• Bitcoin

    Egypt Witnesses A Rise In Bitcoin Trading Amid Economic Recession

    2020 has been quite rough for the world. All the credit goes to the life-threatening Coronavirus, which has led to a global lockdown. Besides people getting infected with COVID-19, many countries are getting infected with a rapid fall in their economic status.

    Egypt is among the top nations in this category. People have lost jobs, and lives have become much unsettling. But, some people in the country have found out a new way of earning in the time of an economic recession, earning trading bitcoins. Let’s dive into the news in detail.

    Bitcoins Show the Light Amid the Pandemic

    The “COVID-19” pandemic has been responsible for bringing down the economy in Egypt. Numerous people lost employment. However, they discovered a new way to make money with the discovery of the perks of trading Bitcoin and mining them.

    Citizens of Egypt, especially the people of the younger generation, are showing a prominent interest in cryptocurrencies. An Egyptian financial advisor and economist, Wael-al-Nahhas has to say that there are many Egyptians who started to invest in limited quantities in spite of the rise in the Bitcoin (BTC) value.

    They started proceeding by mining a hundred millionth of a BTC (Satoshi). They are gaining 4% to 5% of the difference between buying rates at the time decline in demand.

    The Economic Condition of Egypt Kept on Worsening

    On the basis of the Egyptian Central Agency for Public Mobilization and Statistics, 2020 has been one upsetting time for the Egyptian economy as a sudden rise in unemployment is seen from 7.7% to 9.6% between the first and the second quarters of the year. This means over half a million people are jobless at the moment. However, this is the moment people found out the benefits of trading cryptocurrencies.

    Statement of an Egyptian Bitcoin Miner

    Muhammed Abd el-Baseer, who is a member of the “Bitcoin Egypt Community” and a Bitcoin miner himself, said that there are other factors that also made it simpler for folks to show interest towards BTC. Work from home turned down working hours and let many people get more time for investing in cryptocurrencies.

    There are Chances of Increment in People Getting More Engaged in BTC

    Abd el-Baseer has estimated that more than 16000 Egyptians have joined the Egyptian BTC community. He has also predicted that there are higher chances of more engagement as people who are already investing in Bitcoin can introduce their friends or families to the same field and make them learn how to make profits.

    A New Law Might Arrive to Control Frauds

    But here is one thing. Many Egyptians are getting involved with the Egyptian BTC community, and many are in doubt as they think that this can be a complete fraud. On the basis of some expert comments, a law might be coming quite soon that would be shedding light on what activities can be taken as legal or not around crypto.

  • Bitcoin

    Crypto Does Not Qualify As Currency, Says South Africa’s Central Bank Governor

    People, as well as businesses all over the world, are now recognizing crypto as a new currency type. But, still, there are people who don’t want the use of crypto. One such person is Lesetja Kganyago. He is the governor of the Reserve Bank of South Africa.

    As per the recent news, governor Kganyago refused the classification of crypto as currency. The Central Bank chief was of the opinion that crypto is an asset rather than a currency. He gave this opinion when he was interacting at the Wits Business School leadership dialogue.

    As per the governor, cryptocurrency does not meet two out of three criteria to be classified as a currency. The comments by Mr. Kganyago are common to the criticism by many central bankers against bitcoin and cryptocurrency.

    Cryptocurrency is gaining acceptance all across the world as an important method of payment. It is gaining prominence in the retail market. Recently, El Salvador also became the first country to adopt Bitcoin as a legal tender. Thus, this move by El Salvador can also be replicated by many Central American nations.

    As per a remark by Kganyago, the Central Bank was looking to regulate the crypto market so that the interest of investors could be protected. As per previous reports, the lack of clear regulations was harming the local crypto industry.

    South Africa has also witnessed rife with different fraudulent investment products that have siphoned millions of dollars from investors,

    In July, a South African crypto company named AfriCrypt was absconded after the disappearance of almost $3.6 billion in Bitcoin. The Mirror Trading international is another major crypto Ponzi scheme that has attracted international attention.

    Although Mr. Kganyago is not too keen on the use of crypto, he was interested in blockchain technology. As per early reports, SARB had also experimented with the new blockchain technology.

  • Bitcoin

    Elon Musk And Bitcoin: A Toxic Relationship

    The relationship between Elon Musk’s tweet and love for cryptocurrency is visible and known to almost all. In past some months there have been several incidents when the value of the concerned cryptocurrency has moved up or down in response to the tweet of Musk.

    When Musk announced that Tesla would no longer receive Bitcoin as a method of making payment, the fame of Musk amongst those Bitcoin loyal faded quickly. People increasingly look upon him with apprehension and suspicion. Others look upon him with disdain, like Keiser, and thus the colorfully titled party.

