You searched for SEC - Page 164 of 348 - Crypto Intelligence News

EU Parliament Votes to Ban Anonymous Crypto Transactions, Sparking Debate Over Privacy

The European Parliament’s leading committees have recently greenlit a legislation that targets anonymous cryptocurrency transactions through hosted wallets, aligning with efforts to extend the European Union’s Anti-Money Laundering (AML) and Counter-Terrorist Financing directives to the digital currency sector.

This development occurs in the wake of a provisional agreement between the European Council and Parliament to incorporate the cryptocurrency market within the scope of the EU’s stringent AML laws.

Patrick Breyer, representing the Piratenpartei Deutschland (Pirate Party of Germany) in the European Parliament, shared via an X post that this legislative update received approval from the majority of the Parliament’s primary committees on March 19.

Breyer, alongside Gunnar Beck of the Alternative für Deutschland (Alternative for Germany), stood out by voting against the prohibition of unidentified crypto transactions.

The legislation is particularly directed at custodial crypto wallets provided by third parties, including centralized exchange platforms.

The revised AML regulations will also enforce restrictions on anonymous cash and cryptocurrency transactions.

Transactions exceeding 3,000 euros in cash will be banned for commercial dealings, and all cash transactions over 10,000 euros will be prohibited in business contexts.

Predictions from Dillon Eustace, a law firm based in Ireland, suggest that the legislation could be implemented ahead of its expected three-year timeline from the date it becomes effective.

Cryptocurrency networks, known for their permissionless and anonymous access, face significant changes under this new framework.

Following the committee’s endorsement of the bill, Breyer expressed his concerns in a press statement, highlighting the threats to economic autonomy and financial privacy the legislation poses.

He emphasized the right to anonymous transactions as a core value.

The crypto sector’s reaction to these regulatory measures is divided.

While some view the updated AML laws as a necessary step, others worry about potential privacy infringements and limitations on economic freedom.

Daniel “Loddi” Tröster, host of the Sound Money Bitcoin Podcast, pointed out the practical difficulties and broader consequences of the legislation.

He noted its impact on donations and the general use of cryptocurrency within the EU, raising alarms about the possible restrictive effects on the digital currency landscape.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

$10 Million in Stolen Ether Moved to Crypto Mixer in Aftermath of Phishing Attack

Blockchain News/Crypto News Today/DeFi

In a notable development within the cryptocurrency security landscape, a blockchain security firm, CertiK, reported on March 21 that an account implicated in a major phishing scam in September 2023 has recently transferred $10 million worth of Ether to Tornado Cash, a crypto-mixing protocol.

This account was part of a larger hack totaling $24 million, originating from an attack on a significant cryptocurrency investor, or “crypto whale,” on September 6, 2023.

The victim of this phishing attack lost a substantial amount of staked Ether (ETH) through the liquid staking provider Rocket Pool.

The attackers managed to siphon funds in two separate transactions, extracting 9,579 stETH and 4,851 rETH respectively.

According to Scam Sniffer, an anti-scam initiative, the breach occurred when the victim approved an “Increase Allowance” transaction, inadvertently granting the hackers permission to access their ERC-20 tokens via a token allowance mechanism—a feature that enables third parties to spend tokens on behalf of the token holder.

The conversation around token allowances has been prominent within the cryptocurrency community, with many voicing concerns over the potential for misuse through the deployment of malicious smart contracts.

Further investigation by another blockchain security firm, PeckShield, revealed that the fraudsters converted their illicit gains into 13,785 ETH and 1.64 million Dai, dispersing a portion of these funds through the FixedFload exchange and other digital wallets.

This incident underscores the persistent risk of phishing scams in the cryptocurrency domain, which continue to result in significant financial losses.

A recent report by Scam Sniffer highlighted that nearly $47 million was stolen through crypto phishing in February alone, with the majority of these incidents occurring on the Ethereum network and primarily involving ERC-20 tokens.

Moreover, token approvals emerged as a focal point of vulnerability once again on March 20, when an outdated contract from the Dolomite exchange was exploited to withdraw $1.8 million from unsuspecting users.

This incident prompted Dolomite’s developers to advise users to revoke any permissions granted to the compromised contract address.

