U.S. Senate Banking Committee Requests Clarity on Cryptocurrencies

U.S. Senate Banking Committee Requests Clarity on Cryptocurrencies

The Senate Banking Committee Chair has asked the OCC to explain its Advanced Notice of Proposed Rulemaking for cryptocurrency services, which have become a valuable tool for lenders, homebuyers, and other housing and mrtgage professionals. Bitcoin / USD remains strong after a little drive towards $ 11,000. The pair is moving up towards $ 12,000 and does not seem to want to return to the fateful $ 10,000 threshold. Statements by Fed Chairman Jerome Powell last week on inflation have boosted safe-haven stocks. The overall context remains extremely favorable in … Among the countries that accept the use of cryptocurrencies, we find Venezuela. The peculiarity of this South American country lies in the fact that the use of cryptocurrencies is integrated into taxation. More explicitly, it is now possible in Venezuela to pay taxes with the national cryptocurrency: the Petro (PTR). Maybe soon with Bitcoin (BTC)? … Originally published in the NOWPayments blog The opportunities offered by blockchain and cryptocurrencies are currently being explored by a number of different industries. The key features of blockchain and digital currencies have the potential to transform various sectors: from healthcare to real estate. One particular industry that has been developing a lot of use cases […] Gold came into August with aggressive strength but that soon slowed down. Prices are holding on to support ahead of tomorrow’s NFP.

Digital This week, U.S. Sen. Mike Crapo (R-Idaho), who heads the Senate Committee on Banking, Housing and Urban Affairs, asked the Office of the Comptroller of the Currency (OCC) to fill his committee in on its Advanced Notice of Proposed Rulemaking for cryptocurrency services.

“Over the past two decades, technological advances have transformed the financial industry, including the channels through which products and services are delivered and the nature of the products and services themselves,” according to the OCC.

Now that the OCC has sought input on the digital activities of banks and federal savings associations (comments were due by August 3, according to the notice),  Chairman Crapo’s office stated, his letter requests an update from the OCC on its findings as well as information regarding next steps it intends to take with this technology.

The letter, addressed to Acting Comptroller Brian Brooks, reads as follows:


  • What activities related to cryptocurrencies or cryptoassets are financial services companies or bank customers engaged in and what are the barriers or obstacles to further adoption of crypto-related activities in the banking industry;
  • How is distributed ledger technology used or potentially used in activities related to banking;
  • What new payments technologies and processes should the OCC be aware of and what are the potential implications of these technologies and processes for the banking industry; and
  • What new or innovative tools do financial services companies use to comply with regulations and supervisory expectations (i.e., “regtech”)?
  • Please provide the committee with an update on its findings and the next steps the OCC intends to take with this technology. 

    Crapo goes on to say, “The cryptocurrency ecosystem is as diverse in its products and functions as the rest of financial services.  These and similar innovations are inevitable, beneficial and the U.S. should lead in their development.”

    The OCC recently published a letter that clarifies national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers, he noted, adding that “it would be prudent to provide similar clarity for payments.  The U.S. should develop clear rules of the road that protect businesses and consumers without stifling future innovation.”

    Source: dsnews.com

    Author: Christina Hughes Babb

    Bitcoin (BTC) remains strong thanks to weak dollar (USD) - Cryptocurrencies

    Bitcoin (BTC) remains strong thanks to weak dollar (USD) – Cryptocurrencies

    Bitcoin / USD remains strong after a little drive towards $ 11,000. The pair is moving up towards $ 12,000 and does not seem to want to return to the fateful $ 10,000 threshold. Statements by Fed Chairman Jerome Powell last week on inflation have boosted safe-haven stocks. The overall context remains extremely favorable in both the short and long term.

    There is not BTC but also USD in the BTC / USD pair… The weakness of the greenback is to be taken into account when it comes to anticipating the trend ahead. From this point of view, there is a real boulevard in favor of cryptocurrency.

    The head of the division forex (foreign exchange market) of A.G Bisset believes that the US dollar will dive 36% against the euro in the coming year. Towards levels we haven’t seen in over a decade.

