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Myanmar’s military junta has floated a cyber security law that would ban the use of virtual private networks, under penalty of imprisonment and/or fines, leaving digital rights organisations concerned about the effects of further closing the country off digitally to the outside world. The draft bill, dated January 13 is signed by Soe Thein, permanent secretary of the military’s transport and communications ministry and is undergoing request for comments until January 28. Upon adoption, it will subject VPN users to between one and three years inside, and fines of up to five million Myanmar Kyats ($2,800). The bill also bans the…
Bitcoin is down another 8% amid a broader selloff that has seen the digital token shed a quarter of its value in January alone. The stock market knows why. Why is bitcoin crashing? It’s much older and more established cousin, the stock market, has the answer. Bitcoin, ether and the broader crypto market faced another wave of selling Monday, with the world’s most-traded digital currency down another 8% amid a selloff that has seen the digital token shed about a quarter of its value in January alone. Bitcoin fell to $33,070, its lowest level since July 24, marking a 25%…
The recent sell-off in the cryptocurrency market was a huge blow to the investors as it wiped out $1 trillion in market cap from the industry. The carnage was so intense that major cryptocurrencies, including behemoths like Bitcoin and Ethereum, lost up to half of their value from the peak, while other altcoins felt more pain. The tapering cues from the Federal Reserve, rising bond yields, crackdown signals and regulatory strictness weighed on the sentiments of the crypto space.It appears that the world is coming to an end for the crypto community, and the crypto market is a dead rubber. After a brief recovery, the…
Crypto markets continue to grow despite Covid-19 and governments trying to destroy them – but how? Cryptocurrencies were seen as magic internet money for a great period of time. In fact, this attitude toward crypto has been in place for a longer period than the attitude that they’re lucrative investment vehicles. Born out of chaos and disdain for the heavily manipulated financial world, Bitcoin and distributed ledger technology (DLT) is seeking to change the way the cogs turn in the financial world. But how are crypto markets managing to persistently outperform the global financial markets, despite a global pandemic? Millions of people…
A cryptocurrency crash sparked by a sell-off of risk assets has wiped well in excess of $US1 trillion ($1.39 trillion) off digital currencies, with leader bitcoin plunging 50 per cent in a matter of weeks. But the bloodbath may not be over, with some analysts warning a buyer’s strike could plunge the knife in further. Bitcoin hit an all-time high of $US69,000 in November but has tumbled since, falling as low as $US34,000 over the weekend following a painful 17 per cent drop over the week. The digital asset looked to be holding at support levels but there was a…
Cardano, a blockchain network which as of last year, started supporting smart contract capabilities, has seen its first decentralized app (DApp), SundaeSwap, launch on its ecosystem. SundaeSwap is a decentralized exchange (DEX) and token-staking platform. Its mainnet launch on Thursday marked a milestone in the Cardano ecosystem as the platform is the first DApp to utilize its smart contracts. As a result of excitement for the SundaeSwap launch, the price of Cardano’s native token, ADA, rallied over 50% in the past week leading up to the launch of SundaeSwap, as the community-driven ecosystem bided the price northward. What you should…
By now, we know that many local elected officials, led by Miami Mayor Francis Suarez, are all-in on making the city a cryptocurrency capital. But what do county workers really think about crypto? We now have one answer. On Wednesday, Miami-Dade County’s cryptocurrency task force unveiled the results of a survey of 343 county employees about their views toward bitcoin, blockchain, and other digital currency subjects. Crypto is already under study by local legal experts. But a push in the county has been underway to get laypeople’s view where possible. The top-line finding of the survey: Two out of five county employees — or…
Some investors see bitcoin’s price plunge as an omen for global sharemarkets, but others are hopeful that this week’s Fed meeting can restore the market’s mojo. A sharp divide has opened up among investors after global stockmarkets last week suffered their heaviest falls in more than a year. One camp believes that cryptocurrencies are now acting as the canaries in the financial coal mine. And they warn that the vicious drop in the value of digital currencies, which has wiped out more than $US1 trillion ($1.4 trillion) from their aggregate market value, is a bleak warning for global sharemarkets. Bitcoin, which was…
Regional payment portal provider WiPay Caribbean, which has been ramping up its business in Jamaica in recent times, hopes to later this year offer its clients in Jamaica and elsewhere in the Caribbean, the opportunity to use its payment platform to buy the controversial unbacked digital cryptocurrencies that continue to draw divergent sentiments in the investing and financial communities “WiPay is talking with Binance,” Aldwyn Wayne, the founder and CEO of WiPay Caribbean, announced as he delivered the keynote address at a digital payments conference dubbed ‘A Night in the Metaverse’ held at the AC Marriott Hotel in Kingston on…
IRELAND’S ADVERTISING STANDARDS watchdog says it is monitoring developments in other countries after British authorities unveiled new regulations aimed at curbing misleading advertising for cryptocurrencies this week. Under the new UK regime, details of which were made public on Tuesday, the promotion of risky crypto-assets like Bitcoin or Dogecoin and crypto exchanges — apps where investors can buy and trade coins — like Crypto.com and Coinbase, will now be subject to UK Financial Conduct Authority (FCA) advertising rules. It means that ads for crypto will be treated the same marketing for other financial products such as shares and insurance. Cryptocurrencies…