Daily Archives: September 10, 2021

Leading Auction House Sotheby’s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million

Leading Auction House Sotheby's Auctions 107 Bored Ape Yacht Club NFTs for $24 Million

The British-founded American multinational corporation headquartered in New York City, Sotheby’s, closed the Yuga Labs “101 Bored Ape Yacht Club” non-fungible token (NFT) collection auction at $24.3 million for the lot. The auction ended on September 10 and surpassed the expected settlement for the NFT lot which was estimated to be around $12-18 million.

The ‘101 Bored Ape Yacht Club’ and ‘Mutant Serum’ NFT Collection Auctions for $24 Million

NFT project the Bored Ape Yacht Club (BAYC) has been a popular non-fungible token collection since the project’s inception. Many of the NFTs have sold for hundreds of thousands of dollars for a single BAYC NFT. There are approximately 10,000 BAYC NFTs in the original collection and 5,423 unique ethereum addresses own at least one BAYC NFT. Onchain statistics show one address owns approximately 105 Bored Ape Yacht Club units and data shows the collection is the fourth largest in seven-day sales this week.

Leading Auction House Sotheby's Auctions 107 Bored Ape Yacht Club NFTs for $24 Million

Dappradar.com stats indicate that the BAYC collection has seen $44.82 million in sales this week which is down 64% since last week. This week saw 368 BAYC NFT traders, which is around 58% lower than the number of traders the week prior. The $44 million worth of BAYC NFT settlements stemmed from 259 sales this past week. In addition to the BAYC sales on NFT marketplaces, Sotheby’s sold 101 BAYC NFTs for $24.3 million.

The lot of 101 BAYC NFTs contained a total of three M1 “mutant serum” NFTs and another three M2 “mutant serum” NFTs. The BAYC NFT collection owner can leverage the M1 and M2 pieces to issue Mutant Ape Yacht Club (MAYC) NFTs. That specific collection (MAYC) is the 11th largest in terms of weekly sales. Metrics show the last seven days saw $24.54 million in MAYC sales between 1,642 traders and across 1,177 sales.

Sotheby’s Knee-Deep in Crypto, Auction Raises BAYC NFT Floor Price Value

The leading auction house Sotheby’s has been competing with Christie’s auction house when it comes to non-fungible token (NFT) collection auctions. Of course, Christie’s helped sell the most expensive NFT to date when Beeple auctioned his NFT for $69 million. However, Sotheby’s is no stranger to crypto and blockchain solutions as it recently revealed an auction for a rare diamond and accepted digital assets for payment.

Leading Auction House Sotheby's Auctions 107 Bored Ape Yacht Club NFTs for $24 Million

Sotheby’s sold a single Cryptopunk for $12 million in June, and the month prior the auction house said it was teaming up with Coinbase to accept crypto assets for physical art sales. Sotheby’s first joined the NFT fray in March when it partnered with a mysterious and popular artist called “Pak.” Sotheby’s auction also increased the floor price value ($130K per BAYC via Opensea) of a BAYC, at least by the auction’s settlement metrics, to $235K per BAYC.

In addition to Christie’s and Sotheby’s, the popular Asian auction house Phillips has stepped into the cryptocurrency world. During the first week of May, Phillips Auction House revealed it was accepting crypto assets for a physical art auction, which featured the popular and anonymous street artist Bansky.

What do you think about the results of the Sotheby’s BAYC NFT collection auction? Let us know what you think about this subject in the comments section below.

Crypto Trading, Mining Are Illegal and Punishable, Nepal Central Bank Warns

Crypto Trading, Mining Are Illegal and Punishable, Nepal Central Bank Warns

Mining and trading of cryptocurrencies are illegal in Nepal, the country’s central bank has reminded citizens of the Himalayan nation. The regulator also warned that participating in such activities would entail penalties as per the current legislation. Despite its position, however, the Nepalese have continued to invest in bitcoin, media reports reveal.

