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2022-05-20 10:44:23 ​​Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

The first digital financial assets based on Russian blockchains may be issued as early as this year, a high-ranking parliamentarian announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament.

Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russia’s financial sector, Anatoly Aksakov.

Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.

The Russian deputy revealed that three platforms — developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank — are already registered as DFA issuers. Another two will be approved in the near future. Aksakov was quoted by Russian media as stating:

We expect that, maybe even this year, the first digital financial assets will be issued, and they will gradually become the basis for financial settlements on the blockchain.

The lawmaker believes that these DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries. “This is, to a certain extent, an alternative to those financial settlements that today exist on the basis of the dollar or the euro or other currencies,” he elaborated.

Anatoly Aksakov emphasized that the Russian government supports the legalization of the digital assets market through strict regulation and has prepared a new bill to achieve that. He was referring to the law “On Digital Currency” drafted by the Ministry of Finance, which is yet to be submitted to the State Duma.

Russia has been stepping up efforts to adopt rules for its digital assets space and this bill should expand the legal framework for the sector, which was only partially regulated with the law “On Digital Financial Assets.” While the finance ministry favors regulating cryptocurrencies along with other digital assets, the Central Bank of Russia remains opposed to their legalization in the country. Открыть/Комментировать

2022-05-15 14:28:40 ​​ECB lays out ‘anonymous’ digital euro as public opposes ‘slavecoins’.

The ECB drops another working paper on the digital euro, causing more outrage from Europeans opposing a central bank digital currency.

The European Central Bank (ECB) continues pushing its central bank digital currency (CBDC) project despite Europeans apparently not feeling too positive about a digital euro.

The ECB released another working paper on the digital euro, providing an extensive technical analysis of a potential European CBDC and its position in the existing financial system.

Issued on May 13, the working paper aims to study issues like financial intermediation, payment choices and privacy in the digital economy, providing a large number of related algebra-based conclusions.

The study suggests that a “CBDC with anonymity” is preferable to traditional digital payments like bank deposits but it “may become supplanted” by digital currencies or “payment tokens” issued by technology giants.

“This risk would be particularly tangible if those platforms compete with banks in the market for financial services. However, an optionality for data sharing features may result in a widespread CBDC adoption,” the working paper reads.

According to the ECB, one of the main problems of cash is that it cannot be used for more efficient online transitions while it still preserves anonymity. In contrast, bank deposits can be used online but do not provide enough anonymity.

Finally, digital currencies issued by tech platforms “allow merchants to hide from banks but enable platforms to stifle competition,” the ECB wrote, adding:

“An independent digital payment instrument — a CBDC — that allows agents to share their payment data with selected parties can overcome all frictions.The introduction of a CBDC with anonymity enables merchants to prevent banks from extracting information from payment flows.”

While the ECB keeps promoting a potential digital euro with anonymity-enabled features, the Europeans are not quite optimistic about any CBDC. According to public feedback from another digital euro consultation, the majority of Europeans are against the adoption of a CBDC in the European Union. Открыть/Комментировать

2022-05-12 10:49:49 ​​The Fed cites worries about stablecoin in its latest Financial Stability Report.

The report points out stablecoin’s possible low stress resistance and overuse in leveraged cyptocurrency trading, reiterates its position on CBDC.

The United States Federal Reserve Board released its semiannual Financial Stability Report on Monday. The report points to the volatility on commodities markets brought on by the Russian invasion of Ukraine, the spread of the omicron variant of COVID-19 and “higher and more persistent than expected” inflation as sources of instability.

Stablecoins and some types of money market funds were singled out in the report and noted to be prone to runs. According to the Fed, stablecoins have an aggregate value of $180 billion, with 80% of that amount represented by Tether (USDT), USD Coin (USDC), and Binance USD (BUSD). They are backed by assets that may lose value or become illiquid during stress, leading to redemption risks, and those risks may be exacerbated by a lack of transparency, the central bank said.

Besides that, the increasing use of stablecoin in leveraged trading of other cryptocurrencies “may amplify volatility in demand for stablecoins and heighten redemption risks.”

The report reflects information as of April 25. Since the Federal Open Market Committee voted for an interest rate hike of 50 base points on May 4, some of the signaled instability has been manifested. Terra USD (UST) flipped Binance USD to become the third-largest stablecoin on April 18, then temporarily de-pegged from the dollar and dropped to $0.67 on Tuesday. The USDT/BTC margin lending ratio remained bullish, however.

