Nebraska bill to allow banks to offer crypto services moves forward

Nebraska bill to allow banks to offer crypto services moves forward

Nebraska lawmakers are moving forward with an initiative that would allow state banks to offer cryptocurrency services.State Senators favored the measure through the first of three required votes in the legislature, with 39 lawmakers voting to advance the bill for enrollment and initial review on Sunday.Introduced by Republican Mike Flood in January, Legislature bill 649 aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions as well as provide for charter, operation, supervision and regulation of such institutions.The initiative would reportedly make Nebraska the second state in the United States to set up a formal charter for cryptocurrency-powered banks, allowing them to facilitate crypto transactions. Wyoming was the first state to do so, chartering its first cryptobank in September 2020.Senator Flood said that he introduced the bill after talking with an entrepreneur friend who decided to move into the cryptocurrency industry in Wyoming. Flood said that Nebraska has an opportunity to become an early adopter of cryptocurrencies with the measure, which could help it benefit from technology and finance jobs. “This is a once in a lifetime opportunity not only for my district, but the state of Nebraska,” he said.Some lawmakers questioned whether it was right for the state to move into crypto, expressing skepticism about consequences of the measure. “This bill is not anywhere close to being in a form where it could pass,” Senator Steve Erdman reportedly said.As previously reported by Cointelegraph, Flood originally initiated two crypto-related bills, one of which outlines requirements for banks providing custodial services, providing classifications of digital assets and related technology like smart contracts and private keys. The regulatory initiative has not moved forward since a related hearing in February.

El Corte Ingles Files for a Crypto-Related Trademark to Provide ‘Financial Services’

El Corte Ingles Files for a Crypto-Related Trademark to Provide ‘Financial Services’

El Corte Inglés, the biggest department store group in Spain, seems to be entering into the cryptocurrency sphere. After filing for a related trademark with the Intellectual Property Office of the European Union, they have registered “Bitcor”. Trademark Is a ‘Preventive Registration’ According to filing request #018434202, the Spanish group store seeks to offer “Finance services, financial transactions relating to currency swaps, buying and selling currency.” Although it didn’t mention digital assets specifically, sources from El Corte Inglés told MSN that the company intends to conduct crypto-related business in the future. Officially, however, representatives from El Corte Inglés have declined to comment on possible virtual currencies-related activity. They have only stated that the trademark filing is a “preventive registration” to avoid other companies using “Bitcor” name. Along with “Bitcor”, El Corte Inglés also made a registration for the branding “Bitcor El Corte Inglés”, with both requests are pending approval June 28, 2021. The move could be interpreted as a response to the coronavirus pandemic, as an effort to strengthen the groups e-commerce functionality. Spain’s Tough Stance on Cryptos If El Corte Inglés makes continued foray into the cryptocurrency industry, Spain’s regulation of digital assets may present challenge. A recently enacted royal decree, for example, seeks to align current domestic regulation with European Union anti-money laundering (AML) directives, commonly known as AMLD5. Domestic exchanges are now required share customers’ data with the EU bloc. As Bitcoin.com News reported in April, Rodrigo Buenaventura, the National Securities Market Commission (CNMV) president, was vocal on his stance against cryptocurrency related advertisements, calling them “risky.” What do you think about El Corte Ingles’ crypto-related trademark filing? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons

Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a “trading center” for cryptos. Blockchain as a ‘Growth Strategy’ to Create Industry Hub Yuu Ito, the third term assembly member in question, commented about the possibility of bolstering the city’s financial sector by increasing its involvement with the digital asset business. The statement comes after his recent support of economic plans unveiled by Yuriko Koike, governor of Tokyo. Ito also pointed out challenges Tokyo faces in order to compete with other major financial hubs, like London, Macau, and Hong Kong. He believes high rates in bitcoin (BTC) tax might have deterred investors and companies from being active in Japan, and that significant action is necessary to advance the industry domestically. Nobuko Irie, a fellow Tokyo Metropolitan Assembly member, commented in a similar vein: The country is printing deficit-financing bonds in the wake of the corona. Even in Tokyo, we must create new financial resources by setting technology that can generate wealth like blockchain as a growth strategy. Guaranteeing a Healthy Taxation Environment for Bitcoin She praised how bitcoin adoption has been skyrocketing globally, but raised concerns on how politicians are handling the matter. Here she urgently describes necessary action for Tokyo to become a cryptocurrency trading center: Politicians should now tackle the issues of monetary policy and taxation around bitcoin. If you do it in the nation, you will lose the sense of speed, so create a special zone in Tokyo to use it tax-free in the city. I think it is the role of politicians to identify issues and clear them systematically while running. Irie also highlighted the coronavirus as an opportunity to accelerate policy adaptations adoption while creating a healthy environment to develop a crypto trading hub in Tokyo: When we have to turn the economy around, we need to create a mechanism that prevents money from staying. For that purpose, virtual currency and blockchain can be used. Based on the fact that I learned this time, I think it is necessary to accelerate. What are your thoughts on the plans proposed by…

