Monthly Archives: March 2023

Crypto Exposure by Pension Plans: Canada Proposes Declaration

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• The Canadian federal government has proposed a budget for the year 2023 that would require federally regulated pension plans to report their exposure to crypto-assets to OSFI.
• This is meant to help protect Canadians’ retirements and address consumer protection gaps and threats to the financial system.
• Provinces and territories will collaborate with the federal government in order to ensure that pension plan holders are informed of their investment in cryptocurrencies.

Canadian Federal Government’s Proposed Budget

The Canadian federal government has proposed a budget for the year 2023 which would compel federally regulated pension plans to reveal their exposure to crypto-assets, such as Bitcoin, Ethereum, and other digital currencies, to the Office of the Superintendent of Financial Institutions (OSFI). The aim behind this move is to help protect Canadians’ retirement savings and address consumer protection gaps and threats posed by crypto-assets.

Collaboration with Provinces & Territories

In order for Canadians to be informed of any potential investments they may have in cryptocurrencies, the federal government will collaborate with provinces and territories across Canada. This collaboration will ensure that all pension plan holders are aware of their investments in crypto-assets.

High Profile Bankruptcies & Losses

The decision comes after numerous high-profile bankruptcies revealed the significant volatility investors confront when dealing with cryptocurrency assets. Examples include FTX exchange, Silvergate Bank and Signature Bank who all suffered financial losses due to investing in digital assets. Additionally, Caisse de Depot et Placement du Québec reported losing US$150 million on a stake in Celsius Network while Ontario Teachers’ Pension Plan reported writing down its entire US$95 million stake in FTX.

Protecting Consumers from Risks

In light of these occurrences, there is an urgent need for various tiers of government across Canada to actively work together towards protecting consumers from risks associated with digital currency investments. By requiring federally regulated pension plans declare their exposure or related activity involving crypto-assets, consumers can make better decisions regarding where they choose invest their money.

Conclusion

The proposed 2023 budget aims at helping protect Canadians’ retirements by making sure they are aware of any potential investments they may have in cryptocurrencies through their pension plans by requiring federally regulated pensions plans declare their exposure or related activity involving these assets.

Remittances Play Crucial Role in Consumers’ Financial Planning: Global Money Transfer Index

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Overview

• The Global Money Transfer Index, a survey of 30,600 consumers in 20 countries across the Middle East, Africa and Asia Pacific, was launched by Western Union to voice consumers’ international money transfer preferences.
• 64% of money transfer consumers send and/or receive money once a month or more and 75% expect these remittances to increase over the next 12 months.
• Remittances play an important role in current and future financial planning; family support is identified as the primary purpose for remitting, but transfers also play a strong role in paying for education costs, supporting business interests at home and saving for the future.

Family Support

The Global Money Transfer Index reveals that family support is identified as the main purpose for remitting. 79% of receiving consumers must ask for more money due to higher global cost of living and 71% of senders agree they are transferring more than previously to meet these needs.

Future Financial Planning

Remittances not only help families with their immediate needs but also play an important role in future financial planning. Paying for education costs ranks second highest as a reason why people remit money, while supporting business interests at home and saving for the future are also cited by consumers as reasons they use international money transfer capabilities today.

Post-Pandemic Recovery

Jean Claude Farah, President of Middle East and Asia Pacific at Western Union states that although economies have gone into post-pandemic recovery, macroeconomic conditions have made people’s daily lives more challenging. This increases the importance of remittances which remain resilient due to their purpose.

Western Union’s ‘Evolve 25’ Strategy

The findings from the Global Money Transfer Index endorse Western Union’s ‘Evolve 25’ strategy which combines high-value, accessible retail and digital financial services for all customers around the world.

Binance Moves Zero-Fee BTC Trading From BUSD To TUSD

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• Binance, the world’s largest crypto exchange by trading volume, is moving its zero-fee BTC trading pairs from Binance USD (BUSD) to TrueUSD (TUSD) on March 22.
• The company removed fees for 13 BUSD spot trading pairs in July 2022 and this move excludes its pair with other assets such as BNB and Ethereum.
• Additionally, Binance would halt deposit and withdrawal services via bank transfers and card payments for UK customers from May 22.

Binance Moves Zero Fee Bitcoin Trading to TUSD

Binance, the world’s largest crypto exchange by trading volume, announced today that it is moving its zero-fee BTC trading pairs from Binance USD (BUSD) to TrueUSD (TUSD) on March 22. This move excludes its pair with other assets such as BNB and Ethereum.

Zero Fee Trading Program

In July 2022, in honor of its fifth anniversary, Binance removed fees for 13 BUSD spot trading pairs in order to provide the market with competitive fees. Crypto investors used to trade fiat currencies such as Euro, Australian Dollar, and other currencies against BTC using Tether (USDC), Circle’s USD Coin (USDC), among others. With this move of BUSD to TUSD, there will be “no maker or taker fee” for BTC/TUSD spot trading pairs.

