The Ledger: Crypto bank cards have arrived

We feel that this week was a particularly good one for cryptocurrencies. Binance and Mastercard announced a partnership that enables people to shop around at 90 million shops globally. Although this partnership is still only limited to Argentina, it’s expected to scale up soon enough.

In a similar vein, Ripio, another cryptocurrency company, announced it’s releasing a crypto debit card of its own, and will target Brazil, Argentina, Mexico, Colombia, and Spain among other countries.

Speaking of Latin America, one of Argentina’s presidential hopefuls, Javier Milei, promoted a cryptocurrency company that ended up misleading investors. The firebrand politician who once called the country’s central bank “a fraud” may have participated in one himself when he shared an Instagram post about CoinX to his 1.3 million followers.

Jason Stone, a former money manager for the company, originally sued Celsius Network over its bankruptcy, but Celsius is now back with a complaint of its own, alleging that Stone lied about his capabilities as an investor and financial manager.

Regulators in multiple jurisdictions had to do a bit of clarification this week as some consumers still believe that their cryptocurrency deposits are protected under traditional financial law. Well, this is not the case. BaFin in Germany said that crypto assets are in fact not protected against customer losses.

The US Federal Deposit Insurance Corp rapped five cryptocurrency companies who were making similar claims about consumers’ deposits. Essentially, regulators want it made clear that cryptocurrency investors are risking their holdings, with no government backing any losses resulting from fraud or imprudent investment.

Meanwhile, the number of cryptocurrency fraud cases dropped, but more cryptocurrency was stolen in total for the first seven months of 2022, a Chainalysis report revealed.

A decline in consumer interest has contributed to fewer people being exposed to cryptocurrency scams, but this has not stopped criminals from targeting well-heeled investors all the same.

South Korea is preparing to tax airdrops at a rate of 50%. The date of the tax is not set in stone, but it’s likely to happen by 2025 when a tax on crypto earnings will also be introduced. South Korea will apply a 20% tax on crypto earnings that exceed $1,860. The country’s authorities have not elaborated whether the two taxes will conflict in any way.

This was the week in crypto developments. If you want to spend your weekend in a fun way using cryptocurrencies, we recommend heading to one of the most trusted online casinos that accept crypto today, including Bitcasino, 1xBit and FortuneJack.

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Updated: 08/26/2022 — 18:00