Regulators are worried about all the people plugging cryptocurrencies online. That includes Kim Kardashian, beauty and fashion mogul and influencer extraordinaire.
Charles Randell, chair of the UK Financial Conduct Authority, called out Kardashian in a colorful speech Monday.

He started out by suggesting that the internet was full of … excrement.
“The Augean stables hadn’t been cleaned for 30 years when Hercules was set the labor of cleaning them. For 30 years, 3,000 animals had been doing in those stables what 3,000 animals have to do,” Randell said. “The first website was published 30 years ago last month. And like the Augean stables, over the last 30 years the internet has filled up with a great deal of … well, let’s just call it ‘problematic content.’”
He then trained his attention on Kardashian, who, he noted, recently plugged “Ethereum Max” to 250 million Instagram followers.
“In line with Instagram’s rules, she disclosed that this was an #AD,” Randell said. “But she didn’t have to disclose that Ethereum Max — not to be confused with ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto-exchanges.”
Randell acknowledged that he can’t say whether this particular token is a scam. But he emphasized that regulators needed to do more to rein in this type of online activity. Platforms like Facebook, Twitter and TikTok, he said, also need to “step up.”
“The hype around [cryptocurrencies] generates a powerful fear of missing out from some consumers who may have little understanding of their risks,” Randell said.
For prospective consumers, he also had a clear reminder: Crypto investments are a huge gamble.
“These tokens are not regulated by the FCA,” Randell said. “If you buy them, you should be prepared to lose all your money.”
A record run-up in crypto prices earlier this year brought hundreds of thousands of new investors into the fold. The FCA now estimates that 2.3 million Britons are cryptocurrency holders, up from 1.9 million in 2020.
But regulators remain concerned about massive volatility and fraud, and are debating whether they should have a bigger role in monitoring the industry. Gary Gensler, the chair of the US Securities and Exchange Commission, has also called for greater investor protections in recent speeches.
“This asset class has been rife with fraud, scams, and abuse in certain applications,” Gensler told the European Parliament Committee on Economic and Monetary Affairs earlier this month.
The-CNN-Wire™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

[Read More] […]

Read More…

Regulators are worried about all the people plugging cryptocurrencies online. That includes Kim Kardashian, beauty and fashion mogul and influencer extraordinaire.
Charles Randell, chair of the UK Financial Conduct Authority, called out Kardashian in a colorful speech Monday.

He started out by suggesting that the internet was full of … excrement.
“The Augean stables hadn’t been cleaned for 30 years when Hercules was set the labor of cleaning them. For 30 years, 3,000 animals had been doing in those stables what 3,000 animals have to do,” Randell said. “The first website was published 30 years ago last month. And like the Augean stables, over the last 30 years the internet has filled up with a great deal of … well, let’s just call it ‘problematic content.’”
He then trained his attention on Kardashian, who, he noted, recently plugged “Ethereum Max” to 250 million Instagram followers.
“In line with Instagram’s rules, she disclosed that this was an #AD,” Randell said. “But she didn’t have to disclose that Ethereum Max — not to be confused with ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto-exchanges.”
Randell acknowledged that he can’t say whether this particular token is a scam. But he emphasized that regulators needed to do more to rein in this type of online activity. Platforms like Facebook, Twitter and TikTok, he said, also need to “step up.”
“The hype around [cryptocurrencies] generates a powerful fear of missing out from some consumers who may have little understanding of their risks,” Randell said.
For prospective consumers, he also had a clear reminder: Crypto investments are a huge gamble.
“These tokens are not regulated by the FCA,” Randell said. “If you buy them, you should be prepared to lose all your money.”
A record run-up in crypto prices earlier this year brought hundreds of thousands of new investors into the fold. The FCA now estimates that 2.3 million Britons are cryptocurrency holders, up from 1.9 million in 2020.
But regulators remain concerned about massive volatility and fraud, and are debating whether they should have a bigger role in monitoring the industry. Gary Gensler, the chair of the US Securities and Exchange Commission, has also called for greater investor protections in recent speeches.
“This asset class has been rife with fraud, scams, and abuse in certain applications,” Gensler told the European Parliament Committee on Economic and Monetary Affairs earlier this month.
The-CNN-Wire™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

[Read More] […]

Read More…

Regulators are worried about all the people plugging cryptocurrencies online. That includes Kim Kardashian, beauty and fashion mogul and influencer extraordinaire.
Charles Randell, chair of the UK Financial Conduct Authority, called out Kardashian in a colorful speech Monday.

