 |
Binance denies a report that it shared client data with Russia | Crypto News
to share client data in a facebook post kastera also denied the allegations calling it an absolute lie binance said it will be writing a formal complaint to reuters under the publication's editorial code as of monday morning in asia reuters had not issued any response on the matter he exchange has made adjustments to its services in russia based on the sanctions against the country after its invasion of ukraine the most recent is limiting services for russians or users residing in russia with crypto assets of.
over 11 000 us dollars to withdraw only mode and speaking of the war in ukraine why not sign up for forecast.news to join our discussion on how the crisis will shape the age of crypto and decentralization that's on may 12th over in china authorities are pushing ahead with plans to showcase the digital yuan at september's asian games despite a high possibility of a delay host city hangzhou has made showing off the central bank's digital currency or cbdc a priority in the run-up to the games.
hangzhou is just 60 miles away from shanghai where mass lockdowns are in place amid the city's biggest wave of coveted cases since 2020. however organizers say the venues are already ready and officials say they will follow the successful experiences of the beijing winter olympics in publishing plan to deal with the covet situation in the meantime a large-scale public test for the ecny has been planned despite heng xiao not launching any giveaways of the digital yuan in lucky red packets to stoke public demand as.
has been seen in other test cities you can find those stories and more at forecast.news staying on that theme with more and more countries like china looking int launching a cbdc we asked paulo arduino of crypto exchange bitfinex what they mean for the future of stable coins like tether or usdc forecast carolyn wright reports stable coins are tokens backed by real-world assets like the us dollar and they have proven hugely popular as an on-ramp for investors looking for alternatives to traditional financial.
products as volatility in their price is low compared to the wider crypto market but with many central banks like the people's bank of china making plans to issue cbdc's are stable coins facing a threat to their existence arduino doesn't think so one big misconception i think is that issue stablecoin coins like tata sdt and uh cbc's cannot coexist i believe that they can easily exist because it's um it's a bit naive thinking that the central european bank will issue their their cbdc so their stablecoin on solana or on ethereum they will not those um so cbdc's are a way for me to modernize the really old expensive slow banking system arduino explains that cbdc's will massively reduce costs for banks as well.
as allowing for much more efficient processing of transactions but despite all these plans for cbdc's in some emerging markets like turkey venezuela or brazil where the national currency is devaluing quickly stable coins are seeing huge growth as they are being used to provide financial protection they are putting their savings in tether because they feel like um is um is their only protection uh against the their national currency and of course they could they put a portion also in general cryptocurrencies but they also don't want to suffer too much volatility for them is already a big win if they can protect themselves from the
evaluation of the national currency and while crypto enthusiasts may think nearly everyone already owns one token or another arduino points out that the vast majority of people in the world don't understand what crypto is and are scared of getting on board he says that whether we're talking about blockchain technology generally a cbdc or a stablecoin privacy and ease of use are key to mass adoption normal people need to use tools that are effective for day-to-day life that can be helpful they need to bring their children to school they need to bring up they need to buy.
groceries and so on so it's all about bringing crypto to to their life in the most seamless way for forecast i'm carolyn wrigh over in india coin dcx's 135 million us dollar series d fundraising has made it the most highly valued exchange in the south asian country speaking with forecast pradeep de mukherjee co-founder sumit gupta explained what that means for both coin dcx and for india the much criticized new crypto tax law took effect in india this month and one cryptocurrency exchange in the country is weathering the store having raised 135 million us dollars in its series defunding round sumit gupta the exchange's co-founder told forecast about coin dcx's plans for the future a lot of effort uh will go into building a very strong team uh all the way from engineering product.
compliance business development marketing growth across the world so uh yes uh you know with the stronger funding i think we'll be able to accelerate uh our mission to make web accessible to masses gupta says coin tcx is now looking to grow its 400 strong workforce to cross the 1000 mark by the end of this year the company has also mapped its plan for addressing the uncertainty of india's stand on crypto we are already the most compliant platform in the country we uh even the regulations are not there in the space we are self-regulated and we follow all the norms in terms of aml kyc.
uh we have a very uh you know stringent uh you know uh kyc process and we make sure that uh you know we follow uh you know whatever uh compliance practices that a traditional fintech business follows in the absence of regulations and will continue to double down on that invest a lot more in that area india imposed a 30 tax on all gains made from cryptocurrencies on april 1st while a one percent tax deducted at source on all transactions starts july 1st however gupta shared that coin dcx has not seen a major dip in business since the law took effect and although this might not be a popular sentiment he.
thinks positively of this development we have seen significant improvement in terms of the understanding within the government now there are tax laws right and and i think two years back we were talking about ban now we have taxes that we have defined the media what is a virtual digital asset so if we just extrapolated i think the way poverty is uh you know quite quite promising and i believe that uh you know india will regulate crypto of course it's not an easy thing to do it will take some time and uh there are a lot of uh work that needs to be done right in terms of coming up with the right uh policies and frameworks that suits as per the indian needs and a lot of globalcooperation is also required so will the.
high taxation rates kill crypto in the country gupta doesn't think so for forecast i am pradeep mukherjee india and that's the daily forecast and if you want a deeper dive on these stories thedaily forecast is now also a newsletter it can be delivered straight to your inbox sign up at forecast.news newsletter thanks for watching i'm forecast justin solomon until next time..
.jpg)
0 Comments