Peter Schiff Admits Wrong About Bitcoin
Crypto enthusiasts and bitcoiners alike on Twitter flocked to his recent tweet that has now reached 50K plus likes.
But not too fast. Schiff was quick to retract his words. It’s April Fools Day everyone! In response to numerous reply on his tweet, Schiff said:
“April Fool. Since my tweet didn’t specify what about #BitcoinI got wrong, it wasn’t really a prank. I didn’t think the bubble would get this big or that so many otherwise smart people would be foolish enough to buy it. So I was wrong about that, but right about everything else!”
His son, Spencer Schiff also replied to his father’s tweet.
“Today’s tweet was a glimpse into your future. Someday you’ll admit you were wrong about Bitcoin and it won’t be a joke. That will be an amazing day.”
The father and son are now in the opposite direction when in terms of their investment portfolio. In previous reports, the young Schiff sold all his silver holdings and used the proceeds to buy bitcoins. This has earned him the ire of his father and even stated that his son has been brainwashed.
Peter Schiff is a staunch gold supporter while his son, Spencer is a 100% Bitcoin hodler. The battle between gold and bitcoin, the digital gold is happening literally in the Schiff family.
South Korean Government Sells Confiscated Bitcoin
The South Korean government finally decides to sell the bitcoins it has confiscated four years ago from the operator of a pornography website. This is following the implementation of the new AML rules in the country on cryptocurrencies. On March 25, the new law came into effect.
The bitcoins were sold to an exchange that was originally worth $238,000 in 2017. The seized digital assets were then kept in cold storage since there were no laws governing confiscated cryptos at that time. According to reports, the government was able to make a profit of $10.5 million from the sale.
South Korea’s implementation of more rigid regulations was in line with its effort to combat the use of cryptocurrencies by tax evaders and money-laundering concerns. According to Korean authorities, new laws will be implemented in 2022 with the enforcement of a 20% capital gains tax on profits made from cryptocurrency trading.
Due to this, OKEx and other crypto exchanges halted their operation in the region citing the new AML rules and low revenue as reasons.
Ripple Acquires Cross-Border Payment Tranglo
Despite the ongoing legal battle against the US SEC, Ripple remains unfazed by its global expansion, particularly in Asia.
Recently, Ripple has acquired a 40% stake with Tranglo, leading cross-border money and prepaid credit transaction hub. The company operates in South East Asia and will be catering to countries in the region like the Philippines.
In a blog post, Asheesh Birla, General Manager of RippleNet at Ripple stated:
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets.”
In line with its aggressive expansion in the region, Ripple has recently hired Brooks Entwistle as its new managing director for its Southeast Asian wing.
Japan Adopts the FATF “Travel Rule”
Japan has been one of the crypto-friendly countries to date. But maybe not for long. In recent reports, Japan has announced that it will be adopting FATF’s Travel Rule.
The country has been a member of the FATF since 1990 but has remained lenient when it comes to its policies on cryptocurrencies. With the implementation of the Travel Rule, authorities will now require service providers to share transaction data of senders and recipients effective on April 2022.
The FSA has also advised the Japanese Virtual Currency Exchange Association for the implementation of the new rule:
“From the perspective of ensuring the proper and reliable execution of the crypto-asset exchange business, we will examine the accurate implementation of the travel rule in terms of technology and operation. We would like the JVCEA to establish a necessary system, so please inform the members of the association.”
The move came after South Korea’s implementation of its new AML rules. Are we going to expect more countries to join the throng to implement more rigid rules on cryptocurrencies? Will these countries’ current moves affect the crypto market as a whole? Will it hamper the growth enjoyed by the industry right now? Let’s all wait and see.