The International Monetary Fund (IMF) assured that, despite the fact that the cryptocurrency market has been in a downtrend, this will not directly affect global financial stability.

In a report prepared days ago, the IMF indicated that the world economy is currently facing several challenges, highlighting the high inflation rate, the continuous Covid-19 blockades and the consequences of the war in Ukraine.

“The indirect effects on the financial system in general have been limited so far,” the agency highlights in a part of the report.

The IMF referenced the implosion of Terra’s algorithmic stablecoin, UST, as well as recent cases of insolvency, when addressing the cryptocurrency crash. Fund Three Arrows Capital, and crypto lenders Celsius and Voyager have recently filed for bankruptcy.

However, the crypto market turmoil was not the main topic. In its report, the IMF warned of the risks of a recession after announcing cuts to its global growth projections for 2022 and 2023. According to CNBC coverage, the organization called the global economic outlook “grim and more uncertain.”

K. Tovar

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Source: Diariobitcoin

La entrada IMF assures that Bitcoin will not affect economic stability apareció primero en Bitfinance.

The financial services company, Mastercard, established an alliance with the Indonesian cryptocurrency portal Fasset in order to develop digital solutions that facilitate financial inclusion in the Asian country.

The manager of Mastercard Indonesia, Navin Jain, stressed that the alliance plans to “expand financial inclusion”, extend opportunities for the development of the economy in the country and support citizens in access to digital technologies.

For his part, the executive of Fasset, Hendra Suryakusuma, maintained that the alliance with Mastercard will allow closing the gap between the financial system and the citizens of Indonesia, since there are currently 92 million inhabitants who do not have any type of financial services. It is an unbanked population.

“Our partnership seeks to reduce barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services,” Suryakusuma noted.

Impact on the global crypto world

According to the Fasset executive, the adoption of cryptocurrencies by Indonesia will have a very positive impact on the global crypto ecosystem, and he considers that they will be a reference model for other countries that wish to develop their economies.

For Suryakusuma, “the implications in the industry are a greater legitimation of crypto assets, their use cases and application areas.”

While the Mastercard company has been developing and executing actions to link with the cryptocurrency market. Last June, the company extended its network for non-fungible token (NFT) markets, allowing its customers to purchase with their NFT cards without having to buy crypto beforehand.

M. Rodríguez

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Source: es.cointegrahp.com

La entrada Mastercard launches alliance with Indonesian cryptocurrency portal apareció primero en Bitfinance.

The Office of Government Ethics (OGE) issued a measure that prohibits legislators who own any type of crypto assets privately from participating in federal laws and policies” that impact the regulation and valuation of crypto assets.

According to the OGE, cryptocurrencies and stablecoins “are not considered publicly traded securities”; thus owning them “could affect the judgment of those who make decisions” that involve them. However, the Office considers that “a maximum investment threshold could be established to filter the affected officials.”

The document published by the OGE indicates: “An employee who owns any amount of cryptocurrency or stablecoin cannot participate in a particular matter if the employee knows that that particular matter could have a direct and predictable effect on the value of his cryptocurrency or stablecoin.”

Mutual funds are exempt

The measure issued by the OGE impacts all US officials who work in public administration, including those who work in the White House. But employees who invest in mutual funds geared towards companies with exposure to cryptocurrencies are exempt from the ban.

Mutual funds can be considered as equity made up of contributions from natural and legal persons to be invested in publicly offered securities and assets permitted by law and are managed by a corporation at the risk and expense of the participants.

The bureau explained that mutual funds that have a stated purpose of “investing broadly in companies that would benefit from or use blockchain technology are considered diversified funds.”

M. Rodríguez

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Source:cripto247.com

La entrada OGE prohibits legislators with cryptocurrencies from participating in its regulation apareció primero en Bitfinance.

European parliamentarians from the Green Party and socialist representatives propose to reform the law on Cryptoactive Markets, better known as the MiCA Law, to include non-fungible tokens (NFT) within the new regulatory framework, since the regulation does not contemplate issues related to digital collectibles.

