HAVANA (AP) — Cuba's government said Thursday it will recognize — and regulate — cryptocurrencies for payments on the island.
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A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
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New Delhi: Major cryptocurrencies continued to gain following a rally in the weekend. However, investors booked profits in a couple of altcoins.
Coinye was developed under the original moniker “Coinye West” in 2013, and identified by an unmistakable likeness of hip-hop superstar Kanye West. Shortly before Coinye’s release, in early 2014, West’s legal team caught wind of the currency’s existence and sent its creators a cease-and-desist letter.
“I haven’t encountered many who would try to put up more barriers for new users,” said Maria Shen, a partner at Electric Capital, a venture capital firm focused on cryptocurrencies. Still, she added, “the wallet space is fairly competitive, so it’s not unthinkable.”
Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but that’s always a possibility.
After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
While it shares characteristics of both currency and investments, there’s still debate among experts about whether cryptocurrency is clearly one or the other.
“Regulation is probably one of the biggest overhangs in the crypto industry globally,” says Jeffrey Wang, head of the Americas at Amber Group, a Canada-based crypto finance firm. “We would very much welcome clear regulation.”
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Given the hype and ironic humor around its release, the currency attracted a cult following among cryptocurrency enthusiasts. Undaunted, West’s legal team filed suit, compelling the creators to sell their holdings and shut down Coinye’s website.