Bitcoin, Ethereum, Litecoin, Ripple - Cryptocurrency in T&T

[bluefete]

And as soon as they did, the %$&&** IMF came out and gave them some bad press.

https://finance.yahoo.com/news/el-salva ... 13193.html (read separately as I only included the link for the IMF)

El Salvador approves Bitcoin as legal tender


9 Jun 2021
El Salvador has approved a proposal from President Nayib Bukele for a law to classify Bitcoin as legal tender, making the Central American nation the first in the world to do so.

A majority of lawmakers voted in favour of the initiative late on Tuesday to create a law that will formally embrace the cryptocurrency, despite concern about the potential effect on El Salvador’s programme with the International Monetary Fund.

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“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote in the assembly.


Translation: With 62 votes, the legislative plenary session approves the #LeyBitcoin [that allows] El Salvador to adopt #Bitcoin as a legal currency. #Thenewassembly continues to make history,! a tweet from the Legislative Assembly said.

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad send remittances back home while saying the US dollar will also continue as legal tender.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote.

He added that the use of Bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days.

“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” Bukele said.

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El Salvador’s dollarised economy relies heavily on money sent back from citizens working abroad.

World Bank data showed remittances to the country made up nearly $6bn, about a fifth of GDP, in 2019, one of the highest ratios in the world.

Experts have said the move to Bitcoin could complicate talks with the IMF, where El Salvador is seeking a more than $1bn programme.

The IMF’s head of mission for El Salvador, Alina Carare, said late on Monday that the fund is “following the news and will have more information as we continue our consultations with the authorities.”

Carlos de Sousa, a portfolio manager at Vontobel Asset Management, said the Bitcoin push looked ill-considered with Bukele potentially shooting himself in the foot by making the raising of tax revenue more difficult.

“Cryptocurrencies are overall a very easy way to avoid taxation and a very easy way to simply avoid the authorities because it’s a completely decentralised system, you can do money laundering, you can do tax avoidance and so on,” he said.

El Salvador President Nayib Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad to send remittances back home [File:Reuters]
A cryptocurrency is a digital form of money that can be used to pay for some transactions online.
As with “real” currencies, one, 10, or millions of Bitcoins can be owned. Unlike real currencies, cryptocurrencies only exist online and are not backed by any government or central bank.

Crypto devotees say the currencies represent the economy of the future. But ultimately, their value depends on their limited supply and the number of people who chase after them.

The cryptocurrency market grew to more than $2.5 trillion in mid-May last year, according to the CoinMarketCap page, driven by interest from increasingly serious investors from Wall Street to Silicon Valley.

But the volatility currency – currently priced at $36,127 – and its murky legal status has raised questions about whether it could ever replace fiat currency in day-to-day transactions.

https://www.aljazeera.com/news/2021/6/9 ... gal-tender





El Salvador is the first country to adopt bitcoin as legal tender
By Charles Riley, Mitchell McCluskey and David Goldman, CNN Business

Updated 1447 GMT (2247 HKT) June 9, 2021

London (CNN Business)El Salvador has become the first country to adopt bitcoin as legal tender.

A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in the country alongside the US dollar.

The law states that "all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service." It also says that tax payments can now be made in bitcoin.

Bukele, 39, is a right-wing populist who rose to power in 2019. He previously said that El Salvador would partner with digital finance company Strike to establish the infrastructure required to support the use of bitcoin as an official currency.

Giving a currency legal tender status typically means that it can be used by borrowers to repay debts. It doesn't automatically mean that a person or business is required to accept the currency as payment for goods or services.

In a tweet prior to the vote, Bukele said that using bitcoin as legal tender would promote financial inclusion, tourism, innovation and economic development. El Salvador is the smallest country in Central America, and while it was quick to contain the coronavirus pandemic, its economy was hard hit last year, according to the World Bank.

The future of digital currencies

Although central banks around the world have reacted to bitcoin with fascination, they have been hesitant to embrace cryptocurrencies because of their extreme volatility. Bitcoin, for example, crashed by more than half its value earlier this year after rocketing to a record high above $60,000. Other, more thinly traded cryptocurrencies are even more volatile, trading up and down like seesaws — often based on speculation or meme tweets from Tesla (TSLA) CEO Elon Musk.

However, crypto's rise in popularity has led the US Federal Reserve to look hard at the old-fashioned dollar's limitations — particularly around payments and money transfers that can take days to accomplish. Bitcoin transactions happen almost instantaneously.

Cryptocurrencies also don't require a bank account. Instead, they're held in digital wallets. That could help people in poorer communities — such as many in El Salvador but also in minority communities in the United States — gain increased access to their finances.

Lael Brainard, a member of the Federal Reserve Board of Governors, laid out a case last month for a secure, central bank-backed digital currency that could create a more efficient payment system and expand financial services to Americans who have been underserved by traditional banks.

Federal Reserve Chairman Jerome Powell in May announced the central bank would publish a paper this summer laying out the board's thinking on the benefits and risks associated with a digital US dollar.

Although cryptocurrencies like bitcoin are digital, a Central Bank Digital Currency would be fundamentally different from current cryptos because it would still be controlled by a central bank rather than a decentralized computer network.

— Stefano Pozzebon, George Engels and Allison Morrow contributed to this report

https://edition.cnn.com/2021/06/09/inve ... index.html

[akma4455]

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Call 6882625

[sekhar_777]

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[mirohid424]

Good evening tuners, anyone here does day trading and cryptocurrency? What are your thoughts on that? Would you actually do that, why or why not?

