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Berkeley City Council Member The First To Buy Cannabis With Cryptocurrency

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Berkeley City Council Member Ben Bartlett has become the first elected official to ever purchase cannabis with cryptocurrency as we are about to read in the coming altcoin news below.

According to the news reports from the Daily Californian, the Berkeley City Council Member purchased cannabis using cryptocurrency during the event that was organized by the Blockchain Advocacy Coalition last Tuesday. This event was held in order to increase awareness to a bill proposing the cryptocurrency payments for California’s cannabis industry. Bartlett purchases the cannabis via the crypto-financial platform CRED in a transaction that only took seconds to complete. Ohana Cannabis Co- which is the cannabis merchant in the transaction simply accepted the payment via the LBA token which is cred’s native cryptocurrency. Bartlett declared:

‘’By providing a cash-free method of cannabis tax collections, AB 953 can reduce costs and safety risks for cities and businesses. The Green Rush is a 21st-century industry; it deserves 21st-century legislation. Tax collections leveraging stablecoin technology will help bring this new industry into the light.’’

According to the US Federal Statutes, cannabis is still illegal despite the many attempts to make it legal for recreational use in states like California. The business is still cash-based and there is almost zero banking support. The federal banks in the United States have been known to close down the accounts of many marijuana investors. The nature of the industry that is cash-based causes serious problems when considering the sales and city tax payments. The state tax officials tend to spend some more money and their time to accept payments in large fiat deposits. For the co-founder of cred, Dan Schatt, cryptocurrencies can provide solutions for these problems:

‘’Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.’’

Cannabis is still a very taboo subject and so are the cryptocurrency payments and systems but it still seems like crypto is the perfect transactional tool for the industry. Berkeley’s Blockchain department’s Liam DiGregoria commented on the efforts that Bartlett made in leading the way for marijuana to become normalized among the elected officials and as he noted for the latest cryptocurrency news reports:

‘’There’s a negative public perception that people in higher levels of office shouldn’t use (cannabis), let alone buy it.’’

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Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem

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Privacy-focused Zcash is looking to find access to Ethereum’s decentralized finance ecosystem as we are about to find out more in the latest news on altcoin.As reported just a day ago, the topic of interoperability was the key point of the now concluded Devcon 5 developer conference in Osaka, Japan. At this conference, many of the smaller crypto projects such as the privacy-focused Zcash but also many other smaller projects showed their interest into the Ethereum’s decentralized finance ecosystem. The co-founder of Summa, James Prestwich, stated:
 “Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”
The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
 “If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”
The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
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Russia Sees No Benefit In Launching National Crypto Assets

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Russia sees no benefit in launching its own national digital currency according to the head of Russia’s central bank, Elvira Nabiullina who recently argued her stance for the coming altcoin news.It seems like most of the prominent countries and financial institutions are reconsidering their stance on national cryptocurrency. They did however cited their potential saying that cryptocurrencies allow for more flexible monetary policy but not everyone is convinced. Nabiullina argued that the monetary and in general- Russia sees no benefits into launching its own cryptocurrency. She said that the Central Bank of Russia does not see any compelling reasons to launch it.According to a TASS report, Nabiullina stated that a CBDC has benefits that are ‘’not obvious for us’’ going against the Wall Street narrative that digital money is the future:
 “Not only for technological reasons but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”
Nabiullina previously stated that although there is an incentive to go crypto, the society will not be open to give up cash for digital alternatives. However, there are some signs of cash going obsolete such as in China but there are also signs of heavy reliance on physical cash in places of the world where privacy is valued or where there isn’t a good internet connection. While Russia’s central bank does not see the benefits by launching a CBDC, there is one potential benefit that might please the financial incumbents. The New York professor and economist Nouriel Roubini last year stated the central bank digital currencies:
 “CBDCs [are] likely [going to] replace all private digital payment systems. By allowing any individual to make transactions through the central bank. CBDCs would upend this arrangement, alleviating the need for cash, traditional bank accounts, and even digital payment services.”
As per the latest crypto news, some crypto banks are acknowledging his point and the Finance Minister of Germany and France already believe that the European Union should launch their own cryptocurrency as a response to Facebook’s Libra.
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Anchorage Is The First Qualified Gram Custodian Before The Oct.31 Launch

