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Move over crypto, Danish central bank governor believes tech giants are a threat to banks

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Danish central bank’s governor, Lars Rohde joins the list of officials who have dissed crypto for lacking stability.

The crypto-verse grew from nothing to a $2 trillion industry. Bitcoin [BTC] recorded a notable evolution which urged several to suggest that BTC was the internet’s currency. The popularity of the currency grew just like its price which further led to speculations of BTC overthrowing the dollar or even shaking up the autonomy of centralized institutions like banks. However, the Danish central bank, Danmarks Nationalbank’s governor suggested otherwise.

Appearing in a recent interview with Bloomberg, Rohde noted that cryptocurrencies were nothing but speculative assets.

Danish central bank governor comments on crypto

2021 started off great for the crypto industry as almost every currency bagged significant gains. This further led to the rise in the trading volume of cryptocurrencies. Several countries were quick enough to address it by rolling out revised regulations, the Danish central bank does not seem to find this necessary. Rohde in the interview elaborated on his stance about the crypto-verse and said,

“I could be tempted to ignore it. I think the term currency is badly used here. Most currencies store value or are means of transactions. There is no stability, no guarantee about the value of cryptocurrencies.”

This, however, did not stop banks in Denmark from carrying out crypto-related activities. A prominent Danish bank, Saxo even went on to reveal the launch of a crypto FX product.

While crypto did not have any major impact on the central banks, Rohde pointed out what really posed a threat to these banks. He stated,

“If tech giants get a hold on the means of transaction, then that could be a real threat to the autonomy and independence of central banks.”

Rohde’s concern seemed legit as tech giants were currently sitting under the spotlight. With digitalization booming in full par, tech giants have been progressing impeccably.

Crypto Sees A Ray Of Hope As Uzbekistan Govt Agency Reconsiders Legalizing Crypto

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While several countries went on to ban cryptocurrencies amidst the recent rally, a few others seem to be lifting any sort of halt they had previously imposed on trading virtual assets. Uzbekistan was seen trying to join the latter.

Uzbekistan’s government banned the buying and trading of digital assets in 2019. This ban, however, was limited to only the purchase of cryptocurrency, as residents of the country could sell any assets they had in their possession. However, the country appeared to be contemplating its decision

Crypto Could Get Another Chance In Uzbekistan

Crypto was seen mentioned in a recent proposal by the National Agency for Project Management under the President of the Republic of Uzbekistan [NAFT]. The document urged the government to make changes to the existing laws on crypto in the country.

Over the last couple of months, the digital asset industry’s growth had undoubtedly lured individuals across the globe. As the market cap of the digital asset industry surpassed $2 trillion, several countries began viewing the prospects of the industry and started implementing crypto-friendly laws and a few others decided to tax the profits that their citizens acquired by trading digital assets.

In its latest proposal, NAFT suggested that the citizens of the country should be given the amenity of trading digital assets. The document further read,

“[..] all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.”

While a fully regulated exchange, Uznex is already functioning in the country, the citizens of Uzbekistan were exempted from using this platform. However, with its latest proposal, NAFT hopes to allow more platforms to carry out activities concerning the digital asset industry. Additionally, NAFT hopes to put into place processes for the registration of these platforms and the issuance of any tokens and circulation.

The time frame for any discussion pertaining to the aforementioned amendments is open until 14 May 2021.

Crypto Can Now Be Used To Pay Admission Fees At A Romanian University

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The crypto industry took more than a decade to go from being associated with the dark web to being widely accepted. Over the past couple of months, the crypto-verse witnessed the arrival of several mainstream platforms. Despite this, many officials across the globe continue to be skeptical about digital assets. Nevertheless, the digital asset industry has been making it huge in various industries and it was seen making its way into the education system.

In a recent announcement, it was revealed that a prominent Romanian University would support the asset Elrond [EGLD] to facilitate the payment of admission fees.

Crypto Finds Its Way Into The Education System

With the market cap of crypto trying to hit $2.5 trillion, the interest in the industry seems to be elevated accordingly. Embracing crypto, a Romanian university, Lucian Blaga University of Sibiu revealed that it now allows its students to pay for admission fees in the cryptocurrency Elrond.

