News updates December 15, 2021
- Chinese State Media Issues Warning Against Metaverses. China's state media Xinhuanet warned about Metaverses and cloudmining scams. More and more scammers in China are using concepts like metaverse, blockchain and cloud mining to lure ppl in and take their money.
- $24,000 Worth of Ether Burned in One Minute, Total of 1.2 Million Coins Scorched. Ethereum's burning rate has constantly increased with the popularity of the network spiking up amid a cryptocurrency correction and spike in DeFi's popularity. In the last few hours, more than $817,000 worth of Ether has been burned, which indicates that a higher burn rate has appeared briefly and most likely did not hold long enough since the network was able to stabilize quickly enough.
- The five altcoins Elrond (EGLD), VeChain (VET), FTX Token (FTT), Cosmos (ATOM), and Fantom (FTM) are all set to climb up by breaking their current resistance levels.
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The governor of the Bank of Tanzania (BOT), Florens Luoga, recently stated that the central bank has not outlawed cryptocurrencies and that those putting money into crypto-related investments are doing so at their own risk.
Also, in his remarks published by The Citizen, Luoga revealed that the BOT — which is now exploring the possibility of issuing a digital currency — is nonetheless open to any ideas on how it can regulate cryptocurrencies.
“We can’t outlaw something that we are not yet competent with or regulate a game that we don’t really know how it is played. We have not reached a position where we can costerise [sic] cryptos, but we welcome applications from interested parties. All should feel free to present their ideas for consideration,” Luoga is quoted explaining.
- Bitcoin’s volatility makes it better than gold, says Lunar Digital Assets CEO.
Roc Zacharias, CEO of blockchain consultancy platform Lunar Digital Assets, has said Bitcoin’s volatility makes it a better asset than gold.
Speaking to Kitco News, Zacharias highlighted that Bitcoin’s volatility indicates that people are making profits on the gains, an aspect not supported by gold.
According to Zacharias, gold’s price has remained near stagnant for almost a decade, and gains made on the precious metal are minimal compared to Bitcoin. In this line, the executive stated that Bitcoin is the ultimate store of value.
