While the cryptocurrency market is having its most successful year so far, Reserve Bank of Australia warns its investors about potential risks
The cryptocurrency market has faced gains of thousands of percent in the last few years, which in some periods results in great losses due to unexpected regulations or even market manipulations. Now, the Reserve Bank of Australia warns investors about existing risks that could erase all of the gains.
Cryptocurrency market risks
According to an official at the Reserve Bank of Australia, significant gains that investors experienced on the cryptocurrency market could become nonexistent by rapidly changing trends around the industry.
RBA’s head of payment policy, Tony Richards, stated that energy usage concerns and association with illegal activities create the most risks for cryptocurrency market investors.
As always, numerous central bank and financial commission officials referred to the industry as energy insufficient, creating more risks for the environment and remaining a popular tool in the hands of criminals.
Richards also touched on the stablecoin industry, which is currently on the path of replacing physical currencies like the U.S. dollar. RVA officials stated that central bank digital currencies could find their place as the niche use case.
The Reserve Bank of Australia acknowledges the importance of new innovation in the payment field, in addition to the importance of implementing digital technologies in traditional banking and fund management. The bank will be looking forward to following all the reforms in the financial industry.
Besides the strong growth, the cryptocurrency industry and the market in general remain too volatile to be fully implemented by traditional financial institutions. Various industry experts believe that the volatility “issue” will solve itself with the further development of the industry.
Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today
Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.
The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.
The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.
On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.
Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.
Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.
Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.
The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.
In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”
To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.
Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.
Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.
A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.
“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.
He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.
Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.
The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.
CBDC: Japan urged to intensify its development
- Japan urged to intensify the development of its CBDC
- Bank of Japan intensifies research
- Government officials continue to mount pressure on BOJ
Countries across the world are presently ramping up preparations to create their respective central bank-backed digital currency. Although some countries have launched their CBDC, China still leads in top countries hoping to list the currency. With China and other countries still in the lead, Japan has been urged to intensify its approach towards making its CBDC. According to the report, politicians have urged the finance officers to make haste and debut its digital currency like most countries.
BOJ intensifies research into its CBDC
Japan has been integral in the adoption of digital assets over the years, and the politicians do not want to lose this status. According to many reports, China is still testing as its CBDC is continually being tested across the country. Recently, it inked several partnerships with brands to intensify the testing in major cities. In its race to outpace China, Japan has bolstered its financial officer, which is tasked with researching every aspect concerning digital currencies. Despite its lengthy move to develop its CBDC, the Bank of Japan has preferred to attack it with caution. But with the increased pressure from the top echelons in the country, the bank might be forced to consider a new and aggressive approach.
WinNow’s cryptocurrency has completed its mainnet launch and looks at a utopian metaverse
ENEVA, SWISS. It just seems 2021 is the year of the metaverse and more and more companies are positioning themselves to be present in what appears to be a trillion dollar business.
On November 16, a group of European developers and cryptocurrency experts launched WinNow ($WNNW) to act as a DAO token in the Wonniw metaverse, a P2E game with real-world dynamics able to generate yield through the choices of its citizens.
A DAO token is a modern form of democratic representation, the participants in the game will therefore be able, through the WinNow token, to take an active part in the decisions on the dynamics of functioning of the metaverse.
According to reports from the team’s Medium, the metaverse Wonniw has all the credentials to be able to try to replicate a utopian reality, in which all citizens and mayors elected by the DAO are equally incentivized towards a common goal called “sustainability”.
The development of the metaverse is in the alpha phase, team has already signed an agreement with a European software house, Falcon Interactive, and the launch of a first playable version is currently scheduled for March 31, 2022.