Daily Archives: October 6, 2021

AMC CEO Says ‘Huge News’ for Dogecoin Fans as the Movie Theater Chain Begins Accepting Crypto Payments for Gift Cards

AMC CEO Says 'Huge News' for Dogecoin Fans as the Movie Theater Chain Begins Accepting Crypto Payments for Gift Cards

The CEO of the world’s largest movie exhibition company, AMC Entertainment, has announced “huge news” for dogecoin fans. While his company works on accepting cryptocurrencies, he said that customers can now “buy AMC Theatres digital gift cards … with dogecoin and other cryptocurrency.”

AMC Accepts Cryptocurrencies for Gift Cards

After announcing that AMC will “figure out how to” accept dogecoin by year-end alongside four other cryptocurrencies, CEO Adam Aron tweeted Tuesday that he had “huge news” for dogecoin fans.

AMC Entertainment Holdings is the largest movie exhibition company in the U.S., Europe, and the world. As of March 31, AMC owned or operated approximately 950 theaters and 10,500 screens globally.

The executive wrote: “Huge news dogecoin fans! As we work to accept online crypto payments, now you can buy AMC Theatres digital gift cards (up to $200 per day) with dogecoin and other cryptocurrency using a Bitpay Wallet. Accepted on our website, mobile app, and in theatres.”

AMC CEO Says 'Huge News' for Dogecoin Fans as the Movie Theater Chain Begins Accepting Crypto Payments for Gift Cards

The gift card merchant directory on the Bitpay website, where AMC gift cards are listed, has over 100 listings. To buy a gift card, users are directed to install a Bitpay browser extension and use the Bitpay Wallet.

The Dogecoin community welcomes this announcement by the CEO of AMC. Many people tweeted “This is huge” and “Doge to the moon!” Although this announcement was only for gift cards, the community expects AMC to soon start accepting DOGE alongside other cryptocurrencies previously announced.

Aron announced in September that AMC would accept bitcoin, ether, litecoin, and bitcoin cash by year-end.

While dogecoin was not included in the original list of the cryptocurrencies AMC would accept, Aron conducted a poll on Twitter asking his followers whether AMC should accept dogecoin. He was overwhelmed by the results and the Doge community’s response. The CEO subsequently tweeted: “So Fascinating! Dogecoin Poll was by far my highest ever read tweet. In 24 hours, 4.2 million views, my most ever retweets, most ever replies. 140,000 votes 77% yes 23% no.” He then announced that AMC would explore accepting the meme cryptocurrency.

What do you think about AMC accepting dogecoin and other cryptocurrencies? Let us know in the comments section below.

Spellfire Completes Seed Funding Round – Terranova, x21, Autonomy Capital Among Top Investors Onboard

Spellfire Completes Seed Funding Round - Terranova, x21, Autonomy Capital Among Top Investors Onboard

Spellfire, a legendary card-based NFT game powered by Ethereum and incorporating some unique features, has successfully completed its seed funding round.

Terranova, x21 and Autonomy Capital have led 360,000 USD investment into the project, with more investors eyeing spellfire’s incoming private round.

Spellfire has some unique features which make it stand out among its peers in the industry.

  • NFTs acquired are digital and physical, making it the first NFT based game that allows owners to touch their NFTs.
  • Special NFTs have an “Augmented Reality” feature allowing the owners to interact with their NFTs using gestures.
  • NFTs will be upgradable.
  • Players can create their own NFTs with unique characteristics.

Spellfire includes a P2E mechanic which allows owners to generate revenue from their NFTs and from playing the game, with 200,000,000 tokens being distributed through in-game rewards: Tournaments, Special collections, Achievements, and 90 percent of NFT generated profits going directly back to the owners.

NFTs have been gaining massive interest from investors; the industry has seen a growth of 2100 percent in the first quarter of 2021 compared to the previous quarter, according to CrunchBase, marking 2 billion USD in revenues. In July of 2021, the industry saw a massive 1.5 billion USD influx, more than half of the accumulated gains of the year’s first quarter.

