updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Philippine lawmakers have proposed a bill to establish the country’s strategic Bitcoin reserve. This marks the continuation of the growing trend of crypto adoption across countries. Philippines Moves to Establish National Bitcoin Reserve House ICT Committee chairperson Migz Villafuerte has introduced a bill urging the Bangko Sentral ng Pilipinas (BSP) to establish a Strategic Bitcoin
The post Just In: Philippines Lawmakers Propose Bill to Create National Bitcoin Reserve appeared first on CoinGape.
]]>The Bank of England (BoE) and the Financial Conduct Authority (FCA) have revealed plans for a Digital Securities Sandbox (DSS) to allow firms to use distributed ledger technology and other developments to issue shares and bonds.
In an April 3 official release, the Bank of England announced a consultation paper geared towards allowing financial firms to implement and operate a digital sandbox. According to the release, financial firms will be allowed to issue, trade, and settle securities through blockchain and developing technology. This comes on the back of increasing adoption from several traditional finance firms and driving use cases around blockchain technology.
“Firms that successfully apply for the DSS will be able to operate under a set of rules and regulations that has been modified to facilitate this. The DSS lasts for five years and will help regulators design a permanent technology-friendly regime for the securities market.”
Firms can leverage this to create new business models or simply combine previous activities for the desired efficiency. The Bank of England aims to facilitate innovation creating a safe and sustainable system, protecting stability and integrity in the financial market.
Per the release, the issuance of derivative contracts and crypto assets like Bitcoin are not under the scope of the DSS
“The intention of the Bank and the FCA is that financial market participants, such as companies that use capital markets to raise finance, or participants in financial markets who trade securities, should be able to interact with the firms inside the DSS as normal while benefitting from the new technology.”
To achieve the aims of the digital securities sandbox, the Bank of England seeks to engage stakeholders in finance to chip in points and promote fair representation. The bank has released a proposed template for the structure of the sandbox and a guide for applicants.
Players in the sector including financial market infrastructure firms or settlement services can engage in the consultation in a bid to make the regime successful. The deadline for responses to the consultation is May 29 creating an eight-week window for all stakeholders.
Read Also: Ark Invest’s Cathie Wood Labels Bitcoin (BTC) A “Flight To Safety” Asset
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Following a Terra Luna Classic joint governance proposal on liquid staking derivatives, a separate team is now proposing to have a six member team of senior full stack engineers for the next quarter. Claiming to be ‘passionate LUNC holders’, the Terra Allies senior engineering full stack team, also called the Six Samurai, has put forward the Q3 spend proposal. The six member team promises to work towards “a true revival of the ecosystem.”
Also Read: HBAR Crypto News: ChatGPT Plugin Live For Hedera Network
Meanwhile, the Terra Classic Price (LUNC) is set to close the week in net gain of around 1.3%. Earlier, CoinGape reported that recent Terra Classic price trends indicate possibility of challenging the long-pending resistance trendline.
With a total expenditure for the third quarter of 2023 at $116,000, the team proposes an L1 roadmap that includes migrating from Columbus-5 to Columbus-6 and updated to the Cosmos SDK. Also, part of the roadmap proposed by the team is the plan to pursue Terra Classic listing on Keplr’s Web Interface, an analytic visualizations web tool and Mintscan, a Cosmos block explorer for crypto exchanges and customers. The proposal said,
“To accomplish a true revival of the ecosystem, we are prepared to do the hard work. We will also coordinate and cooperate with any other teams that win a mandate to dev on LUNC.”
In response, the LUNC community has so far reacted positively in direction of voting Yes for the proposal.
Also Read: Ripple Powering Top Indian Bank’s Digital Rupee Project
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The proposed Biden budget plan would close the current harvesting loophole on crypto tax losses, reducing wash sales trading.
According to reports, US President Joe Biden’s new budget plan could close tax loss harvesting on crypto transactions. A White House official confirmed that the budget, set to be revealed today, will include a tax provision meant to reduce crypto wash sales trading. This wash sales trading by crypto investors is a tax loss harvesting loophole that facilitates a peculiar scheme. Investors can offload any digital currency at a loss and claim this loss on their taxes. After doing so, these crypto investors can then buy the same amount and volume of digital currencies off the market again.
Reports further state that Biden’s proposed budget should generate up to $24 billion.
This development is not the state capital’s first attempt to close the loophole that sees investors claim a loss only to repurchase the same crypto. Federal legislators introduced a similar bill in September 2021 to address the same issue.
However, Delancey Wealth Management founder and certified financial planner Ivory Johnson previously argued against the bill’s applicability. In Johnson’s opinion, digital currencies were dissimilar to the point that selling Bitcoin and quickly buying Ether would not violate the rules. At the time, the Delancey Wealth Management founder also said:
“The similarities start and end with the coins being exchanged on a blockchain. Using that logic, stocks traded on an exchange, NYSE or otherwise, are not considered one and the same either. Stated plainly, Bitcoin is to Ether what Gold is to Visa — they’re not ‘substantially similar’ and should not, in my opinion, trigger the wash sale rule.”
