Italian Finance Regulator Issues Warning On Binance Crypto Exchange

Crypto exchanges are marketplaces that enable users to buy and sell cryptocurrencies. Every user who wants to enter the crypto world needs to buy bitcoin or other cryptocurrencies from the crypto exchange. While there are many more ways to own cryptocurrencies, buying through a crypto exchange is the best option. You must have heard about popular crypto exchanges like Coinbase, Binance, and more. For everyone who thinks that Binance is a popular and authorized crypto exchange, it is not. Italian Exchange Commission and Companies have warned investors about Binance stating that it is not an authorized exchange that facilitates crypto investment services.

 

The Securities Market Regulator of Italy, CONSOB, recently issued a statement that cleared that Binance Group is an unauthorized exchange that operates in Italy. The regulator also mentioned on the techtimes website and the Binance group website that Binance.com is not authorized. As soon as the statement was issued, CONSOB went on warning the public about the legality status of Binance and the potential implications. It also advised people to take caution while making crypto investments.

Not only Italy, but it has joined many other countries in issuing the warning amongst the public regarding Binance that is known to be the largest crypto exchange across the world in terms of its trading volume. CONSOB said that it is crucial for all investors to be informed about crypto assets that involve risks and are not immediately observable because of extreme volatility, fluctuations, security vulnerability, and complexity.

In the last and latest warning, it has been observed that Binance group has faced class-action suit from national and international investors. Legal action will be taken against the crypto exchange to recover all the damages of people from trades, and it is suspected that Binance Group has also violated the rules on trading of cryptocurrencies. CONSOB has joined a large number of regulators in issuing warnings against the Binance crypto exchange and making moves in other parts of the world, including the United States, Germany, United Kingdom, Poland, Canada, Japan, The Cayman Islands, and Thailand.

It is crucial to do proper research before buying or selling cryptocurrencies at any crypto exchange. The Reserve Bank of India has issued warnings against many exchanges, and it maintained its stance on the ban of digital currencies. Earlier, RBI has also advised people to hold cryptocurrencies at their own risk.

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Green Bitcoin: The Impact And Importance Of Energy Use For PoW

Green Bitcoin: the impact and importance of energy use for PoW

In the whitepaper of Bitcoin, Satoshi Nakamoto, the founder of bitcoin, described the bitcoin mining process. He described the mining process as the only way to mint new bitcoins, and this would take place through the proof-of-work concept. To mine new coins and complete the verification and validation of bitcoin transactions, the computers were required to solve complicated mathematical equations. There were hardly any miners in the early days of bitcoin; however, this thing changed in a few years when people understood this digital currency.

Competition in the mining process increased, which results in increased cost of machines and energy required for competing. Most importantly, the energy demand exploded along with the demand for new machines needed to process transactions and cooling. Only after a few years, the energy demand grew more to mine bitcoins, and as per the data, the energy demand has reached 116.71 TWh per year. Let’s glance at the real impact of bitcoin mining on the environment and learn the importance of energy use.

Usage of Energy in Bitcoin Mining Process

Some central authorities and influencers emerged on social media stating the suspected increase in coal usage and other fossil fuel energy required to mine bitcoin. Coal is an important energy source in China, but according to research done by https://www.globenewswire.com, one major energy source is hydropower. It has been surveyed that around 65% of hashers use hydroelectric energy for their mining operations.

CBECI stated that around 25,085 TWh of energy is produced every year, out of which around 20,865 is only consumed, which means that around 16.75% of energy is wasted. Bitcoin mining represents the energy expenditure of 0.47% of total energy producers, whereas 0.54% of total electricity is consumed across the world.

The goal of Green Bitcoin

The energy consumed by the mining process will keep on increasing in coming years as the working is linked to computing power. Crypto mining companies should now focus on the green bitcoin network and do their part by pushing bitcoin production with less usage of fossil fuels and purchasing carbon credit tokens. It would be unfair to call the bitcoin miners degraders of the environment. Bitcoin is a global currency, and everyone must remember that cryptocurrencies are developed to offer freedom to underprivileged individuals and augment the quality of life.

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Singapore’s Biggest Bank Launches Crypto Trust Solution!

The DBS private bank, which is the biggest bank of Singapore and is also one of the largest asset managers in Asia, has announced that they will launch the crypto trust solution. This news was announced amid the record-breaking increase in the demand for digital assets in the Asia region.

The bank mainly supports four digital currencies!

Previously in December 2020, the DBS bank had already settled up a cryptocurrency exchange. Now the banking colossal is starting to expand its crypto-related services with its entirely trusted company that is DBS trustee. The novel cryptocurrency trust will allow the customers of DBS bank to invest their money in cryptocurrencies. The bank stated that the customers of DBS bank would be able to store and manage all the crypto assets on their own. The four leading cryptocurrencies which are going to be offered by the bank of Singapore are bitcoin, Ethereum, ripple, and bitcoin cash. However, this can also get modified in the near future, but right now, there are no plans for making an amendment to this plan.

The president of DBS private bank in Singapore, Joseph Boone, has said that their structures will make it very easy for the customers to hold the crypto assets while making sure that they are managed safely and transferred to the beneficiaries which were intended. The bank has expected this trend to accelerate because cryptocurrency and bitcoin era has now become very popular all around the world.

