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<h3>Cryptoknowmics Today's News Headlines 28 Feb 20</h3>1. Azimo To Use Ripple Tech For Philippines Remittance Corridor<a href="https://www.cryptoknowmics.com/news/azimo-to-use-ripple-tech-for-philippines-remittance-corridor">https://www.cryptoknowmics.com/news/azimo-to-use-ripple-tech-for-philippines-remittance-corridor</a>2. Chamath Palihapitiya Believes Everyone Should Hold 1% Of Their Assets In Bitcoin<a href="https://www.cryptoknowmics.com/news/chamath-palihapitiya-believes-everyone-should-hold-1-of-their-assets-in-bitcoin">https://www.cryptoknowmics.com/news/chamath-palihapitiya-believes-everyone-should-hold-1-of-their-assets-in-bitcoin</a>3. Hong Kong Would Boost Its Crypto Regulation Policies<a href="https://www.cryptoknowmics.com/news/hong-kong-would-boost-its-crypto-regulation-policies">https://www.cryptoknowmics.com/news/hong-kong-would-boost-its-crypto-regulation-policies</a>4. SEC Dismisses Wilshire Phoenix’s Bitcoin ETF Proposal Citing Fraud Concerns<a href="https://www.cryptoknowmics.com/news/sec-dismisses-wilshire-phoenixs-bitcoin-etf-proposal-citing-fraud-concerns">https://www.cryptoknowmics.com/news/sec-dismisses-wilshire-phoenixs-bitcoin-etf-proposal-citing-fraud-concerns</a>5. BoJ's Amamiya: Cheaper CBDCs Could Hinder Private Sector Innovation<a href="https://www.cryptoknowmics.com/news/bojs-amamiya-cheaper-cbdcs-could-hinder-private-sector-innovation">https://www.cryptoknowmics.com/news/bojs-amamiya-cheaper-cbdcs-could-hinder-private-sector-innovation</a>6. EOS Burns $132 Million Worth of Tokens to Curb Inflation<a href="https://www.cryptoknowmics.com/news/eos-burns-132-million-worth-of-tokens-to-curb-inflation">https://www.cryptoknowmics.com/news/eos-burns-132-million-worth-of-tokens-to-curb-inflation</a>7. South Korean Remittance Fees Slashed 90% With Ripple Partnerships<a href="https://www.cryptoknowmics.com/news/south-korean-remittance-fees-slashed-90-with-ripple-partnerships">https://www.cryptoknowmics.com/news/south-korean-remittance-fees-slashed-90-with-ripple-partnerships</a>8. Stellar Announces To Spend In DeFi Stock Exchange DSTOQ<a href="https://www.cryptoknowmics.com/news/stellar-announces-to-spend-in-defi-stock-exchange-dstoq">https://www.cryptoknowmics.com/news/stellar-announces-to-spend-in-defi-stock-exchange-dstoq</a>9. Ethereum Community Calls Out Programmatic Proof of Work Concept<a href="https://www.cryptoknowmics.com/news/ethereum-community-calls-out-programmatic-proof-of-work-concept">https://www.cryptoknowmics.com/news/ethereum-community-calls-out-programmatic-proof-of-work-concept</a>10. Bithumb Introduces Free Transfers to International Platforms<a href="https://www.cryptoknowmics.com/news/south-korea-exchange-bithumb-introduces-free-transfers-to-international-platforms">https://www.cryptoknowmics.com/news/south-korea-exchange-bithumb-introduces-free-transfers-to-international-platforms</a>

SEC Charges Actor Steven Seagal with Unlawful Promotion of ICO | Cryptoknowmics

El Salvador is witnessing quite a busy time this month. It became the first country in history to make the largest cryptocurrency, Bitcoin, a legal tender on 7th September 2021. Expatriate advocates in the real world say it will cut commission costs of billions of dollars sent home from outside, but critics warned that it can spur money laundering.

The plan launched by young and charismatic President Nayib Bukele aims to save Salvadorans 400 million dollars each year on payment commissions, mostly shipped from the U.S.

