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Encryption in the Ukrainian War – InfoQ.com

March 23, 2022 | Author: admin

Encrypted data communications are at the forefront of a war in which Russia is establishing itself as the second most powerful military in Ukraine. The lack of encrypted communications already led to the death of one Russian general and many incidents of intercepted communication.

Although most military communications are designed to be encrypted, investigative reporter Christo Grozev from Bellingcat explains the role of the Era phone and that the infrastructure required to run it was destroyed:

Many citizens in Ukraine are leveraging full end-to-end encrypted communication systems, with Signal as the most popular. Cloudflare published statistics for Ukraine and Russia indicating that Signal has surpassed Telegram for the first time. Although both applications prominently define themselves as encrypted messengers, the role that encryption plays is different:

Signal founder Moxie Marlinspike published a warning to Ukranian internet users that Telegram does not use end-to-end encryption. A main aspect of Marlinspikes objection is the way that leverage can be applied against an encrypted service because it is possible for the service to read messages, the right leverage can eventually yield a result. During a tweet exchange with Elon Musk, Marlinspike provided additional technical information and details of how Signal responds to government demands. The primary difference between these encrypted messengers is key management and the role that whoever has the key has the data.

Anastasiia Voitova, head of customer solutions at Cossack Labs explains the difference of end-to-end encrypted messengers. Cossack Labs provides open source encryption technologies, with research based in London and Kyiv, Ukraine.

Cossack Labs provides several encryption tools deployed across the world that protect data in motion as well as data at rest. When used in applications, each component acts as a data safeguard. The open source Themis library provides a suite of tools that make encrypted communication easier for developers. Instead of making many cryptographic decisions and different APIs, Themis simplifies the decisions about which algorithms to use and how, spread across fourteen different platforms - this interoperability enables teams to coordinate between software skillsets like React, Java, web/JS, Go, Kotlin, Swift, and others.

Cossack Labs also offers Acra, a library for managing data at rest. Designed for distributed applications, Acra provides a way to encrypt/decrypt sensitive data on a client yet still store the data on a centralized system. Using Acra, developers can perform transparent encryption, knowing only as much about the encryption technology as they want to know at a single time. While many cryptographic APIs offer the burden of choice, Acra provides a series of pre-made decisions that result in the correct, properly-secure outcome.

Those looking to assist Ukraine can use the Official NBU Special Account to Raise Funds for Ukraines Armed Forces or Official NBU Fundraising Account for Humanitarian Assistance to Ukrainians Affected by Russias Aggression.

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Is your Windows 11 PC encrypted? The answer is surprisingly complex – PCWorld

March 23, 2022 | Author: admin

You would think that Windows 11 PCs are all encrypted. Security is such a big focus for Microsofts latest operating system that automatically keeping stored data scrambled unless the computer is unlocked seems sensible.

In fact, the mechanisms to do exactly that are already in place. Windows 11 Home and Windows 11 Pro both support automatic device encryption, with the Home version a more streamlined experience. You just have to sign into the machine with a Microsoft account, which nearly all people do during setup.

What trips up the process (and makes Windows 11 encryption so complicated) is your hardware. If a PC doesnt meet the required standards, device encryption doesnt automatically kick on, even if your laptop or desktop system is brand new. That doesnt mean your computer cant be encrypted, but you may have to do some work or pony up more cash to make it happen.

Note about device encryption vs Device Encryption: In this article, we use device encryption (lower case) as a general reference to secured data in both Windows Home and Pro. The official name for the feature in Windows 11 Home is Device Encryption; in Windows 11 Pro its called BitLocker Device Encryption.

Open the Settings app. In the left-hand menu, choose Privacy & Security.

On PCs that dont support device encryption, you wont see anything related to the feature in the menu. (Why Microsoft doesnt show a grayed-out option is anyones guess.)

PCWorld

On PCs that support device encryption, it appears as the third option from the top. Click on the menu item. The next screen will show your encryption status. By default, it should be on. If off, click the toggle to encrypt your PC.

PCWorld

Curious where your recovery key is? For Windows 11 Home users (and many Windows 11 Pro users), the key is saved to your Microsoft account. Windows 11 Pro users can also hop into their BitLocker settings via the Control Panel (Control Panel > BitLocker Drive Encryption) to manually save the keywhich is a must if you log into your PC with a local account.

