16.07.[News of the day] • The city of Tennessee plans to accept BTC for tax payments and other articles
5 min readTable of Contents
Welcome to today’s overview of crypto news:
MARKETS
Since BTC failed to cross the $ 35,000 mark on Monday, the price of cryptocurrency has been in trouble. In the following days, it fell by more than 2,000 USD. The situation worsened after the last attempt to recover, when it was rejected at the level of 34,000 USD. This time, the bears knocked her below $ 32,000, which was a two-week low.
In the last 24 hours, however, BTC has set another unfavorable record – this time a 19-day low of just over $ 31,000. As a result, the price of the asset has found itself in a critical area, as retail power appears to be lacking.
As is usually the case when BTC falls, so did the altcoins. ETH recently regained $ 2,000, but has returned below that level in the last two days.
Cryptocurrencies
The city of Tennessee plans to accept BTC for tax payments
Jackson, the eighth largest city in the state of Tennessee, plans to allow its citizens to pay property taxes in bitcoins, Mayor Scott Conger said on Friday. The city’s blockchain task force also wants city employees to average the cost of the largest cryptocurrency in dollars.
In a recent interview with CNBC Sara Eisen, Finance Minister Janet Yellen predicted “rapid inflation” for several months.
Conger first announced his plan to incorporate cryptocurrencies into Jackson’s economy in April. During the same month, he also formed a working group for the blockchain.
Banks, crypto exchanges, companies
Coinbase adds support for a new crypto project and continues listing
Coinbase continues to rapidly support new crypto projects and adds Clover Finance (CLV) to Coinbase Pro.
Clover Finance is a blockchain operating system designed to bridge assets on various blockchains, which facilitates transactions. The CLV token pays for transactions and allows voting for upgrades.
Coinbase added coins to the list at a rapid pace in 2021 and recently added to the Coinbase Pro Coin Mask Network (MASK), Rally (RLY), BarnBridge (BOND), Livepeer (LPT) and Quant (QNT).
CEO Brian Armstrong said earlier this month that the leading US cryptobourse is working to get as many altcoins as possible. He added that his company currently deals with more than 100 altcoins.
Binance is unjustified in Italy, warns regulator
Italy has become the newest jurisdiction to cling to Binance under regulatory pressure around the world, focusing on the largest crypto exchange by volume.
Binance Group companies “are not authorized to provide investment services and activities” in Italy, not even through the Exchange’s website, “whose ‘Derivatives’ and ‘Stock Token’ sections on crypto instruments were previously also written in Italian, “The local regulator of the Commissione Nazionale per le Società e la Borsa said in a statement.
Although he did not state why he issued the warning, the regulator advised customers to exercise “extreme caution” when trading in crypto assets, as it could lead to a “complete loss of investment”.
CBDC, Regulation
China has released the first whitepaper e-CNY, which confirms the programmability of smart contracts
The People’s Bank of China (PBoC) has for the first time released a whitepaper for the country’s central currency digital currency, another step towards its official introduction.
On Friday, PBoC released a whitepaper for its digital yuan project, also called e-CNY, which confirms in particular that the digital fiat currency is designed to be programmed using smart contract functions. However, it did not set any specific plan or timetable for the official launch.
Whitepaper explains at a high level the background, function and course of the e-CNY initiative, which was launched in 2014. According to the document, part of the broader context that pushed China to research and develop e-CNY was the emergence of cryptocurrencies and the risks financial system.
The court granted Ripple’s request to force the former SEC director to testify in the XRP case
A judge overseeing information in the U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs granted Ripple’s request to summon William Hinman, the former SEC chief of corporate finance, to testify about Ethereo and XRP.
U.S. Judge Sarah Netburn decided on Thursday to allow Hinman’s resignation with a week’s delay from the previously scheduled July 19 date so that the SEC and Ripple could agree on the scope of the resignation.
The SEC, which filed a lawsuit against Ripple in December 2020, claims that the sale of XRP by a San Francisco-based paying company was an unregistered offering of more than $ 1.38 billion worth of securities. The SEC previously tried to prevent Hinman from resigning, but has now lost its argument that Hinman’s knowledge and previous public statements are irrelevant to the dispute. The SEC also failed to convince the judge that allowing Ripple to summon Hinman to testify in court would discourage qualified candidates from serving in the public service in the future.
Japan is reportedly taking steps to control cryptocurrencies globally
Japanese regulators have expressed new concerns about the massive growth of the cryptocurrency market, especially warning of stablecoins, Reuters reported on Friday.
Tokyo is willing to work with global financial regulators to create stricter rules for private digital currencies, three Japanese officials have reportedly added, adding that G7 and G20 regulators have called for greater regulation of stable-linked fiat.
According to the report, the Japanese Ministry of Finance is reportedly considering increasing the number of employees in order to continue efforts to control the sector worldwide. The country’s Financial Services Agency (FSA) has reportedly set up a new unit to oversee the regulation of digital currencies.