Sorin Radu from the University spoke about the same and said,

“Our university has been and will continue to be a supporter of the community and local business, and the decision to develop this partnership with Elrond is part of this strategy.”

The University reportedly hoards over 11,000 students and with the tuition fee for undergraduates at $1,000 per year, students were given the option of paying given the option paying this with crypto. The Lucian Blaga University would further convert these assets into the Romanian leu.

Furthermore, the Elrond network had reportedly set up several offices in Transylvania.

Additionally, Elrond [EGLD] seemed to have garnered significant gains throughout the last seven days. The altcoin recorded a surge of 30.25% in the last week, however, during the time of writing, the altcoin was witnessing a drop of $2.71% over the last 24-hours. The altcoin was trading for $216.38 while it occupied the thirty-eighth position on CoinMarketCap. The latest news could further aid in the growth of the altcoin.

U.S. Lawmakers Reintroduce Token Taxonomy Act To Exclude Crypto from Securities Laws

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Representative Warren Davidson [R-OH] has once again introduced the Token Taxonomy Act [TTA] on the 9th of March. By reintroducing TTA, which is endorsed by the Blockchain Association the US lawmakers reportedly intend to define the term “digital token” and isolate it from the definition of a security.

The official release stated that the bill establishes much-anticipated clarity for businesses, consumers, and regulators operating in the flourishing blockchain ecosystem of the country

The Ohio congressman’s tweet announcing the same read,

“It’s time for Congress to give this emerging industry the clarity it needs to continue changing the world with Blockchain.”

The co-sponsors of the bi-partisan bill include Rep. Darren Soto, Rep. Josh Gottheimer, Rep, Ted Budd as well as Rep. Scott Perry.

Talking about how the US will be left behind if it does not take up the issue of providing the ecosystem with the much-needed clarity, Rep. Davidson stated, that “the window is closing” and went on to add,

“Other countries have found ways to regulate blockchain projects and, in doing so, have made themselves more attractive to entrepreneurs. By establishing the appropriate regulatory environment, we can make sure that the opportunities and advancements that blockchain innovation promises will happen here in the US, for the benefit of Americans.”

A little History On The Token Taxonomy Act

The Token Taxonomy Act seeks to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt crypto tokens from the definition of a security.

The latest move is the third attempt by Rep. Davidson. The Token Taxonomy Act was first introduced back in late 2018 at the conclusion of the 115th Congress. However, no was vote was held for that session in the House. It was again reintroducing minor changes the next year. No alterations have been made from the previous version for this session of Congress.

Securities laws are positioned to minimize information asymmetry. However, The main argument behind the Token Taxonomy Act is that there is very little risk of information asymmetry between investors and promoters with respect to tokens in decentralized networks due to the lack of a central authority.

Turkey Urges Local Regulators To Probe The Crypto Market

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The increased demand for cryptocurrencies has compelled Turkey’s government to look into the prospects of the industry.

The overall market cap of the cryptocurrency is currently beyond $1 trillion. Bitcoin slumped down to a low $5K during this time last year. Presently, BTC is trading for a whopping $52,239 while its market cap is on the verge of hitting $1 trillion. These numbers have lured in a huge amount of people across the globe. To keep things in check, the Turkish government seems to be following suit of other countries and studying the pros and cons of the crypto-verse.

Turkey’s Ministry of Treasury and Finance To Spearhead This Process

Turkey gained a lot of traction due to the increased adoption of crypto during the inflation of the Turkish Lira. This could have urged the government to take a deeper look into the crypto industry. Turkey’s Ministry of Treasury and Finance took to Twitter and shed light on its latest initiative. The tweet read,

“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”

Turkey

While Turkey has time and again proved to be a crypto-friendly country, the latest probe could bring about certain regulations with regard to crypto. With India yearning for a ban on the entire industry, the community and crypto lovers of Turkey hope that the Middle Eastern country steers away from a ban.

Additionally, studying the industry would take time, meanwhile, the government has been prepping for the launch of its digital currency. While news pertaining to setting pilot of the country’s digital currency in 2021 was making the rounds, the government is yet to deliver updates about the same.

