• ECB President Christine Lagarde has highlighted the importance of a digital euro in preserving European payment autonomy.
• The digital euro is intended to be safe, sovereign and widely available at the cheapest cost possible.
• The European Commission is expected to propose a legal framework by the end of June, with a decision on whether or not to proceed with the project coming later this year.
European Payment Autonomy
ECB President Christine Lagarde has emphasized the important role of a digital euro in preserving Europe’s payment autonomy. During a discussion devoted to central bank digital currencies (CBDCs), Lagarde warned against relying on single sources for critical aspects of daily life, citing Russia’s weaponization of energy supplies after its invasion of Ukraine as an example.
Digital Euro Features
The digital euro is being developed with the intent that it will be sovereign and safe, cheap and widely available. Lagarde pointed out that when looking at wallets and apps used for payments or cards used for payment, they are not necessarily European. A digital currency will never provide the same privacy as paper banknotes, she acknowledged.
The project to issue a digital version of the euro is still under investigation which began in mid-2021. In December 2022, the ECB released a second report on progress made during this stage and in January 2023 eurozone finance ministers pledged support for the initiative. In November last year Lagarde said Brussels would soon put out draft legislation for CBDCs.
Legal Framework Proposal
The European Commission is expected to propose legal framework by end June 2021 and final decision on whether or not to proceed with project should come later this year. This framework will ensure that the digital currency remains safe, sovereign and widely available at cheapest cost possible while maintaining certain level of privacy similar paper banknotes offer.
In conclusion, ECB President Christine Lagarde has highlighted importance of introducing digital euro for preserving Europe’s payment autonomy while ensuring safety, sovereignty availability at lowest cost possible without compromising privacy offered by paper banknotes . EC’s proposed legal framework should provide clarity about proceeding with this project later this year .
• The U.S. government and the FDIC are auctioning SVB and SNBY, with bids due on March 17, 2023.
• Sources say that the qualifications to purchase these banks are stringent and bidders cannot deal with crypto businesses.
• There is controversy surrounding the alleged crypto restrictions for potential bank buyers.
Failed Banks SVB and SNBY Up For Auction
The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17th, 2023.
Stringent Qualifications for Buyer
Sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal with crypto businesses anymore.
Controversy Surrounds Alleged Crypto Restrictions
Last week, the second- and third-largest bank failures in America occurred within 48 hours of each other, and both banks are being sold this week via investment bank Piper Sandler Companies which is managing the auctions of both banks. The FDIC hopes to sell both SVB and SNBY in their entirety but partial offers will be considered as well. To purchase them however strict rules apply as only an existing chartered bank can submit an offer though bidders must not cater to cryptocurrency firms if they are to acquire SVB and SNBY according to sources familiar with the matter who spoke with Reuters reporters David French and Pete Schroeder .
New York State Department of Financial Services Response
This account of events stemming from unnamed sources contradicts a statement made by New York State Department of Financial Services who insisted that recent shut downs had “nothing to do with crypto” after former member of U.S House of Representatives from Massachusetts Barney Frank said he suspected it was an “anti-crypto” message which suggests his suspicions may be true if rules about purchasing SVB&SNBY hold up .
This article details that US government & FDIC have put up 2 failed financial institutions SVB & SNBY up for auction but has implemented stringent qualifications so only existing chartered banks can submit an offer while also having a no dealing policy when it comes to cryptocurrency firms which raised suspicions from Barney Frank who believes it could be an anti-crypto message yet NYDFS insists otherwise though there still remains some uncertainty around these claims
• Ethereum co-founder Vitalik Buterin allegedly sold billions and trillions of airdropped ERC20 tokens, resulting in a gain of an estimated $700,000.
• Blockchain explorers show that the address associated with Buterin sold various low-liquidity coins from chains like Binance Smart Chain.
• Crypto speculators questioned the motives behind the token sell-off and criticized the move for tanking prices and draining liquidity.
Ethereum Co-Founder Vitalik Buterin’s Token Sell-Off
Observed Onchain Transaction
On March 7, onchain observers noticed that Vitalik Buterin, the co-founder of Ethereum, had allegedly sold billions and trillions of airdropped ERC20 tokens, resulting in a gain of an estimated $700,000 in value. The market liquidity of the airdropped tokens was shallow, and the relatively unknown ERC20 tokens plummeted in value after Buterin reportedly sold the funds.