Engaging in Illegal Crypto Activities is Punishable by Law, Nepal Rastra Bank Says in Notice

Cryptocurrency trading and mining are punishable as they are illegal in the country, the Nepal Rastra Bank (NRB) remarked in а recently published warning titled “Cryptocurrency transactions are illegal.”

In the notice, which appeared on the central bank’s website on Thursday, the financial regulator refers to Nepal’s Foreign Exchange Act which was adopted in 2019. Quoted by the online news outlet Khabarhub, the NRB stated:

Cryptocurrency trading and mining and encouraging the illegal activities is punishable as per existing laws.

“Likewise, those swindling people through these illegal activities are subject to action,” the monetary authority further emphasized. The warning is targeting Nepalese who entice others to engage in coin minting or cryptocurrency exchange.

Answering the question “Is it possible to trade cryptocurrencies including Bitcoin in Nepal?” in its website’s FAQ section, the central banking institution says: “Cryptocurrencies including Bitcoin cannot be traded in Nepal. Doing such business is illegal.”

Nepalese Media Urges Government to Change Its Crypto Policy

With cryptocurrencies being banned in Nepal also under the NRB Act, there have been reports in the past of the government in Kathmandu cracking down on related activities and even arresting people involved in mining and trading. Nevertheless, bitcoin has continued to attract attention from the country’s population and articles by local media have responded to that interest.

Despite NRB’s warnings, the Nepalese have continued to invest in cryptocurrencies, according to local media. Some successful examples of people who put money into bitcoin have had an impact on the Nepalese, Nepali Trends noted in a piece devoted to cryptocurrencies this past July, elaborating:

Cryptocurrency can be the future currency in the world… So, there is a huge suspect some people are still transacting by bitcoin.

“It seems that Nepalese are investing in several ways. Some reports show that people are taking help from relatives and friends living abroad to invest in cryptocurrencies,” the publication wrote. Such investments remain largely unnoticed as Nepal lags behind in technological advancements and the central bank is unable to track and regulate bitcoin transactions, the online edition pondered.

The author, Tirsana Khadka, believes instant legalization of cryptocurrencies may be impossible but thinks Kathmandu authorities cannot underestimate the increasing use of digital cryptocurrencies in business globally. “As it does not involve a third party, the transaction is secure, fast, and cheap,” Khadka says, insisting that “Nepal should change the perception about bitcoin and cryptocurrency legislation on a policy level soon.”

Do you think Nepalese regulators will change their attitude towards crypto activities in the future? Share your expectations in the comments section below.

PocketNet Changes Name to Bastyon and Releases Private Messaging App With PKOIN Chat Payments

Bastyon’s messaging app would include end-to-end encryption, no link to phone number or any other metadata making it the most private messenger.

Pocketnet, the social network based on proof-of-stake blockchain technology, enters a new phase of growth by changing its name to Bastyon and by releasing a brand new private messaging component.

This new crypto chat app contains state-of-the-art end-to-end encryption and will not use any personally identifiable information from the user. One of the most interesting features of this messenger is its ability to send crypto payments just like any other message.

The Bastyon network now includes:

  • a decentralized social network app
  • a decentralized video and live-streaming platform
  • a private messenger app that is also… you guessed it… decentralized

The underlying blockchain containing all the data used by Bastyon is still named PocketNet and the network token that is used to compensate node operators and network participants is still the PocketCoin (PKOIN). The newly released messenger app contained in Bastyon also allows users to exchange 19 different tokens directly into Pocketcoin. These tokens include BCH, XRP, DOGE, NEO, DASH and others. Direct exchange into Pocketcoin augments the three exchanges offering PKOIN pairs, Bilaxy, Digifinex and Bitforex.

The next step for Bastyon is the completion of the decentralized advertising marketplace that will enable advertisers and authors to use PKOIN to complete riskless advertising deals, using PKOIN smart contracts.

