Finance forum: Cryptocurrencies


A cryptocurrency is a specific digital asset that has an exchange value. A cryptocurrency (or cryptoasset) works thanks to a cryptographic system that prevents it from being duplicated. Many virtual currencies, such as Bitcoin and Ethereum, are based on decentralized server networks that use blockchain technology. In contrast to national currencies, cryptocurrencies are not tied to a central bank or regulator, and are managed via special virtual wallets, so-called e-wallets.


IMF views crypto-assets as posing new challenges to global financial stability

Posted on 05.10.2021

The International Monetary Fund (IMF) warned that crypto-assets like Bitcoin expose financial stability to new challenges. The IMF added that governments and central banks need to pay attention to crypto-assets’ ballooning risks. Though they provide opportunities for businesses, criminals could easily exploit such assets. That would present a danger to the banking sector.  The IMF urged officials worldwide to team up and create a set of global standards to prevent criminals from expl ...

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Ethereum in for higher prices after London upgrade

Posted on 02.08.2021

Ethereum’s major software upgrade, with a code name London, will take place later this week. The upgrade will slow down the growth of Ether tokens in circulation. Currently, almost 13,000 new Ethers are issued daily. When you make transactions on the Ethereum network, you’re charged a fee paid to miners. That fee is referred to as a gas fee. You usually pay a higher gas fee for faster or more complex transactions. That totals roughly 13,000 new Ethers per day.  The London upgra ...

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Britcoin pros and cons as the idea moves toward reality

Posted on 27.07.2021

Chancellor Rishi Sunak is moving forward with the idea of a digital central bank cryptocurrency, Britcoin. A task force was established, formed of Treasury and Bank of England officials, to examine the merits of Britcoin and report back to Sunak by year-end. The move would be a revolution in the monetary system as the BOE establishes a digital equivalent to the sterling and controls it.  Unlike unpegged cryptocurrencies, Britcoin would be linked to the pound and backed by the central bank. ...

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NatWest blocks payments to Binance after FCA warnings

Posted on 26.07.2021

Binance and other crypto assets firms are getting hit in the UK as the FCA warns of crypto payments. NatWest is the latest bank to join in the country’s crackdown on cryptocurrency. The bank announced last week temporarily reducing customers’ maximum daily limits sent to crypto exchanges. NatWest also blocked payments to a few crypto-asset firms, especially those showing fraudulent activities hurting the bank’s customers. Receipt of cryptocurrency payments remains permitted.&nb ...

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Low interest rates move investors towards real estate and crypto

Posted on 23.07.2021

Research conducted by NexGen Cloud showed 43% of UK investors are inclined to put their money in alternative investments as low interest rates persist. Currently, a fifth of investor’s portfolio weightings are more inclined towards alternative investments versus traditional assets. From these investors, 23% said that alternative investments would form a key part of their strategy next year. The most popular alternative investment, based on the research, is real estate. 17% of the 889 UK i ...

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45% of UK millennial investors buying crypto, half on debt

Posted on 09.07.2021

Young UK investors said their first investment was in crypto. Almost half of the 45% who did so used debt. Millennials believe cryptocurrencies offer better returns than traditional assets favored by their parents and grandparents. A minority of young investors are in it for the long term. A Charles Shwab survey in April showed half of young investors actively trading crypto. Another 20% believe it’s a solid investment choice. Cryptocurrency ranked second after cash as the preferred savin ...

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FCA bans world's leading crypto-currency exchange Binance

Posted on 28.06.2021

The Financial Conduct Authority (FCA) has declared that the firm cannot perform any "regulated activity" in the UK. Likewise, it released a consumer warning about Binance.com, notifying people to be wary of adverts suggesting high returns on cryptoasset investments. This comes along with pushback from regulators around the world against crypto-currency platforms. Binance.com is an online centralised exchange that recommends users a variety of financial products and services, including ...

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9 things to look for in a crypto exchange

Posted on 18.06.2021

All the hype around cryptocurrencies may have lured you in. But, how can you buy cryptocurrencies? You’ll have to create an account on a crypto exchange. The exchange performs the transactions to and from US dollars, or your national currency, and cryptocurrency.   There are many exchanges out there. Coinbase, for one, was one of the early birds in the market. Others are newbies like Robinhood and PayPal. With so many crypto exchanges available, how can you choose the one that ...

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4 things to consider before gifting cryptocurrency

Posted on 09.06.2021

Thinking of gifting your cryptocurrency to charity? The US is ahead of the UK in terms of regulation. The IRS has confirmed treating virtual currencies as property. Meaning, they receive the same tax treatment as stocks. The case is still in its embryonic stages in the UK. So it’s not surprising that global charities such as Save the Children and The Water Project are accepting crypto-asset gifts. Unicef, back in October 2019, created a new vehicle enabling it to operate in cryptocurrency. ...

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