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Crypto Adoption

Google Finance Adds ‘Crypto’ Tab featuring Bitcoin, Litecoin, Ethereum, Bitcoin Cash

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Times are definitely changing for Bitcoin and the crypto industry as the bull market continued to heat up.

Crypto has been in the limelight for quite some time. But thanks to the massive institutional capital, the space has finally received the much-needed legitimacy. In the latest development, Google Finance has added a crypto-dedicated field.

Google Finance is essentially a data site maintained by the tech giant, hence this development is crucial for the digital currency ecosystem. This was first reported by ‘Documenting Bitcoin’ which also revealed that the ‘crypto’ is placed right at the top of the page among five default markets such as the US, Europe, Asia, and Currencies.

Here, the users of the platform can compare the aforementioned markets. The tool offers a rundown of real-time as well as historical data for Bitcoin [BTC], Ether [ETH], Litecoin [LTC] and Bitcoin Cash [BCH] with just a click.

However, the information for other top cryptocurrencies such as Cardano [ADA], XRP, Binance Coin [BNB], Polkadot [DOT] was not available yet on Google Finance’s website.

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The latest move by the website which focuses on business news and financial information hosted by Google is no less than a milestone. It is indicative of the industry’s growing mainstream presence and demand for the latest information on the top coins in the market.

Crypto has come a long way

The industry has now entered mainstream usage. It is important to note that Google’s parent, Alphabet, owns one of the world’s most famous platform YouTube.

This video streaming platform had previously come under severe criticisms for banning virtual currency-focussed educational and news content. Several channels of prominent news platforms have been subjected to suspensions that have subsequently.

However, Google Finance’s move to enable users track the performance of various cryptocurrencies is a positive step as the asset class continued to witness massive investments from big institutional players and corporations.

Ukraine, Venezuela Way Ahead Of US In Terms Of Crypto Adoption

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The first cryptocurrency was dropped into the world in 2008. More than a decade later and thousands of cryptocurrencies have been launched so far, the industry has seen a significant increase in both value and popularity. From being associated with the dark web to being widely adopted across the globe, the crypto-verse has come a long way. The rate of adoption and the current value of cryptocurrencies stands as substantial proof. The latest report from Chainalysis further gives a peek into the countries behind the increased adoption rates.

US And UK Far Behind In The Crypto Game

While the world assumes financial leaders like the United States of America or the United Kingdom are open to innovation and encourage digitalization, Chainalysis’s latest report says otherwise. Even though authorities across the globe are realizing the importance of crypto, the adoption rate in several countries is still slow or stagnant. However, beating the US and China to the top, Ukraine, Russia, and Venezuela were the top players in terms of crypto adoption.

Research platform, Chainalysis shared a report titled “The 2020 Global Crypto Adoption Index: Cryptocurrency is a Global Phenomenon.” The report pointed out that Ukraine had the highest rate of adoption. The platform used four metrics to rank a total of 154 countries keeping in mind factors like population and the size of the economy of different countries. The sum of all the metrics further facilitated the ranking of the countries.

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The above table clearly indicates that developing nations were keener on incorporating crypto into their lives. Venezuela has been in the news following its severe economic conditions. The report revealed that the citizens of Venezuela were using crypto more than the country’s native fiat itself. Since Venezuela’s native currency, the Bolivar has been losing its value following inflation. The report further read,

“We also see this pattern in other Latin American countries, as well as Africa, East Asia, and elsewhere. Our data and interviews also suggest that some residents in many developing countries use cryptocurrency to carry out commercial transactions.”

Furthermore, the countries with the lowest rate of crypto adoption included Afghanistan, Algeria, Cape Verde, Chad, Fiji, Laos, Libya, Mongolia, Tajikistan, Turkmenistan, West Bank and Gaza, and Zimbabwe. This list, however, includes countries that are currently under oppression and have limited sources. The web activity in each of these countries was lower than that of the other countries that are ranked higher.

Bitcoin And Ethereum Find Shelter At Singapore Exchange

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The rate of crypto adoption is undoubtedly on an upward trajectory. With prominent companies exploring the prospects of cryptocurrencies, digital assets have found shelter at stock exchanges as well. While several stock exchanges have already listed popular cryptocurrencies like Bitcoin [BTC] as well as Ethereum [ETH], many stock exchanges from across the globe have been jumping the bandwagon.

The latest stock exchange to join the list is the Singapore Exchange [SGX]. On Tuesday, the Singapore-based exchange shared a press release announcing the same.

Singapore Exchange To Bolster Crypto Adoption

As per the release, the exchange intends to roll out crypto indices namely iEdge Bitcoin Index as well as iEdge Ethereum Index under the SGX iEdge index suite. This is touted as the first of its kind and is the result of the collaboration between the Singapore Exchange along with CryptoCompare, a United Kingdom-based crypto platform.

