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Nervos blockchain launches first cross-chain bridge to Binance Smart Chain

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Nervos blockchain launches first cross-chain bridge to Binance Smart Chain

Nervos, a collection of protocols and public blockchain network, today announced the launch of a new cross-chain bridge with Binance Smart Chain (BSC), growing its multi-chain strategy as the network seeks to expand its ecosystem.

Starting today, BSC assets can be moved across to the Nervos ecosystem, and developers and projects building on BSC will be able to use their existing codebases to begin porting their decentralized applications (dApps) to Nervos, enabling them to grow their user reach and adoption.

Further, users in the BSC ecosystem will also be able to take advantage of yield farming opportunities available through YokaiSwap, the first decentralized exchange (DEX) to launch on Nervos.

Expanding the Nervos Ecosystem With Force Bridge

The completion of the Nervos to BSC bridge marks a milestone, as it unlocks new options given BSC’s Total Value Locked (TVL), which is the biggest of any blockchain outside of Ethereum.

Developers and teams building on BSC can port their dApps to Nervos and gain access to projects, tools, and resources available in a burgeoning network focused on DeFi development.

Additionally, dApps on Nervos such as YokaiSwap, a next-generation interoperable AMM decentralized exchange (DEX) built on Nervos, will gain access to liquidity through the BSC ecosystem.

The bridge is made possible through Force Bridge, a trustless cross-chain bridge that allows for seamless transactions between the Nervos ecosystem and other public chains, and Godwoken, the first EVM-compatible layer-2 blockchain on the network.

“Bridges are among the most fundamental building blocks of blockchain apps. By enabling cross-chain interoperability with BSC, we’re unlocking an immense amount of value that can now be transacted in the Nervos ecosystem.”


– Chris Khan, Senior Product Manager at Nervos

Nervos’ layer-1 blockchain enables support for future layers and makes it easier to build EVM-compatible cross-chains bridges, such as the Nervos to BSC bridge, from the Nervos Network to other chains.

Seamless Token Transfers

This new bridge will enable the seamless transfer of tokens across the Nervos and BSC networks.

At launch, Binance Coin (BNB) and Binance USD (BUSD), the native token and stablecoin of the Binance ecosystem respectively, will be supported for asset transfers and cross-chain swaps, with support for more BEP-20 tokens to come in the future.

Yield Farming on YokaiSwap

As part of their expanded access to dApps in the Nervos ecosystem, BSC users will also be able to receive over 500% annual percentage rate (APR) incentives on YokaiSwap (the first DEX on the Nervos Network) through yield farming.

As an Automated Market Maker (AMM), YokaiSwap enables users to easily and efficiently swap $CKB and any whitelisted token on the Ethereum network, as well as BNB and BUSD.

Starting on Saturday, January 15th, 2022, BNB/CKB and BNB/YOK trading pairs will be listed on YokaiSwap and available for yield farming opportunities.

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Singapore crypto ATMs shut down after central bank crackdown

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Singapore crypto ATMs shut down after central bank crackdown

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public.

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Singapore crypto ATMs shut down after central bank crackdown

The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.

According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.

The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceling its ATM service on Tuesday evening. Its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites and social networks.

Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech startup based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.

Related: UK advertiser ASA continues crypto ad banning spree

Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.

The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Turkey’s governing political party has discussed the upcoming crypto regulation in its first metaverse meeting.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Ak Party, Turkey’s governing party, held its first metaverse meeting on Monday wherein it discussed upcoming crypto regulation. 

The Grand National Assembly of Turkey (TBMM) hosted its first meeting in the metaverse, Cointelegraph Turkey reported. Attending the virtual meeting were TBMM group deputy chairmen Mahir Ünal and Mustafa Elitaş along with Ömer İleri, the vice president of Ak Party responsible for information and communication technologies.

Physically, Elitaş attended the meeting from the parliament building, while Ünal and İleri were at the Ak Party (AKP) headquarters. Crypto regulation was the highlight of the meeting, Ünal told state-run news agency AA, adding that crypto assets require both financial and legal regulations.

Elitaş, who recently hosted a meeting with representatives from the Turkish crypto ecosystem at TBMM, stressed that it’s impossible to stay out of the virtual world. “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives,” he added.

Elitaş is also expected to meet with Binance Turkey on Thursday. As reported before, Binance Turkey was fined 8 million Turkish lira (about $600,000) after failing an audit for monitoring Anti-Money Laundering compliance.

As blockchain technology made digital ownership possible, Turkey has sped up its metaverse efforts, Öİleri said. Seeing the metaverse as a nascent yet quickly developing field, he predicted that it could impact many industries in the future.

Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR

— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022

The metaverse is open for development in virtual reality, product management and innovative business models, İleri noted, adding that AKP wants to pave the way for a metaverse ecosystem.

Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirms

İleri argued that digital and technological advancements have legal, economic and social aspects. The AKP is striving to develop policies regarding crypto assets and social media to protect the citizens while empowering Turkey’s innovation capabilities, he concluded.

While the Turkish government is keen on blockchain technology and a central bank digital currency, Turkish President Recep Tayyip Erdoğan is known for his stern stance against cryptocurrencies. Last year in a public Q&A session, he “declared war” on crypto, saying, “We have absolutely no intention of embracing cryptocurrencies.”

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Russian Orthodox Patriarch is not a Bitcoiner, church clarifies

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Russian Orthodox Patriarch is not a Bitcoiner, church clarifies

A video emerged claiming that the leader of the Russian Orthodox Church was blessing financial investments.

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Russian Orthodox Patriarch is not a Bitcoiner, church clarifies

Patriarch Kirill of Moscow and all Rus’, the leader of the Russian Orthodox Church, has not urged his flock to invest in Bitcoin, despite videos claiming otherwise. 

A clip recently emerged claiming that Kirill had urged the faithful to invest in cryptocurrencies. While the video does include genuine comments from the patriarch regarding the benefits of robotics for the economy, and a mention of Bitcoin (BTC), the comments were heavily edited, with the narrator further claiming that the leader would bless those who wish to invest in crypto in a special service at a Moscow church.

The church’s top media representative, Vakhtang Kipshidze, told local publication Daily Storm:

“This is an absolute deception, misleading those people who might think that the patriarch allegedly encourages someone to participate in financial fraud and speculation.”

Kipshidze said that he considered the fraudulent nature of the video to be apparent, stating, “It would never occur to any sane person that the patriarch would call for investing in some kind of fly-by-night scheme, the fraudulent nature of which, in my opinion, is quite obvious.”

Religious communities around the world have had varying opinions about cryptocurrencies, ranging from cautious approval to outright condemnation. 

Related: Indonesia’s national Islamic council reportedly declares Bitcoin haram

In the Islamic world, which has its own set of guidelines and laws pertaining to finance — and now digital assets — the acceptance of cryptocurrency is far from uniform

Malaysia’s shariah advisory council, for example, has declared that trading digital assets was permissible, while late last year, religious authorities in Indonesia have found it “haram,” or forbidden, namely due to its speculative nature and purported propensity for fraud. 

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