The news was welcomed gladly by the citizens as it came as a big financial relief for the population. Even today, 70% of the country’s population remains unbanked. The implementation is in full swing as the government has already been installing ATMs of its Chivo Digital wallet that will allow the exchange of cryptocurrency and dollars. It would also let you withdraw without commission. 
<h2>So What Is the Plan?</h2>
The Government has spent $203 million on public funding for support for its <a href="https://www.cryptoknowmics.com/news/el-salvador-wont-tax-on-bitcoin-profits-for-foreign-investors/" target="_blank" rel="noopener">Bitcoin</a> plan, which says more people will have access to banking services and millions will shave off commission charges for essential transfers from abroad. Of this amount, $150 million is to ensure that Bitcoin is convertible to dollars and finance rollouts of $23.3 million. The $30-million bonus for new users was set aside another $30 million.

The government got the <a href="https://www.cryptoknowmics.com/news/el-salvador-buys-400-bitcoins-a-day-before-legalizing-the-currency/" target="_blank" rel="noopener">plan</a> set by buying its first 400 bitcoins on the first Monday of the month, followed by another 150 on Tuesday, for a total value of $26 million.

"Like all innovations, El Salvador's bitcoin process has a learning curve. Every road to the future is like this and not everything will be achieved in a day, or a month," Bukele said on Twitter while speaking about the plans for the big adaptation. 

Companies will have to accept Bitcoin in return for goods and services. Also, the government accepts it for tax payments. The plan is the personal invention of the 40-year-old President of El Salvador, who says it will attract more people and make it cheaper to send money. 

For purposes of public accounting, the dollar will remain the national currency, and traders who are technologically unable to get e-currency are exempt from the law, according to the government. The dollarized economy of El Salvador depends largely on remittances sent by immigrants from abroad, which last year totals $6 billion and is approximately one-fifth of the gross domestic product. 

There are now more than half a million people using El Salvador's bitcoin wallet, Nayib Bukele announced this week. This is not surprising as the country needed a financial system like this. 
<h2>Why El Salvador Needed This?</h2>
As stated earlier, 70% of the country’s population remains unbanked and so far the country did not have a currency of its own. It was dependent on the US Dollar. As a result, the U.S. government had a lot of control over the country’s finances. El Salvador is one of the poorest countries in Latin America. As a result, the El Salvadoran government was almost at mercy of the U.S. government. They kept an eye on the number of dollars flowing in and out of El Salvador. Therefore, BTC makes sense. 

Bitcoin acceptance has already started on a good note in the country. Before the big news was announced, 75% of the politicians from the country voted in favor of it. On September 7th, 2021, when the Bitcoin Law in El Salvador came into effect, the day came to be known as the “Bitcoin Day.” Like anywhere else, the pandemic helped in the adaptation of Bitcoin. The government also announced Bitcoin Airdrops to help families in El Salvador during the pandemic. And this added to the acceptance and popularity of Bitcoin in the country. 

<a href="https://www.cryptoknowmics.com/news/el-salvadors-leading-bank-bancoagrcola-partners-with-flexa-for-bitcoin-payments/" target="_blank" rel="noopener">Bancoagricola</a>, El Salvador's largest financial institution, was one of the first to include support for Bitcoin's financial instruments. This means that customers are able, in line with Bitcoin's law, to pay for the financing instruments (such as loans, mortgages, and credit card debts). Bank clients using a digital payment gateway known as Wompi can also receive payments via this service in bitcoin. Carlos Mauricio Novoa, COO of Bancoagricola, said:
<blockquote>“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”</blockquote>
<h2>Is This Just the Beginning of a Domino Effect?</h2>
If this law becomes a success, other countries may follow El Salvador’s lead. The term "mass adoption" is a popular subject in the cryptography field, probably since the creation of cryptocurrency. More countries are opening up to and benefiting from the idea of the emerging industry, creating improved regulation for cryptocurrencies and their functions as an asset and utility. Listed below are some of the major economies of the world that have made Bitcoin legal in their country. 
<h3>Ukraine</h3>
<a href="https://www.cryptoknowmics.com/news/ukraines-central-bank-grants-official-permission-to-issue-digital-money/" target="_blank" rel="noopener">Ukraine's</a> President Volodymyr Zelensky recently met Silicon Valley IT industry specialists to pave the way for Bitcoin adoption sooner rather than later, as Bitcoin seems to give early adopters a great incentive and end constant inflation. The transition to a fully digital economy would certainly not take place overnight. Ukraine still relies on its fiat currency for a while, but the government is going to combine it with a strong Bitcoin treasury reserve with a comprehensive nuclear mine plan for Bitcoin.
<h3>Argentina</h3>
A ground for late crypto-monetary adoption in <a href="https://www.cryptoknowmics.com/news/argentinas-president-open-to-adopting-bitcoin-and-cbdc/" target="_blank" rel="noopener">Argentina</a> has proven unbelievable with a slew of bullishness which makes it a pioneer in mass crypto adoption. Back in 2019, through a partnership between Bitex—a financial services provider based in Blockchain — and Alto Viaje—a platform to top-up Argentine transport cards, citizens have been allowed to pay BTC for their journey. It allowed users of Argentina's Sistema Único De Boleto Electrónico (SUBE) public transport card through Bitex to supplement their BTC cards.
<h3>Brazil</h3>
A proposed rule, Bill 2140/21, which was presented in June in the Brazilian Chamber of Deputy, is now under discussion because it lays down a fixed time frame for regulating crypto-monetary transactions for a government branch. If adopted, a time limit of 180 days would be set for all the structures necessary to effectively regulate crypto-monetary transactions. Deputy Alexandre Frota of the Social Democracy Party of Brazil presented the project (PSDB).

