30 Billion Locked, Liquid Staking Pools Grow
The Ethereum 2.0 deposit address according to Etherscan data on September 6, 2021.

Today, according to Etherscan statistics, the Eth2 Deposit Contract holds 7,489,474 ether worth $29,366,901,606. The smart contract address is the largest wallet among the Ethereum rich list of wallets. The Wrapped Ether smart contract address is fairly close, however, with 6.9 million ether.

Ever since Buterin deposited the massive amount of ether he held into the ETH 2.0 contract address, deposits of 32 ETH are continuously deposited to this very day. In order to be a validator, 32 ether is required to join the ETH 2.0 staking community.

Behind the ETH 2.0 contract and Wrapped Ether wallet, includes wallets owned by Binance, Kraken, Gemini, Huobi, FTX exchange, and a few unknown ether billionaires. The ETH 2.0 smart contract has seen 150,980 transactions to date and the 7.4 million ether equals 6.37% of the entire circulating supply of ether.

1.3 Million Ether Is Locked in Liquid Staking Pools

A lot of the ETH 2.0 money locked in to the contract is being staked in prominent staking pools like Lido, Stkr, SharedStake, Stafi, Stakewise, Cream and Stakehound. These pool services have approximately 1,361,463 ether locked and Lido has the lion’s share of ether.

ETH 2.0 Contract Exceeds 7.4 Million Ether, Close to $30 Billion Locked, Liquid Staking Pools Grow
Liquid staking pool stats according to Dune Analytics on September 6, 2021.

The Lido liquid staking pool has around 1,167,007 ether staking today, according to Dune Analytics stats. $5.35 billion of the overall $29.3 billion locked is being staked by large pools and that’s about 18.09% of the 7.4 million ether today.

In addition to the 7.4 million ether locked, to date, 216,229 ether has been burned after EIP-1559 was implemented. Using today’s exchange rates, that’s $729 million worth of the second-leading crypto asset by market capitalization.

What do you think about the 7.4 million in ether worth more than $29 billion locked into the Ethereum 2.0 contract? Let us know what you think about this subject in the comments section below.

’30for30′ Bitcoin Solidarity With El Salvador Trend Tries to Convince People to Buy $30 in BTC Tomorrow

'30for30' Bitcoin Solidarity With El Salvador Trend Tries to Convince People to Buy $30 in BTC Tomorrow

It’s a big day for El Salvador this Tuesday, as the country’s new legal tender law will be enforced. A great number of bitcoin supporters have plans to purchase $30 worth of bitcoin to show support for the upcoming implementation of the bitcoin tender law. The $30 increment was conceived because Salvadoran president Nayib Bukele has promised $30 worth of free bitcoin to every Salvadoran citizen with a government wallet.

In Less Than 24 Hours, El Salvador Is Officially Adopting Bitcoin as Legal Tender

On Wednesday, September 7, 2021, El Salvador’s bitcoin tender law will come into play. The monetary shift has the whole world focused on the small Latin American country, because people are very curious as to what will happen after bitcoin becomes legal tender. On June 25, Bitcoin.com News reported on the Salvadoran president Nayib Bukele telling citizens that anyone with a government-backed digital currency wallet will receive $30 worth of free bitcoin. Bukele said at the time:

It will be within the Chivo app where we will deposit the equivalent $30 in bitcoin to promote its use in the economy and to give people an incentive to use the application.

#30for30, #7septemberbuybtc, #buybtctuesday

Now, as there’s less than 24 hours left until the crypto asset becomes legal tender, bitcoin supporters have started a social media trend to get a bunch of people to purchase $30 worth of BTC to show support for Salvadorans. On social media platforms like Facebook and Twitter, alongside Reddit posts as well, hashtags like “#30for30” “#buybtctuesday” and “#7septemberbuybtc” have been trending. One specific Reddit post that recently published says: “Buy at least $30 tomorrow at 5 PM EDT (2 PM Pacific, 9 PM GMT).”

The post was removed from the Reddit forum r/bitcoin but before it was taken down many people commented on the subject. “Too late, bought $30 now,” one Redditor exclaimed. “Yeah, I thought it was today… I guess I’ll buy more tomorrow too. And every day after,” another Redditor wrote.

On Twitter, the commentary is similar as many people on the platform are trying to get bitcoiners to purchase $30 worth of BTC in support of El Salvador’s shift toward bitcoin.

