Day: May 26, 2022

Brainard tells House committee about potential role of CBDC, future of stablecoins

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United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee’s virtual hearing, “On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC),” that took place Thursday. That was a sound strategic move, considering that more than 25 legislators lined up to ask questions.ย  Brainardโ€™s appearance before the committee came just after the close of the comment period for the Fedโ€™s discussion paper, โ€œMoney and Payments: The U.S. Dollar in the Age of Digital Transformation.โ€ However, recent events on…

Brazilโ€™s Citizens Will Pay Tax on Cryptocurrency Related Revenue.

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Citizens of Brazil are now required to pay tax on any cryptocurrency-related activities and revenue, as announced by the Federal Revenue of Brazil (RFB). This new law means that every cryptocurrency-related activity like NFT flipping, remittance, and trading activities are taxable, with some exceptions. However, the enforcement is a bit confusing and surprising to see as, currently,ย  no cryptocurrency exchange supports the Brazilian Real, which is the national currency of Brazil. In a memo published in the Diario Oficial da Uniao, which is the official journal of the Federal Revenue…

How to Prevent the Metaverse From Becoming a Nightmare

The metaverse has become a term associated with the future of the internet, evoking imagery of an interconnected web of virtual worlds, each guided by their own aesthetic, capabilities and set of rules. The “set of rules” component is important. None of us wants to participate in a digital universe where our data and identity are vulnerable to exploitation, and this is a very real fear given the history of data breaches, identity thefts, ransomware attacks, stolen funds and surveillance. This is why private digital identity is so key to…

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Mastercard Aims to Expand More Into Cryptocurrency Despite Recent Market Meltdown

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The cryptocurrency market has taken a downturn in recent weeks. Bitcoin, the bellwether for the crypto market, hit a 52-week low last week, a slump not seen since December 2020, and with it, the rest of the altcoins. Mastercard was not deterred from expanding more into the cryptocurrency space, despite the recent market volatility linked to several factors. Regardless of this current crypto crisis, enterprising executives and investors are optimistic about the cryptocurrency industry’s long-term potential. Mastercard has capitalized on this market condition by making strategic partnerships with crypto platforms…

Whale Ratio Continues To Stay At High Value

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On-chain data shows the Bitcoin exchange whale ratio has remained at a high value recently, a sign that could be bearish for the cryptoโ€™s price. Bitcoin Exchange Whale Ratio On Verge Of Entering โ€œVery High Riskโ€ Zone As explained by an analyst in a CryptoQuant post, the 72-hour MA whale ratio is near 0.90, the very high risk zone. The โ€œexchange whale ratioโ€ is an indicator thatโ€™s defined as the sum of top ten inflows to exchanges divided by the total inflows. In simpler terms, this metric tells us what…