He started out by suggesting that the internet was full of … excrement.
“The Augean stables hadn’t been cleaned for 30 years when Hercules was set the labor of cleaning them. For 30 years, 3,000 animals had been doing in those stables what 3,000 animals have to do,” Randell said. “The first website was published 30 years ago last month. And like the Augean stables, over the last 30 years the internet has filled up with a great deal of … well, let’s just call it ‘problematic content.’”
He then trained his attention on Kardashian, who, he noted, recently plugged “Ethereum Max” to 250 million Instagram followers.
“In line with Instagram’s rules, she disclosed that this was an #AD,” Randell said. “But she didn’t have to disclose that Ethereum Max — not to be confused with ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto-exchanges.”
Randell acknowledged that he can’t say whether this particular token is a scam. But he emphasized that regulators needed to do more to rein in this type of online activity. Platforms like Facebook, Twitter and TikTok, he said, also need to “step up.”
“The hype around [cryptocurrencies] generates a powerful fear of missing out from some consumers who may have little understanding of their risks,” Randell said.
For prospective consumers, he also had a clear reminder: Crypto investments are a huge gamble.
“These tokens are not regulated by the FCA,” Randell said. “If you buy them, you should be prepared to lose all your money.”
A record run-up in crypto prices earlier this year brought hundreds of thousands of new investors into the fold. The FCA now estimates that 2.3 million Britons are cryptocurrency holders, up from 1.9 million in 2020.
But regulators remain concerned about massive volatility and fraud, and are debating whether they should have a bigger role in monitoring the industry. Gary Gensler, the chair of the US Securities and Exchange Commission, has also called for greater investor protections in recent speeches.
“This asset class has been rife with fraud, scams, and abuse in certain applications,” Gensler told the European Parliament Committee on Economic and Monetary Affairs earlier this month.
The-CNN-Wire™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

[Read More] […]

Read More…

ADA price could yet recover to target highs of $3.50 despite the sell-off to lows of $2.58
The price of Cardano (ADA), the third-largest cryptocurrency by market cap, has plunged 10% amid widespread selling pressure in the crypto market.
ADA price currently trades around $2.59 and is vulnerable to further declines if the sell-off pushes Bitcoin (BTC) towards $50,000 and Ethereum (ETH) towards $3,700. The two leading cryptocurrencies by market cap have declined by 2% and 6% respectively.
Across the market, major coins like XRP, Binance Coin and Dogecoin have seen significant losses. The top ten are all in the red, except for Solana (SOL), whose parabolic rally to a new all-time high sees it remain about 24% higher over the past 24 hours.
The overall picture looks bad, with potential downside flips below $50,000 for BTC and $3,700 for Ether likely to catalyse new losses across the market. In contrast, an aggressive rebound by the bulls could cushion the market against downward pressure and set the scene for fresh upside.
ADA/USD
For Cardano (ADA), the downside follows what on-chain data tracker Santiment observed as increased chatter and FUD regarding the cryptocurrency’s “capability” for “integration with smart contracts”. Notably, ADA price rallied to an all-time high of $3.09 after the smart contracts rollout on testnet on 2 September. However, the coin’s price has faced bearish pressure as shown on the chart below.
ADA/USD daily chart. Source: TradingView
The technical outlook shows there are two critical price levels investors might want to keep an eye on. In the case of bulls, ADA/USD needs to retest key price levels above $2.73. If the price moves above $2.84, the next target would be $3, then $3.50.
The bears, on the other hand, might want to see ADA/USD flip lower. The main price level to watch is $2.52 as an extension of the downward path could invite sellers to target $2.20.

