More than a third of AMC online payments are crypto or digital: CEO

May 10, 2022 Coin Telegraph

Adam Aron

“Taken together, these various new payment options, impressively, recently represented about 35% of our total online payments,” said AMC Theatres CEO Adam Aron.

AMC Theatres CEO Adam Aron stated that crypto along with several other digital payment methods recently accounted for 35% of its online payments.

The popular cinema chain has gradually been working on various crypto adoption plays after first rolling out online payment support for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in November.

Last month it also added support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments via the AMC Theatres mobile app.

Speaking as part of the firm’s 2022 Q1 earnings call on May 9, Aron emphasized that the firm’s plunge into crypto has not only been met with much “fanfare” but also opened up several payment rails that it had previously explored:

“The same IT programming that was required for us to accept cryptocurrency also enabled us to accept other payment types including Apple Pay, Google Pay, Paypal, Bitpay, and Venmo among others. Taken together, these various new payment options, impressively, recently represented about 35% of our total online payments.”

Speaking on AMC’s NFT initiatives, Aron also stated that the company has eight different programs that have either been launched or are in the works this year, and noted that the tech has already helped AMC “stimulate the sale of movie tickets.”

One such NFT promotion was tied to the opening day release of Sony Pictures’ Spider-Man: No Way Home in November, which included roughly 86,000 Spider-Man NFTs for members of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” subscriptions.

With the impact of the global pandemic starting to wane in 2022, and lockdowns out of sight, AMC posted a strong year-over-year improvement in its Q1 report, with total revenue growing 429.8% to $785.7 million compared to the $148.3 million of Q1 2021.

Net loss also decreased roughly 40% compared to Q1 2021, dropping from $567.2 million to $337.4 million in Q1 2022.

AMC announced 1st quarter 2022 earnings today. Revenues up 5-fold vs. Q1 of 2021. EBITDA loss reduced by 80%. Revenues per patron up 34% over 2019 pre-pandemic. Dr Strange opening was the biggest of 2022, and the 2nd biggest in the last two years! Go see it! Congrats @Disney.
— Adam Aron (@CEOAdam) May 10, 2022

“DeFi is not decentralized at all,” says former Blockstream executive

April 28, 2022 Coin Telegraph

Bitcoin Payments

Samson Mow, former chief strategy officer at Blockstream, is convinced that DeFi protocols can’t compete with Bitcoin as monetary networks due to their lack of decentralization.

Samson Mow, former chief strategy officer at Blokstream and founder of JAN3, is convinced that most decentralized finance protocols can’t compete with Bitcoin when it comes to providing an effective monetary network because of their lack of decentralization.

As Mow pointed out, DeFi projects are governed by entities that can modify the protocol at will.

“At the fundamental level, money should be immutable,” explained Mow. “If you can change it at will, then you’re no better than a fiat currency governed by the Fed.”

Bitcoin’s decentralization makes it very difficult to modify its protocol, which is why Mow considers it a unique candidate for becoming a truly global monetary system.

Mow pointed out that despite the immutability of Bitcoin’s base layer, developers can still build applications on the Bitcoin blockchain by working with its layer-2 scalability solutions.

In particular, Mow is a strong proponent of the Lightning Network, which allows instantaneous, cheap Bitcoin transactions. By promoting Lightning technologies, Mow is trying to accelerate the path toward hyperbitcoinization — a situation where people will be exchanging Bitcoin without the need to convert it into fiat currency.

“Lightning will displace Visa, Mastercard and everything else,” he stated. “And it reduces costs for merchants, which means better experience and savings for consumers.”

Check out the full interview on our YouTube channel, and don’t forget to subscribe!

The Central African Republic reportedly passes a bill to regulate crypto use

April 25, 2022 Coin Telegraph

Africa

The new crypto law would reportedly allow citizens to pay their taxes in crypto and allow the use of crypto as a form of payment for businesses.

The Central African Republic (CAR) has become the center of a hot buzz in the crypto world amid various reports of it adopting Bitcoin (BTC) quite similar to El Salvador. However, contrary to popular headlines, the African nation has not adopted BTC as a legal tender, instead, it has reportedly legalized the use of cryptocurrencies in the financial markets.

The cryptocurrency bill was introduced by Justin Gourna Zacko, the Minister of Digital Economy, Post and Telecommunications on April 21 and was unanimously approved by the lawmakers in the parliament despite a protest from the opposition, reported RFI.

