Vitalik talks DAOs, Ethereum and NFTs in new interview
In a recent podcast interview with The Stakeborg Talks, co-founder of Ethereum Vitalik Buterin spoke candidly on a wide range of issues, including his early attraction to mathematics and problem-solving, the potential of decentralized autonomous organizations, or DAOs, his perspective on Bitcoin’s community and the nonfungible token, or NFT, space. Answering an inquiry as to his preference for career title, Buterin — a modest entrepreneur with an animated passion for his profession — referred to himself as a tech philosopher, and as such, perhaps, coined the term. Paraphrasing the infamous scholar and warrior quote from Athenian historian Thucydides, Buterin drew perspectives on the shifting dichotomy between the tech industry's dogma of continual advancement and the abstract space carved out for thought-leaders in philosophy.
Russia doesn't plan to follow in China's footsteps by banning crypto outright, says deputy finance minister
While Russia continues to enforce a ban on cryptocurrency payments as part of a law which took effect in January, the country has no plans at this time to completely prohibit trading by its citizens. According to an Oct. 12 report from local news agency Interfax, Alexey Moiseev, the deputy finance minister of the Russian Federation, said he believes Russian citizens will continue to be allowed to buy and use cryptocurrencies outside the country on foreign exchanges without the threat of legal action at home. Crypto payments in the country are currently banned, but Russians have been allowed to purchase and trade cryptocurrencies like Bitcoin (BTC). "Russian citizens can have a wallet open outside the Russian Federation, but if they operate within the Russian Federation then they will be subject to bans, I think, for the entire foreseeable future, due to our financial sovereignty," said Moiseev.
IMF reiterates more oversight for crypto in latest report on financial stability
The International Monetary Fund’s Financial Stability Board said the growing adoption of cryptocurrencies could potentially increase the risks to the global economy. In its Global Financial Stability Report released on Tuesday, the International Monetary Fund, or IMF, said the adoption of crypto assets and stablecoins in emerging markets and developing economies could pose a challenge to those countries’ macroeconomic and financial stability. The group said the risks were “contained for now,” but urged regulators to monitor cryptocurrencies and keep them in check. The IMF added that as the crypto space expanded and evolved, “new sources of risk” were emerging, such as stablecoins and decentralized finance, or DeFi. Specifically, the group identified the space at risk from hacking as having a “lack of transparency around issuance and distribution” of tokens, and operational risks including outages during periods of extreme volatility. It also labeled “meme tokens” and centralization — a major exchange like Binance handling a large amount of trading volume, while Tether is responsible for the majority of the supply of stablecoins — as factors to consider.
Coinbase follows FTX and Binance in launching NFT marketplace
Major crypto exchange Coinbase has announced that it will be opening a waitlist for a nonfungible marketplace it will launch later this year. In a Tuesday blog post, Coinbase vice president of product and ecosystem Sanchan Saxena said the nonfungible token, or NFT, marketplace would allow its users to mint, purchase, discover and showcase Ethereum-based tokens. According to Saxena, the offering will allow creators to maintain control of their artwork “through decentralized contracts and metadata transparency,” with all NFTs on-chain. The Coinbase announcement comes following crypto exchange FTX and its United States-based subsidiary introducing a marketplace wherein users are able to trade NFTs cross-chain through the Ethereum and Solana blockchains. Binance, the world’s largest crypto exchange, entered the NFT market in June by launching a marketplace aimed at minimizing transaction costs.
Binance to launch $1B fund to develop BSC ecosystem
The Binance cryptocurrency exchange has announced a $1 billion accelerator fund to expand the capabilities of the Binance Smart Chain ecosystem and advance mainstream adoption across the financial technology sector. The exchange showcased the eight-figure fund in a tiered development model across four specialist areas: Talent Development, Liquidity Incentive Program, Builder Program and Investment & Incubation Program. The announcement suggested that they will allocate $100M, $100M, $300M and $500M to each segment, respectively. The largest benefactor of the pot, the investment & incubation program, will focus on multi-chain expansion of the already burgeoning areas of the technological sphere. This includes various metaverses, gaming, virtual reality and artificial intelligence.
Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury
According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will purchase 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury at a cost of $6,250 per rig. At a maximum cost of $6,250 per machine, Cipher’s Bitcoin mining hardware outlay could go between $175 million and $350 million, depending on whether the company elects to receive all 56,000 rigs as stated in the purchase agreement. The total inventory order will be delivered in seven batches on a monthly basis beginning in the summer of 2022 until December 2022.
Jelurida will launch 30-day blockchain education campaign across East Africa
The African arm of the company behind the Ignis, Nxt and Ardor blockchains will be launching a multi-country tour to provide blockchain education in the public and private sectors. According to information provided to Cointelegraph, Jelurida Africa said it would begin a blockchain expedition starting with Tanzania’s self-governing state of Zanzibar on Oct. 23 before continuing on to Kenya, Rwanda, Uganda, Zambia, Malawi, Mozambique, Zimbabwe, and Tanzania. The group aims to promote blockchain education with meetups in universities, financial institutions and public offices. The team of distributed ledger technology and smart contract experts said it plans to reach out to local lawmakers and private firms as well as developers and blockchain enthusiasts in the respective countries as part of the tour. “If you look at our relationship within the country or even outside the country you realize there is a need for trust before we can easily scale before we can easily improve on our dealings with our neighbors so there is need for trust, there is need for the immutability of data,” said Jelurida Africa managing director Adedayo Adebajo in a Tuesday interview with KUTV Kenya.
Estonian regulator wants to revoke all crypto exchange licenses
Financial regulators in the Baltic country of Estonia want to revoke all crypto exchange licenses in an effort to start the entire regulatory regime anew. Matis Mäeker, head of the Estonian Financial Intelligence Unit (FIU), has urged the state to “turn the regulation to zero and start licensing all over again,” local state-run news agency Eesti Ekspress reported on Wednesday. Mäeker claimed that the public is unaware of the risks of the cryptocurrency industry. Formerly the head of the Anti-Money Laundering department at the Financial Supervision and Resolution Authority, the official pointed out a number of related concerns, including illegal crypto activity, such as money laundering and terrorism financing, as well as the industry’s vulnerability to hacks, stating: