The Green Candles Filled Our Homes With Joy This Week!

The Green Candles Filled Our Homes With Joy This Week!

It seems everyone has forgiven the bear market with this paltry pump we have seen across crypto this week. Some of the biggest winners were HEX, Icosa, and Avalanche. The HEX ecosystem caught a spark with the recent updates from Richard Heart that the V3 of Pulsechain is soon to be delivered.

As many of you know I am not convinced that the bull market has returned in its full glory. We still have a macro economic market that is getting uglier by the day. War, Inflation, High Interest Rates, and difficult economic conditions around the world.

I still have the feeling that the true bull market will kick off one year before the next US elections in 2024. So imagine 2023 being a year of accumulation, 2024 being the launch of the bull market and the next Bitcoin halvening, and 2025 being the year of insane pumpage. The key to remember is that historically the incumbent party will do everything they can to make the economic environment favorable for reelection. This includes the unlikely scenario of continued interest rate raises, and likely interest rate cuts in late 2023.

Updates Around The World.

The Use Of The Digital Yuan.

The digital yuan, also known as the e-CNY or DCEP (Digital Currency Electronic Payment), is a digital form of China's currency, the yuan. Created by the Chinese central bank - People's Bank of China - as a way to digitize the country's currency and promote a cashless society. The digital yuan, designed to make purchases, transfers, and pay bills through digital wallets like most of the digital currencies. While the digital yuan is similar to other crypto currencies, it is not a decentralized currency and is instead backed by the central bank.

The People's Bank of China has stated that the digital yuan has been successfully tested in several pilot cities, including Shenzhen, Chengdu, Suzhou, and others.

According to province of Hunan’s official newspaper, at the end of 2022, “more than 300,000 digital yuan merchants” now operate in Changsha. The city claimed that “more than 53.25 million” digital yuan transactions have been processed by its residents. In total, transactions worth over $1.2 billion have been processed to date in Changsha.

New York Has Announced a New Bill That Would Allow Agencies to Accept Cryptocurrency.

On January 26th, the Democratic Assembly Member Clyde Vanel introduced the New York State Assembly Bill Nº A02532. This legislation suggests changes to the state’s current financial law to allow for the use of crypto currencies in payments to state agencies. The bill clearly defines the following:

"Cryptocurrency" means any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank including but not limited to, bitcoin, ethereum, litecoin and bitcoin cash.

"Cryptocurrency issuer" means an issuer of any form of cryptocurrency, including but not limited to, bitcoin, ethereum, litecoin and bitcoin cash.

"Person" means an individual, partnership, corporation or any other legal or commercial entity.

“Each state agency is authorized to enter into agreements with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies. Any such agreement shall govern the terms and conditions upon which cryptocurrency proffered as a means of payment of a fine, civil penalties, rent, rate, tax, fee, charge, revenue, financial obligation or other amount, including penalties, special assessment or interest, shall be accepted or declined and the manner in and conditions upon which such person or cryptocurrency issuer shall pay to such state agency such amount of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessment or interest, paid by means of cryptocurrency pursuant to such agreement.”*

The bill still needs to be passed by the New York Assembly and Senate and also has to be signed by the state’s Governor, Kathy Hochul, to become law.

Crypto and blockchain have been a popular subject in the US. US Congressman French Hill Speaking on CNBC’s on January 26, 2023 declared that we need to promote digital assets and blockchain technology in America by creating a favorable regulatory framework.

And in a Tweet widely shared, he said "We want to make sure that America is the place for innovation in FinTech and blockchain and distributed ledger technology is part of that FinTech future," he said in a subsequent tweet.

Reference:

*New York State Assembly Bill Nº A02532.

No Permissions Crypto Update For February 4, 2023.

Thank you so much for the continued support of the No Permissions Newsletter and No Permissions Patreon. The Patreon Group has now passed over 70 members in just over 3 weeks! The group had our first strategies call on Thursday night and our next call is scheduled for 12pm Thursday February 9th.