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Paraguay Hints at Making Bitcoin a Legal Tender After El Salvador

Bitcoin has reached the legal tender stage where countries have started to show interest in adding BTC to their state treasury and El Salvador became the first state to do so. The president of the country Nayib Bukele took to Twitter to announce the news and even revealed that citizens won’t have to pay any

The post Paraguay Hints at Making Bitcoin a Legal Tender After El Salvador appeared first on Coingape.

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Bitcoin has reached the legal tender stage where countries have started to show interest in adding BTC to their state treasury and El Salvador became the first state to do so. The president of the country Nayib Bukele took to Twitter to announce the news and even revealed that citizens won’t have to pay any capital gain tax on Bitcoin since it is a legal tender now.  The president also changed his Twitter profile picture to include laser eyes, a popular ongoing meme trend for Bitcoiners.

Just a day after the announcement made by El Salvador President, another country has hinted at joining the Bitcoin league in the form of Paraguay. A politician from the country also changed his profile photo to include laser eyes and revealed a big announcement is coming this week hinting at a possible Bitcoin adoption as a legal tender.

Why Countries Are Turning to Bitcoin Now?

The 2017 bull run was majorly carried by retail investors as institutions watched from the sideline, not sure if BTC is just another internet bubble or something that people would invest in. 2021 bull run has proven that Bitcoin is a real store of value and here to stays. Realizing this, Institutions were quick to jump on the Bitcoin bandwagon, followed by publically listed fortune 500 companies adding Bitcoin to their treasury.

Now countries such as El Salvador and Paraguay have come to realize that Bitcoin offers censorship-resistant money that would not only help them see their county’s GDP growth.

El Salvador could play a similar role to Microstrategy and start a domino effect for other countries to join in on the Bitcoin bandwagon. The primary reason for these countries to turn to Bitcoin is the depleting value of the US Dollar, which might not be a big issue for the likes of the US in the short term as they can print as much as they need, but many other small nations suffer dearly.

El Salvador’s president explained Bitcoin would prove to be a boon for the country as a legal tender as it offers financial inclusiveness and the fact that 70% of the country’s population is unbanked. He explained,

70% of El Salvador’s population doesn’t have a bank account and works in the informal economy.

Financial inclusion is not only a moral imperative but also a way to grow the country’s economy, providing access to credit, savings, investment, and secure transactions.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Source: https://coingape.com/paraguay-hints-at-making-bitcoin-a-legal-tender-after-el-salvador/

Blockchain

South Korean crypto exchanges banned from handling coins they issued themselves

Exchange tokens are falling under the scrutiny of South Korean regulators.

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The increased regulatory scrutiny that befell South Korea’s cryptocurrency space in recent times appears to have extended to include exchange tokens.

Exchange tokens are tokens issued by a cryptocurrency exchange that usually offer some benefit to the holder, either through reduced trading fees, regular token burns or other means.

According to a report by Arirang on Thursday, cryptocurrency exchanges are being prohibited from handling any coins or assets issued by themselves. The law also extends to any assets issued by family members, spouses or distant relatives, and is expected to come into effect on June 26.

Businesses which fail to comply with the new regulations could have their operations suspended and face fines of up to $88,000.

South Korea’s Financial Intelligence Unit (FIU) recently contacted 33 cryptocurrency trading platforms to inform them of an upcoming field consultation due no later than Sept. 24. In the week or so since, one Korean exchange, Upbit, delisted a handful of coins, and issued strident investment warnings on another 25 assets, representing 14% of all coins listed on the exchange.

Moving forward, Upbit no longer accepts inbound deposits for the 25 coins mentioned in the warning and has said it will further review the assets to decide whether or not to delist them completely. The deadline for its final decision on the tokens is Friday, June 18.

Related: Korean banks will need to classify crypto exchange clients as ‘high risk

South Korea’s attempts to tighten its grip on the cryptocurrency industry within its borders has seen regulators demand Information Security Management System certificates from crypto trading platforms, essentially acting as a license to operate. Of 20 exchanges with the certificate, 11 have already either delisted tokens, or issued warnings similar to Upbit’s.

Given that many exchange tokens don’t operate on a proprietary blockchain, the legal definition of what it means to “handle” tokens issued by an exchange may be stretched in the coming days and weeks, as South Korea’s coin clean-up continues.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/south-korean-crypto-exchanges-banned-from-handling-coins-they-issued-themselves

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Blockchain

Flexa AMP cryptocurrency hits new highs on Coinbase listing — Up 1,700% in 2021

The payment system’s in-house token passes $0.11 as partner Shopify plans to reach out to Facebook and Google merchants.