Two features that make Bityard the best trading platform in 2021

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Introduction

For the first time ever, the market capitalization in cryptocurrencies has hit an all-time high of 1.6 Trillion US dollars (coingecko.com). In addition, Bitcoin and many other altcoins are trading at their all-time highs. Clearly, this is evidence of the growing demand by individuals and institutions to invest in crypto assets. With heightened interest in crypto assets, so is the need for trusted platforms on which to trade, exchange, sell, buy and store said assets. Those who wish to involve themselves in the investment of crypto assets must make themselves aware of the different platforms available and how they can leverage that knowledge to their advantage. 

This article will focus on highlighting two distinct features of Bityard that you will probably not find on any other major trading platform on the market. Some platforms may have one of the features, but not both.

Brief summary of Bityard

Just in case you are not familiar with Bityard, here is a brief introduction. Bityard is the leading cryptocurrency contracts exchange in the world. It is headquartered in Singapore. Its services are available in more than 150 countries around the world. It operates under a multi-national regulation and licensing framework in Singapore, the United States of America, Australia, and Estonia. Currently, the platform has more than 100,000 registered users.

Bityard offers a welcome bonus to new users. The welcome bonus can accumulate up to a sum of 258 USDT. Rewards are offered to new users who fully complete their registration and pass different levels in terms of the trading volume. 

Two things that make Bityard better than other platforms

Now that you are familiar with the Bityard platform, let us get into the two unique features that make Bityard a superior trading platform when compared to other platforms.

  1. Demo account

Once you are a registered user on Bityard, you automatically get a Demo account that is loaded with 100,000 USDT. This is not real money. Bityard also has the option of a Demo account that allows users to test their trading strategies or acquaint themselves with the platform without running the risk of losing their funds. A Demo account is meant to simulate a real trading experience. It allows someone to make real-time trades with fake money.

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Users can switch between a Demo account and a live account at the top-right corner of the user interface. A Demo account is a safe way for someone to learn how to trade. Even experienced traders can use the feature to test their trading strategies to see how profitable they are.

  1. Copy Trading

One of the most outstanding features of Bityard is the CopyTrade feature. This feature allows users to simply follow and copy other traders’ positions. It is a feature that enables less experienced traders to benefit from traders who are more experienced. With Copy trading, even amateur traders can trade like professional traders. The best part about this feature is that the person who is copied gets to share in the trade profits. Traders get 8% of the profit from the followers’ orders. Therefore, there is an incentive for experienced traders to share their positions so that they can be copied. 

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How to copy trades

Users can copy trades by going to the app and select which traders to follow in “community”. On the copy trade page, the user can set the method and amount. It is important for the user to browse through the list of traders and choose which trader meets their profit objectives and risk profile. Also, remember that there is no additional cost to you for copying a trader.

Conclusion

Bityard is a trading platform that wants to make trading easy, and this article has highlighted just two of the features that make trading on Bityard easy. the two features are Demo account and Copy Trading. These are features that you will most likely not find on other trading platforms.

India’s Security Mkt Watchdog Wants IPO Promoters To Sell Crypto Holding

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India’s cryptocurrency space has been facing gloomy days and troubles are far from over. If the latest reports are to be believed, holding cryptocurrency in the country may now become a major problem for promoters looking to raise money through an initial public offering [IPO].

This comes as the latest blow to the country’s crypto ecosystem as the Securities and Exchange Board of India [Sebi] reportedly wants IPO promoters to divest themselves of any crypto holdings before their companies consider filing for public listings.

According to the report, the matter appears to originate from the possibility that the government may ban cryptocurrency that is not issued by the Reserve Bank of India [RBI].

While there is no formal written communication provided by SEBI, however, the Economic Times reported that SEBI has communicated to merchant bankers and securities lawyers involved with the IPO.

