5 easy ways crypto investors can make money without needing to trade

Large price jumps and 100x gains get a lot of attention from pundits and influencers in the cryptocurrency community because they offer the hope of overnight riches. In reality, these opportunities are few and far between. Not to mention, only a handful of traders actually manage to catch these waves and cash out in time to lock in life-changing money.  Fortunately, catching a large price surge is far from being the only way for crypto investors to make a buck, and the recent rise of decentralized finance (DeFi), nonfungible tokens…

Japan to test Ripple’s ODL service for money transfers to Philippines

Showcasing the use of cryptocurrency in monetary transfers, Ripple has become a known partner for traditional institutions that wish to revamp their cross-border remittance services. Taking this vision further ahead, Ripple announced a new partnership with Japan’s SBI Remit Co., Ltd to transform remittance payments from Japan to the Philippines. Ripple’s latest partnership will see the involvement of mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to provide a cheaper remittance option to its customers. This will be made possible by using XRP to eliminate the…

Auditors reveal USDC backing as Jim Cramer sounds alarm over Tether’s mad money

Auditors working for Circle have disclosed the reserves backing the firm’s USDC stablecoin, while Mad Money’s Jim Cramer has questioned Tether’s lack of transparency with its USDT reserves. Multi-national tax advisory firm Grant Horton conducted the audit, and a reserve attestation report was published on July 20 which showed that 61% of USDC’s reserves were held in cash and cash equivalents equating to $13.4 billion, as of May 28. Circle’s total commercial paper accounts for 9% of its reserves, and the figures provide a stark contrast to Tether’s reserves, in…

China is pumping money out of the US with Bitcoin

The ongoing United States-China trade war is in its fourth year. Former U.S. President Donald Trump saw different results from what he initially expected: America has taken a hit from higher tariffs and sanctions against Chinese companies and hasn’t benefited from it nearly to the same extent. It has cost the country up to 245,000 jobs. The U.S. Chamber of Commerce calculated that the situation puts the exports of each state at risk. For example, the damage to Florida’s exports alone has already reached $1.9 billion. At the same time,…

Crypto experts see Bitcoin replacing fiat money in 20 years

Bitcoin’s (BTC) current price slump has failed to dampen some experts’ optimism regarding the world’s biggest cryptocurrency.  In a new survey by personal finance comparison platform Finder.com, half of the respondents believe Bitcoin will surpass fiat money, or central bank-issued currencies, by 2040.  While the sampling is arguably narrow — Finder.com says the report is based on a panel of 42 cryptocurrency experts — it shows that Bitcoin’s price crash from April’s all-time high didn’t impact the long-term perspective of crypto professionals. The survey reveals that 50% of the respondents expect…

Spike Lee’s TV ad for crypto touts it as new money for a diverse world

Spike Lee’s new ad dubbed “The Currency of Currency” launched online today, and the two-minute spot depicts crypto as new money for a diverse world. The 64-year-old Oscar winning filmmaker directed and starred in the commercial for crypto ATM provider Coin Cloud, and in the ad, he explores themes such as racial and financial inequality, diversity, and inclusivity. “Old money, as rich as it looks, is flat out broke,” Lee says, adding “they call it green, but it’s only white” as he cites the lack of diversity in people depicted…

OK Group to help China combat money laundering with blockchain

OK Group, a blockchain technology firm formerly behind cryptocurrency exchange OKEx, will start working with Chinese authorities to combat money laundering using blockchain technology. The company’s settlement-focused subsidiary OKLink has reached a partnership with Nanjing Public Security Research Institute to collaborate on applying blockchain tech for Anti-Money Laundering purposes. The institute announced that the partnership will include in-depth cooperation with OKLink to promote the integration of blockchain technology for improving public security and social governance. As part of the agreement, the parties will set up a research laboratory for exploring compliance…

EU eyes new money laundering regulator and stricter crypto reporting requirements

The European Union is looking to launch a new agency designated with cracking down on money laundering at the regional level, with increased reporting requirements around crypto transactions listed among its principal objectives. A July 8 report from Reuters citing leaked EU documents asserts the European Commission is proposing forming a new Anti-Money Laundering Authority (AMLA) that would act as the “centerpiece” of an oversight system also including national regulators. The report also states that European lawmakers are drafting new requirements for virtual asset service providers (VASPs) mandating stringent data…

El Salvador Bitcoin pump failed to attract smart money, for now

Bitcoin (BTC) logged its best daily performance on Wednesday since Feb. 8, the day Tesla announced that it had added $1.5 billion worth of BTC to its balance sheet. The flagship cryptocurrency surged 11.98% to $37,573 after El Salvador President Nayib Bukele passed legislation that approved it as a legal tender. In short, the Central American nation will now be able to price goods and services in BTC and will even accept the cryptocurrency for tax payments. Meanwhile, Bukele clarified that his government would not impose capital gains tax on…

BoE tackles ‘difficult and pertinent’ questions about digital money

The Bank of England, or BoE, is continuing to devote significant resources to researching digital money in both private and public forms. With an eye on both the domestic and international context, the central bank’s latest discussion paper, published June 7, outlines the role and possible developments of both in the ongoing evolution of money. Commenting on the paper’s publication, BoE governor Andrew Bailey said that “the prospect of stablecoins as a means of payment and the emerging propositions of CBDC have generated a host of issues that central banks,…