fbpx
Connect with us

Bit Coin

Australian Bitcoin Trader Reportedly Rejected by Over 90 Banks

Published

on

Australian Bitcoin Trader Reportedly Rejected by Over 90 Banks

A Bitcoin trader in Australia recently claimed that she had been rejected by 90 banks across the country.

Although Michaela Juric has been trading virtual currency for seven years, her business is now under threat because financial institutions refuse to do business with her. At a parliamentary hearing of the Australian Senate’s Select Committee on Australia as a Technology and Financial Centre, Juric named Commonwealth Bank, NAB and Suncorp among the banks that had refused her service.

“As of yesterday, I have been debanked and banned from 91 banks and financial institutions,” she said. “There‘s been instances where de-banking has caused me to be denied from being able to get utilities or phone and internet services, which I think is very concerning.”

Debanking in Australia

A bank refusing to continue offering a customer services has become so prevalent in Australia, it is known as ‘debanking.’. For instance, customers of Juric received warning calls from their own banks, or were simply debanked themselves. Digital currency brokerage Aus Merchant experienced four debanking experiences in the past 12 months. 

Managing director Mitchell Travers remarked that the situation was forcing the company to move to offshore banking. Travers also told the committee the big four banks adopted the policy as a short term measure to defer competition. 

“With the sort of anti-competitive nature of the banks, it’s somewhat buying them time,” Travers said. “It could be considered a stopgap for them as they sort of educate and find a way to enter the space in a more profound manner.”

Other companies have also been affected by the practice, calling it “anti-competitive.”. Australian Senator Andrew Bragg, inquiry chair of the committee, said it is putting together a plan to address debanking.

‘Debanking’ in India

Although practiced surreptitiously by Australian banks, debanking also occurred in India, just with a little more legitimacy. In May, the Reserve Bank of India (RBI) informally requested that lenders cease their associations with crypto exchanges and traders. The request comes in light of India’s continued regulatory uncertainty surrounding the booming cryptocurrency market in the country.

Many cryptocurrency exchanges in India struggled to secure payment solutions as banks started severing ties. Because of the pullout by major payment gateway,s transaction speeds fell, flooding India’s key exchanges with customer complaints. However, after a period, the RBI clarified its stance on the informal statement it had made, effectively withdrawing its informal prohibition.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Bit Coin

Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

Published

on

Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

DeFi has become a major catalyst for Europe’s crypto economy. Large institutions have also upped their share of transactions significantly.

4747 Total views

93 Total shares

Europe becomes largest crypto economy with over T in transactions — Chainalysis

The region of central, northern and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year, according to new research from blockchain analytics firm Chainalysis. 

The report, which was released Tuesday, found that the CNWE region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralized finance, or DeFi.

Chainalysis describes crypto transactions as anything involving trade, investments and business dealings.

Europe has also become a hotbed for institutional investing, with transactions values in this category growing to $46.3 billion in June 2021 compared with just $1.4 billion in July 2020. Perhaps surprisingly, the United Kingdom is the single largest crypto economy in the region at $170 billion worth of transactions. Nearly half, or 49%, of the value was sent via DeFi protocols.

“The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume,” Chainalysis senior content marketing manager Henry Updegrave told Cointelegraph. 

A secular bull market for Bitcoin (BTC), the growth of competing smart contract platforms and the arrival of decentralized finance all contributed to crypto’s massive rally during the study period. It comes as no surprise that CNWE’s crypto market activity peaked in May 2021 during the height of the bull market, which was one month removed from Bitcoin hitting $64,000.

Chainalysis’ data corroborates a growing body of evidence showing that large institutional investors have become a driving force within crypto. Wealth managers, family offices and other institutional players have poured billions of dollars into Bitcoin and Ether (ETH) investment products offered by Grayscale, CoinShares, 21Shares and others.

Related: Crypto asset manager Cobo raises $40M to launch DeFi-as-a-service

Beyond the advanced economies of Europe, Chainalysis research has documented the growing uptake of crypto in emerging markets. The Chainalylsis 2021 Global Crypto Adoption Index named Vietnam, India and Pakistan as the leading countries for adoption based on on-chain value received, retail transactions and peer-to-peer exchange trade volume.

