Monthly Archives: March 2022

Female manager selling cryptocurrencies through mobile phone app. Stock market, investment and ... [+] cryptocurrencies concept

The other week brought a curious outburst from part of the online cryptocurrency industrythose who spend expansive time promoting their holdings as the only choice in an uncertain world and challenging people who have any other view, even when, as with some Ive seen, the doubtful hold extensive expertise in areas of finance.

Heres how Reuters put it: LBRY Inc, a blockchain publishing company accused by the U.S. Securities and Exchange Commission of selling unregistered securities, tweeted on Wednesday that it is done being nice and that it would engage in psychological warfare as it fights the lawsuit.

Thats may be a bit too harsh of a recounting. The people at LBRY do seem convinced that the SEC has been unfair and unreasonably punitive.

And the psychological warfare was supposedly a joke about meeting the SEC sweaty and after eating garlic, although if youre asking your lawyers if you could do it and they said no, was it as much of a joke?

In any case, trying to build a PR campaign to the cheers of those who follow you is a poor way to approach regulators. As journalist and CPA Francine McKenna put it, Swagger is not a strategy. As she notes, it hasnt proven itself for multiple companies to date.

Many people in the crypto industry dont seem to grasp how regulation works, other than seeing it as a blockade to what they want, run by people who are slow to embrace something new out of spite.

They certainly are slow about things because of the nature of regulations. The intent is to ensure predictable behavior that meets a standard in order to achieve a specific result. For the SEC, there are two primary goals. One is to ensure the long-term interests of Main Street investors, otherwise known as retail or consumer investors. These are the people who dont have massive assets, expertise help, and other resources to keep their retirement funds safe.

(And even the supposedly well-prepared can fall flat on their faces. Although not crypto, think of the investment disaster that was Theranos.)

The other main goal (there is a third that addresses enhancing the agencys analytic abilities, but that can sit to the side for now) is to [r]ecognize significant developments and trends in our evolving capital markets and adjust our efforts to ensure we are effectively allocating our resources. The SEC must follow developments in technology to understand how regulation of markets has to change.

On the other side, there are two ways the enthusiasts tend to look at cryptocurrencies. One is as an alternative decentralized financial system. They assume that if things go wrong in a big way with governments and the worlds economya reasonable worry given the Great Recession in 2008cryptocurrencies will allow people to continue buying and selling.

This view isnt realistic because it doesnt consider how interconnected and mutual all finance is. If the worlds ability to support business transactions on all levels catered, the vast interconnected majority that uses more traditional forms of finance would cause so much strife and disruption that decentralized finance wouldnt stand a chance of working, given its reliance on communications systems that are part of the bigger global infrastructure.

Additionally, its not like decentralized finance was never tried before with results that should also cause concern. That was the way of much of the world for hundreds of years. Individuals, banks, and businesses would create their own currencies, causing so many problems that the current regulated reality was the solution. No, they didnt have then the communications and technical advantages available now, but the same human issues of trust, of which currency would stay afloat or not, remain. Relying on cryptocurrency as a form of ordinary transaction means wild volatility that could cause periods where no one could know what the value of their holdings would be from one day, or moment, to the next. Again, in different forms, thats already historical reality.

The other view crypto supporters often take is that this is a true form of value holding and a terrific investment. The first part has to confront the volatility. The latter is where the SEC steps in, and given some things that have happened in cryptocurrencies, the agency cant assume there are companies that could never go awry.

People in one company or another are upset. Understandable, as theyre making bets on the future, putting in significant work, and then finding themselves tripped up by something that, frankly, should have been obvious in risk management planning. It wouldnt be all that surprising if lawyers and financial experts have been trying to tell them.

Getting angry isnt the answer, nor are the expectations of impatience. No big systems change quickly, due in part to vested interests of the people running them, sure, but more importantly, huge mechanisms cant change overnight. It takes years and patience because the new version has to learn to cover all the bases the old one did.

This is the very stuff of Edmund Burkes version of conservatism. Avid rush to change had best recognize the potential that an unsuccessful transition to new form of order might lose the old, never realize the new, and leave chaos in its wake.

Really changing the world in fundamental ways is a process. If you cant recognize that a big shift requires intent and pushing, yes, but also the reality of a process, maybe you shouldnt be leading the charge because you havent yet achieved the perspective of an adult.

