The Bitcoin, Blockchain, and Cryptocurrency Thread

[fft100]

With most cryptocurrency being used for drugs, money laundering and the likes,.I can see central banks imposing a KYC (or similar) requirement on CC issuers. Otherwise the destabilizing risk is far too high. Swiss bank accounts had to open up. I don't see CC companies getting away with it forever.

There is also the energy question. Mining CC now takes more power than Norway or argentina uses per year - and is growing. It uses 0.6% of global energy production, mainly in china and contributes a lot to global warming as only 35% is created using renewables. It mainly uses coal.

https://www.visualcapitalist.com/visual ... in-mining/

[buksida]

With most cryptocurrency being used for drugs, money laundering and the likes,.

Typical uninformed tripe that politicians like to spout.

Mining CC now takes more power than Norway or argentina uses per year - and is growing. It uses 0.6% of global energy production, mainly in china and contributes a lot to global warming as only 35% is created using renewables. It mainly uses coal.

Incorrect.

Yes, it does use a lot of power - but as much as 70% is renewables. Sichuan in China being a prime example, dominating with hydropower. All the new mining facilities in the US are solar-powered.




Agree with the KYC observation though - banks hate crypto because they cant control it.

[Dannie Boy]

Irrespective of whether it’s “green” electricity or not, the level of consumption is crazy - surely there must be a more environmentally friendly way to operate these types of currency?


Sent from my iPhone using Tapatalk

[buksida]

Yes, its called proof-of-stake, a consensus mechanism that Ethereum is transitioning to which doesn't involve mining.

Mainstream media does appear centered on Bitcoin bashing though, which is where all of these fictitious tales of doom and gloom originate.

[buksida]

Prayut-themed cryptocurrency launches with charity business model
A cryptocurrency inspired by Prime Minister Prayut Chan-ocha has launched as one of the first charity tokens on the Binace Smart Chain (BSC).

The LUNGTOO currency will donate all of its transaction fees, in a bid to use block-chain technology to help charities and communities in Thailand who usually would not have access to the same opportunity, the website said.

“As the auto redistribution becomes larger and larger on our charity and team wallets, they will compound that and use it as donations of the community’s choice,” the website said.

The currency’s name translates as “Uncle Too”, a reference to the premier’s nickname.

The office of the prime minister said they were aware of the new cryptocurrency, but had no official comment to make at the moment.

There are two charity projects at present, namely the Foundation of Phramongkutklao Hospital and Siriraj Foundation for Covid-19.

LUNGTOO has a total supply of 112.44 billion tokens with a 10-per-cent transaction fee. The creator team is aiming to list it on cryptocurrency platforms like Coingecko, CoinMarketCap, and Blockfolio in the second quarter.

https://www.thaienquirer.com/27379/pray ... ess-model/

You couldn't make that up, and there was me thinking its April Fool's Day. A cryptocurrency themed on the dictator whose administration wants to crack down on cryptocurrencies. Only in Thailand.

[PeteC]

Bitcoin tumbles below $40,000 after China issues warning

https://www.bangkokpost.com/business/21 ... es-warning

Bitcoin plunged below $40,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them.

The comments sent the unit diving more than 10% and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90% of the global trade in the sector.

In a statement, three state-backed industry associations -- the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China -- said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded".

The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order", said the statement, which was posted to social media by the People's Bank of China.

The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves", since Chinese law offers no protection to them. It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.

Bitcoin tumbled on Wednesday from $45,600 to below $39,000, its lowest since early February, and well off the record high of $64,870 seen as recently as last month. Analysts have warned it could go down as far as $30,000.

"This is the latest chapter of China tightening the noose around crypto," Antoni Trenchev, managing partner and co-founder of London-based crypto lender Nexo, said.

And Adam Reynolds, of Saxo Markets, added: "It's no surprise to me, as Chinese capital controls can be challenged by cryptocurrency purchases in the country and transfers out of the country. "So avoiding use of them in the country is essential to maintaining capital controls."

Bitcoin has had a torrid few days. It took a heavy hit at the start of the week after Musk appeared to suggest Tesla was planning to sell its huge holdings of the unit. And that came days after the electric car giant said it would halt using it in transactions because of environmental concerns.

China is in the midst of a wide-ranging regulatory crackdown on its fintech sector, whose biggest players -- including Alibaba and Tencent -- have been hit with big fines after being found guilty of monopolistic practices.

The central bank has also sought to promote its own heavily regulated digital yuan, which it is testing across the country in pilot schemes.

