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Chayanika Deka



Articles by Chayanika Deka

Crypto Investor and Influencer Arrested for Visiting Terra Founder Do Kwon’s Apartment

May 24, 2022

The unknown person visiting Terraform Labs’ founder, Do Kwon, has been identified and later arrested.
According to a BBC News report, an AfreecaTV streamer who goes by “Chancers” was the desperate man who knocked on the controversial exec’s home earlier this month.
The social media personality made quite a fortune after entering the digital asset space in 2017.
Chancers had invested $800,000 in LUNA. Following the latest crash, he lost approximately $2.4 million.
He was quoted saying,
“I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m (£1.9m) of my cryptocurrency was wiped out. Here in Korea, I was in the top 1% in terms of my finances. But thanks to the crash, I’m now in trouble.
As reported earlier, South Korean law enforcement

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South Korean Crypto Exchanges Issue Investment Warnings After Litecoin’s MWEB Update

May 24, 2022

Two leading South Korean cryptocurrency exchanges, UpBit and Bithumb, have issued a warning for Litecoin after the activation of MimbleWimble Extension Blocks (MWEB).
Growing Concerns
UpBit revealed terminating “transaction support for digital assets with technology that makes transmission records indistinguishable from the past” while pointing to Korea’s Act on the Reporting and Use of Specific Financial Transaction Information.
Under this act, crypto exchanges in the country are required to implement know-your-customer (KYC) and anti-money laundering (AML) measures. The notice read,
“It is believed that the Mimblewimble upgrade has been carried out with a selection function that does not expose transaction information. Upbit added the item of transparency of network

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GameStop Rolls Out Self-Custodial Wallet for Cryptocurrencies and NFTs

May 23, 2022

American video game retailer GameStop announced the launch of its digital asset wallet. Following the development, shares of GameStop (GME) rose by more than 2% premarket on Monday to $98.02. It was currently trading at $95.66.
GameStop Wallet
GameStop’s new self-custodial Ethereum wallet will allow users to store, send, receive and use cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps without having to leave their web browsers, the company said. It is built on top of Loopring’s zkRollup to facilitate cost and time-effective transactions.
The official announcement also mentioned that the wallet will enable transactions on GameStop’s NFT marketplace, slated to launch in the second quarter of this year. The wallet will monitor the user’s IP address,

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New Milestones for Ethereum as Ropsten Public Testnet Merge Date Revealed

May 19, 2022

Earlier this week, a pull request was submitted by an Ethereum DevOps engineer for the Ropsten testnet Merge configuration code that can be seen in the GitHub repository. For the uninitiated, the Ropsten testnet was created by Ethereum Foundation nearly five years ago and is considered one of the best replicas for the Ethereum blockchain.
The Merge
The merge, which marks the end of the PoW-style architecture, will essentially combine the two layers in a single PoS-based chain. According to Prysmatic Labs’ Terence Tsao, the genesis for the Ropsten testnet Merge is slated for May 30.
Lead developer Tim Beiko earlier confirmed that the merge on the mainnet is likely to go live a few months after June and not anytime sooner.
But the Ropsten merge will demonstrate the actual

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Binance Visa Card Guide: Read Before You Order

May 19, 2022

Spending cryptocurrencies such as Bitcoin and Ethereum in shops and restaurants is getting easier by the day. More and more merchants grasp the potential of cryptocurrencies and adopt them in one way or another.
Several cryptocurrency debit cards have recently popped up to help businesses offer digital assets as a payment method. Just like any other conventional ones, cryptocurrency debit cards allow you to conduct day-to-day transactions using BTC, ETH, XRP, and other altcoins.
Binance – the world’s leading cryptocurrency exchange by trading volume – has also joined the fray and has recently launched a new crypto-based Visa debit card. It enables real-time conversion of cryptocurrency to EUR when a user makes a transaction.
Binance has been striving in making

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FTX US Launches Stock Trading for Select Users

May 19, 2022

The US arm of the cryptocurrency exchange, FTX, is going old school with the launch of its new stock-trading service for a limited number of users in the country. The new offering is being released through FTX Capital Markets, which happens to be a FINRA member broker-dealer.
Push for Stock Trading
According to the official announcement, the platform plans to expand its functionality to all US users over the next months. FTX Stocks will enable users to trade and invest in hundreds of US exchange-listed securities, such as common stocks and exchange-traded funds (ETFs).
At first, the new platform will route all orders via Nasdaq in a bid to provide “transparent trade execution and fair pricing.” Stock trading will be commission-free, and FTX Stocks will not receive any

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Terraform Labs’ Legal Team Resigns Despite Frantic Rescue Attempts (Report)

