Goldman Sachs Bank Achieved First Bitcoin OTC Trade

Jenson Nunez
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Goldman Sachs Bank Achieved First Bitcoin OTC Trade

The banking giant executed the operation of a Bitcoin-linked instrument along with Galaxy Digital. The action represents a milestone in terms of crypto acceptance by traditional finance entities.

Wall Street heavyweight Goldman Sachs has become the first leading US bank to set a completion on (OTC) cryptocurrency sale.

This information got revealed by many news outlets, including CNBC and CoinDesk, on Monday. According to reports, Goldman managed to trade a Bitcoin-linked instrument named a ‘non-deliverable option’ alongside digital asset finance company Galaxy Digital. The trade is some kind of cash-settled cryptocurrency options trade.

An OTC trade, short for Over-The-Counter, refers to trading securities through a network of brokers rather than an exchange network, as Investopedia explains. This over-the-counter transaction may include investment instruments that got previously listed on the stock exchange or not.

A Great Discovery for the Cryptocurrency Market

New York-based Galaxy Digital revealed the discovery through a press release quoted by the media.

The firm highlighted that this event marks the first OTC crypto transaction by a prominent financial entity based in the US. Goldman Sachs keeps extending the tentacles of its crypto offerings, demonstrating the constant growth of its relationship with digital assets.

The move represents a significant evolution in the development of the crypto market and the role of institutional investors, in part due to the nature of OTC operations and because it represents a higher risk for the financial entity, as highlighted by CNBC. Galaxy co-chairman Damien Vanderwilt expressed that the banking giant’s decision also represents its evolution regarding the market.

Vanderwilt said in an interview that this transaction represents the beginning of a series of decisions that banks desire to make to offer more diverse and customizable exposures to the market for their customers.

Vanderwilt also highlighted that they’d love to keep consolidating their relationship with Goldman and hopes that the transaction will pave new paths for other entities to consider OTC as a vehicle for crypto trading.

Goldman and Galaxy

The news arrived a year after Goldman Sachs restarted its digital asset operative desk after having it inactive for three-year. CoinDesk reported that the desk, which plays a significant role in the bank’s US Global Markets division, got re-released because of the increasing requests from institutional clients.

On the other hand, the investment bank marks almost a year since it first contributed with Galaxy in June 2021 to carry out Bitcoin futures activities. Since then, the entity led by billionaire crypto financier Mike Novogratz has brought liquidity for block trades on CME Group.

Earlier this month, a filing with the US Securities and Exchange Commission (SEC) revealed that the bank has offered interested customers access to an Ethereum fund managed by Galaxy. The strategy is part of an agreement in which Goldman receives a fee for referring investors to the fund.

By: Jenson Nuñez

HubSpot Hack Compromised Customer Data from Circle, BlockFi, Pantera Capital, and Other Crypto Services

Jenson Nunez
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Reports highlighted that a phishing attack aimed at a HubSpot member was the procedure applied by the attacker to extract the information of the harmed entities. The latter notified their users to apply protective measures against the attack.

Recently published reports highlighted that companies such as Circle, BlockFi, Pantera Capital, NYDIG, and many others in the crypto space became victims of a security breach in which attackers managed to extract meaningful information linked to users of these companies.

Theft of User Data from HubSpot

According to reports, the companies revealed that the security breach was present at the HubSpot marketing and sales company level, which brings a variety of services to the affected entities. Therefore, the security breach happened through a third party, the victim of an attack where the data got extracted.

On the other hand, Pantera highlighted that its “Internal Systems” did not receive damage during the incident. The responsible attacker could not enter any of the data handled by the company, which had important info such as social security numbers or even government ID.

According to Circle, the company similarly informed its users and expressed that customers’ contact information got extracted. The company also added that Customer funds, financial transaction data, and information directly connected to the Know Your Customer (KYC) system did not receive harm.

Some Important Aspects About the Attack

Regarding the attack against HubSpot, the company brought details about the event in a publication made through its official blog. It highlighted that it took place last weekend and that a possible attack by a Phishing guy targeted one of the workers.

HubSpot did not reveal which companies got harmed after the attack. Still, this information appeared because the same entities notified their users through emails to warn them about what had just happened. At the moment, the global scope of the attack remains unclear since the amount of data that got extracted remains unknown.

