Coinbase will Ask Users in Canada, Japan, and Singapore for Data on Operations Made from the Exchange

Jenson Nunez
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Coinbase will Ask Users in Canada, Japan, and Singapore for Data on Operations Made from the Exchange

Coinbase users in these nations must show at least the name and physical address of the persons/entities that will obtain the funds. The exchange focuses on local policies as the primordial reason for implementing such procedures.

The US-based international exchange, Coinbase, will request users with residence in Canada, Japan, and Singapore to bring the data of the people and institutions to which they will send digital assets through their products and other featured services.

The decision got disclosed in emails and notifications sent by Coinbase to customers residing in those countries where these new regulations will come into effect at the beginning of next April.

These measures intend to set a proper compliance atmosphere, parallel with the requirements outlined in the local travel laws in force in the respective nations.

In the statements, the Coinbase team advises exchange clients about compliance with the measures and invites users who disagree to withdraw their crypto assets from the network before the new policies come into force officially.

Requirements that Coinbase will Request from its Users in those Countries

The measures usually vary depending on the policy, which is why the policies for users say that sending more than CAD$1,000 ($800) in digital assets to a financial institution or other exchange from Coinbase will need them to provide the recipient’s name and address. The measure will be active from next April 4 and will comply with the regulations set in FINTRAC.

As for users in Singapore, all cryptocurrency transfers from the exchange wallet to any other external address will need the recipient’s full name and country of residence. This action will become effective from April 1, and the exchange highlights local regulations as the primordial reason for applying such procedures.

All transactions carried out outside of Japan for Japanese users must include the recipient’s name, physical address, and wallet address. The exchange follows the rules set by the Japan Cryptocurrency Trade Association and will begin to apply from April 1.

Restrictive Procedures from Centralized Exchanges

The new rules that Coinbase will now execute for users living in Canada, Japan, and Singapore have sparked a lot of criticism among users, who describe the measure as a restriction on their rights.

Although Coinbase is abiding by the regulations that govern these countries, what happened describes how decentralized exchanges must comply with the legal policies created by the governments.

This information got highlighted by the CEO of the platform, Brian Armstrong, who shared his opinion on the role of digital assets and the possibilities they offer to residents in Russia.

The situation also coincides with what Kraken CEO Jesse Powell expressed regarding the protests in Canada.

Powell invited crypto users and enthusiasts not to leave their assets on centralized exchanges, rightly citing the existing risk that governments’ decree measures could represent for the unrestricted use of the assets hosted on said platforms.

By: Jenson Nuñez

This Metric Allows Predicting Whether the Bitcoin Price Will Rise or Drop

Alexander Salazar
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This Metric Allows Predicting Whether the Bitcoin Price Will Rise or Drop

There is an 82% correlation of the BTC price with the number of Google searches for the word Bitcoin. That metric may go up both when the value of the cryptocurrency increases and before that happens.

It is hard to predict whether the price of Bitcoin (BTC) will rise or drop, as it depends on various factors. However, when Google searches for the cryptocurrency increase, it is possible to forecast future movements, according to specialist Jerry Goddard.

A study by that expert indicates that the Bitcoin price and related Google searches have an 82% correlation worldwide. In other words, the value of the cryptocurrency rises and falls alongside the number of searches.

Anyone might believe that there are more Google searches when the price of Bitcoin increases. However, the data shows the increase may also occur before the rise in the value of the cryptocurrency. That allows identifying whether there will be a variation, proving that it arouses interest.

Before the spike in the price of Bitcoin in April 2021, Google searches for the cryptocurrency peaked at 70/100 in January. In 2017, a similar situation happened during the boom when the word ranked 100/100.

For that reason, Goddard warned that an increase in Google searches for Bitcoin could precede its price rally. Since that would occur as the upward trend resumes, he recommends monitoring that metric.

However, he argues that the correlation does not imply causality, and the data might not mean that spikes in searches affect prices. In other words, he thinks that investors should not make decisions only based on search trends. He recommends remembering that there are other metrics to analyze and predict the Bitcoin price, like the technical and fundamental analysis.