Consumers already widely use mobile and online payments, but the digital yuan could allow the central bank -- rather than the big tech giants -- greater data and control over payments.

Bloomberg News contributed to this story.

[buksida]

I think Elon Musk has had more to do with the crash than China - which issues warnings about crypto every month.

[pharvey]

I think Elon Musk has had more to do with the crash than China - which issues warnings about crypto every month.

Agreed. The guy certainly hasn't done Bitcoin or it's investors any favours - though Tesla made a reported US$ 200 million in selling off their holding of the currency before announcing it could not be used to purchase Tesla cars.... Starting the drop in price!!

Fluctuations in DogeCoin prices have in many cases also been down to his comments and actions.....

[buksida]

SEC seeks to regulate decentralised finance
Activities related to decentralised finance (DeFi) projects which involve digital coin issuance may require a licence from the regulator in the near future, the Securities and Exchange Commission (SEC) announced.

The statement was released on Sunday afternoon after a DeFi farming platform named Tuktuk Finance debuted on Bitkub Chain in the morning. The price of TUK token, the native token of Tuktuk Finance, soared to several hundred US dollars and then collapsed to $1 within just a few minutes.

It is the first official announcement on DeFi from the SEC. Earlier, it was not clear which regulators would have oversight over DeFi transactions in the country.

DeFi has been a challenge for regulators around the world as there are many emerging financial technologies related to DeFi such as popular blockchain-based decentralised financial services, both lending and borrowing, which use smart contracts instead of traditional financial intermediaries, decentralised securities exchanges, asset management, as well as the issuance of digital tokens.

https://www.bangkokpost.com/business/21 ... ed-finance

[buksida]

El Salvador approves law to make bitcoin legal tender
The Congress of El Salvador has approved a law that will classify Bitcoin as legal tender in the Central American country, its president said, making it the world's first nation to adopt a cryptocurrency.

"The #BitcoinLaw has just been approved by a qualified majority" in the legislative assembly, President Nayib Bukele tweeted after the vote late Tuesday.

"History!" the president added.

He said a majority of 62 out of 84 lawmakers approved the bill, which he proposed last week.

The law passed with the support of Bukele's allies despite minority opposition parties -- who had criticised the speed of the vote -- refusing to back it.

Before the vote, Bukele said adopting the cryptocurrency would bring "financial inclusion, investment, tourism, innovation and economic development" to the country.

The Salvadoran leader has hailed bitcoin as "the fastest growing way to transfer" billions of dollars in remittances and to prevent millions from being lost to intermediaries.

Remittances from Salvadorans working overseas represent a major chunk of the economy -- equivalent to roughly 22 percent of Gross Domestic Product.

In 2020, remittances to the country totaled $5.9 billion, according to official reports.

"This is a law that will put El Salvador on the world's radar, we will be more attractive for foreign investment," Romeo Auerbach, deputy of the Grand Alliance for National Unity party, an ally of Bukele, said.

https://www.bangkokpost.com/world/21294 ... gal-tender

If the dinosaurs that run this joint could take a leaf out of his book ... yeah, I know ... dream on.

[buksida]

Thai property developers look to tech
Amid a property market slowdown and travel obstacles, developers are adopting digital tools to boost residential sales from local and foreign demand as well as tapping into a new generation of buyers offering sales via cryptocurrency.

Kromchet Vipanpong, chief executive of SET-listed developer AssetWise (ASW), said the company joined hands with Thai cryptocurrency firm Bitkub Capital Group Holdings last week to launch a digital currency exchange service for home purchases.

"We want to have a variety of money transfer channels in addition to cash, bank transfers and credit cards," he said. "Our customers can use cryptocurrencies for payments and the fee is lower than credit cards at only 0.25% compared with 2-3%."

Mr Kromchet said the partnership with Bitkub will help it expand to a new market -- a younger generation familiar with digital money.

"Since we launched last week, two customers have made monthly down payments using Ethereum, which we swapped to baht in our account," he said. "They are customers at Kave TU, a condo project targeting university students."

Bitkub is the country's largest local digital exchange, with the number of applicants for trading accounts totalling more than 1.5 million and a maximum trading volume of over 1.2 billion baht per day.

https://www.bangkokpost.com/business/21 ... ok-to-tech

And this is in the same country where the junta is trying to curtail crypto trading?

[buksida]

Thai central bank to pioneer retail digital currency in 2022
Thailand’s central bank will trial a government-backed digital currency in the second quarter of 2022, it said Thursday.