Presumably, youre reading this section because you cant encrypt your PCthat is, Device Encryption settings are invisible to you in Windows 11 Homeand youd like to. So first, you need a general idea of why your system didnt automatically enable encryption. Then you can decide to troubleshoot further, spend some money, or call it a wash.

Head to the System Information app. (Open the Start Menu, type system information, then right-click on the search result and choose Run as administrator.) When the app opens, scroll down to the bottom of the screen and look for Device Encryption Support. You should see a description that begins with Reasons for failed automatic encryption. Hover your cursor over that text to read the full rundown.

PCWorld

Depending on the reasons given, you may be able to fix the problem(s). A common one is a lack of support for Modern Standbyits a low-power state that allows a computer to run updates and other processes while asleep, as well as wake up instantly like a smartphone. Most current laptops support this feature, while many desktops dont. Of those that do, a handful of PCs dont have modern standby enabled by default, but you should be able to find tips online to help you flip it on.

Device encryption still wont work after troubleshooting your roadblocks? You can upgrade to Windows 11 Pro. Shelling out $99 opens up access to BitLocker, which will work on systems without Modern Standby or even a TPM.

If you dont want to spend any money, you can of course choose to go sans device encryption. (We dont recommend it for security reasons, but it is an option.) You can also instead try a third-party encryption solution like VeraCrypt, which isnt as seamless but costs nothing.

Given that modern smartphones pull off automatic device encryption seamlessly, Microsoft does surprise with this inconsistent application of the feature. But in fairness to Microsoft, PCs have a wider spread of possible configurations that Windows 11 could be installed on.

Fact of the matter is, if encryption is important to you (and for laptop owners, it should be), be prepared to check on your systems status. You unfortunately cant yet assume this area of security is covered out the gate.

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Global Cloud Encryption Market Is Estimated To Grow To USD 5.98 Billion With a CAGR Of 25.06% Percent By Forecast 2027 – Digital Journal

March 23, 2022 | Author: admin

The Global Cloud Encryption Market Is Estimated To Grow To USD 5.98 Billion With a CAGR Of 25.06% Percent By 2027.

TheGlobal Cloud Encryption Marketwas worth USD 1.25 billion in 2021 and is expected to grow to USD 5.98 billion by 2027, with a CAGR of 25.06% percent over the forecast period.

Cloud encryption is a service provided by cloud storage providers where the data is encrypted before it is sent to the cloud storage. It is used when sensitive data is stored on cloud storage by applying encryption to the data so that only authorized users can access it. The data cannot be accessed if it is lost or stolen Because there is no encryption key.

Global Cloud Encryption Market Scope and Dynamics:

A key factor driving the Global Cloud Encryption Market is the increasing usage of software and services by sectors such as defense, healthcare, and many others in developed countries. The rising complexity of IT systems, expanding awareness and regulatory requirements related to data security, and adoption of cloud encryption security by the telecom, banking, and IT industries are Other factors expected to support the growth of theGlobal Cloud Encryption Market during the forecast period.

The high cost of cloud storage by providers in developing countries is likely to hamper the Global Cloud Encryption Markets growth. Another factor that is expected to restrict the global Global Cloud Encryption Markets growth during the forecast period is the difficulty of sharing cloud encrypted data on mobile or other device platforms.

Technological improvements such as automated breach detection and deep analysis are expected to give new possibilities to market players operating in the Global Cloud Encryption Market over the forecast period.

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Global Cloud Encryption Market Insights:

The North American market is a dominating player in the Global Cloud Encryption Market, accounting for the biggest market share in terms of revenue as compared to other regions. This is owing to rising demand from well-developed industry sectors including healthcare, information technology, retail, government, and banking, among others.

The market in Europe contributes the second biggest revenue share to the Global Cloud Encryption Market, followed by the markets in the Asia Pacific, Latin America, the Middle East, and Africa owing to increased IT infrastructure development and increased complexity of IT systems in growing economies in this region. The Global Cloud Encryption Market in the Asia Pacific region is expected to grow at the quickest rate in terms of revenue.