In this regard, the founder of the antiphishing service used by Cloudflare, Oren Falkowitz, highlighted that it was pretty obvious that the primary cause of the attack against HubSpot was phishing. Phishing attacks continue to be the main cause of at least 95% of phishing attacks.

What’s so destructive about these attacks is that they start a chain reaction of more phishing, which HubSpot customers are already reporting.

The Role of Data for Hackers

Regarding the destination of the data, analysts hypothesize that hackers could be interested in marketing them through dark web forums, a very common practice in which they get sold to the highest bidder for generally criminal purposes.

However, since the theft got aimed at entities like Circle and BlockFi, the attackers could also use this contact information to extract passwords and other vital information used to enter the accounts.

By: Jenson Nuñez

These Events Have Influenced Cryptocurrencies in Spanish-Speaking Countries

Alexander Salazar
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These Events Have Influenced Cryptocurrencies in Spanish-Speaking Countries

High inflation rates cause Spaniards to seek crypto assets as an alternative to save money. The increasing difficulty to exchange bolivars for US dollars leads Venezuelans to use cryptocurrency platforms.

Significant events have affected the world of cryptocurrencies in Spanish-speaking countries over the last week. For example, Argentine signed an agreement with the International Monetary Fund (IMF) to discourage using cryptocurrencies.

Citizens of the region are still concerned about the inflationary issue, which also affects Spanish residents. Besides, Colombia seems to have left the regulatory future in limbo, while El Salvador discusses economic policies amid the war between Russia and Ukraine.

The Argentine Financial Information Unit to Apply Measures to Discourage Cryptocurrencies

Argentina ratified the agreement with the IMF, becoming the first to commit to applying anti-bitcoin measures. The South American country accepted a clause that aims to discourage using cryptocurrencies in the region, which moves over USD 68,000 million.

Although nobody knows yet the measures the government would take to discourage the ecosystem, the Financial Information Unit (UIF) would apply them. That government agency seeks to prevent and impede money laundering by requiring cryptocurrency exchanges to register and report their operations.

Colombian Congressional Candidates Propose Non-Punitive Regulation of Cryptocurrencies

The outcome of the Colombian congressional elections occurring on March 13th generated a restoration of political parties. That may lead to losing promoters in the debate on the regulation of cryptocurrencies.

Two congressmen and one aspirant included the issue in their political agendas but did not reach enough votes. While Mauricio Toro and Edward Rodríguez sought re-election, Didier Carrillo wanted to win a seat in Parliament.

Their proposals aim to promote non-punitive regulation, as projects on the technology of the ecosystem might end up shelved for four years.

The Bitcoin Sector Grows in El Salvador despite Reports on Low Acceptance

The Salvadoran Chamber of Commerce and Industry (Camarasal) reported that 91.7% of businesspeople had ignored the entry into force of Bitcoin as legal tender. Between January and February, the association surveyed small, medium, and large companies in El Salvador to learn about the acceptance of cryptocurrency.

However, there is a growing number of exchanges, digital wallets, payment processors, and Bitcoin custodians in El Salvador. They have arrived in the Central American country with a long-term vision for cryptocurrency adoption.

Spaniards Seek Bitcoin as an Alternative to Hedge against Inflation

The price increase index in Spain is 7.6% for February, the highest figure in 35 years. That situation worries the Spanish and causes people to have less money and seek alternatives to save, like Bitcoin and other cryptocurrencies. That level of inflation positions the country among those with the highest inflation in Europe.

Meanwhile, the National Institute of Cybersecurity (INCIBE) reported that theft cases through vishing have increased. Criminals conduct that fraud through telephone calls by impersonating trusted companies or entities to obtain personal data and steal cryptocurrencies. The agency highlights that older adults are among the main targets of those scammers.

Although Mexicans Associate Bitcoin with Illicit Activities, Scammers Prefer Fiat Money

Eloísa Cadenas, the founder of CryptoFintech, recently talked about how negatively Mexicans often view Bitcoin entrepreneurs. She said people ask them whether they launder money or buy drugs, among other stigmatizing comments about the cryptocurrency.

Camilo Suárez, the president of the Colombian Blockchain Association, agreed with Cadenas that the mistaken association of cryptocurrencies with illegal activities affects the sector. Various studies have revealed that Mexican and Colombian cartels prefer traditional banks instead of Bitcoin to launder money.

