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Palau is collaborating with Ripple to launch a national stablecoin

Recently, cryptocurrencies have gained popularity on a global scale. Economies of all sizes are attempting to digitalize and include blockchain and cryptocurrency. A number of central banks are attempting to introduce their own digital currencies, while others are attempting to introduce stablecoins.

The latest country to hop on the bandwagon is Palau. Palau is an island country and a microstate with only 20,000 people. In one of the latest interviews with Bloomberg, the president of Palau, Surangel Whipps Jr., unveiled interesting details about the country’s digitalization and the future incorporation of blockchain.

Whipps Jr. additionally revealed that the nation is working with Ripple to develop a national stablecoin.

Whipps Jr. spoke about the country’s digitalization and what they are trying to incorporate in terms of further developments in the future during the interview. The president announced that the country is collaborating with Ripple to explore the creation of a national stablecoin.

He stated that they are planning to launch the stablecoin soon, which will help to make payments easier and more secure.

Whipps Jr. also spoke about CZ’s (Binance CEO) recent visit to the country and their conversations about how to make use of Binance Pay to make payments easier for digital residents of the country.

“This is a new world for Palau, but we are excited to be part of it. One of the advantages that we have is we’re small and hopefully we can mobilize our Government and be more adaptive to the changes that need to be made in this fast-changing environment,” he emphasized.

The president also noted that central bank digital currencies and general cryptocurrency and blockchain technology can complement each other.

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International Chess Federation Checks Into Web3 With Avalanche Integration

The International Chess Federation (FIDE) announced recently that it is partnering with the Avalanche blockchain to bring its competitions into Web3.

According to FIDE, the partnership will create operational efficiencies for players and federations and improve game integrity, such as publishing tournament data and player rankings on-chain, as well as AVAX-hosted tournament prize pools.

In addition, the partnership makes Core, a self-custody cryptocurrency wallet, and Ava Labs, the creators of the Avalanche blockchain, featured sponsors at physical chess competitions throughout the world, including the World Chess Championship and Chess Olympiad.

According to Emil Sutovsky, FIDE CEO, Chess is a unique sport and this cooperation will allow them to unify their community and strengthen the ties between players, clubs, federations, and FIDE.

FIDE’s Web3 integrations follow alongside the chess world’s gradual embrace of digital mediums. According to the organization, more than 25 million online chess games are played daily by more than 100 million regular players.

Although interest in Web3 and non-fungible tokens (NFT) has faded in the general public in recent months, federations like FIDE still believe that the market has the ability to advance their sport. The table tennis sport’s governing body started a comparable Web3 effort in August.

Additionally, the partnership between FIDE and AVAX is not the first time chess and crypto have been combined. Earlier this month, chess icon, Garry Kasparov released his first collection of NFTs, and play-to-earn chess games like MetaChess had been well-liked for most of the previous year.

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OpenSea blocks Cuban artists from its platform

One of the biggest NFT marketplace, OpenSea is delisting Cuban artist and collector accounts from its platform in order to comply with U.S. sanctions law.

In recent months, there had been concerns that OpenSea had been explicitly targeting Cuban accounts, a position the New York-based company takes with regard to nations like Venezuela, Iran, and Syria. Still, according to Artnet News, they confirmed that the policy now extends to Cuban artists, following an exchange with the platform.

An OpenSea spokesperson stated, “We comply with U.S. sanctions law. Our terms of service explicitly prohibit sanctioned individuals and individuals in sanctioned jurisdictions, or services from using the OpenSea platform”

The development is a setback for Cuban artists who started minting work on the blockchain in early 2021, during the height of the travel restrictions caused by the virus that cost the island vital tourist dollars.

One of the popular Cuban artists, Gabriel Bianchini commented, “We were locked in a pandemic, with an increasingly difficult economic, political, and social situation. The technology was a liberation, economically and creatively, a bridge that allowed us, Cuban artists, to connect with the world.”

Gabriel Bianchini is a photographer whose work has appeared at the Havana Biennial and Milan’s MIA Photo Fair. After learning about NFTs on the social audio app Clubhouse, he promptly minted Hotel Havana, a multilayered image juxtaposing the capital’s colorful and decaying buildings. It sold out in days.

Bianchini also encouraged other Cuban artists to take the digital plunge and a vibrant community duly followed. It stretched from downtown Havana, with a local club and gallery Fábrica de Arte Cubano bringing artists online, to the diaspora with groups such as the Miami-based NFTcuba.ART creating a veritable network.