SGX is considered one of Asia’s biggest multi-asset exchanges. The platform’s latest move could further bring in institutional investors in increased numbers. The Head of Index Services at SGX, Simon Karaban pointed out that the world was traversing into digitalization and cryptocurrencies would be of great interest to many. Speaking about the partnership he added,

“We are excited about this collaboration with CryptoCompare to offer a suite of new indices for market participants in Asia, reinforcing our endeavor to innovate and meet market needs.”

The Commercial Director of CryptoCompare, James Harris also commented on the latest collaboration and revealed that the inclusion of transparency to digital asset class was the mission of the crypto platform. He further stated,

“We are delighted to work in partnership with SGX to offer greater global access to institutional-grade digital assets products on Asia’s leading multi-asset exchange.”

Singapore Exchange wasn’t the only one to extend its support to crypto assets. Prominent Vienna-based stock exchange, Wiener Börse also joined the list.

Wiener Börse Lists A Bitcoin Product

The platform, also known as Vienna Stock Exchange revealed that it had listed Bitcoin [BTC]  and Ethereum [ETH] ETPs from the 21 Shares AG. Listing these exchange-traded products, ABTC and AETH further made the Vienna Stock Exchange the one among the two other platforms to list a Bitcoin product.

As numerous exchanges across the world recognize the potentials of the crypto market, the rate of adoption could also witness a surge in the coming days.

USDT Surpasses Ripple (XRP) to Recoup Top 3 Cryptocurrency Spot

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Tether (USDT), the most popular stablecoin in the world, is yet again battling Ripple’s XRP for the top three spots. Can USDT maintain the number 3 spot? 

Earlier today, the world’s largest stablecoin, Tether, became the third largest cryptocurrency by market capitalization, forcing XRP to the fourth spot, according to blockchain analytics firms Messari and Coin Metrics.

USDT

Tether overtakes XRP once again

As recently reported, USDT’s market capitalization surged by $1 billion in 7 days, pushing the total to $12 billion. However, according to a tweet by Coin Metric analyst Lucas Nuzzi, the total market capitalization of USDT exceeded $13 billion, surpassing Ripple’s XRP in the process.

Notably, market capitalization refers to the number of tokens multiplied by the price of each coin. However, since Tether is a stablecoin, its price is not likely to fluctuate and the price of a USDT token will always remain $1. The only manner to raise USDT’s market cap is by mintage of new tokens.

This is not the first time for USDT to surpass XRP in market capitalization ranking. Earlier this year, during the March market collapse, Tether concisely took over as the third largest cryptocurrency in the world after exceeding $5 billion in market capitalization.

USDT still growing despite damaging lawsuits

The growth of Tether comes amid a string of lawsuits facing its parent firm, iFinex. Ifinex is also the parent company to popular cryptocurrency exchange platform Bitfinex. Bitfinex is facing charges against fraud for supposedly hiding a loss of $850 million dollars of the commingled client and corporate funds from investors. The lawsuit is led by New York Attorney General Letitia James.

Furthermore, Tether is also facing allegations of printing billions of dollars in crypto, and for manipulating the price of BTC back in 2017. Nevertheless, USDT is still growing and is currently occupying the third spot among cryptocurrencies.

Proposed Pan-Europe Crypto and Digital Finance Regulation Framework to Boost Crypto Assets Growth

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According to a recent report by the financial news agency IFC Review, the European Commission, the law-making arm of the European Union, is concluding the first-ever crypto and digital finance regulatory structure proposed by Europe. The pan-European structure is intended to strengthen the development of crypto assets in the long run.

If the regulation is successfully passed into law and implemented, its acceptance would give the best possible legal atmosphere for crypto-related entities to thrive and contribute to the European economy.

Bitcoin and stablecoins recognized as financial instruments

Back in 2019, the Commission spent most of the year deliberating with industry experts and specifying crypto terms. Consultations included the acknowledgement of digital assets such as Bitcoin and stablecoins as financing tools and the development of a regulatory structure for blockchain-based entities.

According to the chairman of the European Blocktech Federation, the recognition of cryptocurrency assets as financial tools established them among the broad group of European and national legitimate tools that oversees Europe’s financial market. Moreover, he termed the upcoming crypto and digital finance laws as ‘historic,’ in regards to the immense potential it creates for businesses and individuals to develop digital finance solutions.

The proposal also elaborated a project to develop a single market for digital currencies, to facilitate cryptocurrency trading across all European nations. By comparison, the plan is the same as the launch of the Euro back in 1999, a single currency that united all members of the European Union back then.

Crypto and digital finance regulatory structure will boost European growth

The new crypto and digital finance regulations follow European Commission’s vice president Valdis Dombrovskis sentiment back in June; regulatory uncertainty surrounding digital assets hinder growth and development in the Eurozone. According to the report, the proposed crypto laws are likely to be enacted in Q3 2020. However, the report notes that interruptions can be expected due to the novel coronavirus disaster. 