Cryptocurrency Exchanges Could Solve the Difficulty to Access Fiat Money in Venezuela

It is becoming increasingly difficult for Venezuelans to obtain bolivars in exchange for US dollars and other foreign fiat currencies. Economist Aaron Olmos stated that the situation became worse during the first quarter of the year. He said that people could solve that problem with cryptocurrency platforms.

Concerning cryptocurrency mining, Venezuelan miner Alejandro Quiles talked about the development of this industry. He considers that the activity has proved to be highly profitable in the South American country.

By Alexander Salazar

How Could We Contribute to Decentralization in Cardano?

Audy Castañeda
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How Could We Contribute to Decentralization in Cardano?

Choosing a delegation pool according to our preferences, sovereignty, or profitability?

It is March 2022 and many exciting things have happened in the Cardano ecosystem to date, such as smart contracts, decentralized exchanges (DEXs), and tiered solutions for scalability.

Cardano takes things easy and moves slowly but surely. However, as its adoption advances, situations arise that could overshadow these advances.

One of the most important milestones was the launch of the DEX, among which SundaeSwap, MuesliSwap, AstroSwap, and Minswap stand out among others. Although Cardano complies with the philosophy of decentralization, with its consensus methodology via Proof of Stake (PoS) it is involved in a quasi-vicious circle of speculation in relation to the so-called “Multiple SPOs”, explained below.

What is an SPO?

A Stake Pool Operator (SPO) is an entity, company or person, which provides hardware, software, time and effort to collaborate with the network, serving as a node that verifies and validates transactions. To operate a pool, we need both a block producer node (Block Producer Node), one or more relay nodes (Relay Nodes) and a “cold” computer disconnected from the internet. These are also necessary to sign transactions, generate certificates and keep the essential information of the pool safe. .

 The function of each of these nodes is specific, but it is worth pointing out that a large investment in hardware is not necessary, since 100 GB of storage and 12 GB of RAM for each node is, so far, enough. These nodes connect to each other, and the relays must be connected to the internet 24/7/365 to ensure high availability and thus build trust among potential delegators.

Stake pool operators, therefore, require an initial investment in hardware and periodically must cover fixed costs to ensure their operation and availability. On the other hand, in order to recover these payments, the network rewards operators whose pool has produced at least one block in an “epoch” (this is a period of 5 days). For each epoch with blocks produced, the pool receives a reward that consists of a fixed or variable amount in ADA according to the pool configuration and delegators with a percentage between approximately 4.5% and 5.5% per year. In other words, to recover at least the investment and costs, the pools need staking, that is, wallets delegated to these pools.

For a pool to produce a block it must have ADA in staking, and the more ADA it has delegates, the more likely it is to produce one or more blocks in an epoch, therefore operators will look for ways to attract delegators to ensure this return and resort advertising, broadcasting, marketing, etc.

To Decentralize or Not To Decentralize, That is the Question

Let us just imagine that we have a circuit: create a pool, spread it, get delegators, generate rewards, keep spreading, and get more delegators, and therefore more rewards. This mechanism encourages operators to want to operate more than one pool, as this will potentially generate huge income, Then, we compromise decentralization, since a new pool, with little staking, may not produce blocks. Consequently, it will not generate rewards, it will not attract delegators and their operator will eventually have to pull it out, as they cannot afford the operating costs, driving delegators into larger and more profitable pools.

So What Actions Could We Take?

Mainly studying the landscape, understanding the importance of small pools and their role in decentralization. This is not a wrong move, as there are people profiting from multiple pools, but those who act in pursuit of decentralization must be attentive to several things. In principle, it is essential to review regularly the status of the pool to which we are delegating, since it could saturate or be close to being withdrawn. In both cases, we will lose profitability; in the case of saturation, it will reduce, and in the case of a withdrawn pool, it will simply be zero.

On the other hand, it is also important to know which pools participate in ISPO (Initial Stake Pool Offering) to delegate to those that could reward with tokens from new platforms, as was the case with SundaeSwap and Minswap, among many others.

The so-called ISPO model is a fundraising model used and popularized by the Cardano ecosystem. While this methodology may be beneficial for delegators and platforms looking to raise funds, it may not be beneficial for the network as a whole as it centralizes staking power in those pools that have been selected for ISPOs.