P2E games have had similar success. According to the latest report published by the Blockchain Game Alliance (BGA), more than 804,000 unique users have played on one or more of the available Playtoearn (P2E) gaming platforms, increasing the market for unique and active wallets by 121%.

Find out more about spellfire here.


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Janet Yellen Defends Tax Compliance Agenda — 3 State Treasurers Promise Not to Comply

Janet Yellen Defends Tax Compliance Agenda — 3 State Treasurers Promise Not to Comply

The 78th United States secretary of the treasury, Janet Yellen, is very concerned about tax evasion, according to statements she made during an interview with CNBC’s “Squawk Box” that aired on October 5. Yellen claims there’s an “enormous tax gap” and she insists financial information concerning where income derives from can get “hidden.”

Janet Yellen Says ‘Collection of Information Is Routine’

The U.S. secretary of the treasury wants lawmakers to push Biden’s “American Families Plan Tax Compliance Agenda” in order to solve the issue. The proposed legislation, if passed, would require banks to report all inflows and outflows of at least $600 to the IRS.

In mid-September, Bitcoin.com News reported on Janet Yellen and IRS commissioner Charles Rettig asking lawmakers to pass the “American Families Plan Tax Compliance Agenda.” The proposed legislation aims to get all financial institutions to report deposits and withdrawals of $600 or more to the American tax agency, regardless of tax liability. Despite the apparent criticism from banks, privacy activists, and even state treasurers, Yellen has once again defended the idea.

Ostensibly, the Tax Compliance Agenda is aimed at high net-worth individuals according to the Biden administration. The collected information “would be helpful indicators of where it would make sense for auditing to occur,” she claimed. During the interview, Yellen was told that a number of Republican lawmakers believe the legislation is invasive to financial privacy. “Well, of course they do,” Yellen remarked. The secretary of the treasury said that the concept is not anything new.

“Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS,” Yellen said. “That’s part of the information base that includes W2’s and reports on dividends in other income that taxpayers earned. So collection of information is routine.” Yellen added:

It’s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy. So, it is not reporting individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing.

3 State Treasurers Believe the Tax Compliance Proposal Is Pure ‘Government Overreach,’ a ‘Gross Violation of Privacy,’ and an ‘Unconstitutional Invasion’

There are lots of people who disagree with Yellen’s statements saying that the reporting is simply routine. Missouri state treasurer Scott Fitzpatrick told the press that his government would not comply with Biden’s tax plan.

“I will stand up to this government overreach and protect the privacy of those account holders,” Fitzpatrick said. “Turning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians’ expectation of privacy when it comes to their personal financial records.” Fitzpatrick continued:

I will not turn this information over to the IRS voluntarily and will fight in court to block any attempt by the federal government to compel my office to comply with this mandate.

Missouri is not the only state that said it will not comply with Joe Biden’s “American Families Plan Tax Compliance Agenda.” West Virginia and Nebraska both have said the states would not allow the mandate to happen. West Virginia state treasurer Riley Moore explained that only the megabanks would benefit from this trend, which he called an “unconstitutional invasion” in a statement sent to the Daily Mail.

“The impact this is going to have on community banks, this is like Dodd-Frank on steroids,” Moore added. “In terms of compliance, a community bank, to be able to be in compliance, to set that type of regime up is just going to put them out of business. So who wins? The big banks win. The same banks that were bankrolling Biden’s campaign in 2020.” Moore concluded:

The $600 requirement is absolutely unconstitutional. It’s a massive invasion of privacy, it’s huge government overreach. I don’t think any state should comply with this.

What do you think about Biden’s “American Families Plan Tax Compliance Agenda” and Janet Yellen defending the reporting proposal? Let us know what you think about this subject in the comments section below.

