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The latest financial stability report from the People’s Bank of China reveals a distinct section for crypto - assets . According to the report released on Dec. 22, the strategic inclusion of this section aims to bridge data gaps, alleviate fragmentation, and eradicate regulatory arbitrage while addressing the role of the Financial Stability Board (FSB) in a comprehensive paragraph focusing on the regulation of crypto assets. The report reveals that the cryptocurrency market constitutes 1% of the global financial system, emphasizing its relatively confined association with traditional finance while highlighting several potential risks associated with cryptocurrency regulatory arbitrage, citing concerns about susceptibility to hacker attacks, market manipulation, and defi governance mechanisms. You might also like: China accelerates CBDC pilot with cross-border precious metals transaction Notably, the report highlights specific instances, such as the Terra ecosyst...

Bitcoin and other crypto assets have Islamic scholars racking their brains as they attempt to discern how this new technology fits into Islamic finance, a concept that already dates back 1,400 years.  Read on to discover the opinions of various Islamic scholars and an answer to the question: Is Bitcoin halal? What Makes Something Halal or Haram in Islamic Finance?  Islamic finance encompasses financial activities that comply with Sharia law — guiding principles drawn from the Quran and the sayings of Prophet Muhammad.  Based on these Islamic rules, some financial activities are allowed (halal), while others are prohibited (haram). That means Islamic finance isn’t at all like traditional finance , as some practices are forbidden for religious reasons.  For example, charging excessive interest, riba , on loans is deemed an exploitative activity because it favors the lender and takes advantage of the borrower.  Other haram activitie...

According to an official press release, Crypto.com has become an associate program member in the financial hub of Singapore. The company will be able to deploy self-issuance of the Crypto.com Visa card, according to this strategic partnership. JUST IN: 🇸🇬 Crypto․com to issue their own # crypto Visa card in Singapore. — Watcher.Guru (@WatcherGuru) November 1, 2022 The Crypto.com Visa card is the largest product in its category, worldwide. Moreover, the card is accepted by more than 80 million merchants. Basically, it will be accepted by any merchant that accepts Visa. Customers can do regular business while also earning a range of advantages for card members and CRO (Cronos) rewards across different card tier levels. Customers in Singapore should anticipate the introduction of more exciting payment options and digital services in the future. Kris Marszalek, CEO of Crypto.com, stated, “Providing customers more ways to engage with crypt...

Decentralized derivatives are a new way for traders to trade crypto assets without directly holding them.  Read on to learn what decentralized crypto derivatives are and where you can trade them.  What Are Decentralized Crypto Derivatives?  In the world of traditional finance, a derivative is an investment contract that derives its value from an underlying asset , enabling investors to hold or trade assets without having to own them directly.  Derivatives allow investors to hedge positions, speculate on market movements, transfer risk to other parties, and take leveraged positions.  Decentralized derivatives, or DeFi derivatives, are blockchain-native derivatives contracts that use smart contracts to automate the terms of contracts, thereby removing the need for brokers. Settlement happens automatically on-chain when the contract terms have been fulfilled.  Decentralized derivatives value often track crypto markets , though, in some cas...

The crypto ecosystem is composed of both centralized and decentralized finance, two segments that offer various financial products and services. This guide will compare CeFi vs. DeFi and highlights their respective opportunities and drawbacks. What is Centralized Finance (CeFi)? On the surface, centralized finance (CeFi) is similar to traditional finance (TradFi) since a user deals with trusted intermediaries. However, the two aren’t the same.  TradFi consists of legacy institutions that have existed for centuries and are about to venture into the digital asset space, while CeFi refers to digital asset companies that offer crypto-related products and services .  Among CeFi platforms, there are centralized crypto exchanges (CEXs), crypto lending companies, and digital currency payment providers. They provide custodial hot wallets to their users. That means the platforms actually hold the private keys of their users’ wallets and are, therefore, in...

Join Our Telegram channel to stay up to date on breaking news coverage After the USN stablecoin was undercollateralized, the Near Foundation proposed winding down the in-house stablecoin to ensure that the situation that happened with Terra Luna and TerraUSD did not happen. Near launches a $40M fund to cushion USN investors On October 24, Near Foundation announced it was setting up a $40 million fund that would cushion USN investors. The fund will allow these investors to redeem their USN tokens on a 1:1 basis with USDT. The fund was launched after Decentral Bank, which is behind the USN stablecoin, raised concerns about the depegging of the stablecoin because of a failure of the algorithm. The USN Protection program will cater to the collateral gap of $40 million. In a statement, Near Foundation said it was “recommending that DCB wind down USN in an orderly manner. To assist with this process, the NEAR Foundation has provided a $40M USD grant to a subsidiary of Aurora...

In early 2022, crypto lender Voyager Digital issued a default notice against Three Arrows Capital for failing to repay a loan worth approximately $650 million. Per the official documents, 3AC had a debt of 15,250 Bitcoin and 350 million USDC to Voyager Digital. However, the loaned crypto was valued at almost $1 billion [to be precise, $935 million] in April 2022. When Voyager filed for bankruptcy protection earlier this year, it stated that 3AC’s loan default was a major factor that instigated its insolvency. Read More: Crypto Lending Firm Three Arrows Capital Gets Notice; $650M Debt Settlement recommendation Now according to reports, Voyager Digital’s internal special committee has proposed to settle claims against company executives who flashed a green light with minimal due diligence for the loan to the failed crypto hedge fund . According to the court filing, Voyager said that pursuing litigation against Chief Executive Officer Stephen Ehrlich and anothe...

It’s been five months since the Terra ecosystem collapsed as tens of billions of dollars in value disappeared from the crypto economy in a matter of days after May 7. Terra’s new Phoenix blockchain managed to restart the ecosystem to some degree and since the end of June, Terra’s total value locked (TVL) in decentralized finance (defi) has increased from $350,174 to today’s $41.55 million. A Look at Terra’s Blockchain Ecosystem Over the Last 5 Months Since the Collapse The Terra ecosystem fallout was a dark day for the crypto community when Terra’s stablecoin terrausd (UST), now known as UST classic (USTC), depegged from the token’s $1 parity. Before the collapse, Terra’s luna, now known as luna classic (LUNC) was a top ten crypto asset by market capitalization and Terra’s stablecoin also held a top ten position. Prior to the fallout, luna held the seventh position in terms of crypto market caps, and on April 28, Terra...

Disclaimer: The Industry Talk section features insights from crypto industry players and is not a part of the editorial content of Cryptonews.com.  There is regular media coverage on blockchain networks consuming vast levels of energy. According to recent reports, Bitcoin alone consumes more energy that the entire population of Argentina.  Therefore, that begs the question - are NFTs bad for the environment? Read on to find out what our research concluded.  IMPT - The Most Eco-Friendly NFTs Overall, we found that while some crypto assets and NFTs can be bad for the environment, this isn't the case across the board. IMPT, for example, is a newly launched project that actually contributed to environmentally-friendly causes through its carbon credit ecosystem.  In a nutshell, IMPT enables consumers and organizations to buy digital tokens that are subsequently converted to carbon credits in the form of NFTs.  Users of the ecosystem can elect to...