Month: March 2023

IMF Studies How CBDCs Imply Islamic Banking System

The IMF explained that CBDCs design is complicated by Islamic law prohibiting usury and speculation. The International Monetary Fund (IMF) has examined the central bank digital currencies (CBDCs) design and found some risks in the context of Islamic banking. Following the IMF study, results showed that the liquidity of CBDCs and foreign exchange would work differently from Islamic law, against expectations. Notably, Iran and Sudan are the only two countries that fully operate Islamic banking systems. However, the financial system is present in 34 countries and systematically plays a crucial…

Amazon Dismissing Additional 9,000 Employees, Extending Its Record Layoff

Amazon is reducing costs and headcounts, considering the “uncertainty that exists in the near future” and the unstable economy. E-commerce giant Amazon (NASDAQ: AMZN) has announced the additional layoff of 9,000 workers extending its recent record job cuts. The company announced in January that it would dismiss some staff, no less than 18,000. Amazon noted that it is making the decision as a result of the global economic situation. Ahead of this additional layoff, Amazon dismissed over 18,000 people between November and January. Specifically, e-commerce and human resources department workers…

OKX latest proof of reserves reveals $8.9B in assets

boss

The global cryptocurrency exchange OKX released its fifth proof-of-reserves (PoR) report, a practice it began in November 2022 to boost transparency in the industry.  According to the latest edition, OKX holds $8.9 billion across Bitcoin (BTC), Ether (ETH) and Tether (USDT). This puts the reserve ratios of BTC, ETH and USDT at 103%, 103% and 102%, respectively. This latest release also comes as the exchange upgraded its PoR system with more transparency by making full liabilities (the total balance of user deposits) publicly accessible. Cointelegraph spoke with Lennix Lai, the managing director…

OKX latest proof-of-reserves reveal $8.9B in assets

The global cryptocurrency exchange OKX released its fifth edition of its proof-of-reserves (PoR) report, which it began releasing in Nov. 2022 in its effort for more transparency in the industry.  According to the latest edition, OKX holds $8.9 billion across Bitcoin (BTC), Ethereum (ETH) and the Tether stablecoin (USDT). This puts the reserve ratios of BTC, ETH and USDT at 103%, 103% and 102%, respectively. This latest release also comes as the exchange upgraded its PoR system with more transparency by making full liabilities (i.e. the total balance of user…

Duolingo Reportedly Developing Music App

Currently, Duolingo is looking for a Learning Scientist for Music. The role suggests collaborating cross-functionally to develop a research-informed app for teaching music. Duolingo Inc (NASDAQ: DUOL), the Pittsburgh-based technology company behind the language learning platform that enables users to learn languages online, is reportedly working on a music app. In order to facilitate the development process, the company has opened two music-related jobs. Duolingo Music App Plans Currently, Duolingo is looking for a Learning Scientist for Music. The role suggests collaborating cross-functionally to develop a research-informed app for teaching music that…

A profitable affair 88.5% of days

boss

Of the 4,593 days of Bitcoin’s existence as a tradable asset, BTC hodlers experienced 4,065 profitable days — challenging the historical narrative of depreciating volatility in crypto. As a result, holding Bitcoin (BTC) is provably profitable in the long run.  Bitcoin’s historical price performance confirms that a hard limit on total supply and seamless global usability is critical to becoming a store of value. Data from Blockchain.com shows that Bitcoiners enjoyed 88.50% of profitable days relative to the current market price at the time of writing. Number of days in…

From fiat to crypto, explained

boss

Money has evolved from simple objects of barter to cryptocurrencies. Money emerged as a means of facilitating trade and cooperation among strangers. As human societies grew more extensive and complex, the need for a common medium of exchange became increasingly important. From a realist political perspective, concepts like value and possession played a part in human interactions from their early days. The first forms of money were objects of barter, such as stones and livestock. These objects were used to facilitate trade and were valued based on usefulness, scarcity, demand…

MetaMask enables direct crypto purchases in Nigeria

boss

Self-custody cryptocurrency purchases are becoming easier in Nigeria as major crypto wallet MetaMask expands direct onramps with local banks. MetaMask’s parent firm ConsenSys announced on March 21 a new integration with crypto fintech MoonPay, enabling users in Nigeria to purchase crypto via instant bank transfers. The new feature is available within the MetaMask mobile and Portfolio Dapp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria. Before the partnership, MetaMask users in Nigeria had access to the MetaMask wallet but the process of buying…

Coinbase submits petition to SEC explaining that staking is not securities

boss

United States-based crypto exchange Coinbase decided to communicate proactively on crypto staking, which had recently attracted regulators’ attention. The company’s petition to the Securities and Exchange Commission (SEC) explains why staking can’t be universally labeled as securities. The “Petition for Rulemaking” was published by Coinbase on March 20. In an 18-page document, the firm focused on how securities law treats services related to validating proof-of-stake protocols. It was written in response to the SEC’s February crackdown on Kraken’s staking program — the SEC charged the exchange with “failing to register…

Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring – Bitcoin News

boss

Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales. Sunacrip Boss Joselit Ramirez Arrested Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18 on alleged corruption charges. According to reports from the local newspaper Ultimas Noticias, the arrest of Ramirez is part of a…