Citizens of the Bahamas will be able to pay their taxes using cryptocurrency, as per this week’s release of a white paper from the Bahamian government.
Bahamian Government Pushing Broader Crypto Adoption
The government will allow Bahamians to pay taxes by collaborating with the nation’s central bank as well as the private sector. It will also encourage broader adoption of the nation’s CBDC (Central Bank Digital Currency) and access to crypto through the Bahamian Dollar.
The government will endeavour to ensure that digital assets are not used for the evasion of taxes or sanctions, and will seek to ensure compliance with all applicable tax information exchange agreements (TIEA) and domestic laws and agreed OECD standards.
The white paper outlines the island nation’s strategy to become a “leading digital assets hub in the Caribbean” from now until 2026, according to Bahamian Prime Minister Philip Davis. As part of the plan, the government will establish a digital asset policy committee and a digital advisory panel, with the latter chaired by Davis:
Oh hello! The Bahamas is the latest country to roll out a major piece of #bitcoin#crypto adoption. You can now use them to pay taxes in the island nation. Sweet! https://t.co/nGdaTLG4A3
The Bahamas was one of the first to implement proper regulations for the digital assets landscape. In 2020, the government created the Digital Assets and Registered Exchanges Act (DARE), allowing crypto companies to operate legally within the nation.
Some of the policy objectives outlined in the white paper are seeking to improve the attractiveness of the Bahamas as a well-regulated jurisdiction and to explore new opportunities in the digital assets landscape.
A few months ago, Crypto News Australia reported that the Tourism Authority of Thailand (TAT) was looking to attract crypto millionaires to revive visitor numbers to an industry adversely affected by the pandemic.
The native token for the Ox crypto exchange has recorded a massive spike following its partnership with Coinbase that allows Coinbase to use Ox Labs’ NFT standard for its new social NFT marketplace.
As recently reported, the Coinbase NFT social marketplace has gone into beta and will be tested by 3 million selected users on the waitlist. For Coinbase to get the market up and running, it partnered with Ox Labs which boasts that it has the “most robust feature set of any exchange protocol”.
Coinbase Partnerships Good for Price Action
According to data from CoinMarketCap, after news broke of Coinbase’s partnership the Ox token (ZRX) rallied 53 per cent. The token was at a five-month high of US$1.17 and also traded just over $1 billion volume on the day as well. The coin has since stabilised at around the $1 region.
We’re thrilled that Coinbase is using Ox to power [its] new social marketplace for NFTs and anticipate this launch will unlock a massive wave of new users into the blockchain space.
In the past, other projects such as Mina and Propy that partnered with Coinbase also saw considerable price movement when word got out they were collaborating with the US crypto heavyweight.
What 0x Labs Brings to the Table
The Ox open standard will be the engine of the Coinbase marketplace, aiming to deliver up to 54 per cent lower gas fees to users. Additionally, Ox Labs stated in a blog post that extra features include free non-custodial listing, instant royalties for creators, collection orders and more.
Building on Ox significantly reduces the effort required by Web3 developers and NFT marketplaces to deliver a seamless multi-chain experience to their users, giving them more time to focus on their products.
0x Labs blog post
We’re proud to partner with @Coinbase_NFT to power their new social marketplace for NFTs! ⚡️
By using 0x Protocol, Coinbase provides better ways to discover, buy, sell, and connect around NFTs at the lowest transaction costs for users ⛽️https://t.co/GwZUsh3xzj
One of the big things to come out of Ox Labs is the new V4 of its protocol that allows swaps between NFTs, so that users can exchange collectibles as easily as tokens.
In a report released this week, global investment bank giant Morgan Stanley argued that bitcoin had reached a point where it is “more practical” for small payments than a debit card:
1/ New @MorganStanley report released today focuses on the prospects of using the Lightning Network for retail purchases and on “the long-term transition towards payments and settlements using digital and cryptocurrencies instead of fiat currencies like the US dollar” ⚡️
In outlining the reasons for its bold assertion, the report notes that bitcoin is progressing towards becoming a medium of exchange following an integration between Lightning Network-enabled Strike and BlackHawk Network, the world’s largest point-of-sale payment processor.
The integration, announced by Strike chief executive Jack Mallers at the 2022 Bitcoin Conference, allows consumers to pay in bitcoin using the Bitcoin network, and for merchants to receive US dollars without having to touch the asset.