Impact On Market & Services

The news has had a positive impact on the market with native token BNB price surging about 7.7% in a week following CZ’s announcement on Twitter. Furthermore, UK customers will not be able to use deposit or withdrawal services via bank transfers or card payments starting May 22nd.

Conclusion

This decision showcases how serious the company is when it comes to giving traders competitive rates without compromising quality service or security features of their platform. It is expected that this move would further increase liquidity across different asset classes traded on their platform while providing low trade costs for investors around the world.

Author Bio

Sarala is a journalism graduate passionate about writing who loves dancing and travelling while exploring blockchain technology

Vitalik Buterin Swaps Gifted Altcoins for ETH Profits

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• Vitalik Buterin has converted over $700,000 worth of various altcoins into ETH.
• He also sent EthDev 214 ETH, valued at over $337,000.
• Negative Effect on Low-value Projects due to sale of shitcoins.

Vitalik Buterin Swaps Gifted Altcoins by New Projects Into ETH

Vitalik Buterin, the co-founder of the world’s second-largest blockchain Ethereum, has recently swapped souvenirs in form of altcoins that he was gifted for new projects into Ethereum (ETH) tokens. On-chain data portal Lookonchain reports that Vitalik Buterin has converted over $700,000 worth of various altcoins into ETH.

Swapping Altcoins For Profits

Buterin made a profit from the sale of 50 billion MOPS coins and 58 ETH from the sale of 10 billion CULT coins and 380 ETH from the sale of 500 trillion SHIK coins respectively. He also made a 5.9 ETH profit on the sale of 3.4M BITE tokens. Moreover, he sent EthDev around 214 ETH which is valued at over $337,000 USDT equivalent value as per current market rate.

Negative Impact On Low-Value Projects

However this decision to sell his altcoin holdings didn’t quite please many crypto Twitter community members as it had negative implications on low-value projects and those investors who funded them with their hard earned money. There were widespread complaints that Vitalik was receiving free tokens from several projects and once he sold his SHIK coin holdings the price dropped 95%.

Goerli Testnet Tokens

There are now 11.88 million GETH in circulation with 2k token holders according to DEXTools statistics indicating 24 hour trading volume around half million dollars i.e 0 .5 million dollars approximately . Further Etherscan stats indicate that Vitalik still holds additional 666 SHIK and 10 billion CULT coins with him . However all his MOPS coins have been sold off already . The Shanghai Upgrade will be affecting prices in near future however recent unloading may or may not even have any connections whatsoever .

Conclusion

Overall it can be seen that although Vitalik Buterin’s decision to sell shitcoins might have negative effects on low value projects , yet he understands well that selling free shitcoins may have devastating effects on markets as well . It remains clear whether recent unloading is connected to upcoming Shanghai upgrade or not but one thing remains true — That is , Vitalik’s decision will most certainly affect crypto markets significantly in coming future days or weeks ahead..

Unity Upholds Web3 Toolbox: MetaMask Now Supported on Game Platform

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• Unity, one of the most popular game development engines, has added a “decentralization” category to its asset store.
• This virtual toolbox includes 13 verified blockchain-based SDKs from different chains and goods.
• The launch of the MetaMask SDK in the Unity Asset Store will allow developers to connect their games to the wallet and enable users to interact with web3-enabled features within the game itself.

Unity Upholds Web3 Toolbox for MetaMask

Unity, one of the most popular game development engines for creating 3D game environments, has added a “decentralization” category to its asset store. On the website, there are 13 various verified solutions that Unity claims to have authorized for developer use.

Tools Included in Virtual Toolbox

The virtual toolbox includes Algorand, Aptos Labs, Dapper Labs, ImmutableX, Solana, Tezos, and ConsenSys products Infura and MetaMask. It also comes with other publicly visible companies’ tools with reliable features and support that are constantly maintained by their developers.

MetaMask SDK Now Live on Unity Asset Store

The launch of the MetaMask SDK in the Unity Asset Store will allow developers to connect their games to the wallet and enable users to interact with web3-enabled features within the game itself. This will help developers integrate blockchain technologies like non-fungible tokens (NFTs) into gaming experiences using the decentralization storefront in the Unity Asset Store.

Unity Promises Reliable Blockchain Solutions

Unity seeks to provide game developers with reliable tools needed to connect with Web3 gaming which is a growing cryptocurrency market. To ensure reliability for users it only certifies Web3 tools that it considers legitimate, dependable and developing.

Final Thoughts

With this new feature on its asset store Unity is helping developers tap into Web3 gaming as well as bringing more innovative gaming experiences through blockchain technology integrations into existing projects.