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Bank of America sees huge opportunity in metaverse for the entire crypto ecosystem

The Bank of America strategist says the metaverse is a great opportunity where cryptocurrencies will be widely used as currencies. “I really think it’s a great opportunity,” he said.

Bank of America Metaverse Forecast

Bank of America strategist Haim Israel told Insider on Tuesday that the metaverse is a great opportunity for blockchain technology. Moreover, he hopes that the cryptocurrency will become popular.

Israel is the chief research officer at Bank of America and a global strategist. He is also Director of the Global Thematic Research Team at Bank of America Merrill Lynch. He detailed:

I really think this is a great opportunity ... You need the right platforms ... it will definitely be a great opportunity for this whole ecosystem.

The Bank of America strategist predicted that the metaverse is where “we’ll start using cryptocurrencies as currencies,” pointing out that this is where people will finally start to use cryptocurrencies extensively for money. transactions.

However, the research director believes that existing cryptocurrencies are likely to be too volatile for this purpose, hoping that certain types of stable currencies will dominate.

The Metaverse gained a lot of attention in October, when social media giant Facebook changed its name to Meta. Many real estate properties on the Decentraland virtual reality platform were recently sold for $ 2.4 million, and Republic Realm paid $ 4.3 million for a property in the metaverse The Sandbox on Tuesday.

The Bank of America strategist also predicted that traditional payments companies will be much more interested in cryptocurrencies if they are widely used in the metaverse. “I see a lot of collaboration between the two,” he said.

Earlier this month, global investment bank Morgan Stanley said the metaverse is the next big investment topic. Last week, Grayscale Investments released a report indicating that the Metaverse is potentially a $ 1 trillion business opportunity.

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First Bitcoin ETF to pay monthly income in Canada

The target of the Bitcoin Yield ETF employs a derivatives-based hedged call strategy to pay the monthly return to investors.

A bitcoin ETF offering monthly earnings was listed in Canada today.

The Bitcoin Yield ETF target is active on the Toronto Stock Exchange under the symbol BTCY.B.

Objective Investments employs a derivative-based hedged call strategy to pay investors an expected annual return of 8% to 10%.

Canadian investors can now receive monthly bitcoin income through a new exchange-traded fund (ETF) listed on the Toronto Stock Exchange (TSX), Yahoo Finance reported. The Bitcoin Yield ETF target employs a derivative-based hedged call strategy to pay investors a monthly income.

The fund was created by Purpose Investments, the asset manager that launched the first bitcoin exchange-traded fund (ETF) in North America. The pioneering product launched in February broke records in its opening week after trading $ 80 million in shares in the first hour and $ 200 million in the first day.

The company’s new bitcoin yield offering started trading today on the TSX under the symbol BTCY.B with a handling fee of 1.10%.

Purpose Investments said it could not guarantee the return paid per month due to volatility, but expects an annual return of between eight and 10 percent, according to the report. Income is classified as income in book-entry accounts.

When asked what type of investor the fund would appeal to, Purpose Investments Chief Operating Officer and Product Officer Vlad Tasevski told Yahoo Finance that investors should consider the ETF “if they want to earn income while holding it” as the generator of income. “short-term additional income on an asset that they believe has long-term potential.”

“Given the connection between underlying asset volatility and premiums, cryptocurrency hedged buying strategies offer unique exposure to a single asset class, providing investors with high returns without sacrificing significant price participation.” Tasevski added.

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UK Digital Services Tax Targets crypto Exchanges

UK cryptocurrency exchanges will be taxed at 2%, which will likely be passed on to investors, warned CryptoUK.

A recent update to Her Majesty’s Revenue and Customs (HMRC) regulations introduced a digital services tax that will apply to cryptocurrency exchanges operating in the UK.

Encryption switches in the UK will now have to pay a 2% digital services fee, according to a Telegraph report. The UK tax authority HMRC does not recognize digital assets as financial instruments and therefore stock exchanges are not eligible for financial exemptions.

On November 28, the authority included the cryptocurrency exchanges as part of the Treasury’s technology tax. The digital services income tax was introduced in April 2020 and targeted search and social media giants like Facebook and Google.

The latest blow to crypto swaps is the result of HMRC’s cryptographic asset rating, as explained by the regulator:

“There is a wide variety of cryptographic assets, each with different characteristics. He said that since cryptocurrencies do not represent commodities, financial contracts or cash, exchanges of cryptographic assets hardly qualify for exemption in online financial markets.

