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Another pop-up was released regarding the Crypto bill by the Indian government. At this stage, the Indian Finance Minister of State came up with a clarification on the crypto bill status that is soon to come in the parliament within the prevailing year,

Indian Finance Ministry shows light on the status of Crypto Bill

Rajya Sabha (Indian parliament’s upper house) was a hotspot wherein crypto and bitcoin bill subject came into light in India. As per the recent updates, it is expected that the Crypto bill is going to be out in the Indian Lok Sabha (parliament’s lower house). The bill pays attention to imposing a ban on cryptocurrency with the establishment of an administrative framework on CBDC (Central Bank Digital Currency) as per the RBI (Reserve Bank of India).

After the public announcement for listing in the Lok Sabha, queries came in the Rajya Sabha for the bill. Anurag Thakur (Finance Minister of State) also explained the position of governing authority on digital currency for rupee and crypto.

Inquiries started rising on Tuesday in the Rajya Sabha regarding the bill framed for crypto. K.C. Ramamurthy (parliament’s member) raised a query: “No doubt, problems related to different cryptocurrencies including bitcoin tend to increase… Still I want to hear some words from the finance minister regarding any proposition related to the introduction of a bill that is well-suited to employ a control over a country’s cryptocurrencies.”

To this, Anurag Thakur released a response:

“Any administrative framework is not set-up by the regulatory authorities lie SEBI, RBI, and others on a proper straightforward cryptocurrency control since crypto is not a monetary currency, asset, commodity, or even security.”

Also, he added:

“At present, laws are not adequate to handle the matter with administrative control.” He said that the IMC (Inter-Ministerial Committee) kept a check on the matter and released reports.

Minister further said: “A gathering for the group of technology-empowered ones occurred as per the schedule,” paying light to the report given by another board of trustees along with the Secretary of Cabinet. In Final words, he announced:

“A final touch-up is going upon the crypto bill and it would soon reach the Cabinet’s desk.”

A warm welcome is shown by the Indian cryptocurrency community on the explanation shared by the MoS (Minister of State). Indian Crypto Exchange, Wazirx’s CEO, Nischal Shetty spoke up with news.Bitcoin.com: “I see it as a good signal. Probably, discussions would prevail about the crypto bill and hence it won’t be a hurried-up decision. Generally, I consider it as an improvement sign that will shower positivity.”

Bitcoin users and investors should cheer up. Bitcoin price has again touched a sky high of $42,000 as on January 8th. The price has surged by almost 9% in just three hours. Since a high premium was offered by Coinbase, many US buyers drove up the markets as they started accumulating Bitcoins. Bitcoins are receiving continuous selling pressure from Asian regions especially from South Korea.

After the rise in Bitcoin price to $42,000, it has again witnessed a decline of almost 7% within a time frame of 8-hours. The sell-off of Bitcoins coincided with whale activities in major bitcoin exchanges. Infact trading in Altcoin also saw a similar rising trend.

Bitcoin whales have been selling en masses since the starting of 2021. When the price of bitcoins first surpassed the mark of $40,000, large whales in the bitcoin market began to sell Bitcoins. Within a time frame of three hours, mega sales on the Binance platform sold off bitcoins 4-times more. Thus, this leads to extreme volatility in the market.

What’s next for Bitcoins?

At the present moment, the Bitcoin market is trying to make a balance between the whales taking the profit on their position and the new buyers in the market who are in a rush to accumulate all Bitcoins. There has been high volatility in the bitcoin market ever since the price of Bitcoin reached a high of $30,000. Due to the coming of high flow of capital into the bitcoin sector through Coinbase, it is expected that the upside momentum of bitcoins will be sustained in the upcoming future too.

When High net worth individuals try to purchase bitcoins, they try to move out the Bitcoin from the centralized exchanges due to security reasons. Thus, the outflow of bitcoins from Coinbase would mean that the Bitcoin will accumulate heavily in the United States.

