Daily Archives: October 9, 2021

Sri Lanka Appoints Committee to Draft Digital Currency Policy, Seeks Crypto Investments

Sri Lanka Appoints Committee to Draft Digital Currency Policy, Seeks Crypto Investments

In preparation to regulate its fintech space, the government of Sri Lanka has established a special committee tasked to formulate the country’s policy on digital banking and crypto-related activities. The committee comprises professionals from the public and private sectors.

New Committee to Propose Rules for Blockchain Industry in Sri Lanka

Sri Lankan authorities have unveiled the composition of а newly established committee of experts gathered to formulate the nation’s policy in three key areas related to cryptocurrencies, the local Daily Mirror reported on Saturday. The members are expected to present regulations for entities operating in the digital banking, blockchain, and cryptocurrency mining industries.

According to an announcement by the Government Information Department, the professionals involved in the project are Viraj Dayaratne, chairman of the Securities and Exchange Commission of Sri Lanka, Rajeeva Bandaranaike, CEO of the Colombo Stock Exchange, and Dharmasri Kumarathunge, director of payments and settlements at the Central Bank of Sri Lanka.

The team also includes Jayantha Fernando, chairman of the Sri Lankan Data Protection Law Drafting Committee, Sandun Hapugoda, director of Mastercard Sri Lanka, T.G.J. Amarasena, who is the chief executive of the Sri Lanka Computer Emergency Readiness Team, and political activist Milinda Rajapaksha. Sujeewa Mudalige, managing partner of PwC Sri Lanka, will chair the committee.

The experts, representing both government institutions and private companies, will help Sri Lanka to draft laws, rules, and regulations that will allow the country to attract investments into the digital banking and blockchain technology sectors as well as to create conditions for crypto mining enterprises in the country. The information department elaborated:

The necessity of developing a system that integrates digital banking, blockchain technology and cryptocurrency mining and other essential services has been identified to facilitate the creation of a digital business environment.

According to the report, Digital Technology and Enterprise Development State Minister Namal Rajapakse has played a leading role in setting up the committee. Rajapakse, who is also responsible for development projects’ coordination and monitoring, sought the approval of the Cabinet of Ministers to appoint the body’s members.

The upcoming regulations will allow the Sri Lankan Board of Investment to take the necessary steps to facilitate the said crypto industry investments. The move comes despite the Central Bank of Sri Lanka (CBSL) maintaining a cautious approach towards cryptocurrencies. In April, the monetary authority issued a notice warning about the associated risks as crypto investing and trading spiked around the world and in the South Asian nation.

Do you think the Sri Lankan government will create a business-friendly environment for crypto companies in the country? Tell us in the comments section below.

Edward Snowden Calls CBDCs ‘Cryptofascist Currency’ — ‘Closer to Being a Perversion of Cryptocurrency’

Edward Snowden Calls CBDCs 'Cryptofascist Currency' — 'Closer to Being a Perversion of Cryptocurrency'

On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.”

Snowden Stresses CBDCs ‘Are Expressly Designed to Deny Its Users the Basic Ownership of Their Money’

While politicians and the modern banking cartel have been all about central bank digital currencies, a great number of critics believe they are no different than centralized databases. On Saturday, the former Central Intelligence Agency (CIA) and National Security Agency (NSA) subcontractor, Edward Snowden, published an article describing what he thinks CBDCs will bring to society. Snowden is a fan of decentralized crypto assets like bitcoin, ethereum, and zcash. However, when it comes to CBDCs the whistleblower is concerned about adopting the technology.

“I will tell you what a CBDC is NOT — it is NOT, as Wikipedia might tell you, a digital dollar,” Snowden emphasizes in his article. “After all, most dollars are already digital, existing not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone. Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency — at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it,” the whistleblower said. Snowden added:

Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.