According to CryptoUK, the commercial body representing the digital assets sector in Britain, the tax is unfair and will likely be passed on to investors and traders.

CEO Ian Taylor said that treating cryptocurrencies differently from other financial instruments such as stocks or commodities is detrimental to the cryptocurrency industry.

He added that this was yet another blow to the industry after the arduous licensing system introduced by the Financial Conduct Authority (FCA) for exchanges. As of January, all UK based crypto companies are required to comply with AML (anti-money laundering) regulations and register with the FCA.

The regulator imposed a ban on cryptographic derivatives in January, and in June, the FCA warned consumers about 111 cryptographic companies that had not yet registered.

In April, Cointelegraph reported that the HMRC was intensifying its efforts to detect tax evaders and introduced explicit requirements on the details of digital holdings on self-assessment forms.

UK tax authorities required several exchanges of cryptographic assets to report details of transactions and customer holdings in August 2019.

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Big Estonian bank LHV starts offering cryptocurrency trading through Bitstamp

One of Estonia’s largest banks, LHV, now offers cryptocurrency trading directly from its app through the Bitstamp cryptocurrency exchange. The bank claims to be “the first Baltic bank to start offering cryptocurrency trading.”

Estonia’s Leading Bank Now Offers Crypto Transactions

LHV announced this week that it has become “the first Estonian bank to offer its customers the possibility of trading crypto assets”.

Starting Monday, LHV customers can trade key crypto assets directly from their mobile app. Transactions are carried out on the Bitstamp cryptocurrency exchange. Client crypto assets are held on the Bitgo platform, which is part of the Galaxy Digital group, which is listed on the Toronto Stock Exchange.

The bank started experimenting with blockchain technology in 2015. Since then, “we have been awaiting the evolution of the regulatory environment, the organization of the market and the emergence of professional players in the market,” notes the bank.

Madis Toomsalu, Chairman of LHV Group, commented: “Today, crypto assets have become a huge field in terms of market value and billing based on decentralized financial services.” Toomsalu has developed:

We will be the first bank in the Baltic to start offering crypto operations to our clients; As a first step, they will be able to buy and sell crypto assets on the LHV mobile app.

Martin Mets, Head of Retail Banking Investment Services at LHV, said: “With the increasingly advanced level of development of crypto assets and their growing popularity as a new asset class, we are ready to add this asset class to the range of products offered to LHV bank clients. LHV added: “This is clearly a very volatile and high risk asset class, but for a risk conscious client, crypto assets can play an important role in the portfolio.”

Initially, customers can now buy and sell eight major selected cryptocurrencies at market prices: bitcoin (BTC), ether (ETH), litecoin (LTC), uniswap (UNI), chain link (LINK), stellar lumens ( XLM), polygon (MATIC) and aave (AAVE).

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70 Japanese companies form consortium to launch yen-based digital currency

With the goal of launching a new yen-based digital currency in 2022, around 70 Japanese companies have joined together to form a consortium. The association, which brings together some of the country’s biggest financial institutions, is sending a strong signal that the private sector may also have started to adopt blockchain-based payment systems.

70 Japanese companies will launch DCPJY

DeCurret’s crypto exchange CEO Kazuhiro Tokia may have issued a statement saying the new digital currency called ‘DCPJY’ will be backed by bank deposits and will be based on a common platform to facilitate transactions, large funds transfers and business-to-business deals .

DeCurret leads the consortium, which includes banks such as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group. Other companies participating in the consortium are Kansai Electric Power Co Inc., Japan Post Bank Co Ltd., East Japan Railway Co and Nippon Telegraph and Telephone Corp.

Meanwhile, Mizuho, ​​​​Mitsubishi, Sumitomo and Japan Post Bank are 4 of Japan’s 5 largest financial institutions in terms of total deposits.

According to Reuters, the 70 Japanese companies have held regular meetings since 2020 to deliberate on ways to create a new settlement platform for digital payments.

BOJ CBDC always punctual

However, in all of this, the Bank of Japan’s BOJ is still very focused on developing a digital currency for the central bank (CBDC). As previously reported by Coingape, the CBDC pilots are expected to be completed in March 2022. The BOJ aims to provide seamless payment channels between electronic payment services and the so-called digital yuan. But while the BOJ is at the forefront of this public sector effort, the ultimate plan is to get the private sector to accept a CBDC.

Also according to DeCurret advisor, Toshihide Endo, the infrastructure being built by the consortium of 70 Japanese companies is in line with the BOJ’s CBDC model.