This expansion was honestly expected!

Well, the thing is that it was really expected that the bank is going to expand its services related to cryptocurrencies. The company has also seen a remarkable increment in the trading of cryptocurrency volume this year. You will be surprised to know that the current volume of cryptocurrency has increased by ten times than that of the last year. Singapore’s biggest bank is now planning to launch a security token on digital currency exchanges in the second quarter of the year.

In addition to all these things, the bank has also been in a partnership with JP Morgan that is an investment bank, and Temasek, which is the state investment company. They are working together to improve the payments that are made at a cross border with the new institution that is entirely focused on blockchain technology. The DBS venture into declaring the crypto services will challenge the domination of grayscale investments in the US market.

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US Treasury Secretary Nominee Yellen: Crypto Can Improve The Financial System

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.

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Is Decentralization of Cryptocurrency a Good Thing?

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.

 

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Bitcoin Is The Best Treasury Reserve Asset Humanity’s Ever Had

The bitcoin amount held by the companies trading is just a tiny part of the whole world. Indeed, one can find an actual cash reserve amount that prevails in a trillion dollars. Bitcoin revolution can be stated as a great reserve asset to store for the treasury. But one can also dig deeper into other assets. 

What to speak about other prevailing assets?

With real estate, it can be noted as an excellent asset to preserve for a long period. It might lose value like taxes.

In the meanwhile, a low management risk also prevails around the stocks, and even the changes in regulation might be a cause to stores failing price. One can’t declare any conviction within the 100 future years to turn into a good option.

Even specific issues arrive over gold or other metals when keeping an eye over the overall performance within 100 years. Though there is an appreciation in their value over time, it is stressful to keep up their logistics. One can also use the storage services available with third-party regulation, including the commercial banks, but one knows that gold can be lost from anywhere. Mostly, it is the wartime when gold is an asset that gets lost most often. Several times, it has happened in the past decades. In World War II, gold masses got stolen by the actors belonging to the state and even the outside ones.

What to speak about Bitcoin?

At present, no counter-party related risk prevails over Bitcoin. In simple terms, one needs not to worry or think about any actions from third-part over bitcoin that can affect the BTC value. Also, it is safeguarded from any risks arising due to regulation or government policy changes. The BTC holders get the overall control over the digital asset. 

Being a network operated in a peer-to-peer manner, Bitcoin is a platform that enables the BTC holders to use the asset with complete control without any regulatory body handling the operations. Meanwhile, one can assure that bitcoin value will continue to grow ahead in the coming years since there is a determined supply.

With the high autonomy and scarcity rising for Bitcoin, it is most likely a factor resulting in valuing it up in the future time. In 100 years, it won’t be a surprise to capture a higher price compared to today’s price.

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Crypto Mining Activities Are Now Regulated By The Venezuelan Government

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.

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Kava To Release Cross Chain Money Market On Blockchain

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.

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Google Pulls Work From Bpo Whose Employees Was Involved In Bitcoin Scam

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.

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Former Prudential Securities Chief Executive Ball Bats for Bitcoin

The financial pundit George Ball has changed his tune regarding Bitcoin. The head of a reputed business firm had previously been unwilling to see the cryptocurrency as a viable player in the economy and something to be reckoned with. But with recent approving moves by the federal authorities and growing correlation of Bitcoin with traditional forms of financial resources, the man seems to have seen Crypto’s glory. The pandemic has put things into perspective, and the lacking capabilities of traditional government-run economic elements have made it clear that they cannot be depended upon in trying times. On the other hand, altcoins seem to be thriving in these uncertain times and have sufficiently corroborated their risky nature of operations.

Turning Viewpoints:

Ball explained his shifting loyalties with the growing concern of the market further weakening because of the governments’ generous distributions of stimulus packets. The subsidiaries may be necessary for people right now, but the solution is a short stilt that will further dishevel the already weakening economic stick house. These preliminary measures will come back as huge tidal wave destruction to many modes of transactions accept cryptocurrencies.

Renewed Faith on The old reliable:

The finance head reiterated the common benefits of Bitcoin in a newer post-pandemic light. He emulated the safety of cryptocurrencies and how they can act as long-standing repository wealth unaffected by the shifting winds of finance or the devastating effects of natural calamities. He also praised Bitcoin’s trading capabilities and how it provides high returns during critical points in time. He assured that brighter days lay ahead as many traders will turn towards altcoins in huge numbers as government-regulated fiat currencies will quickly lose ground once the after-effects of all those public subsidiaries roll in. Thus the most fundamental feature of Bitcoin, that is, autonomy from authoritative control, will be a major attractive quality for new users.

The ball is not the only previously unmoved trader that has changed his opinions with changes the economy is facing today. Many other industry honchos who had limitedly accepted Bitcoin’s ingenuity are now embracing with wide arms and hopeful eyes. The stability of the altcoin due to its independence from government regulation, increasing valuations, rapid and explosive returns along with a Bull Run forecast up ahead has greatly increased the appeal of all forms of cryptocurrency for the previously skeptical. 

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