While the cryptocurrency community has seen its share of successful security interventions, such as the Layerswap team’s quick response to a breach on March 20, preventing further losses after hackers had already extracted about $100,000 from 50 users, these episodes serve as a stark reminder of the ongoing challenges and risks associated with digital asset security.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Apple Co-Founder Steve Wozniak Triumphs in Appeals Court Against YouTube Over Bitcoin Scam Videos

Bitcoin/Blockchain News/Crypto News Today

In a significant legal victory, Apple co-founder Steve Wozniak has advanced in his legal challenge against YouTube following an appeals court decision that overturned a previous ruling.

This dispute stems from incidents in 2020, where doctored videos of Wozniak were used in a Bitcoin scam on YouTube.

The appellate court in San Jose has determined that YouTube’s defense, rooted in a controversial communications law, is insufficient for absolving the platform of liability related to the fraudulent use of Wozniak’s image.

This pivotal judgment stems from a larger lawsuit initiated by Wozniak and 17 other high-profile figures, including tech magnates Bill Gates, Elon Musk, and Michael Dell, against YouTube and its parent entity, Google.

They argued that YouTube failed to adequately police its platform against misleading videos that promised Bitcoin rewards in exchange for payments, misleading viewers with manipulated content featuring trusted industry leaders.

The scam videos were sophisticated in their deception, incorporating additional text and imagery to entice viewers into sending Bitcoin with the false promise of receiving double the amount in return.

This case’s progression is particularly noteworthy because it challenges the protective boundaries of Section 230 of the Communications Decency Act, which has historically shielded platforms like YouTube from liabilities associated with user-posted content.

A crucial element of the appellate court’s decision was its focus on YouTube’s practice of issuing verification badges.

The court found that YouTube and Google had “materially contributed” to the scam’s proliferation by verifying and failing to de-verify channels that were hijacked to promote the scam.

This action, or lack thereof, played a significant role in the court’s finding that Section 230 protections might not apply when a platform contributes to the perpetration of a scam.

Wozniak’s attorney, Joe Cotchett, hailed the decision as a critical moment for holding social media giants accountable.

He emphasized that the verdict sends a clear message that platforms like “Google and YouTube take responsibility for their actions and cannot use Section 230 as a total shield for their conduct.”

This case not only marks a victory for Wozniak but also signals potential shifts in how legal protections for online platforms are interpreted and applied in the context of digital fraud and content management.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Acura Capital and RWA-Focused Patex, Valued at $100M, Set to Launch State-of-the-Art Digital Bank

Blockchain News/DeFi

A leading player in the Brazilian Web2 finance sector, Acura Capital, with a robust portfolio of $1.8 billion in managed assets and an additional $3 billion in custody, is thrilled to announce its upcoming collaboration with a paramount Web3 partner, Patex. This partnership heralds the launch of a novel offering aimed squarely at the burgeoning blockchain landscape of Latin America, marking a significant milestone in the region’s digital financial ecosystem.

Transforming Digital Banking in Latin America

Acura Capital is setting the stage to introduce a pioneering digital banking solution, crafted with the digital era’s demands at its core. This new venture is set to revolutionize the banking sector by focusing on enhancing security measures, boosting operational efficiency, and expanding access to financial services.

Destined to transform the digital banking landscape in Latin America, this innovative digital bank is tailored to cater to the region’s specific financial nuances. It seamlessly merges the reliability of traditional banking with the agility of modern cryptocurrency functionalities.

Transforming Digital Finance Across the Continent

By combining Acura Capital’s financial experience with Patex’s blockchain knowledge, the venture is poised to address the distinct economic challenges prevalent in Latin America. The digital bank is designed to offer a broad spectrum of digital and crypto banking solutions, catering to an expansive user base of over 670 million across the region.

A Spectrum of Innovative Services:

