The United States government announced that it plans to implement its first specific policy aimed at crypto mining, for which it will take into account the analysis of factors such as the environmental impact and energy regulation of the sector.

The government proposal is expected to be ready by next August and considers criticisms of cryptocurrency, “including claims that it lacks a social benefit.”

The White House will also study other “factors such as noise pollution from mining, along with the comparison of protocols such as proof-of-stake (PoS) and proof-of-work (PoW)”.

Costa Samaras, Senior Assistant to the White House Office of Science and Technology Policy, pointed out that the main motivation for a possible enactment of policies on the crypto ecosystem and crypto mining is a consequence of the growth that cryptocurrencies have been experiencing.

The United States hosts the largest crypto mining operations

The need for a new approach to crypto mining is underpinned by the adoption of cryptocurrencies, especially as the United States hosts one of the largest crypto mining operations globally.

In addition, of the criticism directed at the Environmental Protection Agency (EPA) for its inability to designate the use of energy in the different sectors.

The rise of bitcoin mining in the US is seen as putting great “pressure on the country’s energy system, with existing infrastructure impacted by extreme weather, aging cables, and growing adoption of renewable energy.”

For his part, Samaras considers that if digital currencies will form part of the financial system, “it is essential that it be developed responsibly and that emissions that are harmful to the environment are minimized.”

M. Rodríguez

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Source: cripto247.com

La entrada The US will analyze the environmental impact of crypto mining apareció primero en Bitfinance.

Japan’s leading banking institution Sumitomo Mitsui Trust (SMT) has announced its willingness to enter the crypto ecosystem in partnership with Japanese exchange Bitbank. Te purpose is to launch a company that will focus on offering institutional-grade custody for digital assets and NFTs.

Sumitomo Mitsui Trust obtains 15 % of the shares of the Japan Digital Asset Trust company, the other 85% is from Bitbank, with the aim of absorbing “the local institutional market that still sees the custody issue as an element dissuasive to invest in these new products”.

The Japan Digital Asset Trust company plans to start its activities before the end of the year, with the launch of a “stablecoin in yen“, protected by the legal rule that makes it easier for financial entities to issue this type of product.

In order to materialize its plans, the financial entity SMT has 2 million dollars of committed capital for the launch of its new company and expects to raise a total of USD 78 million dollars.

For Sumitomo Mitsui Trust, investors feel greater security and comfort if the custody of digital assets is under the responsibility of recognized financial institutions “rather than just exchanges, which often do not face the same scrutiny from investors. established regulatory bodies.

Banks are approaching cryptocurrencies

As the cryptocurrency ecosystem was impacted by geopolitical factors, public and private institutions moved away. However, now the signs indicate that this gap is getting smaller and this is demonstrated by the Japanese banks.

The announcement of different Japanese banks is made after the report published by the Bank for International Settlements (BIS), where it noted that regulatory obstacles few financial entities offer services related to cryptocurrencies.

In the report, the BIS highlights that it is necessary for banks to assume greater exposure to cryptocurrencies so that they can have a greater capacity for innovation and increase financial inclusion.

M. Rodríguez

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Source: lacriptomoneda.info

La entrada Japanese bank to offer vustody services for crypto 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 financial institution Goldman Sachs, together with the financial services firm Galaxy Digital, executed its first Bitcoin options transaction on the stock market. The information was provided by CoinDesK: “The company executed its first OTC cryptocurrency transaction from a bank in the US, produced in collaboration with the trading unit of the crypto investment management firm owned by Michael Novogratz.”

In the crypto world, an OTC trade refers to the process of trading securities through an independent network of brokers. The OTC tool may comprise investment instruments that may or may not be listed on a stock exchange and are held privately. Different investors use them as a means of hedging or to amplify their returns.

Damien Vanderwilt, Co-President and Head of Global Markets at Galaxy Digital, said: “We are pleased to strengthen our relationship with Goldman Sachs and hope that this transaction will open the door for other banks to consider the OTC market as an avenue for cryptocurrency trading.”

From the perspective of Galaxy Digital, OTC operations manifest the adoption and maturation of cryptocurrencies in the financial sector, specifically in the case of Goldman Sachs, it means an expansion of its strategy around this asset class.

Entering the crypto market

The tool known as fututo has been increasing in the world of cryptocurrencies because it allows greater performance and predictability in volatile markets such as the crypto ecosystem.

As will be recalled, Goldman Sachs in the middle of last year also established an alliance with Galaxy Digital to obtain quotes on BTC futures purchase orders through the CME exchange.