The intention of the legislators, in reforming the regulation, is to incorporate NFT buying and selling platforms so that they can be regulated and protected “against money laundering (AML) in the European Union.”

According to what is expressed in the documentation presented by the group of legislators, it is necessary to consider it because “the regulations of the MiCA Law are designed to be complied with by service providers with cryptocurrencies.”

Assembly members also believe that it is important to regulate “decentralized autonomous organizations (DAO) and towards hardware wallets or cold purses.” The current legislation maintains “that the transfers made by the owners of the wallets with the exchanges must be notified to the regulatory entities.”

As will be recalled, the MiCA law was recently agreed by European negotiators with the fundamental purpose of “regulating issuers and service providers with crypto assets.” However, the new law must be sanctioned by the Committee on Economic and Monetary Affairs, with a full vote, and once it is approved, its general implementation in the eurozone will begin 18 months after it comes into force.

M. Rodríguez

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Source: noticiasdebariloche.com.ar

La entrada European Parliament proposes to reform the MiCA law apareció primero en Bitfinance.

The National Superintendency of Cryptoactives and Related Activities (Sunacrip), authorized the Caracas Commodity Exchange to start operations of its ecosystem in Venezuela and establishes itself as the first commodity exchange in the world with blockchain technology.

The launch of the platform is scheduled for next July 12 within the framework of one of the largest events on crypto assets and commodities that will take place in the country.

Daniel Valero, President and founder of the institution, expressed that the authorization granted by Sunacrip turns the stock market into a diverse ecosystem that “contains exchange, P2P, crypto fiat, payment gateways, crypto debit and credit cards, super wallet, super app, e-commerce, crowdfunding, issuance of tokens and tokenization for management and production in agro-productive areas, tokenization of mining and mineral extraction, OTC services and payment agent”.

The governance currency of the CCSCEX ecosystem, the EXCHANGE Token, is backed by a guarantee of 129,800,000 dollars, safeguarded by the UBS Bank of Geneva, Switzerland for an amount “that supports two million eighty-eight thousand Exchange Token, that can be used in more than 180 countries”.

First Venezuelan token

On the other hand, Valero reported that the first Venezuelan token will soon be created within the framework of the plan called the Agricultural Miracle of the agro-productive sector, “thus becoming the first Security Token in Latin America, thus supporting the issuance of one million nine hundred thousand Exchange Token and listed on BINANCE DEX (now BNB CHAIN) worth $120 million.”

The president of the Caracas Commodity Exchange announced other projects such as the implementation of the Security Token Offering (STO), also highlighted that the increased use of blockchain technology, the Internet of things and web 3.0, is stimulating important social, economic transformations. and cultural, and it is a transcendental fact for the country due to the increase in the use of platforms and apps.

M. Rodríguez

Source: laprensalara.com

La entrada Sunacrip authorizes operations of Caracas Commodity Exchange apareció primero en Bitfinance.

Gavin Newsom, the governor of the state of California, authorized the creation of a comprehensive framework that allows the regulation of cryptocurrencies with the aim of boosting the crypto market in the state and in that region of the United States.

The executive order signed by the governor also established some priorities “that encompass the presence of crypto assets and blockchains within the state and the lives of citizens”.

Among the key priorities established are: “protect the interests of the United States, protect global financial stability, prevent illicit use, promote responsible innovation, financial inclusion and American leadership”.

On the other hand, the statement also emphasizes building avenues for “research and workforce development to prepare Californians for success in this industry”.

According to Newsom, the Californian State is a world center of innovation and the authorities are taking measures to prepare and adapt to the new technology of blocks, protecting consumers and using the technology for the common good.

California stimulates a business environment for crypto assets

With the executive order, the Governor of California is proposing the creation of a “commercial environment” for all companies that manage blockchains, which encompasses crypto assets and related financial technologies. It includes a balanced evaluation of the advantages and disadvantages for both consumers and investors is carried out and incorporates State values such as equity, inclusion and protection of the environment.

In the first place, the governor hopes to receive suggestions so that the regulation of cryptocurrencies is in accordance with the federal and state regulations of the United States.

