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Zelensky launches crowdfunding platform to help win war

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Published by
Al-Araby

Ukrainian President Volodymyr Zelensky on Thursday launched a global crowdfunding platform to help Kyiv win the war with Russia and rebuild the country’s infrastructure. “In one click, you can donate funds to protect our defenders, to save our civilians and to rebuild Ukraine,” Zelensky said in English in a video on his Twitter page, launching the United24 platform. “Every donation matters for victory”. Nine weeks into Russia’s invasion, Ukrainian cities have suffered vast destruction. “All funds will be transferred to the national bank of Ukraine and allocated to the relevant ministries,” Zel…

Gucci will accept cryptocurrency payments before the end of may

Italian fashion label Gucci has announced that it will accept cryptocurrencies by the end of the month.

111 stores, more than 12 cryptocurrencies

The fashion label will start in five of its stores in the United States. The first Gucci items can be purchased at the pilot locations in New York, Los Angeles, Miami, Atlanta and Las Vegas. The brand then plans to expand to all 111 stores in North America.

It is good news for the crypto market that payment options are increasingly being adopted. Vogue reports that the store will accept more than 12 cryptocurrencies, including bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, shiba inu, dogecoin and five stablecoins pegged to the US dollar. But how does that work?

Customers who want to pay with crypto in the store will receive an email with a QR code. This allows them to pay via their crypto wallet. Employees will even receive training and education on crypto, NFTs and Web3, according to Vogue, in preparation for the launch.

Gucci in the metaverse

That is also necessary, because Gucci is very busy with these developments. The fashion label launched two NFT collections in 2022, and Gucci has also expanded into Web3 by buying land in the virtual world of The Sandbox. They do not hesitate and step fully into this new world of possibilities.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said CEO Marco Bizzarri, in a statement. “Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for the customers who would like to have this option at their disposal.”

So we will be seeing a lot more of this fashion label in the near future. For the time being, nothing is known about possible expansion to Europe, but with the speed with which they adopt these technologies, it should not be long.

The post Gucci will accept cryptocurrency payments before the end of may appeared first on Coin Journal.

For High-Earning Women, Motherhood Can Mean Even More Housework

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Published by
InsideHook

By Trish Rooney A new study published in the journal Work, Employment and Society has found that even when new mothers out-earn their husbands, they still do more housework. In an interview for The Washington Post, Joanna Syrda, author of the research and professor at the University of Bath School of Management, said that “parenthood seems to have that traditionalizing effect.” Syrda’s hypothesis is that when women become the higher earner, the gendered effect is that they take on more housework and parenting responsibilities to compensate, or “correct,” in order to be in line with traditional…

Forex Scams: Common Tactics And Scam Types

Forex Scams

Finding the perfect trading strategy can be a difficult process. After all, there are many kinds of corporations in the market, and research can be time-consuming even for experienced investors. It is imperative to take some time to research the market and how it operates to avoid some common forex trading scams which can negatively impact investors’ returns, budgets, and overall financial well-being.

How do trading scammers lure their victims, and what can you do to avoid being one of them? This article will explore why people fall victim to these criminals and how to avoid forex scams altogether.

Q1 2022 hedge fund letters, conferences and more

 

Steady Investor Growth

The number of adults in the United States investing in the stock market reached a 10-year high in 2021 at 56%. That is the largest percentage since 2010, which also boasted 56% of the adult population in the States as stock market investors. Stock market engagement dropped to 54% in 2011 and 52% in 2013 and only hit a sustained string of steadily increasing annual percentages in 2017 when the number reached 54%. More people are investing in the stock market each year; in other words, some experts believe the figure is still in slow recovery after the Great Recession but are anticipating further growth.

What does all of this mean? To synthesize the information, the growing percentage of adults investing in the stock market means that more people are wading into the market for the first time every year. Since at least some of those people will be unfamiliar with the risks inherent to the market, this translates to more potential victims of trading scams.

What Are Forex Trading Scams?

Forex trading scams trick people into making fraudulent foreign currency investments. These often take the form of urgent “once in a lifetime” opportunities to benefit from massive growth overnight for a modest buy-in. Once they have received the money from their victims, the scammers often vanish, leaving their targets with nothing.

Before we dive into some of the specific types of scams for which people often fall, we wanted to take a moment to talk about some of the warning signs to keep in mind while trading.