Colombia Urges the Public Sector to Adopt Blockchain and Crypto Solutions

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The evolution of blockchain technology has enormously revolutionized the world, particularly in the financial sector. Blockchain technology has made fast, cheap and even more significant transactions, decentralized through cryptocurrencies. It is true that blockchain and crypto are the future of payments.

The Ministry of Information Technology and Communications in Colombia has published its first-ever draft guide, which advocates the implementation of blockchain technology solutions for the public sector, such as crypto payments.

Blockchain technology use cases in the public sector

The draft guide titled “Guide for the use and implementation of Distributed Ledger Technology (DLT/Blockchain) in the public sector” the ministry outlines the benefits and cons of adopting blockchain technology. The guide cites examples from European countries, China, UAE, USA, and Canada.

Notably, the guide which was prepared by ViveLab Bogota, Universidad Nacional de Colombia, Bogotá City Hall, and the National suggested up to ten use cases of digital ledger technology in the public sector such as: crypto payments, registration of lands, blockchain-based voting, management of identification data, healthcare solutions, record-keeping in businesses, academic degree records, supply chain and management of public tenders and taxes.

According to the guide, blockchain solutions raise confidence through transparency by eliminating intermediaries within the security infrastructure. Technology experts claim that openness and collaboration fostered by blockchain technology should improve risk assessment processes and insurance.

Blockchain and crypto solutions

Moving forward, the Colombian Ministry of Information Technology and Communications also cites the Satoshi White Paper, which quotes the ‘Bitcoin: A Peer-to-Peer Electronic Cash System,’ published over a decade ago by Bitcoin’s creator. The Ministry points out that such crypto solutions are intended to protect crypto investors.

The government has unsuccessfully tried to regulate the cryptocurrency industry in Colombia. For instance, in April last year, Colombian legislators drafted a bill to regulate cryptocurrency exchanges. The proposal aimed to define general terminology on how companies offering crypto-exchange solutions in Colombia should operate.

Crypto Mining Operations in Iran extend to Electric Power Plants

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The Government of Iran has recently approved crypto mining operations by power plants in the country. According to reports, Mostafa Rajabi Mashhadi, who serves as Deputy Head of the Power Generation , Distribution and Transmission Company of the country, or Tavanir, has confirmed the approval as he addressed the IRNA on Monday 27 July.

Iran is setting up a Bitcoin mining hub after the country’s subsidized electricity consumption and now miners are setting up a camp. Mashhadi further outlined the regulations that power plants must adhere to in order to operate cryptocurrency mining operations in the Islamic country.

Power plants must comply with set crypto mining operations tariffs

According to Mashhadi, power plants are expected to apply for crypto mining licenses to run their operation. Licenses are to be given to individual power plants by the Ministry of Industry, Mine and Trade.

Power plants are also required to fully comply with set tariffs on electricity consumption as far as crypto mining is concerned. Recent data show just how cheap miners pay for electricity consumption in Iran where one kilowatt of electricity is charged for as low as $0.01 to $ 0.05. The rates are expected to quadruple during the summer season, a situation that forced Tavanir to announce that the Iranian government had decided to reduce up to 47% on all tariffs on the electricity consumption by miners more so during the high seasons.

Allegedly 14 cryptocurrency miners have recently obtained crypto mining licenses to operate in the country. Each of them will have an electrical capacity of 300 megawatts. It is also worth noting that more than 1,000 more licenses have already been issued with permits.

Mashhadi also urged the general public to report any illegal crypto mining operations to the authorities, promising that the government would provide a reward for their actions.

Iranian president proposes a Muslim digital currency

Iran’s commander in chief, Hassan Rouhani has rallied Muslim faithfuls to unite; and come up with their very own Muslim cryptocurrency. He has also voiced his support for a national crypto mining project that he believes will further propel the country to thrive economically amid the current U.S sanctions that face them.

Indian Prime Minister Endorses Blockchain Technology Publicly as an Investment Opportunity

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The Prime Minister of India, Narendra Modi, has backed blockchain technology as an ‘opportunity in frontier technology’ reviving the desires of the crypto community for the country to be warming up for virtual assets. Like many other countries worldwide, India has seen a surge in the use of crypto assets. However, the conditions are not favorable for cryptocurrencies to thrive; the government is not supportive of crypto.

The Indian Prime Minister ‘s latest sentiments while speaking at the India Idea Summit, which was hosted by the U.S Indian business council on July 24, touched on five different technologies, including blockchain technology. The PM classified Big Data Analytics, 5 G, Quantum Computing, Internet of Things ( IoT), and Blockchain technology as frontier technologies.

