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Bitpanda Is Now Offering Goods Trading

Sophia N. — Wed, 07 Sep 2022 12:27:49 +0000

The crypto investing app that is located in Vienna has announced that its newest service will let users trade on “short-term” price changes in 30 different commodities. Over the course of the last several months, Bitpanda has been conducting trials of a large number of pilot projects across a variety of asset classes. These projects include themed crypto indexes and exchange-traded notes. However, this business endeavor will be the first of its kind to coincide with consumer demand for anti-inflationary goods.

In the background, Bitpanda is making available a product that is derived from the prices of the underlying commodities. Traders are given the opportunity to speculate on the price of an exchange-traded commodity contract, which follows the price of particular commodities.

Bitpanda is of the opinion that investors looking to diversify their portfolios in an environment characterized by rising inflation throughout the globe and a protracted war between Russia and Ukraine should consider diversifying their holdings into commodities.

Eric Demuth, CEO and co-founder of Bitpanda, issued the following statement:

I’m excited we’ve been able to add commodities to the platform at a time when inflation is biting into people’s savings. Bitpanda customers can now bet against their gas bill and benefit from the short-term price movements of key commodities like oil, natural gas, corn, wheat, and many more.

The announcement comes not long after the Bank of Spain granted Bitpanda permission to operate legally in Spain as a certified virtual asset service provider (VASP).

The fifteenth company to get this license is Bitpanda, which operates as a cryptocurrency platform with headquarters in Vienna and a presence in six countries throughout Europe. Following collaboration with the regulatory body to demonstrate that it satisfies the conditions outlined in the legislation, it was granted authorization to do business within the state.

Bitpanda Background

BitPanda includes more than 30 different cryptocurrencies. The company was established in 2014. The firm claims that it has more than 2.5 million customers on board and has ambitions to grow into real-world assets in order to build up a pan-European service. The expansion has already begun in France, Spain, and Turkey.

Nowadays, Madrid is working to regulate cryptocurrency activity by proposing new laws, including stricter Know Your Customer (KYC) guidelines for transactions using digital currency. The Spanish government has decided to outlaw the use of anonymous cryptocurrency accounts.

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Iran Approved Legislation That Will Allow Using Crypto for Imports

Sophia N. — Wed, 31 Aug 2022 17:41:10 +0000

After Iran’s parliament passed a law allowing the use of cryptocurrencies in business transactions, digital assets can now be used to pay for imports.
The act revises the legislation governing cryptocurrencies, as well as the permission to use cryptocurrencies to pay for imports and the provision of fuel and power for mining.
The Central Bank of Iran has given its OK for imports to be paid for with different cryptocurrencies. The official article states that people can now even buy cars with digital assets instead of traditional currencies like US dollars or euros.
Iran said earlier this month that it had successfully completed its first crypto-based transaction. It was worth 10 million USD. At the time, the Ministry of Industry, Mines, and Trade of the country said that by the end of the month, cryptocurrencies would be used for imports in a much bigger way.
At the beginning of the month of July, the United States announced a new set of sanctions against Iran’s oil industry. Iran took steps in crypto at the same time.
Iran was the country that was subject to the most international sanctions as of March of this year. But Iran lost this position when the U.S. and its allies put Russia on a list of countries that can’t trade with them because of its invasion of Ukraine.
People think that Iran is trying to avoid following US sanctions. It get around trade bans by using cryptocurrency.
U.S. lawmakers have recently expressed concern about the use of cryptocurrency to get around sanctions. They pointed out that Russian businesses might use cryptocurrency to lessen the effects of the sanctions.

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Russia can accept Bitcoin for Gas and Oil Payments, Suggest Russian Lawmaker

Chavy S. — Fri, 25 Mar 2022 05:48:23 +0000

Under the extreme pressure from various Western sanctions, here Russia mulls different currency options for the sales of natural resource. Here, BTC or Bitcoin can also be use as an alternative by Russia for the payment of oil. It was also suggested that Bitcoin can be used for gas utility also. As per the Duma committee chairman mentioned in the news conference on this Thursday.

Russia, who has also sanctioned for the reason of their invasion of Ukraine, may also sell the gas to West for rubles & gold. It is also about some of the “friendly” countries like China and Turkey for the national currency and also for bitcoin.

In case they wish to buy, allow them to either pay in the hard currency, and it will consider as gold for us. Else, they can also pay as it is really suitable for us, said Zavalny, the chairman of Duma committee. As per the translation of the comments, it said that the set of the currencies may also be quite different. It is also the quite normal practice, and hence you may even trade the bitcoins.

Bitcoin Can Use for Oil & Gas Payment

Remarks of Zavalny may or might not be actual behind the sizable increase in price of the bitcoin for last 90 minutes. However, Bitcoin is also now about 3% on day, at $44,000 this was for initial time as a proper brief price which spike in March.

The Russian government also has been taking some of the steps to unparalleled Western sanctions that imposed over the Ukraine invasion. However, the nation which is energy-rich is looking to different currencies for the purpose to replace U.S. dollar along with euro in the gas trade.

Russia will also ask “unfriendly” kind of the nations to pay through rubles for natural gas which they buy. The member states of EU have many that are heavily dependent on the supplies of Russian gas for heating & for power generation.

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