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Hello guys. It’s Monday once again which means we’ve come to another Weekly CryptoNews Digest, as honestly there is nothing important really going on in the HYIP industry lately. Lots of collapses of wannabe giants and a whole lot of fast scams which no sane investor will ever consider joining is all that we have. Cryptocurrencies though have been a much more dynamic industry lately and that’s what everyone should look into if they want a good return on their buck long-term.

That’s especially true now as summer has officially replaced spring I do not believe that we will see much activity in the HYIP industry until autumn. Certainly, there always be the fast scams prepared to promise an arm and a leg for easy earnings from newbies, but I’m sure MNO readers are generally smarter than the average HYIP audience. After all, if you are familiar with the HYIP Admins’ Dirty Secrets series of articles posted here you should learn some wisdom that will help you resist the temptation of jumping straight in to just any program and look for the true gems among them.

I’m afraid though as many experienced admins have recently left the HYIP industry due to greatly reduced profit margins and the quality of the people still willing to play with their money the future doesn’t look particularly bright for any of us. And I cannot say with any amount of certainty as to when the situation is going to change. To tell you the truth, it’s not even possible to tell whether the HYIP world will ever be the same as before. We can only wait and hope for the best.

In any case, in anticipation of the good old times coming back at some point perhaps it would be wiser to keep a close eye on MNO by following me on Telegram, Facebook or Twitter for the most up-to-date notifications of the new additions to my monitor and status change of any listed programs. You may also want to follow the thousands of subscribers who get the full versions of blog articles sent directly to their email addresses which you may also add yourself to on this page. And of course, stay in touch with me by email at abramsonp@gmail.com, submit your query via this contact page or chat with me live on Telegram @mnoblog

Apart from the still smoothly running RoboticsOnline which hasn’t posted any important updates lately I don’t really have anything else to discuss for today’s post when it comes to HYIPs. So let’s have a look at some of the more interesting events that happened in the cryptocurrency world by starting the Weekly CryptoNews Digest for the last seven days, May 30, to June, 05, 2022.

We hear a lot in the mainstream media news these days about cryptocurrencies and the law, be it their legal status, acceptance as legal tender, taxation, relationship with traditional fiat currencies, mining activities, and so on. It seems this week has also thrown a number of such stories at us, though how the authorities intend to enforce such measures remains to be seen.

We start this weeks news digest then in Japan, a country so often at the forefront of technological advances and innovations. The parliament there has approved a draft law tailored to regulate Stablecoins in the country after the recent collapse of the algorithmic StableCoin Terra USD. According to the law, Stablecoins must be pegged to a legal tender and only licensed banks and registered agents will be able to issue them in Japan. At the stroke of a pen, Japan becomes one of the first major economies to develop such a framework after last month’s collapse of the Terrausd (UST) Stablecoin and its sister cryptocurrency Terra (LUNA). The development caused a major market slump and loss of confidence in Stablecoins. According to the provisions approved by the legislators, Stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to redeem them at face value. Only licensed banks, registered money transfer agents, and trust companies will be able to issue them in Japan. An example is a Stablecoin that the Mitsubishi UFJ Trust and Banking Corp. plans to circulate. They revealed that its Progmat Coin will be fully backed by the yen and redeemable. The new legal framework adopted by the Japanese parliament will take effect in a year. While there’s no denying that ensuring investor protection is a major consideration that will always be welcomed, there’s nothing there to stop the private individual continuing to use Stablecoins in whatever manner they please.

Moving on to the US now, another world leader in the tech sphere. Or more specifically, New York state where legislators have also been busy trying to reign-in the ungovernable force that is cryptocurrency. In this case we are talking more about the actual currency mining rather than it’s day-to-day financial use. Lawmakers in New York have passed a bill to ban certain BitCoin mining operations that run on carbon-based power sources. The bill calls for a two-year moratorium on mining operations which use proof-of-work methods. If the state governor signs it into law, it would be the first state in the US to ban any kind of BlockChain infrastructure. Of course, we’ve known it for a long time now that the so-called carbon footprint of crypto mining can be enormous, with massive amounts of electricity being consumed in its generation. And with energy prices around the world spiraling out of control, the very existence of BitCoin mining moves further and further into the realm of the super rich as the resources needed to make it a profitable activity are beyond the reach of many private independent providers.