Indian Prime Minister urges investors to take advantage of COVID-19

Outwardly, the Indian PM has smudged on an investment opportunity for emerging technologies and is encouraging entrepreneurs, especially from the US, to invest in them. The COVID-19 crisis has badly impacted the economy of India. In particular, the Indian Prime Minister aims to rejuvenate the economy through foreign investment collaborations from developed and promising countries, notably the United States.

The PM urged investors to take advantage of coronavirus damage in India and deploy tech-related investments that will benefit the people of India and the investors. Moreover, the Indian Prime Minister implied a long-term partnership that could flourish even post COVID-19.He noted that:

“American investors often lookout for the perfect timing to enter a sector or a country. To them, I would like to say — there has never been a better time to invest in India.”

Regulatory uncertainty still looms in the Indian cryptocurrency industry

While the future of cryptocurrencies is indistinct, the country is very supportive when it comes to blockchain technology. Skepticism about crypto is very high in India.   Even after the Reserve Bank of India removed the crypto banking ban, some Indian banks are still reluctant to offer their services to crypto-related entities.

In spite of that, the sentiments of the Indian Prime Minister have instilled faith in the cryptocurrencies community, obtaining full green light to operate in the country.

Venezuela Outlaws Crypto Mining Activities in the Country

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Venezuela has recently banned the trade in crypto mining in the country. The ban is mainly aimed at citizens who reside in all government-owned houses and in all their surrounding vicinity. In a maiden announcement on Friday, Minister of Habitat and Housing, Iidemaro Villarroel, said that the continued use of crypto mining could have an impact on the distribution of electricity in the country.

Besides, the Minister said Crypto ‘s ban on mining was part of the Great Home Project. In his speech, the Minister revealed that crypto mining and other instruments involved in its operations consumed a lot of power. This, in turn, violated the government’s already formulated electricity distribution policy. He added,” In this coordinated work, we have detected the harmful effects of these elements of high electrical demand in the public houses of the Grand Mision Vivienda project.”

Venezuela’s Great home project plans

The Great Home Projects (Gran Misión Vivienda) involve the government’s plans to provide grant housing to local Venezuelan citizens with low incomes. The government is targeting the poor and providing them with adequate housing despite the harsh economic environment that the county is currently facing. And the government has also managed to deliver around 3 million homes to the citizens in their efforts towards the project.

Around 151 houses were also distributed to different families in the nation’s capital of Caracas; back last year. It is precisely these government-owned houses and their surroundings that have notified the ban. They insist that all crypto mining trades in these households are considered illegal and a crime punishable by law.

Crypto mining effects on the country’s electricity supply system

The Venezuela government has attributed the Crypto mining trade to directly affecting the power grid. They insist the mining process tends to consume a lot of power, thus affecting the distribution of electricity throughout the country. Back in 2019, there were reports of the national electrical shutdown after the Guri hydroelectric dam failed; further proving a significant problem that needs to be addressed.

Discovery Science Rolls Out New Crypto and Blockchain Documentary

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A new cryptocurrency documentary named  “Open Source Money” was recently premiered on the Discovery Science channel and continues to broadcast weekly episodes. The new cryptocurrency documentary series provides an in-depth analysis of what the cryptocurrency ecosystem is and tells the story of Dragonchain, a US-based blockchain technology firm.

Crypto and Blockchain documentary shares rich insights

The docuseries are based around an initial coin offering ( ICO) called Dragonchain. Dragonchain Network was created by the branch of the Walt Disney Company in Seattle back in 2014. Yet in 2016, the blockchain project and Walt Disney opted for cut-off ties. The episode follows Joe Roets, the founder of Dragonchain and entrepreneurs across the U.S. who face tremendous opposition from the U.S. government and SEC as they seek to progress in the cryptocurrency industry.

 

The episodes will also highlight major contributors to the cryptocurrency revolution when telling the Dragonchain ‘s journey. Perianne Boring, the founder of the Chamber of Digital Commerce, Alex Mashinsky of the Celsius Network, the infamous John McAfee; also feature special appearances in the documentary

Open Source Money is directed by J.D. Seraphine and Executive produced by   Vision Tree Media. This is the first series to be entirely financed with a budget of $1 million by cryptocurrencies. Open Source Money is directed by J.D. Seraphine and Executive produced by   Vision Tree Media. This is the first series to be entirely financed with a budget of $1 million by cryptocurrency. Notably, the company managed to raise $1 million in funding to drive the filming process through a variety of cryptocurrencies.

“Each episode highlights major contributors in the cryptocurrency revolution, including notable figures Patrick Byrne, Brock Pierce, Joe Roets, and companies the likes of Disney, Facebook, and more,”  said the Open Source Money website.

In conclusion, the 5-part documentary series focuses on the current regulatory stance on cryptocurrencies in the United States. “Open Source Money” will be broadcast on the Discovery Science channel and Philo at 10 a.m. ET every Saturday until the final episode.