Sentiments around bitcoin remain positive even if there is an upsurge in the price for the last three months. A chief investment officer at Arcane Research in a tweet said that Bitcoin can witness an even bigger surge in price.

At the current price of Bitcoins at $40,000, the market value of Bitcoins is valued at $740 billion. In the long term, it is anticipated that bitcoin’s value will surpass that of Gold in the coming future.

What are you waiting for? Brace for the impact and make an investment in Bitcoins.

Stores of Pizza Hut in Venezuela have now started accepting crypto as a payment option at their outlets. Consumers can use Bitcoins to pay their products. The US-based pizza chain is one of the first food chains to adopt such payment options in South America, followed by Burger King and Church’s Chicken.

CryptoBuyer has partnered with another brand, Mega Soft to improve the adoption of cryptocurrencies at more than 20000 business outlets and shops in Venezuela. Officials of Pizza Hut say that it is important to address the needs of young people and modern adults who want to use such technologies for their everyday activities.

Pizza Hut’s popularity in Venezuela

Customers can now use CryptoBuyer to buy pizza at several restaurant chains and pay with cryptocurrencies like BTC, LTC, DASH, BNB, BUSD, ETH, and DAI. Apart from that, consumers can also use its native token XPT. Pizza Hut is a popular fast-food chain in Venezuela, and it has a presence in several popular locations, including the capital city Caracas. Other than that, Pizza Hut also has stores in Maracay, Barquisimeto, and Maracaibo.

Growth of CryptoBuyer

CryptoBuyer is a cryptocurrency merchant gateway startup based in Panama. Not only that, it also runs several Bitcoin ATMs across South and Central America. The company is working hard towards promoting cryptocurrency payments in this region. It has included US-based fast-food giants Burger King, Pizza Hut, and Tamanaco Intercontinental Hotel in Caracas. Apart from that, it is also associated with Traki, which is the largest retail chain store in this region.

First commercial Bitcoin purchase

Interestingly, the first documented purchase using Bitcoin was to buy pizza from Papa John’s store in the US. In 2010, programmer Laszlo Hanyecz made the first documented use of Bitcoin purchase and paid 10000 BTC, which is now worth about $181 million. The use of cryptocurrencies has become a norm with most businesses that want to attract young users towards their products and services.

Some firms which promote online services also accept cryptocurrencies and even offer discounts for using such currencies on their platforms. In this way, users will get attracted towards such platforms in the long run. Many young users are comfortable using Bitcoins and other cryptocurrencies to pay for products and services online. The trend of restaurants accepting such payments at their outlets will increase soon when popular outlets start using them regularly.

Due to the changing financial landscape in recent times, the European Union has been looking forward to integrating cryptocurrencies and blockchain technology processes in its processes as well within the next few years. Reuters recently reported that the European Union is fast-tracking the integration of blockchain technology and introducing regulations that would encourage the use of cryptocurrencies. The move by the European Union is primarily due to the fact that it would help ease cross-border payments and transactions due to the convenience, efficiency, and security afforded by blockchain technology.

As per the EU document tracked by Reuters, the European Union is looking to build a comprehensive framework regarding the assimilation of DLT or distributed ledger technology and blockchain technology in its financial landscape. The framework would also address the security concerns and risks associated with the use of such technology. The rationale behind the EU’s interest to encourage blockchain technology is primarily the need for cashless systems in today’s date. As of now, over 80 percent of the payments in the European Union is done through cash. It has become a hygiene issue, especially due to the ongoing global pandemic.

There is an urgent need for instant and secure cashless payments systems the world over, and the strategy adopted by the European Union clearly highlights it. Going by the EU’s current planning, the cashless systems should be in place by the end of next year. The European Union hopes to replace cash use with digital payment systems by developing and integrating relevant technologies and creating awareness among the end-users. The ongoing pandemic has defined the “new normal” for everyone in every aspect of life, and with regards to payments, digital and cashless payments are the new normal.