There Are More Google Searches for Bitcoin Than for Dollar and Euro

The study also reveals that the pioneering cryptocurrency was more popular than fiat currencies like the dollar. In 2021, people searched for the word Bitcoin seven times more than for dollar and forty-two times more than for euro.

The increase in users on cryptocurrency platforms also reflects the interest in the pioneering cryptocurrency. For example, CoinMarketCap went from 60 million average monthly visits in 2017 to 194 million in 2021.

Goddard said that the boom of Bitcoin has contributed to increasing the interest from people in it. For that reason, many prediction sites expect that trend to continue rising until the end of 2022.

BTC is trading at around USD 47,615 and has accumulated a 15.2% gain over the last week. Its daily trading volume is above USD 31.72 billion, and its market capitalization is about USD 904.53 billion, according to CoinGecko.

The global Google search level for the word Bitcoin is at 27/100, suggesting the peak of adoption and interest will continue to increase. In a matter of time, that metric might reach values close to those in 2017.

The relevance of the pioneering cryptocurrency is increasingly evident, which investors do not overlook. For that reason, they look for ways to understand how the price of Bitcoin moves and thus make more accurate predictions.

By Alexander Salazar

The Governor of Florida Works toward Accepting Tax Payments in BTC

Alexander Salazar
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The Governor of Florida Works toward Accepting Tax Payments in BTC

Ron DeSantis recently confirmed they are working so that businesses accept BTC as a payment method in his state. The US government is considering developing a CBDC, which DeSantis believes poses a risk to the nation.

Although the United States has not yet established a national standard concerning cryptocurrencies, some states have already decided. Having the autonomy to do so, Florida has taken the lead in working toward accepting tax payments in Bitcoin (BTC).

Governor Ron DeSantis confirmed that when he signed a bill on the financial education curriculum. He said that they were working to find ways for companies to pay taxes in cryptocurrencies. The official added that they should be willing to accept Bitcoin for payments in Florida.

DeSantis expects the payment of taxes in BTC to prosper, unlike his desire to experiment with distributed ledger technology. The US Congress did not approve that bill, the same as many other ideas involving the use of cryptocurrencies.

New York governor Eric Adams is also interested in BTC and has even decided to receive his salary in the cryptocurrency. However, his state has not yet been able to embark on that path.

The Governor Is Concerned about the Launch of a Digital Dollar

The idea of the United States launching a Central Bank Digital Currency (CBDC) does not entirely convince DeSantis. He even believes that would pose a risk to one of the most prominent nations.

He expressed that he was concerned about the amount of power accumulated in the hands of a central authority. It would be able to close access to certain goods, putting the country in uncharted territory.

DeSantis is also concerned about the executive order on digital assets signed by President Joe Biden. The governor also delved into a digital dollar to replace the fiat currency and demanded recommendations about the crypto ecosystem.

US National Economic Council (NEC) director Brian Deese and National Security Adviser Jake Sullivan made a joint statement discouraging DeSantis. They said that financial innovation has often failed to benefit citizens while increasing financial risk and inequality. They highlighted the need to build strong consumer and economic protections when developing digital assets.

Details about the Measures Included in the Biden Executive Order

The Biden executive order on digital assets states that it aims to protect American investors, consumers, and businesses. It also indicates that it will encourage the Financial Supervisory Council (FSC) to reduce local and global potential financial risks.

The document also addresses financial foul play and national security risks due to the misuse of digital assets. In addition, it seeks to promote financial inclusion by fostering secure trading of digital assets within the US economic system.

The US government wants to explore the development of its CBDC to protect the country. Besides, they aim to support responsible innovation in the age of digital economies to prove their leadership in that area.

The governor of Florida shares the same concerns as many other Americans and citizens worldwide. Meanwhile, he seeks to provide alternatives to users and turns to cryptocurrencies to strengthen finances.

By Alexander Salazar

The US Treasury Secretary Acknowledges that Cryptocurrencies Could Benefit Citizens

Alexander Salazar
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The US Treasury Secretary Acknowledges that Cryptocurrencies Could Benefit Citizens

Although Yellen admits that Bitcoin and other cryptocurrencies offer advantages, she is still skeptical. The US government official is concerned that criminals might use crypto assets in illicit activities like money laundering.

