Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing

Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing

The company that invests in oil and gas, renewable energy, and green technologies and is interested in Bitcoin for the long term is focused on understanding how Bitcoin “will change behavior patterns and the markets.”

Aker ASA, an industrial investment company, is open to the idea of accepting payment in Bitcoin, a decision in opposition of Elon Musk announcing this week that Tesla won’t be accepting BTC as payment for its car purchases.

“Energy usage trend over past few months is insane,” said Musk about Bitcoin mining.

Earlier this year, Oystein Olsen, Governor of the Central Bank of Norway, had also called Bitcoin “far too resource-intensive, far too costly, and most importantly, it doesn’t preserve stability.”

But Aker ASA is unperturbed.

“We’re curious about this technology,” Oyvind Eriksen, chief executive of Aker, said in an interview. That includes understanding how Bitcoin “will change behavior patterns and the markets we are in.”

The firm isn’t reconfiguring its payments system just yet, but “things happen very quickly here,” Eriksen said. “I’m no stranger” to the idea of receiving payment in Bitcoin, he added.

And Musk’s latest comments “haven’t changed anything,” Aker said.

Founded in 1841, the Oslo stock exchange-listed company owned by billionaire Kjell Inge Roekke has ownership interests concentrated in oil and gas, renewable energy, and green technologies.

In March, the company announced that they would use Bitcoin as a treasury asset and be long-term HODLers. Roekke also created a Bitcoin invited company Seetee AS and injected 500 million kroner ($60 million) in it.

“Bit­coin may still go to zero. But it can also be­come the core of a new mon­e­tary ar­chi­tec­ture. If so, one bit­coin may be worth mil­lions of dollars,” said Roekke at the time. Now, they are interested in accepting BTC as payment.

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Author: AnTy

SEC Commissioner Urges to ‘Embrace’ the Personal Financial Liberty as Crypto & DeFi Gains Adoption

Commissioner Hester M. Peirce of the U.S. Securities and Exchange Commission (SEC) made new remarks on Thursday urging regulators to honor the right to financial freedom.

Talking about the digital assets sector, Peirce, who is known as ‘Crypto Mom’ in the industry, said crypto-regulation is one area where “intersection between personal liberty and regulation looms large.”

She noted the new challenges posed by crypto because they are rooted in a key principle of people’s fundamental right to engage with one another without a trusted third party. At the same time, regulators are used to dealing with intermediaries “because they are easy to grab hold of and regulate.”

Peirce discusses how these challenges are growing as crypto evolves while the SEC struggles with the issues with their regulatory nature.

Now with the explosion of decentralized finance, they “will pose thorny questions and decisions for us in the coming years.”

Reembrace national passion for personal freedom

Peirce remains an advocate for the crypto industry. Once again, she wants regulators to “figure out a way to embrace the personal liberty principles undergirding it,” especially now that crypto is gaining adoption outside and inside the legacy financial system. She said in her speech,

“If we were instead to steamroll the technology’s liberty-enhancing features under the weight of regulation, we would lose a lot of the power of the new technology to afford opportunities to people whose autonomy has previously been curbed by.”

According to her, regulators are using climate policy as a disguise as it “does not raise the same kind of fears that other types of central planning would.” Peirce said,

“The decentralization of crypto is the opposite of central planning, which is making something of a comeback, with financial regulation as one of its primary tools. After an unsuccessful history, people would reject central planning out of hand unless it came in a disguise. The disguise of the day is climate policy.”

Directing these efforts through financial regulation will only make the capital markets less effective and more brittle at serving all sectors of the economy.

The crypto-friendly SEC commissioner also touched upon the accredited investors, which requires a person to be wealthy or have a high income. Although the accredited investor category has been expanded slightly, Peirce added,

“the presumption that people need to entreat a regulator for permission to invest still offends principles of personal liberty, which allow people both to earn and spend money as they see fit.”

Today’s “well-intentioned regulations” are very much in tension with personal liberty, and Peirce wants the regulators to “reembrace our national passion” for individual freedom.

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Author: AnTy

ECB Exploring Benefits & Risks of Digital Euro to Provide an Alternative to Crypto: President

In her introductory remarks, during the Franco-German Parliamentary Assembly on Monday, ECB President Christine Lagarde said they are “exploring the benefits, risks and operational challenges of introducing a digital euro.”

This ensures the strength and autonomy of European payment systems as the digital euro could be complemented to cash. She said,

“It could provide an alternative to private digital currencies and ensure that sovereign money remains at the core of European payment systems.”

While Lagarde, like other regulators, wants to keep the control of money issuance with the central banks, Galaxy’s Mike Novogratz says that it doesn’t matter because just like the traditional version, the digital one would devalue as well.

“Digital Central Bank issued FX is coming. I believe it will help the adoption of BTC and other crypto’s as well. If those same CBs keep printing their FX like its toilet paper, the digital version will depreciate. BTC won’t,” Novogratz said.

Shaping Europe’s Future

According to Lagarde, digitization is one of the trends that pandemic has the potential to accelerate.

“Trends that will lead to structural changes in the global economy.”

“We need to fully reap the potential gains from digital technologies and, at the same time, make sure labour markets remain inclusive,” she said.

Lagarde talked about accelerating the progress towards the Digital Single Market through economies of scale for digital firms.

Besides the digital euro, she also touched upon transitioning to a carbon-neutral economy and the coronavirus crisis, which is of “unprecedented magnitude,” giving Europe the “opportunity” to strengthen the Union.

Lagarde said ECB expects a rebound in activity in the second half of the year and judged that the economy still needs fiscal support for the recovery to continue and strengthen further, which has been critical in alleviating the impact of the pandemic.

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Author: AnTy