Even though the European Union is yet to confirm the adoption of any particular cryptocurrency, the EU’s central banks might come with one go-to currency. It is plausible that the European Union and its Central Bank decides to adopt stablecoin or the CBDC (central bank digital currency) for payments. There are many countries within the European Union that are testing the possibilities of launching the central bank digital currency as the primary go-to cryptocurrency for digital payments. Some of these countries include France, Sweden, and Switzerland.

Developing and launching a stablecoin for an entire continent seems like a mammoth undertaking. Still, if it is only specific to the European Union, it can work well with the existing fiat currency. The fear of cryptocurrency taking over completely is unfounded when it works in conjunction with the fiat currency. In any case, it is good news for the crypto market as the European Union’s adoption will build trust and add confidence among the consumers worldwide, not to mention that it brings awareness about the need for cryptocurrencies globally.

The European Union is well-known for developing, welcoming, and encouraging new technologies, and blockchain technology are no different. It enjoys a wide-scale academic as well as political support in the European Union, which is evident from the fact that its executive body launched European Blockchain Partnership in 2018. It functions at a political level across all the countries in the EU. It is working towards the mass adoption of blockchain technology to benefit its citizens, societies, administration, and economies.

Many of the larger industries in the European Union with a high CAGR of compound annual growth rates are moving towards blockchain solutions and blockchain technology adoption. The early adoption of new technologies and welcoming digital innovation has always worked to the EU’s advantage. In the context of blockchain technology too, it seems to be no different, and rightly so.  

Swiss parliamentarians approved a new financial and corporate regulation changes package that acknowledges the cryptocurrency and blockchain industries.

According to a Swiss Information Article, the Government changed several regulations, from the bankruptcy to the exchange in shares.

The new regulation determines the legalities of digital stock transactions and the legal mechanism to regain intangible properties from distressed firms. It also specifies the regulatory criteria for conducting cryptocurrency trade so that the possibility of money laundering of cryptocurrency is mitigated.

This amendment comes after adopting the “Blockchain Act” by members of the Parliament in the summer of 2020 without any objection.

The latest version of current laws will presumably come into practice at the beginning of next year. This is supposed to offer Switzerland a huge boost to the blockchain and cryptocurrency industry and digital finance.

Today, Switzerland has over 900 blockchain and cryptocurrency firms, including Facebook’s Libra, with over 4,700 workers.

The European Nation has played an important role in the banking and finance environment, renowned mainly for its stunning alpine scenery and luxury products. It was also swiftly accepted blockchain and crypto-currency, after which time it assisted the experimentation of both established and emerging firms.

Also, public and private industries in Switzerland are working with this technology alongside the state, seeking to drive for blockchain and cryptocurrency progress.

In Switzerland, private crypto-monetary banks have appeared. After the Swiss financial market supervisory authority issued Swiss banking licenses, Sygnum and Seba Crypto AG became the country’s first cryptocurrency banks in 2019.

According to a Swiss Data report, after the legislation had been passed in an unfinished way by the House of Representatives, the Blockchain Act in Switzerland was formally reformed by the Senate.

As detailed, the reformed Blockchain Act has provided crucial updates from bankruptcy to the exchange of shares. In compliance with the new laws, an established legal framework has been developed for exchanging digital shares only. The reformed legislation further aims to outline the legal procedures for recovery from distressed corporations of intangible properties. The legislation should be enforced in the first quarter of 2021, depending on indications.

The county currently houses some 900 blockchain businesses with an approximate overall workforce of around 4.700 as gleaned in the Swiss Information survey. Switzerland is recognized as the fast-growing center for the blockchain market in the world. These statistics will improve if the current bill is introduced in full.

The laws currently being reformed will set a remarkable precedent for stronger and equitable blockchain legislation from the Swiss Federal Council. The topic of its influence is essential to many as the wishes have been heard, and the Blockchain Act has been reformed.