Snowden concludes by explaining that people earn a living via their labor and it could be enough to retire or “if not, can he ever hope to rely on the State’s benevolent, or even adequate, provision — for his welfare, his care, his healing?” Snowden says he’d like to ask members of the Fed, the Treasury, and the U.S. government whether or not money should be centralized by the state. ”Of all the things that might be centralized and nationalized in this poor man’s life, should it really be his money?” Snowden asks in his article’s conclusion.

Eddie Hobbs Claims ‘Your Savings Are Collateral Damage in the New Rules of the Game’

The future of this corrupt monetary system can be seen from a mile away, and in another recently published opinion editorial, financial advisor and writer Eddie Hobbs explains: “Your savings are collateral damage in the new rules of the game.” Hobbs stresses that the surge in excess global debt cannot be helped, except by suppressing benchmark interest rates for a decade or more.

“Central Banks know this, that letting loose inflation is the only way out, while governments jack up borrowing to world war levels hoping to reignite growth faster than the debt piles up,” the financial writer detailed. “The ECB intends to ride shotgun, letting time and inflation erode the real value of outstanding debt while they play their part by crushing rates into negative territory.” Hobbs adds:

Savings are collateral damage in the new rules of the game. Irish Banks are charging up to -0.65% to hold cash. So far, it has sharply curtailed Credit Union’s capacity to take in cash and is hurting corporate deposits, trusts, and charities, but it is coming your way next year once it seeps down from seven-figure consumer deposits. You can ignore bank propaganda to the contrary.

What do you think about Edward Snowden’s opinion of CBDCs and Eddie Hobbs explaining that savings are collateral damage in the new rules of the game? Let us know what you think about this subject in the comments section below.

US Senator Lummis Buys More Bitcoin, Sees BTC as ‘Excellent Store of Value’

US Senator Lummis Buys More Bitcoin, Seeing BTC as 'Excellent Store of Value'

U.S. Senator Cynthia Lummis has disclosed her bitcoin purchase worth between $50K and $100K. The senator from Wyoming sees bitcoin as an “excellent store of value” that should be in every investment portfolio.

Senator Lummis Buys Bitcoin

The pro-bitcoin senator from Wyoming, Cynthia Lummis, disclosed her recent bitcoin purchase in a periodic transaction report (PTR) Thursday.

According to the filing, the senator bought BTC worth between $50,001 and $100,000 on Aug. 16. The price of bitcoin was around $45K at that time.

The disclosure was made outside of the 45-day reporting deadline set by the Stop Trading on Congressional Knowledge (STOCK) Act. The Act requires members of Congress to disclose every purchase and sale of individual stocks, bonds, and commodity futures valued over $1,000 within 45 days of the transaction.

A spokesperson at Senator Lummis’ office told CNBC that the disclosure delay was due to “a filing error,” stating:

Once we realized it we worked with the Ethics committee to fix it. It was an honest mistake, and the issue has been resolved without penalty.

Lummis’ bitcoin purchase in August followed her indicating at the end of June that she was going to buy the dip as the price of bitcoin fell below $30K. Commenting on the falling BTC price, she said, “I’m really excited about it because as soon as it drops a little more I’m going to buy some more.”

Senator Lummis is a longtime bitcoin supporter. She previously said that she bought her first BTC in 2013 for $330 and owned five bitcoins as of the end of June.

“I really see it as a great store of value for individuals, for corporations, and for governments,” she commented about bitcoin in February, stating:

I still think it is an excellent store of value and that it should be part of every individual person’s investment portfolio.

What do you think about Senator Lummis buying more bitcoin? Let us know in the comments section below.

Bored Ape Yacht Club Records $542 Million in Lifetime Sales — BAYC Creators to Launch Token in Q1 2022

Bored Ape Yacht Club Records $542 Million in Lifetime Sales — BAYC Creators to Launch a Token in Q1 2022

Non-fungible token (NFT) assets have been extremely popular in 2021 and it doesn’t seem like the NFT hype is going away any time soon. A number of NFT collections have propelled the industry to new heights with enormous sales, outpacing some of the most popular auctions selling physical items. One specific NFT project called Bored Ape Yacht Club (BAYC) has seen $542 million in lifetime sales between 8,749 traders. Moreover, on Friday, the official BAYC Twitter account announced the project plans to launch a token in the first quarter of next year.