I mention BitCoin mining in particular as opposed to crypto mining in general. This is because Ethereum plan on moving operations to a less energy intensive process sometime later in the year. But personally I don’t see this has having any affect on the global BitCoin market, either positive or negative. For one thing it doesn’t actually ban the practice of BitCoin mining, it merely says that in order to continue as a licensed operator the mining company needs to prove that it gets its electricity from renewable energy providers. If that proves a problem for anyone, well, as we’ve already seen in the past the supply will quickly follow demand. China for example was until recently the world’s leading BitCoin mining center. Following a government crackdown, private operators simply moved underground while official sources simply sprang up elsewhere, notably Kazakhstan where energy is plentiful and cheap, and the USA where the money to cover these expenses is a bit more spread out. Should there be a domino affect across the country then the only thing that will happen the BitCoin mining industry is that it will follow the once mighty US car production industry, i.e. ship all the old high salary union jobs and the taxable income that goes with them to Mexico and continue with business as usual. A doomsday scenario for anyone whose employment depends on BitCoin mining perhaps, but for the rest of the world like I just said, supply will still follow demand.

Staying with the US for now, one way we can say with absolute certainty that the cryptocurrency “industry” if one can call it that is here to stay is its staggering value to the economy. Nowhere is this more evident than in the sponsorship of sports teams. Now, while football fans (meaning soccer fans to American readers) usually point to the main European leagues as examples of where television broadcast rights have led to players earning eye watering amounts of money, fans of other sports know this is dwarfed by the amounts than can be made in more popular activities in the USA. Basketball being a prime example. And now it seems that Crypto sponsorship has collectively become the second most lucrative sponsorship category for the NBA, behind technology. The National Basketball Association has earned a record $1.6 billion in sponsorship revenue this season, with crypto responsible for the big increase from companies such as CoinBase, Crypto.com and FTX. Other income sources you would have thought to be traditionally way out in front such as banks, soft and alcoholic drinks makers, even merchandise sales are now lagging far behind. The figure is up 13% from the NBA’s $1.4 billion in sponsorship revenue in the 2020-21 season. Sponsorship includes deals for arena-naming rights and for companies to put their names or logos on players jerseys.

Finally for this week’s CryptoNews Digest, I want to touch once more on a few of the older news events where we saw the central governments from a couple of countries formally recognize BitCoin as legal tender in exchange for goods and services. In other words making it legal to use BTC for what you were already doing with it anyway. This has only happened so far in a couple of developing world economies in countries which either don’t have their own national currency anyway, such as El Salvador which mostly relies upon the USD, or the Central African Republic which uses a common but pitifully weak currency shared among its neighbors. But there seems to be a growing belief around the world, in nations both rich and poor, that the acceptance of crypto as legal tender will become inevitable.

I suppose it only makes sense really when you think about it. You don’t have to go back in time too far for example where for instance the sight of someone using a mobile/cell phone in public would attract stares, probably even the mumbling of “rich yuppie” under people’s breath. Likewise with the ownership of many common consumer goods, it’s no longer seen as some kind of extravagant luxury to own a TV set or drive a car. A study carried out recently by one of the leading cryptocurrency exchange providers and published in the last week interviewed consumers and corporate investors throughout developed and developing nations and found that one-third of the respondents strongly agreed that BitCoin would become legal tender. While 43% were undecided on the matter, just 18% of respondents said that they don’t expect Bitcoin to become legal tender in their country within the next three years.

The reasons behind it are blindingly obvious in some cases. If you take the recent example of Mexico now having a Stablecoin pegged to the Mexican Peso as reported on MNO last week, we can see how the remittance industry by itself alone in that one country (i.e. Mexicans employed in foreign countries sending money home to support family members still residing there) is bigger than the entire economies of several small countries. Likewise a place like Zimbabwe where hyperinflation hit a mind numbing 5 billion percent, thus making the very notion of trying to save money an utterly pointless exercise. Even in many wealthy western countries many business owners prefer to deal with cashless transactions. In London for example it’s no longer possible to simply get a public bus ride across the city by paying cash for a ticket, even if you wanted to. Some 50% of the respondents to the survey came from developed economies such as the US, the UK, France, South Korea, Australia, and Singapore, while the remainder came from developing economies, including Brazil, Turkey, Vietnam, South Africa, and the Philippines. Replying to the statement: “I expect my country’s government or central bank to officially make Bitcoin or other cryptocurrencies legal tender for transactions in my country” in the next three years, some 36.6% of those polled strongly or somewhat agreed, 43.4% neither agreed nor disagreed, while 17.9% said that they somewhat or strongly disagree with this statement. A slightly lower share of the respondents, at 36.5%, said that they expected their countries’ governments or central banks to issue a central bank digital currency (CBDC) within the next three years. Only 18.6% doubt this will happen, and 43.4% neither agree nor disagree with such a statement.

That’s about all I wanted to discuss with you on the MNO blog today. I hope you are all enjoying the summer sunshine just like I am here in Israel where I’m spending my holidays. I will talk to you again on MNO next Monday (or earlier, if I have anything important to say), so stay tuned for more. Thanks as always for reading, and for following and supporting MNO – For Money Lovers!

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