The latest regulation is supposed to shed new light on technology and its related technologies by the extremely blockchain and crypto wary Swiss banking industry. Failure to help blockchain and cryptocurrency will make current banks lose customers for the two blockchain companies Sygnum and Seba Crypto AG, Switzerland’s highest banking authority, the financial sector surveillance authority.

We are up with another negative news about bitcoin, and the news comes from none other than the CEO of major budget airline Ryanair. In an interview given to the Times, Ryanair CEO bashed bitcoins and said that he would not even invest one cent in bitcoins. This is one of the harshest and negative comments received by the bitcoin community.

Ryanair CEO compared Bitcoins to a Ponzi scheme and said that he asks all investors to beware of a Ponzi scheme like Bitcoin.

Michael O’Leary is the CEO of the budget airline Ryanair, and he has advised the investors to stay away from making any kind of bitcoin investment. Michael said that people with even a shred of common sense should try to stay away from spending their hard-earned money in a plague-like bitcoin.

This is not the first time that bitcoin has received a negative comment from a big businessman like the CEO of Ryanair. Many influential people all over the world have said rude and insensitive things about bitcoins. Many people think that bitcoin is here to lure people into investing hard cash, and they will get nothing in return as many countries in the world will not accept any payment in bitcoin. Thus, there are hundreds of theories about bitcoin.

What was the point made by Michael O’Leary?

Michael O’Leary was referring to a crypto scam named bitcoin lifestyle. This cryptocurrency claimed to have the approval of Michael O’Leary, and thus, he was frustrated with this whole situation.

A fake news report said that O’Leary shocked the world by showing how much money he was making by investing in bitcoin. Thus, it was said that O’Leary was calling bitcoin an automated trading machine which will make you rich in no time.

Michael O’ Leary bashed this news article as well as any investment in bitcoin:

Nowadays, using the name of a big industrialist, businessmen, or an actor is a common way of promoting any product. This is one of the best ways to gain credibility among investors and customers. In April Last year, it was claimed that the Duke and Duchess of Sussex, Prince Harry and Meghan Merkle were involved in bitcoin investment.

Thus, Michael O’Leary advised all investors and bashed all news articles that claimed that he was investing in bitcoins.

The market capitalization of Bitcoin is nearly $217 billion, whereas the market capitalization of the Bank of America is just a bit above $226 billion. In an article recently posted on “The Next Web,” the comparison between Bitcoin’s market caps and the Bank of America was drawn to showcase the mammoth scale at which Bitcoin functions at today’s date. Even though Bitcoin has its ups and downs and witnessed some of the largest price fluctuations in history, its price has more or less grown substantially in 2020. 

Just before the world was hit by the Covid-19 pandemic in March, the Central Bank of the United States pumped nearly $168 billion into the economy. At the time, the market capitalization of Bitcoin stood steady at $145 billion. In April, Jeff Bezos’s net worth jumped to $140 billion, during which time the market cap of Bitcoin remained stable at $130 billion. One may think that considering the net worth of Jeff Bezos, CEO, and Founder of Amazon, it would be easy for him to buy all the Bitcoins out there in circulation. However, it is not possible due to a range of factors, including fluctuating prices and unavailability of liquidity. The price comparison is mainly to showcase how Bitcoin has grown into becoming a sustainable financial asset over time. 

Since April, the net worth of Jeff Bezos has grown substantially to over $193 billion, and the market cap of Bitcoin has moved north to $217 billion. The co-founder of Morgan Creek Capital, Anthony Pompliano, predicted during the podcast named “What Bitcoin Did,” hosted by Peter McCormack, that Bitcoin’s market capitalization might move up to $80 to $90 trillion in the future. He went on to say that Bitcoin would definitely reach such a rise in market capitalization at some point though he did add that it is quite impractical to say that it would reach such a benchmark during his lifetime. 