Bored Ape Yacht Club NFT Collection Captures $542 Million in Lifetime Sales

There’s definitely been a few artists that have made millions of dollars selling single NFTs to buyers willing to pay for the cryptographic-backed collectibles. For instance, Beeple is well known for his NFT work, and one of his pieces sold for $69 million at Christie’s.

Then there are the NFT collections that have also fueled the NFT craze like Cryptopunks, Art Blocks, NBA Top Shot, Cool Cats, Curio Cards, Loot (for Adventurers), and more. Bored Ape Yacht Club (BAYC) is a collection that has seen over half a billion dollars in sales to date, and the collection holds the fifth-largest all-time volume according to dappradar.com metrics.

Historical sales activity shows that BAYC’s $542 million in lifetime sales was across approximately 21,481 sales. Dune Analytics statistics indicated there are 5,586 unique addresses today that hold at least one BAYC NFT. One owner owns approximately 103 BAYC NFTs and the NFT called Bored Ape Yacht Club #3749 is the most expensive BAYC in existence.

BAYC #3749 sold for 740 ether or $2.65 million last month to an ETH whale with $10.59 million worth of NFTs. The owner of BAYC #3749 owns 993 non-fungible token assets across 71 collections. Meanwhile, as the BAYC NFT collection continues to see dedicated sales, the project has plans to launch a token.

Bored Ape Yacht Club to Launch Token

On October 8, the official BAYC Twitter account discussed the token idea with its 177,600 social media followers. “Good evening, apes. Been hearing a question around the club a lot: WEN TOKEN? Wen token indeed… First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes,” the BAYC Twitter account tweeted on Friday.

“It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way,” the BAYC account further noted. “Not to mention thoughtfully craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience. For the sake of our members and the broader NFT community, we want to do this in a sound way.” The BAYC social media account added:

So, given that… WEN TOKEN? Well, apes: We’re currently looking at Q1 2022.

The Bored Ape Yacht Club says the team will be leveraging Fenwick & West LLP, a legal firm that works with various blockchain projects. BAYC is also partnering with Horizen Labs, the team behind the cryptocurrency horizen (ZEN).

The BAYC team also told its fans to watch out for fake tokens and scammers. “We’re assuming scammers will be out in full force looking to trick folks into buying all kinds of phony tokens. If info doesn’t come from our official @boredapeyc or @yugalabs Twitter, it’s not us. Stay safe, apes. It’s going to be a wild year.”

While BAYC is the fifth largest in sales, ahead of the collection are projects like Axie Infinity ($7.23B), Cryptopunks ($2.93B), Art Blocks ($1.92B), and NBA Top Shot ($692.62M). Both BAYC and NBA Top Shot have yet to make it into the billion-dollar club in terms of all-time sales.

However, BAYC has an offshoot NFT collection called the Mutant Ape Yacht Club (MAYC) which is the ninth-largest NFT collection in terms of all-time sales with $278.19 million. The 278 million dollars in sales was between 9,783 MAYC traders across 11,974 sales.

What do you think about the Bored Ape Yacht Club revealing that it plans to launch a token in Q1 2022? Let us know what you think about this subject in the comments section below.

DRepublic Launches Combinable NFT Platform, ‘MetaCore’ Using EIP-3664

PRESS RELEASE. Blockchain company DRepublic has announced the launch of their innovative combinable NFT platform MetaCore, and NFT product Legoot, using the new EIP-3664 Modularity.

Blockchain MMORPG game “Cradles: Origin Of Species” creators DRepublic have now developed the first-ever combinable NFT platform MetaCore, using the new EIP-3664 Modularity. With this groundbreaking new technology, DRepublic has also developed the first combinable NFT product: Legoot, and simultaneously opened up a whole new world of possibilities within both the NFT space and the wider blockchain industry.

What is EIP-3664?

