Crypto California Club

23 августа 2023 16:01

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Crypto California Club

22 августа 2023 09:01

🦁 Jinan, China: All Our Buses Accept Digital Yuan – And CBDC Customers Get Discounts

Jinan, China, says all of its bus routes now accept digital yuan pay, and will incentivize adoption by granting discounts to central bank digital currency (CBDC)-paying passengers.

Per the news outlet Shunwang-Jinan Daily (via e23), the city said that all of its bus routes’ software and card readers had been updated to allow all buses to accept payments in the Chinese CBDC.

Jinan is the capital of Shandong, a province in Eastern China, and has a population of over 9.2 million. The city had initially piloted digital yuan payments on two of its busiest bus lines, B52 and BRT5.

But after the success of these pilots, the city has decided to deploy digital yuan pay options across its entire bus network. And in a bid to boost adoption, Jinan has announced that passengers can receive discounts if they pay on buses using the CBDC.

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20 августа 2023 15:46

👑 Bank of France Governor Calls for Mandatory Licensing for Crypto Companies

France has to adopt a licensing regime for crypto service providers, the head of the country’s central bank has suggested. According to the executive, the need to tighten regulatory oversight stems from the “disorder” in the industry throughout the past year.

Banque de France Governor Francois Villeroy de Galhau has urged for subjecting crypto businesses to stricter regulatory requirements. Licensing must be introduced instead of the current registration in response to the recent volatility in the sector, he insisted.

De Galhau also thinks that Paris should not hesitate but act even before the upcoming EU regulations take effect and make it obligatory for Digital Asset Service Providers (DASPs) to obtain licenses from the French government, Bloomberg reported.

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19 августа 2023 09:26

🐃 US Federal Agencies Unite to Form 'Mini-FBI' for Dark Web Crypto Crime

The U.S. government has established a new task force for targeting crypto crime consisting of five investigators from different federal agencies.

Established on June 15, the “Darknet Marketplace and Digital Currency Crimes Task Force,” aims to “disrupt and dismantle criminal organizations” that use the “appearance of anonymity” provided by digital currencies to enable drug trafficking, money laundering, and other crimes.

Its activities will be contained to Arizona for the time being.

“As these criminal activities and enterprises have become more sophisticated, law enforcement tools, resources, and intelligence have had to adapt,” stated a press release shared from the U.S. Immigration and Customs Enforcement website on Tuesday.

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17 августа 2023 13:08

👑 Ethereum's Vitalik Buterin Raises Concerns Over Worldcoin's Launch and Design Flaws

Ethereum co-founder Vitalik Butrein published a blog raising concerns on the recently launched Worldcoin human identity verification system. Exploring Sam Altman’s project Worldcoin and its operational mechanics, Buterin delved into the broader concepts, including the proof-of-humanity approach.

Worldcoin, alongside other identity solutions like Proof of Humanity, BrightID, Idenam, and Circles, holds the belief that the progress of artificial intelligence (AI) will progressively blur the lines between human and machine, posing significant challenges in differentiation.

Worldcoin offers a unique "digital passport" to its users that allows them to prove they're human, and not a bot.

This massive catalog is achieved through the use of Orbs, machines that scan a person's eyeball to create a World ID.

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15 августа 2023 09:23

🦁 Venture Capital Firm CoinFund Raises $158 Million to Drive Innovation in Early-Stage Crypto and AI Companies

The crypto-focused venture capital firm CoinFund has closed a fundraising round for its latest VC fund, the CoinFund Seed IV Fund, after raising $158 million from investors. The investors in the new fund are a combination of family offices, institutional investors and high-net worth individuals, an announcement from CoinFund said.

The announcement added that the amount raised far exceeded its initial fundraising goal of $125 million, despite a general slump in the market for VC investing. “The Fund will support pre-seed and seed stage investments in new and ambitious founding teams across the web3 ecosystem,” the announcement said.

Investments made by the new fund will focus on “thoughtful, long-term” projects that have a “clear, yet non-consensus view of how next generation applications will be built on web3 rails.”

In a Twitter thread, the New York-based VC firm admitted that current environment for crypto projects is “tough,” with both foundational technical challenges to solve and an “evolving regulatory” landscape to operate in.