    In this article, we will know the entire scenario about the toxic or non-toxic relationship between Elon Musk and Cryptocurrency in the commercial world and present the same with some facts.

     Where did it all begin?

    Three weeks ago, the CEO of Tesla announced that once clean energy objectives are achieved, the company plans to take Bitcoin. In other words, the business of Bitcoin Era and Musk is unresolved. Given how inextricably connected Bitcoin’s future is true with clean energy, Bitcoin’s future seems also to be uncompromisingly connected with Musk.

    Presently, its impact on Bitcoin seems minimal, however, there is every reason to assume that this will alter. The form is provisional, but the class is perpetual. And Musk is a deceiver of the first class. Dogecoin or DOGE is an entertaining coin but it does not seem legitimate. On the other hand, Bitcoin seems to have a promising future.

    Musk: Toxic?

    By its definition, Jekyll and Hyde have a toxic relationship, in which at least one partner shifts between cold and hot. Getting into Elon Musk now. A day he bows and honors the Communist Party of China, the following day he calls a hero a pedophile on social media i.e. Twitter. Musk is unpredictable. He seems to be the only man able to match the innate volatility of Bitcoin.

    Exhaustion and depletion are the routines in a toxic relationship. Musk is an exhausting influential, with reason to suspect that mankind, especially in the Crypto industry, will proceed to exhaust itself. Toxic relationships as well mean deception. A smart person, Musk is also likely to exaggerate and make empty promises. Since 2016, the high profile driving feature which does not exist has been charged to Tesla consumers.

     Brilliant but Unrestraint –

    Musk is a mercurial businessman who wants to say something or do something to raise interest. He’s a brilliant man but he doesn’t have restraint. The word Musk isn’t the bond of his. The notion of truth seems highly mixed inside the world of Musk in actuality.

    Peter Chawaga mentioned a kind of post-Musk world in a similar report, with Bitcoin liberating itself from enterprise intrusion. Chawaga noted, “None of them is more essential than the system, no matter what impactful in their fields.”

     Conclusion –

    Elon Musk and Bitcoins have been in the limelight for sure but to define the relationship between Musk and Cryptocurrency cannot be easy as both carry the same characteristic of being “unpredictable”.

  • Bitcoin

    Lawmakers Should Treat Crypto Like Gold Or Real Estate: Nandan Nilekani

    Nandan Nilekani is the chairman and co-founder of a famous multinational technology firm, Infosys. Recently in an interview with Kryptographe.com, Nandan requested the local lawmakers to enable all citizens of the country to conjecture on crypto assets. He advised regulators to embrace digital assets and have access to accommodating everyone with the underlying technology. Nandan warned that regulations imposed on cryptocurrencies might result in missed opportunities for Indian citizens assuring the country to follow a permissive approach and get a $1.7 trillion market of digital assets. He even said that the crypto guys would put more wealth into the economy of India.

    However, Nandan isn’t bullish on the unregulated cryptocurrency market for India and declared that the cryptocurrency market is highly energy-intensive and volatile to be used as a form of payment. In its place, Nandan believes that Unified Payments Interface Infrastructure by the Reserve Bank of India offers an ultimate and superior infrastructure to carry out real-time payments.

    He added, “As some people have their assets in real estate or gold, in the same way, they can have their assets in the crypto world. According to Nandan, there’s a role that every crypto plays as a store of value or wealth but not to be transacted.”

    Nandan is an expert and has worked with multiple Indian authorities to formulate new policies on new and digital technologies like the Aadhaar biometric identity program released back in 2009. At the end of 2016, he moved on to join a committee to inspect Indian people on how they make use of digital payments to an extent, and at the end of 2019, he joined the Central Bank committee to facilitate more digital payments.

    There’s a gigantic tech sector and thousands of unbanked population in India, and it could make it a global hub for the adoption of crypto assets. Still, the regulatory situation is blurred, and there are multiple conflicting statements and signals coming from the central bank and policymakers. On 19th May, a report was generated where there was a discussion about formulating a regulatory panel that is completely dedicated to crypto assets that will provide more clarity on the crypto situation.

    In 2018, RBI banned the financial institutions from allowing their customers to invest or trade crypto assets, but the ban was removed in 2020, which led to new hopes for crypto traders.