Strike chief executive Jack Mallers at the 2022 Bitcoin Conference. Source: Forbes
Put differently, if a consumer pays in bitcoin, the merchant can elect to receive either US dollars or bitcoin in real time with instant final settlement at virtually zero cost.
By contrast, traditional payment processors such as Visa or Mastercard charge merchants a transaction fee of 1-3 percent, in addition to imposing a 45-60 day settlement period in which charge-backs are possible.
Comparison of payment networks. Source: Geniepay
Lightning Network ‘More Practical’
Morgan Stanley noted that the “evolution of bitcoin usage as a medium of payment” will likely be driven by the ability of consumers to choose whether to pay for goods and services in physical locations with bitcoin through the Lightning Network.
This was largely because sending small payments was “more practical” with Lightning than debit cards, as Bitcoin’s layer-two solution can route transactions with next to zero fees. Furthermore, the banking giant expects that low transaction costs and merchant adoption will likely lead to less volatility in the asset over time.
In the US, where 85 percent of retail sales are still done in brick and mortar stores, this innovation is a potential game-changer for traditional retailers – a “superior payments experience”, as Jack Mallers would put it.
Many Twitter users found it astonishing that a Wall Street giant was effectively admitting that the Lightning Network was an improvement on the existing payments infrastructure:
doesn't get better than a Morgan Stanley reporting on the superiority of the lightning network https://t.co/Lti915onAH
The roadmap outlines plans to introduce operational risk standards by 2024 and, tentatively, crypto asset requirements and stored value facility standards by 2025. APRA also announced that it would be looking at “possible approaches to the prudential regulation of payment stablecoins, among others”.
Need For Due Diligence and Risk Assessments
APRA, which supervises Australian banking, insurance and superannuation institutions, stressed the need for due diligence and risk assessments in a letter from chairman Wayne Byres.
APRA chairman Wayne Byres. Source: theislanderonline.com.au
In the letter, APRA specifies that regulated entities:
consider the principles and requirements of prudential standards when relying on a third party in conducting activities involving crypto assets; and
apply clear accountabilities and relevant reporting to the board on the key risks associated with new ventures.
Financial Watchdog Also Bares Its Teeth
Along with APRA’s prescription, the Australian Transaction Reports and Analysis Centre (AUSTRAC) – the country’s financial watchdog – released its own set of guidelines on preventing the criminal abuse of digital currencies.
And in July 2021, the Australian Securities and Investments Commission (ASIC) set out a range of proposals relating to the inclusion of cryptos in exchange-traded products (ETPs), seeking market participants’ input to shape its position within the regulatory landscape.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) published two guides this week with hopes of helping Aussies detect and prevent illicit crypto activity.
Focus on Ransomware, Debanking
AUSTRAC is helping companies identify when their customers are being forced to take part in paying ransomware creators or illicitly engaging with crypto. This assistance comes in the form of two guides and a warning that debanking customers without evidence is a harmful practice.
In what can be considered another positive step the government is taking to embrace cryptocurrency, the financial watchdog has been prompted to act after a recent increase in ransomware-related attacks and cases of debanking.
Open dialogue, pro-active guidance, and strong relationships between government and industry are necessary to ensure businesses can identify and report behaviour that puts Australians at risk of harm.
Steve Vallas, Blockchain Australia CEO
The release of these documents follows guides from the Australian Securities and Investments Commission (ASIC) and AUSTRAC’s critical infrastructure bill.
ASIC and AUSTRAC Go After Scammers and ‘Finfluencers’
AUSTRAC and ASIC began investigating scammers deceiving crypto investors in March 2021. The investigation discovered that British scammers were stealing millions of dollars of crypto from Aussies.
The latest AUSTRAC guides come only weeks after ASIC released its guide warning Australian ‘Finfluencers’ of impending tighter regulations.
Ripple CEO Brad Garlinghouse has said that bitcoin “tribalism”, or what he calls bitcoin maximalism, is inhibiting the entire cryptocurrency industry and has led to “fractured representation” when it comes to lobbying US lawmakers.
Garlinghouse also said that he finds the lack of coordination in Washington DC within the crypto industry “shocking”:
Bitcoin 'tribalism' is holding the crypto industry back, Ripple CEO says https://t.co/KvJZHNgbi9
In an interview with CNBC, Garlinghouse said he owns multiple cryptocurrencies and expects them all to rise together as the overall industry grows:
I own Bitcoin, I own Ether, I own some others. I am an absolute believer that this industry is going to continue to thrive … All boats can rise.