US Lawmakers Float the Idea of Minting a Trillion-Dollar Platinum Coin to Avoid Sovereign Debt Crisis

US Lawmakers Float the Idea of Minting a Trillion-Dollar Platinum Coin to Avoid Sovereign Debt Crisis

American politicians have been clamoring about the U.S. facing a significant debt crisis and the debt ceiling putting the country at risk of default. Joe Biden spoke about the debt ceiling and told Republicans to “just get out of the way” when it comes to the decision. Meanwhile, a number of U.S. bureaucrats are floating the idea of minting a $1 trillion platinum coin in order to magically bolster the treasury with cash.

Trillion-Dollar Coin Concept Strongly Considered by US Politicians, Former US Mint Director Says Platinum Coin Can Be Minted in Mere Hours

Simply creating new fiat out of thin air these days is an extremely popular trend, and it seems that many politicians worldwide have not considered the history of economies that have been destroyed by excessive monetary expansion. In the U.S., public officials have been discussing the country’s debt ceiling and whether or not America will default on what it owes.

Speaking at a White House news conference, U.S. president Joe Biden stressed: “Raising the debt limit comes down to paying what we already owe… not anything new.” Biden says that Republicans are stonewalling the need to raise the debt limit and he’s asked the party to simply “get out of the way so you don’t destroy [the country].”

Meanwhile, a number of public officials and mainstream media outlets are discussing the idea of minting a $1 trillion platinum coin to save the economy from disaster. It’s not a joke and it is being strongly considered by U.S. politicians who are fans of heterodox macroeconomic concepts like Modern Monetary Theory (MMT).

Moreover, thanks to an interesting piece of legislation, the executive branch — without congressional approval — can mint coinage of any denomination as long as the currency is made from platinum. Additionally, Axios reporter ​​Felix Salmon explains that even if Janet Yellen doesn’t tell the public, she could “quietly instruct the Mint director to take those steps a day or two in advance.” Salmon added:

At that point, a coin could be struck in minutes at the West Point mint. Even if it then needed to be physically deposited at the New York Fed, that’s only a short helicopter ride away.

Yellen Calls the Coin Idea a ‘Gimmick,’ MMT Proponent Rohan Grey Says the ‘Debt Ceiling Itself Can Be Viewed as One Big, Poorly Designed Accounting Gimmick’

The unique law enabling the creation of such a coin was devised 20 years ago and intended to help bolster the production of commemorative coins. A financial debt crisis is not mentioned within the rules.

The law specifically states that Janet Yellen, the U.S. Treasury secretary can “mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the secretary, in the secretary’s discretion, may prescribe from time to time.”

While Yellen dismissed the idea on Tuesday alongside a group of Democrats, Philip Diehl, former director of the United States Mint, says the decision could still be made. The trillion-dollar platinum coin could be minted “within hours of the Treasury Secretary’s decision to do so,” Diehl remarked.

Yellen described the idea as a “gimmick” and told CNBC reporters that “what’s necessary is for Congress to show that the world can count on America paying its debt.” The CNBC report quotes MMT proponent Rohan Grey’s take on the matter who said “sure it is” a gimmick when referring to Yellen’s statements.

“The fact that (the coin) represents an accounting gimmick is a source of its strength, rather than a weakness,” Grey explains in a paper he wrote in the Kentucky Law Journal and shared with CNBC. “The idea of ‘fighting an accounting problem with an accounting solution’ is entirely coherent… the debt ceiling itself can be viewed as one big, poorly designed accounting gimmick.”

What do you think about the trillion-dollar platinum coin idea? Let us know what you think about this subject in the comments section below.

SEC Chairman Gary Gensler: No Plan to Ban Crypto, It’s up to Congress

SEC Chairman Gary Gensler says that the SEC has no plan to ban cryptocurrencies as China has done. He noted that it would be up to Congress to make such a decision. Recently, Federal Reserve Chairman Jerome Powell similarly said that the Fed had no intention to ban or limit the use of cryptocurrencies.