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The digital asset custodian of the software firms Anchor Labs, Anchorage, is the first entity that is qualified to support the institutional custody for Telegram's Gram (GRM) token, the latest crypto news show.Anchorage Trust Company is the wholly owned subsidiary of the California based company Anchor Labs - and is the first entity which will enable institutional investors and organizations to hold Gram tokens at launch on October 31. This was officially confirmed by the company's co-founder and president Diogo Monica who announced the news on October 7.As the blog post states, Anchorage is the first qualified Gram (GRM) custodian and the services will be offered either through Anchorage Trust Company or Anchorage Hold. Still, the firms are not registered with the United States Securities and Exchange Commission (SEC), as Monica noted, adding that their services will not be initially offered to New York residents.The Anchorage Trust CEO described the two main options for acquiring Gram tokens. According to his statement in the latest news on altcoin, investors will be able to purchase existing Grams on the open market as well as new Grams from the Telegram Open Network (TON) Reserve.The two markets are designed to counterbalance each other as well as stabilize both the price and supply of Grams, the executive said. Citing the TON white paper, the firm also noted that the TON Reserve “will incrementally increase the price of new Grams with every Gram sold,” following an “exponentially increasing function.”After the news from Anchorage, we can see that the first Gram will be priced at $0.10 while every subsequent Gram will be sold for one billionth more than the previous one, the company added. Meanwhile, the TON network is scheduled to launch in late October and was officially announced by Telegram in a blog post on October 2.The Anchorage announcement also noted that investors will be required to provide Telegram with a public key that is generated through a software - all in order to receive their GRM tokens by October 16. As we saw in late September in the coming altcoin news, Telegram released a wallet for the Gram (GRM) token in the app and its alpha version for iOS.
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Crypto Donations In Japan Will Not Be Regulated

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Crypto donations to political campaigns in Japan will not be regulated according to the politician Ms. Sanae Takaichi. This decision adds to Japan’s liberal stance on digital assets and opens the doors for new types of funding as we are about to read in the altcoin news below.Japan sees the existence of digital coins but it does not consider them as legal tender. The regulations of crypto donations will affect fiat money and stock so when a political party receives crypto funds will perfectly legal. There is also no requirement to disclose the holdings as a part of the campaign transparency laws. Japanese politicians may become crypto-rich with zero limitations. Switching to fiat will mean that the donation falls under the rules for disclosure. Japan is really strict when it comes to exchanges but the market operators were left to run trades even before becoming compliant. The country allows free exchanges between Japanese fiat and crypto but it only requires a valid local bank account and ID. The retail giant Rakuten launched a limited crypto exchange via the Rakuten Wallet which gives access to BTC and Ethereum.Regulators have worked to build stricter requirement bodies for digital asset exchanges. The country has been in the arena of some of the biggest failures including the Mt.Gox case which still has to repay BTC for the customers. The Coincheck exchange is another failure that we heard of where more than $600 million were lost. The Japanese financial services authority monitors the exchange’s activity as the Japanese yen remains one of the most important inflows of fiat into Bitcoin as mentioned in the analysis in the previous blockchain news.The Japanese crypto sector will gain a self-regulatory status with this decision and will define its own trading limits according to the local media reports. at the end of September, the FSA gave a mandate to the Japan Virtual Currency exchange association to propose rules for self-regulation. The association consists of 16 registered exchanges including Zaif and BitFlyer. Despite the potential self-regulatory status of crypto entities, Japan remains a risky market with many requirements.
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