[Read More] […]

Read More…

ADA price could yet recover to target highs of $3.50 despite the sell-off to lows of $2.58
The price of Cardano (ADA), the third-largest cryptocurrency by market cap, has plunged 10% amid widespread selling pressure in the crypto market.
ADA price currently trades around $2.59 and is vulnerable to further declines if the sell-off pushes Bitcoin (BTC) towards $50,000 and Ethereum (ETH) towards $3,700. The two leading cryptocurrencies by market cap have declined by 2% and 6% respectively.
Across the market, major coins like XRP, Binance Coin and Dogecoin have seen significant losses. The top ten are all in the red, except for Solana (SOL), whose parabolic rally to a new all-time high sees it remain about 24% higher over the past 24 hours.
The overall picture looks bad, with potential downside flips below $50,000 for BTC and $3,700 for Ether likely to catalyse new losses across the market. In contrast, an aggressive rebound by the bulls could cushion the market against downward pressure and set the scene for fresh upside.
ADA/USD
For Cardano (ADA), the downside follows what on-chain data tracker Santiment observed as increased chatter and FUD regarding the cryptocurrency’s “capability” for “integration with smart contracts”. Notably, ADA price rallied to an all-time high of $3.09 after the smart contracts rollout on testnet on 2 September. However, the coin’s price has faced bearish pressure as shown on the chart below.
ADA/USD daily chart. Source: TradingView
The technical outlook shows there are two critical price levels investors might want to keep an eye on. In the case of bulls, ADA/USD needs to retest key price levels above $2.73. If the price moves above $2.84, the next target would be $3, then $3.50.
The bears, on the other hand, might want to see ADA/USD flip lower. The main price level to watch is $2.52 as an extension of the downward path could invite sellers to target $2.20.

[Read More] […]

Read More…

ADA price could yet recover to target highs of $3.50 despite the sell-off to lows of $2.58
The price of Cardano (ADA), the third-largest cryptocurrency by market cap, has plunged 10% amid widespread selling pressure in the crypto market.
ADA price currently trades around $2.59 and is vulnerable to further declines if the sell-off pushes Bitcoin (BTC) towards $50,000 and Ethereum (ETH) towards $3,700. The two leading cryptocurrencies by market cap have declined by 2% and 6% respectively.
Across the market, major coins like XRP, Binance Coin and Dogecoin have seen significant losses. The top ten are all in the red, except for Solana (SOL), whose parabolic rally to a new all-time high sees it remain about 24% higher over the past 24 hours.
The overall picture looks bad, with potential downside flips below $50,000 for BTC and $3,700 for Ether likely to catalyse new losses across the market. In contrast, an aggressive rebound by the bulls could cushion the market against downward pressure and set the scene for fresh upside.
ADA/USD
For Cardano (ADA), the downside follows what on-chain data tracker Santiment observed as increased chatter and FUD regarding the cryptocurrency’s “capability” for “integration with smart contracts”. Notably, ADA price rallied to an all-time high of $3.09 after the smart contracts rollout on testnet on 2 September. However, the coin’s price has faced bearish pressure as shown on the chart below.
ADA/USD daily chart. Source: TradingView
The technical outlook shows there are two critical price levels investors might want to keep an eye on. In the case of bulls, ADA/USD needs to retest key price levels above $2.73. If the price moves above $2.84, the next target would be $3, then $3.50.
The bears, on the other hand, might want to see ADA/USD flip lower. The main price level to watch is $2.52 as an extension of the downward path could invite sellers to target $2.20.

