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Russian Authorities Aiming to Amend Law to Ban Crypto Operations

Russian authorities have proposed a set of amendments to law on DFA that is meant to ban a lot of crypto operations in the country.

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Talks regarding crypto regulations have been going on in many countries across the world and Russia is also active in this regard. Reports claim that Russian authorities have proposed a set of amendments to the law on the “Digital Financial Assets” (DFA). These amendments are meant to ban a lot of crypto operations in the country. 

According to the following amendments, there will be a blanket ban on any kind of crypto operations. The Russian Ministry of Finance is aiming to ban all the crypto transactions except the assets which are obtained through inheritance, bankruptcy, and enforcement proceedings. 

Russian Authorities Looking to Prohibit Miners from Receiving Payments

It is revealed that the major purpose behind these amendments might be that Russian authorities are aiming to prohibit miners from receiving payments for crypto mining. It is reported by the local media outlet that “Standalone crypto mining is legal, but it loses its financial value because the payment is usually processed in Bitcoins and Ethers.” 

Confusion in Russia’s Current Legal Situation with Crypto

There was already a lot of confusion in Russia’s legal situation with crypto and this latest news of proposing amendments contributes more to it. Back in July 2020, the DFA bill was passed and the Russian authorities have stated that the regulations will be specified in another law. DA is expected to be passed by the end of this year. However, DFA, which is meant to ban the crypto payments across the country, might be adopted by the starting of 2021. 

The Telecom regulator of the country has blocked BestChange.ru which was the largest crypto-related website of the country. The regulator believes that the platform has distributed information about both buying and selling products using cryptocurrencies. However, the website has claimed that they do not provide information regarding anything that is stated by the regulator.

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#Amend Law to Ban Crypto Operations #BestChange.ru #DFA bill #Digital Financial Assets #Russian authorities #Russian Ministry of Finance

Source: https://www.cryptoknowmics.com/news/russian-authorities-aiming-to-amend-law-to-ban-crypto-operations

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Cardano to Launch Hard Fork Before Next Major Development Phase

The hard fork will introduce the token locking mechanism, one of its most significant new functions, to the mainnet.

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IOHK, the development team behind public blockchain project Cardano, said it is set to launch a hard fork in December as part of the transition to the third development phase of the protocol. 

Dubbed “Goguen,” the third phase will be focused on the protocol’s integration of smart contracts after building Cardano’s foundation and decentralizing its system in the first two phases. 

The hard fork will introduce the token-locking mechanism, one of its most significant new functions, to the mainnet. It will enable the network’s smart contracts to support certain conditions such as making users hold tokens for a fixed period of time in order to complete a contract.  

While only having a slight impact on the actual ledger, the token-locking function will prepare the platform for smart contracts and the creation of assets that run on Cardano, Kevin Hammond, the company’s software engineer, said in a statement. 

In addition, the network will bring custom tokens into the network besides its native token ADA, Hammond said. 
Founded in 2015, the network has experienced multiple hard forks to evolve through its five development phases, according to its roadmap. After the Goguen era, the protocol will go through the last two phases Basho and Voltaire to improve its scaling and governance functions.  

Source: https://www.coindesk.com/cardano-to-launch-hard-fork-before-next-major-development-phase

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Steve Forbes Thinks Bitcoin Is Yet To Qualify As A Store Of Value, Roots For Gold

Bitcoin Is Digital Gold And The Upcoming Halving Will Make It More Potent As A Store Of Value – Coinbase

Bitcoin is not viable as a store of value. That’s according to Steve Forbes, Editor-in-Chief of the Forbes Magazine. Apparently, Steve is all for Gold as a long-term store of value. However, he agrees that Bitcoin’s major success stems from the actions of central banks by printing a lot of money and causing inflation. Steve […]

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Bitcoin Is Digital Gold And The Upcoming Halving Will Make It More Potent As A Store Of Value – Coinbase

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Bitcoin is not viable as a store of value.

That’s according to Steve Forbes, Editor-in-Chief of the Forbes Magazine. Apparently, Steve is all for Gold as a long-term store of value. However, he agrees that Bitcoin’s major success stems from the actions of central banks by printing a lot of money and causing inflation. Steve Forbes was sharing his thoughts via his YouTube channel named “What’s Ahead.”