Janet Yellen, the US Treasury Secretary, acknowledges that Bitcoin and other cryptocurrencies can benefit citizens. However, she defends her position against those assets, as she considers them to contribute to illicit activities.

She told the CNBC television channel that cryptocurrencies offer advantages, recognizing that innovation in the payment system can be healthy.

The official recognized that cryptocurrencies have been gaining increasing relevance among citizens. She said that those assets have grown by leaps and now play a crucial role in the decisions of American investors.

Although her words suggest that she is less reluctant toward cryptocurrencies, Yellen argued that she defends her position. She said that she was still skeptical due to concerns about financial stability, consumer investor protection, and illicit transactions.

Since US President Joe Biden nominated her as the Treasury Secretary in 2020, she has been critical of Bitcoin and other cryptocurrencies. She has stated that criminals can easily use those tools for money laundering, tax evasion, and terrorism financing.

Besides highlighting the potentially illegal origin of some bitcoins, Yellen mentioned factors like the stability of the value and its decentralized nature. She argued that Bitcoin is not an efficient means of payment, as it is hard to achieve trust for the inequity of transactions.

Janet Yellen Is on an Individual Crusade to Regulate Bitcoin

Yellen has insisted on tightening the regulation on cryptocurrencies as a necessary measure to prevent illicit activities. However, various studies have revealed that most funds that move illegally worldwide do so through traditional banking.

In January 2021, Yellen seemed to be more flexible about the regulation of crypto assets than other government officials. However, she considered that criminals could use Bitcoin to finance terrorism and launder money, among other international financial crimes. For that reason, she told senators that she would devote herself to encouraging the legal use of that technology.

She made those statements a few days after Biden issued the first executive order focused on Bitcoin and other cryptocurrencies. That document seeks to assess the benefits and risks of using those digital assets in the United States.

Bitcoin is trading at around USD 47,543 and has accumulated a 6.4% gain in the last week. Its daily trading volume is above USD 30.41 billion, and its market capitalization is about 903.15 billion, according to CoinGecko.

US government officials are increasingly aware of the growing relevance of Bitcoin and other cryptocurrencies in the economy. However, they still associate those assets with illicit activities, although research has proved that criminals prefer to use fiat money.

In the case of Janet Yellen, she has expressed her position against crypto assets since she became the US Treasury Secretary. The same as other representatives of the US government, she has acknowledged the advantages that they offer to American citizens.

By Alexander Salazar

Bitcoin Miners Could Find Shelter in Russia if Regulations Advance

Jenson Nunez
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0
Bitcoin Miners Could Find Shelter in Russia if Regulations Advance

Russia is open to adopting Bitcoin mining. The Russian government could decide where mining farms carry out their activities.

Bitcoin mining in a country like Russia is not currently under a legal framework. According to a government official, in the context of the armed conflict that Russia is facing, it is necessary to set up the legal field for this activity to get carried out in the nation.

Evgeny Grabchak, Minister of Energy of Russia, stated that the legal uncertainty regarding Bitcoin mining must get solved soon.

According to the statements, the minister saw that the legal framework should get adjusted to the regional development strategies so that the energy sources of each locality could get determined to set up Bitcoin miners. This procedure may show that the Russian administration would have the power to determine which sectors can build mining farms and which places cannot operate with bitcoin mining.

Russia Opens New Doorways To Bitcoin Mining

Some entities linked to the Russian administration recently revealed their supporting stance on Bitcoin mining. However, they still cannot approach a consensus among the authorities regarding whether to coincide with legalizing the digital asset or not.

Last February, the Russian Ministry of Economy revealed the slight possibility to permit Bitcoin mining in areas with surplus energy, giving miners advantageous positions with friendly prices.

This proposal arrived weeks after the Central Bank of Russia intended to ban activities linked to digital assets and mining, considering them a financial pyramid scheme and unproductive electrical energy consumption.

On the other hand, the Energy Minister, the Ministry of Finance, and the Russian leader Vladimir Putin gave a favorable sight to mining Bitcoin in Russia with surplus energy. However, they also clarified the requirements of a robust regulation over the activity.