Cloud EncryptionMarket Segmentation:

By Organization Size:

Small and Medium-sized Enterprises (SMEs)

Large Enterprises

By Component:

Solution Service

Professional ServiceSupport and MaintenanceTraining and EducationPlanning and Consulting

Managed Service

By Service Model:

Infrastructure-as-a-ServiceSoftware-as-a-ServicePlatform-as-a-Service

By Vertical:

Banking, Financial Services, and Insurance (BFSI)HealthcareGovernment and Public UtilitiesTelecom and ITRetailAerospace and DefenseOthers

By Region:

North AmericaEuropeAsia PacificSouth AmericaMiddle East and Africa

To Get A Detailed Report Summary and Research Scope of Global Cloud Encryption Market Click here:@https://www.maximizemarketresearch.com/market-report/global-cloud-encryption-market/57907/

Key Players in Global Cloud Encryption Market:

Thales e-SecurityGemalto N.V.Sophos Group plcSymantec CorporationSkyhigh NetworksNetskope Inc.CipherCloudRandtronicsStormshieldHyTrust, Inc.StratoKeySecomba GmbHDellHewlett Packard Enterprise Development LPIBM CorporationTrend Micro IncorporatedCisco Systems, Inc.Protegrity USA, Inc.Vaultive, Inc.DataLocker Inc.Parablu Inc.Hitachi Solutions, Ltd.PerfectCloud Corp.TresoritBitglass, Inc.SpaminaTWD Industries AG

About Maximize Market Research:

Maximize market research is a global market research firm with a dedicated team of specialists. Maximize Market Research has carried out extensive research about the Global Cloud Encryption Market. Maximize Market Research has a strong unified team of industry professionals and analysts across sectors to guarantee that the whole Industry ecosystem is considered, taking into account all current developments, newest trends, and futuristic the technology influence of distinctively specific industries. The companys technique is specifically customized and in accordance with the agreed-upon scope and purpose of the study.

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Hardware Encryption Market Size to Grow at 3.59%: the industry to witness negative impact due to COVID-19 spread ChattTenn Sports – ChattTenn Sports

March 23, 2022 | Author: admin

Some of the major Hardware Encryption players holding high market share include IBM, Kingston Technology Company, McAfee, and NetApp.

According to the study published by Evolve business intelligence, The global Hardware Encryption market size is expected to reach $349.01 Million by 2028 growing at the CAGR of 3.59% from 2021 to 2028

To request free sample, go to: https://report.evolvebi.com/index.php/sample/request?referer=chatttennsports.com&reportCode=008573

The report includes COVID 19 impact analysis and on-demand post-COVID analysis with the following data points:

Segmental AnalysisThe Hardware Encryption market is analyzed across the below-mentioned segments:

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The key players profiled in the Hardware Encryption report are:

Overview of each chapter:

Report Parameters

About EvolveBIEvolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.

Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortunes global 2000 companies.

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Commercial Encryption Software Market 2022 Growth by Opportunities, Application, Current Trend and Forecast by 2030 The Sabre – The Sabre

March 23, 2022 | Author: admin

Commercial Encryption Software Marketreport contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of theCommercial Encryption Software Marketby region.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In todays society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

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In the past few years, the Commercial Encryption Software market experienced a huge change under the influence of COVID-19, the global market size of Commercial Encryption Software reached (2021 Market size $$) million $ in 2021 from (2016 Market size $$) in 2016 with a CAGR of $$$from 2016-2021 is. As of now, the global COVID-19 Coronavirus Cases have exceeded 200 million, and the global epidemic has been basically under control, therefore, the World Bank has estimated the global economic growth in 2021 and 2022.

The World Bank predicts that the global economic output is expected to expand 4 percent in 2021 while 3.8 percent in 2022. According to our research on Commercial Encryption Software market and global economic environment, we forecast that the global market size ofCommercial Encryption Software will reach (2027 Market size $$) million $ in 2026 with a CAGR of % from 2021-2027.

Due to the COVID-19 pandemic, according to World Bank statistics, global GDP has shrunk by about 3.5% in 2020. Entering 2021, Economic activity in many countries has started to recover and partially adapted to pandemic restrictions. The research and development of vaccines has made breakthrough progress, and many governments have also issued various policies to stimulate economic recovery, particularly in the United States, is likely to provide a strong boost to economic activity but prospects for sustainable growth vary widely between countries and sectors.

