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Islamic Organization in Indonesia Issues Fatwa Against Cryptocurrency

Islamic Organization in Indonesia Issues Fatwa Against CryptocurrencyA provincial branch of one the largest Islamic organizations in Indonesia has declared cryptocurrency “haram,” or forbidden under religious law. The decision came after a “heated discussion” joined by a crypto expert who was invited to explain in detail the practice of using digital coins. Cryptocurrency Deemed ‘Haram’ in Indonesia The local branch of the […]

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Slovenia Launches Public Consultations on Crypto Taxation Law

Slovenia Launches Public Consultations on Crypto Taxation LawAuthorities in Slovenia have prepared new legislation tailored to determine how crypto holdings and transactions are taxed in the country. The proposal, aimed at clarifying the matter, has been submitted for public consultations this week, local media reports revealed. Slovenia to Amend Tax Rules for Cryptocurrencies The Finance Ministry in Ljubljana has opened public consultations […]

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Bitcoin ATMs Double This Year, Exceed 30,000 Globally

Bitcoin ATMs Double This Year, Exceed 30,000 GloballyLocations providing crypto ATM services have increased exponentially this year, according to data compiled by a major tracking site. Bitcoin ATMs have doubled in number since January and close to 80 countries now host teller machines exchanging cryptocurrencies with fiat money. Over 30,000 Bitcoin ATMs Operate Around the World In a year when cryptocurrency markets […]

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Ukraine Security Service Busts Criminal Group Selling Bitcoin-Stealing Malware 

Ukraine Security Service Busts Criminal Group Selling Bitcoin-Stealing Malware Law enforcement authorities in Ukraine have exposed a crime ring specializing in cryptocurrency theft and laundering of illicit funds for hackers. The gang, which provided services to clients on the darknet, has been dismantled as a result of a joint operation carried out with the United States. Cybercriminals From Ukraine Launder Millions, Offer Flash Drives […]

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Latin America stands to benefit most from crypto, says Uphold exec

Uphold CEO JP Thieriot said that the nature of life in Latin America begs for use cases based on Bitcoin.

El Salvador’s Bitcoin (BTC) adoption has triggered a digital asset revolution in Latin America, and the region could benefit even more if people can exchange cryptocurrencies, fiat money and the upcoming central bank digital currencies (CBDC) on the same infrastructure, said the head of multicurrency investment platform Uphold.

Speaking to Cointelegraph, Uphold CEO JP Thieriot underscored that the nature of life in Latin America begs for Bitcoin-based use cases, saying the region will benefit the most as crypto adoption continues to grow.

Venezuela and Colombia are the two most prominent crypto adopters in the region besides El Salvador. However, other nations are closing the gap rather quickly, with El Salvador acting as a catalyst, Thieriot explained. Of Uphold’s 7 million users, 1.4 million originate from Latin America, and the high adoption rate in the region continues to attract global players.

Bitcoin would be embraced first by the unbanked and those who send or receive remittances, he said. However, CBDCs would become more popular than the largest cryptocurrency for merchants. “Many businesses may understandably prefer something stable for transactions, but investment portfolios would be much more benefited by Bitcoin,” he added.

“With the appropriate channels in place to convert between Bitcoin, U.S. dollars and any potential CBDCs, users could really just use whichever form of currency works best for their use case.”

Speaking of CBDCs, Thieriot noted that not every country needs to make its own digital currency, as it would be easy to adopt an existing one. He added that the main goal for Latin American countries should be a functional system where anyone in the region could simply exchange between assets.

Related: Puerto Rico sees resurgence of interest among crypto rich

As Thieriot mentioned, Latin America has enjoyed significant growth in crypto funding in 2021. Mexican cryptocurrency exchange Bitso became the first crypto unicorn of the region thanks to a $250-million Series C capital raise in May.

Mercado Bitcoin, a Brazilian crypto exchange, also completed a mega-funding round, securing $200 million in SoftBank financing. “That’s fantastic, and we expect many more are coming,” Thieriot commented, adding:

“Seeing as banking the unbanked is one of the main philosophical and practical pillars of cryptocurrency, this could mean offering people, for the first time, access to financial services that rival or surpass anything in the legacy system.“

This means families who are dependent on remittances don’t have to see 10%–20% of their income siphoned off by money transfer companies, Thieriot continued. “This means that literally, anyone can begin building an investment portfolio. It will basically change the standard of living.”

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Localbitcoins P2P Exchange Launches Mobile App for Android

Localbitcoins P2P Exchange Launches Mobile App for AndroidPeer-to-peer cryptocurrency marketplace Localbitcoins has announced the launch of a new mobile application for its global user base. The software is designed for devices running on Android. The app has been released in response to a growing number of mobile traders. P2P Crypto Market Localbitcoins Offers Users Android App Popular P2P crypto exchange Localbitcoins has […]

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Finder’s Panel of Fintech Experts Predict Ethereum Will Reach $5,114 This Year, Over $50K by 2030

Finder’s Panel of Fintech Experts Predict Ethereum Will Reach ,114 This Year, Over K by 2030At the end of July, the product comparison website Finder.com published its research findings from a panel of experts that predicted the crypto asset ethereum would reach $4.5K this year. On October 25, Finder updated its “Ethereum Price Predictions Report” that polled 50 financial technology specialists and ethereum is now expected to reach “$5,114 by […]

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Bank of Spain Opens Mandatory Registry for VASPs

Bank of Spain Opens Mandatory Registry for VASPsThe Bank Of Spain has finally opened the mandatory registry for Virtual Asset Service Providers (VASPs) in the country. The bank also dispelled doubts that financial institutions had regarding whether they had to apply for the registry given they already comply with AML legislation. All institutions and persons must apply for the registry if they […]

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Swarm of Alternative Crypto Assets Outpace Bitcoin’s Gains by Double Digits This Week

Swarm of Alternative Crypto Assets Outpace Bitcoin’s Gains by Double Digits This WeekAfter the price of bitcoin tapped an all-time high above the $67K handle, it then dropped below the $60K zone to $59,510 per unit. Since then, the leading crypto asset has regained some of the losses and bitcoin is still up 2.4% during the last seven days. However, a great number of crypto assets have […]

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