Bitcoin mining and its transition to become a legal payment method on some exchanges may be urgent for Russia due to international punishments and the armed conflict going on with Ukraine, which damaged this nation and departed it from its trading partners globally.

This month, a committee of specialists held a meeting in Russia to lead a debate on the subject, and they discussed that the nation could receive bitcoin as a legal method of payment for oil and gas. This week, the Russian Prime Minister expressed that bitcoin and digital assets would get integrated into the national economy archetype.

The statement highlights that the legislator played an active role in legalizing crypto assets in the Russian Federation despite the global situation.

The group coincided when the discussion touched on the advance in developing the conceptual framework for digital assets and studied the possible risks determined by the Central Bank of the Russian Federation. The Russian Central Bank defends its stance about introducing Bitcoin and other digital assets into the Russian economic field.

Earlier this year, the issuing entity revealed a report highlighting a series of considerations to reinforce that digital currencies represent crucial threats to the well-being of Russian citizens and the stability of their financial balance.

By: Jenson Nuñez

The Russian Prime Minister Considers His Country Should Integrate Bitcoin into the Economy

Alexander Salazar
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0
The Russian Prime Minister Considers His Country Should Integrate Bitcoin into the Economy

Mishustin expressed his position in favor of Bitcoin, saying Russia must activate its circulation in the economy. The official stated that the Central Bank must help resolve the issue with cryptocurrencies, as the institution is against Bitcoin.

Mikhail Mishustin, the Russian Prime Minister, supported cryptocurrencies like Bitcoin during a meeting with the Liberal Democratic Party.

Mishustin considers that it is time to integrate cryptocurrencies into the economic system of Russia. For that reason, he believes it necessary to activate the circulation of digital currencies.

The chairman of the Committee on Energy Committee, Pavel Zavalny, recently admitted Russia might trade energy resources like gas and oil in cryptocurrencies.

Although the words of Zavalny were unofficial, the comments from Mishustin seem to confirm a renewed interest from the Russian government in cryptocurrencies.

Translations by tweeters indicate that Zavalny did not state any plans to include Bitcoin in their commercial exchanges. However, they might consider it among currencies from friendly countries, like the Chinese yuan (CNY) and the Turkish lira (TRY).

The position of the Russian Prime Minister became public knowledge in local media. The official stressed that the Central Bank must help them resolve the issue with cryptocurrencies.

With that, Mishustin referred to the open stance against Bitcoin of the financial institution, which recommended banning cryptocurrencies. That led to a public debate where President Vladimir Putin participated, favoring Bitcoin mining.

The Central Bank also suggests ending the issuance of cryptocurrencies by prohibiting mining and stopping their circulation on exchanges and P2P platforms. In that sense, they consider it necessary to ban financial organizations, instruments, and intermediaries from conducting transactions with cryptocurrencies.

The Controversy between the Central Bank of Russia and Finance

The Ministry of Finance disproved the extreme position against Bitcoin of the Central Bank. They did not accept the idea of censoring a market that moves over 2 trillion rubles (RUB), equivalent to USD 2.5 billion. For that reason, they recommend regulating it instead of banning it.

Likewise, the Prime Minister considers that they should take measures to regulate Bitcoin mining further. He recalled the government approved the bill introduced by the financial entity, which outlined the details of the regulation, in February.

On January 27th, the Executive submitted the draft law after the Central Bank stated it was considering the possibility of outlawing cryptocurrencies. They argued that those assets could cause financial instability, which a director of the Ministry of Finance refuted later.

According to the Ministry of Finance, the plan is to conduct all cryptocurrency transactions through Russian banks. All organizations that operate with Bitcoin must apply the know-your-customer (KYC) policy and share user data with the government.

The debate between the Ministry of Finance and the Central Bank occurred before the invasion of Ukraine.

During the war, the plans have continued to resolve the issue with crypto assets in the Eurasian nation. The State Duma, equivalent to the Legislative Assembly, announced that they would continue discussing the Digital Currency Bill.

By Alexander Salazar

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