EIP-3664 is the next infrastructure layer for NFTs and on-chain development, bringing notable functionality improvements on the previous 1155 (multi-token) & 721 (non-fungible token) standards. The most relevant advancement EIP-3664 offers is its disaggregation and assemblage characteristics which enable the arbitrary combination of all NFTs. The most important features of EIP-3664 are its combinable, separable, and modifiable attributes which can be utilized for any kind of NFT operations through the blockchain.

Users can now use EIP-3664 to create an infinite number of different products without repeating work. This level of customization opens the door to the extendability of metaverse ecosystems and NFT assets for the first time ever.

MetaCore: NFT Identity System

The MetaCore platform is an identity system and Layer-2 ecosystem which allows all metaverse citizens to join alternate metaverses by using a unique MetaCore Identity. With the ability for citizens to be connected to multiple metaverses, the potential for creatives to become involved in cross-chain/open-source community collaboration is exponential.

Imagine a new breed of multi-element NFTs, unbound by the constraints of single static-image pieces, with almost unlimited levels of customization and disaggregation. The MetaCore Identity attribute is this gateway, and the next advancement of combinable modular NFTs, with arbitrary attributes addition and removal, freely combining and dividing each component.

MetaCore uses blockchain smart contracts allowing users to sign contracts with others to set their own specific terms & conditions, all traceable via the blockchain. The MataCore login ID also supersedes the outdated password login standard and has already been supported by Cradles: Origin Of Species, and Legoot.

Legoot: The Real LEGO Loot

NFT Loot boxes are a hot item right now but only offer NFT prizes with very limited functionality. MetaCore is already adapted to multiple metaverse blockchain games and Legoot, a loot-like project aiming to utilize the full power of EIP-3664 enabling loot props that are changeable.

Until now, NFT items have held a singular purpose and value, but the Legoot NFT assembly toy enables the free assembly and disassembling of its own parts that can be sold individually.

Think of Legoot as a true NFT LEGO that can be used by players to mount to MetaCore for NFT digital identity purposes, like disaggregating down NFT weaponry items into multiple pieces for individual sale.

Cradles: Origin Of Species

Cradles: Origin Of Species is a prehistoric blockchain MMORPG game with the potential to disrupt the entire blockchain gaming world through the power and unique functionality of EIP-3664. These new game NFT attributes can be summarized in four categories

  • Changeable attributes: NFT attack power and life value, both of which can be decreased or increased.
  • Transferable attributes: NFT attributes can be transferred to other NFTs in the event of destruction or other circumstances.
  • Upgradeable attributes: Players can pay a fee to upgrade/increase the NFT level, accompanied by the increase of other attribute values.
  • Evolvable attributes: NFTs that evolve automatically over time, and simulate the time attributes in the real world, so that NFT has the characteristics of time-varying.

Limitless Possibilities

These unique new attributes are just a glimpse into the possibilities that EIP-3664 and MetaCore can provide in an NFT context. The flexibility of this versatile architecture provides limitless possibilities for expanding NFT features. For example, previously users could buy an NBA player card, but now they can own an entire team NFT with numerous individual players, all of which can be disassembled for individual sales and have varying functions and stats.

EIP-3664 smart contracts may be reused as building blocks to create an infinite number of new use cases for blockchain technology that goes beyond the theoretical. MetaCore is now looking towards NFT game collaborations as its explosion into the Metaverse begins. All features now are available on Legoot, for users to make their first combinable NFT.

 

DRepublic Links

Medium | Twitter

Cradles:Origin Of Species Links

Cradles | Whitepaper | Discord | Twitter

MetaCore Links

MetaCore | Twitter | Contract |

Legoot Links

Legoot | Opensea

Media Contact Details

Contact Name: Tib Palin

Contact Email: [email protected]

 

DRepublic 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.


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Abkhazia Extends Internet Restrictions for Cryptocurrency Miners

Abkhazia Extends Internet Restrictions for Cryptocurrency Miners

The government in Abkhazia has extended an order prohibiting access to internet sites used by cryptocurrency miners. The measure is part of a wider ban on activities related to the extraction of digital coins that also limits the use of electricity and imports of mining equipment in the breakaway Georgian republic.