Michael Saylor: ‘Every Cyber Hornet I Know Is Planning to Buy $30 in Bitcoin Tomorrow in Solidarity’

Microstrategy’s CEO Michael Saylor also wrote about buying $30 worth of BTC on September 7. “On September 7, El Salvador will officially begin using bitcoin as its national currency alongside the U.S. dollar,” Saylor tweeted. “Every cyber hornet I know is planning to buy $30 in BTC tomorrow in solidarity with the people of El Salvador and their leader Nayib Bukele. Will you join us?” Saylor asked while also sharing a “yes” or “no” survey.

At the time of writing, 39,949 Twitter accounts voted on Saylor’s poll and 83.4% said “yes” while 16.6% said “no” to Saylor’s “will you join us” question. One person replied to Saylor’s tweet and said: “I’ll do $300 and you do $3 million.” On Reddit one person said that he didn’t think “it’s gonna impact the price at all. The effect on the price happened when the news was first announced,” he said. However, one person said that buying $30 worth of BTC wasn’t about moving the price of bitcoin. He stressed:

It’s not about affecting the price. It’s about recognizing and celebrating a historic moment.

What do you think about bitcoiners trying to convince others to purchase $30 worth of bitcoin on September 7? Let us know what you think about this subject in the comments section below.

Credit Agency Moody’s Looks to Hire Crypto Analyst, Strong Understanding of Defi Important

Credit Agency Moody's Looks to Hire a Crypto Analyst, Strong Understanding of Defi Is Important

One of the Big Three credit rating agencies, Moody’s Corporation, often referred to as Moody’s, has listed an employment opportunity for a “crypto-asset analyst.” Moreover, Moody’s job listing shows the company is very interested in the “wide-reaching impact of decentralized finance(defi).”

Moody’s Is Hiring a Crypto Analyst, Candidate Needs to Grasp Defi

Moody’s is hiring a crypto-asset analyst according to a recent job listing posted to linkedin.com’s employment listings. According to the job description, the newly hired crypto analyst will join the company’s “Blockchain C4E team” and leverage the research and development the team has put together. “You will be part of a team of individuals responsible for supporting successful project deliveries for our C4E,” the Moody’s job listing notes. “The role also includes advocating for operational and process changes to move towards a more data-driven organizational paradigm.”

The analyst can work remotely if they qualify but Moody’s would prefer someone located in Frankfurt, London, New York, or Paris. A minimum bachelor’s degree in business, economics, engineering, or a “closely related field” is a required qualification needed for the job. Of course, Moody’s wants someone with five or more years of credit rating analysis-related experience. Leading a crypto startup is a good qualification, the Moody’s job listing details. Moody’s employment listing shows that an understanding of defi is a very important part of the job. The job’s duties will include:

[Managing and maintaining] deep understanding of the financial markets and the potential wide-reaching impact of decentralized finance (defi) on [an] existing ecosystem. [Alongside performing] back-testing of assessment framework(s) developed by Blockchain C4E using market data to analyze crypto-assets and other related products; provide detailed feedback for further refinement of risk factors.

Moody’s Also Interested in Stablecoins, CBDCs, NFTs

Moody’s wants the analyst to craft deep knowledge on defi and blockchain-based elements like stablecoins, central bank digital currencies (CBDCs), and non-fungible token (NFT) assets. “[The crypto analyst must] stay up-to-date on development within the industry and perform risk analysis of defi (blockchain) protocols, and other features,” Moody’s listing explains. The company says it would be nice if the person is very passionate about blockchain and defi.

“[It would be nice to have (one or more of the following)]: Interest in defi and passion for designing blockchain-based solutions as well as developing crypto-asset assessment frameworks. Good written and oral communication skills, as well as strong analytic, problem solving and decision-making skills. Strong analytical orientation, practical experience with blockchain and crypto-assets, [and a] strong understanding of crypto-asset and defi market dynamics,” the job listing concludes.

What do you think about the credit agency Moody’s looking for a crypto analyst and showing a strong interest in defi? Let us know what you think about this subject in the comments section below.

Bitcoin Quickly Jumps Above the $52K Zone Only to Get Pushed Back, Crypto Economy Climbs 3.5%

Bitcoin Quickly Jumps Above the $52K Zone Only to Get Pushed Back, Crypto Economy Climbs 3.5%

Bitcoin surpassed the $52K handle on Monday morning, as crypto-asset markets have been moving northbound and gathering more fiat value. The overall crypto economy is around $2.45 trillion and it has gained 3.5% during the last 24 hours. Meanwhile, bitcoin charts show a pending golden crossover which to many means the overall market outlook looks bullish.