Cold Calls

Are you expecting communication about a potential investment? If not, be wary of any random offers. Scammers can often make these messages seem natural, but that does not mean that they are coming from trustworthy individuals. Pay attention to your online activity and ask yourself if an unexpected offer might be too good to be true.

Claims Of Impossibly High Returns

Online investing is rarely an overnight success story. It takes time to build a portfolio full of the kinds of investments that offer impressive returns. If you receive an offer from someone who promises incredibly high returns, be cautious. Most professional brokers will be honest and reasonable in their claims, so if you run across someone promising you the moon, it might be time to take a break. Always remember to research these claims, too, to see how reasonable they might be.

Common Forex Trading Scams

There are many kinds of forex scams, but some are more prevalent than others. Here are three of the most common scams in the market.

Fake Forex Brokers

One of the most common forex trading scams is the fake forex broker scam. This scam sees criminals pretending to be experienced forex brokers or legitimate investment platforms to trick investors into buying fake forex funds. This is often done using the registration number and name of well-known brokers. Checking the FCA register and using only official contact details listed in the database can help investors avoid this type of scam.

Fake Forex Managed Accounts

Another common type of forex scam is the fake managed account scam. A managed account refers to a fund managed by expert traders on your behalf. This kind of account is a popular option that allows casual investors to trade forex by paying experienced traders to manage it for them. The problem arises when you run into an unscrupulous criminal offering fake managed accounts. This scammer will take your money while pretending to invest it, leaving you with nothing.

Carefully research the financial services and platforms before signing up to avoid this scam. Like the previous point, paying attention to the FCA registration database can help ensure you are using trustworthy contact information for legitimate traders.

Forex Pyramid Schemes

Pyramid schemes seem to be an increasing problem in today’s society, with many different populations falling victim to these dubious “businesses.” Forex is no exception. Forex pyramid schemes are designed to convince investors that they are buying into a low-risk, high-reward forex fund in a bid to convince them to recruit more users (typically family and friends). Once enough people have bought into the pyramid scheme, the scammers disappear with the funds and leave their investors with no returns.

How else can you avoid forex scams? Reading detailed advice from experts can help! Trusted online sources of information such as well-known industry experts committed to offering their readers and clients trustworthy advice about typical and emerging forex fraud schemes can help. Comprehensive guides can help new and experienced investors avoid falling victim to costly scams, too.

Are you interested in forex trading? Do not forget to do some research before you get started! Keep our tips above in mind, and you will be well on your way to making smart investment choices.

Quarter Of Wealthy Investors To Include NFTs In Investment Mix

NFT NFTs

More than a quarter of high-net-worth investors will include NFTs, or non-fungible tokens, into their portfolios this year, a new global survey from one of the world’s largest independent financial advisory, asset management and fintech organizations has revealed.

The findings of the poll carried out by deVere Group come as momentum surrounding the new digital asset class continues to build around the world. The Mercedes-AMG Petronas Formula One team, for example, is launching the first in a series of NFT drops. The team is introducing 11 digital art NFTs featuring Mercedes-AMG Petronas cars, created and designed by the artist Mad Dog Jones. Three of them will be available for auction during the much-anticipated Miami Grand Prix this weekend.




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HNW Investors Are Looking To Include NFTs Into Their Investments

The deVere poll shows that of the 450+ HNW clients surveyed, 26% said that they are looking to include NFTs into their investments before the end of 2022.

The respondents are clients who currently reside in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America, and have more than £1m of investable assets.

An NFT is a digital asset that can be an image, audio clip or GIF and whose ownership is recorded on a tamper-proof digital ledger known as a blockchain.

Of the findings, deVere CEO and founder Nigel Green comments: “The buzz about NFTs, this exciting new digital asset class, is gaining pace.

“More and more investors around the world are understanding and valuing the potential of NFTS as major global sports franchises, fashion brands and household name artists and musicians pile into the market.”

He continues: “As the survey reveals, high-net-worth investors want a slice of the action as they appreciate that there’s inherent value in digital representations of physical things people love.

“They also know that NFTs are making business models, especially in the creative, sports and entertainment sectors, more profitable and rewarding.

“But perhaps for the majority of investors, it’s about diversification.

“Proper diversification of a portfolio across asset class, sector, region, and currency is the best way an investor can position themselves to mitigate risks and to seize opportunities when they are presented.

“NFTs have a very low correlation to other assets, such as stocks and bonds, and can, therefore, lower your portfolio’s overall risk and volatility levels.”