Newsom’s proposal is based on the actions carried out by President Joe Biden, which aims to offer “regulatory clarity to Bitcoin and crypto assets”.

The President’s rule establishes that federal agencies must evaluate the risks and opportunities that cryptocurrencies represent for the “national security of the United States and its impact on the economy of the nation”.

M. Rodríguez

Source: noticiasdebariloche.com.ar

La entrada California proposes regulatory framework for cryptocurrencies apareció primero en Bitfinance.

As of 2023, the metropolis of Rio de Janeiro will accept cryptocurrencies for the payment of the Tax on Urban and Territorial Property (IPTU), as announced by the Secretary of Economic Development, Innovation and Simplification of Rio de Janeiro, Chicão Bulhões, and the Secretary of Finance and Planning, Pedro Paulo Carvalho Teixeira.

The announcement was made within the framework of the Carioca cryptoactivity event where it was also indicated that the municipality will hire companies specialized in converting crypto assets into reais, preventing “legal or technological problems” from being incurred because the City Council will receive 100% of the tax in national currency.

By receiving income in digital assets, the municipality will also be able to invest in cryptocurrencies, maximizing the profitability and collection of the city. For his part, Pedro Paulo Carvalho Teixeira, Secretary of Finance and Planning, considers the announcement of great importance due to the resources and the vocation that Rio has as a power municipality in the country.

“In this process, the City Council has been accompanying the technological and economic advances in the universe of digital financial assets, which have grown significantly and foster economic segments with enormous traction to boost the economy of the municipality,” he stressed. With the creation of an environment for business framed in the possibilities of a digital society, the potential of the city to attract new commercial activities and lead profound transformations in Brazil is facilitated and reinforced.

A crypto ecosystem in Rio de Janeiro

The secretary of Economic Development, Innovation and Simplification of Rio de Janeiro, Chicão Bulhões, explained that one of the objectives of the municipality is “To make Rio the cryptoecosystem of Brazil, contributing to the city becoming the capital of innovation and technology of the country”.

With a strong cryptosystem, the city’s growth possibilities are enhanced, in addition to those of the research centers and universities that are being installed. The mayor of the city, Eduardo Paes, also expressed his enthusiasm for the development of the cryptographic system, highlighting that his commitment “is to do whatever is necessary to develop and strengthen the cryptographic ecosystem in Rio.”

Boosting the economy

Experts in the cryptographic market and regulatory entities, as well as representatives of companies dedicated to the sector such as Mercado Bitcoin, Reinaldo Rabelo, who expressed their enthusiasm with the possibility of supporting the different ideas and projects for for the city of Rio de Janeiro to become a “crypto-friendly city”. In addition, he highlighted: “We are the largest exchange house in Latin America and a crypto-native company” that contributes to the dynamism of the city’s economy.”

For his part, the mayor also considers that the technological and financial development, both national and international, produced by “blockchain technology, means of payment and asset creation, stablecoins” and the activities and innovations constitute segments that can boost the economy of the country. country. “Especially in the traditional environment of innovation and existing market, the issue becomes of great relevance for our city”.

M. Rodríguez

Source: es.beincrypto.com

La entrada Rio de Janeiro will accept cryptocurrencies to pay taxes apareció primero en Bitfinance.

The Central Bank of Canada announced a partnership with the Massachusetts Institute of Technology (MIT) to begin a central bank digital currency (CBDC) research and development project. The financial organization also seeks to analyze the benefits of implementing the asset in the Canadian financial system.

The financial entity announced that it plans to work with the MIT Media Labs as the impact of “advanced technologies could affect the potential design of a CBDC”. And he plans to test for 12 months.

The banking body warns that, despite the execution of this initiative, the Canadian government has not confirmed whether it will really include a CBDC in its country. However, he noted that he would provide a modification once the research project is complete.

Digital currencies gain ground in the international financial system

Crypto assets open up a whole new range of opportunities: quick and easy payments. Innovative financial services. Likewise, sovereign digital currencies are gaining prominence in the different systems of international financial organizations.