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13 августа 2023 11:40

🦁 Bitget Crypto Exchange Announces Debt-Free Status and $1.44 Billion Reserves in July Report

Bitget crypto exchange has announced that its reserves have reached a high of $1.44 billion, and that it is officially debt-free.

As per Bitget’s announcement, the exchange’s overall reserve ratio now stands at 223%, more than twice the standard 100% (or 1-to-1) backing that is expected of all exchanges in the industry. Broken down into different digital assets, the exchange said it has a reserve ratio of 454% for Bitcoin (BTC), 135% for Tether (USDT) and 171% for Ether (ETH).

Notably, a representative for Bitget told Cointelegraph in an interview that the exchange has no debts not accounted for in the published reserve ratio. “Bitget has no outstanding debts or liabilities and is not listed as a creditor for any recently bankrupt companies,” the exchange’s representative said.

The Bitget representative explained that the excess large reserves it holds in crypto, which far exceeds the normal 1-to-1 backing, comes from profits from transaction fees and returns from its own investments and acquisitions.

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11 августа 2023 08:36

🦁 Santander, Crédit Agricole Asset Servicing Arm Acquires French Crypto Custody License

CACEIS Bank, the combined asset servicing arm of the major European banks Crédit Agricole and Santander, has acquired a French crypto custody license, according to the website of France’s financial regulator.

The license, which was granted by France’s Financial Markets Authority (AMF) on June 20, means that CACEIS Bank is now registered as a digital asset service provider for the service of “digital asset custody” only.

On its website, AMF says that it carries out “a number of checks” on all companies that receive a license.
It said this includes checks of the “competence of the managers and beneficial owners” and of compliance with anti-money laundering (AML) and terrorist financing rules.

Other firms holding French crypto licenses includes Binance, which has been authorized to offer digital asset exchange services, custody, fiat-to-crypto and crypto-to-crypto trading since May of 2022.

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09 августа 2023 11:54

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Crypto California Club

07 августа 2023 08:56

🌴 NFTs Have Real-world Use Cases. Not All Are Worthwhile.

Nemus, an NFT mint tied to Amazon rainforest conservation, is in hot water after a Brazilian prosecutor announced an investigation into the company’s ownership of Amazon land.

Nemus’ CEO Flavio De Meira Penna has multiple entrepreneurial ventures focused on rainforest preservation in Brazil.

Nemus claims to own 100,000 acres of Amazon rainforest and hopes to purchase more with funds from its NFT sales. The company did not respond to requests for verification that it owns the land.

Users can purchase NFTs representing plots of land on a map with the understanding that Nemus will protect the land and its indigenous residents.

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05 августа 2023 08:36

🌴 Proof Launches Exclusive NFT Collection for Moonbirds Holders

Proof, the Web3 startup behind the smash hit Moonbirds NFT collection, is launching its next digital art series—favoring its existing collectors.

The new collection—"Moonbirds: Diamond Exhibition"—will feature 10,000 digital artworks created by 22 artists, including Beeple, Daniel Isles (aka Dirty Robot), Terrell Jones, Summer Wagner, and Michael Sidofsky. Those works will only be available, however, to Moonbirds holders who have achieved Diamond Nest status by staking their NFTs with the company for a certain period of time.

Moonbirds feature a nesting function that encourages holders to lock up their NFTs instead of listing or selling them. The longer a Moonbird is nested in a holder’s wallet, the more perks and rewards—such as the "Diamond Exhibition"—are made available to that holder.

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03 августа 2023 08:33

🦁 Starbucks NFT collection celebrating original Seattle store fails to sell out

Starbucks failed to sell out its latest NFT collection, which was modeled on the first coffeehouse it opened in Seattle 52 years ago.

Out of the 5,000 NFTs in the Starbucks First Store Collection that were on offer for $100 each this week, only 4,579 sold, according to data from Starbucks' NFT marketplace partner Nifty Gateway. The performance is starkly different from the coffee giant's previous Siren collection, which paid homage to the company's logo and reportedly sold out in under 20 minutes.

It is unclear what particularly led to the disappointing results, but NFT activity has generally declined over the past few months. NFT trading volume across blockchains has dropped lately, according to The Block's Data Dashboard.

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01 августа 2023 15:02

CryptoWallet.com is a revolutionary crypto neobank that aims to finally bring about crypto mass adoption. The team is creating a platform where people can manage their crypto assets just as they would manage their fiat money.