    This is a crystal ball forecast but large forex banks such as Goldman Sachs, UBS and the Societe Generale also expect further declines. The dollar is also at its lowest since 27 months against the single currency. It is also down 11% since the 2020 peak on the Dollar Index (a measure of the dollar’s exchange rate against a basket of currencies).

    According to the Bank of America, selling the dollar on forex is the flagship trade for 36% of hedge fund managers. The CFTC (Commodity Futures Trading Commission) figures shown on the curve above (in oragen) indicate that bets against the dollar are at their highest for almost 10 years in the Futures market.

    We observe an alignment of the planets with the lower interest rates in the United States and on the other hand inflationary fears due to the US budget deficit. Indeed, the rate spread is a key factor in exchange rates. The reason being that a European investor will prefer to invest in US debt which yields 3% per year (he must therefore first exchange euros for dollars) rather than in German debt which yields 0%.

    Away from 10-year rate between the United States and Germany being lowest since 2014, it follows that investors have less and less incentive to invest in US debt. Hence the decline of the dollar.

    Goldman Sachs for example, expect the EUR / USD pair to rise to 1.30 by 2023 (against 1.20 currently). The bank TD securityShe believes the Fed’s new approach to inflation will weigh on the dollar. According to her, the dollar is overvalued by 10% compared to other major currencies.

    What is true for EUR / USD is also true for BTC / USD or the price of gold in dollars. Indeed, if inflation is higher than interest rates (return on savings), what is the point of keeping fiat money? The return on your savings does not even compensate for inflation, so time impoverishes you …

    So it’s best to accumulate gold and Bitcoin even if they don’t earn any interest. Gold rose by 115% since 2008. And what about Bitcoin which was worthless at that time … It’s better than the savings book that pays off 0.50% per year…

    The dollar’s status as an international reserve currency is in doubt. According to a Bank of America poll of market veterans, half of them expect the dollar’s share of global foreign exchange reserves to shrink over the next few years.

    Rick Rieder, forex chief of BlackRockRather, he expects the dollar’s decline to remain modest. In particular thanks to the privileged status of the dollar which is the currency in which almost all the oil in the world is sold.

    This statement from a spawner of the world’s largest investment fund should put you on the spot. What about the dollar once China (largest oil importer in the world) will buy all its oil from Iran in yuan ? Recall that the Middle Kingdom has planned to invest the equivalent of $ 400 billion to develop the Iranian oil industry …

    And what will happen when Qatar, Iraq and even Saudi Arabia accept currencies other than the dollar as payment for their black gold? What will be the next international reserve currency ? …

    The economic calendar for the week is not very busy but it will be necessary to watch closely the ” No farm payroll “(Job creation in the United States). These have been very strong in recent weeks but a further slowdown could do business for BTC / USD.

    We will also need to keep an eye on central bankers. Many will speak after the speech of Jerome powell. Listen up because the ECB is likely to align with the Fed and its new inflation target of 2% in average…

    It will therefore be necessary to follow the speeches of Kashkari (FED, Wednesday, 8 p.m.). But above all Schnabel (BCE, Thursday, 5 p.m.) and Lane (Friday 5 p.m.). Any statement in favor of a flexible rate of inflation will be bullish for Bitcoin. And yes, the more Central Banks print, the more Bitcoin will appreciate …

    Weekly BTC / USD chart (one candle = one week) :

    Source: personal-financial.com

    Venezuela now allows taxes to be paid in crypto - Cryptocurrencies

    Venezuela now allows taxes to be paid in crypto – Cryptocurrencies

    Among the countries that accept the use of cryptocurrencies, we find Venezuela. The peculiarity of this South American country lies in the fact that the use of cryptocurrencies is integrated into taxation. More explicitly, it is now possible in Venezuela to pay taxes with the national cryptocurrency: the Petro (PTR). Maybe soon with Bitcoin (BTC)?

    With the creation of Petro (PTR), Venezuela found in cryptocurrency, a credible alternative face numerous international sanctions. The advent of this cryptocurrency pegged to Venezuelan oil has also allowed a capital raising. Today the Petro (PTR) even integrated the Venezuelan tax system.