Digital wallet. This feature offers a secure and user-friendly platform for managing digital currencies and financial assets, utilizing advanced encryption for unparalleled safety and privacy. Its intuitive design enables swift transactions, supporting a multitude of currencies for a consolidated portfolio management experience.
RWA tokenization. Patex integrates tokenized real-world assets into the $6 trillion Latin American economy. The bank assists in converting physical assets into tradable securities on conventional stock exchanges. These securities subsequently underpin the development of tokenized assets, set to be launched via security token offerings and tradable on a secondary market, with the assurance of compliance through KYC/AML protocols.
Floating rates. Offering dynamic interest rates for savings and loans, this service adjusts to market fluctuations, ensuring optimal terms for clients. It promotes transparency in financial dealings — a much-valued trait in today’s market.
Currency exchange. The bank’s exchange platform allows for the efficient conversion of various currencies, including fiat and cryptocurrencies. It guarantees competitive rates and minimal fees, operating non-stop to deliver real-time market insights for strategic trading.
Patex Tokens for Payments. Pix, the instant payment system launched by the Central Bank of Brazil, has quickly become notable for its efficiency and user-friendliness. Utilizing blockchain technology, Pix transactions can now be conducted with Patex tokens, representing digital assets securely held in blockchain wallets.
Instant transfers. Facilitating immediate money movements 24/7, this service ensures transactions are processed within seconds, significantly reducing the wait times associated with traditional banking methods.
Crypto cards. Extending the utility of traditional payment cards, these cryptocurrency cards enable a wide range of transactions, including retail purchases and online payments, with seamless integration into digital wallets like Apple Pay and Google Pay.
E-commerce integration. Tailored for online merchants, this feature enhances transaction speed and includes tools for sales monitoring, revenue management, and instant financial reporting.
Personal loans. The bank offers competitive personal loans with flexible terms and an easy application process, prioritizing rapid approval and minimal paperwork.
Wealth management. Clients can access bespoke financial planning and investment management services, leveraging state-of-the-art tools and insights to foster asset growth and strategic wealth accumulation.

A Unified Vision for Innovation and Security

Fernando Luiz de Senna Figueiredo, the Management Director at Acura Capital, envisions the partnership with Patex as a perfect alignment of strengths, creating a digital banking solution that expands the horizons of technological innovation while catering to the unique needs of Latin American consumers.

“By combining our respective strengths, we’re creating a digital banking platform that pushes the boundaries of what’s possible with technology. Our teams also deeply understand how to cater to the needs of Latin American users,” Fernando Luiz said.

“We’re confident that our digital bank will deliver a secure, intuitive, and comprehensive banking experience that bridges the gap between traditional financial services and the digital economy in such a promising region like Latin America.”

About Acura Capital

Acura Capital stands as an investment, portfolio analysis, and risk management service provider, managing $1.8 billion and holding a steadfast commitment to innovation, aiming to provide top-tier financial solutions to its clientele.

About Patex

Patex, the leading blockchain ecosystem in Latin America, plays a crucial role in the region’s blockchain domain, particularly in the evolving crypto market. Its comprehensive offerings, including the Patex Network, C-Patex Exchange, and Patex Campus, position the company to effectively tackle the financial and technological challenges of Latin America, ranging from infrastructure lack in launching Central Bank Digital Currencies (CBDCs) to enhancing blockchain literacy among the populace.

Discover the Crypto Intelligence Blockchain Council

Top 5 Rising Stars: Exploring the Leading Projects on TON Blockchain

Crypto News Today

The TON (The Open Network) ecosystem is rapidly becoming a pivotal force in the cryptocurrency domain, attracting a wide range of developers and investors due to its burgeoning growth and innovative capabilities. Originally envisioned by Pavel Durov for use with Telegram, TON has since morphed into a powerful, scalable network known for its swift transactions and intuitive applications. This piece highlights five cryptocurrencies within the TON ecosystem poised for noteworthy expansion.

1. Gramcoin (GRAM): The Premier Choice

Potential for growth: Significant

Within the Telegram community, Gramcoin, or GRAM, has carved out a niche for itself, thanks to its innovative approach to mining. Unlike traditional methods, GRAM allows for mining via video cards using Givers — specialized smart contracts that assign computational tasks. This process rewards miners in a manner akin to the Bitcoin protocol but without necessitating the use of costly ASIC hardware. This decentralized mining strategy ensures inclusivity, allowing individuals with video cards to participate, ultimately leading to a more equitable distribution of tokens.

The GRAM community has swelled to include tens of thousands of enthusiasts, drawn by its open and decentralized model. Within this community, many see GRAM as the potential successor to Bitcoin, capable of following in Bitcoin’s pioneering footsteps within the world of digital currencies. While both cryptocurrencies offer fast and cost-effective money transfers, GRAM, operating on the high-performance TON blockchain, sets itself apart with its instant transactions, accessibility to mining, and inclusive nature. GRAM mining only requires a video card and a simple software setup, making it accessible to any user. In contrast, Bitcoin mining now requires substantial initial capital, limiting participation to investors with significant resources.