Reaction From Crypto Speculators
Crypto Speculators Question Motives Behind Vitalik Buterin’s Airdropped Token Sell-Off According to a record of token transfers associated with an address labeled „VB,“ Vitalik Buterin appears to have sold a significant amount of ERC20 tokens that were airdropped to his address. Blockchain explorer statistics show that he sold billions of cult dao (CULT) tokens, billions of MOP, billions of kiboshib (KIBSHI), trillions of dingo (DINGO), and trillions of shikoku (SHIK) tokens. An onchain visual from Arkham Intelligence also shows that other unknown low-liquidity coins from chains like Binance Smart Chain (BSC) were also sold. Some speculated that Buterin may have sold the tokens for tax compliance purposes while others criticized him for tanking prices and draining liquidity instead of sending them to a burn address to destroy them.
Butterlin Donates $1 Billion Worth Of SHIB Tokens
In May 2021, Buterin donated $1 billion worth of shiba inu (SHIB) tokens to India’s Crypto Covid Relief Fund charity after being gifted the tokens during their initial coin offering (ICO).
Butterlin’s selloff caused shockwaves across crypto markets as investors struggled to comprehend why such an influential figure would take such action. While some speculated it was done for tax compliance reasons others felt it could have been handled differently by sending them to be burned rather than selling them off causing prices to plummet due to low liquidity levels. However Butterlin did eventually donate $1 billion worth SHIB token which was well received by many in the crypto community
• GameSwift has launched an all-in-one web3 gaming platform with a revolutionary passwordless sign-on system and inbuilt wallet to help bring gamers into web3.
• The platform aims to streamline onboarding processes, enable in-game transactions, and make it easier for even crypto newbies to explore the web3 world.
• The company has secured strategic partnerships with Polygon and Casper Network to accelerate the mass adoption of web3 games.
GameSwift Launches Web3 Gaming Platform
GameSwift has unveiled its all-in-one Platform for playing and building web3 games – featuring an innovative passwordless sign-on system with an integrated wallet that offers seamless onboarding for games and players.
Revolutionary Passwordless Sign-On System
The newly released GameSwift Platform comes with GameSwift ID – a revolutionary passwordless sign-on system with built-in wallet that simplifies onboarding processes for gamers seeking a smooth experience in the web3 world, even without blockchain knowledge. It also allows users to easily store passwords and seed phrases without fear, process transactions without prior knowledge, and access universal logins from services like Google or Facebook.
Strategic Partnerships With Polygon & Casper Network
GameSwift’s strategic partnerships with Polygon and Casper Network are aimed at accelerating the mass adoption of web3 games by providing an easy way for new players to discover quality information, navigate different chains, create wallets, enjoy zero gas fees gaming, cash out rewards via bankcard payments, and more!
User Friendly Solution For Mass Adoption Of Web3 Gaming
Thanks to this user friendly solution offered by GameSwift Platform, even those without blockchain knowledge can join the exciting new world of web3 gaming. With its comprehensive hub for gamers seeking an optimal experience in the decentralized space, it is well positioned to help drive mass adoption of this technology.
GameSwift’s innovative platform is designed to make it easier than ever before for mainstream gamers to explore the exciting world of decentralized gaming thanks to its user friendly features such as passwordless sign on system with integrated wallet and strategic partnerships with major industry players like Polygon and Casper Network.
• Taproot Wizards and Udi Wertheimer helped the creator of the original 2013 bitcoin wizard meme raise nearly $150,000 in Bitcoin.
• Payments were made mainly from NFT enjoyers who downloaded a lightning wallet for the first time.
• The sale did not receive positive reactions from Bitcoin maximalists and r/bitcoin moderator Bashco.
The Creation of Original Bitcoin Wizard Meme
The artist behind the original 2013 bitcoin wizard meme was able to successfully mint and sell a collection of ordinal inscriptions to celebrate its 10th anniversary with the help of Taproot Wizards and crypto advocate Udi Wertheimer. This resulted in an impressive 6 BTC or close to $150,000 worth of payments coming mainly from NFT enjoyers who used Bitcoin (BTC) and Lightning Network for the first time.
Despite this success, some members of the Bitcoin community still expressed disapproval towards this particular effort – especially those belonging to a group referred to as “maximalists”. Notable among them was r/bitcoin moderator Bashco, who expressed his dislike on Twitter by saying that JPEGs are evil.
Response From Crypto Community
This didn’t sit well with other members of the crypto community, as evidenced by one user’s comment asking why bitcoin maximalists want it to be world currency yet cannot buy JPEGs with it? To answer this question, Wertheimer clarified that most “Bitcoiners aren’t like this“ – thus emphasizing that there is more than meets the eye when it comes to maximalists‘ criticism against certain efforts within the space.