Unfortunately, NFTcuba.ART is now being systematically blocked from a marketplace that receives more than 120 million visitors a month. To date, more than 30 Cuban artists have had their OpenSea accounts delisted. The technology underpinning NFTs may be transparent and decentralized, but the companies platforming their exchange are not.

To some Cuban artists, OpenSea’s decision is no surprise. It follows a 60-year history of U.S. sanctions on the country, one that has continued into the digital age with the likes of Zoom, MailChimp, WeTransfer, and Gitlab all inaccessible from within Cuba, sometimes even when using a VPN.

Cuban NFT artist, Yordanis García Delgado stated, “I saw it coming. It is very difficult to be decentralized and not be accountable to Government authorities, thanks to the blockade that the USA maintains against Cuba.”

One point of confusion rests with the fact OpenSea has rapidly pivoted from celebrating and platforming Cuban artists, which they featured during National Hispanic Heritage Month with Bianchini serving as a co-host to a blanket ban, irrespective of a user’s other nationalities. 

Bianchini, for example, is Swiss-Italian, who currently lives in Spain. The founder of NFTcuba. ART- Gianni D’Alerta, who has also been targeted, lives in the U.S.

The move is also counterintuitive in that it bars political messages unwelcome in Cuban galleries from reaching the wider world. Ted Henken, a professor at Baruch College and a well-known author on Cuba’s digital culture, makes this claim.

“Quite ironically, in this case, those impacted both financially and in terms of their free cultural expression are Cuban artists who often use their art to challenge government censorship or critically comment on Cuba’s difficult social and artistic reality,” Ted Henken said.

Bianchini anticipates that in the near future, artists will concentrate on other platforms like Foundation and SuperRare. Nevertheless, he continues to be optimistic about Web3’s future.

“I’m still betting that this technology will bring freedom to countries like mine. I’m not just talking about financial freedom, but creative freedom and freedom of expression,” he noted.

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Gamic and Polygon partner to bring blockchain opportunities to Africa

A strategic partnership between the leading Ethereum infrastructure and scaling platform Polygon network and Gamic, Nigeria’s Web3 social communication platform, has been announced. Through this partnership, Gamic will be able to broaden its influence and reach internationally and offer blockchain-powered opportunities to Africa.

The Web3 startup is a ground-breaking platform that fuses the strength of Web3 technology with social communication features. Users of the platform can converse with one another, exchange knowledge, and have in-depth discussions about a range of subjects. Gamic is a platform that rewards users for their work and is genuinely decentralized and community-driven.

By joining Polygon, Gamic will be able to work with other leading blockchain projects. As a result, it will have access to a vast network of developers and resources. This collaboration will enable Gamic to develop more original concepts and promote the use of blockchain technology in Africa and other regions.

Gamic’s CEO, Ukeme Okuku, expressed his delight at the company’s decision to join the Polygon network and at the prospect of working with such a gifted and motivated group.

“We are excited to be leading this movement in Africa because we believe blockchain technology has the potential to change businesses and usher in a better future,” he said.

Gamic is a Web3 social communication network with a foundation in Nigeria that blends the strength of social communication tools with the decentralized nature of blockchain technology. The social app lets users talk to each other, share information, and have deep conversations about a wide range of topics. For their contributions to the site, users at Gamic can also receive incentives.

The purpose of Polygon is to provide a safe, scalable, and interoperable blockchain environment. Polygon is a leading Ethereum scaling and infrastructure platform. A growing community of users and developers supports the platform, which is home to a wide variety of decentralized applications.

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Russia Moving To Greenlight International Trade In Cryptocurrency

Anatoly Aksakov, the chairman of Russia’s Congressional finance committee, reportedly stated that the nation is moving to approve international cryptocurrency trade within the next month. “In January, we want to legalize cryptocurrencies to ensure foreign trade activities,” Aksakov said, per a translated version of the report.

The chairman emphasized that although Russia is moving to permit bitcoin and cryptocurrency payments for imports, there are no plans to promote similar usage of the rapidly expanding assets inside the borders of the country.

“The circulation of cryptocurrencies as a means of payment on the territory of Russia will be prohibited, and liability will be prescribed in this regard. But to pay for foreign trade transactions, we still assume the possibility of using cryptocurrencies, for example, for parallel imports,” he reportedly stated.

Following a harsh set of Western sanctions imposed in the wake of their country’s invasion of Ukraine, Russian officials have hinted at this possibility for almost a year.

In January 2022, Russia outlined a plan for regulating bitcoin; the Ministry of Finance followed that month with a proposal.  The first round of Russian sanctions, which blocked five of the largest Russian banks and froze all of their American assets, were announced at around the same time by U.S. President Biden. Russia declared a month later that it was willing to trade bitcoin for natural gas.