Within the TON ecosystem, GRAM trades actively on a number of decentralized platforms, including STON.fi, Ton Diamonds, DeDust, and the Cryptorg bot on Telegram. Since its launch in January, GRAM’s valuation has soared by 28,000 times, with its user base expanding to over 30,000 in just a couple of months. With rumors of potential listings on major exchanges swirling within the project’s Telegram group, the GRAM community is abuzz with anticipation for what the future holds. Keen observers have noted significant GRAM token transfers, including transactions of over a million units to wallets linked with MEXC and OKX exchanges.

2. Notcoin (NOT): The Viral Sensation of the TON Ecosystem

Potential for growth: Moderate

NOT, a meme coin originating from the Notcoin clicker game within the TON ecosystem, has experienced a remarkable surge in popularity among cryptocurrency enthusiasts during the winter season. This surge can be attributed to the widespread distribution of free giveaways. As of mid-March 2024, the Notcoin community boasts an impressive user base of over 30 million people on Telegram, with 5 million users actively engaging with the platform on a daily basis.

The game itself is straightforward and integrated directly into Telegram chats, requiring players to simply tap on the Notcoin symbol to earn coins with each press. However, the game introduces a strategic element by limiting the energy available for clicking; it depletes with each tap but gradually regenerates over time, preventing endless clicking. Players can also acquire NOTs through various activities such as participating in specific Telegram groups or channels, using referral links to invite friends, and advancing these friends to higher tiers within the game. An exclusive offer of 50,000 Notcoins was available to Telegram Premium subscribers, but as of April 1, 2024, the Notcoin team announced they would cease the “mining” process of the coin, a decision shared by the Web3 gaming project.

In an interesting twist, NOT has established a friendly relationship with the GRAM project. The creator of NOT holds GRAM tokens and has organized competitions rewarding winners with GRAM tokens. This collaboration highlights the strong sense of community and shared objectives among supporters of these projects.

3. STON.fi (STON): The Premier DEX within TON

Potential for growth: Above Average

STON.fi stands as a pivotal decentralized exchange (DEX) within the TON ecosystem, operating on an innovative automated market maker (AMM) model. Established in 2022, it utilizes request-for-quote (RFQ) mechanisms and hashed time-locked contracts (HTLC) for seamless cross-chain swaps, positioning itself as a technological frontrunner in facilitating secure and efficient trading.

With a daily trading volume reaching $7 million, STON.fi not only showcases the vibrant activity within the TON ecosystem but also signifies the trust and reliance traders place in its infrastructure. This figure, one of the highest among emerging TON-based platforms, indicates a robust and growing interest in TON’s offerings.

STON.fi’s growth potential is rated above average, buoyed by the TON ecosystem’s expanding user base and the intrinsic value of its technological foundation. The STON token, integral to protocol governance and voting through long-term bets, has seen a remarkable six-fold increase in value from February to March 2024, peaking at $18. This growth trajectory underscores STON.fi’s solid market position and its pivotal role in shaping the future of decentralized finance (DeFi) within the TON ecosystem.

4. DeFinder Innovations (DFI): Pioneering the TON Ecosystem Landscape

Potential for growth: Moderate

DeFinder Innovations (DFI) stands as a comprehensive initiative within the TON ecosystem, showcasing a diverse array of products including the ARBUZ gaming experience with ongoing coin rewards, the DeWallet virtual wallet, the DeFinder Innovations Fund, ArrakenPlanet agricultural simulation game, and a groundbreaking TON-based betting platform. These varied offerings aim to meet a wide range of user preferences, spanning entertainment, financial management, and investment avenues.

DFI is on a mission to emerge as the leading community within the TON ecosystem by addressing gaps in services and product offerings and enhancing TON’s appeal through active user involvement. DeFinder Innovations seeks to unify different facets of the cryptocurrency community, fostering a cohesive environment. This goal is facilitated by the strategic use of the DFI token for ecosystem governance, employing a decentralized autonomous organization (DAO) model to distribute tokens from a communal pool to engage and incentivize participation.

With its moderate growth potential, DFI’s innovative ecosystem and broad service portfolio set it up as a key contender in the TON arena. The initiative has attracted attention and support from the TON Foundation, highlighted by a significant $20,000 donation from the foundation’s leader to DeFinder’s wallet. Furthermore, DFI’s trading value has seen an extraordinary rise of 1440% since December 2023, illustrating a promising path towards realizing its lofty ambitions.

