Crypto Chi: The future (and energy) of cash and innovation
Throughout 2020, we saw a consistent flow of news about legacy finance, major investment companies and large corporations looking to enter the digital assets industry. The value proposition for investing in Bitcoin (BTC) and other digital currencies started to move beyond just a store of value or thinking of Bitcoin as a commodity like digital gold.
In 2021, we’ll see the market’s understanding of Bitcoin maturing even further. The narrative will shift from a store of value to a powerful and appreciating currency. In 2020, Bitcoin was a commodity that institutions felt pressure to own. In 2021, Bitcoin and crypto will morph from a curiosity (2017) to a commodity (2020) to real money (2021).
Related: What lies ahead for crypto and blockchain in 2021? Experts answer
The dramatic reduction of the dollar’s purchasing power during the COVID-19 pandemic will stay with people for a long time. Depreciation has a psychological effect, one that MicroStrategy CEO Michael Saylor calls “financial energy.” The experience of watching purchasing power vanish is a drain on people’s emotional and financial energy.
Heading into 2021, consumers and investors are looking for ways not only to protect their purchasing power but increase their peace of mind. Consumers want sound money. Bitcoin and cryptocurrencies can make people feel powerful.
Updating Saylor’s concept, I call this psychological effect “Crypto Chi,” for the eternal circulating life force that exists in everything, according to Chinese philosophy. Crypto can act as something that enhances your financial life and overall health.
Investing and using crypto can reconnect people to the notion that they control their destiny and can harness and channel their energy (whether that is in the form of money, actions, relationships, etc.) in positive ways.
The idea that Bitcoin is digital gold is becoming obsolete as it reaches beyond its 2017 high. By making that leap, Bitcoin becomes the catalyst for a new idea — that fiat currencies will have digital cousins. It’s possible that major fiat currencies like the U.S. dollar, euro, yen, British pound, Swiss franc and Australian dollar will have a group of digital cousins trading in the cryptocurrency market. In the foreign exchange market, daily turnover is roughly $6 trillion per day. It’s a massive market relative to crypto.
This idea of crypto increasing personal health and financial power can lead cryptocurrency investors to think beyond just Bitcoin. Just as kung fu master Bruce Lee had a wide variety of ways to fend off an attack, investors now have a variety of digital currencies to invest in to protect their purchasing power and, ultimately, make their lives better — not just materially but spiritually as well.
Bitcoin, Ether (ETH), Dash and Bitcoin Cash (BCH) are used as payment methods in the emerging market world. Contrary to popular belief, we see governments taking a positive outlook toward cryptocurrencies. If 2021 is a more challenging economic environment than 2020, governments may look to crypto to help their citizens in a way they can’t. That could be why the director of National Intelligence recently urged U.S. regulators to create a more favorable environment for the expansion of crypto in the United States.
As you delve into crypto research, you can see the vast potential. For example, if you research how Bitcoin, cryptocurrencies and decentralized finance can empower people, you will see a wide variety of opportunities. For example, the big technology companies — Facebook, Amazon, Apple, Netflix and Google — are like mature redwood trees in a crowded forest. How much bigger can they get? In contrast, the altcoin world is like a bright green shoot popping up through fertile soil created by the Bitcoin rain. They are just getting started, and only the sky is the limit.
Technology is now intricately tied to finances, which, for better or for worse, has a deep impact on our lives. When our idea of money can be elevated to a spiritual level, we can see just how important it is to invest in the things that bring us joy.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Title: Crypto Chi: The future (and energy) of money and technology
Sourced From: cointelegraph.com/news/crypto-chi-the-future-and-energy-of-money-and-technology
Published Date: Mon, 18 Jan 2021 14:41:41 +0000
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Philippine Central Bank Licenses Crypto Custody And Trading Firms
January 26, 2021January 26, 2021
The Bangko Sentral Philipinas or the Philippine Central bank licenses crypto custody and trading companies, following the emergence of clear crypto regulations across Southeast Asia. The bank enacted a broader licensing regime for crypto assets companies in the country. According to the Philippine Daily Inquirer, all of the crypto-financial service companies will have to get a license by the BSP.
