Category "Bitcoin"

More than 60 cryptocurrency exchanges in South Korea must notify their customers of a partial or complete cessation of trading by midnight on Friday 17/9, one week before the entry into force of a new regulation.
According to Reuters, in order to continue operating, exchanges must register with the relevant Financial Intelligence Unit by September 24, providing a security certificate from the Internet Security Service.
They should also work with banks to ensure that the accounts belong to real names.
Unregistered exchanges must terminate their services after September 24, while those that have registered but have not secured partnerships with banks will be barred from trading in the wagon.

Of all the exchanges, almost 40 are about to suspend all their services.
At the same time, 28 have security certificates but have not secured partnerships with banks.

Source: https://www.bankingnews.gr/kriptonomismata/articles/588830/kleinoun-pano-apo-60-antallaktiria-kryptonomismaton-sti-notia-korea?fbclid=IwAR3IQDS7qQwIpI8rCdjo09XB3o9xPwSvn012F7uFRp7DaK30JsL2fxzmNos

“According to our policy, it is not our policy to compensate customers for our technical problems,” says Binance.
As soon as the Canadian cryptocurrency trader saw the price of Ethereum fall, he realized that it was time to liquidate the assets he had in his possession.
However, unfortunately for him, this was not possible.
Ahmed was investing in Binance, the world’s largest exchange based on its trading volume.
Nevertheless, on May 19, he tried for about an hour but could not “close” his seats.
On that day, both Bitcoin and Ethereum recorded their biggest drop since March 2020, with the cryptocurrency market falling below $ 1 trillion in terms of its capitalization.
As a result, Ahmed’s funds vanished.
According to him, the losses he had reached reached 6 million dollars.
Binance gave him some vague claims of compensation, however, “according to our policy, it is not our policy to compensate customers who lose money due to technical problems, as we do not cover hypothetical and unsecured profits.”

Losses due to… leverage and without headquarters

If nothing else, Binance sometimes has problems, especially in times of volatility for cryptocurrencies.
This can cause irreparable damage to traders’ funds – especially when prices are falling.
And these losses can reach millions of dollars when investors make risky bets using leverage.
Binance recently reduced the maximum leverage that its customers can leverage in futures contracts-financial derivatives.
Meanwhile, Changpeng “CZ” Zhao, Binance’s boss, has repeatedly stated that the exchange has no official headquarters.
This makes it extremely difficult for users to take the company to court.
A group of traders hopes this will change.
With the help of Liti Capital, a little-known private equity firm that provides litigation financing, nearly 1,000 people are expected to take part in arbitration proceedings in Hong Kong to seek redress from Binance.
“This is a milestone for the industry,” David Kay, chief investment officer at Liti Capital, told CNBC.
“They have no house, no headquarters, no office”.
“The only place Binance can be held accountable is in an international arbitration tribunal in Hong Kong.”
It is noted that the terms of use of Binance say that any legal dispute can be resolved through arbitration at the International Arbitration Center in Hong Kong.
Arbitration proceedings, unlike prosecution lawsuits, are aimed at resolving out-of-court disputes.
This makes it even more difficult for the average consumer to claim compensation, as applicants have to pay fees and additional costs – for example, travel to Hong Kong.
Individually, this could return about $ 65,000 to each applicant.
To cover these costs, Liti Capital has promised to fund the complainants with at least $ 5 million.

Encryption suppression

While some companies in the field, such as Coinbase, have sought to engage with regulators, Binance and many others operate outside the scope of established rules.
This has not gone unnoticed by regulators.
Two major concerns about cryptocurrencies are the lack of protection for consumers and the risk of money laundering and other illegal activities.
In this context, Binance, which was founded by Zhao in China four years ago, recently stated that it is seeking to become a regulated institution, with plans to obtain licenses in several jurisdictions and to set up regional headquarters.
In fact, Zhao appears willing to hand over the baton to someone more experienced.

Source: https://www.bankingnews.gr/kriptonomismata/articles/582269/se-diki-orosimo-odigeitai-to-antallaktirio-binance-pos-exei-glitosei-os-tora-xiliades-agoges?fbclid=IwAR1Rx1o0_IL891C7lh1yrvzgZdGdspGMSYjl63CiZHfr7QBktIxuniURz-Y

A new report issued by Crypto.com, a cryptocurrency exchange and fintech services firm, discovered that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. The report states that the rise of the defi movement, institutions like Tesla, Visa, Mastercard, and Microstrategy adopting cryptocurrency, and El Salvador establishing bitcoin as legal tender, were important events that helped to popularize crypto even more.

Cryptocurrency Userbase Jumps to 221 Million Worldwide, According to Crypto.com Report

Crypto.com’s “Measuring Global Crypto Users” report found that the number of cryptocurrency users more than doubled during the first half of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, principally powered by the bull market that took bitcoin (BTC) to all-time highs during Q1. The report included information from the leading crypto exchanges in the market, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others.

The number of Ethereum users increased during the second quarter, as positive news and investor interest grew around the token. However, it was the meme coin boom and the altcoin push that happened during the two last months of the second quarter that catapulted adoption to new highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight.

