Francis Suarez, Miami’s pro-crypto mayor, to appear on Blockchain & Booze tonight
As Miami becomes the hottest spot in America for crypto, Mayor Suarez wants to know: “How can I help?” But will he actually be swigging Miami Vice cocktails?
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Cointelegraph Consulting: Research outlines how DeFi can merge with traditional finance
New research finds that regulated financial institutions can interface with decentralized finance via digital asset marketplaces.
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Air France pilots blockchain-based COVID-19 travel system
Air France is set to trial a blockchain-based system for verifying COVID-19 test results for its passengers.
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Swedish regulators warn consumers against crypto as markets tumble
Sweden’s financial regulator thinks retail investors should stay away from financial products that have volatile cryptocurrencies as their underlying asset.
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Tether to report reserves and pay $18.5M fine after settlement with NYAG
New York regulators are forcing Tether to be fully transparent about its reserves, at the cost of not serving New York residents.
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Janet Yellen Warns Bitcoin Is ‘Extremely Inefficient’ and ‘Highly Speculative’ as BTC Price Plunges
U.S. Treasury Secretary Janet Yellen has warned about the dangers of bitcoin as the price of the cryptocurrency took a nosedive. She sees bitcoin as a highly speculative asset and is worried about potential losses investors can suffer. Yellen also believes that bitcoin is not widely used as a transaction mechanism due to its inefficiency, reiterating her view that the cryptocurrency is often used for “illicit finance.”
Janet Yellen’s Warning About Bitcoin
Janet Yellen has blasted bitcoin again Monday in an interview with CNBC at the New York Times Dealbook conference. The treasury secretary “issued a warning about the dangers that bitcoin poses both to investors and the public,” the news outlet conveyed.
Regarding bitcoin, Yellen was quoted as saying:
It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer.
The price of bitcoin started falling sharply Sunday afternoon, dropping almost 18% from the high of above $58K to $47,827 at the time of writing, based on data from markets.Bitcoin.com. Its market capitalization has fallen below $1 trillion.
The treasury secretary further opined:
I don’t think that bitcoin … is widely used as a transaction mechanism. To the extent it is used, I fear, it’s often for illicit finance.
“It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” she added.
Many bitcoiners bashed Yellen’s remarks on social media, accusing the treasury secretary of not understanding bitcoin and advising her to do some research before making statements on the subject.
“Sec Treasury Janet Yellen states: ‘Bitcoin is extremely inefficient,’” Rich Dad Poor Dad author Robert Kiyosaki commented. “Give me a break. Does she think printing trillions of fake dollars is efficient? Does she not know the more fake dollars she prints the more efficient and valuable bitcoin becomes? God bless her.”
During the same interview, Yellen also touched on the subject of central bank digital currencies. The Federal Reserve has said that it is studying the digital dollar, which could roll out over the next several years. Yellen said: “I think it could result in faster, safer and cheaper payments, which I think are important goals.”
The treasury secretary has talked about bitcoin and cryptocurrencies several times since her Senate confirmation hearing in January. She has promised to work with other federal regulators to implement effective regulation for cryptocurrency. Claiming that the misuse of cryptocurrencies is a growing problem, she stressed last week the importance of regulating institutions that deal in bitcoin to make sure that they adhere to their regulatory responsibilities.
What do you think about Janet Yellen’s remarks about bitcoin? Let us know in the comments section below.
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$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?
A staggering $5.64 billion worth of futures positions was liquidated in the last 24 hours as the price of Bitcoin dropped 17%.
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Bitcoin mining operator Northern Data reportedly considering $500M IPO
Swiss investment bank Credit Suisse is reportedly backing German Bitcoin mining operator Northern Data in its $500 million IPO.
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Major Asian banks unite to form ‘multiple’ CBDC pact on blockchain
Some of Asia’s largest banking institutions are working together on a “multiple” CBDC project, designed to cross borders and navigate regulations easier than fiat.
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Thailand Authorities Are Targeting Japanese Crypto Holders to Boost Tourism
Thailand seems to be interested in catching Japanese crypto holders’ attention via tourism. The country wants to establish a crypto-friendly touristic hotspot and the first targeted country is the nation of the rising sun.
Program Aims to Add New Segments With ‘High Spending’
Per Bangkok Post, the Tourism Authority of Thailand (TAT) seeks to put the nation as the first to welcome crypto holders by targeting Japanese tourists in the early stage.
The maneuver is given in the context of the pandemic that hit hard Thai’s tourism. The program looks forward to emphasizing segments with “high spending.”
After holding discussions with the Technology Promotion Association (Thailand-Japan), the TAT determined that such target should be Japanese crypto-asset holders.
They backed their statements by relying on the performance in crypto prices over the last few years. As such, the bull-run is also encouraging the TAT to study the possibility to implement digital currency at tourism hotspots across Thailand.
Yuthasak Supasorn, TAT’s governor, praised the cryptocurrency market and its compatibility with Thailand’s expectations to strengthen tourism in a post-pandemic era:
If we can prepare the country for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations.
Even Elon Musk Might Be ‘Interested’ in Visiting Thailand, Says Official
By citing Dalia Research figures, Bangkok Post says 11% of Japanese own cryptocurrencies, higher than the global average of 7%. Such numbers are encouraged in some way by the tourism authorities to target Japan in a first stance.
Supasorn also hinted about the possibility that Tesla’s CEO Elon Musk could even “be interested in visiting Thailand” after launching the program.
This year, the government determined to establish a foreign arrival goal to 8 million tourists, down from 10 million. Still, the TAT expects to deploy a massive sales campaign after April to attract tourists during the third quarter of 2021.
What do you think about implementing a crypto-related strategy to attract crypto holders’ tourists to Thailand? Let us know in the comments section below.
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