The US president’s proposed budget seeks to provide detailed insight into his fiscal priorities. One major priority is to potentially lower the deficit by $3 trillion over the next decade. However, any budget requires vetting by the US Congress before arriving at Biden’s desk for his signature.
As it stands, Biden’s proposal is unlikely to gain any traction with legislators as Republicans would likely oppose many of his plans. The budget also likely includes ideas not signed into law when Democrats controlled the Senate and House.
Nonetheless, Thursday’s budget could begin a lengthy negotiation phase among federal lawmakers. According to White House officials, the budget will call out large corporations such as drug companies and the oil industry.
Biden’s team has already passed a crypto tax-related bill, the Bipartisan Infrastructure Framework, into law. This legislation, which later became the Infrastructure Investment and Jobs Act, was written into law in 2021. The bill comprised a controversial tax provision that imposed specific reporting rules on crypto transaction-facilitating brokers.
At the time, many deemed the “broker” definition overly broad to the point where it affected miners. Meanwhile, crypto miners and several other entities do not directly facilitate transactions or collect personal data as imagined by traditional brokers.
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The engineering company known as Input and Output Global (IOG), popular for creating the Cardano blockchain, is partnering with Blockchain and fintech consultancy firm MLabs10, to create a reference implementation of an auction, by using the Hydra head protocol to facilitate the development.
In a recent blog post from one of Cardano’s medium pages, the announcement notes that the partnership will kick off with the introduction of a paper that lays out the steps required for the implementation stage, along with pros, cons, and hindrances of running auctions on Hydra.
ICYMI: IOG collaborates with @MLabs10 to propose a way for handling auctions using Hydra. This will allow #Cardano developers to start using Hydra for scalability in common practice.
Find out more
https://t.co/IdKoCeOZZ9
— Input Output (@InputOutputHK) January 22, 2023
Decentralized auctions, also known as blockchain auctions, are a more sustainable alternative to physical auctions for a myriad of reasons. Some benefits include stronger data security, along with the exclusion of a centralized body in charge of the auctions.
There are also no third parties needed to facilitate transactions, and data stored from each auction is made transparent and immutable. Blockchain auctions are enabled by smart contracts, which help buyers and sellers seamlessly carry out transactions.
This collaboration aims to demonstrate the feasibility of the current implementation of the Hydra Head protocol to develop auction applications. The proposed reference implementation also constructively determines and aligns the Hydra Head protocol design with the concrete use cases in the Cardano ecosystem.
Hydra is a scalability solution that runs on Cardano. It functions as an open-source framework that aids the creation of edgers that are built off-chain, while also helping developers utilize blockchains more efficiently.
Hydra is especially useful for digital asset auctions, because of its layer 2 scalability solutions, which outperform the layer 1 scaling solutions.
When compared to the Cardano main chain (layer 1), the hydra head channels (2), provide benefits that include cheaper transaction fees or no transaction fees at all. With cheaper fees, bidders, auction houses, and sellers pay a significantly lower price than they would on the Cardano layer 1 chain.
The hydra head channel also allows for increased transaction speed, which then results in an increased high bidding frequency during auctions.
Explaining Hydra’s potential effect on the auction process, the blog post explained that ;
Cardano can run different auction types using the Hydra Head protocol. Auction designs on a single Head can cover basic single-head auctions, single-head secret auctions, delegated custodial auctions, voucher auctions, or delegated voucher auctions. Auction designs on networks of Hydra Heads can cover such cases as star-shaped auctions or constellation schema auctions.
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Team members behind the project have chosen to use a delegated voucher auction design and core English-style auction features for the reference implementation.
The auction’s design will present both sellers, bidders, and buyers with many notable features using Hydra, throughout the auction process.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Timothy Ursich Jr. – who runs for election to the US Senate to represent California – vowed that he will draft a bill proposing Dogecoin as an official payment method if he is victorious. He also opined that two of the best instruments against the current galloping inflation are the leading cryptocurrencies – bitcoin and ether.
The United States Senate special election in California will take place on June 7. One of the candidates is a member of the Democratic Party – Dr. Timothy Ursich – who turned out to be a cryptocurrency proponent.
In a recent tweet, the 37-year-old politician promised to propose a bill granting Dogecoin a legal tender status. To accomplish that goal, he called upon the help of the software engineer Billy Markus (the Co-Founder of the memecoin) and the world’s richest person Elon Musk (an outspoken supporter of the asset).
I call on @BillyM2k and @elonmusk for support of my US Senate campaign here in California.