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Although the global economy is recovering from the great depression caused by COVID-19, it will remain below pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with the decade-long wave of global debt accumulation. It is also likely to steepen the long-expected slowdown in potential growth over the next decade.

The world has entered the COVID-19 epidemic recovery period. In this complex economic environment, we published the Global Commercial Encryption Software Market Status, Trends and COVID-19 Impact Report 2021, which provides a comprehensive analysis of the global Commercial Encryption Software market , This Report covers the manufacturer data, including: sales volume, price, revenue, gross margin, business distribution etc., these data help the consumer know about the competitors better. This report also covers all the regions and countries of the world, which shows the regional development status, including market size, volume and value, as well as price data. Besides, the report also covers segment data, including: type wise, industry wise, channel wise etc. all the data period is from 2015-2021E, this report also provide forecast data from 2021-2026.

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Manufacturer DetailDellEsetGemaltoIBmMcafeeMicrosoftPkwareSophosSymantecThales E-SecurityTrend MicroCryptomathicStormshieldSangfor Technologies Inc.ZhongfuVenustechFEITIAN

Region SegmentationNorth America (United States, Canada, Mexico)South America (Brazil, Argentina, Other)Asia Pacific (China, Japan, India, Korea, Southeast Asia)Europe (Germany, UK, France, Spain, Italy)Middle East and Africa (Middle East, Africa)

Product Type SegmentationDisk EncryptionFile/folder EncryptionDatabase EncryptionCommunication EncryptionCloud Encryption

Application SegmentationFinancialElectric PowerGovernmentITTransport/Education

Channel (Direct Sales, Distribution Channel) Segmentation

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What are the aspects of this report that relate to regional analysis?

The reports geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

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Following are the questions answered by the Market report:

What are the goals of the report?

This market report shows the projected market size for the pain management devices market at the end of the forecast period. The report also examines the historical and current market sizes.

On the basis of various indicators, the charts present the year-over-year growth (%) and compound annual growth rate (CAGR) for the given forecast period.

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The report examines the current state of the industry and the potential growth opportunities in North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.

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What factors are taken into consideration when assessing the key market players?

The report analyzes companies across the globe in detail.

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This report includes a comparison of market competitors and a discussion of the standpoints of the major players.

Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.

What are the key findings of the report?

This report provides comprehensive information on factors expected to influence the market growth and market share in the future.

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This report provides both qualitative and quantitative information about the competitive landscape of the market.

Combined with Porters Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.

It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.

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US Navy SEAL and DOD Engineer Invent All-American Tech for Encrypted Off-Grid Communication – PR Newswire

March 23, 2022 | Author: admin

AUSTIN, Texas, March 21, 2022 /PRNewswire/ -- Invented by a retired US Navy SEAL and a DOD engineer, PATCHis a revolutionary new device from Roper that integrates with your gear and pairs with your smartphone to securely text and share GPS and maps with end-to-end encryption without cell service, Wi-Fi or satellite. PATCH also automatically monitors the activity and location of your team so you can keep tabs on everyone, even if they are unable to send a message. Styled as a US flag patch, the waterproof device is made in the USA and uses the same wireless charging as a smartphone. These unique innovations distinguish PATCH from its competitors and are part of its patented design.

PATCH uses 256-bit AES type 1 cryptography, the same encryption used by elite government agencies. This allows for complete privacy of data sent via PATCH. Additionally, no data is stored, with all texts and locations wiped when the PATCH app is closed.

"That's critically important for information security and data privacy, which is a huge issue these days with big tech companies collecting and exploiting user information," said PATCH engineer and co-inventor Maeve Garigan. "We simply won't do that, it's completely against our ethics and values."

"PATCH is truly unique because it is the first of its kind to seamlessly integrate with your gear and your smartphone" explained retired US Navy SEAL Commander and PATCH co-inventor Dana De Coster. "Plenty of folks enjoy having a US flag patch on their gear, so now we are giving them a patch with real functional value in real world situations."

Both inventors spent their careers supporting the US Military and PATCH reflects their core values of integrity, teamwork, service, and excellence. The inventors' commitment to making PATCH in the US reflects these values.

"Maintaining a strong engineering and manufacturing base is critical to our nation's economy and security," explained Garigan. "We can do right by our country, and we can do well as a company. We have our values, we stick to them. Our values define us and they serve us well."