SEC Won’t Ban Cryptocurrencies

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered a question about whether there is a plan to ban cryptocurrency during a hearing before the U.S. House Committee on Financial Services Tuesday.

The four-hour virtual hearing titled “Oversight of the U.S. Securities and Exchange Commission: Wall Street’s Cop Is Finally Back on the Beat” was hosted by Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry.

During the meeting, Rep. Ted Budd from North Carolina asked Gensler if he had any plans to ban cryptocurrencies. The congressman began by stating: “China has been on a warpath against cryptocurrencies, it seems since 2013. We’ve seen them implement bans on mining, initial coin offerings [ICOs], cryptocurrency exchanges, and their most recent move, an outright ban on cryptocurrencies themselves.”

Congressman Budd asked: “Chairman, do you support what China has done, and is the SEC planning on implementing similar bans?”

Gensler replied:

I’m familiar with a number of the things that you mentioned in terms of the People’s Republic of China. I think our approach is really quite different.

“It’s a matter of how do we get this field within the investor and consumer protection that we have, and also working with bank regulators and others,” the SEC chairman continued. He also stressed the need to ensure that the Treasury Department has crypto within anti-money laundering (AML) laws and tax compliance, adding that there is also “the financial stability issue that stablecoins could raise.”

Since Gensler did not directly respond about any plans to ban crypto, Rep. Budd reiterated his question: “But no bans that you are interested in implementing via the SEC as China has done, really to funnel everyone through their own digital currency?”

The SEC chairman replied:

No, that would be up to Congress.

“We have been working with the authority you’ve given us,” Gensler clarified. He added that many tokens do meet the tests of being a security, emphasizing that it is important to “bring them within the investor protection remit of the SEC.”

Recently. Rep. Budd also asked Federal Reserve Chairman Jerome Powell whether the Fed had any plans to ban cryptocurrency. Powell similarly said there was no intention to ban or limit the use of cryptocurrencies.

What do you think about Gary Gensler’s comments? Let us know in the comments section below.

FBI Works With Europol to Arrest Ransomware Gang, $1.3 Million in Cryptocurrencies Seized

FBI Works With Europol to Arrest Ransomware Gang, $1.3 Million in Cryptocurrencies Seized

A coordinated strike involving Europol, Interpol, and the U.S. Federal Bureau of Investigation (FBI) has led to the arrest of two “prolific” ransomware operators allegedly responsible for ransom demands of up to 70 million euros. In addition, $1.3 million in cryptocurrencies were seized.

Ransomware Operators Arrested, Crypto Seized

The International Criminal Police Organization (Interpol) announced Monday:

Two prolific ransomware operators suspected of carrying out a string of attacks, demanding ransoms of up to EUR 70 million [$81 million], have been arrested in Ukraine.

The arrests followed “a coordinated strike between the French National Gendarmerie (Gendarmerie Nationale), the Ukrainian National Police (Національна поліція України) and the United States Federal Bureau of Investigation (FBI), with the coordination of Europol and Interpol,” the European Union Agency for Law Enforcement Cooperation (Europol) explained. The arrests took place on Sept. 28.

The authorities conducted seven property searches. They seized $375,000 in cash, two luxury vehicles worth 217,000 euros, and $1.3 million in cryptocurrencies.

Europol detailed:

The organized crime group is suspected of having committed a string of targeted attacks against very large industrial groups in Europe and North America from April 2020 onwards.

“The criminals would deploy malware and steal sensitive data from these companies, before encrypting their files,” Europol continued. “They would then proceed to offer a decryption key in return for a ransom payment of several millions of euros, threatening to leak the stolen data on the dark web should their demands not be met.”

What do you think about this coordinated attack? Let us know in the comments section below.