The exchanges dealing with crypto trading pairs and custody platforms will have to obtain approval from the central bank. The expanded regulatory regime will also cover crypto derivatives platforms. All crypto companies in the country will have to comply with global financial practices like countering the finance of terrorism and Anti-money laundering. As a result, crypto transfers above a certain threshold will require identifying info for the originator but also for the beneficiary parties.
The governor or BSP Benjamin Diokno said that the bank expanded its regulatory regime because it has to keep up with the pace of development in the crypto space in the past three years. Back in 2017, the BSP issued rules for exchanges involved in fiat-crypto trading pairs. According to him, the new rules will remove any regulatory loophole in the crypto services ecosystem adding that the central bank is committed to striking a balance between the responsibilities and promotion of financial innovation.
Back in 2020, the bank started mulling the issuance of a central bank digital currency but the bank also came out to say that it’s not ready to create a sovereign digital currency but it is closely watching the crypto space. Southeast Asia continues being the global scene. Southeast Asia continues being a global hub for open finance and has positive dispositions to emerging technologies. Thailand and Singapore already have a sophisticated electronic payment system and as reported previously, Asia accounts for more than 50% of the global crypto trade.
As reported previously, the government of the Philippines and BCB Blockchain have signed a memorandum of agreement (MoA) under which one branch of the Philippines Department of Science and Technology (DOST) will support the development of local smart cities.
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The Best Cryptocurrency FLG-01-25-2021
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Jan 25, 2021
Here is the Crypto news, and the best cryptocurrency to the CoinMarketCap – Folgory Coin, FLG-01-25-2021 increased in price in 24 hours by > 381.85%
On one of the TOP services, we select the most attractive coin today and show it to you.
- Folgory Coin, FLG-01-25-2021 increased in price in 24 hours by > 381.85%
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According to the company on its website: Folgory is the easiest way to buy and sell cryptocurrency and manage your wallets – https://flg.folgory.com/
In this section, we show the cryptocurrency, which was already the best, and we published news about it, and today it again shows growth. The best cryptocurrency is Electrum Dark, ELD-20-03-2020. The same coin rose again by +7,924.96%.
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Author: By Viktor Tomylin
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BACKGROUND ART BY Josie Bellini
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Russia Prohibits Government Officials From Owning Crypto, Must Dump Holdings by April – Regulation Bitcoin News
The Russian Ministry of Labor has reportedly banned government officials from owning and using cryptocurrencies. Officials have also been ordered to dispose of any cryptocurrencies they own by April.
The Ministry of Labor and Social Protection of the Russian Federation has issued a letter in which it informed civil servants that they must get rid of any cryptocurrencies they are holding by April 1, Forklog reported Friday.
“Officials are obliged to dispose of digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currencies, regardless of the country of issue,” the letter says. The news outlet described:
The letter also establishes a ban for civil servants to own and use these types of assets.
The letter specifies persons affected by the new law, naming in particular those holding government or state positions, employees of the Central Bank of the Russian Federation, employees of certain categories of organizations, and their ownership from Jan. 1, 2021.
Russian President Vladimir Putin signed a decree on Dec. 10, 2020, requiring government officials and applicants for the relevant positions to declare any cryptocurrencies or tokens owned by them, their spouses, and minor children. The first disclosure must be submitted between Jan. 1 and June 30 this year. According to the publication, reporting of digital financial assets and digital currency acquisitions in 2020 are not required.
The Law on Digital Financial Assets came into force in Russia on Jan. 1. It recognizes cryptocurrencies as property but prohibits their use for payments. The draft law on taxation of operations with cryptocurrency was submitted to the State Duma in early December last year.
What do you think about Russia banning government officials from crypto? Let us know in the comments section below.
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