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US Treasury Launches Cryptocurrency Awareness Program

The US Treasury Department is launching a cryptocurrency awareness program. “We’re just trying to raise awareness without trying to weed out new technologies and innovations,” a Treasury official said.

Treasury Efforts to Raise Cryptocurrency Awareness

The US Treasury Department is launching an initiative to raise awareness of investing in cryptocurrencies, Reuters reported on Tuesday, citing an interview with Nellie Liang, assistant secretary for internal finance at the Treasury.

“We are hearing more and more about investors and families buying crypto assets, and we recognize the complexity of how some of these assets operate,” Liang described, adding:

It seemed that this is also an area where more education (and) more awareness could be useful.

The Treasury Financial Literacy Education Commission will create educational materials and organize outreach activities on digital assets. Treasury’s education unit comprises 20 different government agencies, including the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).

The government aims to educate the public on how cryptocurrencies work and how they differ from other forms of payment. The Treasury’s outreach will focus on investors with limited access to key financial services, Liang said.

The Undersecretary explained that while there are risks associated with cryptocurrencies, the Treasury is aware of its benefits, such as improving cross-border payments or improving financial inclusion.

Liang clarified:

We are just trying to create awareness without trying to eliminate new technologies and innovations.

President Joe Biden issued an executive order on the regulation of cryptocurrencies on Wednesday. The order directs Treasury Secretary Janet Yellen to report within 180 days on the future of money and payment systems, “including the conditions driving the widespread adoption of digital assets,” the White House said.

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FTX expands to Europe with CySEC approval

Headquartered in Switzerland, FTX Europe will offer FTX products in Europe, including cryptocurrency derivative services.

Global cryptocurrency derivatives and spot exchange FTX is expanding into Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).

The new company called FTX Europe would offer the main products of the company to European clients through an investment company licensed throughout the European Economic Area. The new European company is based in Switzerland, along with a regional headquarters in Cyprus.

Cyprus is seen as one of the renowned jurisdictions offering a regulated means for financial companies to access the European Economic Area. Therefore, FTX would also be able to offer its crypto derivatives products, which is a big step forward since Binance had to shut down all crypto derivatives products last year across Europe.

Sam Bankman Fried said that his new venture will “interact with regulators in various countries in Europe to continue to provide a safe environment for people to trade cryptocurrencies.”

Related: FTX CEO Assesses Bitcoin Market Outlook Amid Ukraine Crisis

The exchange claimed that its launch in Europe on a regulated basis would be key to its expansion in the region. The exchange aims to maintain interactions with regulators in various European countries to build a safe ecosystem for cryptocurrency trading. FTX did not respond to requests for comment from Cointelegraph at the time of publication.

The global cryptocurrency exchange, currently valued at $32 billion, is looking to expand its reach of services to new regions, as well as fund and build nascent cryptocurrency ecosystems, including gameFi and play-to-earn.

The global cryptocurrency exchange recently announced a $2 billion venture capital fund to support Web3’s development in social media, gaming, fintech, software, and healthcare.

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PayPal joins other payment and remittance providers in suspending services in Russia

Several payment and remittance platforms, now including PayPal, have restricted access to their services in Russia as Western sanctions over Moscow’s invasion of Ukraine continue to expand. Fintechs have been limiting operations in the Russian Federation as well in response to Kiev’s call for help.

Payments giant Paypal stops services in Russia and keeps withdrawals for now

Paypal, the global online payments provider, has joined a growing list of fintechs backing Western sanctions against Russia for its decision to invade neighboring Ukraine. The company, which offered Russians only international transactions, canceled its services in the Russian Federation on Saturday.

Cited by Reuters, President and CEO Dan Schulman explained the measure in “current circumstances”, noting that Paypal supports the international community and condemns Russia’s military aggression against Ukraine. The platform stopped accepting new users based in Russia earlier this week.

Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant aims to “ensure that account balances are dispersed in accordance with applicable laws and regulations.”

The announcement follows calls from Kiev authorities to suspend services in Russia and support Ukraine’s fundraising efforts. The US-based California-based company revealed ahead of the weekend that it “has helped raise more than $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in cryptocurrency donations.

Paypal’s move comes after other payment and remittance platforms already suspended certain services in Russia in late February. This includes Wise, which processed international payments for Russian users, and Remitly, which made it easy to send funds.