[Read More] […]

Read More…

ADA price could yet recover to target highs of $3.50 despite the sell-off to lows of $2.58
The price of Cardano (ADA), the third-largest cryptocurrency by market cap, has plunged 10% amid widespread selling pressure in the crypto market.
ADA price currently trades around $2.59 and is vulnerable to further declines if the sell-off pushes Bitcoin (BTC) towards $50,000 and Ethereum (ETH) towards $3,700. The two leading cryptocurrencies by market cap have declined by 2% and 6% respectively.
Across the market, major coins like XRP, Binance Coin and Dogecoin have seen significant losses. The top ten are all in the red, except for Solana (SOL), whose parabolic rally to a new all-time high sees it remain about 24% higher over the past 24 hours.
The overall picture looks bad, with potential downside flips below $50,000 for BTC and $3,700 for Ether likely to catalyse new losses across the market. In contrast, an aggressive rebound by the bulls could cushion the market against downward pressure and set the scene for fresh upside.
ADA/USD
For Cardano (ADA), the downside follows what on-chain data tracker Santiment observed as increased chatter and FUD regarding the cryptocurrency’s “capability” for “integration with smart contracts”. Notably, ADA price rallied to an all-time high of $3.09 after the smart contracts rollout on testnet on 2 September. However, the coin’s price has faced bearish pressure as shown on the chart below.
ADA/USD daily chart. Source: TradingView
The technical outlook shows there are two critical price levels investors might want to keep an eye on. In the case of bulls, ADA/USD needs to retest key price levels above $2.73. If the price moves above $2.84, the next target would be $3, then $3.50.
The bears, on the other hand, might want to see ADA/USD flip lower. The main price level to watch is $2.52 as an extension of the downward path could invite sellers to target $2.20.

[Read More] […]

Read More…

ADA price could yet recover to target highs of $3.50 despite the sell-off to lows of $2.58
The price of Cardano (ADA), the third-largest cryptocurrency by market cap, has plunged 10% amid widespread selling pressure in the crypto market.
ADA price currently trades around $2.59 and is vulnerable to further declines if the sell-off pushes Bitcoin (BTC) towards $50,000 and Ethereum (ETH) towards $3,700. The two leading cryptocurrencies by market cap have declined by 2% and 6% respectively.
Across the market, major coins like XRP, Binance Coin and Dogecoin have seen significant losses. The top ten are all in the red, except for Solana (SOL), whose parabolic rally to a new all-time high sees it remain about 24% higher over the past 24 hours.
The overall picture looks bad, with potential downside flips below $50,000 for BTC and $3,700 for Ether likely to catalyse new losses across the market. In contrast, an aggressive rebound by the bulls could cushion the market against downward pressure and set the scene for fresh upside.
ADA/USD
For Cardano (ADA), the downside follows what on-chain data tracker Santiment observed as increased chatter and FUD regarding the cryptocurrency’s “capability” for “integration with smart contracts”. Notably, ADA price rallied to an all-time high of $3.09 after the smart contracts rollout on testnet on 2 September. However, the coin’s price has faced bearish pressure as shown on the chart below.
ADA/USD daily chart. Source: TradingView
The technical outlook shows there are two critical price levels investors might want to keep an eye on. In the case of bulls, ADA/USD needs to retest key price levels above $2.73. If the price moves above $2.84, the next target would be $3, then $3.50.
The bears, on the other hand, might want to see ADA/USD flip lower. The main price level to watch is $2.52 as an extension of the downward path could invite sellers to target $2.20.

[Read More] […]

Read More…

Charles Randell, head of the U.K. Financial Conduct Authority (FCA), has said regulators in the country should be given more power to protect consumers from shady cryptocurrency investments promoted online.
Randell, according to a report by Financial Times (FT), said it would take time to completely make a new rulebook for companies, saying it would take “a great deal of thought.”
However, in the meantime, he said there should be more action to put a stop to the risky or fake opportunities out there.
That includes some of the social media influencers promoting “pump and dump” schemes for new coins. In his remarks, Randall said there needed to be more rules specifically against influencers and paid online advertising, which have the potential to be used to mislead customers. In his opinion, big social media and tech companies, like Facebook, Microsoft, Twitter and TikTok, have to do more in order to curb the spread of misinformation.
Randall’s comments come while the U.K. Treasury has been considering a proposal to give the FCA a bigger role in promoting crypto assets. There would be tougher standards under this proposal, which are currently applied to marketing traditional financial products.
Scams related to cryptocurrency have seen a huge proliferation in recent years, with China alone reporting billions in illicit activity.
Chinese crypto addresses sent and received funds for illegal activity from April 2019 through June 2021 totaling $2.2 billion.
Read more: Chinese Cryptocurrency Tied to More Than $2B in Crime, Scams
Crypto scams have become common, though, with British police seizing $249 million in crypto in July that had been linked to a money laundering operation, which was reportedly the biggest in the country’s history. And scams and other such crimes related to crypto totaled $4.3 billion in 2019. That number was higher than the previous two years combined.
The report on China said the reason for the mass surge in crypto scams was the uptick in fentanyl trafficking along with money laundering.

——————————
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021

About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.

[Read More] […]

Read More…

Charles Randell, head of the U.K. Financial Conduct Authority (FCA), has said regulators in the country should be given more power to protect consumers from shady cryptocurrency investments promoted online.
Randell, according to a report by Financial Times (FT), said it would take time to completely make a new rulebook for companies, saying it would take “a great deal of thought.”
However, in the meantime, he said there should be more action to put a stop to the risky or fake opportunities out there.
That includes some of the social media influencers promoting “pump and dump” schemes for new coins. In his remarks, Randall said there needed to be more rules specifically against influencers and paid online advertising, which have the potential to be used to mislead customers. In his opinion, big social media and tech companies, like Facebook, Microsoft, Twitter and TikTok, have to do more in order to curb the spread of misinformation.
Randall’s comments come while the U.K. Treasury has been considering a proposal to give the FCA a bigger role in promoting crypto assets. There would be tougher standards under this proposal, which are currently applied to marketing traditional financial products.
Scams related to cryptocurrency have seen a huge proliferation in recent years, with China alone reporting billions in illicit activity.
Chinese crypto addresses sent and received funds for illegal activity from April 2019 through June 2021 totaling $2.2 billion.
Read more: Chinese Cryptocurrency Tied to More Than $2B in Crime, Scams
Crypto scams have become common, though, with British police seizing $249 million in crypto in July that had been linked to a money laundering operation, which was reportedly the biggest in the country’s history. And scams and other such crimes related to crypto totaled $4.3 billion in 2019. That number was higher than the previous two years combined.
The report on China said the reason for the mass surge in crypto scams was the uptick in fentanyl trafficking along with money laundering.

——————————
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021

About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.

[Read More] […]

Read More…

Charles Randell, head of the U.K. Financial Conduct Authority (FCA), has said regulators in the country should be given more power to protect consumers from shady cryptocurrency investments promoted online.
Randell, according to a report by Financial Times (FT), said it would take time to completely make a new rulebook for companies, saying it would take “a great deal of thought.”
However, in the meantime, he said there should be more action to put a stop to the risky or fake opportunities out there.
That includes some of the social media influencers promoting “pump and dump” schemes for new coins. In his remarks, Randall said there needed to be more rules specifically against influencers and paid online advertising, which have the potential to be used to mislead customers. In his opinion, big social media and tech companies, like Facebook, Microsoft, Twitter and TikTok, have to do more in order to curb the spread of misinformation.
Randall’s comments come while the U.K. Treasury has been considering a proposal to give the FCA a bigger role in promoting crypto assets. There would be tougher standards under this proposal, which are currently applied to marketing traditional financial products.
Scams related to cryptocurrency have seen a huge proliferation in recent years, with China alone reporting billions in illicit activity.
Chinese crypto addresses sent and received funds for illegal activity from April 2019 through June 2021 totaling $2.2 billion.
Read more: Chinese Cryptocurrency Tied to More Than $2B in Crime, Scams
Crypto scams have become common, though, with British police seizing $249 million in crypto in July that had been linked to a money laundering operation, which was reportedly the biggest in the country’s history. And scams and other such crimes related to crypto totaled $4.3 billion in 2019. That number was higher than the previous two years combined.
The report on China said the reason for the mass surge in crypto scams was the uptick in fentanyl trafficking along with money laundering.

——————————
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021

About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.