In recent years, Brazil has been known for its crypto-related scams. The state has been quick to act to stop these schemes and has organized various operations in recent months to shut down and arrest people responsible for illegal activities related to cryptocurrency.

Can El Salvador’s Bitcoin Adoption Trigger a Domino Effect?

China's crackdown on Bitcoin and other cryptocurrencies has been ongoing since 2017. In June 2021, the country issued new directives tightening the ban on crypto-related activities. In a joint statement the financial sector regulators prohibited financial and payment institutions from <a href="https://www.forbes.com/sites/jonathanponciano/2021/05/18/china-bans-banks-from-crypto-business-saying-speculative-trading-seriously-infringing-on-financial-order/?sh=2145b9907898">offering crypto services and products</a>. This means the institutions are curtailed from accepting digital currency as a means of settlement or payments. Also, the institutions are banned from offering crypto exchange services between digital currencies and yuan or foreign currencies. 

In addition, the directive bars Money Funds from using cryptocurrencies as investment assets. Moreover, payment companies are required to monitor the flow of money to crypto trading activities while electricity companies halt supplying electric power to crypto mining projects. The country had banned Initial Coin Offering in 2017. After the ban, miners have fled the country establishing mining activities in countries like the US, Russia, and Canada. 
<h2>Why China Banned Cryptocurrency Mining </h2>
The Chinese government argues that crypto speculative trading disrupts the normal financial and economic order. In addition, it poses a threat to the safety of people's investments and property. The Crypto industry is relatively new and lacks solid regulations and therefore, it is susceptible to massive manipulation. Despite this fact, <a href="https://cryptopredictions.com/" target="_blank" rel="noopener">the best free crypto prediction site</a>, forecasts for the crypto market to increase in value rather swiftly in the upcoming years.

According to professor Dong, the government should block money flow from capital sources and real industries to crypto transactions. This means the prohibiting crypto activities in the country is a deliberate plan to cut crypto trading out of the China financial systems and hence protect small and medium enterprises which form the backbone of the Chinese economy. 
<h2>A Plan To Promote Digital Yuan </h2>
Some experts argue the Chinese government is reining in foreign <a href="https://www.cryptoknowmics.com/news/china-is-reining-in-bitcoin-and-other-cryptocurrencies-to-push-its-own-digital-currency/">digital currency trading</a> to promote digital Yuan (e-CYN).  Essentially, the country has developed digital currency to modernize the payment system, lower transaction costs, and enhance efficiency. In addition, A centralized digital e-currency will enable the government to monitor the economy and people. 

China was the first country to introduce a central bank-backed digital currency. In April, the country completed the first phase of cross-border payments tests in the major cities such as Hong Kong and Hainan province. The country is also testing out cross-border payments with Hong Kong, Thailand, and the UAE. These tests are in readiness to promote the use of the digital yuan internationally. 

In April, the first phases of cross-border payments tests were completed in the major cities such as Hong Kong and provinces such as Hainan. These moves will help greatly enhance the use of the digital yuan internationally. 