“There can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin,” the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference at the time.

The concept quickly gained traction, and various branches of the Russian government started supporting it. The nation’s tax agency put forth a change to the local cryptocurrency law in April to allow businesses to accept cryptocurrency as payment in international trade. By May, Russia was actively discussing the issue.

The Bank of Russia, whose prior calls for a total ban on bitcoin and cryptocurrency made it the most difficult government body to persuade, first hinted at the prospect of allowing bitcoin payments for international settlement in June.  The Ministry of Finance and the Central Bank of Russia agreed in September that it would be impossible to do without cross-border settlements in cryptocurrency.

Now, as the year draws to a close, the legal basis to allow such payments is about to become a reality, per the TASS report.

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Paxful removes Ethereum from its platform

Paxful, a peer-to-peer cryptocurrency exchange platform, has announced that it will drop Ethereum from its platform. CEO of Paxful Ray Youssef made the statement via email and then on social media, claiming that the changes the token has undergone recently have changed it into a digital form of fiat.

Youssef also explained that one of the first reasons behind this action has to do with the pivot that Ethereum executed, changing from a proof-of-work consensus mechanism like the one Bitcoin also implements, to a proof-of-stake mechanism. Youssef explained that proof-of-work is the “innovation that makes Bitcoin the only honest money there is.”

Another reason behind the decision has to do with the increased centralization of Ethereum after this consensus change. Youssef noted that Ethereum is currently managed by a small group of people and that it will become a permissioned network eventually.

The Paxful CEO also touched on tokenization and how bad actors have taken advantage of the platform to commit scams using Ethereum. 

He stated, “The tokens that ETH has spawned have been scams that have robbed people of billions.”

He added that Paxful will always do the right thing, even if that costs the company money.

On social media, Youssef’s remarks elicited a range of responses, some of which criticized the reasoning for his choice.

When asked if the exchange would become Bitcoin only, Youssef answered that stablecoins issued on top of Ethereum, like USDC and USDT, had real use and they could not completely eliminate Ethereum from the platform because users need to pay transaction fees. He also emphasized that 94% of the trades on Paxful involve only bitcoin. 

As a result of the sanctions imposed by the U.S. government, Paxful was one of the exchanges that in September 2020 ceased its services for users from Venezuela. During the first half of 2020, the exchange reported trading volumes of $1.1 billion.

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Brazil Officially Passes Crypto Regulation Bill

The official journal of the Brazilian federal Government has reported that Brazilian President Jair Bolsonaro signed a bill into a law on Thursday morning. The legislation creates a comprehensive regulatory framework for the usage and trade of crypto, such as Bitcoin (BTC). Additionally, the law will come into effect in 180 days.

President Bolsonaro passed the bill, which was previously approved by Congress, without any changes. According to the new regulations, cryptos are a digital representation of value. Digital assets may be used in the South American country as a form of payment and as an investment asset.

However, the new law does not declare Bitcoin (BTC) or any other cryptocurrency as legal tender. According to the law, the executive branch will decide which Government agencies will regulate the market.

Additionally, the Central Bank of Brazil (BCB) is anticipated to be in control when using crypto as a form of payment. The Securities and Exchange Commission (CVM) will control the investment aspects of crypto. The federal tax authority (RFB), the BCB, and the CVM all contributed to the development of the reform legislation.

The prognosis isn’t promising if the BCB is certified as the sector’s overseer. The regulator cannot alter the legal definition of a virtual asset.

However, there is no reason the BCB will make special efforts to promote crypto adoption. Moreover, the organization’s president, Roberto Campos Neto, has expressed his lack of enthusiasm for crypto as a viable alternative to conventional money. Neto has cited volatility as one of the primary reasons for his lack of belief.

Regardless, a legal outline for the crypto market should ideally lead to more people being open about cryptocurrencies.

Additionally, Brazil, and Latin America as a whole, are quickly moving to next-generation payment mechanisms. Brazil has the 9th largest number of people using cryptocurrencies. Therefore, the industry should see healthy growth in the nation.
It should also be noted that Brazil recently announced that the country will be launching its CBDC in 2024.

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Furex technologies unveils key features on P2P App

Furex Technologies, a provider of cryptocurrency and blockchain services, has revealed several important features that users can expect from their upcoming P2P app.

Fure Eviosekwofa, CEO of FUREX Technologies, highlighted that a 2022 analysis by Chainalysis showed that Sub-Saharan Africa is distinct from other regions due to its retail industry and excessive use of P2P platforms.