Importance of the Bastyon Private Messenger

Bastyon private messenger differentiates from existing messengers in the following ways:

  • Completely decentralized, non-corporate open source code with no central servers
  • Not connected to your phone number (all major messengers are connected to your mobile number now)
  • Every one-on-one chat is end-to-end encrypted by default
  • All images sent and received are stored encrypted ‘at rest’ meaning that new Apple scanning algorithms will not see them
  • Ability to send crypto to contacts with one click
  • Choose to send PKOIN or 19 other cryptos that can be exchanged directly into Pocketcoin (PKOIN)

Bastyon messenger is hosted on decentralized servers, any user can run a server for themselves or for the network to earn extra PKOIN. This is dramatically different from all major existing messengers. They are either not end-to-end encrypted by default or require a phone number connection, which violates the users’ privacy.

Bastyon messenger also augments the newest video capability of the network. Videos shared on the Bastyon network can be viewed and rated directly in the chat. This will increase the reach for Bastyon video creators.

Success of Video on Bastyon

Bastyon has recently added video uploading capability. Videos are hosted on decentralized servers that can be launched by anyone, with compensation in Pocketcoin (PKOIN). The volume of video uploads is growing exponentially.

Pocketcoin (PKOIN) as the Token of Bastyon

The whole Pocketnet network including Bastyon.com and other apps relies on the Pocketcoin (PKOIN) to compensate and incentivize creators, node operators and users. PKOIN is a proof-of-stake currency on the Pocketnet blockchain.

Uses of PKOIN: Attaching to Comments

Bastyon.com includes a number of novel ways that PKOIN can be used. Users can attach PKOIN to donations for bloggers along with comments to videos, live streams or posts. A comment with a donation will be brought to the top of the discussion, thus incentivizing the author to answer.

Uses of PKOIN: Send through Chat

Bastyon users can now seamlessly send PKOIN in any individual or group chat directly to the user. This is important, because exchanging crypto addresses is tedious and is prone to mistakes. Sending PKOIN through the Bastyon chat is verified by the chat digitial signatures, which are connected to public identiies on the Pocketnet blockchain.

Easy Exchange of 19 Currencies into PKOIN

Bastyon team released a simple tools to exchange 19 different currencies directly into PKOIN, right from the Bastyon PKOIN wallet. The currencies include BCH, DOGE, XRP, ETH, USDT, XLM, NEO, DASH, BAT and others. This enables Bastyon users to support bloggers or send transfers to friends by using many currencies.

PKOIN has recently been listed on three major exchanges Bilaxy, Digifinex and Bitforex. PKOIN has a fixed supply of 24,375 thousand coins that will ever be issued with the first halving coming up.

Future of Decentralized Social Media & Social Crypto Transfers

The new release of Bastyon.com establishes the network and PKOIN as a major player in the decentralized social media and crypto payment space. Pocketnet network and Bastyon are non-corporate open source projects, modeled on Bitcoin. This prevents many of the abuses that social media platforms tend to inflict on users once they grow big.

 

About Pocketnet:

Pocketnet is a decentralized, open-sourced, non-corporate project. It is modeled on Bitcoin and can be called the Bitcoin of social networks, with the major difference that it uses the energy efficient Proof-of-Stake algorithm. Pocketnet is supported by a network of equal decentralized nodes with users maintaining full control of their data and content.

Pocketnet rewards node operators, and all content contributors. Active users can gain reputation and may then participate in the sophisticated content moderation system.

Many active bloggers have abandoned Big Tech’s social networks and turned their attention to Pocketnet.

Pocketcoin (PKOIN) is the native token that facilitates the Proof-Of-Stake network, and emission is limited to 24,375,000. There was no premine or ICO, as the Pocketnet team is dedicated to the Bitcoin model of organic growth.