Authorities in Abkhazia Confirm Ban on Websites Needed by Local Miners

Abkhazia’s telecom and media watchdog has extended internet restrictions affecting crypto mining operations in the country. According to an order issued by the State Committee for Communications, Mass Media and Digital Development, access to certain websites used by miners remains prohibited until March 31, 2022. The initial ban adopted in late December expired on June 1 this year.

As per the document issued on Oct. 6, internet providers are required to implement the technical measures needed to block the websites that allow miners to conduct their coin minting activities, Forklog reported quoting the order. However, the government agency did not list the domain names of the sites that should be restricted.

Speaking to Sputnik Radio, the chairman of the committee, Beslan Khalvash, noted that the new order he signed applies to VPN services as well. He explained that the regulator used to take action against domains and IP addresses but as some users switched to VPNs. These platforms will also be targeted in the future. The official declined to comment in detail on how the ban had been circumvented but insisted:

In the fight against mining, we are reaching a completely different level.

Khalvash emphasized that internet providers in Abkhazia are now technically prepared to restrict access to both internet sites and VPNs. The companies have already acquired the necessary equipment and software to do this. The head of the watchdog assured: “I think that tomorrow or the day after tomorrow we will start closing these VPNs.”

Abkhazia, a partially recognized de facto state in the Southern Caucasus, introduced a temporary ban on mining activities in 2018 and extended it this spring until March 31, 2022. But officials in Sukhumi have recently recognized their efforts to impose the restrictions throughout the region have largely proved unsuccessful.

Despite seizing 6,000 mining devices, authorities have failed to disrupt crypto mining, which has proved to be an alternative source of income for many in the country. In September, the government in Sukhumi acknowledged that 30,000 mining rigs remain in the hands of miners, blamed for the region’s exacerbating power shortages.

Abkhazia Extends Internet Restrictions for Cryptocurrency Miners

Nevertheless, Beslan Khalvash insisted that the internet restrictions imposed last year have allowed Abkhazia to save a lot of electrical energy. “The decision was justified. I am sure that the extension of that order and the closure of VPNs will also have some effect… I think that this order will also provide an opportunity to save electricity,” he stated.

That, of course, is not so sure at all. Khalvash himself admitted that there are large cryptocurrency farms in Abkhazia which can afford to avoid using the services of local internet providers. “They can take internet from the satellite,” he conceded.

Earlier this year, reports revealed that Abkhazia is holding talks with its main backer, Russia, to solve the problem with its electricity deficit. The Minister of Economy Christina Ozgan said that authorities plan to organize additional supplies from the Russian Federation. What’s more, she added that they even want to set up facilities where miners can install their equipment and legally connect to the grid.

Do you think authorities in Abkhazia will be able to curb crypto mining? Tell us in the comments section below.

Genesis CEO Michael Moro Thinks Mistakes Keep Institutions Away From Defi

CEO of trading firm Genesis, Michael Moro, stated that according to his views the decentralized finance (defi) space is still too risky for institutions to step in. Moro explained that there have been some important mistakes made by high-profile defi protocols that are putting customers’ funds at risk. This is why the space is being still dominated by retail investors, that have more lax risk management policies.

Defi Errors Scare Away Institutions

Michael Moro, CEO of Genesis, one of the biggest cryptocurrency trading firms in the space, stated his opinion about why defi has failed to entice institutions to invest in these protocols. According to his view, the space is still too risky and this is evidenced by some recent mistakes high-profile entities have made. In an interview with Insider, Moro stated:

Errors and mistakes that you’ve seen certainly make institutions shy from doing anything in size, in any particular platform.

Hedge funds and proprietary trading firms would be very interested in using some of these protocols for their benefit, but these institutions are not willing to suffer from big mistakes that could cost them millions of dollars. Moro stressed that retail investors were at risk, stating:

The unfortunate part is that, for now, because it’s consumers, it’s retail guys that are punting around on defi today, it’ll be they to lose their money.