The crypto law aims to establish a favorable environment for the inclusive growth of the crypto sector in the region. Minister Zacko also highlighted the growing difficulties in sending money from the African nation and believed the adoption of crypto would help in resolving that issue.

The new law would reportedly allow traders and businesses to make crypto payments and also make way for tax payments in crypto through authorized entities.

The new crypto law has also made provisions for offenders who break the laws. According to one report, offenders could be jailed for up to 20 years and fined between 100,000,000 to 1,000,000,000 Financial Community of Africa (CFA) francs.

Gloire, the founder of Kiveclair, a Bitcoin Beach-inspired refugee project in the Congo explained the details of the new law and told Cointelegraph:

“The real implication for people is that they can now have access to currencies other than the FCFA (this is the local currency) while being protected by law, and transfer money at a lower cost. Above all, they can carry out financial transactions without banks (while being protected by law). “

A total of 14 countries use the CFA franc pegged to the euro, printed in France and its monetary policy is controlled by Western powers. While the official peg was set at 1 euro to 655.96 CFA francs, the fiat has been depleting in value for quite some time. Thus, Bitcoin and other cryptocurrencies are growing in popularity among countries troubled by the national economic crisis.

Russian tax authority proposes using crypto as a foreign trade payment tool

April 20, 2022 Coin Telegraph

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The Ministry of Finance “partially supported” the proposition, adding that it needs further consideration.

Russia's Federal Tax Service (FTS) has joined the debate around crypto regulation in Russia with an unexpectedly blunt proposition — to let Russian companies use digital currencies as a payment method when transacting internationally.

On April 20, local newspaper Izvestia reported that the FTS left its official feedback on the draft of the crypto bill prepared by the Ministry of Finance. In its remarks, the fiscal agency proposed to let Russian companies use crypto for certain operations:

“To let corporate entities pay for goods and services according to foreign trade contracts and to receive revenue from foreign entities in digital currency.”

The initiative could fundamentally alter the spirit of the proposed framework, which previously excluded any other role for digital currencies than that of investment assets. As Izvestia noted, the current draft contains a clause according to which the ban on using crypto as a payment method is in effect “in all cases where this law does not specify otherwise.”

The FTS proposed to act on this reservation to diversify payment options available to Russian companies engaged in international trade amid severe financial sanctions imposed on the country.

The FTS also reportedly specified that companies would be required to buy and sell digital currencies via regulated crypto wallets and exchange platforms.

In response to the FTS’ feedback note, the Ministry of Finance left the “partially support” mark, elaborating that the issue requires further consideration and discussion.

On April 8, the Russian Ministry of Finance finalized the draft bill titled “On Digital Currency” (also known as the “crypto bill”) and sent it to the government for approval. A week later, the president of Russia’s Chamber of commerce and industry called for collaborating with African countries to enable cross-border settlements in crypto and central bank digital currencies (CBDCs).

Bitcoin average transaction fees lowest in two years at $1.04

April 18, 2022 Coin Telegraph

Bitcoin average transaction fees lowest in two years at .04

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The average BTC transaction fee saw a steady decline from an all-time high of $62.788 in April 2021 before coming down.

The average transaction fee per Bitcoin (BTC) transaction made a complete 360-degree over nearly two years to settle down at $1.039, a number which was last recorded back in June 2020.

The BTC transaction fee is the cost to transfer any amount of BTC, which is also directly proportional to the time it takes to validate and complete the transaction.

As evidenced by data provided by Blockchain.com, the average BTC transaction fee saw a steady decline from an all-time high of $62.788 in April 2021 before coming down to an eight-month average of $2 in July 2021.

*Average BTC transaction fee in U.S. dollars. Source: blockchain.com*

Before April 2021, Bitcoin’s average transaction fees peaked in Dec. 2017, standing at $54.638. The sudden spike in the transaction fees at the time mirrored the significant decline in the Bitcoin network hash rate. However, at the time of writing, the Bitcoin network hash rate maintains its newly attained all-time high of 248.11 EH/s.

*All-time high BTC average transaction fees. Source: blockchain.com*

As a result of the above combination, Bitcoin’s highly resilient network can process secure BTC transactions at lower costs. BTC’s price volatility has also shown greater stability as it oscillates between the $35,000 to $45,000 mark throughout the year, as seen below based on data from Cointelegraph Markets Pro and TradingView.

