Autor Cointelegraph By Prashant Jha

Myanmar shadow government declares stablecoin USDT an official currency

Myanmar shadow government declares stablecoin USDT an official currency

Uverejnil používateľ | dec 13, 2021 |

Myanmar’s shadow government, the National Unity Government (NUG), led by the supporters of jailed leader Aung San Suu Kyi, has declared U.S. dollar-based stablecoin Tether (USDT) as an official currency for local use. As per a report published in Bloomberg, the NUG will accept Tether for its ongoing fundraising campaign seeking to topple the current military regime in Myanmar. The shadow government also raised $9.5 million through the sale of “Spring Revolution Special Treasury Bonds” offered to the Myanmar diaspora across the world. The group aims to raise $1 billion through the sale of NUG-issued bonds.The NUG Ministry of Planning, Finance, and Investment posted an announcement regarding the move on Facebook on Dec. 13.Announcement regarding NUG acceptance of Tether. Source: FacebookThe NUG’s decision to make Tether an official currency undermines the crypto ban imposed by the Central Bank of Myanmar in May last year. The incorporation of Tether as an official currency for local use is prompted by privacy concerns and the seizing of funds by the current regime. NUG Finance Minister said the primary reason behind Tether’s incorporation is “domestic use to make it easy and speed up the current trade, services, and payment systems.”NUG was recognized as the official government of Myanmar by the French Senate and the European parliament in October 2021, however, the United States hasn’t made any move in this direction. The NUG’s decision to accept and use Tether stablecoin could become a point of discussion among nations, especially at a time when the U.S. government is looking to impose strict stablecoin issuance policies.

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Solana on-chain development increases after a recent DDoS attack

Solana on-chain development increases after a recent DDoS attack

Uverejnil používateľ | dec 13, 2021 |

Solana, the fifth-largest cryptocurrency by market capitalization, is leading on-chain development charts despite a recent denial-of-service (DDoS) attack.As per Santiment data, Solana surpassed the daily GitHub submission rates of Polkadot and Cardano to become the leading blockchain over the past month. The number of daily GitHub submissions for Solana reached 90 between Nov. 12 and Dec. 13, followed by Polkadot at 76, and Cardano at 65.Daily GitHub submissions Bitcoin, Solana, Cardano and Polkadot Nov. 12–Dec. 13 2021. Source: SantimentThe surge in on-chain development activity for Solana comes in the wake of a recent DDoS attack on Dec. 9 that slowed down the network considerably. The fifth-largest blockchain managed to mitigate the issues without a network shutdown, but it raised serious concerns over network vulnerability.A DDoS attack refers to a coordinated botnet targeted activity that overwhelms a network with fake traffic. Many experts blamed the coordinated DDoS attack on fundamental design flaws and Solana’s Proof-of-History (PoH) consensus mechanism. Earlier, a Grayscale Investment report also flagged Solana’s PoH use and said:“The Solana consensus mechanism uses a new blockchain technology that is not widely used, and may not function as intended. There may be flaws in the cryptography underlying the network, including flaws that affect the functionality of the Solana Network or make the network vulnerable to attack.”In September, the Solana network faced a similar issue when a sudden surge in transaction volume led to a network outage that lasted nearly 17-hours. The engineers at the time failed to resolve the issue and validators had to eventually restart the network.The Solana blockchain has emerged as one of the fastest-growing smart contract networks in 2021 and a growing choice for upcoming decentralized finance and nonfungible token projects. The project’s growing popularity has often drawn comparisons with Ethereum and has been dubbed the “Ethereum-killer” by some. However, growing concerns over the fundamentals of the network could prove problematic in the long run.Solana was eyeing a new all-time high above $200 before the DDoS attack but slumped to a weekly low of $164.15. SOL is currently trading at $165.20 with a 1.3% decline over the past 24 hours, according to CoinGecko.

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Crypto market eyes recovery ahead of key US inflation data release

