Connect with us
European Gaming Congress 2024

Blockchain

60% of US Citizens Confess Lack of Clarity on Blockchain: Survey

Published

on

60%-of-us-citizens-confess-lack-of-clarity-on-blockchain:-survey

A recent study reveals that 60% of US residents lack comprehension of blockchain technology. The study, conducted by the language learning marketplace Preply, highlighted generational and gender disparities in cryptocurrency knowledge. Millennials emerged as the most confident generation regarding their understanding of cryptocurrency, while men generally felt more assured about their crypto knowledge than women.

Key Findings
Despite 46% of respondents expressing confidence in their overall understanding of cryptocurrency, a significant portion of crypto investors themselves (35%) harbored doubts about their grasp of the subject. This uncertainty was particularly pronounced among Gen Z investors, with 40% unsure of their understanding.

Interest in Future Investments
Among those who had not yet invested in cryptocurrency, Gen Xers displayed the highest level of interest in potentially doing so. Across all age groups, 40% of currently uninvested individuals expressed interest in crypto, and 27% indicated a desire to learn more through educational resources.

Knowledge Gaps in NFTs and the Metaverse
The survey also identified significant knowledge gaps regarding non-fungible tokens (NFTs) and the metaverse. Only 42% of respondents felt confident in their understanding of these concepts, highlighting a prime opportunity for educational initiatives. This lack of knowledge might explain the low investment enthusiasm, with only 11% excited about investing in NFTs. However, the metaverse sparked greater curiosity, with 32% expressing interest in participating.

Advertisement
Stake.com

Increased Interest in Crypto Terminology
Preply’s study showed a surge in interest in crypto terminology across the US. Florida, Washington, and California led in state-level searches for crypto terms. Cities like Orlando, Miami, and Atlanta emerged as hotspots for residents actively searching for crypto slang. Notably, terms like DAO (Decentralized Autonomous Organization), DEX (Decentralized Exchange), and ICO (Initial Coin Offering) were the most searched, indicating these concepts might be particularly confusing for many.

Decline in Crypto Usage
Contrary to some claims, the Federal Reserve’s annual Survey of Household Economics and Decisionmaking (SHED) indicated a significant decline in US crypto usage. In 2023, approximately 18 million US adults reported using cryptocurrencies, down from 10% in 2022 and 12% in 2021. These findings contradict Coinbase’s assertion that 52 million Americans own cryptocurrency.

The study underscores the need for more educational resources to bridge the knowledge gaps in blockchain, cryptocurrency, NFTs, and the metaverse. With increasing interest but prevalent uncertainty, targeted educational initiatives could enhance understanding and foster greater confidence in these emerging technologies.

Source: cryptonews.com

The post 60% of US Citizens Confess Lack of Clarity on Blockchain: Survey appeared first on HIPTHER Alerts.

Advertisement
Stake.com
Continue Reading

Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

Published

on

europe-tax-advisory-market-valuation-poised-to-soar-to-usd-28.50-billion-by-2032-|-astute-analytica
Continue Reading

Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

Published

on

brazil-to-tighten-regulation-on-foreign-crypto-exchanges

Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

Advertisement
Stake.com

Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

Advertisement
Stake.com

The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

Continue Reading

Blockchain

Financial Institution NAB Embraces Crypto Custody Solution

Published

on

financial-institution-nab-embraces-crypto-custody-solution

National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

Advertisement
Stake.com

Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

Advertisement
Stake.com

Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

Continue Reading
Advertisement
Stake.com
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE