Russia’s Move to Regulate Cryptocurrency Puts Other Countries on Notice

BLOCKWORKS

Russia is leading the way with its new upcoming crypto legislation that will encourage other nations to follow suit and create rules or modify existing laws that regulate digital assets.

We all know that President Putin loves to keep his country on the map, and as such he will be looking for ways in which Russia can still excel despite Western sanctions. The measures come after last month’s proposal by the central bank restricting cryptocurrencies - meaning no more exchanging or circulating them anywhere outside of cyberspace! Representatives in the US Congress have sought clarification on crypto transactions and tax exemption for small trades. The US and Russia both have big economic incentives to get a plan in place because they control much of the world's bitcoin mining. Following the Chinese mining ban, both countries increased their hashrate.

continue reading!

Public Blockchains Are the New National Economies of the Metaverse

WIRED

What if the fiscal and monetary policy tools on smart contract blockchain platforms were more effective than government economic policy tools?

When discussing an economy, we refer to the interconnected activities of production and consumption in a country or region. When talking about blockchain technology people are referring to decentralized computer networks that happen on top blockchains. The layers 1 public blockchains beginning to look more like national economies without any physical territory but instead solely based on their digital connection. It is now feasible to create new economic policies with advantages over national governments because of the trustless and programmable nature of public blockchains. Proof of stake in second-generation public blockchains opens up the prospect of distributing values among participants in a variety of ways. I’ll leave you with this question: Are public Blockchains the New National Economies?

continue reading!

Forbes Announces $200 Million Strategic Investment from Binance

FORBES

Binance appears to be taking the strategy "if you can't beat them, join them."

Binance's success in the crypto market has made it a force to be reckoned with, and the exchange is now taking steps that cement its position as one of the world's most powerful cryptocurrencies platform. From suing Forbes last year to making a $200 million strategic investment in the media giant, Binance has gone from strength to strength. This development adds an intriguing twist to the crypto giant's relationship with the media company. In 2020, Binance sued Forbes for defamation because of a story that said the crypto company had used tactics to evade regulations. The lawsuit was withdrawn in early 2021. As Web3 and blockchain technologies continue to evolve, we know that media will be an essential element in promoting consumer understanding of these new advances.

continue reading!

CFTC Chair Asks Congress for Authority to Regulate Some Cryptocurrencies

THE WALL STREET JOURNAL

If cryptocurrencies were to be regulated, who should lead that charge?

The chairman of the Commodities and Futures Trading Commission (CFTC) is pushing for his agency to take a leading role in regulating digital assets. The struggle over how to categorize cryptocurrencies is a major source of conflict between US regulators and top industry players. While both the CFTC and Securities and Exchange Commission (SEC) are certain that existing regulations may be sufficient, exchanges such as Coinbase are calling for the creation of a new federal agency dedicated to cryptocurrency. The Biden Administration has been working on an executive order that would bring together research an e number of retail participants engaged in crypto trading, the CFTC chairman stressed the importance of implementing stricter rules soon.

continue reading!

Crypto Markets Remain Flat as Bitcoin Sees Institutional Buying

COIN DESK

Crypto markets have been recovering from their latest plunge, but altcoins outpaced the growth of major cryptos, which led to a decrease in the bitcoin dominance index. The price of Bitcoin continues to grow and is now above the 50-day moving average, indicating that it's breaking the downtrend from earlier this year. Institutional investors are finally making investments again, which is good for the cryptocurrency industry as a whole. Price chart indicators such as moving averages (MA) use past prices to forecast and identify the trend direction of an asset. Bitcoin recently surpassed its 50-day MA at $42,500, and it has remained above that level since. If this price advance continues, it suggests the strength, implying bitcoin will head toward $49,000.

continue reading!

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit veztek.substack.com