As mentioned weeks ago, if voted in/elected on June 7th, I will draft a bill proposing #Dogecoin as Legal Tender. I will push for mass adoption via the universal utility of #cryptocurrency
— Dr. Timothy Ursich Jr Candidate for US Senate 2022 (@Ursich4SenateCA) June 2, 2022
Currently, the only digital asset used as an official payment method is bitcoin (BTC) since El Salvador and the Central African Republic adopted it respectively in 2021 and earlier this year.
Ursich also believes that cryptocurrencies could be a successful hedge against the record inflation that reigns in the States. According to him, assets with limited supply and strong adoption, such as bitcoin, could fit this bill. Despite lacking a maximum cap, unlike BTC, the politician maintained that ETH could also work as such an instrument.
Worth less than a cent at the beginning of 2021, Dogecoin’s price soared to an all-time high of over $0.70 a few months later. It is safe to say that some of its progress was fueled by Tesla’s CEO – Elon Musk. Last April, the entrepreneur vowed that one of the corporations he runs – SpaceX – will “put a literal Dogecoin on the literal Moon.” Shortly after that announcement, the memecoin’s USD valuation surged by 35%.
A few months later, Musk criticized bitcoin and ether for conducting slow and expensive transactions while opining that DOGE could minimize the fees and provide a faster settlement speed.
Tesla’s boss took part in the B Word Event in July, where he revealed that he had personally invested some of his wealth in BTC, ETH, and DOGE.
His support towards the memecoin peaked at the beginning of 2022 when he challenged the US fast-food chain – McDonald’s – to accept it as a means of payment. If the firm does so, Musk promised to eat a Happy Meal (the company’s signature burger and french fries box) on TV.
A few days ago, the billionaire boosted DOGE’s price again, disclosing that SpaceX will soon embrace the memecoin as a form of payment.
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Leading global cryptocurrency exchange FTX, which is on a mission of global expansion, announced a strategic partnership with ‘Dave (DAVE)’, and the strategic investment of $100 million into the publicly-traded banking app.
As part of the partnership, FTX U.S. and Dave will explore how to introduce digital asset payments to Dave’s platform. FTX U.S. will also serve as Dave’s exclusive cryptocurrency partner.
Leading U.S. based crypto exchange Gemini has received an electronic money (e-money) license from Ireland’s Central Bank. Gemini, which applied for the license in 2020, can now operate services using electronic money in Ireland, joining the likes of Stripe, Meta, and Google.
Huobi Global, another of the world’s leading crypto exchanges, has announced the launch of an integrated live streaming platform, ‘Huobi Live‘. The service, which will be inaugurated on Monday, March 28th, will feature official shows hosted by Huobi experts.
The most recent change will boost resources for Plutus scripts and the increasing number of decentralized applications that use them
Cardano developer Input Output has put forward a proposal to increase the limit of memory units per block for the blockchain’s Plutus scripts from 56 million to 62 million, according to a Monday announcement.
The change, which will boost the network’s capacity, is expected to come into effect later today.
Developers will be able to make use of this extra memory by running more sophisticated scripts.
Cardano has been routinely implementing several incremental improvements that are meant to make the proof-of-stake blockchain more scalable. Last month, its block size was boosted by 11%.
The Input Output is expecting to see “high volumes” of network traffic as more decentralized applications are launching on top of the network. Developers warn that users may occasionally face delays in transactions. As reported by U.Today, the mainnet launch of decentralized exchange SundaeSwap was accompanied by a slew of technical difficulties that prevented the application from functioning properly.
Minswap, the biggest decentralized application on Cardano with $176.9 million in total value locked, sparked controversy in September due to the “concurrency” issue that prevented users from performing basic swaps.
As usual, developers will keep testing the network before implementing further changes after the next epoch.
ADA, the native token of the Cardano blockchain, is currently trading in the green, adding 11.06% over the past week.
As reported by U.Today, the total value of assets staked in Cardano protocols recently jumped by 13%. According to Input Output, there are roughly 500 projects in the pipeline. They cover such sectors as lending, gaming, and non-fungible token marketplaces.
Cardano (ADA) developers have proposed an update that they say will help scale and improve the user experience of the project’s network.
The update will increase the Cardano network’s block size from 72KB to 80KB, according to a new tweet from the blockchain platform’s development firm, Input Output Hong Kong (IOHK).
The development firm also proposed an update that will increase the script memory units per transaction on the Cardano mainnet from 12.5 million to 14 million. Both the block size and script memory unit increases are slated to take effect on Friday.
Explains IOHK,
“Together, these enhancements will provide additional resources for [Cardano’s smart contract platform] Plutus scripts to improve DApp [decentralized application] user experience while increasing overall network capacity. This adjustment forms part of a planned series of network optimizations. Cardano will continue to be steadily optimized in a series of measured steps this year, carefully & methodically scaling Cardano for future growth as demand increases…
The network has been designed to safely manage high peak loads and throughput will steadily improve as we continue to optimize. This latest change will continue to improve the user experience.”
Cardano’s native token, ADA, is trading at $1.03 at time of writing, down more than 21% in the past month.
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