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Many Cryptocurrency Players Need To Grow Up - Forbes

The most exciting thing about cryptocurrency investments is that when they explode, they skyrocket in value. In 2021, we saw Solana (CRYPTO:SOL) increase by more than 10,000%. Terra (CRYPTO:LUNA) gained more than 12,000%. Meme token Shiba Inu (CRYPTO:SHIB) shot up more than 40,000,000%.

What will be the next cryptocurrency to explode? It's obviously impossible to know for sure, especially since there's no guarantee of whether crypto is here to stay. However, we can pick out some possible candidates that are capitalizing on current trends that include the metaverse, decentralized finance, and artificial intelligence.

Image source: Getty Images.

Here are the cryptocurrencies that could be due for a significant bull run:

1inch Network (CRYPTO:1INCH) is a decentralized exchange (DEX) aggregator. Decentralized exchanges allow users to swap different cryptocurrencies just by connecting a crypto wallet. There's no central authority managing the exchange, and, with many DEXs, there's no need to register for an account either.

Decentralized finance (DeFi) was huge in 2021 as many crypto enthusiasts used DEXs to trade cryptocurrencies. 1inch is a simple way to get the most for your crypto when using DEXs. It instantly compares prices on hundreds of different platforms to find the best rate for you.

While the aggregation protocol is extremely useful, it's not all that 1inch offers. Other 1inch products include a limit order protocol that lets you set specific trade conditions and 1inch Earn, which offers annual yields of 5% to 10% on stablecoins.

Metaverse tokens have been popular lately due to growing interest in virtual reality and digital worlds. Many of these tokens are digital currencies used within the metaverse, but Render Token (CRYPTO:RNDR) is much different.

Render is a decentralized GPU rendering network. It's designed to connect digital creators such as artists and studios who need GPU computing with partners who are willing to rent out their unused GPU computing power. Digital creators pay GPU providers using Render tokens.

Its metaverse applications could make Render a good cryptocurrency investment this year. It's also worth noting that Coinbase Global (NASDAQ:COIN), one of the top cryptocurrency exchanges, began listing Render in February. Any time a cryptocurrency becomes available on Coinbase, it's exposed to a much wider audience of potential buyers.

Aave (CRYPTO:AAVE) is one of the most popular and user-friendly lending protocols. Users can borrow and lend many different types of cryptocurrency. If you deposit your cryptocurrency to Aave, you'll receive interest payments for lending your funds.

One of the reasons Aave has been outdoing other lending protocols is its unique features. Borrowers can switch from fixed to variable interest rates and vice versa. Aave is also known for its FlashLoans, which are loans that don't require collateral. They do, however, need to be repaid in the same transaction.

Aave is a governance token, which means holders can vote on the future of the protocol. They also get fee discounts when using Aave's services.

Automated market makers (AMMs), which are decentralized exchanges that run on smart contracts, grew quite a bit in 2021. While there are many AMMs out there, SushiSwap (CRYPTO:SUSHI) could be the one that's most poised for a big run.

SushiSwap supports more than a dozen different blockchains, which allows it to offer some of the most competitive rates. It's also one of the top options for staking crypto. It offers a huge variety of liquidity pools and makes it easy to see the annual percentage yield you can earn with each one.

What makes SushiSwap a better choice over other AMMs such as Uniswap (CRYPTO:UNI) and PancakeSwap (CRYPTO:CAKE)? The SushiSwap app arguably offers the most user-friendly experience, but its market cap is still just a fraction of the other two.

Fetch.ai (CRYPTO:FET) is a cryptocurrency project that promises artificial intelligence for everyone. The developers have built a blockchain platform that uses artificial intelligence and machine learning to provide users with digital twins.

These digital twins are designed to make the user's life easier. For example, your digital twin could:

Entrepreneurs could also use digital twins to save time and run their businesses more efficiently. A digital twin could handle contracts, payments, scheduling events, and much more.

Illuvium (CRYPTO:ILV) is an open-world RPG adventure game. Players can explore the world of Illuvium, progress through a story mode, and capture creatures called Illuvials. Each Illuvial is a non-fungible token (NFT) that is stored in your wallet when you capture it.

There's a lot of hype around blockchain games right now, especially after the success of Axie Infinity (CRYPTO:AXS). The challenge when investing in gaming coins is finding quality projects. Illuvium is still in development, and while there's no guarantee it will be a hit, it looks like it could catch on with gamers.

An Illuvium trailer released in 2021 looks much better than the typical blockchain game. The large roster of unique creatures is also something that could attract players and keep them coming back.