He said, “Retail-sized transfers below $10,000 make up 6.4 percent of its transaction volume, more than any other region. The role of retail becomes even more apparent when we look at the number of individual transfers. Retail transfers make up 95 percent of all transfers, and if we drill down to just small retail transfers under $1,000, the share becomes 80 percent, more than any other region.”

He further stated, “P2P exchanges account for six percent of all cryptocurrency transaction volume in Africa, more than double the share of the next-closest region, Central and Southern Asia and Oceania. And no other market is as viable to launch a P2P product than Africa, with our unique needs and use cases.”

Eviosekwofa went on to list that the three features users should expect from the FUREX P2P App launching soon are buying and selling crypto in two steps, 24/7 customer service, and the best rates in the market.

He stated, “On the FUREXP2P app, Users can buy and sell their preferred digital assets quickly. Anyone who wants to trade cryptocurrencies or gift cards can do it in only two easy steps, regardless of skill level.”

“Round-the-clock customer support service for customers isn’t new to the company. The FUREX 24/7 customer support team is highly trained and equipped to handle customers’ complaints and inquiries at any time of the day. This demonstrates a positive commitment to customers in an industry where this particular organizational trait is seriously lacking. Additionally, with the new FUREX app, customers can get the best rates when buying and selling their digital assets like crypto and gift cards. This is one of the unique selling points of the platform, according to Fure. On the FUREX P2P, users can always be sure to buy low and sell high every time they use the app, ” Eviosekwofa further explained.

He also emphasized how well-trained and prepared the FUREX 24/7 customer care team is to deal with client complaints and inquiries at any time of day. In a sector where this particular organizational quality is sorely missing, this shows a positive dedication to customers.

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Bitcoin mining firm Core Scientific to file for chapter 11 bankruptcy

Companies from different sub-sectors in the crypto space have collapsed this year. Right from blockchain-developing companies to crypto lenders and top exchanges, a host of prominent names couldn’t pass 2022’s slippery slope test.

Now, according to reports, the top Bitcoin mining company Core Scientific is following a downhill journey. The top US-based publicly traded company is reportedly filing for Chapter 11 bankruptcy protection in Texas. 

One of Core Scientific’s biggest creditors, B.Riley Financial, addressed an open letter to the company’s shareholders and lenders last week. The financial services platform then announced a $72 million financial strategy at the time, noting that bankruptcy was not necessary. B. Riley hoped to do this in order to stop Core Scientific from filing for Chapter 11 bankruptcy.

Furthermore, owing to the stagnated price of Bitcoin, the company’s health worsened further. In the month of September, the US-based mining company reduced its holdings by 1576 BTC amid the rising sell pressure.

Nevertheless, according to CNBC, the company is still generating positive cash flow. That cash, however, is not sufficient enough to repay the financing debt owed on the equipment it is leasing.  

“The company will not liquidate, but will continue to operate normally while reaching a deal with senior security noteholders, which hold the bulk of the company’s debt, according to this person, who declined to be named discussing confidential company matters,” CNBC noted.

The stock of the company has lost most of its value this year. From trading above $10 at the beginning of the year to dropping down to $0.21, CORZ has noted a 98.02% haircut.

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Central African Republic Delays Crypto Coin Listing

The Central African Republic (CAR) has revealed that it won’t list its Sango crypto coin until next year, according to an official statement posted on its Telegram channel.

The country is one of the first in the world to declare bitcoin (BTC) as its legal tender, but its most senior judges have rejected an attempt to allow crypto investors to buy citizenship via $60,000 worth of Sango.

“We are going to postpone the listing of sango and the 5% release to Q1 [the first quarter of 2023],” the statement, posted by moderators in Sango’s Telegram channel read. 

The country also emphasized that the delay is because of current market conditions and seasonal factors such as the holiday season.

Only $1.66 million worth of the Sango has been sold, after achieving about 7.9% of its first sale target and just 0.01% of its second so far, according to Reuters calculations based on data on the Sango website.

Investors had been promised that they would get back 5% of their stake at the moment of listing. Moderators declined to comment on whether the delay had been caused by central bankers or legal obstacles.

The Government wants to make the country a crypto hub, with ministers saying they wanted to be one step ahead on the new technology. However, the initiative was at first blocked as unconstitutional in August by the country’s top court.

The war-torn country launched the Sango in July aiming to raise almost $1 billion over the next year, according to its investment website, despite questions about its transparency and a downturn in global crypto markets.