May 18, 2022

Reports suggest that the Singapore-based company’s legal functions are now being managed by outside counsel.
Shortly after the collapse of its flagship stablecoin UST, the legal team behind handling the Terraform Labs abandoned what many consider a sinking ship.
As per their LinkedIn profiles, Terraform’s Chief corporate counsel Lawrence Florio, general counsel Marc Goldich, and regulatory counsel Noah Axler have all quit as of May 2022.
The past few weeks have been extremely tumultuous for the Terra ecosystem after the price of its native LUNA token plummeted to $0.00 as a result of the UST algorithmic stablecoin losing its peg.
The departure of the three lawyers from the beleaguered company comes at a time when its co-founder, Do Kwon, has made several proposals in a bid

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CryptoCom Pay Now Available for Shopify Merchants

May 18, 2022

CryptoCom has announced enabling Shopify merchants to leverage its payment solution  – CryptoCom Pay – on their online storefronts.
According to the official blog post, the crypto trading platform stated that the latest move should help the e-commerce company expand its reach by facilitating more ways for customers to make purchases with cryptocurrencies.
CryptoCom – Shopify
To incentivize Shopify merchants to sign up for CryptoCom Pay, the crypto platform has also announced waiving the 0.5% settlement fee on all transactions for one month after integrating. Stores will have until June 30th to avail this offer. Currently, customers can do so in more than 20 tokens, including Bitcoin (BTC), Ethereum (ETH), Cronos (CRO), Shiba Inu (SHIB), Dogecoin (DOGE), and ApeCoin (APE).

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SoftBank-backed The Sandbox Partners With Legendary Jazz Band Jamiroquai

May 18, 2022

Jamiroquai is the latest entity to join more than 200 of The Sandbox’s partnerships that include Ubisoft, The Rabbids, Gucci Vault, The Walking Dead, Snoop Dogg, Adidas, The Smurfs, and CryptoKitties, among others.
The Animoca Brands subsidiary announced the partnership with the legendary funk and acid jazz band – Jamiroquai – which is well-known for their 1996 global smash hit “Virtual Insanity.”
According to the official blog post, the goal of the strategic collaboration will bring the song that was released as the second single from their third studio album, Travelling Without Moving, to its virtual LAND in The Sandbox.
While the song did manage to capture the audience and even fetched a Best Video at the VMAs more than twenty years ago, its Director Jonathan Glazer

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Coinbase Announces Web3 Functionality to Small Subset of Users

May 17, 2022

Coinbase announced facilitating access to Ethereum-based decentralized applications directly through the Coinbase app.
This update will enable eligible app users to purchase NFTs on marketplaces such as the recently launched Coinbase NFT or OpenSea, trade on decentralized exchanges, and start borrowing, lending, or swapping through DeFi platforms like Compound.
Web 3 on Coinbase App
As revealed by Coibase’s director of product management Rishi Dean, the Web 3 capabilities on Coinbase’s new dapp wallet and browser are operated with multi-party computation (MPC) technology that enables users to have a dedicated on-chain wallet. If they lose their device, the key to the dapp wallet is protected from any compromise, and Coinbase can assist in recovery.
Currently, the new dapp

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China Emerges as Leading Bitcoin Mining Hub a Year After Crackdown: Cambridge Data

May 17, 2022

China outlawed Bitcoin mining last May. Exactly a year later, the country has re-emerged as the leading venue for mining operations.
A new study revealed underground mining activity in the country had catapulted it to second place globally in terms of installed mining capacity.
China’s Apparent Comeback
Cambridge Centre for Alternative Finance (CCAF) reported the surprising resurgence and further stated that China currently dominates with a 21.11% market share just behind the US with 27.69%. On the other hand, countries that were earlier perceived as stronger Bitcoin mining hubs, such as Kazakhstan, Canada, and Russia, are trailing far behind with 13.22%, 6.48%, and 4.66%, respectively.
The reported mining hash rate for the entire country effectively went to zero during

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PancakeSwap’s New Proposal Aims to Cap CAKE Supply at 750 Million

May 14, 2022

Decentralized Finance (DeFi) application PancakeSwap has released a governance proposal that details several goals of its native token, CAKE. It garnered a 98.8% majority across 11 million votes in a voting window of a 24-hour period, while opposition accounted for a mere 131K participants.
The second iteration of PancakeSwap’s tokenomics roadmap imposes a maximum supply cap of 750 million for the CAKE token.
The proposal, which received overwhelming support from the participants, stated that “a max supply cap, and also incentives for an even smaller effective circulating supply better reflect the value, community, and sustainability” of the application.
“We propose a maximum supply cap of 750 Million (750M) for CAKE, and will introduce revised tokenomics for locked CAKE,

