Schlagwort: crypto business

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Colombia planning to launch Digital Currency to curb tax evasion

The government of Colombia has revealed that it is planning to launch a digital currency to curb tax evasion and enhance the traceability of citizens’ transactions

The plan for the digital currency was revealed through a statement given by Luis Carlos Reyes, who is the head of the Colombian tax authority DIAN. The move comes amid a move by many countries towards digitizing their economies to better understand and control the flow of money.

According to Reyes, this would be one of the proposals of the newly inaugurated president Gustavo Petro to curb tax evasion which is currently estimated to be between 6% and 8% of Colombian GDP. In essence, the digital currency will enhance the traceability of merchants’’ transactions to ensure that they do not evade taxes.

Cash payments restrictions

Among the other measures expected to follow the introduction of the digital currency is the restriction of cash payments over $2,400 (10 million Colombian pesos).

While the government is focused on curbing tax evasion, the changes might disrupt the payment channels of a majority of Colombians, especially after the cash crunch caused by the Covid-19 pandemic. Colombians are also currently dependent on cash transactions and shifting to digital payments could be difficult.

According to data from the Financial Superintendency, Colombians prefer cash as their main means of payment method for groceries and transportation.

But the Central Bank of Colombia has shown that the circulation of bills has shot to the heist level in the past seventeen months.

The post Colombia planning to launch Digital Currency to curb tax evasion appeared first on CoinJournal.

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Unizen appoints Michael Healy as Chief Strategy Officer

Michael Healy has been in the crypto space since 2010 and is a co-founder of crypto platform Unit Network.

Unizen, a leading hybrid crypto exchange enabled for centralised and decentralised finance (CeDeFi), has appointed crypto veteran Michael Healy as its Chief Strategy Officer (CSO).

Sean Noga, the Chief Executive Officer (CEO) at Unizen announced Healy’s appointment on Wednesday, lauding the former WikiLeaks developer as an experienced hand in the crypto space.

“Michael has been in the crypto space since 2010, and he originally worked for WikiLeaks and built their android application in 2010. He brought BTC into WikiLeaks after Visa/ MasterCard donations were shut off,” Noga wrote in a release shared with CoinJournal.

The Unizen CEO had hinted at the C-level appointment earlier this month.

CSO’s role includes advancing adoption strategies

Other than his role at WikiLeaks, especially with his work on bringing Bitcoin to the non-profit organisation, Healy also co-founded tokenisation DAO platform Unit Network and has previously held positions at London-based venture capital firm Wellington Partners, investing in top firms that include Spotify.

BNB Chain-built Unizen secured a $200 million funding commitment from investment firm Global Emerging Markets (GEM) in June this year. According to the platform, the milestone-based capital injection was aimed at helping boost ecosystem development even as the market battled crypto turbulence.

Unizen’s new CSO has the task of shaping and advancing the crypto exchange platform’s growth plans, CEO Noga noted. Healy’s work will also involve charting the company’s strategic direction and adoption.

The post Unizen appoints Michael Healy as Chief Strategy Officer appeared first on CoinJournal.

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Floki Inu introduces Treasury Bills: users can buy FLOKI at a discount

Floki Inu revealed in a tweet thread that it has once again partnered with ApeSwap to allow its users to purchase its native token FLOKI at a discount via their new sustainable liquidity mining (SLM) program.

The tweet read:

“We’re excited to partner with @ape_swap to allow users to purchase FLOKI at a discount using their new sustainable liquidity mining (SLM) program.”

Floki Inu’s SLM program

Floki Inu’s team revealed that the sustainable liquidity mining program uses yield-bearing NFTs called Treasury Bills. Users can buy these Treasury Bills using Liquidity Provider (LP) tokens and receive FLOKI tokens at a discount.

To create liquidity, users will then be required to sell the Treasury Bills.

The SLM program is designed to allow users to purchase FLOKI tokens at a discount while also providing a way for Floki Inu to create protocol-owned liquidity sustainably and in a cost-effective manner.