Anthony Pompliano has been highly vocal in advocating Bitcoin as an asset class for a long time. He believes that it is an asset class that is unrelated to the mainstream financial markets and, thus, empowers the investors. The steady surge noticed in Bitcoin’s market capitalization in the last few years is clearly indicating an upward trend. For investors who don’t mind taking risks and want an alternative to conventional investment tools, Bitcoin stands as a worthy alternative. 

Mike Novogratz, is a CEO at the galaxy digital besides that he is well-known as the bitcoin cash Proponent. He states that, according to him, financial problems will occur if the U.S. presidential bid in November is going to be taken by the democrats.

14 August 2020 Interview

In the interview that was held on 14 August, Novogratz said that it would be great for the country if Biden and Harris got elected, but it’s also confirmed that it won’t go to appear suitable for the market.

After listening to Novogratz’s statement, Kamala Harris claimed that he is going to deal fair to wall street in case he is going to win the election. At the same time, Novogratz has mentioned the sharp taxes from the democratic presidential race if he wins. On the wall street democrats going to be tougher for the tax plan, is claimed by the Novogratz that here nothing is going to increase the corporate, capital gains taxation, and the income as well.

In between answering the other questions, the market scenario describes the mainstream in the current time as highly comparable to the exuberant bitcoin’s in the year 2017; it all happens due to several measures, one of them is the amount used by the government. Besides that, he said everything becomes a trade like bitcoin in the year 2017.

He also claimed there that the bubbles would go to end when the policy responds. The [the system is that the action on a tax increase puts an end to the forth we are suffering from now.

Strong discussion on bitcoin

Novogratz has also stored the value of bitcoin as with a regular tag that the bitcoin is the only essential asset of the crypto market and its participants. Once again, the CEO is explaining that, according to him, the bitcoin has transitioned over the last year from the starting to an end, like from the point where people start seeing and to the end; that is a possible value of store to the cemented position of the bitcoin.

This is the race looking like downhill, but they are opposing it because now bitcoin has gained full acceptance except some the streams which are not accepting this but will go to join this late.

It’s because bitcoin has gained a limitless following as it’s the digital currency which has full acceptance in the financial sector.

Here’s a detailed study available over the well-committed security force the Ethereum Foundation is searching in order to cut up each and every feature of Ethereum 2.0. Let’s get into the news.

The reason the Ethereum Foundation is looking for a security group for Eth 2.0 is primarily for studying any possible crypto-economic issues along with any cybersecurity problem which might have the chances to take place in the upcoming period of the Eth network. An Ethereum 2.0 researcher who works at the foundation named Justin Drake made a proclamation regarding the commencing of the procedure of recruitment in a Twitter update.

Now, the Eth Foundation is in need of a number of auditing and security experts for both the general and the software model of the update coming soon. The major task that the protection team will be needed to do mainly includes bounty hunting, fuzzing, and pager tasks. It actually is linked straight with the software security managing department.

A Few Lines on Fuzzing

The Eth client developers have been busy with the fuzzing of Ethereum 2.0 upcoming clients. These tasks were looked after by Sigma Prime who are actually the Lighthouse client developers based on Rust.

You might wonder about the term fuzzing. Well, fuzzing can be described as a technique that looks for bugs and it also includes the feature of providing garbage data to the software just for triggering a non-typical response. There are various categories of bugs that are there on the Internet for incorrect sanitation of input. Any special kind of input might be taken as machine code or just make up an unnecessary action. So, here fuzzing becomes very useful as it looks for these errors and upgrades the code for getting rid of the plausible disastrous bugs.

There are More Stuff to be Done

It has also come to the knowledge that the team of security will also have to do more theoretical works on the official corroboration of algorithms of cryptography. This procedure will look for proving mathematically that a particular algorithm is protected. The foundation is also going for experts in economic modeling.

Strengthening the Protection

At present more stress is put on the security of the network with the last stages of developing the Eth 2.0 Phase 0 underway. Special attack networks to break bounty hunters and an attack net of multi-client has also been initiated by the foundation.