The introduction of the digital Yuan seems to be part of China's bigger plan to weaken the Washington and US dollar. Internationalizing the Electronic Yuan will cut Beijing's reliance on the US dollar for international trade the same way the Belt and Road network is creating an alternative international trade network. What's more, it will make it almost impossible to sanction China. The digital yuan actually gives the government more surveillance capability than independent cryptocurrencies and fiat money. In other words, the government is in a better position to combat illicit activities such as tax evasion, money laundering, and illegal gambling.

The crackdown is to promote the adoption of the Central bank's digital currency.  This means the government will have surveillance on financial activities and hence keep track of economic activities. In other words, Beijing will have the power to track spending in real-time. According to top carter, the crackdown on Bitcoin and cryptocurrencies in China is ostensibly to cut capital outflow through cryptocurrencies and stable coins. 

The digital Yuan or e-CNY will put the Chinese government in deficit competition with the corporate payment systems and cryptocurrencies.  It is in line with the government's push to control tech companies. The cryptocurrency private systems are quite unpredictable. The e-CNY provides a backup plan should there arise a technical or financial problem that can destabilize the Chine financial system

Crypto trading has high returns potential. For instance, the price of Bitcoin has proliferated from $10 000 to $60 000 from January to May 2021. In fact, a well renowned portal providing <a href="https://tradingbeasts.com/crypto/">cryptocurrency forecasts</a>, predicts that the bitcoin price will further increase in the months that follows. For various mentioned reasons, many investors have shifted from conventional investment assets such as bonds to hedging using cryptos. In fact, the PBOC deputy governor said they are concerned about the financial system developed outside the regulated financial system. 

The government is persuading the citizens rather than forcing them to use cryptocurrency. For instance, it has given millions of dollars freely, which people can use to make purchases in big premises, including China-based American companies like Walmart. Some local government employees have also received their salaries in digital currency. 

The plan to ostensibly replace the US Dollar as the global reserve currency has been criticized heavily by the US. However, Beijing has refuted the claims. 

The digital Yuan or e-CNY will put the Chinese government in direct competition with the corporate payment systems and cryptocurrencies.  The government will also maintain its control over tech companies. Remember, cryptocurrency private systems are quite unpredictable. The e-CNY, therefore, acts as a backup plan should there arise a technical or financial problem that can destabilize the Chinese financial system. 
<h2>Control of Online Business </h2>
China has not hesitated to cut down online businesses if they seemingly grow out of control. For instance, the government has recently <a href="https://www.reuters.com/business/retail-consumer/china-regulators-fine-alibaba-275-bln-anti-monopoly-violations-2021-04-10/">fined Alibaba</a> and ordered it to downsize. In addition, it has also targeted the Tencent of WeChat and other tech giants. Didi, a ride-hailing service, is under inquiry after being pulled out of app stores. 

Ant Group and Tencent holding private Chinese companies have set up massive crypto mining and payment systems. These companies have played a significant part in the increase of Bitcoin value growth of the decentralized technology. This is quite a departure from the historical Chinese financial history, which is majorly centralized. Despite the lack of regulation making the crypto industry uncontrolled, it was obvious the Chinese government would rein in the industry. 
<h2>Final Word </h2>
The crackdown on Bitcoin and cryptocurrency-related activities is an elaborate plan by the Chinese government to promote the adoption of the People’s Bank of China's digital currency.  These measures enable the government to have surveillance on financial activities. Therefore,  Beijing will have the power to track spending in real-time and keep track of economic activities. In a nutshell, the crackdown on Bitcoin and cryptocurrencies in China is ostensibly to cut capital outflow through cryptocurrencies and stable coins.

China Is Reining In Bitcoin And Other Cryptocurrencies To Push Its Own Digital Currency

We all are aware of the working and functioning of centralized exchanges such as <a href="https://www.cryptoknowmics.com/news/popular-cryptocurrency-exchanges/" target="_blank" rel="noopener">popular crypto exchanges</a> Binance and Coinbase, which are operated by a single corporate body. Unlike these exchanges, decentralized exchanges allow their customers to trade without the presence of a middleman or a single authority. It should be noted that a majority of exchanges of these kinds are based mostly on the Ethereum blockchain — this is the place for the occurrence of a lot of decentralized finance (Defi) actions. 