*BTC market price chart 2022. Source: TradingView*

With more jurisdictions ready to ease up on the Bitcoin ecosystem along with timely network updates, the resultant increase in participation will further ensure a stronger network while playing a deflationary role in Bitcoin’s price.

Quantum computing firm Multiverse Computing ran simulations around the adoption of BTC and Ether (ETH) in Canadian markets to study their viability as a mainstream payment method.

Our work on #cryptocurrency networks with @bankofcanada is finally out in the open!

Huge congratulations to the team for their phenomenal work on this project#quantum for the #economy https://t.co/FrH678gKRm pic.twitter.com/8i84oZmKb8
— Sam Mugel (@SamMugel) April 14, 2022

Speaking to Cointelegraph, Multiverse Computing chief technology officer Sam Mugel suggested that non-financial institutions could carry out "a high uptake of crypto in the short term" when considering digital assets for payments.

Top Latin America delivery app to accept crypto

April 14, 2022 Coin Telegraph

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The company has partnered with Bitso and Bitpay to allow its users to pay for orders with Bitcoin and other cryptocurrencies.

Rappi, the most popular delivery service in Latin America, is working with Bitso and Bitpay to accept Bitcoin (BTC) and other cryptocurrency payments.

As reported by Cointelegraph Brazil, Rappi is integrating with Bitso and Bitpay through a trial project in Mexico. However, it's unclear whether the pilot plan will also enable access to the service in Brazil and other Latin American countries.

In Mexico, Rappi, a Colombian delivery app with operations in nine Latin American countries, has launched a crypto payments pilot program. Customers will be able to convert crypto into credits that can subsequently be used to complete purchases on Rappi's platform.
— Crypto Goddy (@CryptoGoddy) April 12, 2022

Sebastián Mejia, the co-founder and president of Rappi, noted that cryptocurrencies will not be accepted directly by the app at this first stage. Mexico's Rappi users will be able to pay for credits with cryptocurrencies. They may then use their credits on any items and services available through the app.

However, according to the institution's president, Rappi's plans with cryptocurrencies are much more ambitious. In addition, other integrations should be made public in the future. He noted that:

“In this first phase, we decided to build a product that allows our consumers to connect their digital wallets and exchange accounts to convert cryptocurrencies into Rappi credits and thus access all the products available within the platform."

It is not the first time a major delivery service has incorporated Bitcoin payments. Lieferando, like Rappi, was the first of its kind to accept cryptocurrencies as payment in 2017. Grubhub teamed up with Bitcoin rewards app Lolli to allow hungry consumers to earn cryptocurrency on their orders.

The Latin America region has been a hotbed of activity for Bitcoin and cryptocurrency adoption. According to a recent study, 75 percent of investors in Asia-Pacific and Latin American emerging markets are seeking to expand their cryptocurrency investments. In September 2021, El Salvador officially became the first nation to recognize Bitcoin as a legal currency.

60 Minutes feature on El Salvador’s Bitcoin Beach will air Sunday

April 8, 2022 Coin Telegraph

Bitcoin

Sharyn Alfonsi, a journalist and 60 Minutes correspondent, interviewed Mike Peterson, one of the people who funded the Bitcoin Beach project and encouraged crypto adoption.

60 Minutes, the CBS news show that has been running since 1968, will feature El Salvador’s Bitcoin Beach in a new episode airing April 10.

According to a Friday post from 60 Minutes’ Twitter account, the investigative news show will air a segment on the crypto-friendly area of El Zonte, a village located in El Salvador, where residents and visitors have been able to use Bitcoin (BTC) to pay for anything from utility bills to tacos. Sharyn Alfonsi, a journalist and correspondent for the show, interviewed Mike Peterson, one of the people who funded the project and encouraged crypto adoption among residents.

How did a town in El Salvador become known as Bitcoin Beach? Sunday, Sharyn Alfonsi meets with Mike Peterson who helped make it happen. pic.twitter.com/tHaHsTKFx1
— 60 Minutes (@60Minutes) April 8, 2022

The Bitcoin Beach project preceded the adoption of BTC as legal tender in El Salvador, first announced by President Nayib Buekele during the Bitcoin 2021 conference and later enacted in September 2021. Since that time, the president has gone on to make several BTC buys totaling 1,801 BTC as of January — roughly $77 million at the time of publication.