Go to Source

Continue Reading

Bit Coin

Verifone to enable crypto payments at major retailers through BitPay

Published

on

Verifone to enable crypto payments at major retailers through BitPay

Crypto payments are becoming increasingly popular as Bitcoin (BTC) and other digital assets continue to go mainstream. This has become the case for both crypto holders and non-crypto owners who are primarily interested in the concept of using cryptocurrencies for payments.

Recent data has found that 93% of crypto users surveyed would consider making purchases in crypto. The report further revealed that 59% of consumers who don’t hold crypto would be interested in using it to make purchases in the future. 

As such, it shouldn’t come as a surprise that major payment providers like Mastercard have been ramping up their efforts to support crypto payments moving forward. In addition, social media giants such as Twitter are also working to enable cryptocurrency payments through mechanisms like tipping.

Verifone launches crypto payments

It’s important to point out that online merchants and physical retailers must begin accepting crypto payments to ensure mainstream adoption. According to findings from Fundera, only about 2,300 businesses in the United States accepted Bitcoin payments at the end of 2020.

In order to advance this, Verifone — one of the largest point-of-sale providers in the world — announced today that the extension of BitPay’s blockchain payment technology will enable cryptocurrency transactions.

Mike Pulli, CEO of Verifone, told Cointelegraph that by the end of this year, merchants leveraging Verifone’s in-store and eCommerce Cloud Services platforms in the United States will be able to accept cryptocurrency payments. Pulli added that Verifone has been seeking alternative payment methods recently, and will now support crypto transactions due to the mainstream’s rising interest in cryptocurrency:

“We feel that having crypto available on our terminals will open up more options and opportunities for consumers, which is what Verifone aims to do. This opens up a currency that has never before been seen on a terminal and we want to be at the forefront of this trend.”

Although Pulli was unable to reveal which online and physical merchants will begin to support crypto payments, the company’s reach is substantial and will therefore likely have an impact on crypto payment adoption. To put this in perspective, Verifone operates 36 million point-of-sale, or POS, devices and has processed over 10 billion transactions, generating over $350 billion in volume per year.

Stephen Pair, CEO of BitPay, told Cointelegraph that while BitPay regularly enables merchants to process crypto transactions, Verifone is by far the biggest partnership to date: “Verifone customers are requesting to have crypto payments. This has become the case as there are millions of crypto users today that have blockchain wallets on their phones that they want to leverage.”

Source: Verifone

To Pair’s point, head of alternative payment methods at Verifone Jeremy Belostock told Cointelegraph that the company is witnessing a major shift in consumer behavior due to reasons such as the COVID-19 pandemic. Specifically speaking, Belostock noted that, more than ever before, consumers are trusting mobile wallets, looking at these as quick and easy payment methods:

“There has been a shift from having a credit card to having a trusted mobile app that consumers want to leverage for spending. We are tapping into this market to make crypto mainstream.”

As easy as using Venmo or PayPal, but for crypto transactions

Belostock explained that Verifone’s advanced payment engine designed to support crypto transactions functions the same as its terminals that accept Venmo or PayPal payments. The only difference is that both physical and online merchants will now be able to accept Bitcoin, Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), and five USD-pegged stablecoins Gemini dollar (GUSD), USD Coin (USDC), Pax Dollar (USDP), Maker DAO (DAI) and Binance USD (BUSD).

Moreover, the solution will initially support major wallets including Blockchain.com, BRD, Metamask and BitPay. Belostock further mentioned that when paying with crypto via a Verifone device, consumers will go through an easy process, similar to using a credit card:

“When a consumer goes to pay at a physical store, they will see the amount due and the screen will give them the different options for which crypto wallet to use. They will choose a wallet and a QR-code will surface. They will then scan the QR-code directly from their blockchain wallet and choose the cryptocurrency they want to pay with.”

From the merchant’s perspective, Pulli explained that accepting crypto payments via Verifone is the same as accepting another form of tender, noting that there is no added risk involved: “All that’s required from our merchants is a software update since they are connected to our cloud platform. Even though consumers are sending crypto from their wallets, merchants will only see their local currency.”