  • Bitcoin

    The 5 Largest Regulated U.s Digital Asset Managers Hold Over $46b Of Crypto

    Holding physical currency is becoming an old trend after cryptocurrency has emerged. Despite the crypto been too volatile, visionaries have been looking forward to investing a huge amount hoping for a better future. Everyone has their own perspective on cryptocurrency, which may mostly weigh down on ‘risky’ calls. But, did you know, there are 5 U.S digital asset (cryptocurrency) holders that are currently holding crypto worth $46 billion. As the cryptocurrency is catching the eyes of more investors, these holders who have taken a call at the early stage are playing a very important role in increasing and improving the U.S financial industry. Let us now look into these 5 crypto kings and their stats holdings for crypto:

    Pantera Capital Management:

    Dan Morehead’s vision company Pantera Capital Management was found in 2003. Currently, its headquarters is located in California. The company has taken a huge interest in investing money in various assets such as tokens, shares, private equity and the most recent ones are cryptocurrency. They have announced a 4 billion dollar investment that was distributed among Bitcoin revolution funds, ventures, new emerging early-stage tokens, and finally liquid token funds.

    Wave Financial:

    Another California-located company, Wave financial, has brought great insight in offering investment solutions with a great variety of choices. Their main focuses currently are BTC income, Growth Digital fund, Select 5 Index fund, Active Hybrid VC fund, and Tokenized Real asset. They have recently added wealth managing solutions for crypto along with inventory management and protocol treasury. When we look into their total investment announced for the crypto assets is approximately 500 million dollars.

    Grayscale investments:

    A giant among the underdogs, Grayscale investment was founded in 2013. It is managed and organized by its parent organization Digital Currency Group. If we look into their assets books, they have a total 40 billion dollar investment in various cryptocurrencies such majorly Bitcoin (BTC), Etherum (ETH), Bitcoin Cash (BCH), LiteCoin, Zcash (ZEC), and more. They have great insight in offering diversified portfolios and single asset products.

    Bitwise Asset Management:

    Bitwise Asset Management is a unique start-up founded by a group of software experts. They are situated in San Francisco. Bitwise company is currently holding almost 1 billion dollars of AUM, which is diversified in various funds. Their main investment assets are crypto index funds, Bitcoin funds, Ethereum Funds, decentralized finance CIF, and a lot many.

    Galaxy Digital:

    A well-spread company, Galaxy Digital has several offices across the world, this includes London, Amsterdam, Hong Kong, etc. They have around 800 million dollars of AUM currently in holding. They are unique from other investors as they work on mining POW-based digital assets, POW means proof-of-work.

    These 5 companies have given a major investment thought to crypto making new investors believe in the innovative decentralized digital currency. The main question is how long it will take for cryptocurrency to become a trustable funding asset for normal people. The volatility in this field is the boon at the same time the only risk factor.


  • Bitcoin

    Building Empires: Biggest Crypto Exchanges Push for Global Presence

    The cryptocurrency exchanges are the platforms where you trade cryptocurrency for other assets especially fiat currencies and digital currencies. There are many bigwigs that have made a name as the popular cryptocurrency exchanges are Binance, OKEx, Kraken, Bitmex and Huobi.  The exchanges are playing a critical role to explain its importance to the world and expand its service. Though, there are many challenges that are faced by these exchanges during its expansions. The introduction of bitcoins and later the development of various cryptocurrencies have changed the way the world is doing the transactions. People are no longer sticking to the traditional way of sending and receiving money.

    The blockchain networks are circumventing the traditional financial systems and letting them do the transactions without any third party in between. There is no centralized authority required to do these transactions. The cryptocurrency will let users to transact peer to peer provided there are some obstacles in between. The crypto exchanges are acting as the gateway to get into this ecosystem. These are helping people to convert their fiat currency into cryptocurrency and use whenever they want. There are a lot of cryptocurrency exchanges being mushroomed globally. With many in the market, each one is competing with the other to establish and take the top one position. However, to take over the empire, these exchanges are facing a lot of challenges.

    There is a lot of time that people must invest to build crypto exchange platforms and need professionals to cross the hurdles at any given point of time, especially when you are working with other people from a different country. Every country has their set of rules and regulations in carrying out cryptocurrency transactions and in the flow of fiat currencies. It is a cumbersome task for CEOs of the exchanges to grow the business. It takes a lot of time to attract the right talent and retain them with the company. It also is a big challenge to increase the user base, ensure liquidity, learn about the market depth and offer lucrative products. It is essential for the CEOs to ensure that the platform is safe and secure to do transactions. Sometimes, an unexpected volume of requests comes up, which have to finish while meeting the regulators. Binance CEO has pointed out the significance of global mindset while having a sustainable business model.

    The exchanges must meet the needs of every customer residing in different regions. There should be a strong infrastructure for users to have a great experience while trading. The crypto space must be available round the clock. There should also be people from various communities offering a wide range of products and services to the local market and use the marketing strategy to be in line with the local culture, language and custom.