A survey from the Salvadoran Chamber of Commerce released in March showed that only 14% of respondents said they had transacted in BTC since El Salvador’s Bitcoin Law went into effect, with more than 90% of companies suggesting that Bitcoin adoption had little impact on sales. The country is moving forward with the creation of Bitcoin City, a project funded by BTC bonds and powered in part by geothermal energy from volcanoes.

The 60 Minutes show will not be limited to reports on cryptocurrency, and include an exclusive interview with Ukraine President Volodymyr Zelenskyy on the ground in the war-torn country. The Ukrainian government continues to accept donations in crypto and fiat for humanitarian aid as well as funding for the nation’s military to fight Russian forces.

UFC to pay out fighter bonuses in Bitcoin for its upcoming PPV events

April 7, 2022 Coin Telegraph

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Sports and crypto have gone hand in hand over the past couple of years, as most sporting companies across various niches have on-boarded crypto firms as their brand partners.

Ultimate Fighting Championship (UFC), the popular mixed martial arts organization, will be paying out Fan bonuses to its fighters in Bitcoin (BTC).

The fan bonus will be paid out to the top-three fighters of the pay-per-view event in association with its official cryptocurrency platform partner Crypto.com. There will be a total of three Bitcoin fan bonuses of the night ranging from $10,000 to $30,000. Fans from around the globe can vote for the BTC bonuses of the night on the official Crypto.com website on the day of the event.

The first Bitcoin fan bonus will be introduced during the upcoming “UFC 273: Volkanovski vs the Korean zombie” PPV event scheduled for April 9. The Bitcoin fan bonus will be an addition to the traditional Fight of the Night and Performance bonuses awarded to UFC athletes.

UFC president Dana White lauded their recent association with Crypto.com, saying:

"This new Fan Bonus of the Night is an awesome way to get fans more engaged in our events while rewarding the fighters for bad-ass performances.”

Sports and crypto have shown one of the best synergies over the past couple of years, with several major sporting companies and events partnering with emerging crypto tech. UFC being a global sporting brand was among the first to integrate crypto-based promotions and even inked a $175 million sponsorship deal with Crypto.com in July last year.

UFC fighters quite similar to NFL stars have also opted for BTC and crypto paychecks over fiat payouts. The major mixed martial art sports company has also bet big on nonfungible tokens as the firm had launched its first official NFT in November last year.

Apart from UFC, other major sporting companies such as Formula One, NBA and several Soccer clubs around the world have on-boarded crypto companies as their major brand partners over the past few years.

Singaporean fintech adds Bitcoin payments for merchants with BitPay partnership

April 7, 2022 Coin Telegraph

Bitcoin Payments

Crypto Accept allows online sellers to accept BTC and ETH before expanding to other digital assets next year.

Nium, a cross-border payments firm based in Singapore, has announced the launch of a new API-based solution that will allow businesses to start accepting cryptocurrency payments.

As per the announcement, the newly launched product is called Crypto Accept. It allows online sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. Payments are sent to internet merchants' accounts in U.S. dollars or other fiat currencies the next business day, allowing vendors to expand their market and enhance their online payment experiences while avoiding price volatility.

Nium partnered with crypto payments processor BitPay to launch the Crypto Accept feature. Consumers will choose their preferred cryptocurrency wallet and scan a QR code to complete the transaction. The service will verify that digital currency is available and settle the transaction in the merchant's chosen currency.

According to Joaquin Ayuso de Paul, the senior vice president and head of Nium Crypto, “Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online.”

Nium was founded in 2014 as Instarem and is located in Singapore. The payments company claims a global network of 130 million consumers. The company is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India, Canada, Europe and the United States.

Nium's latest move follows in the footsteps of other popular payments providers to accept cryptocurrency payments. As reported by Cointelegraph, PayMaya, a Philippines-based major fintech firm, recently launched a new cryptocurrency feature on its app that allows users to trade, purchase, and spend digital assets using their accounts.

PayPal-owned Venmo has a similar feature that allows users to purchase, store, and trade cryptocurrencies right on the app through a partnership with Paxos Trust Company. PayPal also began to accept Bitcoin as a means of payment for its millions of worldwide merchants last year in March.

Bitpay Adds Lightning Network, Youth Fashion Brand Pacsun to Accept Payments via Lightning

April 7, 2022 Bitcoin.com

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