    The ambition linked to this novelty is the use of cryptocurrencies to calculate taxes inside the country. We therefore find ourselves in a new era in taxation. All this could not have happened without the signing by the Council of Mayors of theNational tax harmonization agreement. It was this agreement that paved the way for a new system of tax optimization in the country.

    305 out of 335 mayors, all from Left Socialist United Party of Venezuela (PSUV), led by Maduro, gave a favorable opinion to the transition from the tax system to a system based on cryptocurrency. Some mayors, however, wanted the collection in fiat currency not to be abandoned.

    However, the Petro as the country’s sovereign cryptocurrency appears more as a means of calculating taxes rather than the actual method of paying taxes.

    The Venezuela has been going through a period of hyperinflation in its economy lately. This forces many citizens to turn to other currencies like the US dollar. The costs of some items, goods and services increase to their estimated dollar level while the Venezuelan bolivar loses value. Since taxes are also set in dollars, switching to cryptocurrency appears to be a realistic solution to effectively fight inflation.

    Based on the results of the first experiences of using the Petro (PTR) in Venezuelan taxation, we will be able to judge the appropriateness and success of this decision. To encourage the population to massively adhere to this new system, the government granted a fuel subsidy to fuel users. Petro (PTR) as a means of payment. The Petro can therefore be considered the main intermediary between worthless Bolivian currency and US dollars.


    Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

    This new cryptocurrency-based system may or may not be a breakthrough in Venezuela’s economy. But currently, is an emancipation vis-à-vis the dollar possible? The sequence of events will tell us.

    In the crypto-bath since 2017, both far too late but far enough early from the point of view of my future grandchildren 🙂

    Copywriter, Amateur trader, Ethereum and NEO-compatible

    Source: personal-financial.com

    Use of Cryptocurrencies in Online Gaming

    Use of Cryptocurrencies in Online Gaming

    The opportunities offered by blockchain and cryptocurrencies are currently being explored by a number of different industries. The key features of blockchain and digital currencies have the potential to transform various sectors: from healthcare to real estate. One particular industry that has been developing a lot of use cases of cryptocurrencies recently is the online gaming and casino sectors.

    In this article, we take a look at the use-cases of blockchain-enabled cryptocurrencies like bitcoin in the online gaming industry.

    The world of online gaming has exploded in terms of audience size, growth, revenue, and participation. According to the research, the online games segment stood at $151 billion in 2019. This is projected to have risen to $257 billion by 2025 with an increase of 9.17% CAGR from 2020 to 2025. By this estimation, it is one of the fastest-growing industries.

    Moreover, the industry is gaining huge traction from gamers across the globe. According to this study, players will have spent approximately $4.5 billion on immersive gaming experience by 2025. The same study also projects an increase of CAGR 12% in this industry during the 2020–2025 period.

    This has enabled cryptocurrencies like bitcoin to boost its infrastructure. Some features of using crypto assets have proved to hold a multitude of benefits for players and online-gamers. Additionally, decentralized applications based on blockchain technology also add value to the gaming market.

    Digital currencies and dApp casinos provide various benefits to the players that are not available under the current gaming infrastructure. Moreover, they enable game developers to leverage different tools to facilitate a fair and open gaming environment.

    A perfect example is Betfury — a social i-Gaming Crypto platform with the first BTC dividends in i-gaming industry. Users here feel real gaming entertainment with the next advantages: 1000+ games, Cashback up to 25%, BFG Staking, daily Dividends, multi-currency, Jackpots, free BTC faucet in BetFury BOX, friendly 24/7 support. BetFury provides not only fun gaming experience but also investment opportunities based on native BFG token economy — all thanks to opportunities provided by crypto.

    Listed below are the advantages of blockchain and cryptocurrencies in the online gaming and casino industry.

    Online gaming falls under a grey area of regulations in many countries. Furthermore, even in countries where online gambling is legalized, financial institutions like banks may not support transactions to and from such platforms.