Steve Forbes is the son of Malcolm Forbes who was the publisher of the Forbes magazine, founded by his father B. C. Forbes. As such, Steve grew up in a well-off family and now runs the magazine. Steve Forbes is not an economist, so his beliefs are just personal opinions not backed by any professional analysis.

Too Volatile

In Steve’s opinion, Bitcoin’s volatility makes it not suitable for long-term wealth holding. In that sense, Steve thinks the top coin is not the right choice of an asset to maintain family wealth.

Indeed, Bitcoin’s price has seen quite a few ups and downs over the years, but a look at the larger projections reveal that the crypto has always been increasing in value.

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Bitcoin’s current value is way higher than it was 5 years ago. In fact, Bitcoin’s rise in value has made some people billionaires. A case in point is the Winklevoss twins.

BTC’s Supply Limit Hinders Its Future Growth

Steve went on to argue that one of the huge obstacles preventing Bitcoin from becoming a good store of value is its supply limit.

BTC’s supply limit is capped at just 21 million coins. On the other hand, Gold’s global supply increases at a rate of 2% every year.

However, Steve didn’t mention that, just like Bitcoin, Gold’s supply in the world isn’t really as infinite as usually claimed. At one point, its supply will diminish as well.

Steve Forbes wasn’t entirely dismissive of Bitcoin as a store of value. He agrees that the crypto could iron out its quandaries and come out on top at some point in the future, “but that day is not yet here.” Bitcoin could very well evolve into the new Gold.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/steve-forbes-thinks-bitcoin-is-yet-to-qualify-as-a-store-of-value-roots-for-gold/

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Grayscale: Ethereum Is Getting More Attention Beyond The Software Developers’ Realm

Grayscale: Ethereum Is Getting More Attention Beyond The Software Developers’ Realm

For years, Ethereum has largely been viewed as a platform for software programs to showcase their prowess in developing dApps for the blockchain industry. Not much attention was paid to the crypto’s price especially before the bull run of late 2017. Now, Grayscale says that Ethereum is garnering more attention even as Bitcoin graces the […]

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Grayscale: Ethereum Is Getting More Attention Beyond The Software Developers’ Realm

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For years, Ethereum has largely been viewed as a platform for software programs to showcase their prowess in developing dApps for the blockchain industry. Not much attention was paid to the crypto’s price especially before the bull run of late 2017. Now, Grayscale says that Ethereum is garnering more attention even as Bitcoin graces the spotlight for its recent price gains.

Grayscale Investments LLC is a crypto investments fund managing crypto assets for customers. It mainly focuses on Bitcoin and Ethereum investments. According to Grayscale’s managing director, Michael Sonnenshein, Ethereum is getting more attention despite the fact that Bitcoin has long been the favored investment option for investors. Notably, Ethereum is the most active blockchain network in the industry.

Growing Conviction

While expressing his views during an interview, Michael pointed out that the crypto industry is currently seeing new investors who have a particular fixation on Ethereum. A lot of these investors either take ETH as the first investment option or go all-in with it as their only crypto investment. This is a sign that people are now beginning to look at Ethereum just like Bitcoin maximalists have a basic attraction to BTC. This has accorded Ethereum stronger support as a viable asset class.

Also, the fact that the network was successful in getting users to pool enough currency to support an upgrade means that it still maintains a good and respectable status as a leader. A recent spike in DeFi has greatly contributed to this goal.

Bitcoin’s 170% Vs Ethereum’s 360%

Bitcoin is up 170% since the start of 2020, and that’s what has been causing a lot of buzz in the market. However, Ethereum has performed way better, having locked in a cool 360% gain since the beginning of the year. The rise of DeFi platforms running on the Ethereum blockchain has powered this hike.

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The crypto space has been known to be volatile, and that explains why ETH is currently trading at around $595, a figure less than the $937 high of February 2018. Still, the fact that the network has remained one of the top in the industry means that its power is comparable to that of Bitcoin. As Michael puts it, ”Ethereum has along the same lines of the staying power than Bitcoin has.”


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/grayscale-ethereum-is-getting-more-attention-beyond-the-software-developers-realm/

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