Download the Pocketnet whitepaper in English here

https://bastyon.com/docs/Bastyon_whitepaper.pdf

Download the Pocketnet whitepaper in Chinese Mandarin here

https://bastyon.com/docs/zh/whitepaper.pdf

Access the Pocketnet GitHub here

https://github.com/pocketnetteam/pocketnet.core


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Tether’s 1,500% Market Cap Increase in 500 Days — USDT Stablecoin Market Nears $70 Billion

Tether's 1,500% Market Cap Increase in 500 Days — USDT Stablecoin Market Nears $70 Billion

The stablecoin giant tether is by far the largest dollar-pegged crypto asset in the crypto economy and today, the number of tethers in circulation is nearing $70 billion. 90 days ago on June 12, 2021, the number of tethers in circulation was around 63 billion tokens and the supply has swelled by 9.99% since then.

Circulating Tether Economy Nears $70 Billion, 1 Billion Tethers Minted on Solana

The largest stablecoin today, in terms of market valuation is tether (USDT) and on Friday, September 10, USDT’s market capitalization is $69.3 billion, according to the company’s transparency balance web page.

The number is similar to most crypto market aggregation web portals tallying up the value of each coin market. Below USDT’s market valuation is usd coin (USDC) with $29 billion and the Binance dollar-pegged token BUSD with $12.4 billion.

Tether's 1,500% Market Cap Increase in 500 Days — USDT Stablecoin Market Nears $70 Billion
The top four stablecoins by market valuation on September 10, 2021.

According to the USDT transparency page, the token is issued on several blockchains and in recent times the coin has been issued on Solana. The transparency page notes that tethers exist on Ethereum, EOS, Algorand, Liquid, Tron, Omni Layer, Bitcoin Cash, and Solana. Tether will reportedly reside on the Avalanche (AVAX) network as well.

$33.8 billion is authorized on Ethereum while Solana has $1.1 billion authorized to date. 90 days ago the USDT in circulation was around 63 billion and today there’s over 69.3 million tethers circulating throughout the crypto economy.

50% of Today’s Crypto Trades Are Swapped With Tether

Data from Coingecko’s stablecoin by market cap stats indicate that tether (USDT) exists on 392 exchanges worldwide. Cryptocompare.com metrics show that when paired against bitcoin (BTC), tether (USDT) represents 58.29% of all trades on Friday.

Tether's 1,500% Market Cap Increase in 500 Days — USDT Stablecoin Market Nears $70 Billion
Tether’s market cap from 2015 to the present day.

48.50% of ethereum (ETH) trades are swapped with tether and the stablecoin captures 62.03% of cardano’s (ADA) trading share. Aggregation websites show that out of the $160 billion in global crypto trades on Friday, tether commands ​​$80.5 billion of that volume.

Other stablecoins that have seen notable issuance increases include terrausd (UST), trueusd (TUSD), neutrino usd (USDN), and frax (FRAX). Nothing has increased in circulation as much as tether has as USDT’s market cap on Friday, March 27, 2020 was just over $4.2 billion in value and 532 days in increased by 1,549.9%.

What do you think about tether’s market cap growth nearing $70 billion today? Let us know what you think about this subject in the comments section below.

Many Major Airlines Can Now Accept Cryptocurrencies via UATP Global Payment Network

Major Airlines Can Now Accept Cryptocurrencies via UATP Global Payment Network

Universal Air Travel Plan (UATP) is bringing more than 300 airline members and travel merchants cryptocurrency payment options. Airlines in the UATP network include Air Canada, Air China, Delta, Frontier, Japan Airlines, Jetblue, Qantas, Southwest, and United.

UATP Gets Into Crypto

UATP is an airline-owned global payment network accepted by thousands of merchants worldwide for air, rail, hotel, and travel agency payments.

UATP announced Wednesday that it has partnered with Bitpay “to offer its network the ability to accept payments quickly and easily in bitcoin, dogecoin, ethereum, litecoin and six other popular cryptocurrencies for travel.”