UK-based fintech Wise initially imposed a daily cap of £200 ($265) on transfers to the Russian Federation, but later suspended all money transfers as the US and its European allies imposed further restrictions on the system. financial situation, including the expulsion of some Russian banks. of the SWIFT interbank payment system.

As a result of the tougher sanctions, Remitly has also suspended support for money transfers to Russian recipients. Other remittance service providers have also introduced similar measures, including Transfergo and Zepz.

According to crypto media reports, UK-based Revolut has suspended payments to Russia and its ally Belarus, while an advertisement on its websites indicates the fintech is doing everything it can to ensure its users can send money to Ukraine. In a blog post, the company’s CEO, Nik Storonsky, highlighted its Russian and Ukrainian roots and expressed its opposition to the war.

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G7 and European Union Officials Work to Prevent Russia from Using Crypto

As the Russian invasion of Ukraine enters its second week, government officials from Europe and North America are cooperating to further increase pressure on Vladimir Putin.

According to a new report from Bloomberg, members of the Group of Seven (G7) and the European Union (EU) are looking to take advantage of the sanctions that have been put in place against Russia in recent days, including restricting access to cryptocurrencies.

The report quotes German Finance Minister Christian Lindner, who declined to provide specific details on what tools and methods are being worked on.

Linder told Welt TV in an interview that sanctioning digital assets is one option.

“It’s about isolating Russia as much as possible at all levels [and having] the maximum ability to sanction, and that includes crypto assets as well.”

The G7 is made up of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Germany currently holds the title of president of the G7.

Cryptocurrency control has been a topic of contention since February 24, when Russia launched a large-scale incursion into Ukraine as part of an ongoing conflict dating back to 2014. Governments supporting Ukraine seek to cut off access to people in Ukraine. circumvent international sanctions through anonymous cryptographic transactions.

Former US Secretary of State Hillary Clinton recently said that she expects government bodies, as well as cryptocurrency exchanges, to start denying access to Russian users, telling MSNBC’s Rachel Maddow:

“I think in the specific case of Ukraine, I think the Treasury Department, I think the Europeans should look carefully at how they can prevent the cryptocurrency markets from giving Russia an outlet, both for government and private transactions inside and outside the country. . . Russia.”

The US Treasury Department is also targeting digital assets as part of its broader sanctions against the Russian government.

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Face Pay will launch new digital currency

Face Pay Inc., a company seeking to help credit card companies avoid or eliminate third-party fees, has announced that it will launch its own cryptocurrency known as Face Pay Crypto.

Face Pay launches a new encryption system

The company made headlines about two years ago when it launched a new fixed-price subscription service. Now, the company will enter the digital asset market so customers can buy using currencies like bitcoin, Ethereum, and similar altcoins. Your new cryptocurrency must be built on a private Ethereum network.

The goal is to help your customers keep transactions simple and straightforward. Face Pay seeks to help its customers avoid additional fees of any kind so that both parties can make quick and direct payments. Doing this through blockchain technology will also help with the fact that the blockchain is completely verifiable. Thus, all transactions will be irreversible, preventing them from being susceptible to fraud, chargebacks and other dispute processes.

Dr. Mark Hale, the founder of Face Pay, explained in an interview:

We found out how to provide the advantages of bitcoin and other cryptocurrencies on the platform, while keeping the mechanics direct payout. Consumer cryptocurrency will only increase over time, and garages need to invest in the right technology to take advantage of it. Otherwise, bitcoin will be just another payment method that costs stores money. Every direct payment made with Face Pay results in a transaction that is 15 to 20 percent more profitable… I see Face Pay as a means of preventing crypto payments from being integrated into the outdated transaction model it offers the credit card processor oligopoly. When Face Pay is an integral part of the store's workflow, stores begin to see big savings. Additionally, 63% of consumers prefer this type of payment relationship with their service providers.

Greg Buckley is a Face Pay customer and owner of Buckley’s Auto Care. He too threw his two cents into the mix, saying:

We all need to be at the forefront of our customer experience. Digital and contactless payment methods are everywhere today. The adoption rates of these transactions are constantly increasing. The Face Pay platform allows me to save money while remaining comfortable and secure. Face Pay is the right payment technology now and for the future.

Crypto payments are going mainstream

He is particularly excited about the developments, as he is not aware of any other companies at the time of writing that offer blockchain capabilities for companies in the automotive industry.

Credit card companies have seen big rate increases over the past year due to high inflation. Companies say they can expect to see more in the coming weeks, and with the popularity of cryptocurrencies, this could be your chance to save.