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Dubai’s Emirates Airline Set to Embrace Bitcoin, NFT, and Metaverse

May 13, 2022

United Arab Emirates (UAE)’s leading flag carrier, Emirates Airline, is all set to dive into the digital asset space by leveraging cryptocurrencies, NFTs, and the metaverse.
The entry is part of its strategy “to connect with customers in a faster and more flexible way,” said the report.
Embracing Bitcoin, NFT, and Metaverse
Emirates will start its foray into the cryptocurrency industry by soon introducing Bitcoin as a payment method. The company will also add NFT collectibles on its website for trading. As such, the airliner, headquartered in Dubai, noted that it will onboard new staff for metaverse and NFTs.
Adel Ahmed Al-Redha, the Chief Operating Officer, said the main objective behind the move is to build applications to keep a track of various client needs. He also

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Bancor Version 3 Launched on Mainnet

May 12, 2022

Prominent decentralized finance protocol, Bancor has announced the launch of its v3, dubbed Bancor 3. The release on the mainnet comes six months after the project first shared the details of features.
Bancor 3 Goes Live
According to the official blog post, Bancor’s latest version is focused on encouraging broad and sustainable involvement in on-chain liquidity markets by simplifying passive liquidity provision in automated market-maker (AMM) liquidity pools.
Following the development, Mark Richardson, Product Architect at Bancor, said in a statement,
“Bancor has spent the past several years creating the equivalent of a high-yield savings account for DeFi: Deposit your assets, sit back, and earn. By helping token projects and their users safely and simply tap into DeFi

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Cardano’s Charles Hoskinson Predicts How Long This Crypto Winter Will Last

May 12, 2022

Bitcoin plunged to a 16-month low, while the altcoins suffered even more in the past week or so. Despite bouncing off and reclaiming some ground, the situation is still dire, and Cardano’s Charles Hoskinson provided his outtake on it.
Charles Hoskinson’s Views
Cardano Founder Charles Hoskinson noted that the market is deep in a new crypto winter, and it will take weeks or even months for a bottom to appear, following which there will be some respite. According to him, the digital asset markets are in a phase of “panicked blood in the street.”
Hoskinson tweeted,
“If this is your first crypto winter, then welcome. Been through many since 2011 and they always hit like a cold ice bath. We are in the panicked blood in the street phase. It clears in weeks to months as a bottom

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KuCoin Bags $150M at $10B Valuation to Focus on Web3, NFT, and DeFi

May 10, 2022

KuCoin has announced raising $150 million pre-Series B funding round led by Jump Crypto. The event also saw the participation of Circle Ventures, IDG Capital, and Matrix Partners.
The valuation of the exchange surged to $10 billion following the financing round.
Beyond Centralized Trading
According to the official press release, the Seychelles-based firm said it will focus on expanding its reach beyond centralized trading. It wants to strengthen its presence in new areas, including Web 3, crypto wallets, GameFi, DeFi, and NFT platforms, with the support of its investment arms like KuCoin Labs and KuCoin Ventures.
As such, KuCoin plans to leverage the public chain built by the community members – KCC – as an infrastructure to deploy resources on top of it to create a

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US Treasury Imposes Sanctions on North Korean Crypto Mixer

May 8, 2022

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced fresh sanctions on a cryptocurrency mixer called Blender.io, which happens to be used by the Democratic People’s Republic of Korea (DPRK).
OFAC Sanctions Coin Mixer
In the official press release, the OFAC revealed that North Korean hackers had used Blender to launder digital assets as well as to carry out state-sponsored cyber attacks.
The website was reportedly engaged in the high-profile security breach on Axie Infinity’s Ronin Bridge, processing over $20.5 million of the illicit proceeds out of the total $620 million drained. It has also facilitated the transfer of more than $500 million worth of Bitcoin since its inception five years back.
Under Secretary of the Treasury for

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SEC Approves Valkyrie’s Bitcoin Futures ETF

May 6, 2022

The US Securities and Exchange Commission has approved yet another proposal for a futures Bitcoin ETF.
According to the official document, Valkyrie’s XBTO Bitcoin Futures Fund is the latest such product to have secured approval from the SEC.
Valkyrie XBTO Bitcoin Futures Fund was first filed in August 2021, and its approval follows that of Teucrium. However, the launch date has not been disclosed yet.
Unlike its Canadian, European, and Latin American counterparts, the US regulatory watchdog has refrained from approving any physically-backed ETF, citing that the Bitcoin market lacks surveillance and may be subject to manipulation.
However, Bloomberg analyst James Seyffartspeculated that the approval of Teucrium, whose filing falls under the Securities Act of 1933, may

