Top cryptocurrency ended the month on a high note with some altcoins breaking into new territory. These are some other interesting headlines that you might not have seen this week
Business: El Salvador Lawmakers Approve a $150M Bitcoin Adoption Fund
El Salvador Bitcoin plans now in the works, with only a few days before the nation implements its controversial yet ambitious Bitcoin plan on September 7. Monday’s approval by the House of Representatives of a new $150million trust gave a major boost to the country’s plans.
The trust is intended to facilitate the conversion of Bitcoin into dollars as well as wholesale adoption by citizens. The fund will be drawn from an $500million economic recovery loan that President Bukele-led country previously received. With the vote approving the Bitcoin adoption fund won by 64 to 14 votes, the government remains keen on implementing the Bitcoin plan.
However, not everyone has been open to the Bitcoin idea. Some citizens came out to protest against making BTC a legal currency. Recently, the IMF reiterated its warning about the risks associated with privately issued crypto-coins like BTC. The move is still not advised.
Despite all warnings received, El Salvador soldiers on and plans to invest $23.3 million of the new fund into its Chivo ATM system and use a further $30 million to educate the citizens on using the state-backed Chivo digital wallet.
Business: BIS leads a new CBDC plan that includes Australia and three other nations
The Singapore-headquartered Bank of International Settlements (BIS) Innovation Hub is partnering with the central banks of Malaysia, South Africa, Singapore and Australia to develop a proprietary cross-border central bank digital currency (CBDC) platform.
Bank Negara Malaysia (RBA), The Monetary Authority of Singapore(MAS) and South African Reserve Bank announced the plans in a joint statement. The plan was to promote international transactions by eliminating intermediaries and thus reduce costs.
The central banks stated that they intend to present prototypes for the platform at Singapore’s 2021 Fintech festival later in the year. They also plan to publish their findings in the early part of next year. The project will examine operational and governance protocols that would allow sharing infrastructure across jurisdictions.
RBA, praised the plans, noting that they could bring about increased speed, lower costs, and greater transparency. The BIS is also looking into cross-border transactions with Thailand, United Arab Emirates and Hong Kong.
According to CFO
Business: Publication is Possible for Blockchain.Com
London-based Blockchain.com celebrated a decade in existence earlier this week. Macrina Kgil, Chief Financial Officer of Blockchain.com, posted via blog Monday that the company was celebrating another milestone. Kgil announced that the company has processed more than $1 trillion in crypto transactions
She stated that the firm handled a third all Bitcoin transactions since 2012.. Kgil said that the success was due to three main factors. The more than 75million active users under the firm, the increased demand for services by institutional clients with asset mangers seeking to meet client requirements, and the expansion of its brokerage business, which has seen an increase in demand over the past six months.
The CFO hinted that the crypto company could launch an IPO as soon 2023 during a Fortune interview on Monday. Blockchain.com joins Circle and Kraken, which have also expressed interest in going public. After a $300million funding round, the company’s value has risen to $5 billion.
Business: UK’s Financial Regulator Approves the Coinpass
UK-based cryptocurrency platform Coinpass announced Wednesday that it has been approved by the UK’s top regulator to operate in the country. After the exchange’s July launch, which was temporary approved by the Financial Conduct Authority (FCA), the FCA gave its green light.
In a press release, Coinpass Chief Executive Officer Jeff Hancock emphasized the joy of being one the first UK crypto exchange firms to be fully registered with the FCA. Hancock stated that the firm supports crypto regulations and acknowledges their importance in the constantly changing crypto space.
Since January last year, The FCA has been closely monitoring crypto platforms as it tries to implement its anti-money laundering policies. The financial watchdog required all companies that dealt with crypto assets to be registered. It established a one year deadline, which was extended to March 2022..
Several crypto firms submitted their applications but only 70 a few withdrew. Their operations in the UK were therefore deemed illegal. The FCA has been strict in appraising crypto firms. Six firms have been registered so far, while many others are still waiting on the waiting list.
Business: FTX’s US Subsidiary Acquires a Crypto Derivatives Firm, LedgerX
Crypto trading firm FTX announced Tuesday that it had reached an arrangement to purchase LedgerX a crypto derivatives company founded in 2013. The deal’s terms were not disclosed.
Last week, FTX CEO Sam Bankman Fried reiterated the importance of crypto regulations. As the acquired derivatives company is regulated under the Commodity Futures Trading Commission, the acquisition will help achieve regulatory compliance. Zach Dexter, founder of LedgerX, stated that the acquisition would improve relations between FTX regulators and US regulators.
Bret Harrison, President of FTX.US explained that the acquisition was crucial in the strategy to offer crypto derivatives services to FTX.US’s customers in the US. Harrison said that the acquisition would allow the firm to offer innovative products to US crypto clients through the integration technology capabilities.
Bankman Fried had earlier this year noted that although crypto products were getting a lot of regulatory attention, it was not the same for derivatives. He praised the development of regulatory frameworks, as they would help guide where to invest firm’s resources.
ALISO VIEJO, Calif.–(BUSINESS WIRE)–BrainChip Holdings Ltd (ASX: BRN), (OTCQX: BRCHF), a leading provider of ultra-low power high performance artificial intelligence technology, today announced that Chief Development Officer Anil Mankar will present “Intelligent Edge AI: The Future is Now” at the Linley Fall Processor Conference 2021 in the Hyatt Regency Hotel in Santa Clara, California, October…
WASHINGTON – The Cybersecurity and Infrastructure Security Agency (CISA), Federal Bureau of Investigation (FBI), and National Security Agency (NSA) published a cybersecurity advisory today regarding BlackMatter ransomware cyber intrusions targeting multiple U.S. critical infrastructure entities, including two U.S. food and agriculture sector organizations. The advisory includes technical details, analysis, and assessment of this cyber threat,…
WASHINGTON – As part of its mission to recruit diverse cybersecurity talent and build the workforce of the future, the Cybersecurity and Infrastructure Security Agency (CISA) has awarded $2 million to two innovative organizations for development of cyber workforce training programs. The NPower and CyberWarrior organizations, which received the awards, will focus on the unemployed…
Today, the President’s Commission on White House Fellows announced the appointment of the 2021-2022 class of White House Fellows, the most diverse class in the history of the program. The prestigious White House Fellowship program embeds professionals from diverse backgrounds for a year of working as a full-time, paid fellow for White House staff, Cabinet…
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