To participate in the program, users should visit the Treasury Bill page on ApeSwap and choose “Floki-BNB Bill.” You can then go ahead and create a liquidity protocol by selecting “Get LP.”

The SLM programs provide an opportunity for FLOKI lovers to add to their bags at a discounted price.

It is worth noting that this is the second time that Floki Inu is partnering with ApeSwap for the SLM program.

The post Floki Inu introduces Treasury Bills: users can buy FLOKI at a discount appeared first on CoinJournal.

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Crypto.com secures approval as a crypto asset business from UK’s FCA

Crypto.com has recently been approved or registered in Singapore, UAE (Dubai), Italy, South Korea and Canada among other jurisdictions.

Cryptocurrency exchange Crypto.com has yet secured another regulatory approval as it continues its global expansion.

On Wednesday, the exchange announced it had been approved as a crypto asset business by the United Kingdom’s Financial Conduct Authority (FCA).  The regulatory greenlight adds to a list of major milestones for Crypto.com regarding the push to offer its services to consumers across the globe in compliance with local regulations.

The UK approval is especially sweet for Crypto.com given the country has one of the largest crypto communities, and authorities see regulation as critical to consumer protection as well as fostering an environment that can incentivise innovation.

“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” Crypto.com CEO Kris Marszalek said in a statement.

The exchange plans to use the license to expand its products and services in the country, even as they work with market watchdogs, Marszalek noted.

Crypto.com’s major regulatory scores

With the FCA license, Crypto.com has added a key regulatory nod to several already bagged across the world. These include approvals in fast-growing crypto destinations such as Singapore, Dubai, and Cyprus. 

As well, the exchange recently completed two key acquisitions in South Korea to land the Electronic Financial Transaction Act and Virtual Asset Service Provider licenses.

The platform also has registrations in Italy, Greece, Cayman Islands and in Canada (via a pre-registration agreement with the Ontario Securities Commission (OSC)).

Crypto.com’s FCA approval comes a few months after the company signaled an aggressive expansion plan with multiple senior staff hires. Among the new recruits were a General Manager (UK) and a Global Head of Sustainability and ESG.

The post Crypto.com secures approval as a crypto asset business from UK’s FCA appeared first on CoinJournal.

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Bitcoin Cash price prediction ahead of FOMC minutes

Bitcoin Cash price crashed sharply as investors waited for the upcoming FOMC minutes. The BCH token dropped to a low of $135, which was much lower than this month’s high of $147.90. Its market cap has dropped to over $2.6 billion.

FOMC minutes ahead

Bitcoin Cash and other cryptocurrencies declined sharply as the Fed prepares to publish minutes of July’s meeting. In that meeting, the bank decided to hike interest rates by 0.75% for the second straight month. As a result, the Fed has increased rates by 225 basis points this year. 

These minutes will provide more color about what the FOMC officials deliberated on in that meeting. In most cases, they usually offer more information on what the bank will do in the next meeting. Economists expect that the minutes will provide a hint that the bank will hike by either 0.50% or 0.75% in the coming meeting.

A lot has changed since the Fed met in July. For one, the Bureau of Labor Statistics published encouraging inflation and jobs data. Numbers delivered earlier this month showed that the economy created over 528k jobs in July while the unemployment rate dropped to 3.5%.

Additional data showed that the country’s inflation dropped from 9.1% in June to 8.7% in July of this year. Still, the figure is above the Fed’s target of 2.0%. In addition to cryptocurrencies, stocks also declined in the futures market. Dow Jones dropped by 240 points while Nasdaq 100 fell by 150 points.

Bitcoin Cash price prediction


The four-hour chart shows that the BCH price declined sharply ahead of the upcoming FOMC minutes. As it dropped, the coin managed to test the lower side of the ascending channel shown in green. It also moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) tilted lower.

Therefore, Bitcoin Cash price will likely resume the bullish trend as buyers target the upper side of the ascending channel. This price is at $150. A drop below the channel will signal that bears have prevailed and push the coin to a low of $130.

The post Bitcoin Cash price prediction ahead of FOMC minutes appeared first on CoinJournal.