Most of us wouldn't mind getting paid to browse the internet. With Basic Attention Token (CRYPTO:BAT), you can.

All you need to do is install the company's Brave browser. This browser replaces the usual internet ads with ads that pay you in rewards, specifically in BAT. By using Brave, you're the one getting paid for your internet ad views instead of other companies.

Brave has a long way to go before it's competitive with the biggest web browsers, but it does have more than 50 million monthly active users, making it one of the most successful crypto projects to date.

XRP (CRYPTO:XRP) is the native cryptocurrency for Ripple, a payment protocol that uses blockchain technology for fast, inexpensive transactions. Ripple was designed to facilitate international transfers, and it has partnered with hundreds of financial institutions that use its technology.

Ripple has been around since 2012, but it became embroiled in a Securities and Exchange Commission lawsuit at the end of 2020. That prompted most of the major U.S. crypto exchanges to delist XRP.

The biggest problem for Ripple has been the lawsuit, but XRP is still one of the largest cryptocurrencies. As Ripple's legal troubles come to an end, there's a good chance that exchanges will start to carry it again and it will pick up more investors.

It's tempting to try and find that next big cryptocurrency. Even though you could potentially make incredible returns this way, it's also difficult, time-consuming, and extremely risky.

For starters, you'll need to look for cryptocurrencies outside the market leaders. Smaller cryptocurrencies have greater growth potential, but they're also more likely to fold, so there's a bigger chance of losing your entire investment. To balance that out, you might want to put some of your money in cryptocurrency stocks or large-cap coins.

Researching those smaller cryptocurrencies takes time. And even if a project looks like a sure-fire winner, anything can happen in the crypto market. Your carefully researched investment could go nowhere, while a practically useless cryptocurrency goes to the moon just because it has "Shib" or "Doge" in the name.

Following the cryptocurrency trends, or trying to predict them, isn't a good investment strategy. There's nothing wrong with giving it a shot, but keep your expectations and the amount you invest very low.

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What Is the Next Cryptocurrency to Explode in 2022? - The Motley Fool

The American Heart Association takes next step in cloud-based exchange by accepting donations of cryptocurrency.

DALLAS, March 29, 2022The American Heart Association sees the accelerated deployment of blockchain technology as a means to drive healthcare research and fund the mission. The Association is expanding its participation in the artificial intelligence ecosphere beyond information exchange to include crypto donations.

As the American Heart Association grows and evolves, embracing innovation in all areas is important as we seek new treatments to prevent cardiovascular disease and optimize brain health, said Raymond P. Vara, Jr., chairman of the board of the American Heart Association. Accepting cryptocurrency donations by utilizing blockchain technologies gives supporters options on how they can contribute to our lifesaving mission.

The American Heart Association, devoted to a world of healthier lives for all, is continuing the immersion of blockchain into other areas of the organizations work, beyond evidence-based data, by allowing supporters to give donations of cryptocurrency through the Giving Block. The accelerated blockchain transaction technology will continue to assist the American Heart Associations work to be a relentless force for a world of longer, healthier lives.

Currently cryptocurrency donors are able to double their donations made to the American Heart Association through a match of up to $10 million processed by the Giving Block.

According to a recent article in the American Heart Associations premier scientific journal, Circulation, blockchain technologys cloud-based application has the potential to positively disrupt current healthcare research systems and processes through applications which are currently in the early stages of design and development. The solutions can increase healthcare data authenticity, transparency and operations efficiency for everyday exchanges from the security of electronic health records to insurance claim validation.

The American Heart Association was an early adopter of blockchain technology offering it to the scientific community through a data challenge hosted on the Precision Medicine Platform starting in 2020. Blockchain technology enabled data sharing of an extensive library of global COVID-19 datasets, provided by BurstIQ, that led to novel insights in the relationships between COVID-19, social determinants of health, and health disparities on the burden of illness and mortality.

In the past two years, the pandemic created a heightened sense of urgency and demand for real-time information exchange for research collaboration. Blockchain was a valuable resource we could leverage to assist, said Jennifer L. Hall, Ph.D.

chief of data science, American Heart Association. Now, were leveraging more blockchain solutions to further benefit the work of the Association. Accepting cryptocurrency donations is the next step.

For more information on how to make a cryptocurrency gift to the American Heart Association visit heart.org/crypto.

