Every week we make a digest about the most significant news in crypto, and we thought it would be fun to ask what the community members and bloggers think about all things crypto.
Please, welcome Paul Mihalache aka Sadu0ne! Paul is a crypto content creator and enjoys creating his own memes!
Projects And Updates
?? Ripple Is Building The Core LEDGER That Mints CBDC
RippleX Vice President James Wallis said that Ripple is currently working with central banks to develop solutions needed for CBCD's issue. According to him, now the major focus is on the development of the main ledger, the technology necessary for creating a CBDC, its distribution and tracking transactions in accounting systems, in the blockchain. With such a registry as the basis, it will be easier for central banks to adapt it to their needs.
Still consider that the SEC lawsuit was an action that meant to intimidate the crypto ecosystem. Was efficient against XRP in the short term, nearly killing it, but I think Ripple will come back stronger and will "doge" the allegations.
?? TRON To Fund Defi Hackathon With $10M
TRON has announced a new global hackathon for developers of DeFi applications, dedicated to the 5th anniversary of their blockchain. The initial registration for the Great Voyage: TRON 2021 Global DeFi Hackathon will last until February 21. The participating teams have the opportunity to win significant sums for implementing their projects, as the prize fund will amount to $10 million.
TRON and Justin Sun will do anything for 5 minutes of fame. This guy will win a plagiarism award easily. Have you seen his GameStop trade when he lost $8 million? He is so bad at copy/paste!
?? German Cannabis Firm Decides To Invest In Bitcoin
The German company SynBiotic SE, which is engaged in the production and distribution of medical cannabis, announced that they invest part of its funds in Bitcoin. The company, which specializes in investment, research and development in the cannabis sector, explained that their industry has a positive experience of using cryptocurrencies as a simple and digital means of payment. Also, the company's decision to hedge its liquidity with Bitcoin was partially motivated by the growing risk of devaluation of the dollar and the euro.
This news is … DOPE!
?? Update On Ripple And SEC Ongoing Trial
Representatives of the US Securities and Exchange Commission (SEC) and Ripple did not see an opportunity to settle their dispute without the trial. So they notified Judge Analisa Torres of the U.S. District Court for the Southern District of New York in a joint letter. Until February 15, the parties could settle the dispute in a pre-trial manner. Now in the updated lawsuit, the Commission highlights the role played by Brad Garlinghouse and Chris Larsen in the unregistered sale of securities - this will not allow Ripple's lawyers to file motions to dismiss the claim as new evidence has emerged proves a large degree of personal involvement of the company's executives.
As I said above… I think Ripple will survive and will come back with a bang!
?? Cardano: Mary hard fork to go live on mainnet on 1 March
The Cardano cryptocurrency development team has announced the activation date for the Mary hard fork - the update will appear on March 1. With the Mary update, the Cardano network will be able to create custom tokens directly on the basis of the blockchain, without launching new smart contracts. In addition to the hard fork, in early March, Cardano will launch the DaedalusFlight wallet with support for various digital assets.
Holding ADA since 2018 and still waiting for a big move. Maybe the hard fork will be the move starting a tidal wave on which Cardano can surf to new highs.
Mass Adoption
?? Mastercard Launches CBDC-Linked Prepaid Card In The Bahamas
Mastercard payment system plans to issue a prepaid card with support for the central bank's digital currency of the Bahamas - the Sand Dollar. As a result of the partnership, with the help of the Island Pay mobile app, cardholders will be able to exchange the Send Dollar for traditional Bahamian dollars and pay for goods and services wherever Mastercard debit cards are accepted.
Bahamas and Mastercard are a good mix. I am waiting for the Visa and Maldives partnership.
?? Top Auction House Christie’s To Accept Ether Cryptocurrency For Digital Art Sale
Christie's auction house will accept cryptocurrency as payment for the auction for the first time in its history. The first lot that will be offered to pay in Ethereum will be the collection of the artist Mike Winkelmann, known under the pseudonym Beeple, which is also the first digital work of art to be auctioned at Christie's. It is specified that the commission will be in US dollars, anyway. The auction is scheduled for February 25.
Art, including NFTs, are trending so much in 2021 that non holders will feel so bad in the future. If you don't have NFTs you will be socially awkward.