Accelerated Growth

The growth of cryptocurrency users has also been accelerating this last year, meaning that more users are learning about these alternatives to fiat money. The first cryptocurrency adoption report, which dates from May 2020, noticed it took nine months to reach 100 million from 65 million users. However, now it only took six months for the userbase to grow from 106 to 221 million.

Altcoins are a big part of this trend. These have started eating the market share of already established cryptocurrencies like bitcoin and ethereum, likely due to the entrance of new users into the market. At the start of the year, altcoins holders accounted for just 20% of the total cryptocurrency users. but at the end of the second quarter, this percentage grew to 38%.

Seeing the big picture, this has been a very good year for cryptocurrency adoption until now, as both institutions and retail holders have turned to crypto. About this, Kris Marszalek, CEO of Crypto.com, stated:

“The growth we have seen in the first half of 2021 on our platform and industry-wide is very encouraging, and we will continue investing heavily as we pursue our goal of putting cryptocurrency in every wallet.”

Source: https://news.bitcoin.com/global-cryptocurrency-adoption-doubled-since-january-reaching-221-million-users-report/

From bitcoin to stablecoin – Monetary and government authorities intervene by setting rules in the world of cryptocurrency and preparing to issue official digital currencies

Many liken the world of cryptocurrencies to the Wild West, as it is a world outside of laws and regulations, despite the fact that it is beginning to acquire significant economic importance. It seems, however, that the “sheriffs” of the monetary and state authorities have decided to intervene by setting rules and restrictions in the world of cryptocurrencies, but also by issuing their own official digital currencies.

There are currently about 10,000 cryptocurrencies, the total value of which is estimated at 1.1 trillion. dollars. In mid-May the value was 2.5 trillion. dollars, which means that within two months their value fell by more than 50%. The largest cryptocurrency, bitcoin, from $ 60,000 in mid-May, fell below $ 30,000 last week. The fall is big, but even bigger was the rise that preceded. At a time like this last year, the total value of all cryptocurrencies was $ 285 billion, while bitcoin was just under $ 10,000. In other words, the values ​​are now three or four times higher than a year ago, even after the 50% drop in two months.

These big ups and downs cause, of course, a speculative interest which is not bent by the warnings of many economists that cryptocurrencies are “bubbles”, without the slightest intrinsic value, which will sooner or later fall and one may even lose the total of his money. There is also the fanatical evangelists of cryptocurrencies who announce that this is the new technology of money, which will occupy more and more of the financial transactions, as it is the future.

“Private money”

Proponents of her case have been working to make the actual transcript of this statement available online. Proponents of her case have been working to make the actual transcript of this statement available online. . In other words, it is something like private money, which is not issued by a central bank, so there is neither guarantee nor, of course, control. This is the point that seems to be troubling the monetary and governmental authorities, who are anxiously watching the world of cryptocurrencies gain ground.

On the part of the latter, fears are expressed on various levels. From the fact that by definition cryptocurrencies are suitable for shady transactions, such as the trafficking and laundering of money, to the risk that their instability poses to the financial system. And of course, there is often talk of the large amounts of electricity consumed by supercomputers used to “extract” bitcoin. Bitcoin transactions are recorded and certified in an open accounting “book” (the so-called blockchain) maintained by a network of independent computers, who are rewarded for their contribution with new bitcoins.

The “mining” of bitcoin is blamed for high electricity consumption, while the relevant label was made public by US Treasury Secretary Janet Glenn, who is critical of cryptocurrencies.

Proponents of her case have been working to make the actual transcript of this statement available online. Proponents of her case have been working to make the actual transcript of this statement available online. , brokerage firms and other intermediaries.

Official digital currencies

The fact is that the huge rise in cryptocurrencies is essentially creating an alternative monetary system that today may be insignificant in relation to the size of the dominant currencies, but in a short time the reality will be different. And apparently the official authorities are intervening.

On the one hand, all major central banks have announced the creation of official digital currencies. More advanced is China, which already uses the digital yuan experimentally in some of its provinces. In fact, China is the biggest enemy of cryptocurrencies, as it has imposed bans on their use and “mining”. The official reason is the security of transactions and the interests of citizens, but it is clear that the Chinese authorities do not want to lose control of the currency, nor have competitors in the digital yuan.

Some may view cryptocurrencies and digital money as an “experiment” or “game”, but they are very important and have geopolitical dimensions. It is indicative that at the meeting of the finance ministers of the 7 most developed countries (G7) it was pointed out that China’s pioneering in digital currency may threaten the current international monetary system based on the dollar.

The importance of digital money, after all, had been pointed out by the French Minister of Finance as early as 2019, describing the digital currency libra, which was then announced by Facebook, as a threat to the monetary sovereignty of states.
But Janet Glenn just last week announced the creation of an institutional framework and regulations for cryptocurrencies and the entire trading system that has been built next to them.

