Coin Win

The Treasury Secretary of President Joe Biden, Janet Yellen can see higher advantages than her previous testimonial.

Following a simulated US hearing, Yellen hit headlines for her reaction to Senate Finance Committee on Tuesday, telling Democratic Senator Maggie Hassan if she would respond to the emerging financial technology used in financing organised crime and terrorists. Yellen called cryptocurrency a “crowning concern” in the United States, he said it was used “mainly for illicit financing” for certain organisations, and that the U.S. government wanted to investigate “cutting” the use of cryptography as part of its anti-money laundering.

Her written declaration released today on the website of the Senate Finance Committee nevertheless indicates that the views of Yellen regarding crypto may not be as bearish as those indicated. Although Yellen’s writing reiterates the need to clamp down on “malignant and unlawful activity” use of cryptography, she said that she intended to promote “legitimate” use of digital properties.

Yellen was Secretary of the United States Federal Reserve. President Barack Obama, and after Bitcoin was labelled “anything but useful” in October 2018, she has stayed silent about her views of the crypto region. After the 2017 bull run, which led Bitcoin (BTC) to an all-time height, in early 2018 she resigned her role as Chairman of the Fed.

Tomorrow the Senate Finance Committee will vote on the election of Yellen to the Senate, where the Democrats have overwhelming voting. Yellen would be the first woman to act as Secretary of the Treasury if authorised.

In Monday’s filing, the firm reported that it had acquired an amount of $1.5 billion in Bitcoin, which is kept for its surplus funds, as an investment and as a store of value. The estimated buying price and number of BTCs the business purchased is currently undisclosed. In January 2021 Tesla had revised its investment strategy at an unpredicted stage, which suggested that Tesla could keep between 35.900 BTC and approximately 35.500 BTC which is the average rates, respectively, of $42,000 and $33.000. In light of the price action of Bitcoin in recent weeks, the prediction at BTC 45,500 is possibly closer to the true level.

Furthermore, the future Treasury Secretary wished to make the United States a pioneer for digital assets and financial technology, adding that by partnerships with the Federal Board, it will facilitate the development of a regulatory system for cryptocurrencies and other fintech technologies.

Before jumping straight into how decentralization of cryptocurrency brings a huge impact in the crypto arena, let’s have a bit of discussion on what decentralization of cryptocurrency actually means. Cryptocurrency decentralisation is basically what enables it being reliable. More decentralised cryptocurrencies are usually expected to become more secure and more promising than more centralised and less dispersed cryptocurrencies to thrive.

The manner you view money has been fully revolutionised by cryptocurrency. Only a decade earlier, decentralised financial systems seemed unthinkable — particularly on such a global level. The word decentralisation is tossed around through the cryptocurrency industry as an ultimate – Either the scheme is decentralised or is not. This, nevertheless, is not precisely what is happening.

Decentralisation can indeed be considered a continuum and several facets of a digital currency fall on various parts of the spectrum of decentralisation. The concept that every individual may spin up a server and become an equivalent network member is a key feature of decentralised peer-to-peer systems based on blockchains.

How Decentralized Cryptocurrencies are Different from Centralized ones?

Most individuals falsely assume that almost all cryptocurrencies are decentralised, but it simply isn’t the case in reality. In reality, with the support of mediators or third-party providers, many cryptocurrency transactions occur. All of these methods include certain benefits and drawbacks, but by far further common are decentralised cryptocurrencies exchanges. They’re special as they offer absolute authority to their customers, and that there are no costs by using the service. To sum it up, although decentralised crypto transactions are monitored mostly on blockchain, centralised systems need a third-party supervisor.

What’s Good about Decentralization of Cryptocurrency?

Here, you will understand all that’s positive about decentralising cryptocurrencies. It’s vital to know that it could be a little hard to grasp this type of financial model, since it’s entirely opposite from what people are used to. With all that in view, let’s proceed to the benefits of this specific category of exchange.

●     It is not governed by banks or a 3rd parties provider

This form of system explicitly positions the users in charge of the currency. This implies that its worth does not in any manner be impacted by changes to national economic authorities or determined by a third – party vendor. You are essentially a creditor of your own. Nobody here is going to track your transfers or repossess your cash.