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Opera Crypto Browser Now Supports BNB Chain

May 6, 2022

Users of the crypto-friendly browser will be able to access popular decentralized apps, including DEXs like PancakeSwap, 1inch based on BNB Chain.
Opera – a web browser supporting Web3 – has announced support for Binance’s smart contract blockchain, BNB Chain, on desktop and mobile.
Opera Taps BNB Chain
According to the official blog post, Opera revealed that the latest integration of its Crypto Browser with BNB will enable users to purchase BNB tokens with fiat as well as send and receive the asset via the built-in crypto wallet.
Additionally, users will also be able to access BNB Chain-based decentralized applications. Besides transactions and funds, Opera will also provide access to popular decentralized exchanges such as PancakeSwap, 1inch, BiSwap, as well as products

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Gucci to Accept Bitcoin, Dogecoin, Shiba Inu Payments at Select US Stores

May 5, 2022

Italian high-end luxury fashion house Gucci is all set to accept cryptocurrency in five stores in the US later this month. The move comes as the company continues to explore Web 3.
Gucci Taps Crypto
According to a report by Vogue, Gucci also plans to amplify the pilot to all of its North American stores this summer that the leading luxury brand directly operates. In the beginning, Gucci will accept 12 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin Shiba Inu, as well as five stablecoins pegged to the US Dollar.
The first stores that will incorporate the new payment mode are – Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
The

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Polygon, Avalanche Founders Feud Over Subnet, Supernet Functionalities

May 5, 2022

As more and more users are entering the Web 3 space, scaling has become one of the most interesting conversations. Move over Layer 1 and Layer 2. The latest beef is between Subnet and Supernet.
Polygon co-founder Sandeep Nailwal took a jibe at Avalanche’s leadership, calling it “insecure” and “resorting to shit talking.”
Subnet and Supernet
It all started when Polygon announced Supernet to accelerate the adoption of layer 2 as well as blockchain technology.
The new functionality aims to address challenges such as the complexity of bootstrapping a decentralized and reliable validator set with well-designed coordination mechanisms, the technical complexity of blockchain networks, in addition to security concerns switching between different architectures, etc. For the

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Otherside’s NFT Drop Temporarily Turned Ethereum Into a Deflationary Asset: DappRadar Reports

May 5, 2022

After becoming the hottest trend in fintech and crypto over the past few months, the NFT space transitioned to a cooldown phase. But this trend appears to be changing as well as the latest edition of the Dapp Industry Report by Dapp Radar suggested that the market is coming back to life.
Moonbirds, Otherdeed NFT Collections, Smash Records
According to the report shared with CryptoPotato, it was the launch of two of the most anticipated collections ever has revived the sector that experienced a six-week cooldown. The first one is the NFT project Moonbrids, which broke a long list of records by generating almost $500 million in trades. As noted in the report, the strong demand for the pixelated owls fueled Moonbirds’ floor price rally past 30 ETH.
The recent Otherdeeds NFT

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Bitcoin Miner Argo Blockchain Borrows $70M to Buy Equipment for Texas Site

May 4, 2022

Popular Bitcoin miner Argo Blockchain has announced taking on additional debt under Argo’s equipment financing agreement from a subsidiary of New York Digital Investment Group (NYDIG). The move will help Argo fund the purchase of mining equipment for its Helios facility in Dickens County, Texas.
Argo Seeks Additional Equipment Financing From NYDIG
As part of the financing, Argo will borrow up to $70.6 million from NYDIG, the interest rates set at 12%, the official press release stated. The loan will be offered in allocations starting from April to July 2022. Following the development, Peter Wall, Chief Executive of Argo, commented,
“We are delighted to secure this additional non-dilutive funding which will enable us to continue fitting out Phase 1 of our Helios site. NYDIG

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CoinShares’ Q1 Financial Results Took a Hit Amid Crypto Market Downturn

May 3, 2022

Last year’s epic crypto bull run helped crypto companies thrive, many beyond expectations. However, the current landscape is entrenched in a sluggish territory, a trend that has translated into figures for the prominent digital asset management firm, CoinShares, which announced the interim results for the first quarter of 2022.
According to the official press release, the firm’s total revenue during the first three months of 2022 has shrunk to £27.96 million ($35 million) from the previous year’s £39.91 million ($50 million), a decrease of 42%.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also slumped by more than 45% in the first quarter of the year, recording £18.7 million compared to £34.2 million a year ago.
CoinShares’ total

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3 Ways to Mitigate Future Network Outages, Solana’s Team Reports

