NewsRoom Articles - Page 43 of 171

TuesdayFeb 21, 2023 9:00 am

US Regulators, Lawmakers Want Tougher Action on Crypto Industry

It was a catastrophic event for the crypto fraternity when FTX folded in November. This was termed the Lehman moment, when a giant within the industry buckled, the damage spread, and reluctant regulators suddenly had an epiphany and went on a public rampage to improve their image. The crypto industry is now plunging into the twilight zone: the Dodd Frank era. (Frank is the 2010 legislation Congress passed supposedly fixing the lax oversight within the banking industry that sunk the financial world into the worst historical financial abyss ever.) As the market burst into a mega-dollar enterprise, proponents grappled with…

FridayFeb 17, 2023 9:00 am

Crypto Loudly Absent at This Year’s Super Bowl

The Super Bowl is one of the most viewed sporting events each year globally. Previously, crypto companies Coinbase and Crypto.com among others would scramble to get even a single spot and spare no dime for an opportunity to advertise at the Super Bowl. However, the usual eye-catching cryptocurrency trading podium adverts were conspicuously absent during the Super Bowl event this year. Last year, Larry David was unamusing in the several old school outfits he spotted in an FTX advert. Another ad had a crowd of people buzzing like bees in the air for eToro, and in yet another advertisement, a…

WednesdayFeb 15, 2023 10:30 am

China Announces Plans to Establish Blockchain Tech Research Center

The crypto biosphere is new on the horizon as China becomes a blockchain technology pioneer. While the United States fixates on taming the “rogue aspects of the crypto industry” within its borders, China has announced its intentions to launch its National Blockchain innovation hub in Beijing. China Daily reported that the Chinese authorities established the center to experiment as well as develop technological blockchain innovations while maintaining an embargo on crypto currencies. The Science & Technology ministry of the country approved the center, saying the center will liaise with think tanks, local universities and blockchain enterprises to create a network…

MondayFeb 13, 2023 9:00 am

Bank of Italy Preps for Blockchain Integration in National Economy

The European Union and the Bank of Italy have assembled a supervisory domain in a bid to merge distributed ledger technology (DLT) into the mainstream economy, said Ignazio Visco, the Italian central bank governor. Visco said this at the 29th Assiom Forex Congress, emphasizing the benefits offered by DLT, such an efficient financial system and crossborder transactions that are cheaper. “Bank of Italy has to identify areas that new distributed ledger technologies can be issued to increase the overall financial system stability as well as client protection,” said Visco. He noted that in November, the Central Bank called for proposals…

FridayFeb 10, 2023 11:15 am

Tax Planning Can Help Offset Losses for Crypto Traders

When filing taxes, reporting on cryptocurrencies can help investors offset their losses. The year 2022 was a hard one for the crypto fraternity. Recently, an Immunefi report found that in 2022 crypto investors lost $3.9 billion. Colossal losses such as these usually alarm investors, though a silver lining may be in the offing for those investors who report crypto as part of their tax returns. Lisa Greene-Lewis, a TurboTax accountant, said that while in 2021 crypto investors had huge gains, the tides changed in 2022. “TurboTax is willing to help investors bear their loss,” she said. Harvesting of tax loss…

WednesdayFeb 08, 2023 11:15 am

Lisbon, Portugal to Host Leading Blockchain Conference in July

An upcoming blockchain conference is billed to be one of Europe’s grandest crypto events ever with C-suite execs from the finest fintech companies as well as prominent media personalities and blockchain founders attending. Some of the speakers include Javier Garcia, binance leader in Spain and Portugal; Zoe Wei, head developer at BNB chain; Laurent Perello, Tron’s blockchains advisor; Austin Federa, Solana’s communications chief; and Vilma Mattila, Mary Camacho and Cyrus Fazel among many others. An unprecedented number of delegates are slated to attend the event, which will be held at the Altice Arena in Lisbon, Portugal, in July 2023. It…

MondayFeb 06, 2023 9:00 am

California DMV Plans to Use Blockchain Tech to Maintain Records

California’s Department of Motor Vehicles (DMV) has plans underway to apply blockchain technology to help in its recordkeeping, including car ownership transfers as well as licensing and registration of new cars and drivers. The DMV has collaborated with an open-source company, Tezos blockchain, to execute peer-to-peer business undertakings and be a platform used to deploy smart contracts. These sentiments were mentioned by Fortune magazine. The DMV in California, plus a blockchain software enterprise called the Oxhead Alpha and Tezos, announced a proof-of-concept program that will enable the California DMV to title vehicles as of Jan. 25, 2023, this year. Ajay…

FridayFeb 03, 2023 10:30 am

White House Reveals Plan to Combat Risks in Crypto Sector

The U.S. government has asked law enforcement to escalate efforts to keep an eye on the cryptocurrency space. Biden’s administration forwarded a meticulous plan to address the eminent crypto currency risks, a blog reported last week. This will call on authorities and Congress to summon enforcement appropriately to boost their efforts in managing the industry. The official blog mentioned last year’s major pitfalls within cryptocurrency; the collapse of an algorithmic stablecoin, which created a tsunami wave of insolvencies; and the infamous fall of a cryptocurrency giant, the renowned FTX, which caused users and investors untold investment losses in billions. In…

WednesdayFeb 01, 2023 10:30 am

Despite Carnage in Crypto Industry, Bitcoin Soared 40% This January

Bitcoin has had a great run with a near 40% rise this year, even after Genesis, a crypto lender declared bankruptcy months after FTX sunk in November. Let us decipher the driving force behind the cryptocurrency rally. Most markets have their peak sales in January as money is deployed then by fund managers, according to industry insiders. This year has seen a rise in risk assets as NASDAQ registered an 8.8% gain. Bitcoin on the other hand was massively shorted after FTX caved in last year. This January during crypto’s unexpected price rise, short sellers closed their positions to buy…

MondayJan 30, 2023 12:00 pm

Could 2023 See Blockchain Revolutionizing the Insurance industry?

Blockchain is lauded as possessing capabilities that could revolutionize the finance industry. Having a range of applications, this technology may be slated to penetrate the insurance industry in 2023. Marlene Dailey, a senior financial analyst, states that blockchain is capable of creating a trusting environment for insurers to provide a controlled access network and a means to share critical information safely. Blockchain technology can be a transformative revolution for the industry, but insurers are rather apprehensive to adopt the technology. Dailey extrapolates that the most important blockchain technology aspect lies in the parametric triggers; she notes that “if you have…