?? Switzerland, Taxes In Zug Paid In Crypto
The Swiss canton of Zug now allows its residents to pay taxes in cryptocurrencies such as Bitcoin (BTC) and ether (ETH). Bitcoin Suisse, a partner in this initiative, will convert residents' tax payments from BTC and ETH to Swiss francs for the government accounts. The canton of Zug is widely known as the "cryptocurrency valley" for its positiveness towards cryptocurrency, in the region's capital they began accepting Bitcoin for public services' payments back in 2016.
Seen this some weeks ago and I think is a big step towards the global implementation of cryptocurrencies.
Hacking
?? Cryptopia Got Hacked While In Liquidation Due To a Hack
The international currency exchange Cryptopia, which is currently in liquidation after a $24 million hack, apparently has been hacked again. More than NZ $60,000 worth of cryptocurrencies were reportedly stolen after hackers gained access to the wallet of Stakenet company, which has been inactive since the time the Cryptopia exchange closed.
This is new and I didn't know it was possible.
?? North Korean Hackers Indicted over Alleged $1.3 Billion Crypto Theft
The US Department of Justice has filed charges against three North Korean military intelligence officers. The officers, described as military hackers, are accused of stealing $1.3 billion in fiat money and cryptocurrency. They are suspected of a variety of crimes, including the attack on Sony Pictures Entertainment in 2014, attempts to hack the banks in Vietnam, Bangladesh, Taiwan, Mexico, and other countries, hacking cryptocurrency companies and exchanges, distributing corrupted and ransom software, and stealing personal data.
Another day… another hack! Looks like this things are inevitable with all the non-audited platforms appearing from nowhere.
Regulations
?? Canada Approves Evolve To Launch Physically-Settled Bitcoin ETF
The Ontario Securities Commission (OSС) has granted permission to the management company Evolve Funds Group to launch its exchange-traded fund (ETF) based on Bitcoin. Earlier in February, the OSC approved a bitcoin ETF run by Purpose Investments. The new fund is pretty similar to the Purpose Bitcoin ETF - it will be also traded on the Toronto Stock Exchange, custodial services will be provided by Cidel Trust and Gemini exchange. The units will receive the EBIT and EBIT.U (for US dollars) tickers.
Another great step towards a blockchain future. This can be huge!
?? Russia’s Lower House to Consider Bill on Crypto Taxation This Week
On February 17, the Russian State Duma adopted a draft law on cryptocurrency transactions taxation, which was submitted to the parliament by the government. The document introduces changes to the Tax Code of the Russian Federation and obliges residents to inform the tax authorities about the possession of digital currencies if the annual amount of transactions exceeds 600 thousand rubles. New law treats digital currency as property, and income from transactions with such currency is subject to personal income tax or income tax.
Russia thrives to be the best in every sector. They will not let China or the US to gain crypto supremacy. From my knowledge, Ukraine is the number one country for crypto adoption.
?? The End of Crypto in India? Proposed Crypto Ban Has Big Implications
Recently, the media reported that shortly, the Indian Parliament will receive a bill that ultimately prohibits the use of cryptocurrencies in the country. As reported, Indian citizens who already own digital assets will be given a certain period to get rid of their cryptocurrencies. It is expected that this transition will take from three to six months. If adopted, India will become the second country after Nigeria where the use of digital currencies is illegal. The digital rupee, if launched by the Indian regulator, is not subject to this law. According to analysts, the ban on cryptocurrencies promises multibillion-dollar losses for India.
The Indian Government has no clue about what they really want. Ban on… ban off… ban on… is ridiculously silly.
People
?? Charlie Lee Of Litecoin Against NFTs
The founder of the Litecoin blockchain, Charlie Lee, recently dedicated multiple of his tweets to NFT, in which he expresses scepticism about the popularity of tokens, the creation of which requires almost no cost and which has an unlimited supply that negatively affects the price.
No clue who's the guy but I will do my research. Probably just a socially awkward guy. How to be against NFTs?
?? Elon Musk against Dogecoin whales
On Sunday, February 14, Elon Musk called on large Dogecoin holders to sell most of their coins. Musk called the large concentration of cryptocurrency in the hands of a limited number of people the only problem of the project.
I always said that Elon Musk is twenty steps ahead than everyone else. His moves into Doge have definitely another purpose and this is just a media decoy.
Prices
Paul’s rate for this week is 9 out of 10.
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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.
