Category Archives: Cryptocurrency

The most exciting thing about cryptocurrency investments is that when they explode, they skyrocket in value. In 2021, we saw Solana (CRYPTO:SOL) increase by more than 10,000%. Terra (CRYPTO:LUNA) gained more than 12,000%. Meme token Shiba Inu (CRYPTO:SHIB) shot up more than 40,000,000%.

What will be the next cryptocurrency to explode? It's obviously impossible to know for sure, especially since there's no guarantee of whether crypto is here to stay. However, we can pick out some possible candidates that are capitalizing on current trends that include the metaverse, decentralized finance, and artificial intelligence.

Image source: Getty Images.

Here are the cryptocurrencies that could be due for a significant bull run:

1inch Network (CRYPTO:1INCH) is a decentralized exchange (DEX) aggregator. Decentralized exchanges allow users to swap different cryptocurrencies just by connecting a crypto wallet. There's no central authority managing the exchange, and, with many DEXs, there's no need to register for an account either.

Decentralized finance (DeFi) was huge in 2021 as many crypto enthusiasts used DEXs to trade cryptocurrencies. 1inch is a simple way to get the most for your crypto when using DEXs. It instantly compares prices on hundreds of different platforms to find the best rate for you.

While the aggregation protocol is extremely useful, it's not all that 1inch offers. Other 1inch products include a limit order protocol that lets you set specific trade conditions and 1inch Earn, which offers annual yields of 5% to 10% on stablecoins.

Metaverse tokens have been popular lately due to growing interest in virtual reality and digital worlds. Many of these tokens are digital currencies used within the metaverse, but Render Token (CRYPTO:RNDR) is much different.

Render is a decentralized GPU rendering network. It's designed to connect digital creators such as artists and studios who need GPU computing with partners who are willing to rent out their unused GPU computing power. Digital creators pay GPU providers using Render tokens.

Its metaverse applications could make Render a good cryptocurrency investment this year. It's also worth noting that Coinbase Global (NASDAQ:COIN), one of the top cryptocurrency exchanges, began listing Render in February. Any time a cryptocurrency becomes available on Coinbase, it's exposed to a much wider audience of potential buyers.

Aave (CRYPTO:AAVE) is one of the most popular and user-friendly lending protocols. Users can borrow and lend many different types of cryptocurrency. If you deposit your cryptocurrency to Aave, you'll receive interest payments for lending your funds.

One of the reasons Aave has been outdoing other lending protocols is its unique features. Borrowers can switch from fixed to variable interest rates and vice versa. Aave is also known for its FlashLoans, which are loans that don't require collateral. They do, however, need to be repaid in the same transaction.

Aave is a governance token, which means holders can vote on the future of the protocol. They also get fee discounts when using Aave's services.

Automated market makers (AMMs), which are decentralized exchanges that run on smart contracts, grew quite a bit in 2021. While there are many AMMs out there, SushiSwap (CRYPTO:SUSHI) could be the one that's most poised for a big run.

SushiSwap supports more than a dozen different blockchains, which allows it to offer some of the most competitive rates. It's also one of the top options for staking crypto. It offers a huge variety of liquidity pools and makes it easy to see the annual percentage yield you can earn with each one.

What makes SushiSwap a better choice over other AMMs such as Uniswap (CRYPTO:UNI) and PancakeSwap (CRYPTO:CAKE)? The SushiSwap app arguably offers the most user-friendly experience, but its market cap is still just a fraction of the other two.

Fetch.ai (CRYPTO:FET) is a cryptocurrency project that promises artificial intelligence for everyone. The developers have built a blockchain platform that uses artificial intelligence and machine learning to provide users with digital twins.

These digital twins are designed to make the user's life easier. For example, your digital twin could:

Entrepreneurs could also use digital twins to save time and run their businesses more efficiently. A digital twin could handle contracts, payments, scheduling events, and much more.

Illuvium (CRYPTO:ILV) is an open-world RPG adventure game. Players can explore the world of Illuvium, progress through a story mode, and capture creatures called Illuvials. Each Illuvial is a non-fungible token (NFT) that is stored in your wallet when you capture it.

There's a lot of hype around blockchain games right now, especially after the success of Axie Infinity (CRYPTO:AXS). The challenge when investing in gaming coins is finding quality projects. Illuvium is still in development, and while there's no guarantee it will be a hit, it looks like it could catch on with gamers.

An Illuvium trailer released in 2021 looks much better than the typical blockchain game. The large roster of unique creatures is also something that could attract players and keep them coming back.

Most of us wouldn't mind getting paid to browse the internet. With Basic Attention Token (CRYPTO:BAT), you can.

All you need to do is install the company's Brave browser. This browser replaces the usual internet ads with ads that pay you in rewards, specifically in BAT. By using Brave, you're the one getting paid for your internet ad views instead of other companies.

Brave has a long way to go before it's competitive with the biggest web browsers, but it does have more than 50 million monthly active users, making it one of the most successful crypto projects to date.

XRP (CRYPTO:XRP) is the native cryptocurrency for Ripple, a payment protocol that uses blockchain technology for fast, inexpensive transactions. Ripple was designed to facilitate international transfers, and it has partnered with hundreds of financial institutions that use its technology.

Ripple has been around since 2012, but it became embroiled in a Securities and Exchange Commission lawsuit at the end of 2020. That prompted most of the major U.S. crypto exchanges to delist XRP.

The biggest problem for Ripple has been the lawsuit, but XRP is still one of the largest cryptocurrencies. As Ripple's legal troubles come to an end, there's a good chance that exchanges will start to carry it again and it will pick up more investors.

It's tempting to try and find that next big cryptocurrency. Even though you could potentially make incredible returns this way, it's also difficult, time-consuming, and extremely risky.

For starters, you'll need to look for cryptocurrencies outside the market leaders. Smaller cryptocurrencies have greater growth potential, but they're also more likely to fold, so there's a bigger chance of losing your entire investment. To balance that out, you might want to put some of your money in cryptocurrency stocks or large-cap coins.

Researching those smaller cryptocurrencies takes time. And even if a project looks like a sure-fire winner, anything can happen in the crypto market. Your carefully researched investment could go nowhere, while a practically useless cryptocurrency goes to the moon just because it has "Shib" or "Doge" in the name.

Following the cryptocurrency trends, or trying to predict them, isn't a good investment strategy. There's nothing wrong with giving it a shot, but keep your expectations and the amount you invest very low.

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What Is the Next Cryptocurrency to Explode in 2022? - The Motley Fool

The American Heart Association takes next step in cloud-based exchange by accepting donations of cryptocurrency.

DALLAS, March 29, 2022The American Heart Association sees the accelerated deployment of blockchain technology as a means to drive healthcare research and fund the mission. The Association is expanding its participation in the artificial intelligence ecosphere beyond information exchange to include crypto donations.

As the American Heart Association grows and evolves, embracing innovation in all areas is important as we seek new treatments to prevent cardiovascular disease and optimize brain health, said Raymond P. Vara, Jr., chairman of the board of the American Heart Association. Accepting cryptocurrency donations by utilizing blockchain technologies gives supporters options on how they can contribute to our lifesaving mission.

The American Heart Association, devoted to a world of healthier lives for all, is continuing the immersion of blockchain into other areas of the organizations work, beyond evidence-based data, by allowing supporters to give donations of cryptocurrency through the Giving Block. The accelerated blockchain transaction technology will continue to assist the American Heart Associations work to be a relentless force for a world of longer, healthier lives.

Currently cryptocurrency donors are able to double their donations made to the American Heart Association through a match of up to $10 million processed by the Giving Block.

According to a recent article in the American Heart Associations premier scientific journal, Circulation, blockchain technologys cloud-based application has the potential to positively disrupt current healthcare research systems and processes through applications which are currently in the early stages of design and development. The solutions can increase healthcare data authenticity, transparency and operations efficiency for everyday exchanges from the security of electronic health records to insurance claim validation.

The American Heart Association was an early adopter of blockchain technology offering it to the scientific community through a data challenge hosted on the Precision Medicine Platform starting in 2020. Blockchain technology enabled data sharing of an extensive library of global COVID-19 datasets, provided by BurstIQ, that led to novel insights in the relationships between COVID-19, social determinants of health, and health disparities on the burden of illness and mortality.

In the past two years, the pandemic created a heightened sense of urgency and demand for real-time information exchange for research collaboration. Blockchain was a valuable resource we could leverage to assist, said Jennifer L. Hall, Ph.D.

chief of data science, American Heart Association. Now, were leveraging more blockchain solutions to further benefit the work of the Association. Accepting cryptocurrency donations is the next step.

For more information on how to make a cryptocurrency gift to the American Heart Association visit heart.org/crypto.

###

About the American Heart Association

The American Heart Association is a relentless force for a world of longer, healthier lives. We are dedicated to ensuring equitable health in all communities. Through collaboration with numerous organizations, and powered by millions of volunteers, we fund innovative research, advocate for the publics health and share lifesaving resources. The Dallas-based organization has been a leading source of health information for nearly a century. Connect with us onheart.org,Facebook,Twitteror by calling 1-800-AHA-USA1.

For Media Inquiries: 214-706-1173

Linzy Cotaya: 504-827-3446; linzy.cotaya@heart.org

For Public Inquiries: 1-800-AHA-USA1 (242-8721)

heart.org and stroke.org

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Cryptocurrency donations accepted to fund mission critical work - American Heart Association

The United States has missed the boat on cryptocurrency. Taken from the Greek for crypto or kryfo, it means hidden or secret. In plain English, cryptocurrency is black-market economy, barter system or, simply put, a way to avoid taxes. Cryptocurrency is used for drug deals, organized crime and a variety of situations where money cannot be traced.

The federal government instituted the Patriot Act to track exchanges of large sums of money, $10,000 or more. China has banned cryptocurrency. To date, there are over 18,000 different cryptocurrencies. Many were started as a joke.

If the federal government and the current administration wish to collect more taxes, the elimination of cryptocurrency would result in billions of tax dollars and the elimination of yet another tax avoidance. Quite frankly, there is no valid economic reason for a cryptocurrency. By definition, cryptocurrency is a tax avoidance. For those law-abiding, tax-payingU.S. citizens, the failure of the U.S. government to take action is an affront.

Gust Callas,Canton

See the original post here:
Letter to the editor: Cryptocurrency is a tax avoidance - Canton Repository

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. The Union Budget 2022-23 brought in clarity pertaining the levy of income tax on crypto assets.

Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent."

- From April 1, a 30 per cent I-T plus cess and surcharges will be levied in the same manner as it treats winnings from horse races or other speculative transactions.

- One per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient.

- The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.

- The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.

Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary has said

In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of Virtual Digital Assets (VDA) with a view to levy 30 per cent tax on income from the transfer of such assets.

Also, loss from the transfer of VDA will not be allowed to be set off against the income arising from the transfer of another VDA, Chaudhary said.

The minister said that while computing the income from transfer of VDA, no deduction in respect of any expenditure (other than the cost of acquisition) or allowance is allowed.

"The (Finance) Bill also proposes to define VDA. If any asset falls within the proposed definition, such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly," he said.

Further, he said, "infrastructure costs incurred in the mining of VDA (eg. crypto assets) will not be treated as cost of acquisition as the same will be in the nature of capital expenditure", which is not allowable as a deduction under the I-T Act.

ALSO READ | Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

Link:
Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1? - India Today

Conservative leadership candidate Pierre Poilievre said Monday a government led by him would do more to normalize cryptocurrencies like bitcoin and ethereum in Canada to "decentralize" the economy and reduce the influence of central bankers.

Since bitcoin'sadvent in 2009, a number of right-leaning and libertarian-minded investors have championed cryptocurrency a financial instrumentthat is largely unregulated in the Western world as a way to reduce government control over money because the supply of cryptocurrency tokens is not set by an authority like the Bank of Canada or the U.S. Federal Reserve.

With its supply limited to just 21 million tokens, bitcoin boosters insist cryptocurrency is a hedge against inflation.

Speaking at a shawarma shop in London, Ont. that accepts bitcoin as payment, Poilievre said that over the course ofthe COVID-19 crisisthe Bank of Canada created "$400 billion in cash out of thin air" through its policy of quantitative easinga development he blames for inflationhitting a 30-year high and housing prices reachingall-time record levels.

As a number of other central banksdid during the Great Recession, the Bank of Canadahas embraced quantitative easing over the past two yearsto boost lending and spending during a time of financial panic. That policy ended in October 2021.

As the party's finance critic, Poilievre has railed against the policy because he, like some conservative-minded economists, sees the government's ability to print money which can devalue existing dollars as a form of taxation.

"Government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as bitcoin," Poilievre said Monday.

"Canada needs less financial control for politicians and bankers and more financial freedom for the people. That includes freedom to own and use crypto, tokens, smart contracts and decentralized finance."

Poilievre'sdescription of cryptocurrenciesis similar to what conservatives in another era said about the gold standard a policy of fixing the value of a country's currency directly to gold to limit the money supply. The gold standard was abandoned by all major economies in the twentieth century because it proved to be too volatile and it restricted a government's ability to respond to economic crises.

Poilievre said that, if he's elected prime minister,he'll "keep crypto legal and reject a China-style crackdown." The Chinese government has banned cryptocurrencies because it says bitcoin and products like it could destabilize existing financial systems and fuel fraud and money laundering.

Securities regulation falls under provincial jurisdiction.Poilievre said he'd work with the provinces and territories to eliminate a "cobweb of contradictory rules" that govern crypto andblockchain thesystem which records bitcoin and other cryptocurrency transactions.

Poilievresaid he also wants crypto to be treated like gold and other commodities for taxation purposes.

Poilievresaid he wants to foster "a new, decentralized, bottom-up economy"by creating a more permissive regulatory environment.

"Choice and competition can give Canadians better money and financial products. Not only that, but it can also let Canadians opt-out of inflation with the ability to opt-in to crypto currencies. It's time for Canadians to take back control of their money and their lives by making Canada the freest country on earth," Poilievre said.

The value of bitcoin has increased dramatically over the past two years of the pandemic as individual investors poured money into it and other cryptocurrencies.

But bitcoin has had a volatile run in recent months as central banks have increased interest rates to tackle pandemic-driven inflation, making speculative investments less attractive. The price of bitcoin has dropped some 30 per cent since its November 2021 high.

Bitcoin has also been criticized by some large investors like Warren Buffett, the billionaire chairman of Berkshire Hathaway, and his business partner, Charlie Munger. They maintain these sorts of financial tools have the potential to collapse, wiping out tens of billions of dollars in wealth for casual buyers.

Buffett and Munger arguebitcoin's value is purely the product of speculation.

"Bitcoin is ingenious but it has no unique value at all. It doesn't produce anything. You can stare at it all day and no little bitcoins come out. It's a delusion, basically," Buffett said in a 2019 interviewwith CNBC, adding it's like "rat poison" for investors.

"What you hope is someone else comes around and pays you more money later on, but then that person has the problem. In terms of value, it's zero."

The shadowy nature of the currency is also source of a concern for some.

"I don't welcome a currency that's so useful to kidnappers and extortionists," Munger said last year. "The whole damn development is disgusting and contrary to the interests of civilization."

Poilievre's fondnessfor bitcoin is well documented. Last fall, Poilievre said he disclosed his cryptocurrency holdings to the federal ethics commissioner.

While anti-vaccine mandate protesters associated with the so-called "Freedom Convoy" were in downtown Ottawaearlier this year, the Toronto Star reported Poilievre was having "frequent" conversations with Greg Foss, a major Canadian bitcoin investor who raised hundreds of thousands of dollars in cryptocurrency to fuel the anti-vaccine mandate movement.

In February, Poilievreappeared on a cryptocurrency podcast hosted by a bitcoin trader who has promoted COVID-19 conspiracies and has compared central banking policies to slavery and Nazi Germany.

Poilievre told the show's host, Robert Breedlove, that he and his wife occasionally watch his cryptocurrency YouTube channel "late into the night."

"I find it extremely informative and my wife and I have been known to watch YouTube and your channel late into the night once we've got the kids to bed," Poilievre said. "And, I've always enjoyed it and I've learned a lot about bitcoin and other monetary issues from listening to you."

Read more:
In a pitch to cryptocurrency investors, Poilievre says he wants Canada to be 'blockchain capital of the world' - CBC News

81% of respondents across US, UK, Mexico, and Singapore are crypto-aware, and 45% have sent crypto to someone in another country

SAN FRANCISCO and LONDON, March 29, 2022 /PRNewswire/ -- In a new survey released today from influential blockchain organization the Stellar Development Foundation (SDF)and leading UK-based crypto payments platform Wirex, results show high awareness and growing use of cryptocurrencies for cross-border payments in four key markets: United States, United Kingdom, Mexico, and Singapore. Driving the shift towards crypto as a payment method is frustration with the existing system, with 53% of people surveyed feeling they paid too much in fees for international remittances using traditional means, and 37% not even sure what they paid in fees.

In parallel, the survey results, compiled from nearly 10,000 consumers, dispel a series of myths about cryptocurrency awareness and usage, showing awareness of cryptocurrency is higher than ever over 80% in all markets surveyed.

The research reveals growing use of crypto for international remittances, especially by consumers in emerging markets. Over half of respondents (52%) see crypto as a valid alternative to sending money overseas using traditional means, and 45% have already done so. The key takeaways: crypto is not just for speculation and has real utility for sending money to/from emerging markets.

Women's attitudes toward crypto are increasingly positive. Nearly half (45%) of women surveyed, and 59% of men see crypto as a viable way of sending money overseas.

According to Denelle Dixon, SDF CEO and Executive Director, "The results confirm what we have seen in terms of growing real world use cases for blockchain and cryptocurrency in emerging markets on the Stellar network. Consumers are adopting these new ways of sending money cross-border as a faster, cheaper alternative to traditional banking rails."

While low awareness of crypto may have been a barrier in the past, the study shows nearly all respondents had at least heard of cryptocurrency. When asked why they don't use crypto, survey participants cited fears of volatility (63%) and security risk (55%), as well as it being just too complicated to use. As a result, Wirex and SDF have initiatives to increase awareness and education of businesses and consumers about the utility of blockchain, especially for cross-border transactions.

Wirex CEO and Co-Founder Pavel Matveev said, "When we published results from last year's report, we saw a great appetite for the information, but it also raised even more questions. In this year's report we went deeper in our research by focusing more on users' banking and crypto habits and attitudes across a mainstream population. The rise in awareness of cryptocurrency is only the beginning. We see huge opportunities in DeFi, multi-currency users, and cross-border remittances."

Research scope: The report analyzed data from nearly 10,000 participants in a late 2021 survey, including responses from general consumer audiences in four separate markets: the United States, United Kingdom, Mexico, and Singapore. Responses were analyzed on dimensions of geography, employment status, gender, and age.

About WirexWirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex was created to make the digital economy accessible to everyone. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions. To reflect the growth of the metaverse, throughout 2021, the company has continued to expand their offering into the CeFi and DeFi sectors. For more information, please visit wirexapp.com

About StellarStellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 6 million accounts. For more information, visit stellar.org.

About the Stellar Development FoundationThe Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.

SOURCE The Stellar Development Foundation

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2022 RESEARCH REVEALS HIGH AWARENESS AND GROWING CROSS-BORDER USE OF CRYPTOCURRENCY IN FOUR KEY MARKETS - PR Newswire

PITTSBURGH (KDKA) A Greensburg woman feels duped after falling for a social media offer that shes now calling too good to be true.

It all started when a friend reached out to her on Instagram and asked her to invest in cryptocurrency.

You dont have to put a lot into it, and you get this obscene return, which is what I knew wasnt real, but I wanted it to be real. I wanted it to be real so bad, Natasha Reyna said.

Reyna believes it could happen to anyone and said she saw dollar signs when a message popped up on Instagram.

I was like $200, and that is a lot of money, said Reyna. But at the same time, like a little part of my brain was like, oh, my God, what if this is legit?

Reyna said the friend asked her to buy $200 worth of cryptocurrency using Cash App, saying shed see a huge return on her money.

Like $4,700, said Reyna. I could pay my bills, my car off.

The Better Business Bureau said its a scam thats tripled in popularity. Cybercriminals are so advanced that they now hack into an unsuspecting persons account and target their friends.

It was someone that she had met a handful of times but didnt have a lot of direct contact with, said Caitlin Driscoll with the Better Business Bureau. But she was an attorney, so she trusted her, and it seemed a little bit more plausible as to being legitimate.

Reyna said the person even gave her a link to watch her $200 grow into more. But then came a red flag.

I was like, Ok, I want my money, she said. I was like, Now, gimme it. I want to withdraw this. And they were like, No, you have to reinvest $1,500.

Reyna stopped there and called the BBB. But Driscoll said many people keep giving the scammers money. Shes tracking 2,400 complaints totaling losses of $8 million.

Cryptocurrency scams were identified as the second-riskiest scam last year, a significant increase from the seventh spot the year prior, said Driscoll.

Reyna feels lucky to only be out $200, but she wont invest again without doing her research.

Thats what makes people drawn to it because its the unknown, said Reyna. It could either like be really good or really bad, and I think if youre gonna do that you should really educate yourself on what exactly youre investing in.

The Better Business Bureau told KDKA that most victims lose about $1,200 in these cryptocurrency scams.

Driscoll recommends people looking to invest in crypto only download apps from the Google Play or Apple App stores and not click the links that pop up during a routine Google search.

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Better Business Bureau Of Western Pennsylvania Warns Of Growing Cryptocurrency Scams - CBS Pittsburgh

What happened

One of the lesser-known cryptocurrencies, Chiliz ( CHZ 12.51% ), was having a splendid Sunday. Excitement is clearly growing for Chiliz 2.0, the major upgrade of the blockchain on which the coin sits. Compounding that, investor interest in tokens linked to entertainment properties is growing overall.

These developments helped push Chiliz up by nearly 12% in the past 24 hours as of late Sunday afternoon trading.

What's also helping Chiliz attract the bulls is that it's unique. The coin is the native currency of the blockchain powering Socios.com, a platform that allows people to buy "fan tokens" of their favorite sports teams and even leagues with the Chiliz currency.

Image source: Getty Images.

Socios/Chiliz's development team is based in Europe, so the system's current offerings tend to slant toward that continent's tastes. This chiefly means soccer, and Chiliz offers tokens from some of the top names in the sport, such as London's Arsenal, FC Barcelona, and Inter Milan from Italy. And in a nod to the modern digital age, investors can also plonk down some Chiliz to buy the tokens of standout esports teams.

Chiliz has attracted attention lately for a significant upgrade to its blockchain, tentatively titled -- you guessed it -- Chiliz Chain 2.0. Among other things, the developers are promising that the enhanced chain will allow for the trading of NFTs and other digital assets through the system, plus carry "gas" (i.e., transaction) fees that are at least 500 times cheaper than those of smart contract king Ethereum.

The sudden and sharp rise of newcomer ApeCoin, a token tied to the super-hot NFT marketplace Bored Ape Yacht Club is also a big impetus behind the rise of Chiliz. Trends are powerful in the cryptocurrency world; investors are eager to put money in crypto assets related to entertainment (and, by extension, sports).

As it's in the news and quite unique, Chiliz has become a prime target for those investors.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis even one of our own helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Why Chiliz Was a Hot Cryptocurrency on Sunday - The Motley Fool

DUBAI, United Arab Emirates, March 28, 2022 (GLOBE NEWSWIRE) -- Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai, the firm announced today at a joint press conference with the UAE Ministry of Economy at the World Government Summit 2022. Bybit also announced that it plans to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the Emirates test-adapt-scale virtual assets market model.

Bybit stressed it was fully committed to supporting the regulatory efforts of the UAE government and is looking to share its in-depth industry knowledge, experience and insights with all stakeholders. Bybit has a key role to play in educating retail investors and the wider public in how to use virtual assets in a safe and responsible manner, helping the UAE manage risks within a framework for responsible growth.

Bybits decision to open its global headquarters in Dubai is a milestone in our effortsto position the UAE as a global digital hub,"said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. Virtual assets such as cryptocurrency and blockchain have changedfinance forever. To stay ahead in this fast-changing industry,we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies this is paying dividends in terms of the next generation FDI we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world's most attractiveplaces to live and work for those in virtual assets and web 3.0 industries.

Bybit looks forward to contributing to the virtual assets innovations of the Emirates vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders understanding of this complex industry as the virtual assets space continues to rapidly mature. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider regions ambition to become a global virtual assets technology hub, said Ben Zhou, co-founder and CEO of Bybit.

Led by a sophisticated management team with talent from fintech, IT, virtual assets, investment, and legal background, Bybit is one of the fastest growing virtual assets platforms with its peak daily trading volume of US$76 billion in May 2021. It is the third most digitally visited virtual assets business in the world.

Bybits new headquarters office is expected to commence operations in as early as April 2022 and it has started the process of hiring talent and transferring existing teams and operations to their new home in Dubai.

The UAEs new Dubai Virtual Asset Regulation Law was announced earlier this month. It aims to establish a regulatory framework for the sector designed to boost the industry providing robust guardrails that protect investors, facilitate cross-border transparency, and assure global market integrity.

About Bybit

Bybit is a virtual assets platform established in March 2018 that features an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable platform for the emerging virtual assets class. Bybit has recently become the Principal Team Partner of Formula One racing team, Oracle Red Bull Racing.

For media inquiries, please contact: media@bybit.com

For more information please visit: https://www.bybit.com/

For updates, please follow Bybit's social media platforms on Discord, Facebook, Instagram, LinkedIn, Reddit, Telegram, TikTok, Twitter, Youtube.

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Cryptocurrency Exchange Bybit Receives In-Principle Approval to Conduct Virtual Asset Business in UAE and Move Global Headquarters to Dubai -...

Lee esta historia en espaol.

Cesare Fracassi likens this moment in cryptocurrencys history to the Internet in the early '90s: A select number of people were using it, while the rest of us were pretty wary of it.

It was slow, it was not very user-friendly and only people that were really into tech were doing it, Fracassi, an associate professor of finance at UT Austin, said.

But he anticipates cryptocurrency will eventually go the way of the Internet: Though most people may not be be able to explain how it works, they'll use it every day.

And maybe, one day, your city government will, too.

Austin City Council members on Thursday voted in favor of considering yes, this is very preliminary whether the city should dip its toes, if you will, into the cryptocurrency sea. The resolution asks the city manager to look into what it would mean for the city to adopt, use or hold cryptocurrency, including the most well-known type, Bitcoin.