Bitcoin Hits Resistance Above the $52K Handle

Digital asset markets are in the green today and many crypto assets have seen single to double-digit gains during the last 24 hours. At the time of writing, the entire crypto-economy of 10,000+ cryptos in existence is around $2.45 trillion on Monday. Bitcoin (BTC) has gained more than 3.5% today and 6.3% during the last seven days. On Monday morning (EST), BTC surpassed the $52K zone reaching $52,230 per unit. Many assume BTC’s next few months will be bullish and a pending golden cross chart signal indicates this may be the case.

Bitcoin (BTC) tapped a high of $52,230 on Monday, but has since regressed back to the $51K range.

Basically, when the short-term moving average jumps over the long-term moving average and starts moving northbound, traders call it a golden cross and assume an upward trend is coming. “On Friday, BTC broke through the resistance of $50,500, paused for the weekend, and exceeded $51,500 on Monday, where it is now struggling to hold on,” Fxpro senior financial analyst Alex Kuptsikevich told Bitcoin.com News.

“Actually, Bitcoin has been trading above $50,000 since last week as the bulls managed to keep the rate above the 200-day moving average. In light of this, the price of ‘over fifty’ has become quite common over the past few days,” Kuptsikevich added. The analyst further stressed:

Anchoring above this mark will open the way to $60,000 and may become a catalyst for a fully-fledged reversal of the crypto market.

Ethereum Closing in on All-Time Highs, Myriad of Other Cryptos See Double-Digit Gains

Meanwhile, ethereum (ETH) is only up 0.3% today but over the last week, ether has gained 22.2%. ETH hit a high above the $4K handle on September 1, but has been below that region since then. Simon Peters, Etoro’s crypto-asset analyst, says ether is headed toward all-time price highs.

“Ether is closing in on all-time highs while bitcoin has reached above $50,000 for the first time since mid-May,” Peters said. “ETH surged in the last week, coming close to breaching the $4,000 level. The crypto asset began the week below $3,200 but rose quickly through the week, reaching $3,981 by Friday. Over the weekend gains have flattened but remain trading in this range,” he added. The Etoro crypto analyst continued:

A confluence of factors is contributing to the rising price of ETH. ETH burning, staking, gas fees, transactions, and locked away tokens on defi are all working in concert to support price levels. BTC meanwhile has hit above $50,000 for the first time since mid-May. The crypto asset started the week with falls to below $47,000 before rallying midweek above $50,000. In early trading today BTC has surged again, closing in on $52,000.

As bitcoin and ethereum have seen some gains and of course attention, a number of other crypto-assets have seen better returns over the last 24 hours. Coins like quant, omg network, filecoin, ftx token, fantom, qtum, chainlink, mdex, bitcoin cash, and EOS have all seen double-digit 24-hour gains.

What do you think about bitcoin and the rest of the crypto economy’s recent improvements? Let us know what you think about this subject in the comments section below.

Cryptowisser : Cryptocurrency Likely to Be More Environmentally Friendly Than Traditional Banks

PRESS RELEASE. Leading Crypto service comparison site – Cryptowisser deep dives into the environmental future of cryptocurrency. Despite major scrutiny from traditional media and press, cryptocurrency possibly remains more environmentally friendly than traditional banks, just no one is reporting it.

Crypto community anticipates a green future.

With the crypto world under constant scrutiny from a variety of sources, the last thing they need are accusations for ruining the earth. While mining bitcoin is very energy intensive, the crypto community are constantly working to improve their carbon footprint.

As far as environmental revelations are concerned, the future seems to lie in the use of Proof of Stakes systems Vs Proof of Work. Although several coins have already migrated over from Proof of Work systems, many still exist.

The Cryptowisser report details how Proof of Work systems and specifically their security measures require an astronomical amount of energy. The principles of a PoW system require individuals to manage the process of recording transactions and verifying data stored in the block chain, which in turn requires crypto mining and requires a lot of computing hardware.

Proof of Systems on the other hand maintain their transactions with multiple holders, which are called validators, and with this Proof of systems protocol, each user creates a node, and each node does not require additional energy to prove the credibility of the node, as opposed to Proof of Work systems.