In order to give investors access to this emerging digital asset class, earlier this year deVere launched its own NFTs platform, dV Gems.

At the launch, Nigel Green said: “Investors around the world are, understandably, eager to stake their claim in this new ecosystem.

“There’s enormous opportunity for people to be a part of the creation of the digital financial architecture – and to give our clients access to this, we’ve launched dV Gems.

“This platform will help clients and prospective clients spot the winners of the future. We’ll guide you to understand the new market and why we believe NFTs have a massive part to play in the future of financial investing.”

The deVere CEO concludes: “The survey shows that more than half of high-net-worth investors are seeking to include NFTs into their investment mix this year.

“We expect this trend will continue to grow with increasing numbers of investors wanting to own digital assets that are immutable and exchangeable, offer a store of value and potentially a decent source of returns.”


About the Author

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Luxury Brand Gucci Accepts Bitcoin, Shiba Inu

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Published by
The Street

By Rob Lenihan Gucci is accepting payment in more than 10 cryptocurrencies, including bitcoin, ethereum, litecoin and shiba inu. Gucci (PPRUF) is going crypto. The iconic Italian luxury brand will accept cryptocurrency payments in some US stores at the end of May, Vogue Business reported, and plans to extend the pilot to all of its directly operated North America stores this summer. ‘A Growing Demand’Gucci, which did not immediately respond to a request for comment, will accept payments in more than 10 currencies, including bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, shiba inu …

Elon Musk and Cathie Wood Have a Common Enemy

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Published by
The Street

By Luc Olinga Musk and Wood, who are among the most prominent personalities in the business world, are unanimous against a form of investment. One is the talk of the town. Some call him the meme CEO. He is involved in several companies, two of which are among the most prominent. There’s Tesla (TSLA) – Get Tesla Inc Report, the maker of premium electric vehicles. And SpaceX, his aerospace company with which he plans to conquer Mars. It is in the process of acquiring a third prominent company, Twitter (TWTR) – Get Twitter, Inc. Report. This latest $44 billion acquisition has been dominating medi…

Bitcoin, Crypto Tumble in Tech Stock Rout

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Published by
The Street

By Rob Lenihan Cryptocurrency prices are falling Thursday in reaction to the sharp market sell-off. Cryptocurrency prices plummeted Wednesday as investors looked to the near impact of the Federal Reserve’s interest rate hikes. Bitcoin was down 5.1% to $36,925, well off its record high of $69,044.77 in November. Ethereum lost 3.1% to $2,753 and dogecoin was off nearly 1% to $0.129244. ‘Bitcoin is the Solution’Over on Wall Street, the Dow Jones Industrial Average was down 1,051 points, or 3.1% to 33,009, while the S&P 500 lost 3.46% and the tech-heavy Nasdaq down 5%. Cryptocurrencies have been m…

Bill Gates Responds to Attacks From Tesla’s Musk

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Published by
The Street

By Luc Olinga The software pioneer shorted Tesla stock, which particularly upset the EV company’s CEO. Bill Gates, co-founder of software giant Microsoft (MSFT) – Get Microsoft Corporation Report, is on the counterattack. His adversary is not just anyone. It is Elon Musk, the charismatic CEO of Tesla (TSLA) – Get Tesla Inc Report who has promised to save the planet from pollution and conquer Mars with his other company SpaceX. Musk has become in recent months the world’s most influential CEO, with more than 90 million followers on Twitter (TWTR) – Get Twitter, Inc. Report, the social network h…

The Central African Republic’s adoption of Bitcoin as legal tender – a vain hope or a lifeline?

The Central African Republic (CAR) has become the second country after El Salvador to adopt Bitcoin as its official currency, and the first in Africa to do so. BTC will become legal tender alongside the CFA franc after the country’s lawmakers voted unanimously to legalize cryptocurrencies.

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” CAR President Faustin Archange Touadera said.

Why the IMF is unhappy with the move

Financial institutions are understandably unhappy with the move. El Salvador’s adoption of Bitcoin had been heavily criticized by the  International Monetary Fund (IMF) last year, which cited “large risks associated with the use of Bitcoin on financial stability, financial integrity and consumer protection.”