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About the American Heart Association

The American Heart Association is a relentless force for a world of longer, healthier lives. We are dedicated to ensuring equitable health in all communities. Through collaboration with numerous organizations, and powered by millions of volunteers, we fund innovative research, advocate for the publics health and share lifesaving resources. The Dallas-based organization has been a leading source of health information for nearly a century. Connect with us onheart.org,Facebook,Twitteror by calling 1-800-AHA-USA1.

For Media Inquiries: 214-706-1173

Linzy Cotaya: 504-827-3446; linzy.cotaya@heart.org

For Public Inquiries: 1-800-AHA-USA1 (242-8721)

heart.org and stroke.org

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Cryptocurrency donations accepted to fund mission critical work - American Heart Association

The United States has missed the boat on cryptocurrency. Taken from the Greek for crypto or kryfo, it means hidden or secret. In plain English, cryptocurrency is black-market economy, barter system or, simply put, a way to avoid taxes. Cryptocurrency is used for drug deals, organized crime and a variety of situations where money cannot be traced.

The federal government instituted the Patriot Act to track exchanges of large sums of money, $10,000 or more. China has banned cryptocurrency. To date, there are over 18,000 different cryptocurrencies. Many were started as a joke.

If the federal government and the current administration wish to collect more taxes, the elimination of cryptocurrency would result in billions of tax dollars and the elimination of yet another tax avoidance. Quite frankly, there is no valid economic reason for a cryptocurrency. By definition, cryptocurrency is a tax avoidance. For those law-abiding, tax-payingU.S. citizens, the failure of the U.S. government to take action is an affront.

Gust Callas,Canton

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Letter to the editor: Cryptocurrency is a tax avoidance - Canton Repository

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. The Union Budget 2022-23 brought in clarity pertaining the levy of income tax on crypto assets.

Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent."

- From April 1, a 30 per cent I-T plus cess and surcharges will be levied in the same manner as it treats winnings from horse races or other speculative transactions.

- One per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient.

- The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.

- The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.

Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary has said

In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of Virtual Digital Assets (VDA) with a view to levy 30 per cent tax on income from the transfer of such assets.

Also, loss from the transfer of VDA will not be allowed to be set off against the income arising from the transfer of another VDA, Chaudhary said.

The minister said that while computing the income from transfer of VDA, no deduction in respect of any expenditure (other than the cost of acquisition) or allowance is allowed.

"The (Finance) Bill also proposes to define VDA. If any asset falls within the proposed definition, such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly," he said.

Further, he said, "infrastructure costs incurred in the mining of VDA (eg. crypto assets) will not be treated as cost of acquisition as the same will be in the nature of capital expenditure", which is not allowable as a deduction under the I-T Act.

ALSO READ | Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

Link:
Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1? - India Today

Conservative leadership candidate Pierre Poilievre said Monday a government led by him would do more to normalize cryptocurrencies like bitcoin and ethereum in Canada to "decentralize" the economy and reduce the influence of central bankers.

Since bitcoin'sadvent in 2009, a number of right-leaning and libertarian-minded investors have championed cryptocurrency a financial instrumentthat is largely unregulated in the Western world as a way to reduce government control over money because the supply of cryptocurrency tokens is not set by an authority like the Bank of Canada or the U.S. Federal Reserve.

With its supply limited to just 21 million tokens, bitcoin boosters insist cryptocurrency is a hedge against inflation.

Speaking at a shawarma shop in London, Ont. that accepts bitcoin as payment, Poilievre said that over the course ofthe COVID-19 crisisthe Bank of Canada created "$400 billion in cash out of thin air" through its policy of quantitative easinga development he blames for inflationhitting a 30-year high and housing prices reachingall-time record levels.

As a number of other central banksdid during the Great Recession, the Bank of Canadahas embraced quantitative easing over the past two yearsto boost lending and spending during a time of financial panic. That policy ended in October 2021.

As the party's finance critic, Poilievre has railed against the policy because he, like some conservative-minded economists, sees the government's ability to print money which can devalue existing dollars as a form of taxation.

"Government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as bitcoin," Poilievre said Monday.

"Canada needs less financial control for politicians and bankers and more financial freedom for the people. That includes freedom to own and use crypto, tokens, smart contracts and decentralized finance."

Poilievre'sdescription of cryptocurrenciesis similar to what conservatives in another era said about the gold standard a policy of fixing the value of a country's currency directly to gold to limit the money supply. The gold standard was abandoned by all major economies in the twentieth century because it proved to be too volatile and it restricted a government's ability to respond to economic crises.

