Blockchain.com to Support Russian Ruble Despite Local Crypto Uncertainty

Blockchain.com follows Binance in listing the Russian ruble, while local government considers strict regulations for the industry. Blockchain.com, a major cryptocurrency wallet and blockchain data provider, plans to support Russia’s national currency, the ruble (RUB). Although some big exchanges like Binance have introduced the Russian ruble, there is still no law authorizing circulation of crypto in Russia. On May 20, Blockchain.com announced its long-term roadmap, “The next era of crypto and 1B wallets by 2030.” In a post authored by Peter Smith, Blockchain.com CEO and co-founder, the firm outlined the…

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Blockchain Intelligence Firm Wants to Prove Tim Draper Wrong on DeFi

Blockchain intelligence firm asserts that stablecoins are not a replacement of the dollar, instead they present a censorship resistance alternative to fiat. The latest research from Flipside Crypto purports to disprove Tim Draper’s assumption that the advancements in DeFi will displace the U.S. dollar as the world’s reserve currency. The report starts off by quoting Draper: “The DeFi world is almost as technologically advanced as the dollar, and when it is, there will be no one who will want to accept politically manipulable currencies like dollars anymore.” Not fiat replacement…

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Bittrex Is Puzzled Over 24M Stolen STEEM Tokens on Its Holding Account

Bittrex to carefully review the facts of a 24M STEEM transaction from an unknown Steem account, co-founder Richie Lai says. Soon after an unknown entity “rescued” $5.7 million worth of STEEM tokens from a “New Steem” hard fork seizure, Bittrex confirmed that the funds reached their account. The crypto exchange now faces a difficult decision of what to do with the 23.6 million STEEM tokens allegedly stolen from Steem witnesses. In a May 21 statement, Bittrex co-founder Richie Lai confirmed that the entity of the transaction initiator, the account named…

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Albania Approves Europe’s Most Comprehensive Crypto Law Yet

Albania passes new comprehensive law written by the Minister of Finance and Economy to regulate crypto activities. Albania’s Parliament signed a bill into law on May 21 plenary session a legal framework for cryptocurrencies. The law, “On Financial Markets Based on the Technology of Distributed Ledgers,” first appeared before the Committee of Economy in October 2019 and was approved today with 88 votes in favor, 16 against and 3 abstentions. Introduced by Albania’s Minister of Finance and Economy, the legislation looks to regulate the conditions for licensing all crypto activities…

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Recent Unemployment Numbers Might Not Mean Anything for Bitcoin

Millions more Americans posted unemployment status last week, but does that mean anything for Bitcoin? More than two million Americans requested unemployment compensation for the first time last week, which may or may not affect Bitcoin.  Recording its seventh consecutive week of decline, last week hosted 2.44 million new unemployment claims, CNBC said in a May 21 brief. These numbers, however, fall within range of economist expectations. Within the timeframe surrounding coronavirus, Americans have posted 38.6 million jobless claims to date, CNBC said.  Pompliano expresses reopening need Morgan Creek Digital…

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Bitcoin Could Be More Resilient to Global Electric Failure Than Banks

In a world without electricity and the Internet, Bitcoin would find alternatives to flourish, argues Andreas Antonopoulos. What if the world was hit with another major disaster, but this time, it included global electrical failure? Would Bitcoin (BTC) survive, would it thrive, what about the banks? — We have the answers. Bitcoin consumes massive amounts of electricity and with the constant growth of the network, this number will only increase. The Bitcoin protocol relies on the internet for communication. Thus, if all of a sudden, if there was a disruption…

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Trump Signs Deregulation Order to Boost US Economic Recovery

U.S. President Donald Trump has signed an executive order to eliminate “unnecessary regulations that impede economic recovery” following the coronavirus crisis. With this deregulation, government agencies are “encouraged to promote economic recovery through non-regulatory actions.” Trump Signs Deregulation Order to Help Economic Recovery Following Coronavirus Crisis At a cabinet meeting on Tuesday, U.S. President Donald Trump signed an executive order instructing federal agencies to eliminate “unnecessary regulations that impede economic recovery,” the media quoted him as saying. This latest deregulatory effort is aimed at helping the U.S. economy recover from…

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Bitcoin Price Drop to $8.9K Raises Fear of a New Bear Trend Beginning

Traders fear Bitcoin could be entering a new bearish trend after the price dropped below $9,000 earlier today. The price of Bitcoin (BTC) dropped to as low as $8,900 on May 21 following a strong rejection of the $9,800 level. Traders say BTC’s breakdown from the $9,200 support level may lead to a renewed downtrend. Almost every macro indicator points to a correction In the near-term, traders generally expect that a correction will occur in the Bitcoin market. Almost every macro trendline, indicator, and momentum oscillator points toward an imminent correction.…

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CoinMarketCap Gets Ready to Play Cat and Mouse Games With Exchanges

Exchange and cryptocurrency price aggregator CoinMarketCap is introducing new measures to combat fake volumes as part of a continuous iterative approach. CoinMarketCap has announced a new, iterative approach to provide credible exchange rankings following extensive community feedback and criticism. As part of an announcement made on May 13, the cryptocurrency price aggregator is set to implement the first of its newly outlined steps tomorrow, on May 22. The first step will be relatively minor as it removes the “adjusted volume” tab on each coin’s page. This was done to prevent…

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Brazil to Investigate Banks Denying Service for Crypto Companies

Local authorities reopen the case against lenders who reportedly refuse to work with cryptocurrency firms. Brazilian banks that have denied service to cryptocurrency companies are now being scrutinized by local authorities, according to a recent report from Folha de São Paulo. On May 20, the Administrative Council for Economic Defense, or CADE, voted to reopen the case against local lenders who reportedly refuse to work with cryptocurrency firms. The lawsuit was originally filed in 2018 by Associação Brasileira de Criptoativos e Blockchain, or ABCB, a Sao Paulo-based blockchain non-profit, after…

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