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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: AnclapAnclap 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.

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CBDCs could cut cross border remittance costs by half: BIS report

The Bank for International Settlements (BIS) has published a report touting the benefits of central bank digital currencies (CBDCs), especially in reducing the cost of cross-border payments.According to the report titled: “Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments” published on Tuesday, CBDCs can reduce the transaction throughput of cross-border payments from between three to five business days to only a few seconds.The stated claim is part of the conclusions drawn from phase two of Project Inthanon-LionRock involving the central banks of China, the United Arab Emirates and the Hong Kong Monetary Authority.“The prototype demonstrates a substantial increase in cross-border transfer speed from days to seconds, as well as the potential to reduce several of the core cost components of correspondent banking,” the report stated.As stated in the report, a PwC estimate based on the results of the phase two prototype showed a possible 50% reduction in the cost of cross-border payments.The BIS report also stated that the speed and cost benefits of CBDCs can even be more significant among jurisdictions where robust correspondent banking relationships are non-existent.With phase two completed, the project now dubbed mCBDC Bridge will move into the third phase which will involve further pilot studies as well as the creation of a possible roadmap for large-scale testing.Related: IMF, World Bank and BIS champion central bank digital currencies at G20The mCBDC Bridge project is one of many multi-central bank digital currency projects as the emphasis appears to be shifting towards more collaboration in the area of national digital currencies.As previously reported by Cointelegraph, Australia, Malaysia, Singapore, and South Africa recently announced a joint CBDC initiative.These collaborative efforts are also being championed by entities like the BIS and the International Monetary Fund (IMF) as being more advantageous to the current financial landscape especially amid the growing popularity of cryptocurrencies.Indeed, the BIS has consistently advocated for CBDCs as a countermeasure to the proliferation of crypto and stablecoins in global payments.

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Crypto tax ‘a top enforcement priority,’ reminds IRS Commissioner

The United States Internal Revenue Service continues to propose new tax reforms to regulate the crypto investments in the U.S., with the latest notice sharing tax obligations for the marijuana industry.The notice, signed by IRS Small Business/Self-Employed Division Commissioner De Lon Harris, reflects the priorities of the United States federal agency to ensure cryptocurrency tax compliance among local businesses that grow, distribute and sell cannabis.Commissioner Harris said that the use of cryptocurrencies in the cannabis industry is one of the top enforcement priorities of the IRS. The statement coincides with the recent proposal by the Senate lawmakers from July 2021 that intends to tighten taxation and reporting rules on businesses dealing in cryptocurrencies. According to Harris:“Those who use it [cryptocurrencies] need to understand that the IRS considers it property, and there are gains that are taxable.”In addition, the IRS commissioner recommended cannabis businesses work with reputable exchanges for converting cryptocurrencies into U.S. dollars. The IRS has not yet asked businesses to report high-worth crypto transactions explicitly. However, companies will need to file Form 8300 for every transaction that exceeds $10,000. Related: US lawmakers propose adding digital assets to ‘wash sale’ rule and raising capital gains taxThe Senate’s bipartisan infrastructure deal recently that saw last-minute amendments proposed means to raise funds worth $28 billion by taxing crypto investments and transactions. Following suit, more recently, on Sept. 13, Democrats in the House of Representatives proposed new tax initiatives that would increase the tax rate on long-term capital gains. If approved, the law will increase crypto taxes for “certain high-income individuals” by 5%.According to Cointelegraph’s report, the bill also recommends a surtax of 3.8% on net investment income, bringing up the tax rate to 28.8% for select investors.Additionally, the new tax plan will impose the wash-sale rule on cryptocurrencies and other digital assets, which prevents investors from claiming capital gains deductions. Currently, U.S. lawmakers suspect crypto investors of using wash sales to manipulate the capital gains of their portfolio.

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Alibaba to ban crypto miner sales amid Chinese crackdown

Chinese e-commerce giant Alibaba is the next company to wrap its cryptocurrency-related services in response to the ongoing crypto crackdown in China.Alibaba officially announced Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8.In addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins like Quark (QRK).The new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides and strategies, the announcement notes.Any sellers that continue listing crypto miners or relevant products on Alibaba’s platforms after Oct. 15 will face penalties under applicable rules, the firm warned in a detailed description of new restrictions. Some of the listed penalties include blocking stores, freezing and closing merchant accounts for maliciously evading the new rules like intentionally placing relevant products into other categories, Alibaba said.The firm noted that the latest policy changes come in response to compliance issues in listing products and handling transactions.Related: Alibaba launches NFT marketplace for copyright trading“Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. We will keep track of policy changes in each country and adjust our control policies accordingly,” the company stated. Alibaba did not immediately respond to Cointelegraph’s request for comment.Alibaba’s move came soon after the Chinese government announced a set of new measures to combat the crypto adoption, declaring all crypto-related transactions illegal in the country on Sept. 24. In response to a renewed crypto crackdown, major crypto exchanges like Binance and Huobi subsequently halted some services in mainland China, while Sparkpool, the second-largest Ethereum mining pool in the world, announced a total shutdown of operations.

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BTC price loses $42K after fresh rejection puts focus on 'worst case' Bitcoin monthly close

Bitcoin (BTC) fell below $42,000 on Sept. 28 as the largest cryptocurrency worsened overnight losses.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC bulls run out of steam at $44,000Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching local lows of $41,670 on Bitstamp.The fall followed a $1,000 hourly loss late Monday, which firmly halted any bullish hopes from the weekend’s high of $44,400.The turnaround was broadly expected. As Cointelegraph reported, analysts were already eyeing levels even below $40,000 as potential floors.On Monday, one trader likewise refused to believe Bitcoin’s strength going into the new week, arguing that levels above $44,000 were simply a liquidity grab before heading lower again.#bitcoin Probably flushing out the late shorts before the next leg down. Idea invalidated above 45.2k if it builds a bullish market structure from there. pic.twitter.com/9ofwkkD8lP— cevo (@cryptocevo) September 26, 2021With two days left until the monthly close, meanwhile, attention was on $43,000 as the “worst case scenario” for BTC/USD to finish September.PlanB, the analyst who correctly predicted the $47,000 “worst case” for August, likewise envisages October closing on at least $63,000.Trader — “Wise to bet” on Q4 reboundHe is not alone, with an increasing number of market participants firmly convinced that Q4 will form a turnaround point in the Bitcoin bull run. Related: China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this weekAmong them was popular trader TechDev, who argues that historical precedent alone demands credence be given to a fresh BTC price surge.“Investing is a game of probability,” he summarized against a chart showing Bitcoin in 2013 and 2021. “When history has proven prophetic for the first 3 quarters, I think it’s wise to bet on it for the 4th.”BTC/USD comparison. Source: TechDev/ Twitter

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Northern Data to obtain 33K ASIC miners through Bitfield acquisition

Blockchain and high performance computing firm Northern Data has announced it will acquire Bitcoin miner Bitfield. According to a Sept. 27 press release, all major shareholders signed a binding purchase agreement for the entire Bitfield enterprise to be sold at a value of roughly $460 million. Northern Data will acquire an equity interest of between 86% and 100% in Bitfield as per the agreement.Northern Data claims it has become “a leading global Bitcoin mining company” through the acquisition, with the firm gaining immediate access to 6,600 operational ASIC miners. A further 26,000 brand-new miners are expected to be deployed primarily at sites in Canada and the U.S. by the start of Q2 2022.“With this acquisition, we add Bitcoin mining to our three existing businesses – Bitcoin hosting and services, Altcoin mining and Cloud Computing” said Aroosh Thillainathan, founder and CEO of Northern Data AG.Norther Data Management expects revenues to amount to approximately between $210 million and $260 million in 2021.Related: Bitcoin miner Greenidge set for Nasdaq listing through mergerBitcoin mining difficulty surged over the last 2 months from a year low of 85 million terahashes per second (TH/s) on July 3 to a local high of 140 million TH/s on Sept. 21 according to a seven-day average — its highest level since early June. The total hash rate of the Bitcoin network is 136 million as of this writing.After China’s initial crack down on Bitcoin mining, the difficulty to mine Bitcoin plummeted as Chinese miners left the network but the recent climb of the hash-rate proves that miners are getting back online.

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Bitcoin Lightning nodes and channels hit record highs

The node count for Bitcoin’s leading layer-two solution, the Lightning Network (LN), has spiked to record levels following a surge of adoption.According to on-chain analytics provider Glassnode’s Sept. 27 Week on-Chain report, the number of Lightning Network nodes increased by 160% during September to tag a record high of 15,600. At the end of August, just 6,000 LN nodes were live.The number of channels, or connections between different nodes, on the LN has also hit a peak of 73,000 representing an average of 4.6 channels per node, the report added. Bitcoinvisuals is currently reporting an average of 9.3 channels per node as of Sept. 26.“This is around double the number of channels that were live through the period from 2019-20, with most of this growth occurring since May 2021.”The total capacity of the Lightning Network has seen “explosive growth” this year according to Glassnode. The metric refers to the total amount of BTC that can be transferred using the LN.The network’s capacity is currently at an all-time high of 2,904 BTC ($123 million at current prices). The milestone marks an increase in capacity of 170% since January with roughly 22% or 514 BTC having been added to the network in September alone.The average channel capacity or amount of BTC sent per channel, is currently 0.04 BTC (around $1,670), representing another all-time high for the network. This is an increase of 43% from the mean channel size of 0.028 BTC throughout 2019 and 2020.Related: OKEx to accelerate Bitcoin transactions with Lightning NetworkThe Lightning Network has recently been in the headlines as a result of the popular social media network Twitter integrating LN for tipping in addition to the network’s national roll-out across El Salvador amid the country’s digital asset embrace.The Lightning Network was proposed by two researchers, Thaddeus Dryja and Joseph Poon, in 2015 as a way to take Bitcoin transactions off-chain to increase throughput and decrease costs.