The director of the International Monetary Fund (IMF), Kristalina Georgieva, recently assured that “CBDCs are safer assets than cryptocurrencies such as Bitcoin (BTC), Ether (ETH) or the rest of the altcoins.”

The announcement by the Central Bank of Canada is made “just as the development of a digital dollar is starting in the United States“, which will be carried out through an executive order issued by President Joe Biden.

M. Rodríguez

Source: crypto247.com

La entrada Central Bank of Canada and MIT develop digital currency apareció primero en Bitfinance.

The parliamentarians of the European Union indefinitely suspended the vote on the regulatory framework for digital currencies that was scheduled to take place on February 28 and intended to approve a package known under the acronym MiCA, regulation on cryptoactive markets.

The vote was reserved for the EU parliament to send the proposal with the potential modifications for discussion with the members of the Council of the European Union and the European Commission, but it was suspended after the presentation of a new draft that contemplates a provision to limit cryptocurrency mining based on proof-of-work (PoW) mechanisms.

Stefan Berger, president of the Economy Committee and rapporteur in charge of that vote, asked for more time to elucidate the new provisions. The parliamentarian expressed through his social network Twitter: “The EU Parliament vote on MiCA will be canceled at my request (…). As rapporteur, it is essential for me that the MiCA report is not misunderstood as a de facto ban for Bitcoin.”

The rapporteur did not explain when the vote could take place and did not indicate a tentative timetable for the decision of the expected European crypto regulation.

Environmental impact of crypto

The new MiCA draft includes a provision that aims to restrict the use of energy-intensive cryptocurrencies, particularly referring to digital currencies based on PoW networks such as Bitcoin and Ethereum. If this provision is approved, it would come into force in 2025 and would impact the different companies that offer services with PoW cryptocurrencies.

It is important to note that the controversial provision of the regulatory framework refers to the progressive “concerns about the environmental impact of mining assets such as bitcoin, an issue that has been in vogue among regulators in countries around the world in recent months.”

The assembly members of the European Union and the politicians of several member countries such as Sweden, Germany and Spain, have been pressing, since November last year, to ban “proof-of-work mining due to energy concerns. Other officials such as the vice president of the European Securities and Markets Authority (ESMA), Erik Thedéen, also support this request.

M. Rodríguez

Source: diariobitcoin.com

La entrada European Parliament suspended the discussion of regulatory framework on crypto assets apareció primero en Bitfinance.

The application of the MiCA (markets in crypto assets) regulation that legally supports the service of crypto assets in the market was deferred by the European Union for 2024 and referred to the Council of Europe, which groups the 27 governments, where it will be debated.

The regulation is a rule that the market is demanding and anxiously awaits to be able to offer cryptoactive services with legal backing, it is also an instrument that is also desired by some regulatory entities such as the Bank of Spain and the National Securities Market Commission (CNMV) for normal a sector that according to their statements is full of speculations and fraudulent schemes.

According to the versions highlighted in different specialized media, the latest draft of the MiCA regulation delays the application for most of the cryptocurrencies, such as bitcoin and the rest of the digital currencies, considered one of the most urgent issues, at least for Spanish financial inspectors.

As will be recalled in the first draft of the regulation, a period of 18 months from the entry into force was foreseen for its effective application. However, in the latest version it was modified and it was advanced 6 months for the application in relation to virtual currencies linked to stablecoins, but delayed up to 24 months for the remaining assets of the crypto ecosystem.

National regulation for crypto assets

The European Union has made great efforts to achieve regulation in the area, but the new deadlines are forcing countries to take national and individual measures. Many analysts in the crypto industry emphasize that States must make their own rules and this is established by the different drafts of the European regulation.

The bill provides for a “simplified procedure to recognize authorized providers according to the regulations of the different countries”, which implies national regulation.

Countries such as Germany, France and Luxembourg are taking steps to develop their own legal framework, while in Portugal they have chosen to provide an interesting tax system that will attract investors from the crypto industry. According to analysts, Spain should promote its own regulation because otherwise it would be left behind.

M. Rodríguez

Source: es.cointelegraph.com

La entrada European Union differs application of law on crypto assets apareció primero en Bitfinance.