TonUp (TONUP): Catalyzing Project Launches

Potential for growth: Moderate

TonUp operates as an essential catalyst within The Open Network (TON), dedicated to promoting new project launches by providing necessary funding and liquidity. As a foundational element of TON’s project incubation framework, TonUp plays a crucial role in encouraging innovation and contributing to the ecosystem’s growth.

To safeguard and potentially enhance the value of its tokens, TonUp adopts a methodical approach involving regular token redemptions and destructions, effectively diminishing the total supply in circulation. This strategy aims to not only stabilize but also increment the value of TonUP tokens, instilling additional confidence among investors regarding the platform’s future prospects.

TonUP has showcased remarkable performance, with its token value experiencing a 180% increase within a month, peaking at $1.2 on March 25. This surge reflects strong investor trust and market demand for what TonUp has to offer. With its strategic approach to token management and its status as an incubator, TonUP exhibits moderate growth potential, marking it as an instrumental entity in attracting further innovation and investment to the TON ecosystem.

Synergizing Leading TON Initiatives

Examining these five cryptocurrencies unveils their critical contributions and potential within the TON ecosystem. Each project brings unique solutions and strategic visions to the table, enhancing TON’s vibrancy and innovation capacity. From GRAM’s commitment to decentralization to NOT’s captivating gameplay, DFI’s community-centric approach, STON.fi’s trailblazing DEX model, and TONUP’s facilitative role in project launches, these endeavors collectively highlight the expansive opportunities for growth and innovation in The Open Network. As they evolve and broaden their influence, their combined efforts are set to redefine the future of blockchain technology and decentralized finance.

Driving Cats NFT Club Drop Begins in Challenge to SHIB, BONK, PEPE and DOGE

Blockchain News/Crypto News Today

The first phase of the Driving Cats NFT Club public sale got underway on 29 March at 8:30 AM (GMT) on OpenSea.

Cryptocurrencies like Shiba Inu (SHIB), Dogecoin (DOGE), Bonk (BONK) and Pepecoin (PEPE) have been attracting huge inflows from retail investors in recent weeks and months, amid the beginning of the bull run.

While these altcoins can deliver significant returns during the current cycle – potentially over 200% – investing in NFTs at the beginning of the drop can potentially generate even higher returns, in a much shorter period of time.

One such opportunity that has emerged is the Driving Cats NFT Club (DCNC.)

The first phase of the public sale of the Driving Cats NFT Club started today at 8:30 AM (GMT), and investors can now buy and mint their NFT from this collection.

During the first phase, each of the 999 NFTs that make up this collection will be available to buy for just 0.07 ETH (around $240).

Once the first phase of the public sale ends in late April, each NFT will be priced at 0.25 ETH – over four times its price during the first phase.

However, as the NFT collection is expected to sell out during the first phase, and as most buyers will likely hold onto their NFTs rather than trying to flip them in the secondary market, the price of each NFT could rally much higher than 0.25 ETH.

For investors who buy and mint their NFT during the first phase of the public sale, the Driving Cats NFT Club could be a great investment, potentially delivering much higher returns than if you were to invest in Shiba Inu (SHIB), Dogecoin (DOGE), Pepecoin (PEPE), or Bonk (BONK).

Discover the Crypto Intelligence Blockchain Council

ERC-7231: Ethereum Community Backs CARV’s NFT Standard for Value Redistribution to Users in the AI Revolution

Press Releases

Santa Clara, US, March 28th, 2024, Chainwire

CARV, the modular data layer for gaming and AI, today announces the final approval of ERC-7231 – the protocol that establishes a revolutionary system of data self-sovereignty, empowering users to possess, manage, and contribute their information to both AI systems and data consumers, thereby enabling the equitable sharing of generated value.

Ethereum Community greenlighting the standard is a major step in bridging disparate digital identities and enabling users to own their online history, relationships, and experiences across platforms.

ERC-7231 binds multiple Web2 and Web3 identities to a single non-fungible token (NFT) and achieves encrypted aggregation of multi-domain identity data. The result is an “identity of identities” that enables self-authentication, social overlapping, and commercial value generation from targeted user data.

“At long last, this solution breaks down identity silos, rewrites the rules of data ownership, and lays the foundation for a user-owned internet where individuals can have an equitable share in value distribution,” said CARV Co-Founder Victor Yu.