The Fed report featured a boxed discussion of central bank digital currencies (CBDCs) that largely covered familiar ground. It reiterated the findings of the Fed’s January discussion paper that a U.S. digital dollar would best meet the country’s needs if it were privacy protected, identity verified, intermediated, and transferable. It went on to restate its neutral position on the issue of creating a U.S. CBDC. Открыть/Комментировать

2022-05-07 13:31:23 ​​Finance School Bentley University Now Accepts Cryptocurrency Payments for Tuition

Bentley University, the private university located in Waltham, Massachusetts, has revealed it now accepts digital currencies for tuition payments. Bentley University’s president explained that the school has been “at the forefront in preparing business leaders” and further remarked that the faculty is “proud to embrace” the same technology its students are learning about today.

According to an announcement stemming from Bentley’s newsroom, the school of accounting and finance has partnered with Coinbase in order to give students and their families the ability to pay tuition with crypto.

Bentley will accept three crypto assets including bitcoin (BTC), ethereum (ETH), and usd coin (USDC). Bentley president E. LaBrent Chrite explained that the school founded 105 years ago is embracing a technology that may shift the traditional financial landscape entirely.

“Bentley University is at the forefront in preparing business leaders with the skills and knowledge to succeed in the changing world economy,” the university president said in a statement. “We’re proud to embrace this technology that our students are learning about, which will soon transform the global business landscape they’re about to enter.”

Universities all around the world accept cryptocurrencies including the University of Cumbria in Carlisle, England, the Financial Business School in Paris, France, and the Innovation and Entrepreneurship Business School in Spain. Moreover, Lucerne University of Applied Sciences, Switzerland accepts crypto.

In addition to Bentley University in Massachusetts, in the United States King’s College in Wilkes-Barre, Pennsylvania, accepts bitcoin as well, and the University of Pennsylvania accepts cryptocurrencies. Furthermore, the University of California, Berkeley (UC Berkeley) accepts crypto asset payments. The Bentley announcement further highlighted a student named Alex Kim who launched the Bentley Blockchain Association.

“Students have a real interest in knowing more about blockchain, decentralized finance, and cryptocurrency investments,” said Kim in the press statement. “These technologies are influencing the industries where they will be working,” the Bentley student added. Открыть/Комментировать

2022-05-03 09:18:58 ​​​​The ECB representative and CBDC supporter called the cryptocurrency a Ponzi scheme

ECB representative Fabio Panetta believes that new global standards are needed to regulate crypto assets, as well as higher taxes due to significant energy consumption

According to him, crypto assets are harmful to society and have no social or economic value:

"CRYPTOCURRENCIES ARE SPECULATIVE ASSETS THAT CAN CAUSE SERIOUS DAMAGE TO SOCIETY. THEY EXIST DUE TO GREED AND THE ARRIVAL OF NEW PEOPLE WHO HOPE FOR THE SMOOTH OPERATION OF THIS SCHEME. BUT THE BUBBLE MAY BURST"

Panetta compared the dynamics of the development of cryptocurrencies with the Ponzi scheme and drew parallels with mortgage loans that caused the financial crisis of 2008:

"WE SHOULD NOT REPEAT THE SAME MISTAKES. CRYPTO ASSETS SHOULD BE USED ONLY WITHIN CLEAR, REGULATED BOUNDARIES AND FOR GOOD PURPOSES FOR SOCIETY"

Panetta is an ardent supporter of the release of the digital euro, which will help move private stablecoins like Tether (USDT) on the market. According to him, crypto assets are too volatile, and transaction processing takes too much time, so they are not suitable as money. In addition, they are a potential means to circumvent financial sanctions, and can also harm investments and contribute to climate change.

The official believes that cryptocurrencies should be taxed like other financial instruments, and higher rates should be applied to PoW-based assets. He also called for the expansion of anti-money laundering regulations, including for p2p payments, although these steps may slow down innovation and harm privacy. Открыть/Комментировать

2022-04-27 14:36:29 ​Report: Twitter Engages in Negotiations With Elon Musk, Analyst Says Unless a Second Bidder Appears Musk Will Acquire the Company

According to multiple reports stemming from people familiar with the matter, Twitter has been engaged in negotiations with Elon Musk over his proposal to purchase the social media platform for $46.5 billion. Sources detail that a number of Twitter shareholders allegedly reached out to the company’s board after Musk detailed his financing plans last week.