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The in-house token of cryptocurrency payments app Flexa, AMP, has hit new all-time highs after being listed on major exchange Coinbase.

Data from Cointelegraph Markets Pro and TradingView showed AMP/USD reaching $0.11 per coin for the first time on June 17.

AMP nears $0.12 as best-performing altcoin

Flexa, which describes itself as the “first ever digital currency payment option for brick-and-mortar retail,” aims to offer a blanket solution for cryptocurrency acceptance and spending.

Its previous infrastructure token, Flexacoin (FXC), was converted to AMP late last year as part of an overhaul.

The replacement appeared to fare better than the original almost instantly, rising throughout 2021 from a starting value of just $0.006 — year-to-date gains of around 1,700%.

Flexa has already partnered with Canadian multinational e-commerce company Shopify. When the latter announced that it would expand its payment features to all Facebook and Google merchants this week, AMP cemented its ongoing bull run, jumping 25% in the past 24 hours alone as exchange Coinbase launched trading.

AMP/USD 1-day candle chart (Bittrex). Source: TradingView

In late May, U.S. food and retail chain Sheetz confirmed that it would begin accepting Bitcoin (BTC) payments using Flexa’s services.

“Since launching Flexa just over two years ago as the first ever digital currency payment option for brick-and-mortar retail, we’ve scaled to support more than 41,000 merchant locations across the US,” Tyler Spalding, co-founder and CEO of Flexa, commented last month.

Glimmers of hope in flat crypto landscape

AMP thus topped the chart of high-flying altcoins on Thursday, its daily returns double those of the next largest riser, XinFin Network (XDC).

Overall, the picture for alts was mixed on the day, amid a cool-off for Bitcoin and larger market cap tokens including Ethereum (ETH).

Related: Dip-buyers anticipate further downside after Bitcoin price falls to $38K

In commentary, Cointelegraph contributor Rakesh Upadhyay said that it was a question of patience for most traders.

“Given that there are large amounts of funds ready to flow into cryptocurrencies, another massive fall is unlikely,” he summarized.

“However, that does not mean a new bull market will start in a hurry. Most major cryptocurrencies may enter a bottoming formation before starting the next trending move.”

The overall crypto market cap stood at $1.632 trillion, with Bitcoin’s share at 45.1%.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/flexa-amp-cryptocurrency-hits-new-highs-on-coinbase-listing-up-1-700-in-2021

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Blockchain

Introduction of Panther Whitepaper for DeFi Users

Public blockchains lack innate privacy, making all transactions publicly viewable. Although it is not necessarily a bad trait, many users actively seek privacy solutions. Panther Protocol, a project focused on DeFi privacy and interoperability, details how it will achieve this goal in its whitepaper. The Need For Privacy In DeFi All decentralized finance transactions take …

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Public blockchains lack innate privacy, making all transactions publicly viewable. Although it is not necessarily a bad trait, many users actively seek privacy solutions. Panther Protocol, a project focused on DeFi privacy and interoperability, details how it will achieve this goal in its whitepaper.

The Need For Privacy In DeFi

All decentralized finance transactions take place over public blockchains like Ethereum, EOS, and others in their current form. These ecosystems cater to the needs of those who have no issues with having their financial actions out in public. Blockchain analysis firms constantly monitor these networks for suspicious activity, eroding any degree of pseudonymity and privacy users may think they have access to.

Introduction of Panther Whitepaper for DeFi Users

Solving this pressing problem seems simple on paper, yet it is incredibly complex in reality. It is not sufficient to provide optional privacy, as such features need to be enabled at the protocol level first and foremost. Unfortunately, none of the public blockchains mentioned above can default unless the developers revamp the entire code. That option will always be on the table, yet it may require a blockchain hard fork, proving catastrophic if the community remains divided.

Another way to achieve privacy in the DeFi industry is by exploring new projects and protocols coming to market. Panther prioritizes preserving privacy for digital assets, as can be seen in its detailed whitepaper. Bringing confidential transactions to DeFi is just one aspect. The team also aims to enhance overall interoperability, strengthening the mainstream appeal and adoption of decentralized finance solutions.

Introduction of Panther Whitepaper for DeFi Users

A Closer Look At The Panther Whitepaper

Achieving privacy on the protocol level is one thing, but expanding this concept to the broader DeFi industry is something else entirely. The team explains how they will use end-to-end on-chain privacy in the Panther whitepaper through zkSNARKs and game theory involving pricing privacy. The concept of zkSNARKs is common in the cryptocurrency world, as various privacy-oriented coins have experimented – or are experimenting – with integrating this technology.

