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Digital Currency, Akoin and Blockchain Voting: Bad Crypto News of the Week

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It’s back to stability for Bitcoin this week as the currency continues to knock at the $12,000 ceiling. Where will it go next? One analyst sees a Battle Royale as whales try to push towards $14,000. Other investors are more optimistic. They see Berkshire Hathaway’s recent sale of bank stocks and purchase of stock in a gold mining company pushing the price to $50,000. If Warren Buffett is souring on the banking system though, he’s late to the party. Kim Dotcom got there two years ago — and has reminded his followers that he advised them to buy Bitcoin.

The Federal Reserve might be catching up though. Governor Lael Brainard has revealed that the Fed is conducting research into a digital dollar. One partner to that research is MIT, which will develop, test, and research a digital currency over two to three years.

The Fed isn’t the only one waking up to the power of the blockchain. The United States Postal Service has applied for a patent for a secure voting system. The system uses the blockchain to secure mail-in voting. A start-up in Bulgaria is offering cryptocurrency to travelers whose flights are delayed for at least an hour. In South Korea, a million drivers have already swapped a physical license for a blockchain-backed version used with a smartphone app. The program only launched in May.

Senegal, though, might make South Korea look small. Akon, the Senegalese-American star and philanthropist, says his $6 billion Akon City will run on the Stellar-based Akoin cryptocurrency. His real-life Wakanda is already 85 percent complete, he says. Ripple is aiming even bigger. Under new CEO Brad Garlinhouse, the company is trying to become the Amazon of the cryptocurrency world. It’s looking to move beyond cross-border payments and promote the creation of new applications on the Ripple network.

Both of those projects lie in the future but at least some of the much-hyped blockchain-based smartphones and smartwatches are already out. Samsung’s Galaxy S10 has support for more than 30 cryptocurrencies in its wallet and the company’s KlaytnPhone rewards users with 2,000 Klay tokens. Blockchain company Sirin Labs’s Finney has built-in cold storage, as well as a DApp ecosystem. Cold storage is also a feature of watchmaker Franck Muller’s Encrypto watch. The dial also has a QR code for receiving Bitcoin payments. And in the world of social media, Ignite, a blockchain-based microblogging platform is trying to offer an alternative to state-censored social media platforms.

The development of blockchain usage isn’t all super-cities, smartwatches, and social media though. Asia is looking to the blockchain for protection against online crime during the pandemic. It looks like they’re on the right track. Binance has recently helped Ukraine’s cyber police to identify and arrest criminals involved in a $42 million ransomware and money laundering operation.

And finally, while the cryptoworld is generally full of smart people with big brains, someone just paid 40 ETH, around $17,000, for a digital picture of a cat drawn by Paris Hilton. The money will go to charity, so maybe we can just say that the cryptoworld is full of people with big hearts.

 Check out the audio version here:

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source: https://cointelegraph.com/news/digital-currency-akoin-and-blockchain-voting-bad-crypto-news-of-the-week

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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1 Million ETH Got Locked In Ethereum 2.0: Report

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Approximately $600 million or 1 Million ETH got locked in Ethereum 2.0 just days after the beacon chain launch. In today’s Ethereum latest news, we read more about it.

1 million ETH got staked on Ethereum 2.0 four days after the protocol launched its beacon chain upgrade, according to the on-chain explorer service Etherscan. The amount is now worth about $600 million and will reward the stakers in the future when other phases are launched and staked amounts get open for withdrawals. However, the annual yields on these staked funds remain unspecified and the locked up ETH will be a part of the multiphase move to the proof of stake protocol. This shift will allow Ethereum to become a faster, low fee, and scalable blockchain.

The awaited staking launch was met with a poor response at first with only 50,000 ETH coming In the first week and 3200 ETH coming from Ethereum’s creator, Vitalik Buterin himself. However, the ETH army piled on the last few days before the December 1 deadline and pushed the deposits in the minimum required 524,000 ETH. This required some help from the whale which is when Celsius Network claimed to fork up to 25,000 ETH to the ETH 2.0 cause along with other large token holders and crypto funds.

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The staked funds are 116% higher today than the network required according to the data from Dune analytics. The amount consists of a total of 3,028 depositors who staked a minimum of 32 ETH each. As reported earlier, Ethereum settled above the key $600 resistance level and increased towards $625 with the price consolidating near the $600 support and the 100 hourly simple moving average. There’s a major contracting triangle forming with the resistance at $620 on the hourly charts of the pair with a chance of starting a fresh increase above the $620 level as long as Ethereum stays above 100 hourly SMA. There was a steady increase in Ethereum after it broke the $600 resistance and the price will even break the $610 level while settling above the 100 hourly simple moving average.

ETH/usd
Source ETH/USD on TradingView.com

The ETH/USD is now rising and approaching the 50 levels with the major support level set at $600, while the major resistance level is set at $620.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/1-million-eth-got-locked-in-ethereum-2-0-report/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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