Day: January 17, 2022

Interview with KwikTrust Executives on the Future of E-validation, NFTs and How KwikTrust is Uniquely Positioned to Capitalize

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KwikTrust is a next-generation e-validation platform that provides more secure file validation and management than ever possible before.  The platform is also home to the SuperNFT, enabling a unique class of NFTs that raise the bar for security, identity, provenance and ultimately trust, opening the door for new asset classes across finance, deeds of ownership, and intellectual property. KwikTrust’s vision is to become the global standard for managing and transferring assets in the digital world. We had the opportunity to sit down with the KwikTrust executive team to discuss the…

BTC ‘likely’ to repeat Q4 2020 move — 5 things to watch in Bitcoin this week

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Bitcoin (BTC) starts a new week facing multiple hurdles but with strong internal support — can old resistance below $50,000 finally fall? A correction event now almost in its third month is frustrating many, but conditions may soon be right for a fresh charge against opportunistic bears, an increasing number of analysts are saying. With inflation running hot and United States lawmakers set to make the Bitcoin mining debate public this week, there are plenty of potential pitfalls in store. Nonetheless, it’s beginning to feel like Bitcoin is at the…

BTC ‘likely’ to repeat Q4 2020 move — 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts a new week facing multiple hurdles but with strong internal support — can old resistance below $50,000 finally fall? A correction event now almost in its third month is frustrating many, but conditions may soon be right for a fresh charge against opportunistic bears, an increasing number of analysts are saying. With inflation running hot and United States lawmakers set to make the Bitcoin mining debate public this week, there are plenty of potential pitfalls in store. Nonetheless, it’s beginning to feel like Bitcoin is at the…

70% of Jamaica population to adopt CBDC in 5 years, prime minister says

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Central bank digital currency (CBDC) evolved into a hot topic in Jamaica when the country’s central bank successfully completed the first pilot test in early January. Following the tests, the country’s prime minister, Andrew Holness, has spoken confidently about CBDC adoption in the country. Holness has predicted the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. The Jamaican prime minister highlighted reduced banking costs and inclusivity of CBDC in a Bloomberg interview, adding that digital currency…

Former Thai SEC chief lays out three critical issues with crypto taxations

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A former deputy secretary-general of Thailand’s Security and Exchange Commission (SEC), Tipsuda Thavaramara, has come out to question the legitimacy of crypto taxation in the country. According to a report by local newspaper The Nation, the comments from the former SEC chief come amid Thailand’s Revenue Department’s decision to discuss taxes for cryptocurrency trading.  While praising the Revenue Department’s decision to inform relevant agencies, Thavaramara said, “Whether policies focus on the promotion of trade industry or not, the Revenue Department should collect taxes fairly under clear rules and practices.” Thavaramara…

EY advises banks to ‘prepare for what’s coming’

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Big Four accounting firm EY has recommended that banks should change their regulatory perimeter to address the oncoming launches of state-backed central bank digital currencies (CBDC) and private stablecoins.  EY’s 2022 Global regulatory outlook highlighted the need for a policy change that can help financial services firms overcome business uncertainties amid mainstreaming of digital assets and cryptocurrency. While acknowledging the uncertainty regarding the digital assets market, the report stated: “If customers can keep their money with a central bank, they have no need for a retail bank, and firms will…

Singapore Looks to Curb Crypto Ads

The Monetary Authority of Singapore (MAS) issued a set of guidelines on Monday that limit crypto firms from advertising their services to the public. Digital payment token (DPT) service providers “should not promote their DPT services to the general public in Singapore,” MAS said in a statement. Crypto is “highly risky and not suitable for the general public” and service providers should not trivialize the high risks of trading, the central bank said. Digital asset firms should not market their services in public areas or media that address the general…

Bitcoin payments decline as other cryptocurrencies grow

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BitPay Inc., one of the world’s most well-known crypto payments processors, has seen a shift in the type of digital assets used for purchases over the last year, according to a Bloomberg report. According to BitPay, Bitcoin’s (BTC) usage at businesses that use its payment system fell last year to about 65% of processed transactions, down from 92% in 2020. Along with this change, Ether (ETH) represented 15% of all transactions, whereas other currencies such as Litecoin (LTC) and Dash have increased their portion. Businesses have started using stablecoins more frequently for cross-border…