In one case, the Twitter user @TITW_STAKEPOOL has criticized that “among some 23 pools they are minting 50% of the blocks in Cardano. Over time, the small pools will be pushed out by the multiple pools, increasing the degree of centralization,” he warns.

The abovementioned Twitter user added that, “The CardanoCommunity is getting into dangerous levels and I want to give a heads up, what is currently talked about in some circles, which the vast majority of cardano $ADA holders seem to be completely not aware of.”

IOHK’s Action: The Conclave Project

According to an analysis in Spanish by the Twitter user @CriptoRave, “The Conclave project allows the development of multipools that bring together their delegations to form a great voting power that allows them to jointly sign blocks.” He then adds that, “Conclave brings PoS a widely used technique in PoW mining (mining pools), where the problem is the same as the one raised here, with the difference that in PoW, the barrier to entry is the enormous initial expense necessary”. The analysis goes on in an extensive thread where this user also addresses the issue of decentralization.

To conclude, there is no good or bad side to this topic. It is a matter of choice. In Bitcoin and Ethereum, centralization can occur on the mining side, where mining power can be directed towards a chain fork as they threatened to do in Ethereum at some point (when they did not agree with a peculiar update), to demonstrate who holds the power. In Cardano, centralization would be subject to the choice of network users who have the right, and why not, the duty, to actively participate and select small pools to contribute to decentralization. In addition, thinking of not only cryptocurrencies but also of fiat money and its various investment models, this thought emerges, “The preference of an economic return over the sovereignty of our money is something that we have to question, whatever the technology or form of money that we choose to use.”

By Audy Castaneda

Skyrocketing Luna Token Price: is Network Growth Sustainable?

Audy Castañeda
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0
Skyrocketing Luna Token Price: is Network Growth Sustainable?

In recent months, Terra and its associated cryptocurrency, LUNA, have increased in popularity. Is there more to this exponential growth than meets the eye?

Terra, an open-source Blockchain platform for algorithmic stablecoins, has been on fire for approximately over the last six months. The value of its native crypto asset Terra (LUNA) has risen from $24 to over $100 over such a period, ranking it among the top 10 cryptocurrencies by market capitalization.

Even though LUNA has shown minor corrections here and there, the coin and the Terra project, in general, have continued to grow strongly. Up to this point, on March 4, LUNA switched to Ether (ETH) in terms of total value staked, with $29.5 billion worth of LUNA locked up within the platform compared to $25.9 billion of ETH.

Additionally, native data from Terra shows that the ecosystem currently has over 230,000 stakers, making it the second most staked crypto asset, with more than four times the number staked on ETH, at 54,768. Finally, in terms of annual staking rewards, LUNA offers an average annual return of around 6.62%, while ETH reaches 4.81%.

With LUNA up more than 350% in the last 12 months, various experts have continued to claim that Terra’s mentioned growth may not be sustainable. In fact, individuals associated with the ecosystem – both for and against – have made massive bets as to where LUNA will be trading around this time next year.

Terra Community on Edge: The $1 Million Bet

With LUNA up more than 350% in the last 12 months, a number of experts have continued to state that Terra’s aforementioned growth may not be sustainable. In fact, individuals associated with the ecosystem – both for and against – have made massive bets as to where LUNA will be trading around this time next year.

Cryptocurrency pseudonym “Sensei Algod” is so bearish on the Terra token that he recently bet $1,000,000 that by March 14, 2023, LUNA would be trading at a lower price than it was on that date, 88 Dollars. Do Kwon, CEO, and founder of Terraform Labs, the company behind Terra, quickly accepted Algod’s proposal. Kwon also put up the same amount stating that the cryptocurrency will definitely trade above $88 by then.

As conversations between the two intensified via Twitter, the duo ultimately decided to seek the services of Cobie, co-host of the UpOnly crypto podcast, who will serve as escrow agent facilitating the entire deal. To explain, both Kwon and Algod have locked up a total of $1 million each in Tether (USDT) inside an Ethereum address labeled “Cobie: LUNA Bet Escrow.”

Kiril Nikolov, head of DeFi strategy at Nexo, a Blockchain-based lending platform, told Cointelegraph that while bets like these can garner a lot of attention, they “don’t really matter” in the grand scheme of things. He added that the developers will continue to build on Terra regardless of the price of LUNA or if Do Kwon loses the bet.