Bitpay tweeted Friday:

UATP is tapping into crypto’s growing payment popularity to bring more than 300 airline members and merchants more payment options.

Currently, UATP’s members include Aeromexico, Airplus International (British Airways and Lufthansa), APG Airlines, Air Canada, Air China, Air New Zealand, Air Niugini, American Airlines, APG Airlines, Austrian Airlines, BCD Travel, China Eastern Airlines, Delta Air Lines, EL AL Israel Airlines, Etihad Airways, Fareportal, Frontier Airlines, GOL Linhas aereas inteligentes S.A., Hahn Air, High Point, Japan Airlines, Jetblue, Malaysia Airlines, Qantas Airways, Shandong Airlines, Sichuan Airlines, Southwest, Sun Country Airlines, Transavia Airlines, Tuifly GmbH, Turkish Airlines, United Airlines, and Westjet.

“Cryptocurrency continues to gain momentum as a safe and trusted payment option, especially for high-value purchases like travel,” Bitpay CEO Stephen Pair commented, adding:

UATP’s broad network of airlines are also now capable of reaching millions of new global customers who choose to pay with crypto regardless of what wallet they hold since Bitpay supports all crypto wallets.

Many Major Airlines Can Now Accept Cryptocurrencies via UATP Global Payment Network
Some UATP members. Source: UATP

UATP CEO Ralph Kaiser opined, “The UATP – Bitpay partnership brings together the perfect combination of two experts in airline and cryptocurrency payments.” He elaborated:

Crypto payment stands to be a market changer in the industry; this partnership creates the opportunity for the airlines to attract new customers and to be a first-mover in this very exciting space.

What do you think about UATP partnering with Bitpay? Let us know in the comments section below.

Countdown to Cardano’s Hard Fork: Goguen Phase Smart Contracts ‘Represent a Big Step Forward’

The digital currency network Cardano is two days away from the upcoming hard fork on September 12 and the community is expecting to see functional smart contracts. These can be used for decentralized finance (defi), non-fungible tokens (NFTs), and other types of decentralized applications (dapps). Cardano has managed to capture the third-largest crypto market capitalization among 10,000+ crypto assets but over the last seven days, cardano has lost more than 16% in value.

Cardano Expects to Upgrade in 2 Days

With more than $400 billion under the hood, the ethereum (ETH) market is by far the largest smart contract platform today in terms of fiat valuation. Ethereum has held this position for a few years now, but a number of other smart contract crypto asset networks have been moving toward ETH’s position. Besides ETH, today’s top smart contract markets by market valuation include cardano (ADA), solana (SOL), polkadot (DOT), terra (LUNA), avalanche (AVAX), and more.

Ethereum’s fees and its difficulty scaling have led to funds moving to other smart contract competitors with lower fees and faster transaction times. Cardano has promised to be an Ethereum competitor and the next upgrade is expected to give developers functional smart contract capabilities. The upgrade on September 12 is called “Alonzo” and smart contract capabilities were there for previous Alonzo phases, but only for technical participants.

Goguen Phase Will See the ‘Integration of Smart Contracts,’ Goguen Adds the ‘Ability to Build Decentralized Applications’

If all goes well then the community hopes the network can be expanded to leverage defi, NFTs, tokenization, and other types of dapps. Alonzo is part of Cardano’s roadmap which involves five different eras including Byron, Shelley, Goguen, Basho, and Voltaire.

At the moment, the Cardano network is in the Goguen era. The developers have been working on Goguen in parallel with Shelley and after Goguen completes, both technical-savvy and non-technical individuals will be able to produce Cardano smart contracts.

“With the integration of smart contracts, the Goguen era represents a big step forwards in capability for the Cardano network,” the Cardano team details on its website. “Where the Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (dapps) on Cardano’s solid foundation of peer-reviewed research and high-assurance development.”

This week Outlier Ventures published a report on blockchain development in the second half of 2020 and the first half of 2021, and the Cardano project is one of the top projects in terms of development. In terms of active developers, Ethereum has 168 while Cardano has 165, according to Outlier’s report posted by Robin Andre Nordnes. While cardano (ADA) has lost more than 16% during the last seven days, year-to-date statistics show ADA has risen more than 2,555%.

What do you think about the upcoming Cardano network upgrade? Let us know what you think about this subject in the comments section below.

Esports Leader and BSC Utility Token Nobility Announces Rostik Rusev for Advisory Board

Esports Leader and BSC Utility Token Nobility Announce Rostik Rusev for Advisory Board

PRESS RELEASE. esports company & BSC Utility token Nobility has announced the appointment of Rostik Rusev on its board of advisors as the company gears up for launch.

September 10th, 2021, Florida, USA — Nobility (NBL) is a revolutionary new BSC utility token focused on disrupting the esports industry with it’s unique smart contract capabilities. The project has just announced DeFi enthusiast, crypto entrepreneur, and blockchain business leader, Rostik Rusev as an advisor on its board.

Crypto Magician in the Shadows

Nobility is proud to announce the appointment of the ‘Crypto Magician in the shadows’ to its advisory board. Rostik Rusev is highly revered in the crypto space and will bring to the project a vast wealth of experience from not only the De-Fi space, but also from his previous work in the PR, Entertainment, and Music industries.

Previously known as “The Bad Boy of crypto” Rusev made his name as an early pioneer in blockchain PR and will look to use his industry experience and connections with crypto exchanges to help Nobility increase its utility and disrupt the esports industry with this innovative new approach to DeFi. Led by CEO and Noble esports founder Kyle McDougal, Rusev will help Nobility break into the multi-billion dollar gaming industry and offer the market a scalable global solution.

What is Nobility Token?

Nobility is a Revolutionary Esports platform & utility token on Binance Smart chain. The token’s utility is focused on organizing and providing gaming tournaments with huge prize pools whilst rewarding token holders, and content creators with reflection rewards paid out in BUSD.

Nobility will be a scalable global solution that addresses some of the limitations of the esports gaming industry through its blockchain smart contract; creating a fair, balanced, sustainable revenue system in the process.

Nobility CEO Kyle McDougal voiced his excitement about the appointment:

“We are delighted to announce the addition of Rostik Rusev to our growing team. As an advisor to the Nobility project, Rusev’s vast experience and in-depth understanding of both the blockchain industry, and marketing nuances of crypto will prove invaluable.

HIs dedication, passion for change, work ethic and ability to think outside the norm are key attributes that we see as pivotal in our quest to break new ground in esports, and offer the industry a fairer, more balanced, and sustainable revenue system.”

NBL Tokenomics

The Nobility utility token (NBL) uses a unique blockchain smart contract that employs an 11% fee on all swaps and transfers on the network. What makes Nobility unique is that it pays out rewards from this fee (known as reflections) in BUSD rather than the token itself, which offers much more secure rewards as the coin’s price is pegged and not susceptible to large price swings.

For each transaction, a certain number of users are sent their reflections, depending on the size of the transaction and the gas that is used to send the transaction. Another huge benefit of this structure is that Larger transfers can process more BUSD payouts, as the required amount of gas is proportionally less than the value of the tokens.

The 11% token fee is broken down and allocated in the following structure:

  • 7% from each transaction is redistributed by weight to qualifying holders in BUSD.
  • 2% added to the liquidity pool.
  • 2% is allocated for Nobility Use wallet: Esports tournament prize pools, marketing, business development, charity donations, scholarship funding, manual burns, community events, giveaways.

Nobilities NBL token is currently available to buy on PancakeSwap & Bogged with BSC using MetaMask or TrustWallet

Nobility has a host of new developments to be announced soon, as the team looks towards a full launch, more advisors, increased token utility, exchange listings, and organizing huge prize gaming tournaments.

