Autor Cointelegraph By Turner Wright

PayPal is shuttering its San Francisco office: Report

PayPal is shuttering its San Francisco office: Report

Uverejnil používateľ | apr 27, 2022 |

Major United States-based payment processor PayPal will reportedly be closing its office in San Francisco, while the headquarters in nearby San Jose will remain available to employees.According to a Wednesday report from TechCrunch, the payments firm will be closing its offices in downtown San Francisco with its Xoom arm — the division responsible for international digital money transfer services. At the time of publication, PayPal has several job listings for San Francisco as well as 17 other locations across the United States, and 32 international locations. A PayPal spokesperson reportedly hinted the closure was aimed at the company evaluating its “global office footprint.” Another person at PayPal familiar with internal happenings at the firm said displaced San Francisco employees would also have the option of working remotely. PayPal shuttering its San Francisco office https://t.co/XEQvXwYVYH by @bayareawriter— TechCrunch (@TechCrunch) April 27, 2022PayPal released its earnings report for the first quarter of 2022 on Wednesday, reporting the firm had a total payment volume of $323 billion and transaction revenues totaling roughly $6.5 billion. The latter included fees from facilitating “the purchase and sale of cryptocurrencies.” Since announcing it would accept cryptocurrency payments in 2021, PayPal has made inroads into the digital asset space by exploring the development of a stablecoin. In addition, the payments firm established an advisory council in February aimed at supporting endeavors related to crypto, blockchain and digital currencies.Related: Demand for PayPal’s crypto offering exceeded all expectations, CEO saysThe San Francisco Bay Area is home to many major crypto and tech companies, but some firms have made an exodus in recent years, possibly due to staff willing to accept remote working conditions amid the pandemic. Major crypto exchange Coinbase announced in May 2021 that it would be closing its San Francisco headquarters in 2022 as part of its commitment to “being remote first.”Kraken CEO Jesse Powell also said in April that the firm had shut down its global headquarters in the city by the bay following reports several of its employees had been “attacked, harassed and robbed on their way to and from the office.”

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Acting OCC comptroller calls for standards on stablecoins

Acting OCC comptroller calls for standards on stablecoins

Uverejnil používateľ | apr 27, 2022 |

Michael Hsu, the acting head at the United States Office of the Comptroller of the Currency, said stablecoins need standards comparable to the early internet.In a written statement following his appearance at the Artificial Intelligence and the Economy event in Washington D.C. on Wednesday, Hsu said stablecoins lacked “shared standards,” were “interoperable,” and needed standards similar to those set by the Internet Engineering Task Force and World Wide Web Consortium. According to the OCC head, representatives from the crypto industry as well as within the U.S. government — including the OCC and National Institute of Standards and Technology — could work toward such goals.Acting Comptroller Issues Statement on Standards for Stablecoins https://t.co/QthxNECOo9— OCC (@USOCC) April 27, 2022As the U.S. government bureau tasked with supervising federally licensed banks, the OCC is one of the regulators in the country whose purview crosses into the digital asset space, in addition to the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. On April 22, the OCC issued a consent order against Anchorage Digital due to its “failure to adopt and implement a compliance program” in accordance with anti-money laundering requirements agreed upon by the bureau in January 2021.Related: Regulators are coming for stablecoins, but what should they start with?In the United States, both lawmakers and government agencies have been grappling with how to handle stablecoins on a regulatory level in a type of legislative tug-of-war. In November 2021, ​​the President’s Working Group on Financial Markets released a report suggesting that legislation on stablecoins was “urgently needed” and issuers should be subject to “appropriate federal oversight” akin to that of banks. House of Representatives member Patrick McHenry has proposed a state-centered regulatory approach for stablecoins, while Senator Pat Toomey drafted a bill in April suggesting “payment stablecoins” be exempt from many U.S. securities regulations.

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Central African Republic will adopt Bitcoin as legal tender: Report

Central African Republic will adopt Bitcoin as legal tender: Report

Uverejnil používateľ | apr 27, 2022 |

The roughly five million residents of the Central African Republic, or CAR, will now reportedly be able to use Bitcoin in addition to the country’s franc as legal tender. According to a Wednesday report from news outlet Agence France-Presse, Central African Republic President Faustin-Archange Touadéra has signed a bill into law establishing a regulatory framework for the use of cryptocurrency in the country as well as adopting Bitcoin (BTC) as legal tender. Obed Namsio, the president’s chief of staff, said the move was aimed at making the CAR one of the “boldest and most visionary” in the world.#BREAKING Central African Republic adopts bitcoin as legal currency: presidency pic.twitter.com/wjxYWl7W2z— AFP News Agency (@AFP) April 27, 2022Earlier reports on the CAR legalizing the use of crypto in the country’s financial markets did not include adopting BTC as legal tender. Lawmakers reportedly unanimously approved the crypto bill, which was introduced by the country’s Minister of Digital Economy, Post and Telecommunications Justin Gourna Zacko.The implications of the report would place the CAR on a short list of countries to adopt Bitcoin as legal tender. In September 2021, El Salvador’s Bitcoin Law went into effect, establishing the crypto asset as currency alongside the U.S. dollar. The Latin American nation is also preparing to create its town Bitcoin City funded by $1 billion worth of BTC bonds.Central African Republic currencies. Source: WikipediaRelated: IMF urges El Salvador to remove Bitcoin’s status as legal tenderWith a gross domestic product of roughly $2.4 billion, the CAR is classified as a “repressed” economy according to the Heritage Foundation’s 2022 Index of Economic Freedom. It’s unclear what effect adopting Bitcoin will have on the country’s residents.