Asked during a briefing about what he thinks about the Central African Republic’s decision and whether other countries interested in making such a move should consult the IMF for it, Abebe Aemro Selassie, Director of the IMF’s Africa Department, mentioned that governments need to make considerations about adoption of central bank digital currencies, such as the eNaira rolled out by Nigeria, without directly answering Bitcoin adoption question, since that was the case for the CAR, not CBDCs.

“The point I would stress here is that I think it’s really important to not see such things as a panacea for economic challenges our countries face. So as part of a well-structured, you know, move towards digitalization, towards using central bank regional currencies, rolling those out. I think it can contribute to a robust payment system, settlement system in our countries. But just adopting willy-nilly, the readiness to use Bitcoin is something that has to be looked at very, very carefully,” Selassie said.

It is clear from this response why the IMF railed against El Salvador, and will do the same for any country that wishes to jump onto the Bitcoin bandwagon – it is because they don’t want it – they promote their alternative, which is CBDC.

Can the CAR replicate El Salvador’s success story?

When El Salvador announced the same move last year, the crypto market was in a state of confusion. Back then, BTC’s price dropped 16% as a result.

People were unsure how this would work in a poor country like El Salvador with a smaller population than New York City and the majority of the country without smartphones or internet access.

The citizens of the CAR are not faring any better, as only 12% have access to the internet, it is one of the poorest countries in the world, and nine years of civil war have ravaged the country.

It is currently argued by critics in the same way. Economist Intelligence Unit figures indicate that only 14% of Central African Republic residents have access to electricity. Fewer than half have a mobile phone connection.

“Given the enormous barriers to adoption and risks associated with use, and seemingly limited upsides, we do not expect widespread adoption of cryptocurrencies in the country,” EIU analyst Nathan Hayes said.

However, there is some validity to the claims, since when El Salvador adopted Bitcoin as legal tender, there was a small, but growing crypto community, while the CAR people have relatively little knowledge of Bitcoin, and the country is plagued with many other pressing issues.

Still, this doesn’t mean it cannot change. El Salvador’s GDP grew 10.3% in 2021 for the first time in its history. Even with all the criticism it has received, the country seems to have chosen the right path with its Bitcoin policy, especially when you look at its quarterly percentage change of real GDP from Q1 2006 to Q4 2021.

Source: Central Reserve Bank of El Salvador

The Central African Republic might be able to embrace Bitcoin’s future quite well. The CAR has an abundance of water resources, making it an ideal destination for future BTC mining operations. There are waterfalls in the country that generate hydroelectric power, and dams on the Mbali Lim River that supply about 80% of the country’s electricity.

The CAR’s economy is heavily reliant on exports, especially timber, diamonds, cotton, and coffee. The largest trade partner of the country is Belgium, which imports most of its diamonds. France also purchases a great deal of coffee and tobacco produced in the country. Saudi Arabia, Germany, and China are other relatively large trading partners.

What other countries may adopt BTC next?

The Central African Republic’s official currency is the CFA Franc (XAF) managed by the Bank of Central African States (BEAC). Introduced as the currency of the French colonies in Africa in 1945, it is pegged to the euro and backed by the French treasury.  The CFA Franc is used by five other countries in the Economic and Monetary Union of Central Africa: Cameroon, Chad, Republic of Congo, Equatorial Guinea, and Gabon. It may well be the case that these nations start considering integrating Bitcoin into their common financial system.

While it is unlikely that large-scale BTC transactions occur between the CAR and its major trade partners in Europe, Asia, and the Middle East, blockchain technology could provide a viable solution for digitizing supply chains between them.

Conclusion

We’ll have to wait and see whether the Central African Republic’s Bitcoin story will be as successful as El Salvador’s. Bitcoin might be the only hope left for the country ravaged by poverty, civil war, political turmoil, and other issues, so it shouldn’t be blamed for turning to it. Powerful nations try to impose their rules on weak countries like El Salvador and the CAR. The question is, how can they know what the root issue is? Could poverty be a root cause of the civil war and other social problems? What if Bitcoin helped people live better? Maybe it is the panacea they’ve been looking for? Why not allow them to try it? Nothing worse could really happen.

If the miracle occurs, and the CAR has anything like El Salvador’s success, there will be no doubt that Bitcoin made the difference, and that El Salvador’s success was no accident. It would also inspire other nations to follow suit. As a result, we could see the adoption of Bitcoin marching upward across the globe in a triumphant way.

The post The Central African Republic’s adoption of Bitcoin as legal tender – a vain hope or a lifeline? appeared first on Invezz.