[ruffneck_12]

learning curve really high


very easy to lose money in an instant. You can get lucky as a beginner, but most cases you'll lose it all

BUT, if you get REALLY good at it, and pay for premium subs in a signals group, you could make BANK.
Im just unsure as to how u getting crypto as TTD

All kinda ting dawg. I think it have a crypto thread already btw

[The_Honourable]

Seeing 2-3 local crypto groups on fb with a few shady characters in detour suits. Have that mlm forex vibe.

I'm also seeing these crypto cards like Crypto.com, Digital Profit, etc.

Any reviews?

[Sinz]

Are there any penalties when the banks find out you're purchasing BTC or USDT with their cards? Is it that they just start blocking such transactions from happening in the future or do they penalize you by block usage of your card all together?

[eitech]

Are there any penalties when the banks find out you're purchasing BTC or USDT with their cards? Is it that they just start blocking such transactions from happening in the future or do they penalize you by block usage of your card all together?

If you are purchasing through a website sometimes the merchant is on their list of restricted merchants. If you ask them to unblock the card they tell you flat no

[Sinz]

Are there any penalties when the banks find out you're purchasing BTC or USDT with their cards? Is it that they just start blocking such transactions from happening in the future or do they penalize you by block usage of your card all together?

If you are purchasing through a website sometimes the merchant is on their list of restricted merchants. If you ask them to unblock the card they tell you flat no

But is it that they will block or disable your card from any and all purchase? Not just crypto? Just want to make sure that if I'm found doing it that my card isn't fully locked from all uses.

[eitech]

Are there any penalties when the banks find out you're purchasing BTC or USDT with their cards? Is it that they just start blocking such transactions from happening in the future or do they penalize you by block usage of your card all together?

If you are purchasing through a website sometimes the merchant is on their list of restricted merchants. If you ask them to unblock the card they tell you flat no

But is it that they will block or disable your card from any and all purchase? Not just crypto? Just want to make sure that if I'm found doing it that my card isn't fully locked from all uses.

Na they will only block the restricted merchant and not the whole card in general

[The_Honourable]

Are there any penalties when the banks find out you're purchasing BTC or USDT with their cards? Is it that they just start blocking such transactions from happening in the future or do they penalize you by block usage of your card all together?

If you are purchasing through a website sometimes the merchant is on their list of restricted merchants. If you ask them to unblock the card they tell you flat no

But is it that they will block or disable your card from any and all purchase? Not just crypto? Just want to make sure that if I'm found doing it that my card isn't fully locked from all uses.

Na they will only block the restricted merchant and not the whole card in general

Yeah they have a restricted list of crypto merchants and block them.

Now if you try using your card multiple times and all the transactions fail, then your card will be locked as a security measure. The bank will call you to confirm if you were the one attempting those transactions. Once you confirm, they unlock the card but will tell you that those transactions are high risk and are not allowed on their platform at the moment.

[Sinz]

Ok I see. Understood. Thanks for the info guys.

[Sinz]

One more quick question guys.

Is there any way for someone banking with example FCB to check their US balance on their card? Maybe via online banking, or by calling the CC center? Is it even advisable to call and find out (thinking if they check the balance they may see the purchase history etc).

[The_Honourable]

One more quick question guys.

Is there any way for someone banking with example FCB to check their US balance on their card? Maybe via online banking, or by calling the CC center? Is it even advisable to call and find out (thinking if they check the balance they may see the purchase history etc).

Not possible at this point for now. I think FCB are other banks are working on that as a feature for their online banking platforms.

You can call the CC center to know your US allocation on your CC and then monitor how much you spend. I know that on or around the 16th of each month they refresh the allocation but I don't know if it is for specific cards or all FCB credit cards in general.

[mero]

Banks don't care what u buy with your cc unless is co mingling, laundering or u trying some sheit.

Fcb reduce their cc limits again In sept.. BTC merchant slowly getting shut down one by one.. binance for sure and mercuyo.

Yes u can call to find out your remaining us bal.

[2WNBoost]

Change banks and you will be able to see what’s owing and what’s available on the CC

[rmjb]

Real good info in this thread.

Has anyone cashed out to a local US bank account from a hardware wallet?

[The_Honourable]

Keep your eye on this

Full CNBC article: https://www.cnbc.com/2021/10/25/masterc ... vices.html

[Sinz]

Guys, does it make a difference if you have a Visa or Mastercard when making purchases with FCB cards?

[The_Honourable]

Guys, does it make a difference if you have a Visa or Mastercard when making purchases with FCB cards?

Doesn't matter, FCB locking down crypto purchases with their credit cards. Most got locked already. Some might get thru for a while again and then one day, transaction blocked.

[eitech]

Just tell them is for an investment website unless they already know the merchant. Some of them dont know

[mero]

Guys, does it make a difference if you have a Visa or Mastercard when making purchases with FCB cards?

Doesn't matter, FCB locking down crypto purchases with their credit cards. Most got locked already. Some might get thru for a while again and then one day, transaction blocked.

Only mercuyo and binance. Others are good.

But yea they phasing out all eventually.

[mero]

Just tell them is for an investment website unless they already know the merchant. Some of them dont know

Lol no eh

[eitech]

Just tell them is for an investment website unless they already know the merchant. Some of them dont know

Lol no eh

Yep have done it and mine still works

[cornfused]

CC deposit to DEFI sites works ?

Can withdrawals be made without a us based bank account?

[Mmoney607]

CC deposit to DEFI sites works ?

Can withdrawals be made without a us based bank account?

What website you using?

[cornfused]

Binance

[widdyphuck]

Binance

What cc you using to buy in Binance?

[eitech]

Repub cc works in binance. Earlier in the year you could have withdrawn via wire back to your account but they have stopped that option now. Hence I also stopped using them

[Mmoney607]

Repub cc works in binance. Earlier in the year you could have withdrawn via wire back to your account but they have stopped that option now. Hence I also stopped using them

So how you got your money? And what other exchanges/wallets work down here?