Will the European Union succeed in controlling crypto wallets?
Welcome to my weekly read on Bitcoin and interesting facts from the world of crypto!
Bitcoin remains in a positive zone above the $46,500 support and has even tested the $48,000 level-the highest peak this year. Currently, the price is consolidating gains near $47,500 and hoping for further gains above $48,000. Most major altcoins are also trading in the positive zone. Ethereum extended gains above $3350 and $3400 before correcting downwards.
Other altcoins such as LUNA, SHIB, WAVES have gained more than 5%, with WAVES up 49%. LUNA, on the other hand, is the second largest coin among the 100 coins with the largest market capitalisation, rising 10%.
Crypto in the world
The European Parliament is not letting up and is looking for ways to control cryptocurrency assets. This time, the Parliament is aiming for a potential restriction of “unsupported wallets” in the upcoming European Union regulation on funds transfer. “Unhosted wallet” (“unhosted wallet”) is a regular cryptocurrency wallet where the user has control over private keys. Coinbase, the exchange’s chief lawyer, said of the statement: “If passed, this revision will unleash an entire surveillance regime on exchanges like Coinbase, stifle innovation and undermine the self-organising wallets that individuals use to securely protect their digital assets.”
The vote is likely to take place this week.
The digital yuan has more and more uses. According to an article from China National Radio, UnionPay will launch a self-service registration platform for merchants who want to use digital CNY. UnionPay is one of the first payment service providers to sign a strategic cooperation agreement with the People’s Bank of China. Under the agreement with the Digital Currency Research Institute, UnionPay will enable merchants to accept payments in digital CNY in shops and through their own apps. Additionally, UnionPay will enable H5 payments, which are mobile websites created for promotions and hosted on the WeChat ecosystem.
- The topic of crypto and energy is not going quiet. Greenpeace, along with other climate groups and Ripple co-founder and executive chairman Chris Larsen, has launched a new campaign to change Bitcoin to a more environmentally friendly consensus model, through the “Change the Code, Not the Climate” campaign, which aims to pressure key industry leaders, Bitcoin miners and influencers such as Elon Musk and Jack Dorsey to move to a new consensus model, saying:
“If just 30 people – the key miners, exchanges and core developers who build and contribute to Bitcoin’s code – agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting the planet.”
Greenpeace cites concerns that the energy needed to mine Bitcoin comes mainly from fossil fuels, with miners using carbon waste and associated natural gas as a way to fuel their operations.
- A group of US lawmakers say the US Treasury Department may be the appropriate body to create a digital dollar, rather than the Federal Reserve. A new bill to direct the Treasury Secretary to develop and issue an electronic version of the US dollar, with an emphasis on maintaining privacy and anonymity of transactions, was introduced on Monday. The electronic dollar would be a bearer instrument stored on a phone or card. The system would be based on tokens rather than accounts, meaning that losing a phone or card would mean losing the funds.
Online cryptocurrency exchange BTC Markets has over 325,000 Australian customers and 19 billion Australian dollars in digital assets traded, and is now entering into a partnership with Mastercard to enable card payments. Focusing on the Australian market, users can deposit and withdraw Australian dollars without fees. Twenty-five trading pairs are offered and the platform caters to retail and institutional investors. In addition to traditional cryptocurrency trading, users can also bet on supported cryptocurrencies for multiple time periods.
The list of cryptocurrencies includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Decentraland (MANA), The Sandbox (SAND) and Algorand (ALGO), among others.
The partnership with Mastercard will allow payments to be made by debit, prepaid or credit card. Until now, users of the exchange could only make payments via bank transfer.
Cryptocurrency companies still awaiting approval from UK regulators are looking to operate overseas with just three days to go until the government’s deadline, prompting industry fears of a looming exodus and an unfair advantage given to those stationed overseas.
The Financial Conduct Authority now plans to close its temporary registration scheme for cryptocurrency firms on March 31, leaving some of the industry’s biggest players in limbo. Twelve companies, including cryptocurrency custodian Copper Technologies Ltd. and digital bank Revolut Ltd. remained on the temporary register on Tuesday and are threatening to suspend their services if they do not gain approval before the deadline.
The FCA has taken a tough stance on regulating cryptocurrencies as demand for digital assets among retail investors has grown significantly over the past two years, with only 33 firms having been granted permanent registration with the body. The UK’s top financial authorities, including the Bank of England and the Treasury, have increased scrutiny of the sector in recent months, keeping a close eye on banks and investment firms chasing the hype around Bitcoin and other tokens.
What’s up in Mr.Advice?
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- Zoom calendar in the new week:
Zooms with Aaron will be spontaneous this week, announced on the Golden Keys channel.
Have a fantastic week!