Binance Launches Crypto Card For Ukrainian Refugees
Global cryptocurrency exchange Binance has launched a crypto card. The card allows refugees from Ukraine to conduct crypto transactions and receive funds via the Binance Visa Card.
Binance announced that it is working with several companies, including European banking-as-a-service platform Contis and nonprofits Rotary and Palianytsia, to provide refugees affected by the conflict in Ukraine a way to access and receive funds within the European Economic Area.
In addition to conducting crypto transactions, cardholders verified by a local nonprofit will receive financial support from Binance in the form of Binance Dollars (BUSD). These users will receive $75 a month for three months, recommended by the United Nations High Commissioner for Refugees (UNHCR).
Helen Hai, head of Binance Charity, said that the card is not a “commercial product.”
Their main goal is to provide an efficient payment tool for receiving and disbursing donations. Hai explained that this is an essential way for the world to understand how cryptocurrencies work in society.
She also noted that this is an excellent example of how people can use cryptocurrencies as a means of exchange and as a means of payment.
Hai believes that crypto is a tool that knows no borders and restrictions. Crypto not require documents and other complicated and lengthy bureaucratic procedures, and can produce results here and now.
Vitalik Buterin donated $5 million in ether (ETH) to Ukraine Aid in early April. The Ethereum founder did not publicly announce the donation. However, it was spotted two days later and gained traction on social media.
Abu Dhabi Has Authorized Kraken To Operate A Crypto Exchange
The Abu Dhabi Global Market (ADGM) announced that it had authorized Kraken Group to operate a regulated virtual asset trading platform in the Financial Free Zone.
Kraken is the first global virtual asset trading group in the UAE to receive a full financial license from ADGM.
Kraken MENA (the Middle East and North Africa) aims to access virtual assets through regulated financing, trading, and custody services in the United Arab Emirates currency dirham.
ADGM launched its Virtual Assets Regulatory Framework in 2018 and has since become a leading global hub and business platform for virtual assets for local, regional and international companies.
The UAE’s central business hub, Dubai, also attracted crypto firms. Dubai released its first digital asset law in March and created the Virtual Assets Regulatory Authority to oversee the industry.
In 2011, Kraken Group served more than 9 million customers in 60 countries.
Ethereum Is Preparing For An Epic ‘Merger’ To Overtake Bitcoin
Ether promises to do better. It promises to take it to the next level, surpassing cryptocurrency rivals and even the godfather Bitcoin. But the clock is ticking.
The second-ranked cryptocurrency should be weeks away from “merging,” a transformative June upgrade to its blockchain ethereum to make it faster, cheaper, and more power-efficient, opening the door to more Prospects for a concise, cleaner cryptocurrency future.
While inflation and monetary tightening have bound Bitcoin, expectations have been in favor of Ether this year. But that merger — which meant ether mining’s shift from energy-intensive proof-of-work to proof-of-stake — was delayed, frustrating investors.
Ethereum fell 8 percent from $3,215 to $2,947 on April 11, the day Ethereum lead developer Tim Beiko tweeted that they have delayed the June launch as testing continued. It was down 13% this month at $2,844.
However, Bitcoin is still just an investment and has no natural ability to use contracts for decentralized financial applications. Because of this, many investors believe that a market flip – known in crypto circles as a “flip” – is the catalyst for Ethereum to become the dominant platform.
You can mine or produce both Bitcoin and Ethereum using a proof-of-work (POW) method. It means thousands of miners or network nodes compete with each other to solve complex mathematical puzzles.
It’s an electricity-hungry process to generate more pollution than a small country each year, fueling concerns about cryptocurrencies in a low-carbon world.
Another proof-of-stake (POS) method uses far less energy because it allows the nodes that stake the most coins to validate transactions, rather than having millions of computers racing to solve puzzles.
The Central African Republic Is Passing A Law To Regulate The Crypto
Following various reports of Bitcoin (BTC) adoption similar to El Salvador, the Central African Republic (CAR) has become the epicenter of the crypto-world buzz. However, contrary to famous headlines, the African country has not adopted BTC as legal tender. Instead, it has reportedly legalized the use of cryptocurrencies in financial markets.
Digital Economy, Posts, and Telecommunications Minister Justin Gourna Zacko introduced the cryptocurrency bill on Thursday. The bill was unanimously passed by MPs despite opposition protests, RFI reported.
The crypto law aims to create an enabling environment for the inclusive growth of the crypto industry in the region. Minister Zacko also highlighted the increasing difficulty of sending money out of African countries. He believes that adopting cryptocurrencies will help solve this problem.
According to reports, the new law will allow merchants and businesses to make crypto payments. It will also enable tax payments to be made in crypto through authorized entities.
The new encryption law also makes provisions for criminals who break the law. According to a report, violators could face up to 20 years in prison and a fine of 100,000,000 to 1,000,000,000 Swiss francs from the African Financial Community (CFA).
Fourteen countries use the euro-pegged CFA franc, printed in France. Western powers control their whose monetary policy. While the official bond is at 1 euro to 655.96 CFA francs, Fiat has been depreciating. As a result, Bitcoin and other cryptocurrencies are gaining popularity in countries affected by national economic crises.
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