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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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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Bitcoin is money, D.C Federal Court says

In the past some years, the use of virtual currency has been increased, but yet people do not take it as money. However, a decision provided by the court of law in the USA, there is no doubt that money is not different than the bitcoin. In a surprising outcome, the D.C Federal court has said that Bitcoin is a form of money. Hearing the case of United States v Harmon, Howell, the Chief Judge mentioned that Bitcoin is a form of money as generally money is a medium of payment and exchange and anything that can store value. Bitcoin meets all these requirements, and hence it can be considered as money. This verdict has created sensation in finance world and also opened the new directions for the virtual currency.

Bitcoin covered under Money Transmitters Act

As per the new ruling, Bitcoin is now considered a form of money, according to the Washington D.C Money Transmitters Act. The money laundering case against Larry Harmon, who operated an unlicensed bitcoin trading platform, was heard by the court, and it declared bitcoin as money so that criminal charges against the accused could not be dismissed.

What experts say in this matter?

While the court’s decision has cheered many market participants in the cryptocurrency market, things still remain the same as per market experts. The decision of the court, which agreed that bitcoin is a form of money, is meant in that particular context of money transmission licensing in D.C. Apart from that, it does not provide any validity for the cryptocurrency in other forms of the financial markets.

Investors should not get too excited about this decision, and it should be taken with a pinch of salt as it does not provide legal sanctity to cryptocurrencies. Many investors are shying away from such investments as they are afraid of regulatory sanctions against cryptocurrencies. In some countries, such cryptocurrency exchanges have been banned without considering the fate of investors. In this situation, investors should always exercise caution while dealing with cryptocurrencies.

In most cases, even though you might be dealing with a stable cryptocurrency like Bitcoin, you should also be careful about the exchange offered by the trading services in this virtual currencies. If the exchange is not having regulatory permissions from the local government, it may get into trouble at a later stage, and you will face problems with your investment. Investors should consider all these factors while investing in cryptocurrencies.

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Cypherium CEO Predicts CBDC Cross-Border Payments ‘Soon’

The CEO and Founder of Cypherium blockchain, Sky Guo, recently said that he believes the central bank digital currency (CBDC) based international payments would start happening in the coming years or maybe even sooner. Sky also said that the development happening of CBDC in the central banks of many countries would make way for many countries in the European Union as well as the United States and China are leading in the international payments across borderlines. At the rate in which the developments are taking place in this field and the interest of the banks to make CBDC a reality is what gives hope that the cross-border payments would soon become a common mode of making payments in the near future. 

There are many countries across the globe that is domestically experimenting with the CBDC by launching pilot projects. One such example is Didi, a ride-sharing company that has partnered with the respected Digital Currency Research Institute of China. It is what makes the cross-border payment through CBDC in the future inevitable, said Sky Guo. However, he did mention that there is one hurdle in the process that is the different technology and regulatory parameters used by different countries with respect to CBDC. Sky Guo said that the central banks of different countries should work together to solve the interoperability features, which can otherwise cause a range of issues. Unless these interoperability issues are resolved, the CBDCs of different countries wouldn’t be able to interact and adapt to different systems and technology, making the global adoption or cross-border payments almost impossible. 

Sky Guo said that there are two categories of CBDCs, namely retail CBDCs and wholesale CBDCs. The retail CBDCs are primarily used for daily purchases by retail investors, whereas the wholesale CBDCs can be used for bigger transactions, mainly by the banks and similar financial institutions. Coming with the solution, Sky Guo said that Cypherium blockchain, made by combining HotStuff combination and Proof-of-Work or PoW algorithms, provides a solution that enables cross-chain interoperability for Central Bank Digital Currency. 

Sky Guo is among the most noted figures in the crypto world and is also part of the OMFIF Digital Monetary Institute. He has been part of the many virtual roundtables and conferences with the People’s Republic of China, De Nederlandsche Bank, Digital Currency Research Institute, Banque De France, and European Central Bank, along with many others leading names in the crypto and financial world. Sky Guo believes that banking and financial institutions have to work together to bridge the gap between the traditional banking system and digital currencies. It is, for this reason, the global mind behind the central banking system, OMFIF has launched the Digital Money Institute. 

The main purpose of the Digital Money Institute is to engage in market research and study the issues and problems that the digital currencies are facing globally, and make its adoption easier, not only by the retail investors but by institutional investors and financial organizations. 

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Why Interoperability Is the Key to Future Innovation and Adoption

While the concept of blockchain and peer-to-peer network in crypto-currency may have revolutionized the technological world, there are certain blocks in the path of its true development. For years innovators of crypto-currency have stuck to their specific doctrines as well as the technologies that operate through them despite many of the problems involved.

For the blockchain algorithm to flourish in the virtual world unhindered, users must be able to exploit every platform providing the cryptocurrency service without having to be stuck with one because of petty disagreements between the developers.

Basic Vitality

The main vitality of inoperability in blockchain lays in the plethora of opportunities it will present. It will be able to further progress from crypto-currency development to other forms of ownership, especially that of data which is as valuable as gold in this fast-changing world. The ongoing coronavirus pandemic has placed a mirror to the various problems associated with supply and demand as well as how important it is to cooperate during a crisis. The blockchain holds its essence in its ability to let the unanimity of the whole group hold cognizance as well as to maintain transparency and easy application. These solutions can be applied to many commercialization processes that a growing economy desperately needs.

The big obstacle

So what is stopping us from using blockchain in a more global way? The lack of inoperability is the bigraison d’etre. The lack of inoperability forces the user to be stuck in the blockchain that he’s using and doesn’t allow her to communicate or affect another blockchain simultaneously. Along with that, the process of choosing the correct option to develop of a blockchain becomes extremely over-complicated since the correct choice differs from blockchain to blockchain.

The much-needed solution

Inoperability requires the platform-innovator to be a little large-hearted and allow the developer who didn’t opt for their particular platform to progress regardless. The developers must be encouraged to help each other out and opt for a universal code of operation that will bring uniformity to an overly complicated process that need not be so.

The secret lies in the intrinsic need of humanity to help each other out. Instead of focusing on gathering the most number of transaction and become the biggest chain on the block, true progress can be achieved by cooperation.

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