Overall, while there may be criticisms here and there over certain projects within the cryptocurrency space, it’s important to note that these do not necessarily reflect everyone’s opinion or stand on any given matter. In addition, with such successful stories as this one involving Mavensbot’s meme artwork raising nearly $150K through BTC-enabled donations via Lightning Network – we can only hope that more people will be encouraged to explore what blockchain technology has to offer beyond just money transfers or trading activities.
At its core, this story serves as an example of how blockchain technology can provide avenues for creative endeavors within our society – something which is often overlooked due its focus on financial applications alone.
• Coinbase claims its staking services do not constitute securities
• The company criticized the SEC’s approach to cryptocurrency regulation
• SEC Chair Gary Gensler hinted at more regulatory actions related to staking services
Coinbase Staking Services Not Securities
Coinbase, one of the biggest cryptocurrency exchanges in the U.S., has stated that the staking services offered on its platform do not constitute securities. Paul Grewal, chief legal officer of the company, explained how getting this point wrong in regulation may negatively affect the whole crypto industry in the country. According to Grewal, trying to superimpose securities law onto a process like staking doesn’t help consumers at all and instead imposes unnecessarily aggressive mandates that will prevent US consumers from accessing basic crypto services.
Coinbase Criticizes SEC Regulatory Approach
Furthermore, Grewal also criticized the way that the U.S. SEC is handling cryptocurrency regulation, explaining that regulation by enforcement is a „poor substitute“ to actual rulemaking. This position seems to directly oppose the stance taken by the U.S. SEC when it completed a $30 million settlement with Kraken for unregistered sale and offer of these services to its customers.
SEC Chairman Hints at More Regulatory Actions
Gary Gensler, chairman of the SEC, has hinted at more actions of this kind coming for other players in the industry, stating that these companies need to disclose risk associated with such activities to their customers. On Feb. 10th he said: Other platforms should take note of this, and seek to come into compliance, do proper disclosures, registration and alike.“
Staking as Part of Coinbase Service Portfolio
Coinbase offers cryptocurrency staking programs for different cryptocurrencies as part of its service portfolio and collects fees from users who partake in those services through Coinbase Custody or Coinbase Markets Pro products offerings. It remains unclear how far regulators are willing to extend their reach when it comes down to regulating crypto-related activities such as staking on centralized platforms like Coinbase’s or decentralized ones like Ethermint or Polkadot’s Parachain auctions which could be considered security offerings as well according some interpretations made by experts from both sides of this debate .
In conclusion there is still much uncertainty around how regulators will handle crypto-related activities such as staking on centralized platforms like Coinbase’s or decentralized ones like Ethermint or Polkadot’s Parachain auctions which could be considered security offerings according some interpretations made by experts from both sides of this debate . Despite this uncertainty , however , it is clear that companies offering these types of services need to ensure they comply with legal requirements and properly disclose risks associated with them so users can make informed decisions about whether they want use them or not .
• Billionaire investor Tim Draper recently visited Sri Lanka and attempted to convince the government and central bank to adopt Bitcoin.
• The Central Bank of Sri Lanka rejected his recommendation, citing worries that it could make the current crisis worse.
• Despite this, other countries have responded positively to Draper’s suggestion and have adopted Bitcoin as legal tender.
Billionaire Investor Visits Sri Lanka
Billionaire investor and venture capitalist Tim Draper recently visited Sri Lanka in order to shoot an episode of his „Meet the Drapers“ TV show with local entrepreneurs. During his visit, he attempted to convince the government and central bank of Sri Lanka to adopt Bitcoin.
Central Bank Rejects Suggestion
The Central Bank of Sri Lanka rejected Draper’s recommendation, citing worries that adoption of Bitcoin could make the current economic crisis worse. Governor Nandalal Weerasinghe stated “Adoption of 100% bitcoin won’t be a Sri Lanka reality ever”. He also noted that inflation rate was 54.2% in January 2021 and that last year, the economy contracted by 8%.
Other Countries Adopt Bitcoin
Despite the rejection from the Central Bank of Sri Lanka, other countries have responded positively to Draper’s suggestion and have adopted Bitcoin as legal tender alongside their national currency. For example, El Salvador became the first country in September 2021 to do so with US dollars.
Draper Worried About Corruption
In an attempt to sway Weerasinghe’s opinion on bitcoin adoption, Draper expressed concern about corruption in Sri Lankan media coverage: “A country known for corruption will be able to keep perfect records with adoption of bitcoin“. He also asked whether or not “the administration has the guts” for such a move.
While some countries are open-minded towards bitcoin adoption, it appears that for now at least, Sri Lankan government is not interested in taking this step due to fears it may worsen their already difficult economic situation
• The Brazilian city of Sao Paolo has introduced the concept of blockchain in its municipal data access and transparency law.