Interest in PATCH is extremely high due to its innovative design and powerful communication capabilities. PATCH launched March 22 on Kickstarter with special introductory pricing of $399 per device and limited packages including a once-in-lifetime opportunity to train alongside US Navy SEALs. For more information, visit https://www.patchconnects.com or email [emailprotected].

SOURCE Roper

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Portsmouth accepting cryptocurrency payments, embracing the future. Here’s how it works. – Seacoastonline.com

March 23, 2022 | Author: admin

What you need to know about cryptocurrency and filing your taxes

If you're thinking of investing in cryptocurrency, plan to pay taxes on what you earn. Here's how you'll be taxed and what you'll owe.

Andrea Kramar and Hye-Su Jun, USA TODAY

PORTSMOUTH Residents seeking to make payments to the city can now do so using cryptocurrency through PayPal, according to Mayor Deaglan McEachern.

Theres waves of new things that are going to affect us in terms of our future that use the type of technology used in cryptocurrency, McEachern said Monday. I want to make sure Portsmouth is not waiting around to see how this is going to affect us in the future, because its already affecting us.

A cryptocurrency is a digital orvirtual currencythat is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend, according to Investopedia. They enable secure online payments without the use of third-party intermediaries.

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Portsmouth residents can't directly pay their property tax bills or make other payments to the city using cryptocurrency at this point, McEachern acknowledged.

Instead, people will have to use PayPal, which is a payment vendor the city has been accepting for months, according to Nancy Bates, a revenue administrator/tax collector for the city.

City customers who have cryptocurrency stored in their PayPal account can now make payments to the city using that cryptocurrency when they choose PayPal as their payment method, she said in a memo to City Manager Karen Conard. This new payment method has no impact on the citys financial practices as the cryptocurrency is converted to U.S. currency by PayPal before it is sent to our payment processor.

Downtown Portsmouth: Tuscan Market removes outdoor tables, for now, amid renovations

McEachern brought the idea to city officials as a way to embrace the underlying technology used in cryptocurrencies.

By creating more ways to pay bills, were enabling greater participation, he added.

He asked for his one-time $500 bonus for being elected mayor to be delivered in cryptocurrency as a way for him to learn more about the process.

He hasnt received it yet, but when he does he will convert it to cash and donate the monies, McEachern said.

Its something Ive been interested in and because were a small city, we can move quickly and try this, he said.

Portsmouth: City studies demand for pickleball courts, hockey rink, playing fields and more

He believes ultimately cryptocurrencies will be transformational for financial services, but in the short term it can help people that are under banked in America.

If we can remove some friction from that process, Id love to be able to bring that to Portsmouth, he said.

He noted there are already credit cards that allow you to tap into cryptocurrency.

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Cryptocurrency: who controls the prices of Bitcoin and altcoins? – AS USA

March 23, 2022 | Author: admin

If you're looking for an anonymous currency these days, then even Bitcoin isn't providing enough seclusion for a certain group, who have turned to a volatile class of crypto known as privacy coins.

These 'coins' have been created with the primary aim of masking the identity of users as well as the details of transactions, and have quietly been gaining traction this month as maturing bitcoin inches towards mainstream finance. Monero and Zcash, among the most popular, have respectively gained 7.6% and 46% since 1 March, according to CoinMarketCap data, even as bitcoin has lost about 5%. The pair has gained 4.7% and 16% in the past week. An index tracking privacy coins more broadly, compiled by research firm Macro Hive, has risen 4%.

This could be a blip in the wild ride of privacy coins, which conceal more information about transaction amounts and parties through differences in their underlying blockchains. In the past five years, Monero's market cap - the total value of all the coin out there - has pinballed from $100 million to $6.8 billion to $3.4 billion now, according to CoinMarketCap data.

Yet the interest in crypto privacy coincides with bitcoin's diminishing function as an anonymous currency. It also comes against the backdrop of war in Europe, a tightening sanctions dragnet and strong noises from policymakers in the United States, EU and Japan about regulating the crypto market.

Aidan Arasasingham and Gerard DiPippo, of the Washington-based Center for Strategic and International Studies, note that bitcoin is not truly anonymous, but rather pseudonymous, where coins can be held in wallets opened under alternative or false names.

"If a wallet can be linked to an entity or person, the actor can be identified," they wrote in a report in the context of the possibility of crypto being used in Russia and Ukraine to move funds. "Their transactions and wallets can be traced."

