Chilean Peso stable coin goes live on Stellar Network

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A new stablecoin pegged to the value of the Chilean Peso is now live on the open-source Stellar payments network — but is yet to prove popular with users.

Chile-based firm CLPX Inc launched what it describes as the first-ever Chilean Peso pegged stablecoin dubbed the “CLPX” token.

According to the public ledger on Stellar Expert, since the launch on Monday the stablecoin has seen limited volume of just $12,689 from a total of 12,902 trades.

CLPX was designed to provide a cheaper alternative to traditional Peso-based remittances, with the firm utilizing the Stellar Network as it incurs “substantially” lower fees than wire transfers or remittance services.

“The new CLPX token is set to streamline remittances and make it easy for investors worldwide to use the copper-linked Chilean peso as a hedge,” an announcement read.

CLPX also has an eye on offering international exposure to Chile’s booming copper market, which has been a critical driver of economic recovery amid the global pandemic. The Latin American nation is the current world’s leading copper producer by a long distance, with China being the main buyer of Chile’s red metals.

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Explaining the infrastructure bill’s impact on cryptocurrency

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CoinDesk Learn Editor Ollie Leech explains why the cryptocurrency community isn't excited about the bipartisan infrastructure bill.

Video Transcript

- Something else to understand is what's going on in the Crypto Corner. And we want to bring in Ollie Leech, Coindesk Learn Editor. Lot to talk about here. I mean, I got Bitcoin back above $46,000. But I can't avoid the elephant in the room.

We saw the PolyNetwork, the decentralized finance platform that got hacked. Apparently, the hackers have returned, what, about a third of the 600 million that was stolen. But what is the message that this is sending to investors and to the crypto world?

OLLIE LEECH: Yeah, it's a really interesting story, actually. Like you said, you know, over $260 million has been returned. SlowMist, a blockchain-based security team was able to somehow uncover the hacker's mailbox, IP, fingerprints. And a lot of the industry got together-- [INAUDIBLE], Binance, a lot of these leading exchanges acknowledged the attack and were going to help blacklist these addresses to try and cut off the hackers' escape routes.

Continue reading at finance.yahoo.com

A Bitcoin-Tracking Financial Instrument on TASE UP in the Tel Aviv Stock Exchange

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Digital Currency Investment House, Silver Castle, and The Tel Aviv Stock Exchange Ltd (TASE: TASE) announced today the first-ever issuance of Bitcoin linked and backed bonds on TASE UP. This new channel of investment in Bitcoin creates a pathway for institutional and qualified investors into the digital currency realm and further diversification of their investment portfolio.

The series of bonds issued will have term of three years and will not bear interest. The capital raised in the issuance will be used solely in the purchase of Bitcoin and the monies will be fully exposed to the exchange rate of the Bitcoin. The trading of the bonds will be subject to the rules of TASE UP. The redemption of the Bitcoin will be paid for in Shekels, based on the exchange rate of the Bitcoin on redemption date, less commissions. Weekly early redemption will become available at the end of three months, based on a formula that weights the exchange rate of the Bitcoin on early redemption, less commissions.

The new instrument enables exposure to Bitcoin with significantly reduced operational risks and product holding costs. Until now, Bitcoin could be obtained by way of direct purchase and holding, bitcoin delivery agreements, and Israeli or foreign hedge funds. Starting today, institutional and qualified investors can also purchase Israeli Bitcoin bonds on TASE UP.

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Bitcoin Should be Part of Your Retirement Plan, Says Scaramucci

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Former White House Chief of Communications, Anthony Scaramucci, continues to tout cryptocurrencies as an integral part of people’s financial future.

Anthony Scaramucci has been a proponent of digital currencies for a while now, specifically bitcoin (BTC). In a recent interview with 401K Specialist magazine, he doubled down on his push for Americans to invest sooner rather than later in the world’s most popular digital currency.

While Scaramucci does warn that investing in such a volatile currency should be done in “bite-size, digestible chunks,” he firmly believes that bitcoin should be part of people’s retirement plans. Even if it is just a small amount. In fact, the volatility of digital currencies is exactly why he believes in investing in bitcoin. The co-founder of SkyBridge Capital said that:

“People can trade within their 401k without tax consequences. If we’re right about bitcoin and I was your financial advisor, I would tell you that over the next 100 years, this is the technology that people are going to use for a large swath of commerce on the planet.”