Three days ago, reported on Elon Musk’s plans to improve Twitter which include removing spam bots and making sure free speech is allowed. Musk further detailed that he wants to make the account verification process easier. However, before Musk outlined his improvements and plans to secure the $46.5 billion needed for the acquisition, Twitter’s board implemented a “poison pill” plan to avoid the acquisition.

Essentially, Twitter executed a shareholder rights plan in order to dilute the appeal of a takeover. The measure attempts to make it harder for Musk to acquire the company unless he increases his shareholder stake. Despite the poison pill plan and the backlash from a number of people against Musk taking over, three reports note that Twitter’s management is contemplating Musk’s offer now.

Bloomberg, the Wall Street Journal (WSJ), and the New York Times (NYT) have all reported that people familiar with the matter say Twitter’s board is now engaging in negotiations with the Tesla executive. According to the reports, Twitter’s board is interested in any ongoing regulatory investigations tethered to Musk and his companies and whether or not any investigations could impede the deal.

Furthermore, Twitter’s board is interested in the opinions of U.S. regulators and bureaucrats that may object to Musk’s takeover. The New York Times reports that the agreement is not final and there’s definitely a chance it won’t work. However, people with knowledge of the situation said “Mr. Musk remains fluid and fast-moving.”

Musk is reportedly working with Morgan Stanley in order to acquire debt financing and he allegedly has $21 billion in cash reserves to leverage as well. On Sunday, an analyst at Wedbush Securities, Dan Ives, said he believes Musk’s goal to own Twitter may be successful. In an investor’s note published this weekend, Ives said:

[This is] the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix.

Last week, Musk also talked about Twitter integrating dogecoin (DOGE) and that it could possibly be a payment option for Twitter’s Blue service. While most crypto assets have been in the red on Monday recording declines in fiat value, DOGE has jumped 6.24% during the last 24 hours since the news about Twitter engaging with Musk in negotiations went public. Открыть/Комментировать

2022-04-26 16:10:51 ​Bitcoin, Ethereum Technical Analysis: BTC Back Above $41,000 as Crypto Bulls Return

Following recent losses, BTC rallied on Tuesday, as bulls appeared to have returned to cryptocurrency markets. In addition to bitcoin, ETH also moved away from yesterday’s low below $2,900, with price now hovering close to $3,100.

After several days of bearish pressure, cryptocurrency prices finally rallied on Tuesday, with BTC climbing back above $41,000.

The world’s largest cryptocurrency was up by as much as 5% earlier in today’s session, rising to an intraday high of $41,146.89 in the process.

Tuesday’s price surge comes following a bottom of $39,123.16 on Monday, which was the lowest BTC/USD had traded since March 15.

As of writing, BTC is currently trading at $40,926.77, which is marginally lower than earlier highs, and comes as traders took profit at resistance.

Looking at the chart, this ceiling is at the $41,175 level, which halted the last three attempted sustained breakouts.

Despite prices failing to breakout, price strength has, with the 14-day RSI trading marginally above the 44 resistance, which could be a good indication for bulls looking to sustain today’s pressure.


ETH was also trading higher on Tuesday, moving away from its multi-week lows in the process of today’s rally.

As of writing, ETH/USD raced to an intraday peak of $3,080.79 earlier in today’s session, which is roughly 4% up from yesterday’s low.

Monday’s bottom of $2,903.24 fell below the long-term price floor of $2,950, and hit its lowest point since March 22.

Despite today’s rally, the 14-day RSI continues to hover below its ceiling at 50, and is currently tracking around 47.50.

This is good news for bulls, however, any further gains in price will likely meet resistance at the $3,150 level.

Should there be enough momentum to pass both this point, and the 49 RSI level, we could see ETH heading towards $3,300. Открыть/Комментировать

2022-02-13 19:38:47 ​Bitcoin, Ethereum Technical Analysis: BTC Falls to 5-Day Low, as Nonfarm Payrolls Are Marginally Lower

Bitcoin fell to its lowest level this week, following Friday’s nonfarm payrolls report, which came in marginally below expectations. 431,000 jobs were added to the U.S. economy versus forecasts for an addition of 490,000. ETH also reacted to the news, finally moving below $3,400.

BTC fell for the third consecutive session on Friday, as the world’s largest cryptocurrency dropped to its lowest level this week.

Following a high above $47,591.00 yesterday, BTC/USD traded at an intraday low of $44,403.14 during today’s session.

This is the lowest BTC has hit since March 27, and comes days after a failed breakout of the $48,080 price ceiling.

