Autor Cointelegraph By Gareth Jenkinson

Iranian businesses get the green light to use crypto for imports

Iranian businesses get the green light to use crypto for imports

Uverejnil používateľ | aug 30, 2022 |

Iran’s Industry, Mines and Trade Ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.According to local news reports, Trade Minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country.Amin outlined the regulatory change at an automotive industry exhibition on Sunday, just a week after the country had placed a first-ever import order for vehicles to the tune of $10 million, using cryptocurrency as a payment method. The Iranian trade ministry had previously indicated that the use of cryptocurrencies and smart contracts would be widely used in foreign trade by September 2022.Following the cryptocurrency-funded import, Iran’s Import Association called for clear-cut regulatory parameters to ensure that local businesses and importers are not hamstrung by shifting directives.The minister noted that the new regulations specify all issues related to cryptocurrencies, including the process to grant licenses as well as the provision of fuel and energy to mining operators in the country.It is understood that local businesses will be able to import vehicles into Iran and a range of different imported goods using cryptocurrencies instead of United States dollar or euro payments.Related: Iran to stiffen penalties for illegal use of subsidized energy in crypto miningInternational trade sanctions against Iran have been largely due to opposition to its nuclear program, which has essentially cut the country out of the global banking system. Iran has since shifted its attention to adopting cryptocurrencies as a means to address and potentially bypass sanctions for imports, given the decentralized nature of public blockchains like Bitcoin and Ethereum, which are not controlled by government or central authorities.The Iranian Industry, Mines and Trade Ministry granted operating licenses to 30 crypto mining centers in the country in June 2021, while more than 2,500 permits were approved for the establishment of new mining operations. In the months that followed, the government also cracked down on illegal mining operations and even imposed a three-month ban on mining to alleviate pressure on its national grid.

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South African rugby icon Siya Kolisi headlines new crypto advertising campaign

South African rugby icon Siya Kolisi headlines new crypto advertising campaign

Uverejnil používateľ | aug 29, 2022 |

National rugby captain Siya Kolisi will spearhead a two-year educational cryptocurrency advertising campaign in South Africa.The Springbok skipper has partnered with global cryptocurrency exchange Luno in the campaign’s rollout, which will feature a series of television adverts promoting a long-term investment attitude towards cryptocurrencies.Kolisi was front and center of the first advert of the new campaign, which was aired during the Springboks’ third match of the Rugby Championship against Australia on Saturd.The light-hearted commercial features the brawny flank being put through his paces by a personal trainer while drawing parallels between his long-term game plan for his rugby career and financial planning. [embedded content]A statement from the Springbok captain highlighted the appeal of Luno’s efforts to make cryptocurrency investing accessible to new users that are unfamiliar with the space:“Like many South Africans, I am new to crypto investment, so I had to do some research before deciding to partner with Luno. I love that Luno focuses on providing education for new crypto investors like me so we can make better, long-term financial decisions.”Marius Reitz, Luno’s general manager for Africa, highlighted the current downturn across cryptocurrencies markets as a prime example for investors to zoom out and focus on long-term investing in the space:“When you zoom out, the ups and downs do not change the fundamental potential of crypto to improve the world’s financial system, which is what its long-term value is based on. The long game in crypto means holding, rather than trading.” Reitz added that investors can better handle short-term price changes by considering the long-term outlook, given the space is still in its infancy.Luno, a known cryptocurrency exchange and trading platform in South Africa, previously worked with Rassie Erasmus, Springbok’s rugby director, in another advertising campaign that taught users how to “tackle” Bitcoin (BTC).The firm also announced a lucrative and potential industry-first sponsorship of the African Sunshine Tour golf’s Order of Merit in May 202. The top three golfers in the standings at the end of the season will receive significant prize money paid out in BTC.

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Merch and perfume: Formula One trademark filing paves the way for F1 NFTs

Merch and perfume: Formula One trademark filing paves the way for F1 NFTs

Uverejnil používateľ | aug 29, 2022 |

Formula One could introduce nonfungible tokens (NFTs), digital collectibles and cryptocurrency payment support ahead of the inaugural Las Vegas Grand Prix in 2023.F1’s trademark department registered two new trademark filings with the United States Patent and Trademark Office on August 23. The filings outline the trademark and logo for the Las Vegas Strip Circuit and a wide-ranging list of goods and services that the event intends to offer during next year’s race.Of particular interest were specific mentions of NFT and cryptocurrency-related offerings as well as blockchain-powered transactional services. The filing notes NFTs that will represent ownership of a wide variety of real-world items, including vehicle equipment, decorative items, clothing, bags, wallets and even “perfumery.”The filing also notes “downloadable computer software for managing cryptocurrency transactions using blockchain technology,” potentially suggesting that the race and its organizers are gearing up to support cryptocurrency payments.This is further illustrated by another clause describing financial goods and services covering the breadth of cryptocurrency and blockchain-based payment systems:“Financial services including e-wallets and cryptocurrency; electronic transfer of crypto assets; currency exchange services; currency trading; virtual currency services; electronic funds transfer provided via blockchain technology; financial transactions via blockchain; cryptocurrency services, namely, providing a digital currency or digital token for use via a global computer network; provision of tokens; provision of non-fungible tokens.”The provision of cryptography software is also present, with both filings listing downloadable software for processing cryptocurrency transactions using blockchain technology.Cointelegraph has reached out to the Formula One trademark department to ascertain the finer details of the filing for the Las Vegas Grand Prix and whether the extensive list of goods and services signal confirmation of intent for NFT and cryptocurrency offerings.Related: Uncertainty around French laws prompted F1 racers to remove crypto branding: ReportFormula One has been a major advertising platform for various cryptocurrency exchanges over the past few years. Crypto.com’s branding has been prominently visible on F1 track advertising boards worldwide for the past year after becoming a global partner of the roadshow. As previously reported, several exchanges and cryptocurrency firms sponsor F1 teams, with eight of the 10 teams backed by industry participants.The Sin City is set to host its first-ever Formula One race after the much-loved motorsport group announced in March 2022 that Las Vegas would be the newest addition to the race calendar in 2023.That leaves a little over a year until the first race cruises through the Las Vegas Strip in a night race that will become the third stop in the United States for the F1 roadshow next November.