Derek Lim, head of crypto insights for cryptocurrency exchange Bybit, shares the same view. He told Cointelegraph the following, “I don’t think we can or should read too much into this. It would be a stretch to think that this bet between private parties can mean anything insidious or bullish. Instead, we should focus on other factors such as the sustainability of the project’s performance reserve.”

Daniel Santos, CEO of Woonkly, a decentralized finance (DeFi)-based social media network, believes the betting shows the growing popularity of LUNA. “The more popular a project is, the more fans and haters it has. One of the haters made a bet against LUNA and the Terra founder accepted the bet and why not, it’s that simple,” he told Cointelegraph.

Is Terra’s Growth Really Sustainable?

While on paper Terra’s rise looks extremely impressive, especially with LUNA flipping ETH in terms of value staked and its number of respective token stakers, Nikolov pointed out that there is a big difference in the staking model of the two projects, given the inability of investors to withdraw their staked ETH and rewards until Ethereum 2.0 is released. “So it is normal that only a small percentage of all ETH is staked, compared to LUNA,” he added.

Furthermore, Nikolov noted that Terra has done a great job of recognizing that there is the need to implement liquid staking solutions to generate stable and compatible demand, which they can use as collateral. He added that, “Once the Eth2 merger is complete, we can expect the percentage of staked ETH to be similar to that of LUNA, with liquid staking solutions like Lido playing the main role of generating utility from staked ETH, for example as collateral).”

Lim believes that Terra’s current staking returns are quite sustainable, adding that at a very basic level, staking rewards generated through the system’s Tobin fee and spread fees from LUNA/TerraUSD mintburn swaps (UST) are very practical.

Terra’s Anchor Dilemma

The Anchor Protocol (ANC), a decentralized lending application built on top of the Terra ecosystem, currently allows investors in TerraUSD – the platform’s native stablecoin, denominated in US dollars – to accumulate an annual percentage yield (APY) of almost 20%. In theory, such high-interest rates are possible because the deposited stablecoins are pooled and lent out to borrowers to accrue interest.

In addition, in order for a person to borrow from UST, they have to deposit staked tokens, including staked LUNA and ETH, as collateral. When interest earned and staking rewards are unable to keep up with the 20% interest rate, as is the case now, Anchor must take money from its “yield reserve” to make up the gap between your total earnings and payouts.

In its current state, some smart users manipulate Anchor. They, in recent months, have been taking out UST loans at around 2.5% annual percentage rate (APR) and then depositing that same sum back into the protocol of Anchor to accumulate profits of 20%. Thus, there is a significant imbalance in this configuration, since there is more demand for the 20% yields than for the UST borrowers.

To help meet these unsustainable payments, Anchor has been spending its native reserves at a dizzying pace, as evidenced by the fact that the protocol’s crypto coffers, between late December and mid-February, dwindled from 70 million dollars to just over 6.50 million.

Jack Tao, CEO of cryptocurrency exchange Phemex, told Cointelegraph that while Anchor’s extremely high yield ratio has helped drive demand for UST and LUNA—with the latter’s value rising 60% in the last month—, the current APR of the protocol can be extremely difficult to maintain. Tao further commented that, “We have to keep in mind that the cryptocurrency market is very volatile and these high-yield payouts are definitely hard to sustain in the long run, as much of it can be inflated due to speculation. Now that there are more UST than ever, there are already critics who believe that LUNA will not be able to sustain its price unless Terra changes its current model.”

Lim also believes that Achor’s current APR is quite unsustainable. He noted that the protocol works like any other money market. If the yield reserve runs out, the APR adjusts to a sustainable amount – around 12-15% per year – which is quite fine for stablecoins.

On a more technical note, he stated that there are four key issues facing Anchor that must be resolved immediately for the project to move forward sustainably. Among them is the growth of deposits that exceeds that of loans, the difference in the ratios of loans and expenses to maintain an APR of 20%, the slowness with which the protocol allows adding new collateral assets, and the existing friction between Anchor and other blockchain ecosystems.

Nikolov noted that although UST’s fluctuating rate of return reserves on Anchor is unsustainable, it has allowed the stablecoin to become widely adopted. This is something that he believes could play a big role in the long-term success of the asset.

The Ecosystem Must Continue Maturing

Santos is of the opinion that most of the projects that enter the cryptocurrency market -especially in the decentralized finance sector- tend to make use of a high APY model to attract investors, although they know very well that these interest rates inflated yields are not very sustainable in the long run.