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Battered 60/40 Strategy Followers Face More Pain as Yields Rise

September 27, 2021 by Bloomberg News | | Share This Bloomberg – After already registering the worst monthly losses in almost a year so far in September, little relief appears in sight for investors adhering to the 60/40 stock-bond portfolio strategy. The traditional U.S. asset mix of 60% stocks and 40% fixed-income securities was down about […]

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UBS Ordered to Pay $800k in One ‘YES’ Case, But Prevails in Another

September 27, 2021 Share This UBS Wealth Management USA has gone one for two in recent arbitrations over its widely marketed options-spread strategy dubbed YES (Yield Enhancement Strategy), which went haywire during market volatility and sparked dozens of client complaints. In the case favoring investors, a three-person Financial Industry Regulatory Authority panel ordered the wirehouse […]

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U.S. Supreme Court to Hear Ex-Ameriprise Broker’s Petition to Overturn Arbitration Award

September 27, 2021 by Miriam Rozen | | | | Share This The U.S. Supreme Court is scheduled to hear in early November arguments by a Louisiana financial advisor who seeks to have a state court vacate a Financial Industry Regulatory Authority arbitration panel ruling, rather than abide by a federal court’s confirmation of the […]

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Popular HP Gaming Laptops And Desktops Have Security Vulnerability

Do you own an HP Omen, Envy, or Pavilion gaming laptop or desktop? You’re certainly not alone if you do. It’s a wildly popular and incredibly versatile model that has sold millions of units worldwide. Unfortunately there’s a problem. A serious security flaw in a driver used by the Omen gaming software. It comes pre-loaded […]

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LA Clippers Partner with Green Finance Company Aspiration on the First Climate Positive Arena

The LA Clippers announced today a multi-year partnership with Aspiration Partners on the construction of the Intuit Dome, the first climate positive arena, set to house the team beginning in the 2024-2025 NBA season.

The deal, reported by CNBC to be in excess of $300 million, will see Aspiration become the first Founding Partner of the dome. Aspiration will receive physical and digital signage elements with the deal, and will become the presenting partner of the Clipper Nation MVP Program targeting season ticket holders.

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EIB Backs ArcelorMittal’s Activities to Decarbonize Steelmaking

The European Investment Bank (EIB) Group announced today a €280 million loan granted to steel and mining company ArcelorMittal, aimed at supporting the company’s climate goals through reducions in the environmental footprint of its manufacturing facilities, steel products and technological solutions. The loan is backed by the European Fund for Strategic Investments’ (EFSI Investment Plan for Europe.

Steelmaking is one of the biggest emitters of CO2 globally, with total greenhouse gas emissions (GHG) from the sector accounting for between 7% and 9% of direct emissions from the global use of fossil fuels. Given steel’s heavy dependence on coal, it is also one of the most challenging sectors to decarbonize. While several initiatives have emerged recently to help address the impact of steel, most commercially viable alternatives are still at an early stage.

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Hannon Armstrong Establishes First Green Commercial Paper Program in U.S.

Climate-change solutions investor Hannon Armstrong announced today the establishment of the $100 million CarbonCount Green Commercial Paper Note Program, the first green commercial paper program in the United States, with proceeds targeting green infrastructure projects, and providing transparency into the emissions avoided through the projects.

According to the company, eligible projects for investment include “Behind-the-Meter” distributed building or facility projects, which reduce energy usage or cost through the use of solar generation and energy storage or energy efficiency improvements such as HVAC systems, lighting, energy controls, roofs, windows, building shells, or combined heat and power systems; “Grid-Connected” projects that deploy cleaner energy sources, such as solar and wind to generate power where the off-taker or counterparty is part of the wholesale electric power grid, and; “Sustainable Infrastructure” projects that improve water or energy efficiency, increase resiliency, positively impact the environment, or more efficiently use natural resources.

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New Carbon Intensity Calculations from Platts Provide Transparency into Emissions Footprint of Major Oil Fields

Energy and commodities markets information, benchmark and analytics provider S&P Global Platts announced today the launch of new products aiming to provide transparency into the emissions attributes into the carbon footprint of oil and gas production, including monthly carbon intensity calculations for 14 major crude fields around the world, and the first ever daily carbon offset premiums.

Deb Ryan, Head of Low Carbon Market Analytics at S&P Global Platts, said:

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NTAM’s FlexShares Continues Europe Expansion with Launch of ESG & Climate-Focused Emerging Markets ETFs

FlexShares Exchange Traded Funds, sponsored and managed by global investment manager Northern Trust Asset Management, announced today the launch of the FlexShares Emerging Markets High Dividend Climate ESG UCITS ETF (QDFE) and the FlexShares Emerging Markets Low Volatility Climate ESG UCITS ETF (QVFE), two new emerging markets climate and ESG-focused exchange traded funds.

The launch marks the continuation of FlexShares’ ESG-focused expansion into Europe, following the firm’s entry earlier this year into the European market with a pair of developed market climate-focused ETFs.

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