Day: May 23, 2022

Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam – Featured Bitcoin News

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South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme. 300% Return on Investment The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment. The…

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Fed report finds most Americans who own crypto tend to be high income hodlers

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The United States Federal Reserve Board has included data on cryptocurrency in its new Economic Well-Being of U.S. Households in the 2021 report. The Fed’s ninth annual report looked at survey results from 11,000 people questioned in October and November 2021.  The report indicated financial wellbeing is the highest it has been since reporting began, with 78% of U.S. adults “doing okay or living comfortably financially.” That is an increase of 3% over the last three years. As a diagnostic of financial fitness, the report cites the 68% of Americans…

Bankers at WEF see the need for caution and speed on central bank digital currencies

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The process of introducing a central bank digital currency (CBDC) is fraught with unknowns, some of which were elucidated in a panel of experts gathered Monday at the World Economic Forum in Davos, Switzerland. The panel concluded that good design is key to a successful CBDC, and there are fewer challenges for wholesale CBDC introduction. Bank of Thailand governor Sethaput Suthiwartnarueput said that although many central banks are considering a CBDC, there is little practical experience with them. The Thai National Bank began proof-of-concept programs in 2018. Its mBridge project…

Bitcoin Unable to Hold $30K, Altcoins Mixed

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For now, bitcoin is stuck in a tight trading range and is at risk of a breakdown. “From a trading standpoint, [a] breach higher may offer an opportunity to fade, targeting a break to fresh yearly lows,” Michael Boutros, an analyst at DailyFX wrote in an email to CoinDesk. If a breakdown occurs, Boutros has a downside target of $19,666 for BTC. Original

Crypto Industry Battles to Exempt NFTs, DeFi From Tax Reporting Rules

Attempting to include decentralized finance (DeFi) applications could also be premature, Zlatkin said. “Maybe we should wait until they fit the parameters more readily,” he said, citing DeFi systems that don’t have anyone who could be deemed in control, and maybe don’t even see themselves as having customers. “We should focus on what we know.” Source battlesCryptoDeFiExemptindustryNFTsReportingRulesTax CryptoX Portal

fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

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After a strong 2,000% rally in early 2021, Fantom (FTM) price collapsed alongside multiple altcoins and even though the blockchain has an impressive capability, it has yet to find mass adoption due to the lack of a compelling use case. FTM price hit an all-time high at $3.46, only to collapse to its pre-bull market lows under $0.25 after the failure of the Solidly DeFi project and the departure of developer Andre Cronje.   Data from Cointelegraph Markets Pro and TradingView shows that since dropping to $0.238, FTM has rallied 119.23%…

Most DeFi protocols aren’t really decentralized, says European Parliament VP

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Most decentralized finance (DeFi) protocols aren’t truly decentralized, which means we need proper regulations in place to understand the inner workings of this emerging technology, according to European Parliament vice president Eva Kaili.  In an exclusive interview with Cointelegraph at the World Economic Forum Annual Meeting in Davos, Switzerland, Kaili was asked to outline her definition of DeFi. By definition, DeFi is “completely decentralized,” she said, which means that “nobody can control or […] manipulate a blockchain.” Our news reporter @JoeNakamoto interviewed Eva Kaili, VP of the European Parliament. Subscribe…