Poilievre said that, if he's elected prime minister,he'll "keep crypto legal and reject a China-style crackdown." The Chinese government has banned cryptocurrencies because it says bitcoin and products like it could destabilize existing financial systems and fuel fraud and money laundering.

Securities regulation falls under provincial jurisdiction.Poilievre said he'd work with the provinces and territories to eliminate a "cobweb of contradictory rules" that govern crypto andblockchain thesystem which records bitcoin and other cryptocurrency transactions.

Poilievresaid he also wants crypto to be treated like gold and other commodities for taxation purposes.

Poilievresaid he wants to foster "a new, decentralized, bottom-up economy"by creating a more permissive regulatory environment.

"Choice and competition can give Canadians better money and financial products. Not only that, but it can also let Canadians opt-out of inflation with the ability to opt-in to crypto currencies. It's time for Canadians to take back control of their money and their lives by making Canada the freest country on earth," Poilievre said.

The value of bitcoin has increased dramatically over the past two years of the pandemic as individual investors poured money into it and other cryptocurrencies.

But bitcoin has had a volatile run in recent months as central banks have increased interest rates to tackle pandemic-driven inflation, making speculative investments less attractive. The price of bitcoin has dropped some 30 per cent since its November 2021 high.

Bitcoin has also been criticized by some large investors like Warren Buffett, the billionaire chairman of Berkshire Hathaway, and his business partner, Charlie Munger. They maintain these sorts of financial tools have the potential to collapse, wiping out tens of billions of dollars in wealth for casual buyers.

Buffett and Munger arguebitcoin's value is purely the product of speculation.

"Bitcoin is ingenious but it has no unique value at all. It doesn't produce anything. You can stare at it all day and no little bitcoins come out. It's a delusion, basically," Buffett said in a 2019 interviewwith CNBC, adding it's like "rat poison" for investors.

"What you hope is someone else comes around and pays you more money later on, but then that person has the problem. In terms of value, it's zero."

The shadowy nature of the currency is also source of a concern for some.

"I don't welcome a currency that's so useful to kidnappers and extortionists," Munger said last year. "The whole damn development is disgusting and contrary to the interests of civilization."

Poilievre's fondnessfor bitcoin is well documented. Last fall, Poilievre said he disclosed his cryptocurrency holdings to the federal ethics commissioner.

While anti-vaccine mandate protesters associated with the so-called "Freedom Convoy" were in downtown Ottawaearlier this year, the Toronto Star reported Poilievre was having "frequent" conversations with Greg Foss, a major Canadian bitcoin investor who raised hundreds of thousands of dollars in cryptocurrency to fuel the anti-vaccine mandate movement.

In February, Poilievreappeared on a cryptocurrency podcast hosted by a bitcoin trader who has promoted COVID-19 conspiracies and has compared central banking policies to slavery and Nazi Germany.

Poilievre told the show's host, Robert Breedlove, that he and his wife occasionally watch his cryptocurrency YouTube channel "late into the night."

"I find it extremely informative and my wife and I have been known to watch YouTube and your channel late into the night once we've got the kids to bed," Poilievre said. "And, I've always enjoyed it and I've learned a lot about bitcoin and other monetary issues from listening to you."

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In a pitch to cryptocurrency investors, Poilievre says he wants Canada to be 'blockchain capital of the world' - CBC News

81% of respondents across US, UK, Mexico, and Singapore are crypto-aware, and 45% have sent crypto to someone in another country

SAN FRANCISCO and LONDON, March 29, 2022 /PRNewswire/ -- In a new survey released today from influential blockchain organization the Stellar Development Foundation (SDF)and leading UK-based crypto payments platform Wirex, results show high awareness and growing use of cryptocurrencies for cross-border payments in four key markets: United States, United Kingdom, Mexico, and Singapore. Driving the shift towards crypto as a payment method is frustration with the existing system, with 53% of people surveyed feeling they paid too much in fees for international remittances using traditional means, and 37% not even sure what they paid in fees.

In parallel, the survey results, compiled from nearly 10,000 consumers, dispel a series of myths about cryptocurrency awareness and usage, showing awareness of cryptocurrency is higher than ever over 80% in all markets surveyed.

The research reveals growing use of crypto for international remittances, especially by consumers in emerging markets. Over half of respondents (52%) see crypto as a valid alternative to sending money overseas using traditional means, and 45% have already done so. The key takeaways: crypto is not just for speculation and has real utility for sending money to/from emerging markets.

