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Indonesian Religious Council Forbids Muslims From Using Crypto As Currency: Report

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Despite cryptocurrencies’ wide reach across the continent of Asia, Muslims in Indonesia are reportedly being forbidden by the country’s religious leaders from using crypto as a form of currency.

The National Ulema Council, or MUI, declared cryptocurrency as “haram, or banned,” on Thursday, according to head of religious decrees Asrorun Niam Sholeh.

He says that crypto “has elements of uncertainty, wagering, and harm,” but adds that cryptocurrency can be traded as a commodity or digital asset if it abides by Sharia tenets and can show a clear benefit.

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Currently, the rupiah is the only form of currency recognized in Indonesia.

Kiai Azizi Chasbullah, chairman of the East Java Nahdlatul Ulama organization, also said in a statement that crypto cannot be legalized under Sharia law.

“The participants of the Bahtsul Masail have the view that although the government recognizes cryptocurrency as a commodity, it cannot be legalized under Islamic Sharia law.”

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Despite the council’s lack of support, Indonesia is still one of the top nations to embrace cryptocurrency adoption, according to a report from the Australian blockchain education company Coinformant.

The site’s Crypto Interest Index says,

“Indonesia was the second-highest ranking country when it comes to increase in the number of Google searches over the last twelve months and also had one of the highest increases in engagements with articles about crypto… There are an estimated 7.3 million crypto owners in Indonesia.”

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Square rebrands to Block, doubling its crypto focus

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  • Square is transforming to Block to elaborate its payment systems.
  • Despite the change, the company maintains its purpose of economic transformation.

Square(SQ) is rebranding to Block, Inc. The company wants to expand beyond its payment business. Several customers have embraced digital payments. The company based in San Francisco, California, was one of the leading firms last year. They intend to refocus on modern technologies such as blockchain.

The digital payments company announced on Wednesday. The company has been operating under the name Square, Inc.

Block, Inc will represent SQ’s corporate parent. The development comes as Square looks out to advance over its credit card-reader engagements. The company wants to pursue better innovations focusing on modern technology.

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Square to file with the SEC

According to the announcement, the name will be effective from 10th December. Square is required to fulfill legal requirements first. Then they must file with the Securities and Exchange Commission.

Despite the changes, Block will continue trading under SQ. The changes will be on its legal name and will distinguish the corporate entity from its businesses. Square will still be a section of the company assisting the community in processing payments.

Some of the brands under Square will still use their names and organization structures. Brands like Tidal service and Cash App will use their respective names. They will also maintain their organizational structure.

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However, Square Crypto is rebranding to Spiral to concentrate on BTC. Additionally, it will be tweeting under SpiralBTC. The company hopes it will continue to grow spirally. It will advance from one point, rounding up to touch everything.

Just recently, Jack Dorsey resigned from his role as the chief at Twitter. Several people speculated that he made the step to work on his company. Still, Dorsey had been under pressure to step down since several directors were concerned that he has alot going on. They thought he was overcommitted as the chief executive of two firms.

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Dorsey has a great fascination with digital assets and the future of blockchain technology. His Twitter bio only indicates “#bitcoin.” Additionally, Square has been running various projects involving bitcoin, including a hardware wallet for the cryptocurrency and a bitcoin mining system.

About two years ago, Dorsey said Twitter would be a decentralized network. With this, tweeps could make their algorithms. Moreover, they can moderate their communities.

Embracing digital assets

Presently the world is swinging to digital assets. Several firms have launched ICOs. At the same time, others have established their cryptos.

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Blockchain technology has become very popular as many view it as the future. Facebook recently rebranded to Meta to build a virtual world known as the metaverse. A couple of years ago, Google also rebranded to Alphabet. The American multinational technology company rebranded to reflect on incorporating other engagements to make their company better.

Now Square is following the other’s footsteps to represent their firm better. However, critics believe that most of these companies want to avoid regulatory scrutiny.

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5 Crypto Assets Are Set to Surge in First Quarter of 2022, According to Analyst Jason Pizzino

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Popular crypto analyst Jason Pizzino is detailing which altcoins he believes are primed to surge over the next few months.