[Read More] […]

Read More…

Charles Randell, head of the U.K. Financial Conduct Authority (FCA), has said regulators in the country should be given more power to protect consumers from shady cryptocurrency investments promoted online.
Randell, according to a report by Financial Times (FT), said it would take time to completely make a new rulebook for companies, saying it would take “a great deal of thought.”
However, in the meantime, he said there should be more action to put a stop to the risky or fake opportunities out there.
That includes some of the social media influencers promoting “pump and dump” schemes for new coins. In his remarks, Randall said there needed to be more rules specifically against influencers and paid online advertising, which have the potential to be used to mislead customers. In his opinion, big social media and tech companies, like Facebook, Microsoft, Twitter and TikTok, have to do more in order to curb the spread of misinformation.
Randall’s comments come while the U.K. Treasury has been considering a proposal to give the FCA a bigger role in promoting crypto assets. There would be tougher standards under this proposal, which are currently applied to marketing traditional financial products.
Scams related to cryptocurrency have seen a huge proliferation in recent years, with China alone reporting billions in illicit activity.
Chinese crypto addresses sent and received funds for illegal activity from April 2019 through June 2021 totaling $2.2 billion.
Read more: Chinese Cryptocurrency Tied to More Than $2B in Crime, Scams
Crypto scams have become common, though, with British police seizing $249 million in crypto in July that had been linked to a money laundering operation, which was reportedly the biggest in the country’s history. And scams and other such crimes related to crypto totaled $4.3 billion in 2019. That number was higher than the previous two years combined.
The report on China said the reason for the mass surge in crypto scams was the uptick in fentanyl trafficking along with money laundering.

——————————
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021

About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.

[Read More] […]

Read More…

Charles Randell, head of the U.K. Financial Conduct Authority (FCA), has said regulators in the country should be given more power to protect consumers from shady cryptocurrency investments promoted online.
Randell, according to a report by Financial Times (FT), said it would take time to completely make a new rulebook for companies, saying it would take “a great deal of thought.”
However, in the meantime, he said there should be more action to put a stop to the risky or fake opportunities out there.
That includes some of the social media influencers promoting “pump and dump” schemes for new coins. In his remarks, Randall said there needed to be more rules specifically against influencers and paid online advertising, which have the potential to be used to mislead customers. In his opinion, big social media and tech companies, like Facebook, Microsoft, Twitter and TikTok, have to do more in order to curb the spread of misinformation.
Randall’s comments come while the U.K. Treasury has been considering a proposal to give the FCA a bigger role in promoting crypto assets. There would be tougher standards under this proposal, which are currently applied to marketing traditional financial products.
Scams related to cryptocurrency have seen a huge proliferation in recent years, with China alone reporting billions in illicit activity.
Chinese crypto addresses sent and received funds for illegal activity from April 2019 through June 2021 totaling $2.2 billion.
Read more: Chinese Cryptocurrency Tied to More Than $2B in Crime, Scams
Crypto scams have become common, though, with British police seizing $249 million in crypto in July that had been linked to a money laundering operation, which was reportedly the biggest in the country’s history. And scams and other such crimes related to crypto totaled $4.3 billion in 2019. That number was higher than the previous two years combined.
The report on China said the reason for the mass surge in crypto scams was the uptick in fentanyl trafficking along with money laundering.

——————————
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021

About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.

[Read More] […]

