There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject. There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. The Coronavirus has affected everything, including the crypto world. That’s exactly why there are tons of news about cryptocurrencies that are connected to the world’s biggest problem at the moment. We have picked some of the most exciting and most recent news for this article.
The COVID-19 pandemic shook the whole world. It’s been months since it first appeared and the world is still far from recovering. Every country and every industry in those countries was affected. Normally, this includes the world of cryptocurrency as well. It started with fees rising drastically; however, the situation has improved since then. Below, we will share the most recent news in this industry. First, we will talk about the currency expansion that Binance is doing. Next, we have some news on bitcoin activity in Russia. Last but not least, we have to mention the diversity offered by blockchain. Keep reading to find out the newest information on cryptocurrency.
Binance expanding to support 15 new currencies
According to an anouncement from July 7th, Binance expanded even further. They added support for the United Arab Emirates dirham, Australian dollar, Canadian dollar, Swiss franc, Czech koruna, euro, British pound, Hong Kong dollar, Danish krone, Hungarian forint, Mexican peso, Norwegian krone, New Zealand dollar, Polish złoty and Swedish krona. To be able to do this, Binance partnered with Etana Custody. This company is a crypto asset and fiat money institutional custodian. However, that’s not all, because Binance connected their accounts to Etana Custody. According to Binance CFO Wei Zhou users can transfer the funds via SWIFT wire transfer. He was talking to Cointelegraph about this matter:
“After linking Binance accounts to Etana accounts, Binance users can wire funds directly from their bank accounts to Etana, and then have their Etana fiat balance credited to the corresponding Binance accounts instantly and free of charge by initiating a fiat deposit request on Binance.”
Additionally, Etana are going to offer even more options for users. The idea behind this partnership is to make crypto more accessible. Etana waived custody and deposit fees for sums of $1,000 or higher until Aug. 5, but a $35 bank wire transfer fee still applies. The maximum deposit and withdrawal limit depends on the level of the linked Binance account, while the minimum deposit and withdrawal limit is $150.
Bitcoin Activity in Russia
A branch of the Russian federal government recently published a draft of a new litigation called “On Digital Financial Assets”. The litigation will enforce strict cryptocurrency laws in the country. It hasn’t been approved yet but they have discussing it since 2018. The new laws define Bitcoin as property. However, they do not count it as legal tender. Their proposition is that Bitcoin (BTC) miners register as individual companies so they can be appropriately taxed. President Putin was planning on revealing this crypto tax by July 1st. However, we are now a whole week into July and there is no news on the matter. Most people believe that the government doesn’t have the ability to regulate this industry.
Since its inception, the government has grappled with how to regulate cryptocurrencies. “There is no doubt that decentralization and peer-to-peer transactions by their very nature presents regulators with real challenges,” says Eddy Trava, CEO of Coinsilium, a blockchain and digital asset investment firm. Central Banks always turn crypto coins into the villains. They connected them with immoral activities such as human trafficking — and governments were quick to follow this train of thought. However, as the industry has grown and gained legitimacy, many governments are switching tracks and trying to make sure they also have a finger in the pie by focusing tax efforts on digital assets.
Taxation defeats the purpose of the blockchain technology. The idea is to leave the old ways behind and replace them with something better. Financial technology is developing faster than ever. Most people around the world believe that governments will never be able to fully understand cryptocurrency. That’s exactly what is happening in Russia right now. People are investing in cryptocurrency because they believe their government will never be able to create any trouble for the industry. They are investing a large amount of money on a gamble. However, so far they are clearly winning.
Industry stakeholders say the crypto and blockchain space is becoming more racially diverse as the technology spreads across the world. Financial inclusion is often cited as a reason for the pursuit of crypto and blockchain innovation. With gatekeepers monopolizing the global financial scene, several disenfranchised demographics have seen themselves cut off from viable channels of economic prosperity. Amid the push for economic and technological self-actualization comes the need for racial diversity and inclusion, especially within the context of the current political climate. With matters concerning racial bias and discrimination dominating social discourse across the globe, perhaps it is time for some introspection about how the crypto industry stacks up within the broader tech and financial services sectors.
However, racial bias and discrimination are still high in Silicon Valley. We all saw proof recently, after what happened to George Floyd. Crypto and tech companies also joined in publishing messages of solidarity with the Black community in America. The CEO of crypto exchange platform OKEx, Jay Hao shared a few words on the matter.
“There is deep inequality and injustice in many parts of the world when it comes to the color of a person’s skin. This is something that runs very deep in society but I am very hopeful that we will start to see a change and that we will be able to live in a more just world where the color of your skin is irrelevant.”
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