Volatility aside, though, there are several obstacles that keep privacy coins from being a top-tier altcoin, or alternative to bitcoin, which has a market cap of around $776 billion. Some major crypto exchanges do not list privacy coins due to their potential for illicit activity, for example. Daily trading volumes for Monero have mostly been under $250 million this month while altcoin Ripple sees more than $1.5 billion changing hands each day.

"Privacy coins will probably grow. The challenge is that you have to do a lot of things do make them anonymous that make for a horrible user experience and adds big transaction costs," said Dave Siemer, CEO at asset management firm Wave Financial in Los Angeles who owns some Monero coins.

Privacy coins have evolved in recent years as the ability of authorities to track blockchain activity for bitcoin and other major cryptocurrencies has become more advanced.

"Coins can, with some effort, be traced back to the very last "satoshi", bitcoin's smallest unit," Teunis Brosens, head economist of digital finance and regulation at ING, said in a note. "Recent reports of ransomware money being recaptured, and arrests made for crypto exchange hacks made years ago, attest to this progress."

Large regulators have the crypto market in the sights, with efforts intensified by concerns that Russian oligarchs and other sanctioned people could use bitcoin to clandestinely move money.

U.S. senators have introduced a bill that could give the president power to sanction foreign cryptocurrency firms. The European Union has also voted in favor of comprehensive digital asset legislation. Japan's Financial Services Agency has said it will punish anyone making unauthorized payments to those targeted by the sanctions.

Bitcoin's movements have been contained in part by the Ukraine conflict and the Federal Reserve's hawkishness. The crypto kingpin has been stuck between $35,000 and $45,000 since mid-January, unable to reach the $50,000 level it held at the end of 2021. A bitcoin long-to-short positions ratio on Binance is at 1.5, the same level it was at on 24 February when Russia invaded.

Meanwhile data from Glassnode shows a jump in the proportion of bitcoin supply being absorbed by entities with a low statistical history of spending it. Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock, sees this as "suggesting a bullish market structure for the medium-long term".

"Bitcoin is consolidating under $41,000, as the percentage of long-term holders in the market continues to increase," Sotiriou said.

Bitcoin came into existence in 2009 after the concept of a decentralized digital currency was presented by its mysterious creator Satoshi Nakamoto. Since then, it has become the standard for a raft of other cryptocurrencies that use peer-to-peer networks to keep a ledger of all transactions.

This decentralized system of using cryptography and numerous servers for recording and storing the account book of all transactions provides the means by which miners get paid and underpins the security of currency.

In 2008 an academic white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto, an invented name, laid out the system that would become the cryptocurrency Bitcoin. The digital coin is built on a decentralized peer-to-peer network that uses open-source software, so anyone can participate in maintaining the public ledger of all transactions.

Transactions are broadcast to the network and shared amongst all the servers, or nodes, which then reach a consensus on the transactions and include them in blocks. These are placed into the blockchain which stacks the information so that there is a permanent record of all transactions, decreasing the risk of a reverse transaction.

The peer-to-peer software that allows people around the globe to send Bitcoin money to each other also lets people provide their servers to process the transactions. The people who perform this service are known as "miners" and their computers synchronize the record of transactions establishing a consensus and thus secure the network.

For collecting the information and placing it on the blockchain miners receive a transaction fee. But they can also get Bitcoin for adding a new block onto the blockchain. This is done by completing a cryptographic calculation. The first miner to broadcast the next block is rewarded with a Bitcoin. However, over time it gets harder to mine new coins which are limited to 21 million in total.

The value of this digital money is based on mathematics, instead of a physical property or government fiat. As with all currency, Bitcoin's value comes only and directly from people willing to accept them as payment.

Just as with regular currencies or precious metals the value of Bitcoins fluctuate, but they are not legal tender in any country. However, individuals and businesses are using the cryptocurrency for transactions worth millions of dollars everyday.

The value of a Bitcoin has seen spikes in the past only to decrease again. In the autumn of 2020 the value skyrocketed only to lose nearly half its gains the following spring. However, just a matter of months later, the cryptocurrency began climbing again, to almost double going over $68,000 briefly in November 2021.

The maximum number of Bitcoins is limited to 21 million, but each coin can be split into subunits. Currently there are 1,000,000 bits in one bitcoin, or divided up into 8 decimal places (0.000 000 01). If required in the future, more bits could potentially be created for ever smaller transactions. At the end of November 2021, there were just over 2.1 million Bitcoins left to be mined according to the Bitcoin supply chart.

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Cryptocurrency: who controls the prices of Bitcoin and altcoins? - AS USA

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Are Russia’s elite really using cryptocurrency to evade sanctions? – The Conversation

March 23, 2022 | Author: admin

Fearing Russias elite will evade economic sanctions by converting their wealth to cryptocurrency, high-profile US Democratic senator Elizabeth Warren has introduced a bill into US Congress to stymie Russian crypto transactions.

Warren warned a Senate committee hearing:

So no one can argue that Russia can evade all sanctions by moving all its assets into crypto. But for Putins oligarchs who are trying to hide, you know, a billion or two of their wealth, crypto looks like a pretty good option.

The bill does not seek to impose a blanket ban on all Russian cryptocurrency transactions. But it would give the US government the authority to ban US companies from processing cryptocurrency transactions connected to sanctioned Russian accounts, and to apply secondary sanctions to foreign cryptocurrency exchanges doing business with sanctioned Russian individuals, companies or government agencies.

But is it even necessary?

Even though the evidence shows that Russian cryptocurrency transactions have been increasing in both number and value in the past month, the scale suggests buyers are ordinary Russians seeking to hold on to their savings as the value of the ruble crashes.

Read more: During the cold war, US and Europe were just as divided over Russia sanctions here's how it played out

The economic sanctions imposed on Russia for invading Ukraine are naturally hurting the entire Russian economy. Their intended target, though, is to hit Putin and the billionaire oligarchs who support his rule where it hurts most.

A cornerstone of this strategy is stopping these individuals from using or moving their wealth around by freezing the assets they hold overseas and blocking financial transactions.

But the continued operation of cryptocurrency exchanges in Russia, such as Binance, Yobit and Local Bitcoins, has been worrying US officials for some time. Even before Russias latest invasion of Ukraine, the US Treasury Department warned cryptocurrencies could undermine the sanctions already imposed on Russia over its 2014 annexation of Crimea.

Our first graph below shows why ordinary Russians have good reason to buy cryptocurrency.

Since the February 24 invasion of Ukraine, the rubles value against the US dollar has fallen by as much as 40%, from $US1 being worth 76 rubles to 132 rubles. At the time of publication, $US1 was worth about 109 rubles.

The ruble falls off a cliff

The next graph shows the value of Bitcoin transactions by Russian accounts in rubles.

Bitcoin is not the only cryptocurrency Russians could buy, but it is by far the most traded and trusted of all cryptocurrency offerings, so is a useful proxy for the market. This data comes from Coin Dance, a leading Bitcoin statistics and services company.

Since the war began on February 24 until time of publication, spending on Bitcoin using rubles has increased by 260%.

Bitcoin trading volumes by Russian accounts in rubles (weekly)

This is an impressive rise, but less impressive when the devaluation of the ruble is factored in. The weekly value of rubles being converted into Bitcoin was about $US28 million last week, compared with about $US14 million in mid-February. That'sa 100% rise.

In global terms, this is still a tiny percentage of the money going into Bitcoin. According to cryptocurrency data provider Kaiko, each week between $US20 billion to US$40 billion is spent on Bitcoin. So the Bitcoin-ruble trade represents less than 0.14% of the total.

It is also important to consider the number of accounts and size of average transactions.

According to Glassnode, another cryptocurrency data service, the number of Russian Bitcoin accounts has increased from 39.9 million to 40.7 million since the February invasion. (The Russian population is about 144 million.)

The daily average size of each Bitcoin-ruble transaction based on data from the the largest exchange in Russia, Binance has risen to $US580 by mid-February. This compares to the average value of American transactions being $US2,198 at the same time.

Read more: Bitcoin is helping both sides in Ukraine conflict, but it won't wreck Russian sanctions

The capacity to put large amounts of rubles through crypto exchanges operating in Russia is also heavily constrained by the relatively low liquidity in Russian crypto trade.

