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Three Cryptos To Invest In This Month: Gnox (GNOX), Cardano (ADA), And Avalanche (AVAX)

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Three Cryptos To Invest In This Month: Gnox (GNOX), Cardano (ADA), And Avalanche (AVAX)

There are always going to be new cryptocurrencies being launched while they are such a hot investment property.

The popularity of the virtual world and virtual currency has exploded in the last few years and these digital investments have moved beyond currency to include art, sport, music and entertainment.

This shift towards decentralised finance has allowed the likes of Cardano (ADA) and Avalanche (AVAX) to prosper and become important figures within the cryptocurrency industry.

While those established cryptos remain highly influential, sometimes there are new cryptocurrencies that manage to break through and make an impact that has not been seen in a long time, one such crypto is Gnox.

 

Why would you invest in Gnox?

Gnox is the first DeFi earning protocol that offers “Yield Farming as a Service” to investors. It reduces entry barriers by providing education, streamlined investment tracking, and a unified investment vehicle.

Their strategies have been tried, tested and used by countless DeFi experts. They will begin with a tiny treasury, and as it grows, it will boost their purchasing power, allowing them to create more unique features and earn more rewards for long-term holders.

The hype surrounding Gnox has ramped up in recent weeks as numerous media outlets have begun reporting on their exciting project, proving its worth to the crypto community that it is one to stay.

Gnox is available now for presale, and anyone interested can purchase it on their website.

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With a period of months remaining, until we enter the fourth quarter of the 2022 financial year, Gnox will focus on its cross-chain deployment of Ethereum and Polygon, as well as getting Gnox listed on Uniswap and Pancakeswap.

 

Cardano (ADA) suffers conflicting month

After starting the month on a positive note with a growth of 20.7%, circumstances soon changed for Cardano (ADA) and it dipped 21.2% in the past seven days.

Despite Cardano’s dip, the continual build of the speed of its transactions as well as its recent partnership with IceAddis, an Ethiopian-based technology incubator and innovation hub, has enabled crypto experts to remain bullish about the blockchain platform.

Trading at $0.954907, at the time of writing, ADA ranks as the eighth biggest cryptocurrency in the world, amassing a market cap of over $32 billion, according to data from CoinMarketCap.

 

Avalanche (AVAX) is back in the green ever so slightly

It may not be worth writing home about, but whenever a cryptocurrency is in the green, that is a win.

After a dip of 19.5% in the past seven days, Avalanche (AVAX) crept back into the green at a percentage of 0.5% in the past 24 hours, at the time of publication.

AVAX is trading at $76.85, almost half of its all-time high of $146.96, a price reached in November 2021.

Due to AVAX’s strong performance at the beginning of the year when it reached a value of $114, most price predictions for 2022 are fairly high, with Coin Price Forecast predicting AVAX will end the year at $250.

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Learn more about Gnox:

Join Presale: https://presale.gnox.io/

Website: https://gnox.io

Telegram: https://t.me/gnoxfinancial

Discord: https://discord.com/invite/mnWbweQRJB

Twitter: https://twitter.com/gnox_io

Instagram: https://www.instagram.com/gnox.io/

 

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The post Three cryptos to invest in this month: Gnox (GNOX), Cardano (ADA), and Avalanche (AVAX) appeared first on .

CBC

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

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CBC, Central Bank, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Cyprus, deputy minister, ECB, EU, European Union, Fintech, Government, innovations, legal framework, Regulation, Regulations, rules

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Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Trade Minister Expects Russia To Legalize Cryptocurrency

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Trade Minister Expects Russia To Legalize Cryptocurrency

Cryptocurrencies will be eventually legalized, a member of the Russian government has opined. The question is when this will happen, Trade Minister Denis Manturov stated as new crypto-related legislation advanced in the State Duma this week.