Imagine spending your DOGE on sushi and paying for a can of cola with rewards from Cardano staking. All of this will become possible with a single banking app, but with cryptocurrency instead of fiat.

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Crypto California Club

30 июля 2023 12:59

Shanghai Two Sessions: metaverse development requires stronger supervision

Metaverse was discussed at Shanghai’s Two Sessions this week, the city’s most influential annual political meetings, where a delegate called for more regulatory efforts toward the supervision and development of metaverses.

The market value of 135 Chinese metaverse-related stocks was at 1.3 trillion yuan (US$192 billion) as of 03:30 p.m.

Some companies use the metaverse concept as a gimmick, Zhai Jun, a Two Sessions delegate of the Revolutionary Committee of the Chinese Kuomintang

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28 июля 2023 10:18

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Crypto California Club

23 августа 2023 11:34

👑 Staked Ethereum Hits $45B; Representing 20% of Circulating Supply

Close to 24 million Ether is locked up among 744,000 validators. Lido accounts for roughly 32% of all staked ETH due to its user-friendly staking model.

On Monday, the total amount staked hit about $45 billion, representing nearly 20% of all Ethereum in circulation. This landmark achievement perfectly encapsulates the growth of Ethereum.

Tokens are pledged to the network so that they will remain secure in exchange for financial compensation. According to a dashboard built by the user hildobby on Dune Analytics, as of right now, close to 24 million Ether is locked up among 744,000 validators who process transactions.

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21 августа 2023 08:36

🐻 Prime Trust Faces Closure as Nevada Regulators Take Action – Another Bear Market Victim?

Crypto custodian Prime Trust is facing imminent closure as Nevada regulators move to shut down the troubled company, potentially making it the latest victim of the crypto bear market.

The regulatory action comes after it was discovered that Prime Trust owed millions of dollars to its customers, placing it in an "unsafe financial condition and/or insolvent," according to the Nevada Financial Institutions Division (FID).

The FID has submitted a filing to the court, seeking to freeze all of Prime Trust's business activities and appoint a receiver – an external entity tasked with handling an insolvency – to manage the company's operations.

The problems for Prime Trust began when it reintroduced "legacy wallets" to customers, only to find out that it couldn't access them, along with the cryptocurrencies they held.

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20 августа 2023 11:19

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Crypto California Club

18 августа 2023 09:59

👑 Stablecoin Bill's Failure Reflects Deepening Political Divide in Crypto

The passing of a much-discussed stablecoin bill last week in the House Financial Services Committee revealed just how deep the political divide in Washington has become, a recent Fortune Crypto newsletter said.

The bill, which was close to getting bipartisan support after negotiations between Republicans and Democrats earlier this year, was eventually passed in the committee with the votes of Republican representatives plus five Democrats.

Reporting on the passing of the bill, Fortune Crypto’s Leo Schwatz wrote in his latest newsletter that the bill, despite being passed by the Committee, is still seen as “a failure” due to the breakdown in cooperation between Republicans and Democrats.

“It’s hard to see the stablecoin bill as anything but a failure,” Schwatz wrote, while pointing out that the Democratic representative Maxine Waters and Republican representative Patrick McHenry were close to reaching a deal on the bill last year.

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16 августа 2023 15:01

🌴 Crypto-Based Bank Receives Support from Myanmar's Shadow Government

Myanmar is all set to launch its first fully crypto-based banking institution, the Spring Development Bank, on July 22.

The Spring Development Bank, named after the Spring Revolution, aims to grant the country’s shadow government National Unity Government (NUG) access to financial services and funding from within and outside the country for their fight against the ruling State Administration Council (SAC), which took over Myanmar in February 2021.

The crypto bank will not only cater to the 55 million Myanmar's residents within the country but is aiming to expand its services to over two million Burmese diaspora living and working abroad, who frequently send money back home.

The Spring Development Bank, built on Polygon Network, aims to offer a wide range of financial products for international access and simultaneously make cross border payments more efficient.

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14 августа 2023 09:41

✨DISCIPLINA is a project from the golden age of crypto, made by a relatively anonymous team✨

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Crypto California Club

12 августа 2023 09:29

🌴 Stablecoin Issuer Circle Keeping an Eye on Hong Kong's Crypto Policies Amid Asian Market Focus

US-based stablecoin issuer Circle is closely monitoring Hong Kong’s crypto policies as the government pushes for a friendly regulatory framework.