Crypto market eyes recovery ahead of key US inflation data release

Uverejnil používateľ | dec 10, 2021 |

Growing inflation has become a mounting concern for nations around the world, especially the United States. The U.S. has seen one of the sharpest rises in consumer inflation over the past year. Lawmakers around the globe have claimed that they didn’t see the inflation coming, but people often draw their attention towards the seeming unrestricted money printing spree throughout the pandemic.The U.S. has printed 35% of the total U.S. dollar in circulation in 2021 alone which has played a key factor in record-breaking inflation. Market pundits expect a 6% rise in the consumer price index (CPI) in November, which would be the highest in four decades. Statistics on the CPI are scheduled to release on Dec. 10.The Biden administration has said that the $1.85 trillion spending program and tax cuts would slow down the effects of inflation, but experts have been skeptical about the idea of printing more money.Real M1 money stock 1959-2021. Source: Federal Reserve Bank of St. LouisAsian Pacific and European markets opened with caution and recorded a broad decline across the board. Japan’s Nikkei 225 declined 1% to 28,437.77. South Korea’s Kospi fell 0.64% to 3,010.23 while the Kosdaq was down 1.1% at 1,011.57. Pan European stock index STOXX 600 was down 0.4% while technology, retail, and healthcare stocks also recorded a loss.The Asia Pacific markets Dec. 10, 2021. Source: CNBCThe crypto market saw a minor bounce back from last night, contrary to the common decline in traditional markets. Bitcoin (BTC) price recovered above $48,400 after falling to a daily low of $47,358 while Ether (ETH) also recovered above $4,100 after recording a daily low of $4,026. The overall crypto market cap climbed above $2.25 trillion.With rising inflation and omicron variant inducing panic in the traditional markets, Bitcoin can rise again as the inflation hedge.Robert Kiyosaki, the author of “Rich Dad Poor Dad” and a businessman himself warned of the incoming market “crash and depression” due to the “fake inflation.” Kiyosaki blamed the Feds and the Biden administration for pushing the fake inflation on people.FED & Biden pushing FAKE INFLATION. Crash and Depression coming. Gold, silver, Bitcoin, real estate will crash too. Ready to buy more gold, silver, Bitcoin, real estate after crash has crashed. Time to get richer after fake inflation crashes. Be aware. Take care.— therealkiyosaki (@theRealKiyosaki) December 9, 2021

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Binance reportedly in talks to launch crypto exchange in Indonesia

Binance reportedly in talks to launch crypto exchange in Indonesia

Uverejnil používateľ | dec 10, 2021 |

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange. As per a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia. The report also claimed that the BCA may enter into the partnership using a separate business entity and the terms of the partnership could vary at the time of finalization. If finalized, it would be the second crypto venture for Binance in Indonesia. The first came in the form of a partnership with crypto trading platform Tokocrypto.A new crypto venture involving the country’s richest family and the largest telecom firm would give Binance a strong foothold in the country with positive crypto regulations. The Indonesian government treats the crypto market as an investment class and allows its trading alongside commodity futures.BCA didn’t immediately respond to Cointelegraph’s requests for comments. Binance declined to comment.Related: Binance plans to become registered UK firm despite regulatory setbacksAfter facing major regulatory challenges in the second and third quarters of 2021, Binance is now looking to expand its footprint in the Asia Pacific region. The Singapore arm of the crypto trading giant recently acquired an 18% stake in a local private securities exchange, Hg Exchange. The crypto exchange giant led another $1.5 million funding round for an Asian tokenized messaging platform, the BBS Network.Apart from new acquisitions and fundings, Binance’s sister company in the United States, Binance.US, is reportedly in the final stages of closing a multi-million funding round. Changpeng Zhao, the CEO of the global exchange, had revealed in November this year that the firm is expected to raise “a couple hundred million.”

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UK politicians say cryptocurrency is ‘not an investment’

UK politicians say cryptocurrency is ‘not an investment’

Uverejnil používateľ | dec 9, 2021 |

Members of Parliament (MPs) in the United Kingdom have called upon the Financial Conduct Authority (FCA) to limit the use of the word “invest” and “investment” by cryptocurrency firms for promotional purposes.According to a Dec. 9 report in The Times, MPs at the treasury select committee told FCA chief Nikhil Rathi that the use of the word “your investment” often portrays that these are on par with an FTSE 100 company or a unit trust, thus giving the wrong impression about the type of investment. Harriett Baldwin, Conservative MP for West Worcestershire took special exception to FCA’s supposed inability to stop fraudulent promotions and went on to accuse them of helping criminals:“Your website actually publishes a list of unregistered crypto-asset businesses for anti-money laundering purposes. It’s meant to be helpful but it could also be helpful to someone who just wants to launder money.”Rathi assured that the regulatory body is currently looking into the matter and also expecting new powers in terms of regulating crypto advertisements. However, unless those new powers come into practice, there isn’t much that the chief regulatory body can do.“We’ll have a discussion about what the wording should be,” said FCA chief.Earlier, FCA chairman Charles Randell had expressed concern over the wordings of the Floki Inu advertisement on London buses but admitted nothing much can be done beyond cautionary warnings for consumers.The FCA chief also said that the agency is considering dismissing any requests for compensation under the Financial Services Compensation Scheme if people lose money in cryptocurrencies: “Personally, I would suggest we simply say that anything crypto-related should not be entitled to compensation so that consumers are clear about that when they are investing.”Related: UK FCA will spend £11M to warn people about investing in cryptoIn July 2021, the Advertising Standards Authority in the U.K. issued a red alert against deceptive crypto advertising and warned consumers to be wary of such ads.Apart from the U.K., India is another country where authorities have had to get involved over the lack of disclaimers in crypto advertisements. The Delhi High Court recently issued a notice to bring standardized disclaimers for crypto advertisements.

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