Ertha – a New Dynamic NFT Metaverse on Binance Smart-Chain

Ertha is a new P2E game with an exciting backstory launching on Binance smart chain, unlike anything else. The game will encompass an accurate life simulation on a massive scale where players will be able to micromanage their companies and countries in a satisfying and rewarding way.

The new metaverse will require players to consider their economic, infrastructure, and military development to advance and dominate other players.

Ertha will encompass multiple features that make it detail-oriented, making player decisions dynamically impactful in the metaverse.

The game is diverse between MMORPG and strategy genres and reminiscent of old-school games in its rich content.

ERTHA is a token and an in-game currency. Players will be rewarded using this token which can be achieved using multiple revenue systems.

3 Features Never Before Seen in an NFT Game

  • The world depicts actual planet earth and is divided into HEX plots, where players will decide to carve out their country in a real-world location.

350,000 HEX plots divide the world, and players will have to decide which plots they want to build on from an actual geographical location on the planet. HEX plots are NFTs and will be available to purchase.

  • There are multiple paths to choose from, each with its sub-tree of advancements to help the player become a dominating force in the game.

Whether you want to fight your way to dominance or take a more subtle path, the game will cater to different play styles. Your society will consist of businessmen who will boost your economy, scholars who will help you research new technologies, and fighters who will wage wars and protect your country from impending attacks. Players will be able to develop their country in a way that reflects their goals and pace.

  • The mechanics will bring unprecedented realism in the management of the player’s country.

Ertha has numerous mechanics at play, which would make it the most diverse and deep NFT based game out there. Maintaining your production, managing your companies, staying on top of the market and engaging in trade, planning your transport routes, and your fiscal budgets are all just examples of what makes Ertha unique.

A Rewarding Metaverse

Players will be rewarded in-game using different revenue mechanics and expecting to mimic a natural living environment in the revenue streams it generates for the player. Personal Ertha plots NFT will collect taxes, fees, and revenues from the different operations conducted on your HEX. This fleshes out the game and will encourage players to diversify their infrastructures and upgrades to ensure maximum utilization of their resources.

Holding Ertha plots NFT will earn more and more revenue to keep up with your competitors.

NFTs (HEXES) will retain their value in terms of development and strategic importance; The players will invest their game time in developing existing assets that they can later sell for a higher price depending on their location and growth.

A Rich Roadmap

The game developers plan to introduce more mechanics to bolster its diversity and deepen its realism. Some of these mechanics are but are not limited to:

  • Wars
  • Smuggling
  • Political parties & Parliament
  • Elections & Voting Systems
  • Multiplayer

Join NFT plot sale at Ertha.io


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IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money

IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money

Digital currencies backed by central banks are the most reliable form of digital money, according to IMF managing director Kristalina Georgieva. At the same time, to think of cryptocurrencies such as bitcoin as money is difficult, believes the chief executive of the international financial institution.

IMF Chief Georgieva Marks Top Issues for Policymakers Exploring CBDCs

Among the members of the International Monetary Fund (IMF), 110 countries are exploring central bank digital currencies (CBDCs), the fund’s chair and managing director Kristalina Georgieva revealed at an event hosted by Bocconi University in Italy. Speaking remotely to the audience, she noted that the key challenge for monetary authorities now is to guarantee the interoperability of these currencies.

IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money

According to Georgieva, a major consideration is whether state-backed digital currencies can serve as a means of exchange trusted by the public, Reuters reported on Tuesday. Other questions policymakers need to answer are if CBDCs can contribute to domestic economic stability and how they would fit within international regulatory frameworks introduced by organizations like the Bank for International Settlements (BIS).

The BIS Innovation Hub is leading several projects to test the use of state-issued digital currencies in international transactions such as a collaboration between the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank. These also include joint trials conducted by China, Hong Kong, Thailand, and UAE as well as a wholesale CBDC test carried out by Banque de France and the Swiss National Bank.