NFL Star Quarterback Tom Brady Hops on the Bitcoin Bandwagon, Turns on Laser Eyes

NFL Star Quarterback Tom Brady Hops on the Bitcoin Bandwagon, Turns on Laser Eyes

Tom Brady, who is widely known as the greatest quarterback of all time, has hopped on the bitcoin bandwagon. The seven-time Super Bowl champion has added laser eyes to his Twitter profile. Tom Brady Rumored to Be Loading up on Bitcoin Football star Tom Brady has hopped on the bitcoin train. The Tampa Bay Buccaneers quarterback, who plays in the National Football League (NFL), is widely considered to be the greatest quarterback of all time. He became the G.O.A.T. (greatest of all time) in NFL history after winning his sixth Super Bowl two years ago. Brady has since won another Super Bowl. Responding to a tweet by Blockworks’ Jason Yanowitz that says: “Rumor has it Tom Brady is loading up on bitcoin. Retweet if you think the GOAT should turn on laser eyes. Let’s make it happen.” A few hours later, Brady replied: “Hmmmm should I change it??” Without revealing whether he has bought bitcoin, the star quarterback proceeded to change his profile picture on Twitter to one with laser eyes. The laser eyes meme has swept through the bitcoin community since February with the underlying meaning that anyone donning the eyes is laser-focused on bitcoin’s price rising to $100,000. Politicians, celebrities, and investors have partaken and put laser eyes on their profile images. The crypto community is very excited to have Brady onboard, viewing his laser eyes activation as very bullish. Many people on social media are already calling him a bitcoiner. Microstrategy CEO Michael Saylor tweeted: “Bitcoin now has a star quarterback. Welcome to the team Tom Brady.” He explained: “Laser eyes proclaim a technology to guarantee the human rights of life, liberty, & property. Laser eyes channel action even as they protect from dilutive distraction. Laser eyes signal intent to make bitcoin an instrument of economic empowerment.” The Nasdaq-listed company has amassed almost 100K bitcoins for its treasury. Angel investor Balaji Srinivasan, formerly Coinbase’s CTO and general partner at Andreessen Horowitz, commented: We have laser-eyed mayors, congressmen, senators, billionaires, and actors. Now we have the greatest quarterback of all time. Bitcoin has only two more levels left: the first laser-eyed central banker, and the first laser-eyed head of state. The seven-time Super Bowl champion is also planning to launch a non-fungible token…

Switzerland’s Largest Bank UBS Mulls Over Cryptocurrency Services

Switzerland’s Largest Bank UBS Mulls Over Cryptocurrency Services

Swiss investment bank UBS Group is reportedly exploring offering cryptocurrency services to its wealthy clients. UBS joins a growing list of major investment banks that are either already offering or planning to offer crypto investments to their clients, including Morgan Stanley, Goldman Sachs, and Citigroup. UBS Group AG is exploring “offering crypto investments to rich clients,” Bloomberg reported Monday, citing people familiar with the matter. According to the publication, the company is in the early stages of planning its offerings. Several crypto investment options are being considered but any offering would be a small portion of the clients’ total wealth because of the volatility, one of the people told the news outlet. Some of the options being explored include investing through third-party investment vehicles. UBS said in a statement: “We are monitoring the developments in the field of digital assets closely. Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.” Based on total assets in 2020, UBS Group is the largest bank in Switzerland with more than $1.13 trillion in total assets, followed by Credit Suisse with $992 billion. Several major investment banks have already said that they will be offering wealthy clients some crypto-related investments, including Morgan Stanley and Goldman Sachs. Citigroup and JPMorgan are also reportedly considering offering some crypto services. In January, UBS published a report advising whether their clients should buy bitcoin. While acknowledging that the price of the cryptocurrency may increase, the bank is skeptical about any essential real-world use cases. Meanwhile, Paul Donovan, Chief Economist of UBS Global Wealth Management, recently said that “bitcoin is denied to those minority groups who have reduced online access.” Do you think UBS should offer crypto services? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of…

Dogecoin price dumps, but whodunnit? Whales, institutions or retail traders?

Dogecoin price dumps, but whodunnit? Whales, institutions or retail traders?

Most recently, DOGE pulled off a 10x gain as it rallied to $0.74 in the past week. The breakout was fueled mainly by Tesla CEO Elon Musk and his constant mentions of the token on social networks and interviews. Surprisingly, as Musk debuted on Saturday Night Live on May 8, Dogecoin price corrected by 42% even as Musk, his mother, and SNL actors mentioned DOGE in various skits.This event led to something rather unusual as DOGE traded over $130 billion over the past week, while its market capitalization stands at $65 billion. This raises the question of whether the largest whales were involved or if futures contracts played an essential role in the crash?Musk’s SNL appearance boosted expectationsRegardless of the world’s second wealthiest person’s motivations, Musk’s Saturday Night Live appearance appeared to have marked a price peak. Most likely, the event was highly anticipated, therefore causing the typical “buy the rumor, sell the news” price action.It is not clear why the billionaire has taken such an intense interest in DOGE. Some say this trolling reflects just a personal hobby rather than a core belief that Dogecoin can reform the entire monetary system.I see Elon Musk removed BTC from his profile. Around the same time, he tweeted about Doge.Not too hard to guess what’s going on. Post a funny little joke/distraction after your lawyers ask you to take down the BTC logo while the serious paperwork/filings get done.We’ll see.— MacroScope (@MacroScope17) February 4, 2021 DOGE price at Binance, USDT. Source: TradingViewWhatever the case is, Dogecoin’s rally propelled the meme token to the fourth-largest cryptocurrency by market cap, surpassing well-established names such as XRP, Cardano (ADA), and Polkadot (DOT). Moreover, Google searches for the meme coin managed to surpass the leader Bitcoin (BTC), an absolute victory for its fan base, including Mark Cuban, the owner of the Dallas Mavericks NBA team.Whales are accumulating, not dumpingDogecoin is highly concentrated, as the top109 addresses hold 67.4% of the supply. The largest holder is relatively new, created in February 2019. However, tracing previous transactions leads to another address formed in July 2018 and coincides with Robinhood’s DOGE trading launch.Top-14 Dogecoin addresses. Source: BitInfoChartsAs depicted above, the top-14 addresses added a net 4.66 billion DOGE over the past 30 days. In…

Morgan Creek’s Mark Yusko Predicts Bitcoin Can Reach $250K in 5 Years

Morgan Creek’s Mark Yusko Predicts Bitcoin Can Reach $250K in 5 Years

Mark Yusko, Morgan Creek Capital Management’s CEO and cofounder, is extremely bullish on bitcoin. Despite a period of consolidation, Yusko expects the leading crypto asset to tap $250,000 in five years. In a recent interview, he said that the network continues to swell in an “exponential way.” Morgan Creek’s CEO Sticks to His Six-Digit Bitcoin Prediction The founder of Morgan Creek is again reiterating his prediction that bitcoin (BTC) will surpass six digits in value within the next five years. In a May 6, 2020 interview, Yusko predicted that bitcoin could easily reach $100,000 in 2021 or 2022. Moreover, during the discussion, Yusko also stressed that bitcoin’s price could reach $400k to $500k as well. During this week’s interview with CNBC’s Trading Nation, Morgan Creek’s Mark Yusko explained that he believes investors “overlook and underestimate” the leading crypto asset. “It’s just about network adoption and increased usage,” Yusko said this week. “This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at.” Yusko’s Morgan Creek cofounder, Anthony Pompliano, has also said he believes BTC will reach $100k. Pompliano recently interviewed with the popular Youtube investor Andrei Jikh, explaining the fundamentals of his prediction to Jikh’s 1.52 million subscribers. Yusko’s a Firm Believer in the Digital Gold Theory, Doge Is ‘Useless’ Yusko’s fundamentals are based on the equivalence of gold markets, which CNBC estimates to be around $4 trillion. If digital gold can capture a percentage of gold’s enormous global market, then Yusko insists BTC could make it to $1 million per unit. “What people miss is this is a technological evolution of computing power that isn’t going away,” Yusko stressed on CNBC’s Trading Nation. Yusko further added: It is a powerful computing network that is going to become the base layer protocol for the Internet of value. CNBC’s hosts asked Yusko about the gains dogecoin (DOGE) and ethereum (ETH) have seen lately, and the Morgan Creek executive said only a few crypto assets will make it in the long run. “Yes, there’s room for a couple of protocols to survive,…