• The law defines blockchain as an immutable ledger that can record transactions and track assets using a computer network.
• Legislators behind the document defended the approach they took to include new technologies in the law, arguing that the generic way in which it mentions blockchain allows for flexibility in the future.
The city of Sao Paolo has recently taken a significant step towards embracing innovation by introducing the concept of blockchain in its municipal data access and transparency law. This law defines blockchain as an immutable ledger that can record transactions and track assets using a computer network. This allows for secure, transparent and auditable access to data.
The inclusion of this definition in the law is due to its potential to help the state complete its tasks more efficiently. The technology can be used to ensure that data is secure, accurate and easily accessible. Additionally, the use of blockchain can prevent data tampering and unauthorized access.
However, while the law mentions the concept of blockchain, it fails to define any implementation methods. This has led some experts to raise the possibility that the inclusion of this definition in the law is just accidental. On this, Marcelo Castro, a lawyer for Machado Meyer, said: “Institutions are recognizing blockchain as beneficial in the economy, however, there is no specific command saying how the technology will be used within a schedule, and this brings an enormous risk of going astray in a dead letter of law.”
Nevertheless, legislators behind the document defended the approach they took to include new technologies in the law. Maria De Carli, the author of the regulation, argued that the generic way in which the law mentions blockchain allows for flexibility in the future. This allows for the city to decide how and when it will be used, depending on the needs of the state and the development of the technology itself.
The municipality of Sao Paolo has taken a positive step towards innovation by including the concept of blockchain in its data access law. This move will allow the city to embrace the benefits of the technology while also allowing flexibility to implement it in the future.
• Cosmos (ATOM) moved closer to a key resistance level of $12.50 on Friday.
• Solana (SOL) rebounded from a key support point at $20.00.
• The 14-day relative strength index (RSI) is tracking near a ceiling of 66.00.
Cosmos (ATOM) and Solana (SOL) have both been on the move this Friday, with both tokens making gains against the US Dollar. Cosmos has been on a strong run since Thursday, when it hit a low of $11.70. The token has since moved closer to a key resistance level of $12.50, with an intraday peak of $12.38 earlier today. Meanwhile, Solana has also been on the rise, rebounding from a key support point of $20.00. The token reached a high of $21.77 earlier in the session and is currently trading at $21.43.
Looking at the technical indicators, the 14-day relative strength index (RSI) for both tokens is currently tracking near a ceiling of its own. For Cosmos, the RSI is currently at 65.85, which could lead to some marginal consolidation, with earlier bulls opting to liquidate their positions. A break of the aforementioned ceiling could signal a move towards the $13.00 price point. Meanwhile, the RSI for Solana is slightly lower, currently at 63.25, with traders seemingly preparing for a potential reversal. Despite this, longer-term bulls are still likely targeting an exit at the $24.00 mark.
Overall, the recent gains of Cosmos and Solana are indicative of a bullish sentiment in the market, with traders seemingly looking to capitalize on the recent momentum. With both tokens approaching key resistance and support levels, the coming sessions will be crucial in determining their future direction.
• Bitcoin (BTC) rebounded from Thursday’s losses, climbing back up to the $21,000 level on Friday.
• Ethereum (ETH) also rose, climbing from a low of $1,515.79 on Thursday to a peak of $1,559.55 earlier in the day.
• The move comes despite the news that crypto lender Genesis has recently filed for bankruptcy.
The cryptocurrency market has seen an increase in volatility this week, with Bitcoin (BTC) climbing back above the $21,000 mark on Friday. After falling by nearly 4% in Thursday’s session, the global market cap of the world’s largest cryptocurrency is up by 1.14% at the time of writing. Despite the news that crypto lender Genesis has recently filed for bankruptcy, the market appears to be taking a positive outlook.
Ethereum (ETH) has seen similar gains, rebounding from a low of $1,515.79 on Thursday to a peak of $1,559.55 earlier in the day. The move comes following a dead cat bounce on the RSI indicator, with price strength rebounding from a recent low. Currently, the index is tracking at a level of 74.64, which is marginally higher than the aforementioned floor at 70.0.
Analysts are optimistic that Bitcoin could make another attempt to break out of a key resistance point at $21,400. Additionally, Ethereum is continuing to move away from a recent support point at the $1,500 level. This indicates that despite the recent bankruptcy filing, the market remains bullish for both cryptocurrencies.
It remains to be seen whether the current trend can be sustained, as the market has been known to be volatile. However, the current market sentiment appears to be optimistic and it will be interesting to see how the market develops in the coming days.