This is an important point, as Belostock shared that many of Verifone’s merchants have expressed concern about exposure to crypto’s volatility. “The big question here is if there is any risk involved,” he remarked. Yet, unlike other solutions that allow merchants to decide whether or not to accept crypto after transactions are settled, Verifone’s merchants must accept the U.S. dollar. “This is mainly because of the refund aspect, but it also protects against volatility,” said Belostock. He added that in the case of a refund, consumers will get their crypto back for the amount of their original purchase.

Will mainstream adoption follow?

While it’s clear that crypto payments are on the rise, some concerns remain that may hamper mainstream adoption in the United States.

On Sept. 24, for example, the People’s Bank of China, or PBoC, published guidelines to crack down on crypto activity throughout the country. These measures intend to “cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.”

Although this may impact crypto’s reach, Bill Zielke, BitPay’s chief marketing officer, told Cointelegraph that it’s too early to tell what effect China’s measures may have in the U.S. or globally: “We do see positive growth and huge potential with the Verifone announcement today in the U.S. as another way for merchants to accept Bitcoin and 10 other cryptos, as well as for consumers who have crypto and are looking to spend.”

Related: Adapt or die: Payments giants partner with crypto firms to ensure security

In addition to China’s recent crypto ban, both consumers and merchants could face a number of challenges when it comes to spending cryptocurrency. For example, accounting challenges tend to be a major concern for U.S.-based users. Yet, Pair mentioned that no tax implications will be present if users convert crypto to stable coins that can be spent on Verifone devices. He further pointed out that companies offering crypto conversion software like TaxBit are helping users report gains and losses directly from their wallets.

Moreover, accessibility could also create challenges for both merchants and consumers, as some crypto payment solutions require a number of steps in order for purchases to be made. For instance, Belostock mentioned that Verifone has seen competitive solutions where crypto must be transferred from multiple wallets and then converted to a gift card to be used for payments. While this may be, he remarked that the product that Verifone and BitPay have built should turn out to be simple and intuitive.

Go to Source

Continue Reading

Bit Coin

Peruvian stablecoin launches on Stellar blockchain

Published

on

Peruvian stablecoin launches on Stellar blockchain

Anclap expects to launch two more Stellar-based stablecoins for Chile and Colombia later this year.

4178 Total views

61 Total shares

Peruvian stablecoin launches on Stellar blockchain

Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru, Cointelegraph en Español reports.

Pegged to Peru’s official fiat currency, the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions to other fiat currencies as well as “any other digital asset,” the firm announced Saturday.

Called the “digital sol,” the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform.

According to the announcement, the digital sol is already available for purchase from several digital wallets as well as exchange against foreign currencies such as the Argentine peso, the Brazilian real, the United States dollar and the euro.

“The digital sol opens borders of the Peruvian market, allowing local people and companies to send and receive payments, exchange value ​​with anyone else in the world in all types of currencies, in a matter of minutes and at a very low cost,” Anclap co-founder Ivan Mudryj said.

The digital sol is the latest Stellar-based stablecoin joining the Anclap stablecoin ecosystem after the firm started working on the Argentine peso-pegged stablecoin in January 2020. “Argentina and Peru are currently connected to the Stellar Network using their respective stablecoins,” Anclap noted in a blog post on Friday.

The company expects to launch more stablecoins for the Colombian peso and the Chilean peso in October and November 2021, respectively. Other stablecoins such as the digital Mexican peso and the digital Brazilian real are still under development, according to Anclap’s website.

Anclap stablecoin ecosystem. Source: Anclap

Anclap has been working on its Stellar-based digital payment network since 2017, with a mission to eliminate costly and slow banking transactions.

Related: Cardano to enable new DeFi stablecoin with Coti

“It is not just a new country with their stablecoin but millions of citizens who are now bridged to new financial opportunities to build a better future for themselves,” Anclap noted on the digital sol launch on Twitter.

The digital sol launch comes amid massive growth in the market of private stablecoins, with the total stablecoin value surging from $37 billion in January to nearly $130 billion in late September 2021. The parabolic surge of the stablecoin market has drawn increased attention from global regulators, with many jurisdictions around the world planning to toughen stablecoin regulation.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Australian Bitcoin Trader Reportedly Rejected by Over 90 Banks

Market

Trending