Hong Kong is looking to establish itself as a major hub for stablecoins and digital assets markets, Circle CEO Jeremy Allaire said in a recent interview with Bloomberg on the sidelines of the World Economic Forum in Tianjin, China.

He added that Asia is a huge area of focus for Circle, particularly since it received a license as a major payments institution in Singapore, which allows it to offer digital payment token services as well as domestic and cross-border money transfer services within the city-state.

The comments come as Hong Kong implemented its new regulatory framework for crypto earlier this month.

The new rulebook allows retail investors the ability to trade virtual assets, instead of restricting digital assets trading to professional investors and traders with at least $1 million in bankable assets.

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10 августа 2023 08:50

👑 House Republicans Call on the SEC To Withdraw Proposed Rule That They Say Could Affect Decentralized Exchanges

A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House Republicans said.

A group of lawmakers in the House Financial Services Committee wrote to the SEC this week criticizing the proposed rule that they say could expand the definition of an exchange to include “communication protocol systems” and could go beyond centralized exchanges, the lawmakers said.

“For digital assets, the Proposed Rule would go well beyond regulating centralized digital asset platforms and apply to persons acting ‘in concert’ with each other,” the lawmakers said. “This could capture a wide range of individuals in the digital asset ecosystem, including software developers and participants in a blockchain network’s consensus mechanism.”

The rule could also capture software developers and those in a blockchain network’s consensus mechanism, they argued.

Almost 30 lawmakers signed the letter including House Financial Services Chair Patrick T. McHenry, French Hill, Tom Emmer and Warren Davidson.

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08 августа 2023 09:25

'We’re not giving crypto a pass' on enforcement action, says SEC's Gurbir Grewal.

The SEC enforcement director said the commission "will continue to bring actions regardless of what label is used or technology is involved," including cryptocurrencies.

Gurbir Grewal, the enforcement director for the United States Securities and Exchange Commission, said the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation.”

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06 августа 2023 11:49

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Crypto California Club

04 августа 2023 09:13

🐻 De-Dollarization: China, Brazil Can Be Instrumental in Building Less Centralized World With No Hegemony, Says Lula’s Adviser

Brazil’s President Luiz Inacio Lula da Silva’s chief adviser on foreign policy, Celso Amorim, says China and Brazil “are coming closer together” and they could play important roles in building a less centralized world with no hegemony. Commenting on de-dollarization, he stressed: “I think it’s very important that we are free from the dominance of one single currency because sometimes it is used politically.”

China and Brazil have agreed to conduct trade in their respective currencies, rather than using the U.S. dollar. Additionally, both countries are part of the BRICS group that is reportedly working to create a new form of currency that will further shift them away from USD reliance.

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02 августа 2023 17:02

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Crypto California Club

31 июля 2023 11:52

🌴 US university gets $20M to create new AI institute

According to a report from a local news publication, Carnegie Mellon University in Pittsburgh, Pennsylvania received the funding for its new AI Institute for Societal Decision Making.

The institute will foster the improvement of AI tools to assist in decision-making procedures in social circumstances, such as natural disasters and public health events. Aarti Singh, a professor at the university’s machine learning department, will serve as the institute’s director.

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29 июля 2023 09:29

Taiwan’s Financial Supervisory Commission Set to Regulate Country’s Virtual Assets Industry

Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur.

According to Taiwanese government officials, the country’s financial sector regulator — the Financial Supervisory Commission (FSC) — is set to become the body overseeing and regulating the country’s virtual currency industry. As per a CNA report, an announcement to this effect is set to be made in late March or early April.

Explaining the rationale behind the government’s decision to appoint FSC as the body that oversees virtual assets in Taiwan, the report suggested that FTX’s collapse played a part in convincing officials to look for ways of protecting users in the event of another major collapse.

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27 июля 2023 12:04

🦁 9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage.

In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.

Commenting on the role of the U.S. dollar in the world economy and a growing number of countries shifting away from using the USD in trade settlement.

Mokhber noted that over the past few decades, the “Weaponization of the dollar” has compelled countries to distance themselves from reliance on the USD in order to mitigate the potential impact of possible future sanctions.

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