"Like many of you, I'm also skeptical. But this is just a study," Council Member Mackenzie Kelly, who represents Far Northwest Austin and brought the resolution forward, said before the vote. "I believe that it will provide us with more information back to the community so when this question continues to come back to us we can actually point to a document that tells them whether or not we can accomplish these things."

Kelly told KUT she does not own any cryptocurrency.

Three of the 11-member council abstained from the vote, including Mayor Pro Tem Alison Alter and Council Members Kathie Tovo and Leslie Pool.

"I am really uncomfortable with the notion of us accepting payments in crypto anytime soon," Alter said.

The council also voted in favor of an item from Mayor Steve Adler that asks city management to consider the uses of and to promote blockchain technology.

Confused about what cryptocurrency and blockchain are? Not a white man? Thats all right. Let me try to explain.

Lets start with blockchain, the platform through which cryptocurrency flows. Experts describe it as a digital ledger, a place where transactions are both decentralized i.e., not overseen by a bank and impossible to erase.

The blockchain is a real breakthrough in accounting, David Yermack, a professor of finance at New York University Stern School of Business, said. It's really the biggest thing since double-entry bookkeeping, which was invented about 700 years ago.

Local governments keep millions of records think vehicle registrations, real estate deeds, building inspections.

There are so many public ledgers that are not well-maintained and not terribly secure that if these migrated to blockchains, that would create, I think, a lot of benefits and cost savings for taxpayers, Yermack said.

David Yermack, professor of finance at NYU

The City of Austin has already tried out some uses of blockchain technology. In 2017, the city received $100,000 in grant money to pilot the use of blockchain to help people living on the streets keep track of their personal records.

Yermack is less enthusiastic, though, when he considers whether local governments should become involved in cryptocurrencies. Cryptocurrency is digital money that can be bought and traded, with transactions recorded via the blockchain (that public ledger). Think of it like stock shares, but you have access to the cash without selling your investment; in other words, you could pay for a cup of coffee with your shares in Starbucks.

But in the same way stocks are subject to an often volatile market, the value of crypto fluctuates.

It's just been one of the riskiest investments you could possibly imagine," Yermack said. "It behaves a lot like a technology stock.

In one case, the value of Bitcoin fell 20% in minutes.If Austin's local government does indeed get involved in cryptocurrency, it would be following cities like Miami and New York. New York Citys new mayor, Eric Adams, said in November he would accept his first three paychecks in cryptocurrency. By doing so, the mayor may have lost some money.

Thats where this whole thing loses legitimacy for Yermack.

100% this is a publicity stunt, he said of local governments getting into cryptocurrency.

Fracassi, though, sees some potential.

The question is, what is the right thing that government should do? I'm pretty much in favor of using cryptos as a form of payment as long as it's more efficient than the traditional form of payments, he said.

People could pay their property taxes in Bitcoin or Ethereum or Polka Dot (yes, this is a type of cryptocurrency), Fracassi said. Governments that currently accept crypto payments immediately turn it into legal tender, he said, so the government isnt holding onto what is akin to shares of a volatile stock.

Should the government own shares of Tesla? Probably not, Fracassi said.

Jordan Cooley, a graduate student at UT Austin who researches city implementation of cryptocurrency, said there is the opportunity for digital currency to break down barriers marginalized communities historically have faced when dealing with banks.

For instance, people of color have more trouble than white people qualifying for mortgages.

If you need a small business loan or if you need a personal loan you can access this liquid fund without all of the barriers of going to a bank and having to put in an application and having to wait that amount of time, she said.

At a meeting Tuesday, several council members expressed concerns about spending time studying how the city could use cryptocurrency.

We have some really basic technology challenges that we have not mastered, like electronic timesheets, Alter said. I do worry about us going too far into blockchain and these fancy things when we have some real basic technology challenges that we need to be focusing our energy on.

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The City of Austin could get into cryptocurrency. It's OK if you don't know what that means. - KUT