The US Treasury Department has announced that it is considering measures for stablecoins, which are digital currencies linked to the dollar and used as an intermediary currency for cryptocurrency transactions. There was even talk of the risks that the latter have for consumers, the financial system, but also national security. News of the upcoming regulations has put pressure on the price of cryptocurrencies, but many market analysts have taken the creation of a regulatory framework as a positive development, as it essentially means their acceptance.

Source: https://www.newmoney.gr/roh/agores/beni-serifis-stin-agria-disi-me-ta-kriptonomismata/?fbclid=IwAR1G6W2vbjyVJ5dqIgxP67EcAy1hhpUZTo5pvsGUp4bVu5EUR6nuPi6D0wk

A new report issued by Crypto.com, a cryptocurrency exchange and fintech services firm, discovered that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. The report states that the rise of the defi movement, institutions like Tesla, Visa, Mastercard, and Microstrategy adopting cryptocurrency, and El Salvador establishing bitcoin as legal tender, were important events that helped to popularize crypto even more.

Cryptocurrency Userbase Jumps to 221 Million Worldwide, According to Crypto.com Report

Crypto.com’s “Measuring Global Crypto Users” report found that the number of cryptocurrency users more than doubled during the first half of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, principally powered by the bull market that took bitcoin (BTC) to all-time highs during Q1. The report included information from the leading crypto exchanges in the market, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others.

The number of Ethereum users increased during the second quarter, as positive news and investor interest grew around the token. However, it was the meme coin boom and the altcoin push that happened during the two last months of the second quarter that catapulted adoption to new highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight.

Accelerated Growth

The growth of cryptocurrency users has also been accelerating this last year, meaning that more users are learning about these alternatives to fiat money. The first cryptocurrency adoption report, which dates from May 2020, noticed it took nine months to reach 100 million from 65 million users. However, now it only took six months for the userbase to grow from 106 to 221 million.

Altcoins are a big part of this trend. These have started eating the market share of already established cryptocurrencies like bitcoin and ethereum, likely due to the entrance of new users into the market. At the start of the year, altcoins holders accounted for just 20% of the total cryptocurrency users. but at the end of the second quarter, this percentage grew to 38%.

Seeing the big picture, this has been a very good year for cryptocurrency adoption until now, as both institutions and retail holders have turned to crypto. About this, Kris Marszalek, CEO of Crypto.com, stated:

“The growth we have seen in the first half of 2021 on our platform and industry-wide is very encouraging, and we will continue investing heavily as we pursue our goal of putting cryptocurrency in every wallet.”

Source: https://news.bitcoin.com/global-cryptocurrency-adoption-doubled-since-january-reaching-221-million-users-report/

 

It is time for governments to stop rejecting the cryptocurrency revolution, considering it the means of illegal payments and reckless financial speculation, says prominent economist Mohamed El Erian.

Instead, they should embrace the cryptocurrency market for a better economy and society in general, he adds.
At the same time, cryptocurrency enthusiasts need to recognize the issues that have arisen in terms of the impact of these digital assets on the environment as well as the regulatory issues that need to be addressed.
According to El Erian, they must move away from the “zero-sum” mentality, according to which their profits can only come from the losses of the established financial system.
More generally, the debate in the public sphere, especially in Western economies, about cryptocurrencies remains narrow, and causes polarization and division, with participants speaking completely different languages, as the Allianz chief economist points out.
This has intensified the climate of conflict between the proponents of accelerating the adoption of cryptocurrencies and the institutions, e.g. central banks, ministries of finance, etc.

The example of China

Instead, China is moving forward with a stronger, unified top-down vision, paving the way for transformation policies that have the potential to extend far beyond the country itself.
What happens next will have profound implications for financial services, monetary policy, investment, payment platforms and the formation of global reserve currencies.
It will also affect the control and use of big data, as well as China-US technological and economic competition.

The three factors that change things

Three parameters reveal how things can be shaped.
First, the technologies leading the revolution, including distributed ledgers for trading, more commonly known as blockchains, are increasingly changing the financial industry, which has long been relatively inefficient.
The combination of regulatory barriers that prevent new “players” from entering the industry and traditional customer inaction are no longer strong enough factors to discourage a new wave of technology-based competition.
Second, despite their volatility, cryptocurrencies are gradually gaining ground in investor portfolios.
Third, cryptocurrencies are becoming increasingly popular in the payment ecosystem.
It is worrying that they are used in ransomware attacks, but it is positive that they are used, on the other hand, to transfer remittances, where too many traditional channels remain slow and expensive.
But developments in the global monetary system continue to be undermined by price volatility, a lack of broad confidence and regulatory concerns.
The big question is whether convergence will be achieved.
The burden falls mainly on the world of encryption, which is in danger of repeating the mistake that Big Tech made – pursuing narrow business goals without realizing that their success will make them systemically important.

Source: https://www.bankingnews.gr/kriptonomismata/articles/577547/el-erian-oi-kyverniseis-prepei-na-agkaliasoun-tin-epanastasi-ton-kryptonomismaton-anameinate-vathies-allages?fbclid=IwAR0tEfy3Dpbl2UHzfL_omlSeqDLBo1Y1rQYDBe1Gs0BIB0K28KOo03-4HK8