Another Day, Another Hack or Exploit

The decentralized finance sector is, without a doubt, one of the most exploited and hacked in the cryptocurrency industry. This is because it is based on smart contracts that can exhibit vulnerabilities not always detectable by auditing companies. Just last week, Compound, one of the leading lending and borrowing protocols on Ethereum, experienced a bug in a smart contract that left millions of dollars up for grabs for the users of the platform.

The bug was caused by an upgrade to one of the critical contracts on the platform, that delivers rewards to users in the form of the native token, comp. This upgrade was led by community members, who wrote the modifications to the contract and also reviewed its code. To Moro, this is one of the great dangers of the sector. He concluded:

There’s a trial and error element to defi, where the error will cost a hundred million-plus. I don’t think we have a robust enough ecosystem of auditors. I think you’re still trusting someone to have audited the code.

What do you think about the Genesis CEO’s opinion on why institutions have not embraced defi? Tell us in the comments section below.

Kardashian, Mayweather Jr., Lohan Slammed – Star From ‘The O.C.’ Says Celebrities Shilling Crypto Is a ‘Moral Disaster’

Kardashian, Mayweather Jr., Lohan Slammed - Star From 'the O.C.' Says Celebrities Shilling Crypto Is a 'Moral Disaster'

Former teen soap star from the popular television series “The O.C.,” Ben McKenzie, has called out his fellow celebrities for shilling specific cryptocurrency projects. McKenzie calls the trend a “moral disaster” and he’s named a bunch of celebrities that have shilled a few crypto projects to their loyal fans.

‘The O.C.’ Star Ben McKenzie Writes a Scathing Review About His Fellow Celebrities and Their Crypto Participation


On October 7, the American actor, writer, and director Ben McKenzie has a problem with his fellow celebrities pushing certain crypto projects. So much so he wrote an opinion editorial denouncing the behavior and published it via the publication The Slate.

Ben McKenzie is also a celebrity himself as his first high-profile role was in 2003, when he played “Ryan Atwood” in the television series “The O.C.” McKenzie also starred in the show “Southland” and the television series “Gotham.”

The oped written by McKenzie is called “Celebrity Crypto Shilling Is a Moral Disaster,” and the first person it strikes is the popular socialite Kim Kardashian. McKenzie discussed how Kardashian shilled the crypto token Ethereum Max using her Instagram account with her 228 million followers.

“The post was an immediate sensation, and a touch controversial,” McKenzie wrote. “Ethereum Max was only a month old, few had heard of it, and it wasn’t even obvious how the ‘token’ was supposed to work,” the actor added.

As of this writing, Ethereum Max is priced at $0.00000002257, according to coinmarketcap.com. That’s a lot of zeroes. If you bought Ethereum Max after Kardashian pushed it and didn’t sell fast enough, all you were left with was a practically worthless digital asset.

McKenzie: ‘Celebrities Might as Well Be Seating Their Audience at a Rigged Blackjack Table’


McKenzie further ripped into a number of other celebrities like the former heavyweight champ Floyd Mayweather Jr., former NBA star Paul Pierce, the actress Lindsay Lohan, and the Superbowl Champion Tom Brady as well. “The Hollywoodization of crypto is a moral disaster. And for celebrities’ fans, who likely have far less money to lose, it’s potentially a financial one, too,” McKenzie stressed. “The O.C.” star further added:

These rich and famous entertainers might as well be pushing payday loans or seating their audience at a rigged blackjack table. While the wild swings of crypto might be exciting for some, the rewards for many are illusory, especially once one gets beyond the top few cryptocurrencies like Bitcoin and Ethereum (which is a separate entity from Ethereum Max).


The Slate article, however, is co-written by the journalist Jacob Silverman, an author who is in the midst of writing a book about crypto fraud. Silverman has a lot to say about big tech and shares a lot of anti-capitalist views across a number of his editorials. The author Silverman has also written “Terms of Service: Social Media and the Price of Constant Connection.”

