Autor Cointelegraph By Helen Partz

Puerto Rico wants to combat corruption with blockchain technology

Puerto Rico wants to combat corruption with blockchain technology

Uverejnil používateľ | dec 9, 2021 |

Following another corruption scandal, the government of Puerto Rico is reportedly seeking to improve its anti-corruption efforts by adopting blockchain technology.Puerto Rican House Speaker Rafael “Tatito” Hernandez announced that lawmakers will hold meetings with local blockchain enthusiasts this month to discuss the potential adoption of blockchain technology to reduce corruption.The implementation of blockchain and smart contracts could bring more transparency and accountability to the public sector, the official said at a Puerto Rico Blockchain Trade Association conference, Bloomberg reported on Dec. 6.“We have a real credibility problem and this might be part of the solution,” Hernandez said, adding that there is also a broader effort to make Puerto Rico a hub for crypto and blockchain innovation. According to the official, the emerging industry could be a way for the bankrupt commonwealth to revive its economy. “Back in the 60s and 70s we had the niche of manufacturing. […] This is a new niche, a new opportunity to create jobs,” Hernandez said.The speaker’s comments came amid growing corruption concerns in Puerto Rico as a local mayor reportedly pleaded guilty to accepting more than $100,000 of bribes in cash last week.Puerto Rico is not alone in exploring the potential anti-corruption capabilities of technologies like blockchain and digital currency. Last year, the Ministry of Foreign Affairs of Denmark reported on blockchain’s potential to fight administrative and political corruption. The United Nations’ drugs and crime agency also advised Kenya to use blockchain to combat government corruption in November 2020.Related: Gibraltar’s government plans to bridge the gap between public and private sectors with blockchainWhile multiple jurisdictions are looking at cryptocurrencies’ underlying technology as a tool to cut corruption, some governments like Russia prohibit its deputies and officials from holding crypto, citing corruption concerns.One of the world’s most corrupt countries, Russia could in fact use crypto to reduce corruption, according to Maria Agranovskaya, a legal attorney and fintech expert in the Russian State Duma. Agranovskaya told Cointelegraph that cash is way more popular for illegal activity like corruption because it’s more difficult to trace:“If you convey proper KYC and AML at the start, crypto flows can be much more easy to trace, only proper rules of the game should be in place.”

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Dogecoin and Ether rank in top 10 news searches on Google in 2021

Dogecoin and Ether rank in top 10 news searches on Google in 2021

Uverejnil používateľ | dec 8, 2021 |

Major cryptocurrencies Ether (ETH) and Dogecoin (DOGE) made the list of the world’s most searched terms in 2021 on GoogleOn Tuesday, Google released its traditional annual list of the top searches for the year, breaking them down into several categories, including searches, news, people, games, movies and others.According to Google Trends’ “Year in Search 2021,” Dogecoin was the fourth-most popular news search term on Google in 2021, both globally and separately in the United States. News related to the query “Ethereum Price” was ranked 10th.The cryptocurrencies are listed among the top searched news items, including topics like Afghanistan, AMC stock, COVID-19 vaccine, GME stock, stimulus check and others. Not a single cryptocurrency was featured on the list in 2020.It’s worth noting that Bitcoin (BTC), the most-valued cryptocurrency in the market, is not featured in any category of the “Year in Search 2021” either worldwide or in the United States.Top 10 news on Google Trends in 2021. Source: Google TrendsRelated: Survey says crypto popular holiday gift for Americans — NFTs not so muchLaunched in 2013, Dogecoin has emerged as one of the most successful cryptocurrencies in 2021, entering the list of the top 10 largest cryptocurrencies by market capitalization earlier this year. DOGE’s price has skyrocketed this year, thanks in large part to endorsement fromTesla CEO Elon Musk, who started actively promoting DOGE on Twitter in 2020.At the time of writing, DOGE is up nearly 5,100% over the past 365 days, compared to 632% for Ether, according to data from CoinGecko. In contrast, Bitcoin is up around 160% over the past year.