&nbsp;

Well, in this article, we will be discussing PancakeSwap in detail, starting from the fact that Pancake swap is a decentralized exchange and instead of being built on the Ethereum blockchain, the swap smart is developed on the Binance Smart Chain. As a result of being built on the Binance Smart Chain, the PancakeSwap coin offers significantly lower transaction fees than Ethereum. This article will be an answer to all the queries that end in searching for a ‘beginners’ guide to PancakeSwap.’
<h2>What Is PancakeSwap DEX?</h2>
<img class="alignnone wp-image-213037 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/09/What-Is-PancakeSwap-DEX.jpg" alt="What Is PancakeSwap" width="820" height="492" />

In simple words, it can be said the PancakeSwap is a DEX (decentralized exchange) that allows its users to swap BEP-20 tokens. Due to its decentralized nature, it allows customers to trade cryptocurrencies and tokens without even the need for a centralized body. In addition, it keeps the custody of the purchased tokens of its customers.

PancakeSwap crypto makes use of a model called the AMM (automated market maker). AMM is built on the automated smart contracts stationed on the blockchain run by the cryptocurrency exchange firm Binance, Binance Smart Chain. Now you must be thinking that I had put Binance in the category of centralized exchanges, then how PancakeSwap decentralized. Well, the answer to this is really simple.

&nbsp;

PancakeSwap is built on the Binance Smart Chain and Binance is a centralized firm. Binance doesn’t have authority over PancakeSwap as it was developed by anonymous developers. 

In addition to this, it should be noted that the service provided by PancakeSwap DEX is somewhat similar to Uniswap, the decentralized exchange built on the Ethereum blockchain. The automated market maker model of the smart swapper makes sure that there is no order book where one customer is matched with someone else while customers trade digital assets on the platform.

PancakeSwap or we can rather say smart swap is particularly used for BEP-20 tokens running on the Binance Smart Chain. However, if the customers wish to bring tokens on BSC from other platforms, they will be allowed to do so via Binance Bridge and wrap those tokes as a BEP-20 token for utilization on the DEX. 

The automated market maker system depends on the liquidity pools filled by the users to allow the execution of crypto trades. 
<h2>Working of the PancakeSwap DEX</h2>
The AMM system and liquidity pools eliminate the need of keeping an order book and finding someone who wants to exchange tokens with you for the tokens you have. With the help of smart contracts, users lock their tokens into the liquidity pool. So instead of exchanging your tokens with another person, you are doing trade with a liquidity pool. Furthermore, customers keeping their coins in the pool earn rewards.

&nbsp;

PancakeSwap is a crucial player in the rising wave of Defi services that allow crypto traders to execute transactions with trade tokens without an intermediary charging a notable amount of cut. PancakeSwap DEX is undoubtedly one of the <a href="https://www.cryptoknowmics.com/news/a-look-on-some-largest-cryptocurrency-hacks-ever/" target="_blank" rel="noopener">largest decentralized exchanges</a> developed on the Binance Smart Chain.

In addition to this, PancakeSwap crypto allows its customers to farm its native token, CAKE. 

Along with allowing the trades to take place via liquidity pools, PancakeSwap decentralized exchange also allows its users to stake coins into Syrup Pools that offer users growing rewards. Moreover, it has an option called auto-stake, which re-stakes your CAKE token at least once in an hour, constantly compounding the earned rewards. The rewards can be even more appreciable if users are dedicated to locking their tokens for quite a long time.

The decentralized platform also offers features like venturing on whether the price of Binance Coin is going to surge or slip within a limited time frame, along with a broad arrangement of bunny-themed collectible NFTs to buy. 

Also, there is IFO (Initial Farm Offering) that lets a user buy new coins from building projects. 

As for the user experience of this <a href="https://www.cryptoknowmics.com/news/what-is-decentralized-exchange/" target="_blank" rel="noopener">decentralized exchange</a>, it is slightly hard to use for beginners and inexperienced people are more likely to struggle in navigating through the exchange and understanding its multitudinous features. However, it is going to be worth spending some time on the platform to reap the best out of it.
<h2>What Do You Require to Get Started?</h2>
This section will be answerable to queries like where to buy PancakeSwap. In order to use PancakeSwap exchange, a user will need his crypto wallet as the decentralized exchange does not extend support to fiat currencies. Binance Chain Wallet, MetaMask, MathWallet, and Trust Wallet are some wallets that are included in the list of supported wallets by PancakeSwap.