However, it is essential to point out that Panther goes one step further. The protocol lets users mint zAssets – privacy-enabled assets backed by existing cryptocurrencies through its Panther Vaults. These zAssets will be compatible to use across various decentralized finance solutions. The whitepaper also talks about the minting and burnet of zAssets in more detail and covers topics like privacy mining and the Panther DAO. Empowering community members to govern the protocol through quadratic voting establishes the viability of this privacy-oriented solution.

Providing protocol-level privacy is a solid approach, but one cannot lose track of customization. Panther offers a feature for users to determine how much privacy they need for transactions. Returning complete privacy control to the user instead of making it opt-in or preventing community members from making adjustments – is crucial in the decentralized world. More importantly, this approach makes Panther fully future-compatible with compliance, should the need arise.

The whitepaper release marks another crucial milestone for Panther Protocol. Earlier, the team successfully raised $8 million through private funding rounds to work on its interoperable privacy DeFi solution. Over 140 investors contributed to these rounds, confirming the demand for privacy in this space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/introduction-of-panther-whitepaper-for-defi-users/

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Blockchain

Introduction of Panther Whitepaper for DeFi Users

Public blockchains lack innate privacy, making all transactions publicly viewable. Although it is not necessarily a bad trait, many users actively seek privacy solutions. Panther Protocol, a project focused on DeFi privacy and interoperability, details how it will achieve this goal in its whitepaper. The Need For Privacy In DeFi All decentralized finance transactions take …

Published

on

Public blockchains lack innate privacy, making all transactions publicly viewable. Although it is not necessarily a bad trait, many users actively seek privacy solutions. Panther Protocol, a project focused on DeFi privacy and interoperability, details how it will achieve this goal in its whitepaper.

The Need For Privacy In DeFi

All decentralized finance transactions take place over public blockchains like Ethereum, EOS, and others in their current form. These ecosystems cater to the needs of those who have no issues with having their financial actions out in public. Blockchain analysis firms constantly monitor these networks for suspicious activity, eroding any degree of pseudonymity and privacy users may think they have access to.

Introduction of Panther Whitepaper for DeFi Users

Solving this pressing problem seems simple on paper, yet it is incredibly complex in reality. It is not sufficient to provide optional privacy, as such features need to be enabled at the protocol level first and foremost. Unfortunately, none of the public blockchains mentioned above can default unless the developers revamp the entire code. That option will always be on the table, yet it may require a blockchain hard fork, proving catastrophic if the community remains divided.

Another way to achieve privacy in the DeFi industry is by exploring new projects and protocols coming to market. Panther prioritizes preserving privacy for digital assets, as can be seen in its detailed whitepaper. Bringing confidential transactions to DeFi is just one aspect. The team also aims to enhance overall interoperability, strengthening the mainstream appeal and adoption of decentralized finance solutions.

Introduction of Panther Whitepaper for DeFi Users

A Closer Look At The Panther Whitepaper

Achieving privacy on the protocol level is one thing, but expanding this concept to the broader DeFi industry is something else entirely. The team explains how they will use end-to-end on-chain privacy in the Panther whitepaper through zkSNARKs and game theory involving pricing privacy. The concept of zkSNARKs is common in the cryptocurrency world, as various privacy-oriented coins have experimented – or are experimenting – with integrating this technology.

However, it is essential to point out that Panther goes one step further. The protocol lets users mint zAssets – privacy-enabled assets backed by existing cryptocurrencies through its Panther Vaults. These zAssets will be compatible to use across various decentralized finance solutions. The whitepaper also talks about the minting and burnet of zAssets in more detail and covers topics like privacy mining and the Panther DAO. Empowering community members to govern the protocol through quadratic voting establishes the viability of this privacy-oriented solution.

Providing protocol-level privacy is a solid approach, but one cannot lose track of customization. Panther offers a feature for users to determine how much privacy they need for transactions. Returning complete privacy control to the user instead of making it opt-in or preventing community members from making adjustments – is crucial in the decentralized world. More importantly, this approach makes Panther fully future-compatible with compliance, should the need arise.

The whitepaper release marks another crucial milestone for Panther Protocol. Earlier, the team successfully raised $8 million through private funding rounds to work on its interoperable privacy DeFi solution. Over 140 investors contributed to these rounds, confirming the demand for privacy in this space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/introduction-of-panther-whitepaper-for-defi-users/

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