Continue reading at finance.yahoo.com

Turkish Central Bank Considers Becoming Bitcoin Custodian

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Turkey’s fiat currency, the Lira (TRY), is in serious trouble – especially against Bitcoin – with consumer price inflation reaching an alarming 16% in March of this year. In January of 2008, the Lira traded at near-parity with the US Dollar but is currently near its all time low of 8.5 TRY to the USD.

Perhaps in response to the surging demand for reliable hard money alternatives like Bitcoin, the Turkish central bank, the CBRT, banned cryptocurrency as a payment method for goods and services in mid-April of this year.

The Plan

The subsequent failure of two Turkish crypto exchanges, Thodex and Vebitcoin, was perhaps a fairly predictable consequence of the harsh and sweeping new restrictions. While the CBRT’s governor has denied any blanket ban of crypto, according to a report published on Bloomberg and attributed to a senior government official, the CBRT is now planning to aggressively regulate the Turkish crypto industry. Much of the proposed regulation appears designed to prevent further exchange failures.

Continue reading at newsbtc.com

Tesla urged to review its payment practices after two Australian buyers lose thousands to scammers

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When Andrea Hammond decided to buy a Tesla 3 electric vehicle, her choice was not about the car's slick design or prestige badge.

"Spending that amount of money was not an easy decision, but my commitment to wanting to drive without polluting the atmosphere was my motivation," she said.

"The Tesla cars seemed to stack up in terms of being a car that I could drive for the rest of my days."

At first, the process of buying a Tesla seemed as modern as the car itself.

Continue reading at abc.net.au

Coinbase to Pay $6.5 Million to Settle CFTC Investigation Over Trading

Cryptocurrency-exchange operator Coinbase Inc. agreed Friday to pay $6.5 million to settle regulatory claims that it reported misleading information about its trading volumes.

Coinbase, which last year filed plans to go public, resolved the Commodity Futures Trading Commission’s investigation without admitting or denying the regulator’s claims. The outcome clears one cloud hanging over Coinbase as it prepares to become a public company through a direct listing on the Nasdaq Stock Market.

Coinbase issued a statement saying the investigation didn’t allege any harm to customers. “We proactively engaged with the CFTC throughout their investigation, and we believe that our conversations were constructive and contributed to an outcome that is satisfactory for both parties,” the company said.

The enforcement action shows how Wall Street regulators such as the CFTC, which oversees derivatives markets, have moved to police conduct in the new world of cryptocurrencies and digital assets.

Continue reading at wsj.com

Spanish Ministry of Economy Proposes to Create a Financial Customer Ombudsman for Crypto-Related Matters

Crypto regulation in Spain remains on the political talks amid the current bull-run seen in the bitcoin prices. Now, the country’s Ministry of the Economy is about to create a new Financial Customer Ombudsman for crypto-related matters.

Independent Financial Customer Body Will Abide by the MiCA Ruling

Per La Información, Minister Nadia Calviño seeks to extend its guardianship to the financial body to cover topics such as protecting consumers in cryptocurrency services. To make it a reality, the minister will submit the initial proposal to a public consultancy “as soon as possible.”

Overall, Calviño also wants to canalize all conflicts between banks and their customers through the Financial Customer Ombudsman, including all businesses in the fintech sector.

Continue reading at news.bitcoin.com

Goldman Sachs – Crypto Adoption is Going to Boom

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With the cryptocurrency market capitalization hitting $1.75 trillion, Wall Street investment banking giant Goldman Sachs states that the cryptocurrency adoption has just begun.

“The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and (use of) digital money.”

John Waldron, President and COO of Goldman Sachs, in a Reuter’s report on Bitcoin and cryptocurrencies, has stated that the growth of e-commerce against the backdrop of Covid-19 pandemic will pave way for an “explosion” in the use of cryptocurrencies.

Continue reading at cointrust.com

Central Banks are Running Scared of Cryptocurrencies

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It’s one thing when your worst fears remain in your mind, but when they manifest in your markets, then it’s time to gear up for action.

A growing number of high profile investors and institutions are cottoning on to cryptocurrencies and central bankers are running concerned.

Itwas easy for Samantha Reid to ignore the signs at first — a tracking cookie on her computer (who didn’t have those?) and the sense that someone was following her after she knocked off work.

But she dismissed those fears, convinced that they were always bigger in her mind than they were in her reality.

Continue reading at bbntimes.com