Since then, the financial group has been providing liquidity for block transactions in CME Group. By 2021, the bank will also reopen its cryptocurrency trading desk, which had closed in 2018, due to growing demand from multiple institutional clients.

M. Rodríguez

Source: iproup.com

La entrada Goldman Sachs executed a transaction on the stock exchange with Bitcoin apareció primero en Bitfinance.

Non-fungible tokens (NFTs) and the metaverse should be regulated to avoid the risks associated with money laundering or other illicit activities. Gou Wenjun, director of the Anti-Money Laundering (AML) unit of the People’s Bank of China (PBoC) explained, at a national financial security summit, the risks that would be associated with new trends in the crypto ecosystem.

According to Wenjun, people can wield the privacy of cryptos for their personal wealth, however, they are highly prone to being used for illicit activities such as money laundering and tax evasion.

The accelerated growth of the cryptocurrency ecosystem demands “higher requirements in terms of supervision and risk governance.” The isolated environment of cryptos, NFTs and elements based on the real world metaverse can be used as a money laundering tool,” Wenjun indicated.

Proposals to regulate the metaverse

The director of the Chinese central bank suggested carrying out an objective analysis on the evolution of digital assets and the underlying technologies and for this he made some important recommendations that allow to detect some fundamental elements.

The first step for Wenjun should be to clarify the responsibilities of supervision, as well as to improve the transparency of virtual assets and the investigation of the use of supervisory sandboxes that facilitate studying the essence and nature of crypto assets.

A second step is the need to tighten the “monitoring and analysis of digital asset transactions“, where financial entities that provide the service of fiduciary gateways to crypto” can authenticate both senders and receivers with real names, as well as improving the ability to identify suspicious transactions.

As a third step, the manager recommended the application of new technologies and the establishment of a scene monitoring and traceability system for digital asset transactions, where technological tools such as artificial intelligence, machine learning and other technologies can tag the accounts that transact with proven addresses.

Finally, Wenjun considers it necessary to promote cooperation between global financial intelligence agencies so that they facilitate an international coalition to address and prevent crimes related to cryptocurrencies and the metaverse.

M. Rodríguez

Source: cointelegraph

La entrada Central Bank of China proposes to regulate the metaverse apareció primero en Bitfinance.

Next June, the exchange with the largest trading volume in the world, Binance, will launch a non-fungible token trading platform on the market that will be called Binance NFT.

It is expected that the tool will bring together artists, creators and enthusiasts of the crypto ecosystem from all over the world and from this new market it will be possible to carry out first-rate exhibitions and NFT collaborations, with minimal fees for users and creators.

The company has mentioned earlier days, through a press release, that this new global market “becomes the main destination for NFT and digital collectibles in all media, from visual arts and games to music and sports.”

In this sense, “our goal is to create the most attractive metaverse with unique offers and exclusive collaborations, along with an intuitive and perfectly designed digital platform to bring together artists, creators and crypto enthusiasts from around the world,” the company said in the statement.

The exchange also assured that Binance NFT “will share the same account system as Binance.com, which will allow users to access the market together with our other ecosystem offerings.”

K.Villarroel

Source: diariobitcoin

La entrada Binance launches trading platform with non-fungible tokens apareció primero en Bitfinance.

The great Blockchain Awards Latin America event, organized by Blockchain Academy and the Mexican exchange Bitso, will be held on February 25 via Online and the cryptographic community is already very attentive to the votes to choose the favorite projects and they will be exposed in the activity, as reported by the organizers to the Cointelegraph news portal.

According to the information by the media, the representatives of the event assure that the activity “celebrates the work carried out by those references and projects that add value to the ecosystem, provides exposure and rewards the community for the participation and enthusiasm for learning and contributing. It is totally online and free for the ecosys tem.”

Also ensuring that “the Latin American community has been able to register, vote and choose the favorite among the five different categories of the award. These vote campaign will on Tuesday, February 23, during the Crypto News broadcast of the Blockchain Academy’s Crypto Webinar Series program .”

In the activity will participate the Mexican group “Las Tías”, along with other special guests. The winners will be announced on the day of the event where it is expected to have more than 300 people, who will share their opinions online.

If you want to formalize your registration and be part of Blockchain Awards Latin America, just enter the following link: https://blockchainacademy.mx/awards/ and follow the instructions.

K. Villarroel

Source: cointelegraph

La entrada Voting begins to choose the favorites in Blockchain Awards Latin America apareció primero en Bitfinance.