The major advantage of using a decentralized exchange is that you do not need to provide personal details to execute transactions, and hence, no profile creation or verification is required. 

When you manage to acquire a wallet, you will be required to purchase Binance Coin from Binance.US and after purchasing those coins, you need to transfer them to your wallet.

Following this, you have to convert those purchased coins in your wallet to Binance Smart Chain to utilize them at the decentralized platform. However, it should be noted that some amount of transaction charges will be there. 

Moving on to the next step of swapping the token, you need to select the ‘Trade’ option and choose Exchange, and after that, you will be required to select which token in your wallet you desire to trade for from the list of supported tokens on the Decentralized Exchange.

After that, in the final step, you will be asked to confirm the transaction within your wallet to complete it. 

Even though MetaMask is an Ethereum wallet, it can be used to interact with decentralized applications based on BSC because of the structure of the Binance Smart Chain. 
<h2>Farming and Staking</h2>
Once you get your LP tokens, it’s time to stake those tokens to earn the <a href="https://www.cryptoknowmics.com/news/bakerytoken-bake-and-pancakeswap-cake-technical-analysis-whats-next/" target="_blank" rel="noopener">PancakeSwap token</a>, CAKE. Moreover, you will need to navigate to the tab called ‘Farms’ and select the option that matches your respective LP tokens. In order to farm CAKE, the users will first of all need to add liquidity to the exchange and select the token pair that they want to deposit.

After acquiring CAKE, the option to stake CAKE in Syrup pools becomes accessible. The user will then be required to approve the withdrawal request and determine the quantity of CAKE he wants to stake.

Now that the user will be done with the staking procedure on the pancake chain, he will now be earning rewards as a passive source of income and in case he desires to withdraw the rewards in terms of cash, he can do so by clicking on Harvest.
<h2>What Else You Can Do With PancakeSwap</h2>
The benefits and advantages of using the decentralized platform on the <a href="https://coinmarketcap.com/view/binance-smart-chain/" target="_blank" rel="noopener">Binance Smart Chain</a>, PancakeSwap, do not end here, and the user can do even more with this platform. There is a chance of winning some adorable NFTs on the Binance Smart Chain, and the won NFT can then be traded for the CAKE value that it represents.

You just need to register yourself to become eligible for being selected as a winner and win an NFT, and the winners are chosen randomly.

If you are more inclined towards gamification, then you will have an option to create a public profile and on that, you can mention your statistics and can further join teams to compete for team winnings. 

ICOs or Initial Farm Offerings are also accessible through PancakeSwap and these are the ways to get a newly launched token in the hands of users utilizing the power of yield farming. PancakeSwap enables it by asking the user to commit LP tokens from a pool that is supported by the platform to get an allowance for the sale of a recently launched token.
<h2>Why Choose Binance Smart Chain over Ethereum</h2>
<img class="alignnone wp-image-213039 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/09/Why-Choose-Binance-Smart-Chain-over-Ethereum.jpg" alt="binance smart chain over ethereum" width="820" height="492" />

In this section, we won’t be covering how to use Binance exchange, as in this article we are only focused on a decentralized exchange. Due to the significantly low charges and fast transaction executions, developers are leaning towards Binance Smart Chain. As reported back in the month of April 2021, the official announcement from the Binance company revealed that they have carried out more than 4.9 million transactions in a single day, recording thrice the amount that its competitor Ethereum managed to carry out in a single day.

Though the decentralized platform on the Binance Smart Chain, PancakeSwap does not match with the average daily volume of the well-established decentralized exchanges of Ethereum, Uniswap, and SushiSwap, it has already gained a lot of appreciation and attention keeping in mind the new entry of Binance Smart Chain in the field of decentralized exchanges. 

&nbsp;

Well, if the gas fees on Ethereum, that the blockchain charges to carry out the transactions, keep on surging and the complications in the network increase with time, the decentralized application of the Binance Smart Chain will continue to grow and thrive.

It will definitely be able to attract and grab the attention of more developers and users, and hence, PancakeSwap will have the chance to give a tough fight to its competitor exchanges in the near future.
<h2>Conclusion</h2>
There is no denying the fact that PancakeSwap is loaded with a whole lot of features and advantages over its competitors and is the biggest automated market maker project on the Binance Smart Chain.

