Autor Cointelegraph By Ana Paula Pereira

Former blockchain skeptic David Rubenstein discloses investments in crypto companies

Former blockchain skeptic David Rubenstein discloses investments in crypto companies

Uverejnil používateľ | sep 2, 2022 |

Carlyle Group co-founder David Rubenstein acknowledged on Sept. 2 that he has invested personally in a number of crypto companies, and is optimistic about the industry’s path to regulation in the United States.Speaking with CNBC’S Squawk Box on Thursday, the billionaire said he believes that government regulation will be positive for the industry, and that the U.S. Congress will tak a collaborative approach to boost an innovation environment in the country.”The crypto constituency is very strong in congress [and] they tend to be very Republican [or] very libertarian,” he noted. “The industry is not likely to be soft when dealing with members of Congress.”Previously skeptical about cryptocurrencies, Rubenstein reportedly changed his mind months ago. He told the Colossus’ podcast, “I have not bought cryptocurrencies, but I have bought companies that service the industry because I think the genie is out of the bottle.”Rubenstein reiterated his new perspective on Thursday, saying: “some of the blockchain related investments and things associated with crypto are likely to be with us for some time.” He added:”Young people tend to have the intelligence and energy to kind of get trends started.”In December 2020, blockchain infrastructure provider Paxos raised $142 million in Series C funding led by Declaration Partners, an investment adviser to Rubenstein’s family office.Rubenstein co-founded the Carlyle Group in 1987. The private equity firm has $167 billion in assets under management and over 270 active companies in its portfolio. At press time, his real time net worth was estimated by Forbes at $3.3 billion.

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Mt. Gox trustee releases repayment procedures update

Mt. Gox trustee releases repayment procedures update

Uverejnil používateľ | aug 31, 2022 |

Mt. Gox trustee Nobuaki Kobayashi released updated information on Wednesday regarding the rehabilitation plan for creditors of the long-defunct crypto exchange. According to the file, the restriction reference period starts on September 15. During the phase, “the assignment, transfer or succession, provision as collateral, or disposition by other means of rehabilitation claims are prohibited.”Kobayashi confirmed that creditors have until September 15 to submit claims regarding funds lost when the early crypto exchange collapsed in 2014:”During the Assignment, etc. Restriction Reference Period, the Rehabilitation Trustee will cease accepting applications for claim transfer procedures through the Rehabilitation Claim Filing System.”The document is unclear about the deadline for the restriction period but confirms that it will be followed by the first entire repayment to creditors, as outlined in the Rehabilitation Plan approved by roughly 99% of the eligible users affected by the case.The file also stated that if a notice of transfer is submitted during the restriction period, the trustee may be unable to determine whom to repay:”This may result in rehabilitation creditors being unable to receive their preferred Repayments, the Repayment date being delayed significantly compared to other rehabilitation creditors, or at worst, the Repayment amount may be deposited with the Tokyo Legal Affairs Bureau in accordance with laws and regulations.”Earlier this week, Twitter rumors about a 137,000 BTC dump put pressure on crypto markets. Creditors later dismissed the speculation on social media. Mt. Gox was one of the earliest cryptocurrency exchanges, and at one time facilitated more than 70% of all trades made within the blockchain ecosystem. Following a major hack in 2011, the site subsequently collapsed in 2014 due to alleged insolvency; the fallout affected about 24,000 creditors and resulted in the loss of 850,000 BTC. In November 2021, the exchange’s trustee confirmed that the rehabilitation plan was in Japan’s court system. It is one of the final steps in a long process that began in 2018 with a petition to compensate creditors.

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President of Paraguay vetoes crypto regulation law

President of Paraguay vetoes crypto regulation law

Uverejnil používateľ | aug 31, 2022 |

Paraguay’s president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining’s high electricity consumption could hinder the expansion of a sustainable national industry. The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of the largest job creators. The LinkedIn’s Economic Graph shows that crypto and blockchain jobs listing rose 615% in 2021 compared to 2020 in the United States.In accordance with the bill’s sponsor, Senator Fernando Silva Facetti, the law aimed to promote crypto mining through the use of surplus electricity, but the Paraguayan government chose to ignore the activity in the country:1# Hoy recibimos de @PresidenciaPy el VETO TOTAL a Ley “Que regula la minería, comercialización, intermediación, intercambio, transferencia, custodia y administración de #CRIPTOACTIVOS” ignorando existencia de esta actividad que hoy funciona en la sombra normativa. (abro hilo)— FernandoSilvaFacetti (@FSilvaFacetti) August 30, 2022The Paraguayan Senate ultimately approved the proposal on July 14, recognizing crypto mining as an industrial activity. They established a 15% tax on its related economic activities, but the decree sees the brackets as an indirect incentive to the industry. It says: “By subordinating the rate applicable to the users of crypto miners to just a small percentage above the current industrial rate, an indirect industrial incentive would be offered to crypto mining.”According to the document, in the last twelve months, the industrial investment grew by 220% in the country to $319 million USD, while the GDP increased more than 4% in the past five years. If this rate continues, the national industry could require the total amount of energy produced and available in the country in order to remain sustainable.”If Paraguay wants to intensify crypto mining today, in the next four years it will be forced to import electricity”, the decree said. The bill approved by the Senate stipulates that miners would have to apply for a license and request authorization for industrial energy consumption. It also established the Ministry of Industry and Commerce as the primary law enforcement authority and the Secretariat for the Prevention of Money or Asset Laundering to supervise crypto investment companies. The low-energy costs in Paraguay have spurred local and foreign companies to install mining infrastructure in the country since 2020. In December 2021, household electricity costs were $0.058 per kWh and business electricity costs were $0.049 per kWh, according to global petrol prices reports.

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