Author: CVJ.CH Content Partner BeInCrypto

BeInCrypto is a news website founded in August 2018 that specializes in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal is to inject transparency into an industry rife with disingenuous reporting, unlabeled sponsored articles, and paid news masquerading as honest journalism.

Recently, institutional crypto adoption has been at the centre of discussion. A growing number of public companies, major banks, hedge funds, and wealth managers race to increase their exposure to bitcoin and other digital assets. While Bank of America created a new crypto research team and enabled BTC futures trading for clients in July, Goldman Sachs teamed up with the cryptocurrency merchant bank Galaxy Digital to trade Bitcoin derivatives. BlackRock, the world’s largest asset manager, has also found digital asset futures contracts enticing. Goldman Sachs even filed an application with the United States Securities and Exchange Commission (SEC) to launch…

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U.S. Federal Reserve Bank Chair Jerome Powell said that the central bank would soon release a paper on a central bank digital currency (CBDC), indicating that the U.S. government is picking up its pace with CBDC research. However, no official decision has yet been made. The U.S. Federal Reserve Bank is set to release a paper on a central bank digital currency (CBDC), according to Fed Chair Jerome Powell. The Fed Chair was speaking at a news conference, and the remarks have been much awaited as the world waits to see what the U.S. will do with respect to a…

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The largest U.S. crypto exchange Coinbase has signed a 1.4 Million dollar deal with the Department of Homeland Security. The Immigration and Customs Enforcement (ICE) department of the U.S. Department of Homeland Security has paid Coinbase 1.36 million dollars for a license to use Coinbase Analytics to study American residents’ knowledge and transactions.

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The Ethereum competitor and smart contract platform Solana has been experiencing an outage for over 16 hours due to a transaction overload. Developers are working to issue a restart on the network that’s supposed to provide a cheaper and faster alternative to Ethereum. The Solana blockchain is experiencing problems as a network outage has forced it to go offline. The outage has been going on for over 16 hours. The outage is an anxious moment for the high throughput network, which has performed well in 2021. The Solana team successfully restarted the network. Attack on the Solana blockchain Tweets from…

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Foreign investors will be exempt from tax on their bitcoin profits in El Salvador, according to a legal adviser for the government. The South American nation is looking to encourage investment by foreign crypto holders. The government of El Salvador has said that foreign investors will be exempt from taxes on bitcoin profits. A government adviser disclosed the information, which is a development that further incentivizes entrepreneurs and investors to enter the nation. “If a person has assets in Bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.” – Javier Argueta,…

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Ethereum scaling solutions provider Offchain Labs has launched its long-awaited Arbitrum One Portal following a massive funding round. The platform seeks to provide a cheap Layer 2 blockchain for Ethereum users, without compromising on network safety and decentralization. After much anticipation, Offchain Labs declared the highly anticipated Ethereum scaling solution live on the public mainnet. The company has been developing the optimistic rollup network over the past few years and launched a beta phase for developers in May. Arbitrum is the first true Layer 2 solution with the Ethereum Virtual Machine (EVM) compatibility at the code level and no compromise on…

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The recent struggle to sign a new infrastructure bill has been well-publicized and hotly debated. It has been especially controversial because of its language regarding cryptocurrencies. The $1 trillion infrastructure bill will see a vote in the House of Representatives by September 27. It will be voted on with no amendments. The language in the bill casts a wide net. This has been fought against by those wanting a more defined scope. It has also caused a stir because of its monumental position. The bill is the first to directly address cryptocurrency in the United States. This has been an…

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Global payments giant PayPal has enabled customers based in the United Kingdom to buy, hold, and sell cryptocurrencies. Starting this week, United Kingdom-based users of PayPal will be able to access crypto trading services within the platform. It’s the first expansion of the payment giant’s crypto services since the services were first launched in the United States in October 2020. Speaking to CNBC, Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto, and digital currencies said “It has been doing really well in the U.S.,” before adding “We expect it’s going to do well in the U.K.” The service…

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The leading mortgage lender in the U.S., United Whole Mortgages, has announced a plan to accept bitcoin (BTC) payments. The company is excited to offer crypto options for mortgage payments before anyone else in the country. This past week, United Wholesale Mortgage (UWM) revealed its plan to accept BTC for payments. CEO Mat Ishbia said these plans should come to fruition by the end of the year. If so, this would make UWM the first major nationwide mortgage lender to offer such a service. According to the CEO, the rollout for crypto payments should begin later this quarter or sometime in the…

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Through a new partnership with Vogel company Anycoin Direct, Dutch professional football club Philips Sport Vereniging (PSV) will become the first club in Europe to have its entire sponsorship paid out in bitcoin. According to a press release from the club, “With sights set on the future, PSV decided to use the service of Anycoin Direct in a unique way. The entire sponsorship amount will be paid in bitcoin.” Anycoin Direct is a European cryptocurrency broker and will be the official partner of the team over the next two seasons. The goal for the pair is to “grow awareness of crypto and Anycoin…

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Circle, the issuer of the popular stablecoin USDC, has announced that they want to become a licensed bank in the United States. Accordingly, the company has filed an application with the US Securities and Exchange Commission (SEC). According to a post on Circle’s website by Founder and CEO Jeremy Allaire, the company has begun the process of becoming a full-reserve national commercial bank. The bank would operate under the watchful eye of the Federal Reserve, U.S. Treasury, Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). Allaire believes that digital banking could change the…

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The United States Congress has been having trouble deciding on a new infrastructure bill over debates on cryptocurrency regulation. It originally aimed to offset additional costs caused by the bill through stronger enforcement of tax laws in the crypto industry. Update 10.08.21: The amendment to the bill did not pass unanimously in the Senate and thus will be discarded. This means that the Senate and House will vote on the original version of the infrastructure bill. The actual implementation is estimated to be in 2023. The U.S. Congress’ decision on the highly anticipated infrastructure bill is undergoing some delays because…

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France’s stock market regulator, the Autorité des marchés financiers (AMF), has put forward new proposals that could result in more oversight authority for the crypto market. The organization published a notice on July 13, saying that it had published main proposals as part of the European Commission’s consultation on supervisory convergence. The proposals offer a broad take on what the AMF would like to do in terms of supervision and regulation, but crypto could form a significant part of the change. It described the aim of the proposal as allowing the European Securities and Markets Authority (ESMA) “a greater role…

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German regulators have given institutional funds the permission allocate part of their portfolios toward crypto investments, according to new policies. This is another step forward in the already crypto-friendly DACH region. Up to one-fifth of funds targeted at institutional investors can now be allocated toward cryptocurrencies. German regulators still advise caution to asset managers when dealing with crypto and such volatile digital assets. The new rules came into effect at the beginning of the month. They align with Germany’s Federal Financial Supervisory Authority’s (BaFin) attempt to neutralize its stance on crypto investments. In the past, the financial watchdog stressed its concern…

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