    Crypto assets are not restricted to such intermediaries like banks. dApp casinos facilitate transactions on the platform with tokens and coins like bitcoin. The transactions also provide a certain degree of anonymity to its users, and gamers can freely engage themselves. Hence, a dApp casino integrating crypto transactions does not need government approvals and/ or intermediaries.

    With gaming platform empowered through decentralized blockchain networks, a player does not need to undergo identification procedures of KYC and AML. Certain dApp casinos allow players to engage without any privacy procedures.

    Under the current infrastructure, payouts and withdrawals may take days or even weeks. Additionally, players are also charged with high transaction fees.

    In contrast, blockchain games facilitate instant payouts directly into a gamer’s crypto wallet. With blockchain gaming, players need not wait for days for that to happen. The amount is credited to their crypto wallets almost instantly (curtesy of cryptopayment gateways, like NOWPayments).

    The current environment of gaming with transaction options of credit cards and debit cards is insecure. There are loopholes in the security protocols which result in players losing their money when transacting on gaming platforms.

    Virtual currencies based on blockchain network are secured through cryptography. Hence, these transactions are relatively much more secure than the traditional infrastructure. Players need not enter any private financial information like credit card details.

    In the current gaming business model, developers of the game charge high fees for withdrawing money. Also, there is a charge levied by banking institutions. Since crypto transactions are peer-to-peer, there are no middlemen, and charges are not limited to geographical locations. In dApps, players can request withdrawals with zero or negligible transaction fees.

    In contrast to normal casinos, dApp casinos on blockchain technology facilitate a fair gaming experience by leveraging a number of instruments.

    Here are three distinctions that separate blockchain gaming platforms from traditional casinos and online gaming networks.

    The present structure of online gambling is vague and lacks innovation. Players have to rely upon developers for results. There is no mechanism through which results in a game can be vetted.

    The provably fair algorithm is a tool that enables transparency through its innovation. It can only be implemented in blockchain games. Provably fair provides a mechanism to vet the outcomes and results of a game. Through cryptographic hash and seeds, a player can check the results of the game, thus not being dependent on a third party.

    This further promotes transparency in blockchain games.

    Smart contracts are an integral part of blockchain innovation. In a centralized online casino, operations and control over user’s funds are managed by a centralized service provider. Players need to trust that the centralized game operator will conduct operations in an ethical manner.

    But with dApp casinos, the control over user funds is managed through smart contracts. All the operations are pre-defined and automated through a smart contract infrastructure. All transactions are also processed through the smart contract tool in a dApp casino.

    In land-based casinos and online gambling casinos, the operators normally have an upper hand. The casino always has an edge in winning games, and it is not negligible. A gamer also needs to hand a percentage of the profits to these casinos as house edge. Furthermore, the house edge percentage is not specified and operations are not transparent in traditional casinos.

    But with dApps on blockchain, the house edge is clearly specified. In these casinos, the percentage of house edge is also relatively low in comparison.

    The popularity of virtual currencies and technological innovation in the gaming industry has escalated in the last three years. There are two different models that have emerged. Firstly, existing platforms have started implementing crypto assets. Also, new dApp casinos are being built that work on the decentralized structure.

    Furthermore, even the number of games offered on such platforms has increased. dApp casinos started with few game items but now different games from esports to in-game purchases are offered on these platforms.

  • dApp dice games: A blockchain game, it basically involves drawing a random number when throwing dice with the bet that it is above or below a selected number.
  • Crash games- In this game, a bitcoin curve increases gradually and suddenly crashes. The trick is to click before the curve crashes.
  • Blackjack- A prominent game in the industry, dApp casinos have also now started to offer blackjack on their platforms. It is a multiplayer game and can be played with others or with the operator.
  • Roulette- Similar to jackpot games, it involves a player spinning the jackpot wheel. In case you are lucky, the wheel points to the precise icon and you win a jackpot.
  • eSports- Esports games, one of the rising niche in online gambling, involves video games based on different sports.
  • One of the first blockchain game applications was Cryptokitties. It involved transactions made on the Ethereum platform. Another example, where digital currencies have come into play is Fortnite, one of the most popular gaming application. In-game purchases can be made through digital currency. FunFair is a blockchain-powered casino that combines Ethereum protocol and allows players to play right from their crypto wallets. Simpledice is a Bitcoin dice game that incorporates virtual currencies and tools like provably fair for a fair gaming experience.

