Monthly Archives: September 2020

Malaysian billionaire steps down to pursue ‘horse currency’ offering

“I am handing over the public-listed company’s business to the new directors and I will concentrate on cryptocurrencies,” said the 65-year-old. The founder of Malaysian investment giant Country Heights Holdings is stepping down from his position to focus on issuing a cryptocurrency. According to a Sept. 28 article in news outlet The Edge Markets, billionaire Lee Kim Yew — also known as Lee Kim Tiong — will no longer be the executive chairman of Country Heights as of Jan 2021.  “I am handing over the public-listed company’s […]

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US Senate Candidate Is a Hodler, Sees Bitcoin as Alternative Store of Value to US Dollar

US Senate candidate Cynthia Lummis is pro-bitcoin. She bought her first bitcoin during her time in Congress. Now she calls herself a hodler and sees the cryptocurrency as a viable alternative store of value to the US dollar. Bitcoin Advocate in the Senate Cynthia Lummis served Wyoming as a conservative Republican in the U.S. House of Representatives for eight years. She is now in the running for the U.S. Senate, with the endorsement of President Donald Trump. Lummis revealed during the third annual Wyoming Blockchain Stampede on […]

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Congress weighs crypto payments and fintech lending in hearing today

Despite skepticism about loosening regulations on loans, the Fintech Task Force couldn’t stop talking about crypto as a way of upgrading payments in the U.S. In a hearing on Tuesday, the Congressional Fintech Task Force heard arguments on new rules that would potentially expand banking regulations to accommodate more technology firms providing financial services. A subunit of the Financial Services Committee, the Fintech Task Force leads the committee’s examinations of emerging technologies. As Task Force Chair Stephen Lynch (D-MA) noted, “Banking is becoming less centralized. Consumers are […]

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Afraid of DeFi? Here’s how to earn 41% APY on Bitcoin without wrapping it

Decentralized finance yields are incredibly attractive, but options markets can also provide similar sized returns for those willing to take risks. The number of investors interested in yield farming has grown immensely over the past 6-months as decentralized finance (DeFi) applications became better known and easier to use.  This has led to an uncountable number of liquidity pools offering annual percentage yields (APY) surpassing 1,000% and the total value locked in DeFi contracts has risen to billions of dollars. Bitcoin investors who wanted a piece of the […]

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Blockchain legislation passes the House, heads for Senate

Bills from the Energy and Commerce Committee are making their way to the Senate following votes this afternoon. The updated Consumer Safety Technology Act, which now includes the Digital Taxonomy Act and the Blockchain Innovation Act, has passed in the House of Representatives and is now headed for the Senate as of Tuesday afternoon. The Digital Taxonomy Act provides definitions for the terms “digital asset” and “digital unit” and would task the Federal Trade Commission with preventing unfair trade practices in both. The Blockchain Innovation Act would require the FTC […]

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DeFi is too ‘noisy,’ MyEtherWallet CEO says

Hype can be hectic and unorganized. The crypto space’s decentralized finance niche has reached frenzied status within the crypto industry, signaled by exuberant price highs and rampant speculation. “DeFi is the new overhyped concept in Ethereum,” MyEtherWallet, or MEW, CEO and founder Kosala Hemachandra told Cointelegraph in an interview. “The noise is too much, so everyone is just like running around trying to figure out what the next big thing is and then putting a ton of money inside without doing enough research,” he said.  Back in 2019, […]

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Blockchain patent filing rose significantly in China after Xi Jinping’s 2019 endorsement

Chinese companies are angling to overtake the United States in blockchain adoption. Recent figures published by Chinese media outlets show that companies in China have filed for over half of all global blockchain patents. According to a report titled “2020 Blockchain Industry Development”, Chinese companies have applied for 4,435 blockchain patents following Chinese president Xi Jinping’s endorsement of the industry. The study was jointly compiled by Tsinghua University, Peking University, and China Institute of Communications. During a committee session in October 2019, President Xi called for the […]

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The Cardano Foundation’s new CEO says he will prioritize the platform’s longevity

The incoming CEO wants to convey to the corporate sector that Cardano will be around in 30 years. Cardano recently celebrated the third anniversary of its Mainnet launch. In the run up to this occasion, Cointelegraph had the opportunity to discuss the project’s future plans with the Cardano Foundation’s incoming CEO, Frederik Gregaard. Gregaard, who has not yet officially assumed the post of CEO, assured us that he would take on this new role sometime before November 1, though he did not yet know the exact date. Currently, he […]

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Mainstream lags in crypto understanding, think tank survey finds

The crypto industry exudes more confidence against industry risks than outsiders looking in. Collaborating with YouGov, the Royal United Services Institute, or RUSI, and the Association of Certified Anti-Money Laundering Specialists, or ACAMS, conducted a survey on authorities’ perception of the crypto industry. “The RUSI-ACAMS Cryptocurrency Risk & Compliance Survey provides unprecedented insight into how governments, the cryptocurrency industry, traditional financial institutions, and others view the use of cryptocurrency, including its inherent risks and the robustness of compliance controls within the cryptocurrency sector,” the survey said.  The […]

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New Zealand Tax Agency Asks Crypto Firms to Hand Over Clients’ Personal Data

The Inland Revenue Department (IRD) of New Zealand has requested that crypto companies in the country hand over their customers’ personal details, cryptocurrency asset values as well as the type of asset held. According to a September 28 report by Radio New Zealand, the tax agency says it wants to improve its understanding of the digital asset industry “so we can work out how best to help taxpayers meet their income tax obligations.” New Zealand firms might not have legal grounds to refuse the request, says the […]

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