Kategorie: Crypto News

• Binance says new guidance on stablecoins has made it untenable to continue operating in the country.
• New rules required exchanges to seek approval before allowing their customers to buy or deposit stablecoins.
• The exchange says it will continue to engage regulators even if it doesn’t agree with new guidance.

Binance, the world’s largest crypto exchange by trading volume, has announced its exit from Canada.

The crypto platform revealed its move on Friday, noting that the decision was down to new guidelines that make the Canadian market “no longer tenable” for its operations.

“We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” the exchange said in a tweeted statement.

The crypto exchange giant said it had “put off this decision as long as [it] could to explore other reasonable avenues to protect [its] Canadian users.” However, it’s joining other platforms to withdraw from the market after the latest regulatory move.

“While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework,” Binance wrote.

The question of regulatory clarity

Binance is a major crypto industry player that has sought regulatory approval in most of the jurisdictions that it offers its services. It has also been one of the main advocates of more regulatory clarity across the globe. 

But its decision to exit Canada comes a few months after the Canadian Securities Administrators (CSA) outlined new guidance regarding stablecoins.

The February communication had asked crypto trading platforms operating in the country to seek approval before allowing customers to use stablecoins on their platforms. This included buying or depositing stablecoins, a requirement that meant further due diligence checks for exchanges amid the tightening regulatory scrutiny.

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• Digitoads is currently in the presale stage.
• PEPE has been the talk of the town over the last couple of after it got listed by Binance.
• 2023 has seen newly launched meme coins register staggering price movements.

Many analysts are calling 2023 the year of meme coins. The market has seen new meme coins surpass popular meme tokens like Shiba Inu (SHIB) and Pepe (PEPE) in popularity and soaring to meteoric heights.

One of the new trending meme coins is DigiToads (TOADS), an Ethereum-based meme token that was launched earlier this year. The meme coin has garnered a lot of praise for its unique economic design where users can access multiple options to bring home passive income. Its community-centric approach paves the way for community members to play a key role in the platform’s growth and development.

DigiToads: A trendsetter in the meme coin sector

DigiToads has been developed by using a hybrid model that leverages the strength of different cryptocurrencies. So, with one single platform, you can stake NFTs, play Web 3.0 games, enter giveaways, bag prizes, crypto tokens as rewards, trade cryptocurrencies and participate in trading competitions. 

The platform has developed a native token called TOADS which would facilitate all transactions and financial purposes on the network. Built on the ERC-20 protocol, the DigiToads team would maintain a store of 585 million TOADS tokens. Of the supply, around 69.2% of it would be set aside for presale and giving out rewards. 

Another reason why DigiToads has been in the news is because of its presale process. Comprising 10 stages, DigiToads’ presale process has been a stellar success till now and its fifth stage ‘Lillypad 5’ is currently in progress. 

DigiToads balances gameplay, rewards, and the storyline to create an exciting Web 3.0 game that will have players hooked to it in minutes. 

In the game, players will be facing each other in a Metaverse swamp and will try to bag the highest scores in the season. To defeat the enemy, players can seek help from digital creatures called ‘DigiToad’ who have special abilities. Players can also secure training equipment, food, and potions for DigiToads. They will have to pay for both the items as well as the DigiToad using the TOADS tokens. Those interested can participate in the DigiToads presale here.

Here’s why analysts are bullish on Shiba Inu

Shiba Inu is among the top cryptocurrencies that have managed to maintain their hold over the market despite being launched years back. The meme coin has rolled out a native token called SHIB which is the main crypto token on the network. It is based on memes inspired by a Japanese breed of dog. 

Apart from SHIB, the Shiba Inu team has also launched two other cryptocurrencies – BONE and LEASH. While BONE is a governance token that helps Shiba Inu community members to participate in the decision-making process, LEASH is an exclusive token for dedicated community members who have been associated with the platform. 

Given its popularity, analysts feel that the SHIB token might soar higher in 2023 and they expect it to stay in the bullish zone for now.

PEPE is likely to make further gains

PEPE is inspired by the popular internet cartoon ‘Pepe, the Frog’ and its native token is PEPE. It is the medium of exchange on the network and has a deflationary model, which means its supply is intentionally kept low to curb fluctuating prices. 

Another key advantage associated with Pepe is that token holders don’t have to pay any transaction fee. The ‘no tax’ policy has helped it ramp up its reach. As per market trends, the meme coin has witnessed a lot of ups and downs over the past few weeks. 

Analysts expect the PEPE token to register another bullish rally as a sizable number of whales are still sitting in big positions.

Conclusion 

Going by the fact that meme coins like Shiba Inu and PEPE have demonstrated their ability to drive gains in the market, analysts believe DigiToads will also perform well over the long term. 

DigiToads’ dynamic economic framework and multiple utilities can help a community member diversify a portfolio while building a sustained source of passive income.

The post DigiToads utility sets itself apart from Shiba Inu and Pepe as meme coins demand grows appeared first on CoinJournal.

• Texas lawmakers vote to add digital currency to the state’s Bill of Rights.
• The move grants citizens the right to possess, retain and utilize digital currencies.
• The bill HJR 146 to amend the Bill of Rights was introduced by State Representative Giovani Capriglione.

Texas legislators have voted to amend the state’s Bill of Rights to add digital currency to allow individuals to possess, retain and utilize digital currencies like Bitcoin (BTC).

The lawmakers voted in favour of the amendment by a large margin, possibly hinting at the general feeling among the lawmakers about digital currencies. 139 lawmakers voted in favour with only two voting against.

Bill HJR 146

The amendment was contained in a bill titled Bill HJR 146, which was introduced by State Representative Giovani Capriglione. According to the bill, individuals have the right to use a mutually agreed upon medium of exchange that includes digital currencies, coins, cash, scrip, or bullion, for contracting goods and services and trading.

The bill contains a stamen that reads:

“No government shall prohibit or hinder the ownership or holding of any form or quantity of money or other currency.”

Texas Bill of Rights

The Texas Bill of Rights protects essential rights like freedom of speech, religion and press similar to the US Bill of Rights.

However, the Texas Bill of Rights also includes specific clauses pertaining to Texas, such as the right to a prompt trial and the right to possess and carry weapons for self-defence.

Commenting on the development, the Texas Constitutional Enforcement group said that the inclusion of digital currencies in the Texas Bill of Rights is crucial in safeguarding Texans’ financial privacy.

The post Texas adds digital currency to the state’s Bill of Rights appeared first on CoinJournal.