    The increasing use of cell phones has created the need to fit everything in a pocket-size. How can online games be left behind?

    It is undeniable that virtual gamblers would much prefer playing such games on-the-go. This has created a number of providers that offer their services on mobile phones as well. Hence, most operators have started providing the functionality of playing bitcoin mobile games on their android or iPhone or even iPad. Service providers have made their platforms compatible with mobile web browsers in order to make it accessible to a wider number of players.

    Most online casinos are made accessible for the commonly used android and iPhone devices.

    The popularity of crypto like Bitcoin and Ethereum in the gaming industry is growing. They offer significant advantages in comparison to traditional casinos. This includes higher privacy and anonymity that can be enjoyed by users, as crypto transactions do not involve sharing of any personal information.

    Moreover, dApp casinos do not have any limits pertaining to time or location. Unlike traditional gaming sector, the transactions with virtual currencies are safe as players do not provide details like your bank account. Due to such benefits, the popularity of crypto and blockchain technology in the gaming sector is growing.

    In the upcoming years, there will be various gaming platforms based on this innovation. Overall, it is likely to change the entire landscape of this sector.

    Source: turkishmedia.eu

    Gold Price Forecast: Gold Slumps to Start September, Support in Sight

    Gold Price Forecast: Gold Slumps to Start September, Support in Sight

    • Gold prices closed the month of August with a Doji, likely disappointing to bulls that drove the bid to fresh all-time-highs in the first week of last month.
    • So far September has started out with a slide as Gold prices have reverted to a key area of chart support.
    • While last week’s comments from Chair Powell were seemingly supportive of both Gold strength and USD-weakness, both of those themes have remained on hold since. Will tomorrow’s NFP report spur Gold bulls into action?
    • To learn more about price action, check out our DailyFX Education section, where it’s taught amongst a host of other candlestick patterns and formations.

    This can change rather fast in global markets, especially when there’s a backdrop of a global pandemic and a ton of uncertainty. That uncertainty was working in Gold bulls’ favor as the door opened into August, with price action showing considerable strength in the first week of last month. But prices soon found sellers at a fresh all-time-high of 2075, after which the Daily chart put in a bearish engulfing pattern – and matters haven’t really been the same in Gold markets ever since.

    That bearish engulfing pattern from three Fridays ago led into a precipitous decline in the opening days of the following week. Since then, Gold prices have largely digested that recent range with price action narrowing through the second-half of August.

    Of interest in that theme was a big zone of support running from 1900-1920 that’s held multiple support tests around the lows. This morning saw yet another support test in that zone, and so far buyers have been able to hold the lows, getting an assist from a bullish trendline projection that can be found by connecting August 11th and 26th swing-lows.

    Gold Four Hour Price Chart

    Chart prepared by James Stanley; Gold on Tradingview

    Taking a step back on the chart highlights a symmetrical wedge formation that’s built in Gold prices during this recent round of digestion. The support side of that wedge, with an assist from the 1920 level that previously functioned as the all-time-high are helping to currently hold the lows.

    And this sets the stage for tomorrow’s NFP report. This is the first such release since Chair Powell’s comments at Jackson Hole, when the head of the FOMC placed even more emphasis on the employment side of the bank’s dual mandate. Complicating matters around tomorrow’s employment numbers is the potential for noise in the data, as a number of temporary hires to complete this year’s census is likely going to show in the numbers; further obscuring actual impact to the economy based on shifts in the employment market over the past month.

    Gold Price Daily Chart

    Chart prepared by James Stanley; Gold on Tradingview

    — Written by James Stanley, Strategist for DailyFX.com

    Contact and follow James on Twitter: @JStanleyFX

    Source: www.dailyfx.com

    Author: James Stanley

    U.S. Senate Banking Committee Requests Clarity on Cryptocurrencies

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