A top securities lawyer currently working on some of the largest IPOs was quoted as saying,

“There could be a direction from the government in this regard. The market regulator seems to think that this could become a risk for investors if a promoter holds an asset that is illegal in the country”

#IndiaWantsBitcoin

The country’s sizeable crypto ecosystem had previously come into the spotlight after concerns regarding the drafting of the framework of Cryptocurrency and Regulation of Official Digital Currency Bill emerged. The bill essentially plans to makes it easy for RBI to launch its own crypto and the second to ban “private cryptocurrencies”.

Hence, the campaign #IndiaWantsBitcoin rose to prominence once again.

This was followed by several platforms such as CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay, and PocketBits, to join hands to launch the online platform of the same name. The website was created to enable the citizens to show support for the cryptocurrency ecosystem to their leaders.

Commenting on the lack of regulatory clarity in the country, Sumit Gupta, who happens to be the CEO and Co-founder of CoinDCX, tweeted,

“Crypto will enable Indians to participate on the global level and build companies that can be the next Google, Facebook. Other countries are looking to tap this opportunity, India shouldn’t be left behind in this.”

THE WORLD LEADING TRADING PLATFORM BITYARD PARTNERS WITH PAXFUL

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The worlds-leading trading platform Bityard announced about teaming up with Paxful, one of the biggest cryptocurrency platforms when it comes to buying and selling Bitcoin

About Bityard:

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Bityard has been setting the pace in the world of cryptocurrency trading. Bityard offers safe, fast, and secured contract trading, spot exchange, and copy trading to over 50 cryptocurrency pairs and Derivatives.

Bityard is well regulated and compliant with international laws. Bityard remains one of the few trading platforms allowed in the USA.

The user-friendly interface, the low transaction fee (0.05%), and many other features have made Bityard become the best platform on the lips of many traders.

Users can still earn on Bityard even without depositing, through incentive programs like the Mining program, social media contest, etc.

Bityard offers a whooping $258 welcome bonus to new users (terms and conditions apply).

The Bityard’s customer service is always available 24/7.

To register on Bityard click here.

Now let’s throw more light on Paxful.

This article contains things you need to know about Paxful.

WHAT’S PAXFUL?

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Paxful is the next generation peer-2-peer bitcoin marketplace with over 2million+ users around the world. The paxful company was founded in 2016 (5yrs ago) by Ray Youssef (CEO) and Artur Schaback (CPO), both of whom had connections with New York.

Paxful has 4 offices around the globe with over 200+ Employee, Paxful services are also offered in 21 different languages.

WHY PEOPLE USE PAXFUL;

Paxful company has 2million+ users, here are the factors behind it;

Super human efforts;

Paxful put more extraordinary effort to see that its users get the best quality of services. Paxful is changing the concept of impossibility in the lives of billions around the world.

People oriented platform;

Decisions taken at paxful are always made with the people’s interest at heart.

Paxful always communicate with users, asking for their feedback/opinions, in other to creating something even better.

Product offered by Paxful;

Paxful is well known for the high-quality services they offer to their users, there include;

–People-Powered Technology;

a

Paxful is entirely peer-to-peer, which means that, paxful users actually trade with real people in real-time—the way bitcoin was meant to be used.

-Free Crypto Wallet

b

Paxful crypto wallets are reliable, easy-to-use, and don’t cost a dime. Paxful digital wallet provides a very safe place for users to store their wealth — no matter who you are or where you’re from or where you leave.

-Users fund security

c

Safety and security are the Paramount factors on paxful when it comes to users fund. All trades on Paxful are protected by paxful secure escrow service to guarantee peace of mind.

AIM OF PAXFUL;

The aim of paxful is a simple one, which is to empower the forgotten four billion unbanked and underbanked communities, so they can have control of their money in a way they’ve never done before.

SUMMARY;

Bityard and paxful are two giant platforms that care so much about their users. The teaming up of these two platforms will ensure that people get the best quality of service when it comes to cryptocurrency trading.

The partnership between Bityard and paxful is surely a Game changer.
Bityard works at making complex contracts simple and easy, while paxful aims at empowering the forgotten four billion unbanked and underbanked communities, so they can have control of their money in a way they’ve never done in the past.

Click here to register on Bityard.

