Monat: Juni 2022

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Binance is seeking crypto licenses in the Philippines, CEO says

Binance has sought the virtual assets service provider (VASP) and e-money issuer (EMI) licenses.

Binance CEO Changpeng Zhao says that the platform, the world’s largest in terms of trading volume, is looking to secure key crypto licenses from Philippines’ Bangko Sentral ng Pilipinas (BSP).

The exchange targets the virtual assets service provider (VASP) license, as well as the e-money issuer (EMI) license, he said.

With the two licenses, Binance will be able to offer services that involve conversion of fiat into pesos and the disbursement of electronic money.

Approval within months

According to Zhao, Binance is also eyeing an expansion of its operations across the country, including making strategic investments in payment service providers and banks. He noted that the objective is to bring these services onto the blockchain.

He added that he had met regulatory officials and that Binance could secure the licenses within months.

Binance is a ‘resposnsible’ platform

Zhao’s comments also included a go at Reuters over its recent claims of money laundering schemes carried out via the exchange.

And in an interview with CNBC on Thursday, he reiterated Binance’s responsible trading, noting that it “probably” is the only platform to work towards this for the benefit of its customers.

Apart from trying to establish a customer’s risk knowledge in relation to leverage, Binance will also suspend new accounts that make losses when leverage trading.

The post Binance is seeking crypto licenses in the Philippines, CEO says appeared first on CoinJournal.

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IMF report calls for eco-friendly design choices in the crypto ecosystem

In a study titled “Digital Currencies and Energy Consumption”, the International Monetary Fund evaluated the impact of design elements of crypto assets on their energy consumption in order to develop an ideal framework for a mainstream central bank digital currency (CBDC).

The report brings to light the significance of making the right design choices on the overall environment-friendliness of the crypto ecosystem and its ability to go mainstream.

With the intention of facilitating further policy discussion on the current impact of crypto on green consumption, IMF recommends against the use of proof-of-work-based distributed ledger technology applications.   

Highlighting Bitcoin’s energy consumption of about 144TWh per year, the report pointed out that while scalability solutions reduce the energy cost per transaction, they do not affect the overall energy spending.

The organisation also recognised the potential and energy efficiency of non-PoW, permissioned crypto assets:

“The potential of non-PoW permissioned crypto assets to reduce energy consumption relative to the existing payment system comes about from energy savings on both core processing architectures and user payment means.”

With the increasing interest of countries in developing their very own digital currencies, the IMF advised central banks to design CBDCs with the explicit goal of being environmentally friendly. This, according to the report includes but is not limited to selecting platforms, hardware and design options that come with a lower carbon footprint that the mechanisms traditionally being used by the central bank.

The report added that the green component of implementing the CBDC must be looked into right from the experimentation phase itself. The IMF also recommended that central banks integrate compliance, higher resilience, offline capabilities and other such features during the development of CBDC. 

Policymakers will weigh the environmental impact of cryptocurrencies and CBDCs and their underlying technology while considering their utility for mainstream adoption, the report concluded. 

 

The post IMF report calls for eco-friendly design choices in the crypto ecosystem appeared first on CoinJournal.

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Highlights June 9: Solana reverses losses, Chainlink continues to surge

Top 10 cryptos were flat, registering gains and losses of less than 1%. In the top 100, most fluctuated by 1-3% in value. 

Top cryptos

Bitcoin was trading above $30,000 at time of writing, relatively flat over the past 24 hours. Cardano registered negligible gains. Solana is the big winner in the top 10, gradually reversing losses, up almost 5% today.  

Cryptos outside the top 10 demonstrated the same tendency and were almost flat. Polygon and UNUS SED LEO each gained around 2%. 

Top movers

Chainlink continues yesterday’s surge, adding another 8% to its value. Tezos gained 10%, Helium 9%, and OMG Network 7%.  

One possible reason for Tezos’ growth is the announcement that the We Are Developers World Congress Berlin 2022, powered by Tezos, is starting on June 14. 

Gala shed around 3% as the Galaverse event nears its end. Fantom, ApeCoin, eCash, and Klaytn are also down around 3% each. 

Two days ago, a suspected exploit shut down Elrond’s Maiar DEX, resulting in loss of funds. Despite putting a recovery plan in place, Elrond lost 6% of its value today.  

Trending 

The biggest winner today is BurnToEarn, a Web3 app and platform on Binance Smart Chain. It is a health-oriented platform, where you can monetize your exercise regime. The BTE token has gained 877% today. 

The post Highlights June 9: Solana reverses losses, Chainlink continues to surge appeared first on CoinJournal.