Though these services are provided by other platforms too, the kind of innovation PancakeSwap is filled with, is rare, and hence, it is destined to bring a change in the field of decentralized finance.

Everything You Need to Know About PancakeSwap and Binance Smart Chain DEX

Stumbling, yet growing through multiple phases, from an adolescent market of <a href="https://www.cryptoknowmics.com/news/bitcoin-fomo-is-it-too-late-for-new-bitcoin-investors/">FOMO</a> and <a href="https://www.cryptoknowmics.com/news/john-paulson-calls-cryptocurrency-a-bubble-advises-against-it/">bubbles</a> to a maturing financial epiphany of the century, the crypto market has finally hit a mark where the need for regulatory support is almost demanding. I wouldn’t go so far as calling cryptocurrencies perfect, however, it’s no secret that it does fill the many fault points in the currently centralized financial system. 

Despite the very visible and immeasurable growth across the crypto landscape (all the way to over <a href="https://www.cryptoknowmics.com/news/crypto-market-reaches-2-trillion-again-with-bitcoin-ethereum-in-the-lead/">$2 Trillion</a> in global market cap), the extreme volatility and lack of regulatory support have somewhat signed crypto off from acquiring its much deserved legal recognition among major economies. However, as Defi expands and NFTs <a href="https://www.cryptoknowmics.com/news/nft-mania-cools-off-amid-traders-moving-to-defi-tokens-data/">contribute</a> to their multiple industry-wide potentials, the traction gained by cryptocurrencies requires governing trust and a more regulated oversight for financial inclusion. 

While leading assets like Bitcoin and Ethereum often <a href="https://www.cryptoknowmics.com/news/bitcoin-plummets-below-30000-support-as-china-vows-crackdown/">fall</a> to the effects of a fluctuating market, Stablecoins have en route the future of cryptocurrencies to a more reliable frame (a concept that cryptocurrencies are not famously associated with, thanks to the lack of education and awareness along with the fact that the market is still relatively nascent on several checkpoints). 
<h2>Stablecoins Victorious Walk Through the Bear</h2>
The recent sell-off <a href="https://www.cryptoknowmics.com/news/bitcoin-ethereum-solana-prices-falls-along-with-the-sp-500/">plunged</a> the market to a sharp decline as leading crypto assets like BTC, ETH, ADA, SOL, etc. were slashed by percentages in double digits. However, much similar to the last bear market, stablecoins came through the smoke in victory, keeping their worth intact with negligible fluctuations in the value. 

Stablecoins were <a href="https://www.cryptoknowmics.com/news/what-are-stablecoins-and-why-they-are-important/">channeled</a> to mediate the notorious fluxes of the crypto market, offering more stability as the assets succumb to publicized fear and regulatory uncertainty. And both 2021 bear runs witnessed as stablecoins maintained their peg to the dollar, offering liquidity along with a safety net to traders as red candles flooded the crypto charts. This Tuesday, as the crypto market came crashing down, CryptoQuant, a blockchain analytics service, reported massive spikes in stablecoin transfers.   

<img class="wp-image-212837 aligncenter" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/09/Screenshot-38-300x129.png" alt="" width="647" height="278" />

The mean of all stablecoins transfer. Source: CryptoQuant

The trading volume of leading stablecoins like <a href="https://www.cryptoknowmics.com/news/tether-moves-two-billion-usdt-around-the-blockchain-coins-from-tron-to-be-moved-to-ethereum/">Tether</a> (USDT) jumped over double the amount, processing over $10 billion worth of transactions on Tuesday as compared to $4.02 billion on the day before. The overall supply of stablecoins in circulation remained optimal, representing sufficient liquidity against the brutal demand of a crashing market which reduced the global crypto market cap from $2.38 trillion to $2.103 trillion in a matter of hours. Thus leading stablecoins were successfully able to retain their one-to-one dollar peg apart from a few inevitable minor drifts in the price. 
<h3>Not Their First Time</h3>
Similar insights were drawn by <a href="https://insights.glassnode.com/defi-uncovered-exploring-the-crash/">Glassnode Insights</a> during the unfortunate crash that severely hindered crypto investors earlier this year. As crypto-assets grew closer to the peak stage of being overbought, the market came crashing down until the leading tokens were literally slashed down to half their trading values. However, stablecoins were phenomenally able to <a href="https://www.cryptoknowmics.com/news/crypto-hedge-funds-indicate-bullish-stance-on-defi-and-ethereum-flipping-bitcoin/">prove</a> the fundamental worth of their very mechanism and offered enough liquidity while maintaining their peg. 

