Tagged: virtual currency

BIS Says Volatile Cryptos like Bitcoin Failed as Payment Method, but Stablecoins, CBDCs May be Effective for Transactions

The Bank for International Settlements (BIS), a global financial institution that’s owned by reserve banks and aims to “foster international monetary and financial cooperation and serves as a bank for central banks,” notes that advancements in technology, along with rising demand for digital payment methods… Read More

Chainalysis Introduces New Options for Market Intel, a Data-Driven Solution for Insights into Crypto Markets

Chainalysis, the leading blockchain data platform, reveals that it has introduced three subscription options to Market Intel, which is described as a data-driven product that offers key insights into virtual currency markets. Developed on Chainalysis’ “trusted” and proprietary data platform, financial institutions are able to… Read More

CBDCs: Monetary Authority of Singapore Introduces International Challenge for Developing CBDC Solutions

The Monetary Authority of Singapore (MAS) reveals that it has introduced an international challenge for retail central bank digital currency (CBDC) solutions. The Global CBDC Challenge from the MAS will aim to find innovative retail CBDC solutions to improve existing payment processes while promoting greater… Read More

DeFi Coins AAVE and Yearn.Finance or YFI 8% APY Interest Accounts being Offered by Blockchain.com

The team at Blockchain.com, a leading crypto wallet, block explorer, and trading platform provider, recently revealed that they’re now supporting AAVE and YFI (yearn.finance) Interest Accounts at “a current annual interest rate of 8%.” In September of last year, Blockchain.com had announced support for AAVE… Read More

Chainalysis Shares Detailed Classification System for Cryptocurrency Services based on Level of Risk, Other Factors

Since Bitcoin’s (BTC) launch back in 2009, virtual currency has managed to drive new markets, while spurring advancements in modern financial infrastructure. It has also led to innovative thinking in how to address the global economic requirements, the Chainalysis team writes in a blog post…. Read More

El Salvador Might Make Bitcoin (BTC) Legal Tender, but Transactions with the Crypto are Too Costly and Slow

El Salvador is reportedly looking to become the first nation in the world to adopt Bitcoin (BTC) as legal tender. El Salvador’s government might introduce legislation that could potentially make it the first country to adopt BTC as legal tender, along with the US dollar…. Read More

Crypto-Native Bitcoin Water Trust Initiative Launched, with Support from Professional Skateboarder Tony Hawk

Global safe drinking water nonprofit, charity: water, revealed on June 4, 2021, that they have introduced a “crypto-native” Bitcoin Water Trust initiative. As mentioned in a release shared with CI, the trust will enable charity: water to receive and “hodl” (hold long-term) Bitcoin donations in… Read More

Kraken to Begin Supporting Mina Protocol’s MINA Token Trading on June 1, 2021

Digital asset firm Kraken says it’s pleased to confirm that deposits and withdrawals for Mina (MINA) are “now open” as of Friday (May 28, 2021). Kraken noted in a blog post that trading is scheduled to launch on June 1, 2021 at “approximately 00:00 UTC.”… Read More

Digital Currency Project Decred Announces Initial Integration of its Decentralized Exchange into Decrediton Wallet

Decred (DCR), a digital currency that focuses on and prioritizes security and scalability, has announced (on May 27, 2021) the initial integration of its decentralized exchange, DCRDEX, into its Decrediton wallet. DCRDEX, which was first available via the command line interface (CLI), has managed  to… Read More

Bitcoin Mining Expert Explains why Generating “Clean” BTC Blocks Can Be Extremely Challenging

Zack Voell, a cryptocurrency mining specialist, writes in a blog post published by Compass that block 682,170 was the first “clean” block that was mined by public mining firm Marathon’s new pool. Voell writes in a detailed post from Compass, a “Bitcoin-first” company that aims… Read More

CBDCs: Bank of Japan Confirms Plans for “Preparing Thoroughly” to Potentially Launch a Central Bank Digital Currency

The Bank of Japan (BoJ) has confirmed that it is getting ready to work on a national virtual currency. Haruhiko Kuroda, governor of the 138-year-old institution, stated that the BoJ, the nation’s reserve bank, would begin “preparing thoroughly” for a future that may include a… Read More

New Hampshire Residents being Indicted for Operating Illegal Virtual Currency Business, while Accepting “Church Donations”

Six New Hampshire residents are reportedly facing federal indictment because of an elaborate scheme that allowed people to exchange over $10 million for digital currencies like Bitcoin (BTC) and Ethereum (ETH). The US District Court indictment alleges that the co-conspirators had tricked or deceived financial… Read More

Researchers at McGill are Reportedly Working on Potential Design for Bank of Canada Virtual Currency or CBDC

The research team at McGill is reportedly collaborating on the potential design for the new Bank of Canada digital currency. Professors Katrin Tinn and Christophe Dubach have jointly proposed a new design for a “cash-like” central bank digital currency or CBDC which will aim to… Read More

Chainalysis Explains Why Authorities Must Look Beyond Direct Counterparties to Understand Risks Associated with Crypto Addresses

Chainalysis, a leading blockchain research firm, says that the best way to assess or determine the risk of a virtual currency address or group of associated addresses (e.g., like a wallet) is to analyze all the other addresses with which it has conducted transactions. According… Read More

Developments related to Central Bank Digital Currencies have “Accelerated Dramatically” During Past 18 Months: Report

A report published by Global Digital Finance notes that during the past 18 months, the developments related to central bank digital currencies (CBDC) have “accelerated dramatically.” CBDC projects have gone from the research stage to formulating key policy requirements. Countries like China have even introduced… Read More

CBDCs: Bank of Korea Is Reportedly Planning to Issue and Circulate a Central Bank Digital Currency in 2021

The Bank of Korea (BOK), the reserve bank of the Republic of Korea and issuer of South Korean won, is reportedly planning to issue and circulate a central bank digital currency (CBDC) by next year. As first reported by the Korean Times, the BOK will… Read More

Reserve Bank of the Philippines to Continue Working on its Central Bank Digital Currency which Might Streamline Financial Services

Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency. Diokno believes that… Read More

Digital Yuan will “Hardly Put a Dent” in US Dollar Dominance and its Role as Global Reserve Currency, Cornell Professor Claims

Eswar Prasad, professor of Trade Policy at Cornell University and senior fellow at the Brookings Institution, acknowledges that the Chinese digital yuan will improve the nation currency’s role as an international payment method. However, he clarified that it will “hardly put a dent” in the… Read More

CBDCs: China and Japan Continue to Work on their Respective Digital Currency Projects, New Reports Confirm

The global COVID-19 crisis has forced many businesses to either shut down or make significant changes to their business models. Individuals and companies are increasingly using digital platforms and services to conduct transactions or complete routine tasks that they normally carried out at physical locations…. Read More

Bitcoins Used to Pay for Products are Taxable Income, Wages Paid in Virtual Currency are Subject to Witholding, Turbo Tax Explains

Gary Guthrie from ConsumerAffairs notes that the July 15, 2020 tax-filing deadline for US taxpayers is approaching, and the Internal Revenue Service (IRS) plans to ensure that US residents have the appropriate tools and services to assist them with filing taxes and meeting their obligations…. Read More

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