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Banks fail savings. Bitcoin is the alternative – Bitcoin Magazine

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This is the opening opinion by Julian Liniger Co-founder and CEO of Relai, a bitcoin-only investment app.

Conventional banks are shifting short customers by failing to reflect inflationary changes in interest rates at the savings account they offer. on me modifiedthis accounts for 0.3% in the US – a symbolic rate in the context of today’s economic landscape.

Some may remember that during lockdowns families in the UK saved an extra 190 billion poundsHowever, the value of this cash for rainy days eroded rapidly due to inflation. Inflation is a “silent thief” and its effect means that savers will continue to watch their hard-earned savings deplete in value, or they can look for alternatives with long-term value.

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Cryptocurrency

A Chinese court says NFTs are virtual property protected by law

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A Chinese court in Hangzhou said that a non-fungible token (NFTGroups are virtual online property that must be protected by Chinese law.

November 29 Article Posted by Hangzhou Internet Court – A specialized Internet court – subscriber By crypto-blogger Wu Blockchain on Dec. 5 reveals the language of choice for NFTs after the country started to Crackdown on cryptocurrency In 2021, that leaves NFTs in a legal gray area.

The translated article says that NFTs “have the properties of a property rights object such as value, scarcity, controllability, and tradability” and “belong to the virtual property of the network” that “must be protected by the laws of our country.”

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The court decided that it was necessary to “confirm the legal features of the digital NFT pool” of the case, and admitted that “currently Chinese laws do not clearly provide” for the “legal features of digital NFT pools.”

The court order was introduced in a case where an unnamed tech platform user sued the company for refusing to complete a sale and rescinding its purchase of NFT from a “quick sale” because the user provided a name and phone number that allegedly did not match their information.

“NFTs intensify the creator’s original expression of art and have the value of related intellectual property rights,” the court said. She added that NFTs are “unique digital assets formed on the blockchain based on the mechanism of trust and consensus between blockchain nodes.”

For this reason, the court said that “digital NFT pools belong to the category of virtual property” and the transaction in the legal case is seen as “the sale of digital goods through [the] The Internet “to be treated as an electronic business” and regulated by the “Electronic Commerce Law”.

This comes after the Shanghai Higher People’s Court issued a document in May that stated that bitcoin (BTC) similarly Subject to copyright laws and regulations despite the state’s ban on cryptocurrency.

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Related: Can Hong Kong really become China’s proxy in crypto?

With encryption banned, China has worked on it Separate NFTs from cryptography Through a government-backed blockchain project to support the deployment of non-crypto NFTs paid with fiat money.

The government remains vigilant to ensure its residents resist “NFT speculation” as described in a joint statement in April between the China Banking Association, the China Internet Finance Association and the China Securities Association. Public warned About the “hidden risks” of investing in NFTs.

China is not the only jurisdiction to place NFTs under property laws. A Singaporean High Court judge relied on existing property laws in the October case NFTs are likened to physical possessions Like a fine watch or fine wine he says “NFTs have emerged as a highly sought after collector’s tool.”