Read More…

Bitcoin has become legal tender in El Salvador, with the aim of boosting its economy although analysts warn of a negative impact. Photo: Marvin Recinos AFP via GettyEl Salvador has become the first country in the world to make bitcoin (BTC-USD) legal tender. The world’s largest cryptocurrency is now formally part of the nation’s economy following an announcement made by president Nayib Bukele’s government earlier in June.The development comes amid protest and uncertainty as questions remain about bitcoin’s integration into the country’s financial system and general access to the new technology among Salvadorans where 32.7% of the population remains below the poverty line. Furthermore, only 58% of the population have access to the internet, which is necessary for bitcoin transactions.Now that the law has come into effect every Salvadoran will soon be offered a government-run digital wallet containing $30 (£21.70) worth of bitcoin. This “Chivo Wallet” will be “easy to use,” according to a statement from the legal adviser to the Salvadoran president, Javier Argueta. The official added that the government “will promote the necessary training and mechanisms so that the population can access transactions in bitcoin.”Read more: FCA issues fresh warning on ‘pump and dump’ crypto scamsPresident Bukele’s administration has been keen to address concerns about article 7 of the new law, which stipulates that acceptance of bitcoin as payment is compulsory. However, in late August, his spokesman Ernesto Sanabria told CoinDesk that “the president has been clear in saying that the use of bitcoin is not mandatory.” Argueta has also reassured Salvadorans that, “the state will provide alternatives that allow the user to carry out transactions in bitcoin, as well as having automatic and instant convertibility from bitcoin to dollar if desired.”  A protest against the Bitcoin law in San Salvador, El Salvador. Photo: Camilo Freedman/Aphotografia/GettyAnother major concern among Salvadorans is that the law could eventually evolve to see salaries being paid in the cryptocurrency. However, the Salvadoran government in an official statement has said it will “guarantee that salaries, pensions and accounting operations will continue to be applied in dollars as the reference currency.”Story continuesRegardless of Bukele’s reassurances, there remains a high degree of suspicion within El Salvador that the law has a hidden agenda. One attendee at a ‘No Al Bitcoin’ (No to Bitcoin) protest outside the legislative assembly in San Salvador articulated a common sentiment that “there must be something else behind this, I think it’s a scam for money laundering and will make us a tax haven for Bitcoin millionaires.” However, Argueta, the president’s legal adviser, has dismissed these concerns as “disinformation generated by groups that are not from civil society” and “hinder what benefits the population.”Two surveys reveal the level of distrust within El Salvador towards the new law. A poll of 1,233 people run by Disruptiva at the beginning of July revealed that two-thirds of participants were not willing to be paid in Bitcoin. Read more: Bitcoin price surges even as SEC says crypto platforms need regulationA more recent study conducted in late August by El Salvador’s University of Central America (UCA) revealed a high level of negative sentiment towards the bitcoin law. The survey found that 80% of 1,281 people polled had no trust in bitcoin and only 17% think it will improve the economy.Suspicion of authority runs deep in El Salvador — a legacy of the nation’s 12-year civil war. The two main political factions, the leftist FMLN and the right-wing ARENA party are in an unusual agreement in their mutual opposition to the bitcoin Law. However, the president’s own party, Nuevas Ideas, has yet to break ranks with their leader.Argueta stated in June that El Salvador … was “now in the eyes of many investors in the world.” He added that “other nations such as Argentina and Uruguay have expressed their interest in analysing the bitcoin law to approve it.”  Many Salvadorans think that the move is a ‘scam for money laundering and will make us a tax haven for Bitcoin millionaires.’ Photo: Camilo Freedman/Aphotografia/GettySince then, lawmakers in both Paraguay and Uruguay have proposed their own bitcoin legislation. In mid-August, president of Argentina Alberto Fernandez told one of the nation’s media channels that he was open to making bitcoin legal tender in the country. Nations in other parts of the world, especially those with currencies pegged to the dollar, are keen to see if bitcoin could offer them more monetary autonomy.However, Nelson Rauda Zablah, from Salvadoran news outlet El Faro, urged empathy towards El Salvador’s citizens who are in effect becoming guinea pigs in the world’s first state-run cryptocurrency experiment. He called for those “cheering the president from the sidelines” to consider what it would be like if their own national economy was about to be tossed into a “virtual casino,” and it was “their own business, credit rating, pension scheme, or savings at stake.