In reference to cooperation between international financial organizations and national monetary authorities regarding CBDCs, Kristalina Georgieva further stated:

[It is] very impressive how much the international community, the central banks, institutions like ours are now actively engaged to make sure that in this fast moving world of digitalization, money is a source of confidence and helps the economy function rather than [being] a risk.

The head of the IMF emphasized that she views digital currencies issued by central banks as the most reliable form of digital money while remarking she finds it hard to think of cryptocurrencies as money. “De-facto assets” like bitcoin are not backed by assets that hold their value stable and can rise and fall sharply, Georgieva elaborated, insisting:

In the history of money, it is difficult to think of them as money.

In her address at the Italian academic event, the IMF chief also spoke about Europe’s efforts to deal with challenges caused by the spread of Covid-19. Kristalina Georgieva noted that the Old Continent is now more prepared to avoid another debt crisis such as the one with Greece after the last global financial crisis. However, she stressed that governments need to plan their course carefully as they shift to medium-term fiscal consolidation so they can erase the debt burden related to the pandemic.

Do you think the International Monetary Fund will change its position on cryptocurrencies in the future? Let us know in the comments section below.

Blockstream’s Liquid Sidechain Criticized Over Long Outage — Block Signing Issue Related to Upgrade

Blockstream's Liquid Sidechain Criticized Over Long Outage — Block Signing Issue Related to Upgrade

On Tuesday, cryptocurrency supporters on social media and forums discussed Blockstream’s Liquid sidechain product as block signing had been down for over 20 hours. While Blockstream had noted the sidechain was undergoing a hard fork upgrade planned for October 5, a number of crypto proponents still scorned the project for being hypocritical toward blockchains like Solana.

Blockstream’s Liquid Suffers From Block Signing Issues During Dynamic Federations Upgrade

Cryptocurrency proponent Udi Wertheimer razzed the crypto company Blockstream on Tuesday as the Liquid network’s block signing had been down and was initially expected to be for a total of 24 hours. On October 5, Wertheimer said: “Liquid has been down for 15 hours and still no one noticed, good morning.” “Good morning,” or “GM,” has been the latest catchphrase in the crypto community in recent times.

Blockstream's Liquid Sidechain Criticized Over Long Outage — Block Signing Issue Related to Upgrade

Continuing, Wertheimer further mocked the company’s hardcore supporters and employees when he remarked: “‘You don’t need altcoins you can just build on Liquid,’ anyone who ever said that to you was being intellectually dishonest, no one has ever used Liquid for anything, so how can anyone recommend it in good faith.” The critique continued as Wertheimer added:

When Solana was down everyone couldn’t stop [talking] about it hmmm… and when Liquid is down no one even notices hmmm probably nothing HMMMMM.

Wertheimer’s Solana outage mention referred to when the SOL blockchain suffered from a problem on September 14, which halted the network’s block production. At the time, Solana was heavily criticized by members of the crypto community for the network outage.

On Tuesday, when the Twitter user Josuard I. Gonzales asked on the social media platform if he could “create tokens on Liquid,” a person replied “NO, because Liquid is down.” Blockstream’s sidechain product Liquid also got criticized on Reddit. Moreover, Wertheimer took a screenshot of Blockstream’s reason as to why the Liquid network’s block signing halted.

Liquid’s Block Signing Restarts

Blockstream’s Liquid network upgrade is well documented in the company’s blog section. One particular post called “Preparing the Liquid Network for Dynamic Federations” written by Phil Mclean, explains the engineer’s actions in greater detail.

Blockstream's Liquid Sidechain Criticized Over Long Outage — Block Signing Issue Related to Upgrade

At around 3:44 p.m. (EST) on October 5, the official Twitter account for the Blockstream Liquid project tweeted that block signing was back up and running.

“A sufficient number of Liquid Network functionaries have been upgraded and block signing has resumed,” the account detailed on Tuesday. “Transactions that were delayed are now being included in new blocks.”

