Cryptocurrency Analysis and News Portal
The retiring MAS director believes the future monetary system will revolve around CBDCs, tokenized bank liabilities, and stablecoins. The Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has emphasized that private cryptocurrencies have no future. Menon shared his thoughts as a panelist at an event jointly hosted by the
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The CryptoX Market Index has added almost 4% in the past 24 hours. Source
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Menon mentioned how Project Guardian, led by MAS and industry partners, is tokenizing foreign exchange, bonds, and funds to enhance global liquidity, streamline cross-border transactions, and improve operational efficiency in financial markets, with trials by major global banks. Original Source
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Gresham’s law, explained
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Excluding memecoins, some 293 new tokens were added to the CoinMarketCap website, less than a fourth what was added during the bull market of late 2021, according to new data compiled by the smart-contract auditor CertiK. Original Source
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Tesla CEO and X owner Elon Musk has long demonstrated an interest in cryptocurrencies. His public endorsements and criticisms of various digital currencies have often sent ripples through the crypto market. Yet, despite his fascination with the decentralized digital realm, Musk has once again reiterated that none of his companies will
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Traditional investors tend to use a technology investing framework when analyzing bitcoin, which leads them to the wrong conclusion that the cryptocurrency “as a first-mover technology, will easily be supplanted by a superior one or have lower returns,” analysts Chris Kuiper and Jack Neureuter wrote. Original Source
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Payments giant PayPal, which recently launched the dollar-backed stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce Cryptocurrencies Hub — a feature that allows users to hold and interact with Bitcoin (BTC) and cryptocurrencies in their PayPal account.The latest PayPal terms and conditions detail the prerequisites for crypto
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But not everyone’s on board with the crypto ETF train. Critics argue that Bitcoin-linked ETFs could be even worse than centralized exchanges for the crypto market. Their main beef? There’s zero possibility of withdrawing the underlying instrument. This means the holders are never able to take advantage of the single
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Brazilian lawmakers are moving forward with a legislation that would raise taxes on cryptocurrencies held overseas. According to local reports, a congressional committee has approved amendments to a bill that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments.In addition, the draft bill taxes gains from fluctuations in
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