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Still waiting: SEC delays VanEck's third Bitcoin spot ETF application

Still waiting: SEC delays VanEck's third Bitcoin spot ETF application

Uverejnil používateľ | aug 26, 2022 |

The United States Securities and Exchange Commission (SEC) has pushed back a decision on the latest application for a Bitcoin (BTC) spot exchange-traded fund (ETF) by global investment firm VanEck.The company has long been trying to get the green light for what will be the first BTC ETF in America, with its first application lodged with the SEC dating back to 2017 which was eventually denied. VanEck saw a second application ruled out in November 2021 by the SEC, reasoning that the firm had not met standards to protect investors as well as prevent fraudulent and manipulative acts and practices.VanEck persevered with a third application for a BTC ETF offering in June 2022 filed with the SEC, highlighting a number of reasons why the SEC should reconsider its previous decisions. Related: Bitcoin ETFs: A beginner’s guide to exchange-traded fundsVanEck’s primary argument was that American funds were gaining exposure to Bitcoin through BTC spot exchange-traded products offered in Canada. America’s northern neighbor approved a spot Bitcoin ETF in February 2021, becoming one of the first countries around the world to do so. The deadline for approval of the latest filing with the SEC was set to expire on Aug. 27, leading the regulator to postpone its decision on the matter by almost two months. The SEC has given itself until Oct. 11 to make a ruling and noted that it had not received any comments on the proposed rule change after calling for public consultation in July 2022:“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”The push for an American spot Bitcoin ETF has been a talking point since 2017, which would essentially allow institutional investors to buy shares representing Bitcoin that would be held by VanEck. This gives investors exposure to Bitcoin without having to physically own and store the cryptocurrency. VanEck intends to list its BTC ETF product on the Cboe BZX Exchange.

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Binance to suspend ETH and ERC-20 deposits and withdrawals during Merge

Binance to suspend ETH and ERC-20 deposits and withdrawals during Merge

Uverejnil používateľ | aug 26, 2022 |

Cryptocurrency exchange Binance will suspend deposits and withdrawals of Ether (ETH) and ERC-20 tokens during the blockchain’s transition to its proof-of-stake (PoS) Beacon chain in September.The world’s largest exchange by transaction volume announced the move in a bid to provide stability during ‘The Merge’ which is touted to take place in mid-September 2022. Binance becomes the second major exchange to announce the suspension of ETH deposits and withdrawals, following Coinbase earlier in August 2022.According to an announcement from Binance, the exchange is timing suspensions with two important upgrades that will facilitate Ethereum’s switch from proof-of-work (PoW) to PoS. The exchange noted that a new token could be created during a hard fork, necessitating steps to reduce trading risks and ensure the safety of user funds which could be affected by price volatility.Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens on Sept. 6 during the Bellatrix consensus layer upgrade as well as on Sept. 15 when the Paris execution layer upgrade is scheduled.The exchange also put forth two scenarios it deems likely to occur during the Merge. Scenario A considers that no new token is created, which would see Binance reopen deposits and withdraws for ETH and ERC-20 tokens as a matter of priority.The second scenario considers with the possibility of the Ethereum chain splitting into two competing chains leading to a new token being created. In this potential outcome, Binance will use the ETH ticker for the Ethereum PoS chain. The exchange will then credit Binance users accounts with the forked token from the minority chain at a ratio of 1:1. This will be based on a snapshot of ETH balances before the Paris execution layer upgrade scheduled for Sept. 15.Binance has indicated that withdrawals for a potential forked token will be supported and details of distribution will be addressed in a separate announcement closer to the time.Related: The Merge: Top 5 misconceptions about the anticipated Ethereum upgradeETH and ERC-20 spot trading will not be affected during The Merge while users are urged to take risk measures during period of price volatility around hard fork situations. Binance will also suspend ETH cross and isolated margin borrowing between Sept. 14 and 16, while it noted that ETH cross and isolated margin pair should not be affected.Trading of USDⓈ-M and COIN-M ETH Futures Contracts are also expected to be unaffected but Binance has indicated that it could take additional protective measures such as adjusting margin tiers like maximum leverage value and maintenance margin.Ethereum PoW miners will be able to transfer their hash rate to the Ethereum Classic Binance Pool once the Merge has taken place.

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