Prior to the 3:44 p.m. announcement on Twitter that Liquid had resumed, the first known instance of the block signing issue was tweeted by the official Twitter account 22 hours before. The tweet was then followed by two more instances of tweets that referenced the sidechain’s “issue with block signing.”

The problems with the Liquid sidechain on October 5 follow the company’s recent Series B financing round for $210 million. The firm detailed that the funding was led by Baillie Gifford and Ifinex, the parent company of Bitfinex. “The new capital will go towards accelerating our Bitcoin mining efforts and the acquisition of Spondoolies to launch an enterprise-grade miner,” Blockstream’s capital raise announcement revealed on August 24, 2021.

Blockstream's Liquid Sidechain Criticized Over Long Outage — Block Signing Issue Related to Upgrade

Additionally, on June 24, Celo’s James Prestwich found an issue with the Liquid sidechain. 870 BTC got stuck in limbo and Prestwich stressed: “For just under an hour, the emergency 2-of-3 controlled 870 bitcoin, this violates liquid’s security model we know about this because Liquid holds bitcoin. We don’t know what caused it, because Liquid federation behavior is trusted and closed,” Prestwich added.

Blockstream’s Liquid has approximately 3,298 L-BTC in circulation which is roughly $170 million using today’s exchange rates. As of October 5, 2021, there’s roughly 272,061 BTC tokens on the Ethereum blockchain, according to Dune Analytics metrics. The Binance Smart Chain has also issued a circulating supply of bitcoin BEP2 (BTCB) tokens and as of today, there are 105,148 BTCB coins issued.

What do you think about the outage Blockstream’s Liquid network dealt with on Tuesday? Let us know what you think about this subject in the comments section below.

Central Bank of Uruguay Describes Roadmap to Crypto Asset Regulation

uruguay

The Central Bank of Uruguay has issued a statement describing a roadmap for the regulation of cryptocurrency assets in the near future. The institution stated it has established a group to examine the best way possible to regulate these assets, considering the realities of the crypto industry. Also, some modifications to current laws could be made to prepare for the upcoming regulation towards the end of the year.

Central Bank of Uruguay Hints at Crypto Regulation

The Central Bank of Uruguay has issued a statement about virtual assets where it roughly describes the roadmap the institution will follow in the process of regulating cryptocurrencies. The bank has already created a study group to examine how the crypto world functions, and taking this into account, it created a conceptual idea of how this market could soon be regulated.

The institution also announced that during Q4 2021 it will be involved in talks with industry actors in the country with the objective of perfecting the knowledge about how these companies work. The statement stresses:

In the last quarter of the year, a dialogue will be promoted with industry players and relations with other regulators and international organizations … These exchanges will contribute to perfecting the conceptual framework with a view to achieving a regulatory approach that contributes to the aforementioned purposes.

With an already clear view of the cryptocurrency business, the Central Bank of Uruguay will propose modifications to the current laws before the end of this year, to better accommodate the establishment of new crypto-focused regulations in the future.

Recommendations and Advice on Cryptocurrency

The bank also proposed some recommendations for users of cryptocurrencies, stating that these assets are not considered legal tender in the country like the Uruguayan peso, which is recognized and backed by the institution. This distinction in view, the establishment of a regulatory framework for crypto could be very different than the one approved in El Salvador, where bitcoin was declared legal tender.

The central bank clarified that cryptocurrency-related activities were not regulated by any institutions in the country. As a consequence, none of the protections that apply to regular investors could protect citizens involved in cryptocurrency trade or investments.

The bank advises people interested in crypto assets to:

Carry out an exhaustive assessment of the risks assumed when operating with these instruments and take the necessary precautions to mitigate them, taking into account that high returns are generally associated with high risks.

What do you think about the stance that the Central Bank of Uruguay is taking in regards to digital assets? Tell us in the comments section below.