●     High Interest opportunities

A further wonderful thing about decentralised financial frameworks like CLVA is that by having purchased a crypto coin, you would be able to experience generating greater interest. This is probable because such rates of interest are not, for that reason, contingent on the actions of the reserve bank or some other finance company. Holding your local bank savings account is not how you can get the economic independence you demand. Thus, decentralised crypto will make for an excellent order to transport your investments over costs and take them.

●     No Fees

Utilising decentralised cryptocurrency trading networks implies you’re not going to have to pay any service charges. Since there is no one who tracks and takes good care of your expenses, no extra payments are needed.

●     High Speed

You’ll get a smooth market knowledge because there is no one who requires you to “execute” your purchases. It seems to be probably the most efficient kind of trading possible at present.

●     Security

A decentralised cryptocurrency exchange’s greatest benefit is that this is highly safe. It is extremely difficult for perpetrators, which can not be said about centralised facilities, to obtain access to the funds. All the users need to be aware of risking their resources and their details in case there really is a cyber attack on a centralised trading platform.

●     Accessibility

You shouldn’t need to be certified for exposure and the use of decentralised cryptocurrency by a third-party provider, for instance, a bank. It can be used anywhere by anybody.  Opening it really only takes a couple of seconds, and you will be able to access it no matter where you would be.

 

Conclusion

To claim that perhaps the process is flawless throughout every possible manner would be imprudent. While there are many benefits of doing it, there are also some dangers involved with it and one of them is that many of these devices are far too difficult to manage. This looks like, fortunately, that the pros outweigh the cons considerably, and the scheme seems to have been constantly developing.

 

The Government of Venezuela has always been very much appreciative of cryptocurrencies and has also taken serious steps and measures to promote the same. Venezuela government is so very impressed with the cryptocurrencies that they have already created their very own crypto: Petro. National-Superintendency-of-Crypto-Assets-and-Related-Activities(“SUNACRIP”) has issued a degree, or it can say the very first degree on cryptocurrency. This decree is issued to regulate all the crypto mining activities in Venezuela.

The rise of the involvement of minors in the crypto world has led to severe criminal issues, and that is why the Venezuela government has done the necessary task and put up a decree that will regulate the activities of minors in cryptocurrency mining. They basically will have to meet with certain specifications to operate. This particular statement was handed out from the officials of SUNACRIP. The statement was signed by Joselit Ramirez, the head of SUNACRIP. The new decree also made its place in Gaceta Oficial.

What are the essential regulation points?

As already mentioned, due to increasing crimes and involvements of minors, Venezuela has taken a significant step by deciding to make a register that will keep track records of the citizens engaging in crypto activities. The decree consists of the order that any citizen of Venezuela will have to register to the “national Pool” which is the register itself. Anyone who has an interest or existing bitcoin miners will have to register to the so-called national register.

This register is essential because it will keep the record of the activities of the citizen involved in crypto. They will have to mention the type of activities they will be doing using cryptocurrency like trading or using mining equipment or anything else that concerns the Venezuela government. The Govt says that they will issue a license for the citizens concerned.

The issued decree also states that SUNACRIP “may” propose benefits and special privileges for the crypto miners for motivation and better performance by joining the national pool. The benefits will be served to the citizens joining the pool. Comprehensive crypto Assets System Sanctions will come to play its role if the miner denies joining the national pool. 

There are some very areas in the decree as well

1. It does not state whether the Venezuela government has total or partial authority to freeze the mined crypto of its not counted under the national pool.
2. It doesn’t state the situation one has to face if they don’t register to any such national pool.

Last Note

The registration for this national pool can be done from SUNACRIP or RISEC if one wishes to explore cryptocurrency. Due to many instances of illegal activities, although Venezuela is a hub for crypto miners, the Government is always skeptical about its authenticity and safety, and hence these stringent decrees.

Remember, if you are living in a state-owned house or if your Mining area is in the great home mission neighborhood area, you can’t be doing mining activities, as stated by Venezuela “Minister of Habitat and Housing”, Ildemaro Villarroel.