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US Senate confirms Lael Brainard as Fed vice chair

US Senate confirms Lael Brainard as Fed vice chair

Uverejnil používateľ | apr 26, 2022 |

After weeks of delays due,  in part, to partisan obstructionism, the United States Senate has confirmed the nomination of Lael Brainard, a member of the Federal Reserve’s board of governors, as the next vice chair of the central bank.In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Brainard a vice chair of the Federal Reserve for four years, potentially beyond her term as a governor ending in January 2026. Brainard was one of four nominees waiting for approval since Republican lawmakers in the Senate Banking Committee boycotted a February committee, which would have sent the prospective Fed vice chair’s nomination to the full Senate.In addition to Brainard, the Senate will likely soon vote on the nominations of prospective Fed chair Jerome Powell, who has been serving as chair pro tempore since February, as well as economists Philip Jefferson and Lisa Cook as Fed governors. Former Obama administration official and law professor Michael Barr is also awaiting approval from lawmakers following President Joe Biden announcing Barr as his pick for Fed vice chair for supervision in April. During a January confirmation hearing, Brainard said Congress would ultimately have the power to decide whether to move forward with a central bank digital currency, or CBDC, adding the Fed would welcome the legislative body “taking a very important role” in updating the regulatory framework for cryptocurrencies and digital assets. She has previously spoken in favor of the United States issuing a CBDC, but has also expressed concerns about “legal and regulatory safeguards” for cryptocurrencies.The Federal Reserve, in addition to the Securities and Exchange Commission and the Commodity Futures Trading Commission, oversees many of the regulations covering digital assets in the United States. Many of the Fed vacancies were the result of terms expirations and the resignations of board members. Seven members sit on the board of governors when fully staffed, which has not happened in roughly ten years.Related: Biden’s Fed picks are likely headed to Senate vote after partisan delayAs with Brainard, Powell, Barr and Jefferson would need more than 50 votes to confirm their nomination with the full Senate. Vice President Kamala Harris was absent from the Senate floor on Tuesday, likely because she tested positive for COVID-19. With Harris unable to act as a tie-breaking vote, her absence has reportedly delayed a vote on Cook’s nomination to sit on the Fed’s board of governors.

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City of Fort Worth votes in favor of Bitcoin mining program

City of Fort Worth votes in favor of Bitcoin mining program

Uverejnil používateľ | apr 26, 2022 |

Fort Worth, Texas has launched a pilot program to mine Bitcoin in partnership with the Texas Blockchain Council.In a Tuesday city council meeting, Fort Worth approved a resolution to start running three Antminer S9 Bitcoin (BTC) miners donated by the Texas Blockchain Council in the city hall building. The pilot program was aimed at recognizing “the exponential growth of the blockchain and cryptocurrency industries” in addition to encouraging Fort Worth to become a tech leader.”This is a very small opportunity for Fort Worth that has big possible returns on investment,” said Fort Worth Mayor Mattie Parker at the council meeting. “We are going to become the first city in the world to mine Bitcoin here on site at city hall.”Fort Worth Mayor Mattie Parker addressing the city council meetingAccording to the city, each BTC miner will use the same amount of energy “as a household vacuum cleaner,” with costs expected to be offset by the mined crypto. Carlo Capua, deputy chief of staff for the Fort Worth Mayor and Council Office, told Cointelegraph the three rigs were expected to mine roughly 0.06 BTC annually — $2,353, with the price of Bitcoin at $39,215, at the time of publication. The pilot was designed to be limited in both the number of machines and duration. “To learn the potential impact and opportunities for Bitcoin,” the city will evaluate the program after six months, starting in October. Capua said the program would be considered based on the amount of BTC mined, the amount of energy used, and the public awareness of tech and crypto in Fort Worth:“In this rapidly evolving industry, better understanding 1) the evolution of Crypto and future outlook, 2) what institutional voids might exist in the current laws and regulations, and 3) how government and municipalities interact with this technology.”“By starting small to learn as they go, Fort Worth is positioning itself to be the Bitcoin mining capital of Texas,” said Lee Bratcher, president and founder of the Texas Blockchain Council. “The state as a whole has already established itself as the Bitcoin mining capital of the world.”At the city council meeting, Fort Worth resident Thomas Torlincasi suggested tabling the measure, citing environment concerns over mining as well as potential legal issues over adopting digital currencies. He likened the program to a Ponzi scheme and questioned private businesses donating materials to advance their agenda.”This is not the city’s mission,” said Torlincasi. “Many of you believe in the free market and the business system, spreading good business ideas. The city does not need to endorse or embrace blockchain, Bitcoin, or any type of currency that is not United States federal currency.”Related: Texas should use Bitcoin mining to capture wasted natural gas: Sen. Ted CruzTexas has become a hub for some crypto mining firms following China’s crackdown on the practice in 2021. The state is currently home to Blockcap and Riot Blockchain, and has advanced some legislation promoting the greater adoption of digital assets.

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