    The main things that the exchange must focus are on the compliance part and localization. There should be a proper wants and needs of users which can drive a successful launch of exchange in a country. Users living in different regions have different preferences and requirements so the exchange must adapt to all their needs. In few countries, people are showing interest in using cryptocurrencies, which will help you learn the sort of offerings work in various places. Customer support is also required to serve people all the time irrespective of the time zone.

  • Bitcoin

    Tracked Crypto Donations To Ukraine Surge To $108M As Kraken, Bored Ape Joins In

    Since the Russo Ukrainian war, blockchain enthusiasts are generously donating to the citizens. On Wednesday, the total crypto donation in the Ukrainian government wallet soared up to $108 million. BTC and ETH were the top two wallet addresses of the Ukrainian government.

    Cryptocurrency is one such space that can be readily used for humanitarian efforts. Helping the needy people of Ukraine is one of the world’s top priorities right now, considering both countries are at war.

    On the same day, Kraken announced their distribution of $10 million to their clients who created an account from Ukrainian banks before March 9 for relief efforts.

    Regardless of the account balance, Kraken will share about $1,000 BTC to each account which can be immediately withdrawn whenever required. The exchange fee was also waived as the withdrawals were up to $1,000.

    On Wednesday, Bored Ape Yacht Club or BAYC joined the same venture and fundraised about $1 million ETH for Ukrainian people. The developers of BAYC mentioned that they would also add a $1 million ETH donation along with the funds raised.

    Some other notable contributions made for the Ukraine citizens includes the Binance’s Ukraine Emergency Relief Fund, $11.3 million in BTC, BNB, and Binance USD.

    In addition to it, Kuna’s Crypto Fund of Ukraine also raised over $14 million in some of the major altcoins such as DOT, USDT, CNDL, USDC and DAI.

    There have been multiple major contributions for the Ukrainian government, and the citizens post this war counted up to several millions of funds by now.


  • Bitcoin

    Binance Singapore Withdraws Crypto License Application

    Binance Asia Services, Ltd, the leading Singapore affiliate of one of the largest cryptocurrency exchange plans, is currently planning to shut down its services in Singapore by February 13, 2022, Monday. Users can no longer deposit cryptocurrencies or fiat via the Binance platform. The Monetary Authority of Singapore (MAS) has currently halted its services with a digital payment token services licence.

    They have also stated that Binance will no longer be responsible for the assets of the existing users after February 13. Thus, users are advised to make alternative plans immediately to reduce the hassle. According to Binance, accounts that have not passed the KYC verification will be suspended too.

    However, users can still buy and sell cryptos using Bitcoin Evolution application until January 12, 2022. Post this deadline, Binance users will be prohibited from buying or selling their currencies. Users can withdraw or move their existing assets to third-party platforms or other crypto wallets within January 13. No user will be able to withdraw or move their assets after this deadline. All the locked currencies will be held in an escrow account which will be transferred later to their StraitsX Personal account as per their latest announcement.

    Additionally, they have stated that they are not responsible for any losses that may result from the failure of not withdrawing the assets within February 13.

    As per the CEO of Binance, Changpeng Zhao, this exchange will still be present in the Singapore market. However, this shift results from the recent acquisition of the Singapore-regulated private securities exchange Hg Exchange(HGX). HGX was recently approved for a recognized market operator licence from the MAS.

    Binance is readily looking for better alternatives for setting up streamlined local crypto exchanges within Singapore again despite the hurdles. They have reportedly connected with Indonesia’s richest family, the Hartonos, to launch a new exchange service that is also predicted to expand to the UK within the upcoming 18 months, irrespective of the regulatory hindrance.

  • Bitcoin

    South Korean Crypto Exchange Becomes the First Overseas Platform Legally Recognized in China

    An announcement came from South Korean Crypto Exchange that it has set-up an establishment for its branch to locate in China. No doubt, the nation was in the news when it imposed a ban on all types of cryptocurrency trading platforms. DBX announced that they are well-managed and done with the licensing process to move ahead and start the work.

    As per the latest news from Money Today, DBX has managed to attain a license to operate within China its subsidiary within the plan framed for expanding overseas. The exchange holds an affiliation to the “KBCA (Korea Blockchain Coordination Association).”

    Within the exchange details, a notification was out stating that China’s government showed a light on the branch opening scheduled to happen on 28th December 2020. The authorities issued a certificate for incorporation on 5th February 2021.

    A member of DBX released a comment on the issue:

    “Corporation establishment permission received at the present from China’s government presents a permit acquired from defiance for laying out foundation stone for foreign exchanges related to crypto in China so it highlights a prominent impact.”