First on Pizzino’s list is Curve Dao Token (CRV), the governance token for Curve Finance, a decentralized exchange for stablecoins. Pizzino tells his 244,000 YouTube subscribers that CRV’s Bitcoin chart looks bullish.

“Will it pump like The Sandbox? Probably not, because I don’t think the vision and the excitement and the hopes and dreams can be put into a DeFi project like they can with an NFT/gaming/metaverse project…

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But I think there are some big gains to be had in something that is wound up so tightly on a chart like this.”

CRV is trading at $4.73 at time of writing, down more than 4% in the past 24 hours.

Second on the analyst’s list is MATIC, the native token for the blockchain scaling solution Polygon.

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Pizzino says MATIC is just starting to “find its legs” after going sideways against Bitcoin. He notes that if the overall crypto narrative shifts to Ethereum (ETH), then Polygon looks good. MATIC is trading at $2.11 at time of writing, up more than 13% on the day.

His next pick is LUNA, the native token for the smart contract platform Terra. Pizzino, however, notes that he’s more bullish on CRV and MATIC than he is on LUNA.

LUNA is trading at $63.94 at time of writing, up more than 12% in the past 24 hours.

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The trader’s fourth pick is STX, the native asset for Stacks, an open-source blockchain network and Bitcoin developer project. Pizzino notes that Stacks is already breaking out and could see short-term gains.

“You want to see it stay in the all-time highs… Are they going to be as big as metaverse? I’ve already said that I don’t think so. But I want to look at something that’s going to move this quarter or next quarter.

Because I’m not sure of those larger-cap metaverse cryptocurrencies, because I think they may have had their move.”

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STX is trading at $2.70 at time of writing, down nearly 10% on the day.

Another of Pizzino’s picks is RUNE, the native asset for THORChain, a blockchain platform that aims to facilitate the secure and cheap transfer of assets between different blockchains.

Pizzino notes that RUNE has been making higher lows and higher highs against Bitcoin (BTC). The analyst says the asset also has to outpace Ethereum because it’s “the strongest player at the moment.”

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RUNE is trading at $10.68 at time of writing, down more than 7% on the day.

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South Korea: Crypto VC Giant Raises $200M After Postponement of Crypto Taxation

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After consistent efforts at crypto crackdown, South Korea appears to be gravitating towards a pro-crypto approach. The South Korean Crypto-focused Venture Capital firm, Hashed recently announced the launch of its $200 million fund, Hashed Venture Fund II, to invest in web3 oriented startups, which will incorporate metaverse, blockchain gaming, NFTs, and DeFi concentrated companies.

“We are radically optimistic about web3’s potential to restore trust and enable new kinds of governance where players collectively make critical decisions about how the metaverse should be defined”, TheBlock quoted Hashed.

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South Korea to Follow Crypto’s Global Growth

This fund is said to be a follow up of Hashed’s former web3 oriented fund, that amounted to approximately $120 million in just three months’ period, from its launch in September of 2020, to December of last year. Through Hashed Venture Fund I, the company made investments in blockchain and other technology startups to further promote protocol economy, designating an open economy underpinned by “independent” and “consensus-driven” protocols to facilitate direct rewards via digital assets. The idea of Web3 and crypto adoption is becoming more mainstream with each passing day. Not only the West, in fact countries across the globe are investing in, and embracing the benefits of the decentralized industry.

Last month, CoinGape reported on CB Insights’ data, revealing that the month of November alone exceeded $3 billion in venture capital funding into crypto and blockchain startups. Furthermore, the value of venture investments in the decentralized industry surged globally, from $3.1 billion in 2020, to $21.3 billion by November 30 of this year.

Earlier this week, South Korean authorities finally folded on its long-standing anti-postponement stance regarding the implementation of crypto taxation in the nation. The National Assembly of South Korea passed a bill on Tuesday to push back the implementation of crypto taxation to January 2023. Kim Young-jin, Chairman of the Tax Subcommittee also noted that imposing taxation on the crypto market without a clear government definition wouldn’t be a good idea.

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“There is an inconsistent system for imposing taxes without a clear basis on how to legally define cryptocurrencies in our system… but only in Korea does taxation come before regulation.”

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