As anticipated earlier this week, the moves of the last several days bear strong resemblance to those of January 2, which was the last time prices were trading in this territory.

Looking at the chart, the 14-day RSI has also dropped from Tuesday’s high of 70.55, and now sits at 60.08.

Should price strength continue to fall towards its support of 56.50, we could see BTC trading closer to $42,000 to close out the week.

Although ETH was also lower in today’s session, it hasn’t fallen by as much as BTC, which as of writing is down 3.18%.

ETH/USD is currently down 1.35%, following an intraday low of $3,223.89 during today’s session, which is also the lowest since March 27.

Today’s drop in price follows up from a peak of $3,441 during yesterday’s market session, as prices traded above resistance of $3,390.

This ceiling has now firmly been broken, with price strength also showing fragility, and the 14-day RSI tailing off from recent highs.

As of writing, it was tracking at 66.76, just days removed from a peak of over 73 to start the week.

News’ BTC analysis earlier this week, a reversal was somewhat expected, however the length of this turnaround is still up for debate. Открыть/Комментировать

2022-01-23 08:56:41 ​Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500

Bitcoin briefly hit a high above $48,000 on Tuesday, as prices of the world’s largest cryptocurrency rose for an eighth straight day. ETH was also trading higher during the session, with prices nearing their highest since January 5.

Bitcoin reached the $48,000 level today, as the world’s largest cryptocurrency climbed higher for an eighth consecutive session.

On Tuesday, BTC/USD rose to an intraday high of $48,086.84, as prices rose to their highest point since New Year’s Eve.

Today’s move comes as bitcoin has sustained its upward momentum since breaking out of the then ceiling of $42,500 on March 22.

Now on the cusp of yet another resistance at $48,200, BTC’s recent streak will likely be tested, as bears will look to short at this point.

Looking at the chart, history shows us that there have been previous bearish runs at this point, similar to January 2, and with prices currently overbought, there is some reason as to why a reversal could occur.

Bulls will likely not give way without a fight, however, as longer-term investors sense a real opportunity to move towards $50,000.

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In addition to BTC, prices of ethereum also climbed on Tuesday, as the global crypto market cap rose by almost 2% as of writing.

ETH/USD climbed to an intraday high of $3,470.19 during today’s session, which is its highest level since January 6.

Today’s move now means that ethereum’s price has risen for 13 of the last 15 days, gaining close to 20% in value within that period.

The rally which took place today saw ETH breakout of its resistance level at $3,380, following a break beyond the $3,170 mark only two days prior.

As such, price strength continues to surge, with the 14-day RSI now tracking at 74.39, which is a multi-month high.

Although some will continue to anticipate a reversal, the momentum of the moving averages shows no sign of slowing down, which could lead to further gains. Открыть/Комментировать

2022-01-03 22:23:56 ​UAE Venture Capital Firm Launches $100 Million Seed Fund for Blockchain and Crypto Projects

Cypher Capital, a United Arab Emirates (UAE)-based venture capital (VC) firm, has announced the launch of a $100 million seed fund that will primarily avail funding to decentralized finance (defi), gamefi, and metaverse projects.

A United Arab Emirates (UAE)-based venture capital firm, Cypher Capital, recently announced it has launched a $100 million seed fund whose objective is to finance blockchain and crypto projects with genuine value propositions.

As explained in a report published by Unlock Media, the VC firm is planning to be involved in the mentoring of entrepreneurs who run projects which are funded by Cypher Capital. In addition, the firm will to equip the entrepreneurs with the tools they need to succeed, Bijan Alizadeh, founder and general partner at Cypher Capital, is quoted in the report explaining.

Alizadeh also revealed that his company plans to invest in blockchain and crypto projects that have received support from other venture capitalists. He said:

We aim to cooperate with and expand the ecosystem by working with visionary innovators, outstanding talent and other venture capital partners to create a holistic blockchain community which, in turn, foster[s] the growth of the ecosystem.

The managing partner of Cypher Capital, Vineet Budki, is also quoted in the report stating that only projects in decentralized finance (defi), gamefi, and the metaverse space qualify to receive funding. However, Budki clarified that his company is “always on the lookout for innovative blockchain projects in general.”

Meanwhile, the same report states that Cypher Capital expects to complete the construction of its 10,000 square-foot Dubai digital asset hub sometime in August 2022. Once complete, the hub will welcome crypto enthusiasts and entrepreneurs and offer exclusive access to members. Открыть/Комментировать