The report also explains the lack of scrutiny in many “traditional” industries, including banks. While it is indeed true that the crypto industry needs to reassess their environmental impact, it could be argued that they are the only financial vertical to receive such speculation, while traditional banks, who consume an incredible amount of energy go unscathed.

Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, news, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world.

For more information please contact [email protected]

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

African Economist Says Regulated Cryptocurrencies Are Reasonable Alternative to Single Trade Currency

A Nigeria-based research and development economist, Gospel Obele, has called “for a unified regulatory mechanism for cryptocurrency trading.” He adds that such regulation of cryptocurrencies can potentially “complement an African digital currency,” hence this needs to be considered.

Cryptocurrencies Show the Way

In remarks published by Joy Online, Obele insists that cryptocurrencies have already shown how a single currency must function. The economist explained:

Crypto has been able to build a level of singular markets when it comes to digital currency use and trade across borders, and this is a significant philosophy which the [African Continental Free Trade Area] originates. One of the significant issues that the AFCTA presents is an important opportunity for a singular currency in the African Market. We all know because of the different development stages of financial markets in respective member states.

Obele, however, concedes that the adoption of a single digital currency by all African states seems impossible in the short term and may prove to be “very much demanding over time.” Yet, according to him, it is only such a digital currency that provides a “reasonable alternative to reaching that level of synchronization to facilitate trade activity across borders.”

Crypto Here to Stay

As some African central banks contemplate launching their own digital currencies, privately issued cryptocurrencies are already being used as a medium of exchange in some cross-border trades. For instance, in Nigeria, where there is a shortage of foreign exchange, cryptocurrencies like bitcoin are being used as an alternative means of payment. This has helped some import businesses to stay afloat.

However, the growing use of cryptocurrencies when making cross-border payments has seen some central banks impose measures that hinder this practice. Commenting on this, Obele reminded central banks that “cryptocurrency has come to stay.” Therefore, instead of restricting the use of such digital currencies, the economist wants central banks to understand the technology that underpins such digital currencies — the blockchain. He explained:

“So we need to go back to the fundamentals to get things right to be part of the crypto revolution.”

What are your thoughts about this story? You can share your views in the comments section below.

Sunacrip and Venezuelan Intelligence Police Issue Warning on Cryptocurrency Scams

venezuelan

Sunacrip, the Venezuelan cryptocurrency watchdog, and the Intelligence Police (CICPC) issued a warning for the general population about cryptocurrency scams. The institutions gave a series of recommendations to avoid being scammed by cryptocurrency Ponzi schemes involving the national cryptocurrency, petro (PTR), advising users to always keep their accounts’ passwords secure. This is the government’s answer to a series of crypto scams that have been happening in the country in the last few days.

Venezuelan Regulator and Intelligence Police Warn Users

The cryptocurrency watchdog, Sunacrip, and the Venezuelan intelligence police have issued a warning on social media about general cyber security, advising users to take a series of basic steps to avoid being victims of crypto-related scams. The information was shared using the Instagram account of the information related crime division of the Intelligence police, where the institution stated:

We inform the community to avoid being victims of scams through the homeland system with false managers who only seek their own profit.

The homeland system is a platform development that serves as a way of getting petros (PTR), the national cryptocurrency, out of the internal wallet of the government and into Sunacrip approved exchanges, that allow users to sell their petros at market value. The intelligence police also suggested users move all of their crypto assets through Sunacrip-approved exchanges to guarantee their safety doing these transactions.

Big Crypto Scams

Sunacrip also suggested users handle their accounts by themselves and avoid giving their passwords to third parties managing accounts. This is likely the answer to a big cryptocurrency scam that happened last week, when a man allegedly faked his kidnappings and stole more than one million dollars from his customers.

According to reports of Douglas Rico, head of the intelligence police in Venezuela, Andrés Jesús Dos Santos Hernández simulated a kidnapping where his captors allegedly forced him to enter the Binance platform and make transfers to different digital wallets, exhausting all of the crypto assets from his customers.

Dos Santos is now on the run from national authorities, facing money laundering and fraud charges. Binance has become a hotbed of financial movements from Venezuelans that are investing in cryptocurrencies, and different individuals are offering their services as financial advisors and consultants, managing investments and accounts from their customers. Specifically, Binance’s P2P market has dethroned the former leader platform, Localbitcoins, relegating it to second place in trading volumes.

What do you think about Sunacrip’s warning against crypto-scams? Tell us in the comments section below.