Lithuania Rakes in 6.4 Million Euros From Selling Seized Cryptocurrencies

Lithuania’s tax authority has sold the cryptocurrencies it previously seized for 6.4 million euros (approximately $7.6 million). The three cryptocurrencies confiscated were bitcoin, ether, and monero. This was the first time the tax authority sold seized cryptocurrencies. Lithuania Sold Seized Cryptocurrencies The State Tax Inspectorate (STI) under the Ministry of Finance of the Republic of […]

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PayPal CEO Dan Schulman Reveals Bullish Stance On Bitcoin

PayPal CEO Dan Schulman Reveals Bullish Stance On Bitcoin

In a recent interview with CNBC, Dan Schulman, CEO of PayPal has stated that “Early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants.” One of the main criticisms about PayPal and the support for cryptocurrencies is that it will most […]

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XRP, ADA, BCH and Others Have No Future Despite The Sky-High Valuations: Google Payments Engineer Tyler Reynolds

XRP, ADA, BCH and Others Have No Future Despite The Sky-High Valuations: Google Payments Engineer Tyler Reynolds

DeFi has been on a roll this year as the total value locked in surged from just under $1 billion to circa $7.82 billion at press time. So far this year, this figure has grown by over 1200% and the DeFi frenzy seems to only be getting started. One DeFi project that has witnessed massive […]

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Here’s why the Head of the Chechen Republic has such a strong disdain for cryptocurrencies

Kadyrov does not seem to understand cryptocurrencies very well.

The Chechen leader Ramzan Kadyrov shared some harsh comments about cryptocurrencies amid growing interest in the technology amongst Chechnya’s citizens.

According to Pravda, Kadyrov claimed that the media is presenting crypto “as the new gold,” provoking what he calls a kind of Bitcoin (BTC) “fever”:

“People take loans, save on themselves and their families, invest their last money in digital assets that promise incredible profits.”

The head of the Chechen Republic, a federal subject of the Russian Federation, also warned that excess profit is tied with “big risks.” He also claimed that over the past month, “Bitcoin has depreciated in half” — a statement which can be disproven by anyone with a quick Google search.

Kadyrov said that people dream of easy money, and this creates a false promise of wealth that crypto does not offer and has never offered. He further added:

“I am more worried about the moral side of such investments. A person who invests in cryptocurrencies expects their value to grow many times. But why is that person waiting for this? Did the person work hard to get this profit?”

The Chechen leader also pointed out the “greed of people” who have boosted the price of crypto. He claims these people are “trying to attract new investors and profit from their greed,” and ultimately stressed that he won’t support any projects which utilize digital assets.

Russia recently passed its first major legislation devoted to cryptocurrencies, though the country’s central bank continues to treat the industry as a criminal area.

Taking a similar stance, Sergei Shvetsov, the first deputy governor at the Bank of Russia, compared cryptocurrency to financial pyramid schemes and roulette games.

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