Liquidity refers to the ease with which an asset or security in this case Bitcoin can be converted from or into cash without affecting its market price. When a market has more buyers and sellers, it becomes easier to complete a transaction, and the less impact there is on the exchange rate. With fewer buyers and sellers, it is harder.

A measure of the liquidity of the Russian Bitcoin exchanges is the value of orders submitted by buyers and sellers at any given time. This is about US$200,000, compared with $US22 million for US-based crypto exchanges a volume 110 times larger.

These statistics suggest anyone wishing to trade large volumes of Bitcoin against the ruble will have difficulties.

The evidence therefore points to most of the uptick in Russian cryptocurrency trading being dominated by small-time investors.

It is possible that Putin and his cronies could be using hundreds or thousands of accounts to perform many small-scale transactions to move their fortunes around.

But its more likely their wealth is mostly invested through shell companies in assets in places like Monaco, the British Virgin Islands, Ireland or even the US district of Delaware.

Read more: The next Pandora Papers expos is inevitable unless governments do more on two key reforms

There is little argument against the strategy of using economic sanctions to combat recalcitrant regimes. Other than direct military intervention, there are few other meaningful weapons available. But a detailed analysis of any proposed sanction beforehand is needed so as to not overestimate its likely effectiveness.

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Are Russia's elite really using cryptocurrency to evade sanctions? - The Conversation

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Here’s how tax clarification on set-off of cryptocurrency gains and losses affects investors – Moneycontrol

March 23, 2022 | Author: admin

The legal mandate on bringing digital assets under the ambit of taxation in this years budget speech was indeed a welcome and motivating move for the entire digital asset industry and Web 3.0 market.

While a flat tax rate of 30% ongains from trading in virtual digital assets(VDA) announced by the Finance Minister appeared to be a cause of some concern (but not a deterrent in trading and investing) at that stage, the government has stepped up to give cryptocurrencies/VDAs some form of recognition as an asset class for the purposes of taxation, even though the sector otherwise remains largely unregulated.

In addition, while responding to the queries on the said subject matter by one of the Parliamentarians, the Government, on March 21, clarified that as per the provisions of the proposed Section 115BBH to the Income-tax Act, 1961, loss from the transfer of a VDA will not be allowed to be set-off against the income arising from the transfer of another VDA.

This essentially implies that each VDA in an investors portfolio, i.e, crypto coins or non-fungible tokens (NFT), will be treated as a separate asset class, and the gain or loss against the transfer of a particular VDA cannot be set off/adjusted against the loss or gain, respectively, in any other VDA.

In simple words, if an investor trades in Coin A and Coin B, the gains in Coin A in a particular financial year will only be allowed to be reduced/adjusted against the losses incurred while trading in Coin A (not Coin B).

By way of an example (hypothetically), let us say X invested Rs 1,000 in Coin A and Rs 1,000 in Coin B.

When X sold the VDAs (both Coin A and Coin B), gains from Coin A were Rs 500, losses from Coin B were Rs 600, and the remaining capital was as follows:

Coin A: Rs 1,000 + Rs 500 (gains) = Rs 1,500

Coin B: Rs. 1,000 (Rs 600) = Rs 400

Remaining Capital = Rs 1,900

While X suffered an overall loss of Rs 100, as per the government's clarification, since each VDA is required to be treated separately for the purposes calculating gains /losses, X will have to pay tax on the capital gains from trading in Coin A. That is to say, he will have to pay Rs 150 as tax (30 percent of the Rs 500).

Though the governments position on including VDA under the ambit of tax incidence was positive and reaffirming for the industry and market participants, this recent clarification on disallowing the setting off of losses against the income arising from transfer of another VDA is concerning and is likely to dampen the influx of retail investment and participation of investors in this asset class.

Mining cost will not be allowed as expenses

Further, if one were to engage in mining of the VDA, which requires a substantial investment, the Government has clarified that such costs will not be allowed to be adjusted against the gains, as the same is a capital investment. However, depreciation may be allowed to be claimed against capital investment in IT systems acquired for the purposes of mining VDAs.

Considering this clarification by the Government, it is likely that the onus to make relevant disclosures will be put on both crypto exchanges as well as investors, and a KYC process is likely to be mandated along with transactions in fiat currency presumably being linked to PAN and Aadhaar.

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Here's how tax clarification on set-off of cryptocurrency gains and losses affects investors - Moneycontrol

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