He pointed to the case of Wonderland, a project that offered returns of over 80,000%, which ended up causing its demise. That said, he does not see the same thing happening with Terra because the platform offers users a number of use cases as well as a high degree of operational functionality. He further commented that, “Cardano is a prime example, with tons of investors jumping on the ADA bandwagon in the last year. A large part of the cryptocurrency community said that Cardano had ‘nothing’ to offer, something that LUNA is now facing with its detractors.”

As we move into a future increasingly driven by decentralized technologies, it makes sense that the best way for the industry to grow is through continued maturity. This will prevent forcing the projects that join it to offer extremely high returns – which often border on the ridiculous – in order to attract new clients.

By Audy Castaneda

Law Decoded: Gulf Arab States Open up to Digital Asset Services, March 14-21

Audy Castañeda
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0
Law Decoded: Gulf Arab States Open up to Digital Asset Services, March 14-21

Cryptocurrencies arrive in the Persian Gulf, the United States Congress moves aside, Australia studies regulating DAOs.

Last week got off to an uneasy start when a clause that many interpreted as a direct path to banning proof-of-work (PoW)-based cryptocurrencies suddenly returned to the draft of a major European Union directive that would apply to digital assets.

Many in the crypto policy space had immediate memories of other instances of damaging last-minute additions to legislation due to discussion and approval or dismissal days and hours before the vote. All ended well, however, as the Committee on Economic and Monetary Affairs voted against the hostile language bill.

In the United States, monetary policy continued to become politicized, as evidenced by the fact that Sarah Bloom Raskin, chosen by President Joe Biden to occupy the vice presidency of the Federal Reserve in terms of supervision, had to withdraw her appointment due to the refusal of the Senate.

Separately, Ukrainian President Volodymyr Zelenskyy put aside pressing matters of national defense to sign a bill granting digital assets legal status.

Other highlights of the week included the expansion of cryptocurrency platforms in the Gulf region, a number of crypto-related statements and actions by members of the US Congress, and some favorable political developments in Australia.

The Gulf of Crypto

Several Middle Eastern jurisdictions have welcomed major players in the global cryptocurrency industry to their turf in the past week. The streak began with Binance, the world’s largest cryptocurrency exchange by volume, getting clearance from the Central Bank of Bahrain on March 14. The license covers services such as trading, custody, and portfolio management.

Less than a day later, in a historic first, FTX obtained a license from the newly created Dubai Virtual Assets Regulatory Authority. However, Binance was hot on the heels of FTX, announcing that it had obtained a virtual asset exchange license from Dubai on March 16. With crypto powerhouses lining up to establish themselves in Dubai, the emirate appears poised to become the region’s crypto hub thanks to forward-thinking political initiatives by its leaders.

Much Ado at the Capitol

Digital assets remain high on the agendas of many US federal lawmakers, with another congressional hearing, this time from a national security and illicit finance standpoint, taking place at the Banking Commission. , Housing and Urban Affairs of the Senate. Hot topics like sanctions, regulatory compliance, and ransomware facilitation inevitably received a lot of attention. However, industry representatives were also able to spend some time calling on Congress to speed up its work to provide regulatory clarity for US-based crypto firms.

Meanwhile, cryptocurrency advocates and detractors in Washington, D.C. continued to make mischief. A bipartisan group of congressional representatives, led by Minnesota Rep. Tom Emmer, has denounced Securities and Exchange Commission chief Gary Gensler for subjecting crypto firms to unnecessary scrutiny. The eternal critics of cryptocurrencies: Representative Brad Sherman and Senator Elizabeth Warren, for their part, announced bills that would authorize the US government to limit the ability of digital asset service providers to deal with people and entities based in Russia.

Big News from Australia

Australian Senator Andrew Bragg, a longtime advocate for the cryptocurrency industry, has announced a far-reaching legislative package called the Digital Services Act. In addition to familiar issues such as setting standards for licensing of service providers, custody, and taxation, the initiative emphasizes the need to regulate decentralized autonomous organizations or DAOs. Bragg argues that these entities represent a “threat to the tax base” and therefore urgently need both acknowledgment and regulation. The senator from New South Wales unveiled the proposed framework at a Blockchain conference. The document is not part of the Australian legislature yet.

By Audy Castaneda

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