Kava, the multi-asset decentralized finance platform or DeFi that offers stablecoins, loans, and other financial products for users of cryptocurrency assets including BTC, ATOM, BNB, etc. has released a proposal for the first cross-chain money market on their Cosmos SDK built Blockchain to capitalize on DeFi possibilities on their website.

Kava, in their statement, said that it wants to build an application called Harvest that will allow users to lend or borrow digital assets, including BTC, CRP, BNB, BUSD, KAVA, and USDX. Investors will be paid interest in the form of Harvest’s governance token, HARD. Version 1 of the software will provide supply functionality, and version 2 of the software will provide borrow functionality along with extended governance.

The Harvest Decentralized Finance lending Cross-Chain Architecture.

Harvest is one of the many applications that will leverage Kava’s blockchain security for DeFi products. With the application primarily deriving its basics from KAVA, it will automatically combine other functions like Kava’s price reference data from Chainlink oracles and the bridges to help in cross-chain asset transfers.

Kava, in their statement, said that the cross-chain architecture would play a crucial role in giving Harvest access to any digital assets within the Kava blockchain network. The company website also stated that the project is set to capitalize on the Kava-4 Mainnet upgrade, where an expansion of the BEP3 Bridge will allow the support of BTC, BUSD, and XRP amongst other digital assets. In the long run, all these assets will be supported in the Harvest cross-chain money market along with Kava native assets like USDX, KAVA, and HARD.

The new application Harvest is a decentralized platform that can be accessed by anyone from anywhere. The open end application will help in integrating financial market stakeholders not limited to the financial applications, exchanges, and financial institutions. This would thus help the financial service providers to offer Harvest Borrowing and earning facilities directly to their clients.

Kava CEO and co-founder Brian Kerr, in a statement, said that it was important that the company offered a governance token. Their governance token, HARD, will harmonize decentralized activities within the lending and borrowing ecosystem. 

Harvest users having HARD will also be able to access reward distribution within the network and have the option to choose which digital asset to feature. Harvest will also distribute 20 percent of the total amount of HARD tokens to Kava stakeholders over the coming years for providing security and other base layer services to the Harvest platform.

Brian Kerr added that his foundation provided developers with the ability to quickly build applications on Kava’s open platform while being able to support its security, cross-chain bridges, and other infrastructure, which would otherwise cost a fortune and years to develop independently.

The security lacks in the world of virtual currency have once again raised the eyebrows of users of such currencies. One more such incident has come in the limelight where the data of Google Gift card is used maliciously, and the undue advantage is received by a group of employees of a firm in the Philippines. It was recently reported that some employees of Sykes were involved in a Bitcoin scam. Reacting to the news, Google has pulled outsourced work from the Philippines based Sykes, which is involved in BPO operations.

Google has confirmed the news and said that it has pulled some projects which were outsourced to Sykes and given it to another vendor in the Philippines. According to various social media posts, some employees of such outsourcing firms allegedly siphoned around $1.23 million worth Google gift cards, and it was later converted to Bitcoins.

Even though Sykes confirmed that some of their employees had breached the conduct standards, it was not revealed as to what the nature of the violations was and whether it was related to the Google project.

The rise in Crypto Scams

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In recent years, there is a significant rise in crypto scams, and fraudsters find it easy to use such options as they can easily evade law enforcement in many cases. The National Cyber Security Center of the UK had recently cracked a fake celebrity endorsement deal for Bitcoin online.

Not only that, in many countries, scammers have been using high-end technology to lure vulnerable investors into fraudulent Bitcoin investment schemes. They promise high returns and project their company as legal and based in some foreign location. As they are not locally registered, not much information will be available about such companies, and users also do not cross-check all the details when they are blinded with high returns schemes.

In many cases, investors have lost lots of money, and they are in no position to complain against the scammers as they are in a different country. Even the local authorities cannot help in such cases as they need the help of international agencies to track such cyber crimes.

For such reasons, many countries have imposed stricter restrictions on cryptocurrencies, which is done to protect the common investors from such scams. However, the Philippines is friendly towards the cryptocurrency industry, and it is even planning to issue a central bank digital currency shortly.