 

Media Contact Details

Contact Name: Rostik Rusev

Contact Email: [email protected]

 

Nobility Token Socials

Website | Twitter | Telegram | Discord | Litepaper

 

Nobility Token is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest

 


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.

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama

A Panamanian lawmaker has introduced a bill to regulate cryptocurrencies in the National Assembly. Among the proposals in the bill is the legalization of cryptocurrencies, like bitcoin and ethereum, as a means of payment, including for paying taxes.

Proposed Crypto Law Will ‘Give Legal Certainty and Safety to Crypto Assets in Panama’

As the Bitcoin Law went into effect in El Salvador making BTC legal tender, Panamanian legislator Gabriel Silva tweeted on Sept. 7, “Today we proposed the Crypto Law.” He elaborated:

We want Panama to be compatible with blockchain, cryptoassets, and the internet. This has the potential to create jobs, attract investment and bring transparency.

The draft law he presented in the National Assembly is titled “Crypto law: Making Panama compatible with the digital economy, blockchain, cryptoassets, and the internet.”

Silva explained that the law “seeks to revolutionize public administration, making it transparent, innovative and also promoting a digital economy that reaches most of the citizens.”

Illustration of the proposed Crypto Law. Source: Gabriel Silva

The lawmaker proceeded to outline three key objectives of the bill. The first is “to give legal certainty and safety to crypto assets in Panama, for example, cryptocurrencies,” he described.

The second is to “attract companies and investment and encourage entrepreneurship in Panama that are focused in digital economy,” he added, noting that this will help create jobs.

The third is to “broaden the amount of financial services that are offered in Panama, ensuring better prices for everyone.”

Illustration of the proposed Crypto Law. Source: Gabriel Silva

The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: “Natural persons located in the Republic of Panama or legal entities organized in the Republic of Panama may freely agree to use cryptoassets, including without limitation bitcoin and ethereum, as means of payment for any civil or commercial operation not prohibited by the legal system of the Republic of Panama.”

Furthermore, Article 9 addresses the “Possibility of payment of taxes, fees and other tax obligations with cryptoassets.” It reads:

The bodies and entities of the Republic of Panama may receive payments, directly or through payment processors or agents contracted for this purpose, for taxes, fees and other tax obligations in cryptoassets, including without limitation bitcoin and ethereum.

Silva emphasized that “Panama cannot be left behind in technological innovations.” The proposed crypto law can be found here.

What do you think about this proposed crypto law in Panama? Let us know in the comments section below.

E-Naira Countdown: Nigerian Experts Question Selection of Bitt Inc as Central Bank’s Fintech Partner

Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner. They insist that the choice of Bitt Inc, a Barbados based firm, undermines central bank claims that it is “fighting for the naira in the forex market.”

Bitt Inc’s Market Capitalization

In fact, as the report by Itedgenews explains, some players in the country’s fintech industry are now lobbying for the CBN to rescind this decision. They cite the small number of people employed by Bitt Inc (three) as well as the fintech firm’s “lower market capitalization when compared to any of Nigeria’s major fintech companies” as some of their key concerns.

Others, like fintech analyst Abu Idrissee, see the choice of Bitt Inc ahead of local companies as a continuation of Nigeria’s practice of snubbing local solutions.

“With an abundance of indigenous online payment processing platforms and over 30 Fintech companies, Nigeria has the talent, expertise, experience, working models, and capacity to develop the e-naira, or an Africa wide e-currency, locally and in a manner that incubates and enhances our national income, honour, and dignity,” explained Idrissee.

Validity of Bitt Inc’s Contract With CBN Questioned

Meanwhile, opponents of the CBN’s choice are suggesting that the contract itself may not meet standards. According to the report, Nigerian ministries, departments, and agencies are required by law to seek clearance from the National Information Technology Development Agency (NITDA) before embarking on any project.

