24.08.[News of the day] • Salvadoran BTC Wallet will be launched on September 7 • and other articles4 min read
Welcome to today’s overview of crypto news:
BTC bulls have been firmly in control since falling to $ 46,000 on Friday. Over the weekend, they pushed the cryptocurrency north, and BTC approached less than $ 200 since reaching the coveted $ 50,000 price range.
Although initially unsuccessful, the bulls maintained the initiative and $ 50,000 eventually fell. BTC regained that level and climbed to a new three-month high of more than $ 50,400. He stayed there for a while, but within hours BTC lost approximately $ 1,600 in value and fell below $ 49,000.
However, it rebounded quite well here and is currently just above $ 50,000.
Altcoins were still at a high level yesterday. But most of them have now calmed down. The price of ETH remained rather stagnant on a 24-hour scale, exceeding USD 3,300.
BTC analysis – price exceeds $ 50,000, but volumes are declining
The price of Monero rose by 20% after the implementation of the Atomic Swap
Monero (XMR), the largest cryptocurrency focused on privacy by market capitalization, saw a 20% price increase after launching the Atomic Swap implementation program last week.
On Friday, the Monero project officially announced the introduction of the implementation of the Atomic Swap program developed within the COMIT cross-blockchain protocol, which aims to simplify transactions between XMR and BTC.
Following the launch of Monero Atomic Swaps, XMR saw a remarkable increase, rising from approximately $ 265 on launch day to an intraday high of $ 331. At the time of writing, XMR is trading at around $ 318. Following a solid bullish trend in major cryptocurrency markets, XMR has gained more than 50% in the last 30 days.
The Salvadoran BTC wallet will be launched on September 7
Salvadoran President Nayib Bukele has revealed the release date of Chivo’s official BTC wallet. On August 23, Bukele said on Twitter that the wallet would be launched on September 7 and that the use of BTC was not mandatory.
The country will also install 200 ATMs and prepare bank branches to process BTC transactions. Bukele also mentioned that transactions in the application will not incur fees and that cost savings could amount to up to $ 400 million per year.
The president announced Chivo’s wallet in June, with citizens receiving $ 30 at BTC on first registration. Chivo is intended to serve as an everyday wallet, similar to a mobile payment system application.
Banks, crypto exchanges, companies
Swiss B2B bank InCore is launching a new tokenization tool using Tezos
Crypto Finance AG, a digital assets company supported by Deutsche Boerse, and the Swiss transaction bank InCore, are launching a new tokenization tool based on the Tezos blockchain.
On Tuesday, InCore officially announced a new partnership with Crypto Finance AG and the Swiss IT consulting firm Inacta, which aims to introduce new digital financial products based on the decentralized open-source blockchain network Tezos (proof-of-stake, PoS).
Participating companies have developed a new Tezos tokenization asset token standard based on the Tezos FA2 standard, a multi-asset interface for Tezos that allows developers to devise token types such as non-interchangeable tokens (NFTs).
The Japanese financial regulator is considering introducing stricter rules for cryptocurrencies
The Japanese financial regulator, the Financial Services Agency (FSA), has launched a discussion on introducing stricter rules for cryptocurrencies in an effort to provide better protection for Japanese investors.
As early as July, the FSA set up a special section as well as a panel of financial experts to help the government oversee digital and decentralized finance. The agency will also be responsible for monitoring developments in cryptocurrencies and central bank digital currency (CBDC) initiatives, according to the Jiji Press.
The financial regulator intends to replace and introduce new crypto rules by mid-2022. The FSA hopes that the new rules will bring stability to the cryptocurrency market while ensuring that development and innovation within the ecosystem are not damaged.
The Philippines wants to tax the income of the company and Axia Infinity players
As play-to-earn crypto projects such as Axie Infinity continue to attract users, the Philippines tax authorities, according to a report in the Manila Bulletin, are looking at the taxation of these blockchain-based gaming companies, as well as the income that users platforms make money.
Philippine Deputy Finance Minister Antonette C. Tionko said income from these gaming platforms is subject to income tax and users are required to report their income for tax.
The authorities are also trying to tax these gaming platforms. Specifically, Tionko said that the Ministry of Finance and the Office of Internal Revenue are dealing with Axie Infinity, which is not registered in the Philippines.
The futures exchange pays e-CNY for custody fees
Dalian Commodity Exchange has paid custody fees to the delivery warehouse in the form of e-CNY, which is the first case of using the central bank’s digital currency (CBDC) in futures trading.
According to the report, Dalian Liangyun, which received e-CNY storage fees, stated that the e-CNY transfer has no interbank transfer fees and will not be limited by the running time of the People’s Bank’s high-value payment system, which will stop between 5:30 p.m. and 8 p.m. : 00 the next morning.
The Dalian Commodity Exchange is one of four Chinese futures exchanges and trades primarily in options for coke, coal, iron ore, corn and soy products.