Pakistan Takes A Leap Into Digitalization; Country Steers Towards Legalizing Crypto

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The value and popularity of the crypto industry have got several mainstream companies entering the market. Pakistan’s latest news reveals that even governments have been taking an interest in digital assets. Turns out, big tech companies aren’t the only ones trying to make an entry into the crypto market. Governments seem to have become immensely accepting of these assets. Pakistan’s latest news is substantial proof of the same.

Pakistan Province Passes A Bill Regarding Crypto

An advisor to the government of Pakistan, Zia Ullah Bangash recently shared a tweet revealing that a bill was unanimously passed in the country. He further pointed out that this bill demanded laws for crypto ownership as well as the mining of Bitcoin. Several ministers along with a few advisors were on board with this decision as they had signed the bill that was addressed to the Chief Minister of the Khyber Pakhtunkhwa province.

Zia Ullah Bangash’s tweet read,

“KP Assembly passes resolution regarding Cryptocurrency and Cryptomining demanding federal govt to take steps to legalise #cryptocurrency and #cryptomining in Pakistan. #DigitalPakistan”

Pakistan

While this bill did not face any hurdles as no resentment was garnered by the opposition, several poured in their thoughts on the advisor’s tweets. Even though it was a thumbs up by the Khyber Pakhtunkhwa province of the Northern Pakistan region, several in Zia Ullah Bangash’s tweet suggested that this was a grave mistake.

The pandemic curated by COVID-19 had several economies go down the drain and Pakistan was one of the worst-hit. The country took a step towards digitalization during these times would be highly beneficial for the country.

Waqar Zaka has been spearheading the Technology Movement in Pakistan. The crypto influencer seemed to be happy with the country’s latest move. Zaka took to Twitter and suggested that he would go on to urge other provinces to pass a bill to legalize crypto. His tweet read,

“One province done , three more to go , KPK visit brought fruitful results. Now I will be going to Punjab , Baluchistan to get these bills passed for crypto , Technology Movement Pakistan producing results even before getting into elections”

Despite being drowned in court cases for carrying out crypto activities while it is illegal in the country, Zaka revealed that he had installed “Pakistan’s first and biggest crypto mining farm in KPK.”

Trading For Crypto Newbies Made Easier With Singapore-Based Trading Bot

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The crypto industry is quite difficult to understand until one gets a hang of it. Buying and selling of crypto assets is a task for beginners. Paying heed to these problems, a Singapore-based crypto investment, and blockchain advisory firm, Novum Group rolled out a solution to address the same.

Trading Bot To Help Beginners Understand Crypto

A person unaware of trading or the operations of the crypto-verse can sometimes end up doing the unintended. Therefore, acting as a savior to every newbie of the crypto industry, the Novum Group released the trading bot, CryptoHero. The latest venture of the Novum Group would be free and readily available to those who intend to enter the crypto universe.

The Co-founder of CryptoHero, Irwin Chee elaborated on the functions of the trading bot in a recent blog post. Chee said,

“The 24/7 opening hours of the crypto market has necessitated the use of trading automation for investors that are involved in trading cryptocurrencies. Understanding this, we created CryptoHero to help investors automate trades right from their phone. Run it, manage it, anytime, anywhere.”

Knowing when to buy or sell assets profitably is definitely a hard nut to crack. While the experienced or intermediate level members of the industry are familiar with indicators, the newbies would take a while to understand the operations of these indicators. CrytpoHero would aid the latter as it would incorporate indicators like Relative Strength Index or Bollinger Band while trading.

The trading bot would allow users to access all the indicators along with three bots through its free account option. However, the premium plan would start from $9.99 every month. While the Andriod version of the trading bot will enter the market in 2021, CryptoHero is readily available on the web as well as iOS.

The Chairman of Novum Group, Christopher Low also commented on the latest venture and said,

“We are excited with the launch of CryptoHero. CryptoHero will give many of us who are time-starved to trade the cryptomarkets via automated trading bots.”

The trading bot will reportedly allow users to select from trading pairs, different technical indicators, risk management as well as direction. The bot would permit users to do to the aforementioned on exchanges like Binance, OKEx, or Huobi. Users will be able to learn from their previous performance to better themselves in future trading activities.