Consequently, some opponents of Bitt Inc are now asking the NITDA “to consider if the CBN e-naira contract meets the strict compliance to IT procurement processes.”

Still others like fintech analyst Adedoja Olawale have suggested that the selection of Bitt Inc proves that the CBN itself is not practicing what it preaches. Olawale explained:

We demand an explanation for the decision of the CBN to engage a foreign company that has no pedigree compared to dozens of our indigenous Fintech. This is sheer capital flight.

With just under a month before the CBN starts to test the e-naira, it remains to be seen if the central bank is going to take heed of these warnings and reverse its decision to select Bitt Inc.

Do you agree that Bitt Inc is not the right fintech firm to partner with the CBN? Tell us what you think in the comments section below.

Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks

Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks

Leading cryptocurrency exchanges in South Korea have reached agreements with Korean banks to maintain the issuance of real-name accounts, media reports revealed. The deals, although not yet permanent, will allow the trading platforms to register with financial authorities before the Sept. 24 compliance deadline.

Bithumb, Coinone and Korbit Maintain Partnerships With Korean Banks

Banks have reportedly agreed to keep issuing real-name accounts for South Korea’s top digital asset exchanges. The arrangements will still need to be finalized but the received confirmations will allow the coin trading platforms to complete their registration with the country’s financial authorities before the regulatory deadline expires later this month.

On Wednesday, a spokesperson for Nonghyup Bank revealed the institution has agreed to extend deals to issue real-name accounts for traders at Bithumb and Coinone. According to a report by the Korea Jongang Daily, the representative confirmed the bank will provide the exchanges with the documents needed to finalize their contracts.

Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks

The current agreements with the two crypto platforms are supposed to expire on Sept. 24 when tougher new regulations for the industry adopted in March will be enforced. While previous contracts have been renewed every six months, this time the bank declined to disclose the terms of the latest contracts, Joongang Ilbo’s English-language edition noted.

In a similar move, Shinhan Bank announced it’s continuing to issue real-name accounts for Korbit, another leading Korean exchange. The bank remarked, however, the confirmation doesn’t mean the contract with the crypto company has been officially extended. The document has been delivered to allow the exchange to proceed with its registration process, a spokesperson explained, further elaborating:

Whether we are extending the partnership will be announced before the Sept. 24 deadline, but for now we are holding that off for later.

According to the Korean daily, the statement suggests the bank plans to eventually extend the partnership with Korbit but it will probably wait until the exchange files for registration with the Financial Services Commission (FSC). The publication quotes another source stating that the final announcement is likely to come “in the last minute.” The current agreement expires after Sept. 24.

Korea’s Four Largest Crypto Exchanges Ready to Continue Business Under Stricter Rules

Acquiring a registration with the Korean Financial Intelligence Unit (FIU), an anti-money laundering body under the FSC, is a key requirement under the country’s updated crypto regulations. To be able to register, Korean exchanges need to not only secure a partnership with a bank in order to implement the real-name account system, but also obtain an Information Security Management System (ISMS) certificate from the Korea Internet and Security Agency.

The country’s top four crypto trading platforms have now managed to meet both conditions. Upbit, the largest by trading volume, filed for registration last month. The Korean online bank K Bank is issuing real-name accounts for the platform. However, the whole registration process could take up to three months during which time financial regulators will verify the submitted documentation and approve the application, as the FSC noted earlier this week.

Besides Upbit, Bithumb, Coinone, and Korbit, 17 other exchanges have also acquired ISMS certification, according to a report by the Chosun Ilbo daily. Smaller crypto trading venues, however, have found it hard to convince Korean banks to provide them with the necessary services under the revised Special Funds Act. 59 exchanges have yet to meet the requirement and may have to close down after the stricter rules come into force.

Do you expect more Korean crypto exchanges to meet the new regulatory requirements by Sept. 24? Tell us in the comments section below.