ERC-7231 offers three important benefits at the dawn of Web3. First, the protocol’s integration with account abstraction wallets makes Web2 and Web3 onboarding (and therefore adoption) easier. Second, uniting multiple identities under one banner enables greater interoperability between different platforms and services. Third, users exercise unprecedented control over their data to decide how it’s used. If they opt to share this data, for example, users can passively earn whenever brands leverage their on-chain and off-chain identity information.

Case in point: CARV ID is integrated with the standard and already empowering users to manage their digital presence across the gaming universe with ease and confidence. More than 900,000 CARV ID holders are playing their favorite games and earning rewards across CARV’s comprehensive ecosystem, which spans from its foundational data stack, its gaming-focused application layer, to the increasing list of games integrated with CARV ID. CARV has also developed an AI Agent in house, where more nuanced data can be scrapped in a privacy-preserving way and attributed to CARV ID. Entities building on CARV’s modular data layer, such as MARBLEX which recently just announced their strategic partnership with CARV, can tap into this rich data source for game and AI development. ERC-7231 is “the key to stringing everything together,” said Yu.

Understanding gamers today is increasingly difficult due to app tracking changes (IDFA) and shifting privacy regulations (CCPA). With ERC-7231, users can not only aggregate, own, and control their identities, but gaming and AI companies can leverage this zero- and first-party data to create customized experiences and more accurately target gamers.

For example, according to the company, improved user acquisition was the aim of Electronic Arts and its latest game, EA Sports FC Tactical, in Indonesia. Utilizing CARV as one of the primary channels for user acquisition, EA recently recruited Indonesian gamers for the beta test at a lower Cost Per Install (CPI) than traditional channels. Better yet, the game can better understand each gamer and their history thanks to ERC-7231’s aggregated data from multiple gaming accounts.

“Backed by this standard, brands can shift and shape their offering with quality and compliant data, and users can share in the value creation from this information. We welcome all user identity solutions to adopt ERC-7231 and usher in a new age of identity-aggregated NFTs,” said Yu.

About CARV

CARV is the largest modular data layer for gaming and AI, revolutionizing how data is used and shared. CARV ensures privacy, ownership, and control are firmly in the hands of individuals and provides gaming and AI development with holistic and high-quality data reinforced with human feedback in a regulatory-compliant, trustless way. To pioneer a future where data generates value for all, CARV has built CARV Protocol, the modular data layer integrated with 40+ chain ecosystems, and CARV Play, its flagship gaming superapp. CARV has more than 2.5 million registered users and 700 integrated games.

For more information users can visit here or stay in the loop here.

Contact

Cofounder & COO
Victor Y.
CARV
vito@carv.io

IMF Report Advocates for Digital Currencies to Boost Financial Inclusion in Pacific Islands

Blockchain News/Crypto News Today

The International Monetary Fund (IMF) has highlighted the potential of digital currencies, including stablecoins and central bank digital currencies (CBDCs), to enhance financial inclusion and improve financial services in the Pacific Islands.

A report released by the IMF on March 25 delves into the impact these digital currencies could have on the economies of these remote and dispersed nations.

The 58-page document crafted by IMF’s senior economists identifies significant challenges for the Pacific Islands, emphasizing the importance of financial services for overcoming poverty and inequality.

A particular concern for these nations is their heavy reliance on remittances and the detrimental effects of reduced correspondent banking relationships.

The IMF sees digital currencies as a means to develop payment systems, broaden financial inclusion, and address these banking challenges.

Though the report leans towards the advantages of CBDCs, a preference of the IMF, it doesn’t disregard the role of private stablecoins, specifically those backed by foreign currencies.

However, it advises against smaller Pacific Island countries issuing their own stablecoins due to the potential lack of regulatory oversight.

Tether, a well-known private stablecoin, is specifically mentioned within this context.

For countries with their own national currencies and established banking systems, the report suggests a dual-structure CBDC model.

This approach involves the central bank issuing the digital currency while entrusting its operation to private entities.

On the other hand, for nations without their own currencies, the IMF considers foreign currency-backed stablecoins as a viable option, contingent on strict regulation and supervision.

The report acknowledges that none of the Pacific Island countries currently use private cryptocurrencies or stablecoins officially.