Brad Garlinghouse, CEO, Ripple
While speaking out about his concerns, Garlinghouse compared the crypto market to the rise of the internet giants decades ago, saying: “Yahoo could be successful and so could eBay … They’re solving different problems … There [are] different use cases and different audiences and different markets. I think a lot of those parallels exist today.”
What Garlinghouse calls “bitcoin maximalists” refers to people who view one coin – in this case, bitcoin – as the currency that rules all others. According to this point of view, in the case of cryptocurrencies, it is that one asset that presents an outsized reward compared to others, causing what Garlinghouse calls “fractured representation”.
Ripple is still dealing with a lawsuit brought on by the US Securities and Exchange Commission (SEC) for allegedly issuing XRP, Ripple’s native coin, as an unregistered security. In February, some good news regarding the suit allowed XRP to soar 50 percent.
So-called “Bitcoin maximalists” have taken to Twitter to express their views:
And banks and financial institutions worldwide don’t consume energy?? The energy consumption required for the overhead on bank owned real estate alone dwarfs the energy Bitcoin consumes. It’s not even close. #Bitcoin#Ethereum#XRP
#Gold mining is one of the most destructive industries in the world. It pollutes water, land and environments with mercury. Mining #Bitcoin takes less energy and less environmental impact.
Within days of news that Australians will soon receive the country’s first Bitcoin exchange traded fund (ETF), a slew of competitors look set to follow suit by launching their own own crypto ETFs.
BREAKING: 🇦🇺 Australia is set to list 3 #crypto ETFs next week on April 27
Another Bitcoin ETF and the First Australian Ethereum ETF
According to a press release, 21Shares AG (“21Shares”), a Swiss-based issuer of crypto exchange traded products (ETPs), and Australian ETF provider ETF Securities have jointly launched two funds to provide direct access to bitcoin and ethereum respectively:
21Shares Bitcoin ETF (EBTC)
21Shares Ethereum ETF (EETH)
Both EBTC and EETH are due to list on April 27 on Australia’s secondary public exchange, the Cboe (formerly Chi-X), with EBTC tracking the price of bitcoin and EETH tracking the price of ethereum, both in Australian dollars. Much like Cosmos Asset Management bitcoin ETF (CBTC), whose bitcoin will be held by Gemini, both of 21 Shares’ funds have opted for an offshore custodian in the form of Coinbase, who will hold the assets in cold storage.
While 21 Shares claims that both of its products are a first in Australia, sticklers for detail may wish to point out that EBTC is in fact tied for first with CBTC, as both are scheduled to go live April 27.
In describing the commercial basis for its imminent listings, ETF Securities Australia executive chairman, Graham Tuckwell, said:
The products give investors a way of trading cryptocurrency in a tightly regulated environment, without the need to establish and maintain their own bitcoin or ethereum wallets, or manage the risks.
Graham Tuckwell, executive chairman, ETF Securities Australia
Biggest Capital Market Gets Left Behind
Shortly after news that Australia was going full steam ahead with crypto ETFs, a representative of global ETF provider VanEck described the US regulator’s conservative stance on listing a bitcoin ETF as “a big loss for investors”. And at present, there doesn’t appear to be an end in sight.
It goes without saying that there are plenty of variables potentially holding up ETFs in the US – whether financial, political, or otherwise driven by “investor protection”. Whatever the case may be, it’s evident that as Australia becomes the eighth nation to launch a bitcoin and ethereum ETF, the world’s most developed capital market is getting left behind:
Australia is the newest country to approve $BTC ETF…at this rate China will approve one before the US does.https://t.co/YPJpoBCJqI
Among the findings of a joint report by DappRadar and the Blockchain Game Alliance (BGA) is that blockchain gaming has boomed by a massive 2000 percent in a year. This figure directly relates to 52 percent of all blockchain activity.
DappRadar x BGA report.
This Could Be a $10 Billion Year
The first quarter of this year has seen significant statistics out of the crypto gaming industry. With US$2.5 billion in investments poured into the industry already, 2022 is shaping up to be a big year for the advancement of blockchain gaming. Developers are anticipating this number could grow to US$10 billion by the end of the year.
The popularity of play-to-earn (P2E) NFT games on the Ethereum sidechain has played a large role in this growth. According to the report:
The ownership entitled by NFTs, and the underlying financial ecosystem enabled by cryptocurrencies and play-to-earn games, will shift the paradigm from the traditional metaverse that is limited to a virtual, augmented reality.
DappRadar x BGA games report
Animoca Brands and Yuga Labs hold some of the largest deals for the year so far, as blockchain games drew in 1.22 million unique active wallets.
Success Stories in Crypto Gaming Industry
In 2021, blockchain crypto gaming coins soared, with just one week in August witnessing nearly 700 percent growth. This seemed to mark the start of the acceleration in the blockchain gaming industry. Mobile gaming benefits immensely from NFTs, as the notion of adding real-world value to in-game assets became wildly popular.
Later in 2021, Galaxy Interactive – a venture capital firm specialising in gaming start-ups – raised US$325 million with the intention of investing in blue-chip NFTs. At the time it was reported that US$150 million had been allocated to a range of new companies.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. DigiByte (DGB)
DigiByte DGB is an open-source blockchain and asset creation platform. A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity and transaction speed. DigiByte consists of three layers: a smart contract “App Store”, a public ledger, and the core protocol featuring nodes communicating to relay transactions.
DGB Price Analysis
At the time of writing, DGB is ranked the 144th cryptocurrency globally and the current price is US$0.02628. Let’s take a look at the chart below for price analysis:
After retracing nearly 56% since the beginning of Q2, a 30% range has trapped DGB between $0.03449 and $0.02322 during April.
A consolidation near $0.02192, visible on the weekly chart, provided support on the last touch. This level could provide support again on a stop run under the $0.02015.
A deeper run-on stop at $0.01920 might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new monthly high soon. Below, little significant support exists until $0.01713.
Higher-timeframe levels overlapping with a daily gap beginning at $0.02895 are likely to provide resistance, perhaps on a sweep of the equal highs near $0.03240. Breaking this resistance makes the relatively equal highs near $0.03755 and the monthly high at $0.03947 the next probable targets.
2. Waves (WAVES)
WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.
WAVES Price Analysis
At the time of writing, WAVES is ranked the 52nd cryptocurrency globally and the current price is US$20.27. Let’s take a look at the chart below for price analysis:
During April’s high, WAVES‘ slight drop marks the current range as a reasonable area to expect accumulation.
The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $20.12 and $18.35 – between the 31.8% and 40.6% retracements – could see at least a short-term bounce.
Long-term consolidation suggests that the areas near $29.45 and $34.61 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $28.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $32.42, the start of the bearish move.
3. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 35th cryptocurrency globally and the current price is US$0.06087. Let’s take a look at the chart below for price analysis:
VET‘s 65% move during late March ran into resistance near $0.08120, at the 27% extension of the Q1 swing.
An old high and the 18 EMA have provided support near $0.05833 and may give support again on a retest. This area also has confluence with the 50% and 62.8% retracements of November’s swing.
Just below, near $0.05493, the 55.8% retracement of the current Q1 swing might also mark an area of support.
If the market turns bearish, $0.05072 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.07418, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.07978. Above, old consolidations near $0.08425 and $0.08872 may also provide some resistance before another round of price discovery.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
The US National Basketball Association (NBA) this week began minting its Ethereum NFT collection of 18,000 assets, imaginatively titled ‘The Association‘.
Each Association NFT represents a real NBA player in this year’s playoffs, with 75 NFTs of each player from the 16 NBA teams participating. NFT traits will evolve over the course of the playoffs based on each player’s actual performance, meaning that the associated number of dunks, blocks, three-pointers, rebounds or assists will change that player’s image. NFT backgrounds and “frames” will also change based on the player’s team’s performance.
NFTs Free But Gas Fees Apply
According to the NBA website, the NFTs will be free to mint but interested collectors will foot the bill for gas fees on Ethereum. That said, the NBA is reserving some assets for holders of NBA Top Shot NFTs, with a maximum of one per wallet.
Fans qualify on a first-come, first-served basis by joining the NBA Discord group and connecting their digital wallet to the initiative’s website. However, the list is already full.
After the presale minting, the NFT art will be revealed on April 22 and viewable on NFT marketplaces such as OpenSea.
Not every basketball fan is impressed by these developments, with some taking the launch team to task on Twitter:
Who was in charge of choosing the team to run this launch? What an absolute disaster…where are you guys hiring from, the high schools?
Has the NFT bubble burst? Though there are sporadic signs of life in the sports sphere, the consensus is that non-fungible fatigue has well and truly set in.