After research into the acceptability of a retail central bank digital currency (CBDC), the pilot project will evaluate the use in practice of the CBDC in cash-like activities, such as buying or selling goods and services, or transfers, said the bank’s assistant governor Vachira Arromdee.

Under the first stage, the CBDC will be used on a limited scale, then it will be open for further innovation with collaboration from private sector and technology developers, the statement said.

​​The CBDC will not adversely affect monetary policy, it said, emphasizing that the usage of its digital coins shall be non-interest bearing, with financial institutions as intermediaries and limits on currency conversion.

Vachira said the central bank will assess results and risks from the test to ensure that the CBDC is beneficial to all and does not undermine economic and financial stability in the future.

According to the bank, public demand for CBDC will “gradually increase over time” and “could become an alternative payment option in the future.”

https://www.thaienquirer.com/31510/thai ... y-in-2022/

[handdrummer]

Thai central bank to pioneer retail digital currency in 2022
Thailand’s central bank will trial a government-backed digital currency in the second quarter of 2022, it said Thursday.

After research into the acceptability of a retail central bank digital currency (CBDC), the pilot project will evaluate the use in practice of the CBDC in cash-like activities, such as buying or selling goods and services, or transfers, said the bank’s assistant governor Vachira Arromdee.

Under the first stage, the CBDC will be used on a limited scale, then it will be open for further innovation with collaboration from private sector and technology developers, the statement said.

​​The CBDC will not adversely affect monetary policy, it said, emphasizing that the usage of its digital coins shall be non-interest bearing, with financial institutions as intermediaries and limits on currency conversion.

Vachira said the central bank will assess results and risks from the test to ensure that the CBDC is beneficial to all and does not undermine economic and financial stability in the future.

According to the bank, public demand for CBDC will “gradually increase over time” and “could become an alternative payment option in the future.”

https://www.thaienquirer.com/31510/thai ... y-in-2022/

The scammers are already figuring out how to siphon off money.
I don't believe that Thais are capable of not messing it up. They can't even run an app properly.

[buksida]

Crypto exchange Zipmex raises B1.33 bn from Bank of Ayudhya, others
Thai cryptocurrency startup Zipmex said on Tuesday it had raised $41 million (1.33 billion baht) from the country's fifth-largest lender, Bank of Ayudhya Plc, as well as media firms, and plans to expand product offerings and its user base.

The investment brings the company's total funds raised to $52 million.

Japan's Mitsubishi UFJ Financial Group holds a 76.9% stake in Bank of Ayudhya (BAY). BAY's venture arm, Krungsri Finnovate, has invested in other startups like ride-hailing app Grab.

BAY joins Thai media companies, Plan B Media Plc and Master Ad Plc, and foreign venture capital funds in the investment round.

The deal will give BAY greater exposure to blockchain and the digital asset ecosystem, Krungsri Finnovate managing director Sam Tansakul said.

"If we don't stay close, technology will be further away from the bank," he told Reuters.

In the short term, new financing will help Zipmex double users to one million in the next six months, chief executive Marcus Lim said.

Over half of its business is in Thailand and about a fifth in Indonesia, Lim said. It also has users in Singapore and Australia, where it plans further expansion.

Zipmex plans to build up its technology and compliance teams to offer new products in lending, payments and securities.

https://www.bangkokpost.com/business/21 ... hya-others

[buksida]

TAT considers launching its own utility token
The Tourism Authority of Thailand (TAT) has floated the idea of launching its own utility token -- the TAT Coin -- to capitalise on a growing market of holders of cryptocurrencies, but first needs to consider the relevant regulations and viability before getting started.

TAT governor Yuthasak Supasorn said the TAT is currently in discussions with the Stock Exchange of Thailand regarding the possibility of introducing the TAT Coin, which would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity. However, the token could not be speculated upon for the purpose of trading.

Moreover, the TAT, which is a state agency, would have to discuss the matter further with related organisations as to whether or not it has the authority to issue this type of digital token.

Mr Yuthasak said technology, including cryptocurrency, is changing the world so the TAT had to take the opportunity to enhance the competitiveness of the tourism supply chain which suffered from the pandemic with a short-term plan to attract potential travellers to accelerate tourism income.

https://www.bangkokpost.com/business/21 ... lity-token

Yep, that's sure to get em flooding back ... spend your TAT coins ... oh wait, no you can't because everything is closed or banned here.