Shiba Inu Gets Listed on Binance and FTX After Price Skyrockets

Shiba Inu Gets Listed on Binance and FTX After Price Skyrockets

Shiba Inu, an Ethereum based Dogecoin ripoff, has been listed on two important cryptocurrency exchanges today, Binance and FTX, after the price skyrocketed more than 1500% last week. Binance has faced stiff criticism for listing Shiba Inu due to its origin, but their systems are now overwhelmed with associated inflows. Shiba Inu Gets FTX and Binance Listing Shiba Inu, an ethereum based meme coin looking to be the next Dogecoin, has been listed on two important exchanges in the cryptocurrency sphere: FTX and Binance. Binance included the currency in its innovation zone, which presents some limitation for its trading. FTX included it as a full-fledged cryptocurrency, including spot markets and perpetual futures to trade with it. The cryptocurrency has experienced a hike in prices during the last week, skyrocketing by almost 1500%. However, this metric is dwarfed by how much it has grown in the last month, rising by 40,000%. However, even after the astounding price action movement, it is still considered interesting by new investors. They see it as a way of riding the bull market after having missed the Dogecoin pump. Shiba Inu, which was launched in August 2020, and boasts a market cap of 1,000,000,000,000,000, played a very interesting move to gain notoriety and validity in the memecoin market: It gave 50% of its issued tokens to Vitalik Buterin, one of the founders of Ethereum, who now has control of more than $8 billion dollars of the currency, making him richer in Shiba Inu than in Ethereum. Exchanges Face Stiff Criticism However, after listing Shiba Inu in Binance, its CEO Changpeng Zhao faced stiff criticism from people that believe this currency is just a Dogecoin ripoff for allowing this to happen. Zhao answered quickly to these critics, declaring via Twitter that Binance was just answering to the rising demand of users asking for it to be available for trading. Zhao stated: We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin. Zhao also argued that the work of exchanges is merely to provide a “neutral” place for users to do their trading business. He asked users to…

Internet Computer (ICP) is now available on Coinbase

Internet Computer (ICP) is now available on Coinbase

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2 reasons why Casper (CSPR) IOU token rallied 2,300% in one week

2 reasons why Casper (CSPR) IOU token rallied 2,300% in one week

Bull market cycles in the cryptocurrency market can be exhilarating for day traders and long-term investors alike, but the speed at which the prices move can make it a challenge for promising new projects that are looking to catch the momentum before the cycle plays itself out.This reality has led to some projects listed on exchanges in the form of token IOUs so that interested parties can get in on the trading action before the token is officially released. Polkadot (DOT) is one of the most well-known examples of a token that went through this process. Casper (CSPR), a proof-of-stake blockchain platform, is a relatively new project that has benefited from this IOU process, and its token value has made significant gains since the end of its initial coin offering on April 7 when early investors were able to acquire the altcoin for $0.03. CSPR/USD 1-hour chart. Source: CoinMarketCapData from CoinMarketCap shows that the price of CSPR has vaulted 2,300% higher since May 6, jumping from a low of $1.15 to a record high at $28 on May 10 as excitement and trading volume surged. Major exchange listings spark a frenzyThe CSPR IOU token was listed shortly after the completion of its ICO on some of the more obscure, low-volume exchanges like BitZ where it traded in the sub $3 range until early May. Price action for the token started to pick up on May 7 as trading volumes began to increase ahead of the May 9 announcement that CSPR would be listed on Huobi, the sixth-largest cryptocurrency exchange, a development that was registered by the Cointelegraph Markets Pro ‘NewsQuakes’ system ahead of the price rally. NewsQuakes™. Source: Cointelegraph Markets ProTrading volume on exchanges that list CSPR increased six-fold following the announcement and this propelled the token price 933 times higher than its ICO price just a little over a month before. Partnerships point to significant use-case potentialA scroll through the project’s Twitter feed shows that there is more than just speculative hype behind the token’s rising value as multiple partnerships and protocol developments indicate Casper has a strong foundation and significant growth potential. Following Casper’s mainnet launch on March 31, the protocol announced multiple collaborations including partnerships with Terra Virtua, BIGtoken, WISeKey and Lead Ventures. The…