[Read More] […]

Read More…

Bitcoin has become legal tender in El Salvador, with the aim of boosting its economy although analysts warn of a negative impact. Photo: Marvin Recinos AFP via GettyEl Salvador has become the first country in the world to make bitcoin (BTC-USD) legal tender. The world’s largest cryptocurrency is now formally part of the nation’s economy following an announcement made by president Nayib Bukele’s government earlier in June.The development comes amid protest and uncertainty as questions remain about bitcoin’s integration into the country’s financial system and general access to the new technology among Salvadorans where 32.7% of the population remains below the poverty line. Furthermore, only 58% of the population have access to the internet, which is necessary for bitcoin transactions.Now that the law has come into effect every Salvadoran will soon be offered a government-run digital wallet containing $30 (£21.70) worth of bitcoin. This “Chivo Wallet” will be “easy to use,” according to a statement from the legal adviser to the Salvadoran president, Javier Argueta. The official added that the government “will promote the necessary training and mechanisms so that the population can access transactions in bitcoin.”Read more: FCA issues fresh warning on ‘pump and dump’ crypto scamsPresident Bukele’s administration has been keen to address concerns about article 7 of the new law, which stipulates that acceptance of bitcoin as payment is compulsory. However, in late August, his spokesman Ernesto Sanabria told CoinDesk that “the president has been clear in saying that the use of bitcoin is not mandatory.” Argueta has also reassured Salvadorans that, “the state will provide alternatives that allow the user to carry out transactions in bitcoin, as well as having automatic and instant convertibility from bitcoin to dollar if desired.”  A protest against the Bitcoin law in San Salvador, El Salvador. Photo: Camilo Freedman/Aphotografia/GettyAnother major concern among Salvadorans is that the law could eventually evolve to see salaries being paid in the cryptocurrency. However, the Salvadoran government in an official statement has said it will “guarantee that salaries, pensions and accounting operations will continue to be applied in dollars as the reference currency.”Story continuesRegardless of Bukele’s reassurances, there remains a high degree of suspicion within El Salvador that the law has a hidden agenda. One attendee at a ‘No Al Bitcoin’ (No to Bitcoin) protest outside the legislative assembly in San Salvador articulated a common sentiment that “there must be something else behind this, I think it’s a scam for money laundering and will make us a tax haven for Bitcoin millionaires.” However, Argueta, the president’s legal adviser, has dismissed these concerns as “disinformation generated by groups that are not from civil society” and “hinder what benefits the population.”Two surveys reveal the level of distrust within El Salvador towards the new law. A poll of 1,233 people run by Disruptiva at the beginning of July revealed that two-thirds of participants were not willing to be paid in Bitcoin. Read more: Bitcoin price surges even as SEC says crypto platforms need regulationA more recent study conducted in late August by El Salvador’s University of Central America (UCA) revealed a high level of negative sentiment towards the bitcoin law. The survey found that 80% of 1,281 people polled had no trust in bitcoin and only 17% think it will improve the economy.Suspicion of authority runs deep in El Salvador — a legacy of the nation’s 12-year civil war. The two main political factions, the leftist FMLN and the right-wing ARENA party are in an unusual agreement in their mutual opposition to the bitcoin Law. However, the president’s own party, Nuevas Ideas, has yet to break ranks with their leader.Argueta stated in June that El Salvador … was “now in the eyes of many investors in the world.” He added that “other nations such as Argentina and Uruguay have expressed their interest in analysing the bitcoin law to approve it.”  Many Salvadorans think that the move is a ‘scam for money laundering and will make us a tax haven for Bitcoin millionaires.’ Photo: Camilo Freedman/Aphotografia/GettySince then, lawmakers in both Paraguay and Uruguay have proposed their own bitcoin legislation. In mid-August, president of Argentina Alberto Fernandez told one of the nation’s media channels that he was open to making bitcoin legal tender in the country. Nations in other parts of the world, especially those with currencies pegged to the dollar, are keen to see if bitcoin could offer them more monetary autonomy.However, Nelson Rauda Zablah, from Salvadoran news outlet El Faro, urged empathy towards El Salvador’s citizens who are in effect becoming guinea pigs in the world’s first state-run cryptocurrency experiment. He called for those “cheering the president from the sidelines” to consider what it would be like if their own national economy was about to be tossed into a “virtual casino,” and it was “their own business, credit rating, pension scheme, or savings at stake.

[Read More] […]

Read More…