Women's attitudes toward crypto are increasingly positive. Nearly half (45%) of women surveyed, and 59% of men see crypto as a viable way of sending money overseas.

According to Denelle Dixon, SDF CEO and Executive Director, "The results confirm what we have seen in terms of growing real world use cases for blockchain and cryptocurrency in emerging markets on the Stellar network. Consumers are adopting these new ways of sending money cross-border as a faster, cheaper alternative to traditional banking rails."

While low awareness of crypto may have been a barrier in the past, the study shows nearly all respondents had at least heard of cryptocurrency. When asked why they don't use crypto, survey participants cited fears of volatility (63%) and security risk (55%), as well as it being just too complicated to use. As a result, Wirex and SDF have initiatives to increase awareness and education of businesses and consumers about the utility of blockchain, especially for cross-border transactions.

Wirex CEO and Co-Founder Pavel Matveev said, "When we published results from last year's report, we saw a great appetite for the information, but it also raised even more questions. In this year's report we went deeper in our research by focusing more on users' banking and crypto habits and attitudes across a mainstream population. The rise in awareness of cryptocurrency is only the beginning. We see huge opportunities in DeFi, multi-currency users, and cross-border remittances."

Research scope: The report analyzed data from nearly 10,000 participants in a late 2021 survey, including responses from general consumer audiences in four separate markets: the United States, United Kingdom, Mexico, and Singapore. Responses were analyzed on dimensions of geography, employment status, gender, and age.

About WirexWirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex was created to make the digital economy accessible to everyone. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions. To reflect the growth of the metaverse, throughout 2021, the company has continued to expand their offering into the CeFi and DeFi sectors. For more information, please visit wirexapp.com

About StellarStellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 6 million accounts. For more information, visit stellar.org.

About the Stellar Development FoundationThe Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.

SOURCE The Stellar Development Foundation

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2022 RESEARCH REVEALS HIGH AWARENESS AND GROWING CROSS-BORDER USE OF CRYPTOCURRENCY IN FOUR KEY MARKETS - PR Newswire

PITTSBURGH (KDKA) A Greensburg woman feels duped after falling for a social media offer that shes now calling too good to be true.

It all started when a friend reached out to her on Instagram and asked her to invest in cryptocurrency.

You dont have to put a lot into it, and you get this obscene return, which is what I knew wasnt real, but I wanted it to be real. I wanted it to be real so bad, Natasha Reyna said.

Reyna believes it could happen to anyone and said she saw dollar signs when a message popped up on Instagram.

I was like $200, and that is a lot of money, said Reyna. But at the same time, like a little part of my brain was like, oh, my God, what if this is legit?

Reyna said the friend asked her to buy $200 worth of cryptocurrency using Cash App, saying shed see a huge return on her money.

Like $4,700, said Reyna. I could pay my bills, my car off.

The Better Business Bureau said its a scam thats tripled in popularity. Cybercriminals are so advanced that they now hack into an unsuspecting persons account and target their friends.

It was someone that she had met a handful of times but didnt have a lot of direct contact with, said Caitlin Driscoll with the Better Business Bureau. But she was an attorney, so she trusted her, and it seemed a little bit more plausible as to being legitimate.

Reyna said the person even gave her a link to watch her $200 grow into more. But then came a red flag.

I was like, Ok, I want my money, she said. I was like, Now, gimme it. I want to withdraw this. And they were like, No, you have to reinvest $1,500.

Reyna stopped there and called the BBB. But Driscoll said many people keep giving the scammers money. Shes tracking 2,400 complaints totaling losses of $8 million.

Cryptocurrency scams were identified as the second-riskiest scam last year, a significant increase from the seventh spot the year prior, said Driscoll.

Reyna feels lucky to only be out $200, but she wont invest again without doing her research.

Thats what makes people drawn to it because its the unknown, said Reyna. It could either like be really good or really bad, and I think if youre gonna do that you should really educate yourself on what exactly youre investing in.

The Better Business Bureau told KDKA that most victims lose about $1,200 in these cryptocurrency scams.

Driscoll recommends people looking to invest in crypto only download apps from the Google Play or Apple App stores and not click the links that pop up during a routine Google search.

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Better Business Bureau Of Western Pennsylvania Warns Of Growing Cryptocurrency Scams - CBS Pittsburgh