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2022-08-31 14:10:12 Iran implements rules allowing businesses to use crypto for import trade transactions

Iran will allow any local business that imports goods to pay for their transactions via cryptocurrency in lieu of the dollar or euro. The administration of Iran has passed a set of regulations on trade transactions with cryptocurrencies, according to Reza Fatemi Amin, minister of industry, mines, and trade. Amin made the announcement at an automotive industry exhibition in Tehran on August 29, where he noted that the new law defines regulations on cryptocurrencies, including how to supply fuel and energy for cryptocurrency mining and how to grant licenses.

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2022-08-31 06:30:53 Singapore court places Hodlnaut under judicial management

Embattled crypto lender Hodlnaut has been placed under interim judicial management (IJM), according to an August 29 announcement. According to the announcement, the court-appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee, care of EY Corporate Advisors Pte. Ltd., as interim managers for the Singapore-based company. Aaron and Angela combined have over 50 years of experience in corporate recovery and restructuring engagements. According to Singapore legal advice, judicial management is a form of debt restructuring that places the affairs of a financially distressed firm under the management of an individual or entity.

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2022-08-31 00:20:09 Argentinean Province Allows Residents to Pay Taxes in USDT

Citizens of the Argentinean province Mendoza will be able to pay their taxes in Tether (USDT) instead of pesos. The authorities of the Mendoza province reportedly enabled citizens to pay government fees and taxes in cryptocurrencies. The region’s tax administration described the move as “the strategic objective of modernization and innovation,” which could give “taxpayers different means to comply with their tax obligations.” According to a local report, settling taxes in cryptocurrencies instead of pesos became possible in one of the largest provinces in Argentina – Mendoza. Initially, the region’s authorities will accept payments in Tether (USDT), while at a later stage, it plans to add more digital assets as an option.

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2022-08-30 17:30:18 Binance, Virtuzone Sign Strategic Partnership to Focus on Advancing Web 3 in UAE

The company wants to play a key role in the Web 3 movement in the UAE while promoting and advancing the use of crypto. Leading providers of corporate and business formation services in UAE, Virtuzone has partnered with Binance to accept cryptocurrency payments via Binance Pay. For context, Binance Pay happens to be proprietary cryptocurrency payment technology designed by the exchange to conduct contactless, borderless, and secure crypto payments and transfers. JA Resorts and Hotels and Majid Al Futtaim are some of the other companies in the UAE that have already integrated Binance Pay into their systems.

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2022-08-30 11:45:02 Formula 1 to Dive Deeper Into Crypto and NFTs

Formula One plans to introduce NFTs and virtual items ahead of the Las Vegas Grand Prix in November 2023. The highest class of automobile racing – Formula 1 – filed two trademarks related to non-fungible tokens (NFTs) and cryptocurrencies for the Las Vegas Grand Prix event, scheduled for November 2023. This is not Formula 1’s first interaction with the digital asset sector. One of the leading exchanges – CryptoCom – served as its Global Partner, while other platforms, including FTX, have inked agreements with some of the best-performing teams. The contest will be one of the few events to be held during the night.

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2022-08-30 08:01:16 Grayscale Filings Reveal Spat With SEC Over Security Status of Less Popular Altcoins

Digital asset manager Grayscale filed applications for Stellar (XLM), Zcash (ZEC), and Horizen (ZEN) trusts in June 2022 and then in mid-August 2022. The second filing responded to a query by the Securities and Exchange Commission’s Division of Corporate Finance, questioning Grayscale’s analysis of the coins according to existing securities laws. The filings cast a dubious light on the new trusts as the bear market puts pressure on Grayscale’s other trusts. Grayscale’s cryptocurrency trusts provide investors with easy exposure to digital assets alongside stocks and bonds.

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2022-08-30 02:50:09 FTX has no plans to buy crypto exchange Huobi, says CEO Bankman-Fried

FTX is not planning to acquire crypto exchange Huobi, the company's founder and CEO Sam Bankman-Fried said on Twitter. Bankman-Fried's comment follows a recent Bloomberg article naming FTX and Tron founder Justin Sun among a list of investors that have had "preliminary contact" with Huobi as its founder Leon Li looks to sell about 60% of the company. Li is seeking a $2 billion to $3 billion valuation for the company and has reached out to "several international institutions," according to Bloomberg. But following the publication of that report, Bankman-Fried took to Twitter to quash the idea of his firm's involvement.

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2022-08-29 22:09:06 $3.6 Billion Worth of Ethereum Got Burned Since the implementation of EIP-1559

Since the implementation of EIP-1559, billions worth of ETH have been removed from the market, helping the asset on its way up as an enormous selling volume could no longer reach the market. The amount of burned ETH coins exceeded 2.6 million, which is about $3.7 billion at the current price. If we measure the burned amount by the ATH, the value would be even higher, sitting at around $12 billion. More importantly, the annual inflation rate of Ethereum tumbled by more than 50% pushing Ether closer to becoming a deflationary asset, meaning that the issuance of the coin will drop below the burn rate.

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2022-08-29 14:00:25 Bitcoin mining difficulty set for 8-month record gains despite BTC price dip

Bitcoin (BTC) may have hit six-week lows of under $20,000 but its network fundamentals are anything but bearish. The latest on-chain data shows that, far from capitulating, hash rate and difficulty are making snap gains. Despite being down around 7% in a week, BTC/USD is not putting off miners, who have recently exited their own multi-month capitulation phase. Now, with hardware and competition returning to the network, fundamental indicators are firmly in "up only" mode as August draws to a close.

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