    Officials from Crypto Exchange said that the “Tabi” named branch will become active not more than any single day after March. DBX is interested in expanding its operations and plans to move ahead within different nations including Indonesia, the United States, Cambodia, and Singapore.

    A ban imposed on domestic trading for crypto still prevails in China

    A turbulent relationship exists between China and cryptocurrency. From 2017, regulators in China started to impose a ban on activities related to cryptocurrency. In the beginning, a ban was imposed on the crypto exchanges prevailing within local boundaries. Later on, the government of China moved ahead and restricted activities for domestic level mining and trading.

    No doubt, the authorities from the nation are active in clarifying within the past years about their bitcoin stances. BAC (Beijing Arbitration Commission) reported with an article that showed light on “China’s bitcoin legal status” in 2020.

    The commission released a statement that using bitcoin in terms of a commodity is always active and never put on the banned list within Asia.

    Also, China is active in building the gap to start receiving CBDC (Central Bank Digital Currency). In recent time, a report was released from news.Bitcoin.com that the nation is taking its hands off from 10 million Yuan, i.e., $1.55 million from Beijing’s CBDC. The amount beneficiaries are free to utilize the digital currency within the celebrations for New Year in China.

  • Bitcoin

    UK FCA Gives Crypto Startups A Hindering Hand

    The United Kingdom is locking the door to virtual currency companies. Cryptocurrency companies in the nation are no longer allowed. Last month, the Financial Conduct Authority of the UK granted provisional licences to nominee firms aspiring to become accredited crypto-asset entities. That being said, a considerable degree of misunderstanding has emerged from the publishing of this list of temporarily approved firms among those who applied or were considering an application.

    The date for this licence to be obtained by businesses is January 10, 2021. Businesses who have a link inside the U.K. underneath the new rules. Until this date, they will no longer be able to work with or handle digital currencies and have refused to acquire a certificate. The FCA has instructed businesses to send their proposals on or before July 31, 2020, with the aim to meet the target. The hope was that it would offer employers sufficient opportunity to get the FCA into the method. There have been improved software queries, which have been made easy for enterprises who use pre-made software to handle their transaction tracking and Know Their Client agreements.

    Temporary License Problems

    The FCA stated on the day of Dec. 16 that it was planning on giving provisional licences to businesses which had created an application. After review, nevertheless, it was evident that certain businesses who had made the request until the target were not included on the list of provisional authorisations. After undertaking an examination, it was later revealed that perhaps the provisional licence was only granted to the firms that had told the FCA that they’re already trading by January 10, 2020. The FCA has already modified its platform to take this detail into account.

    The Issue

    This sounds like a reasonable decision on the one side. It is really in the essence of how the FCA does operations and does not want to disrupt business processes for companies which are still working. The irony is that this poses a major issue for start-ups working in the United Kingdom. Until Jan. 10, 2020, and complied with the target date for applications of July 31, 2020, but instead were not included on the provisional authorisation list at the moment.

    And as such, any who commenced operation on or after Jan. 11 and made the request on schedule were left in the lurch. Also though they have every hope of keeping and securing the licence under the revised laws. This also does not support businesses that are now trying to develop a company.

    An Alternative

    Various network operators have pestered the featured firms since the announcement of the provisional approval list to force them to just get a licence somewhere else. The irony is that such firms are now the fortunate ones, when they fulfil their company’s expectations and their ambitions will proceed. The new custom licence enables them, with no extra costs or legal requirements, to pursue their trade. Everybody is conscious that different permits are offered by other nations. Even then, what drew firms to the U.K. is the value-effectiveness, responsibilities and simplicity of the FCA licence in order to develop their presence in the financial center of the globe which is London.

    An External Option

    Many of these firms are now aiming at unconventional options which have been left stranded. The theory is that once the licence is issued, only a partial one, they will momentarily resume operation. The result is a significant group of businesses who, after reaching the target, will not be given provisional permission, providing them with the risk of halting operation after January 10 in case they are headquartered in the U.K. or  aiming for a huge volume of trade to be done there.

    Corporations who have left it too late and are in this role might have had the power to take action against FCA in order to facilitate and then refuse to comply with their own schedule. Put another way, the FCA may issue provisional authorisation prior to January 10 to all firms that have fulfilled the time limit. What’s really obvious is that a six-month hold back on the time to grant complete permits is a revealing indication that these licences are being granted by the FCA under considerable pressure. It is also possible that businesses remaining in the grey zone will have to find a provisional remedy before a complete one, including an unconventional licence, is released.