May 3, 2022

NFT buying frenzy has disrupted not only Ethereum. Solana witnessed the clogging of millions of NFT transactions on its network due to bot activity targeted at such mints. Block production resumed on Sunday, and the operators managed to restart the main network successfully.
Mitigation Steps
In a new blog post, Solana devs outlined three mitigation steps to tackle such congestion issues.
QUIC Adoption: Solana core protocols are being reimplemented atop Google-built protocol QUIC. This is because the custom raw UDP-based protocol that the blockchain uses does not discourage or mitigate abusive behavior. With the implementation of QUIC, the devs believe that “there will be many more options available to adapt and optimize data ingestion.”
Integration of stake-weighted

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VanEck Announces Launch of NFT Collection Powered by Ethereum

May 2, 2022

VanEck’s new NFTs are designed to showcase the real-world utility of non-fungible tokens.
Global investment manager VanEck has announced the launch of a community NFT based on the Ethereum in partnership with the South Korea-headquartered creative NFT agency, NUMOMO. This is the first such initiative unveiled by the firm and involves the release of 1,000 VanEck NFTs.
VanEck Community NFTs
According to the official press release, the community NFTs are designed to demonstrate the real-world utility inherent in the NFT structure and will be based on a fictional character, Hammy (modeled after Alexander Hamilton). While explaining more on the character, JP Lee, VanEck Community NFT Co-Founder, said,
“Since NFTs first emerged as a means to showcase compelling digital art, we

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DeFi Crisis Averted: NEAR Protocol’s Rainbow Bridge Attacker Loses 2.5 ETH

May 2, 2022

On May 1, the NEAR Protocol Rainbow Bridge was attacked. The cross-chain bridge had temporarily been suspended for maintenance after detecting abnormal activities.
In a detailed post, Alex Shevchenko, CEO of Aurora Labs, revealed that the attack was stopped automatically as the bridge architecture was designed to resist such events. No funds were lost during the event, Shevchenko added.
The Attack
It all started when the attacker sent some ETH through the popular coin mixer, Tornado Cash, on May 1. They deployed a contract meant to deposit some funds to become a valid Rainbow Bridge relayer.
The main intention was to send “fabricated” light client blocks. According to Shevchenko, the bridge watchdogs identified that the block submitted was not in the NEAR blockchain and,

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15% of Tornado Deposits Are From Ronin Exploiter: Data

May 1, 2022

The exploiter behind Ronin’s massive $625 million bridge attack has managed to move thousands of ETH to privacy tool Tornado Cash. A month after, what many consider the largest exploit in DeFi history, on-chain data shows that 15% of Tornado deposits are from the Ronin attacker.
This was revealed by Alex Svanevik, CEO of the blockchain analytics platform Nansen.

15% of Tornado deposits are from the Ronin exploiter pic.twitter.com/yYsisOzJvu
— Alex Svanevik🐧 (@ASvanevik) April 30, 2022

On March 23rd, the Axie Infinity play-to-earn gaming platform, Ronin network, suffered an unprecedented attack that led to the loss of over $625 million in USDC and Ethereum (ETH).
Over the past week, activity from the exploiter’s main address, tagged as Ronin Bridge Exploiter on Etherscan,

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Belgium’s FSMA Requires New Crypto Companies to Register in May

May 1, 2022

Several countries have started to explore regulatory frameworks as cryptocurrency adoption remains high. Adding to the trend, Belgium regulators have imposed a new law in place for individuals and entities wanting to provide exchange services between virtual currencies and legal currencies or custody wallet services.
Belgian cryptocurrency exchanges and custodial wallet services will have to register with the Financial Services and Markets Authority (FSMA) to operate in the country under this new rule.
FSMA’s Crypto Rule
In a statement, Belgium’s financial regulators said that the legal individuals and entities seeking to provide crypto exchange services or custodial wallets in the country will have to register in advance.
Existing virtual currency service providers, on

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Swiss National Bank Chairman: Bitcoin Does Not Meet Currency Reserves Requirements

April 29, 2022

The Swiss National Bank’s (SNB) Chairman Thomas Jordan revealed that the bank has decided not to have the world’s largest cryptocurrency on its balance sheet. At the same time, though, the organization is mulling over digital currencies to an extent.
Bitcoin, Not Yet
At the central bank’s annual general meeting on Friday, the Chairman stated that SNB does not believe that Bitcoin meets the requirements of currency reserves in the current perspective. Adding BTC to its balance sheet is not a problem for SNB, according to Jordan, but will only do so when they are fully convinced.
As per Reuters’ report, Jordan stated,
“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin. We can arrange the technical

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