Crypto Legalization Is Current Trend, Russian Minister Acknowledges

Cryptocurrency can be legalized in the Russian Federation, according to a statement by the country’s Minister of Industry and Trade Denis Manturov, during the “New Horizons” educational marathon organized by the Russian “Knowledge” society. Quoted by the Tass news agency, the government official elaborated:

I think so… The question is when this will happen, how it will happen and be regulated. The central bank and the government are actively engaged in this. Everyone is inclined to understand that this is a trend of the times, and sooner or later, in one format or another, it will be done.

Manturov emphasized this should happen in accordance with the laws and rules that are yet to be adopted and formulated. Russian authorities have been mulling over the future status of cryptocurrencies and related activities such as trading and mining this year, with two opposing views clashing during the deliberations.

While the Central Bank of Russia proposed a blanket ban on crypto operations, citing threats to the country’s financial system, the Ministry of Finance believes they should be regulated rather than prohibited and has submitted a new draft law “On Digital Currency” which is expected to be adopted this year.

The ministry has been also working on the issue of taxation of income and profits from transactions with digital financial assets. This week, the lower house of Russian parliament, the State Duma, approved on first reading draft legislation tailored to regulate the matter.

Most institutions in Moscow have sided with the Minfin’s approach, including the federal government which backed the department’s regulatory concept in February. At the same time, the majority also agree with Bank of Russia’s stance that cryptocurrency should not be recognized as a means of payment.

Another recent report revealed that the authors of the new legislation have incorporated provisions proposed by the Ministry of Internal Affairs, introducing procedures for the seizure of digital currencies with a court order as part of criminal proceedings and the establishment of a special wallet for storing seized crypto assets.

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bill, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currencies, Digital Currency, draft law, Law, legalization, minister, parliament, provisions, Regulation, Regulations, rules, Russia, russian, State Duma, Taxation

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Do you expect the Russian Federation to eventually legalize cryptocurrency? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Despite Criminalizing Mining, Abkhazia Uncovers Another Crypto Farm

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Despite Criminalizing Mining, Abkhazia Uncovers Another Crypto Farm

Even after introducing fines and criminal liability for cryptocurrency mining, Abkhazia continues to find underground facilities for digital currency extraction. This week, law enforcement officials have confiscated dozens of mining devices from an illegal crypto farm.

Abkhazia Shuts Down Crypto Farm, Seizes Mining Hardware

Police in Abkhazia have closed down another crypto mining installation in a rural area of the breakaway Georgian republic. The illegal coin minting facility was located in the village of Yashtuha, Sukhumi region, the Ministry of Internal Affairs announced.

Representatives of the interior ministry, together with officials from the Department for Energy Supervision and other government agencies, raided the cryptocurrency farm on Wednesday, May 16, acting on a tip-off.

An administrative protocol has been drawn up against the miner, 29-year-old local resident Khanchalyan Robertovich. He operated 31 mining machines that have been confiscated and transferred to a government-owned warehouse.

In the past few years, many Abkhazians have turned to crypto mining as an alternative source of income. The government of the partially recognized republic in the South Caucasus has blamed the energy-intensive process for the territory’s growing electricity deficit.

To deal with the power shortages, the Russia-backed de facto state imposed a temporary ban on crypto mining and hardware imports in 2018. Last year, the measure was extended until March 31, 2022 and then in April, prolonged until the end of this year.

Authorities in Sukhumi also introduced hefty fines and criminal liability for illegal use of electricity to produce cryptocurrencies. Mining is believed to be the main cause for the frequent breakdowns of the republic’s power distribution network.

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Officials in Sukhumi have since admitted that their efforts to curb crypto mining have largely failed. Reports revealed last summer that Abkhazia had held talks with Russia in an attempt to solve its issues with electricity supply. At the time, the government was also planning to regulate the activity and ensure that miners are legally connected to the grid.

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Abkhaz, Abkhazia, Abkhazian, Abkhazians, ban, confiscated, Crypto, crypto farm, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Electricity, Miners, mining, Mining Devices, Mining Farm, mining machines, power, seized, shortages

Do you expect Abkhazia to legalize cryptocurrency mining once it overcomes its electricity shortages? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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