McKenzie too seems to believe that the crypto world is riddled with scams and so-called “rug pulls.” But for celebrities, to add hype to these types of speculative investments, is a bit over the top in his opinion.

“Celebrities are encouraging their fans to gamble on speculative, unproven investments that may soon see a major regulatory crackdown, if not an outright implosion of the market,” McKenzie emphasized. The actor’s scathing critique of his fellow celebrities concluded:

If celebrities care about what products they promote, they should think twice about putting their support behind these companies. Crypto and blockchain technology may yet have important roles to play, but the industry executives, venture capitalists, and, yes, the rich and famous people pushing these products haven’t earned your trust — or your money.


What do you think about Ben McKenzie’s opinion editorial concerning celebrities shilling crypto projects? Let us know what you think about this subject in the comments section below.

China to Add Cryptocurrency Mining to ‘Negative List for Market Access’ Making the Industry Off-Limits to Investors

China to Add Cryptocurrency Mining to 'Negative List of Market Access' Making the Industry Off-Limits to Investors

China has proposed adding cryptocurrency mining to the country’s latest “Negative List for Market Access.” This will make cryptocurrency mining an industry that is off-limits to investors, another move by the Chinese government to clamp down on crypto-related activities.

China’s Negative List of Industries to Include Cryptocurrency Mining


Cryptocurrency mining has been added to the 2021 draft “Negative List for Market Access,” according to an announcement on Friday by China’s National Development and Reform Commission, the state planner. The list was jointly released by the Commission and the Ministry of Commerce.

The State Council explained:

The negative list for market access outlines sectors, fields, and businesses off-limits for investors. Industries, fields, and businesses not on the list are open for investment to all market players.


The list consists of 123 industries in 2020. The number of industries on the list has been reduced to 117 in the current version. Industries not on the list are open for investment to all with no approvals required.

The Development and Reform Commission is currently soliciting public opinions regarding the negative list. The seven-day public comment period runs from Oct. 8 to Oct. 14.

China has been actively cracking down on crypto activities, banning crypto mining and trading. Subsequently, crypto exchanges and service providers have been cutting ties with Chinese users.

However, the impact of the Chinese crackdown on global cryptocurrency markets has been minimal. Since the latest crackdown announcement on Sept. 24, the price of bitcoin has risen more than 30%. At the time of writing, the cryptocurrency is trading at $54,214. Privacy activist and whistleblower Edward Snowden recently said that China’s ban “made bitcoin stronger.”

What do you think about China adding cryptocurrency mining to the “Negative List for Market Access” making the industry off-limits to investors? Let us know in the comments section below.

Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator

Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator

Binance has announced that it is terminating some services in South Africa to comply with regulations. This move followed a warning issued by the South African financial regulator that Binance Group was not authorized to give any financial advice or render any intermediary services in the country.

Binance Ceases Some Services in South Africa


Cryptocurrency exchange Binance announced Friday some changes to its offerings in South Africa. Noting that it “constantly evaluates its product and service offerings to comply with local regulations,” Binance said it will “cease offering” futures, options, margin, and leveraged tokens products to South African users. The company added:

With immediate effect, South African users will be restricted from opening new accounts for these products. Users will have 90 days to reduce and close their positions for these products.


The exchange continued, “Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.” Furthermore, “Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

This announcement followed a warning issued in early September by South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA).

The FSCA warned the public that Binance Group was not authorized to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa. Following the FSCA’s notice, Binance issued a statement claiming that “Binance.com does not provide financial advice or render any intermediary services.”

Regulators in many jurisdictions worldwide have been heavily scrutinizing Binance, including those in the U.K., Netherlands, Singapore, Hong Kong, Malaysia, Thailand, Lithuania, Italy, and Canada. U.S. authorities are also investigating Binance for possible market manipulation and insider trading.

What do you think about Binance ceasing some offerings in South Africa? Let us know in the comments section below.