However, a few, including Fiji, Palau, Solomon Islands, and Vanuatu, are exploring the possibilities of adopting a CBDC.

The IMF has been a staunch advocate for the adoption of CBDCs globally. In November 2023, its managing director, Kristalina Georgieva, emphasized the importance of the public sector preparing to implement CBDCs.

She posited that CBDCs could not only replace cash but also serve as a “safe and low-cost alternative” to private money, underlining the IMF’s support for digital currency initiatives as a means to foster financial inclusivity and resilience among the world’s most isolated economies.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Driving Cats NFT Club Drop – Should You Buy DCNC Instead of SHIB, DOGE or PEPE?

Blockchain News/Crypto News Today/Metaverse

The first phase of the Driving Cats NFT Club sale will be available to all members of the public, and it will get underway at 8:30 AM (GMT) on 29 March.

Many crypto investors have been pouring money into altcoins, like Shiba Inu (SHIB), Dogecoin (DOGE), and Pepecoin (PEPE) in search of higher gains than what they’re likely to achieve holding Bitcoin (BTC) or Ethereum (ETH).

While these altcoins can deliver significant returns in the next bull run – potentially over 200% – investing in NFTs at the beginning of the drop can potentially generate even higher returns, in a much shorter period of time.

One such opportunity that is emerging is the Driving Cats NFT Club (DCNC.)

The first phase of the public sale of Driving Cats NFT Club will be available to all members of the public, and it will get underway at 8:30 AM (GMT) on 29 March via OpenSea.io.

During the first phase, each of the 999 NFTs that make up this collection will be available to buy for just 0.07 ETH (around $240).

Once the first phase of the public sale ends in mid-April, each NFT will be priced at 0.25 ETH – over four times its price during the first phase.

However, as the NFT collection is expected to sell out during the first phase, and as most buyers will likely hold onto their NFTs rather than trying to flip them in the secondary market, the price of each NFT could rally much higher than 0.25 ETH.

For early buyers, the Driving Cats NFT Club could be a great investment, potentially delivering much higher returns than if you were to invest in Shiba Inu (SHIB), Dogecoin (DOGE), Pepecoin (PEPE), Bitcoin (BTC), or Ethereum (ETH.)

Discover the Crypto Intelligence Blockchain Council

Institutional Investment Shifts Bitcoin Mining Landscape, Challenging Decentralization and Network Dynamics

Bitcoin/Blockchain News/Crypto News Today

Institutional investment in Bitcoin mining by large public companies has notably impacted the landscape for individual and small-scale miners, with significant consequences for the network’s dynamics, according to a Bitfinex report on the cryptocurrency mining ecosystem ahead of the Bitcoin halving.

The study reveals a shift from the decentralized vision of Bitcoin, where individuals contributed to network security, to a scenario dominated by corporate entities.

These entities prioritize shareholder returns, operating on a much larger scale with different priorities than smaller miners.

The report emphasizes their focus on profitability and managing investor expectations, often sidelining the community’s more altruistic values such as network security, egalitarian access, and censorship resistance.

The entry of Wall Street funding into Bitcoin mining has professionalized the sector, leading to increased hashing power that could theoretically enhance network security and stability.

However, concerns arise about centralization and corporate influence, which could diverge from Bitcoin’s original ethos of being open, borderless, and resistant to control by any single entity.

The Bitfinex analysis notes that the consolidation of mining operations by these large companies could potentially threaten Bitcoin’s decentralized nature, as they are able to scale operations more effectively, secure cheaper energy, and invest in the latest technologies, making it difficult for smaller miners to compete.

The infusion of institutional capital has altered the incentive structure within the network, favoring those who can operate on a large scale.

This shift raises questions about the future of Bitcoin’s decentralized ethos and whether the increased centralization could impact network security and the distribution of mining rewards.

The survival of independent and hobbyist miners now depends on their ability to innovate and collaborate.

Mining pools are suggested as a solution, allowing for the pooling of resources to stay competitive.

Moreover, the sustainability of hobby mining is contingent on the development of more efficient mining technologies and the utilization of renewable energy.

Geographical diversification of mining operations is also highlighted as vital for maintaining the network’s decentralization.

Emerging markets with renewable or untapped energy sources are seen as promising locations for new mining ventures.

The report concludes that, while the landscape is evolving, the core community values and decentralized nature of Bitcoin must be preserved to ensure the network’s integrity and resilience.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.