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Binance Singapore arm acquires 18% stake in private stock exchange

Binance Singapore arm acquires 18% stake in private stock exchange

Uverejnil používateľ | dec 8, 2021 |

Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has acquired a stake in a local private securities exchange, Hg Exchange (HGX).On Dec. 7, the company officially announced an acquisition of a post-money 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.Binance Singapore CEO Richard Teng said that the new investment will help Binance and HGX further expand the scale of products and services “supported by blockchain technology” in Singapore.“Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore,” Teng stated.HGX is a community-driven private stock exchange, founded by financial institutions like wealth management firm PhillipCapital, local financial services group PrimePartners, and Fundnel, a Southeast Asian private investment technology platform. The exchange reportedly uses the Zilliqa blockchain.After working as CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market, Teng joined Binance Singapore as CEO in August 2021, a few years after the Singaporean branch was launched. According to the CEO, Binance continues working closely with “key government agencies” to support the growth of the blockchain ecosystem and is actively hiring local talent.Related: Singapore suspends exchange Bitget’s license over K-pop coin promotionThe new investment comes soon after Binance experienced some regulatory issues in Singapore. In late September, Binance restricted Singapore users from using its platform, citing compliance matters. Previously, Binance limited product offerings in Singapore amid regulators alleging that the company may have violated payments laws.Huobi opted to exit Singapore as a global company in order to launch a dedicated local entity in November 2021.

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Russia’s largest bank struggles to register its digital asset platform

Russia’s largest bank struggles to register its digital asset platform

Uverejnil používateľ | dec 7, 2021 |

Sber, Russia’s largest bank, is apparently struggling to obtain a regulatory approval for its digital asset issuance platform as the company continues delaying registration plans.Sber CEO Herman Gref announced Dec. 7 that the bank now expects to get its digital asset issuance platform registered with the Bank of Russia by the end of 2021, local news agency Prime reported.”We are in constant contact with the central bank, and we are discussing various issues. We really want to believe that the platform will be registered by the end of this year,” Gref said.The new comments come almost a year after Sber initially filed an application with the Bank of Russia to launch a blockchain platform for its Sbercoin stablecoin in January 2021. At the time, Sber’s director of transactions, Sergey Popov, said that the registration procedure usually takes no longer than 45 days. As such, the bank was expecting to launch its platform and the stablecoin by spring 2021.While unable to move forward with the plans by the fall, Sber then said that it was planning to register its digital asset issuance platform in September.Sber did not respond to Cointelegraph’s requests for comment on the matter.Related: Crypto is a hedge for 46% of Russian retail investors, survey statesSber’s delayed plans hardly come as a surprise, as Russia’s central bank has taken a hard stance on cryptocurrencies like Bitcoin (BTC), and has even barred some major banks from offering crypto investment services. The bank has said that such services do not “meet the interests of investors and bear great risks.”In the meantime, Bank of Russia governor Elvira Nabiullina believes that tools like central bank digital currencies should serve as a good option for governments to replace decentralized cryptocurrencies.

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Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

Uverejnil používateľ | dec 7, 2021 |

As 2022 draws closer, some cryptocurrency investment experts are doubtful about whether Bitcoin (BTC) has enough time to hit $100,000 in 2021.Following a major flash crash in the cryptocurrency market, Bitcoin is unlikely to break new all-time highs in the next three weeks and go all the way up to $100,000, according to Bitwise chief investment officer Matt Hougan.“$100,000 by the end of the year is a difficult prediction to make […] I think $100,000 could be in target in 2022 but this year, I’m not so sure,” Hougan said in a Monday interview.He noted that a potential cryptocurrency rally in 2022 will be largely thanks to growing institutional support. “I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise,” Hougan said, adding that many institutions are still moving into the market for the first time.The CIO also predicted that 2022 will see an “explosion of activity built on Ethereum” and layer-one solutions, or those aiming to improve the base protocol itself to scale the overall system rather than creating a different protocol.“Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as DeFi, NFTs, Web3, or metaverse,” Hougan predicted.While Hougan noted the growing potential of altcoins — or coins other than Bitcoin — some prominent figures in the crypto community are still sticking with BTC.Bobby Lee, founder and CEO of crypto hardware wallet Ballet, argued on Monday that Bitcoin is “more valuable” than altcoins because i is not backed by “any sort of project, or a promise that can fail.”The crypto community has been watching Bitcoin’s price closely this year, with notable figures in the industry predicting BTC will ha hit $100,000 by the end of 2021, including Standard Chartered’s cryptocurrency research unit, stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.Related: Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model — New predictionOthers in the crypto community have taken a more skeptical view.The year is 2050: “One more shakeout for #Bitcoin  and then it’s moon time! 100k EOY” Ok Grandma let’s get you to bed. pic.twitter.com/F9RoBF8qdo— Lunch Money (@LunchMoneyMitch) November 10, 2021At the time of writing, Bitcoin is trading at $51,290, notably recovering after dropping below $47,000 on Saturday, according to data from CoinGecko. After starting 2021 at around $30,000, Bitcoin hit its all-time high above $67,000 in mid-November.Bitcoin one-year price chart. Source: CoinGecko

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