While the gravity-like drop showcased the worst side of volatility, Stablecoins like <a href="https://www.cryptoknowmics.com/news/klay-technical-analysis-trading-close-to-strong-resistance-of-1-47-on-the-daily-chart/">DAI</a> adjusted their circulating supply in response to collateral requirements, all the way retaining their protocol stability.

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<h2>How Stablecoins Can Contribute to Global Finance? </h2>
Stablecoins, in their most layman form, can ideally be called modern money. In their true paradigm, stablecoins that are non-interest bearing with a firm value backed against a currency or asset can contribute to greater resilience of payments. Or so says the executive director for financial market infrastructure at the Bank of England, <a href="https://www.bis.org/review/r210702j.htm">calling</a> modern money to be an amalgamation of public and private funds, 

“If new forms of digital money can be made safe, they could potentially contribute to faster, cheaper, and more efficient payments with greater functionality. They could increase the resilience of payments. And they could even have long-term benefits for financial stability.”

Stablecoins can play an essential role in serving the humanitarian cause of bringing those unbanked to the financial system. Offering real-time payments that are low-cost and safer in their means can significantly lower the cost of remittances. Emerging economies in particular can definitely <a href="https://www.cryptoknowmics.com/news/cuba-and-kenya-might-adopt-cryptocurrency-to-overcome-economic-uncertainty/">foster</a> positive value out of stable coins. 

Stablecoins carry a lucid potential to ease safe and convenient transactions at a more conceivable cost compared to mobile money lying in non-bank wallets. And with remittances taking a historical decline of almost 20% in 2020 due to Covid-19, global remittances can definitely use a better financial flow. Here are a few ways stablecoins can bolster efficiency in the financial system- 
<ul>
 	<li style="font-weight: 400">Reduce the cost of remittances</li>
 	<li style="font-weight: 400">Help countries recover from the devastating after-effects of the pandemics like money distributions and stimulus packages</li>
 	<li style="font-weight: 400">Promote credit access by generating secure digital transaction history</li>
 	<li style="font-weight: 400">Promote opportunities for small businesses by offering low-cost cross-border trading</li>
</ul>
<h2>Conclusion - Challenges With Spirit </h2>
With several countries including <a href="https://www.cryptoknowmics.com/news/el-salvador-buys-400-bitcoins-a-day-before-legalizing-the-currency/">El Salvador</a>, Ukraine, etc. now in complete support of cryptocurrencies, leading economies around the globe are under the spotlight on their next step towards the crypto space. Unlike China, countries including the US, India, etc. have not boycotted cryptocurrencies, however, any prediction in this particular subject is currently under muddy territory. 

A few steps behind the racing exploration of the <a href="https://www.cryptoknowmics.com/news/chinas-digital-yuan-will-not-dethrone-the-dollar-says-sec-commissioner/">digital yuan</a> for cross-border payments by the Asian Dragon, countries like Japan, India, the US, etc. are under a more calculated and constructive impression in the development of CBDCs. As for creating a regulatory framework for stablecoins, terms for stability, consumer protection, crime prevention, etc. have to be critically addressed and defined. Along with a robust adaptive backing by governments, businesses, merchants, etc., stablecoins require a rather comprehensive framework to aid stability and efficiency in the embodiment of a new financial order.

How Can the Adoption of Stablecoins Lead to Better Financial Inclusion?

It’s been a few years now that there has been persistent conversation about cryptocurrency’s coming influence on internet poker. The idea of cryptos becoming the primary currencies involved in real-stakes poker has always seemed to make sense for a few clear reasons:
<ul>
 	<li>The perceived speed of crypto transactions would appeal to players</li>
 	<li>The security and anonymity of crypto transactions would make players more comfortable entrusting funds to poker sites.</li>
 	<li>Cryptocurrency could possibly allow poker sites to operate in legal grey areas where fiat currency gambling isn’t allowed.</li>
 	<li>Cryptocurrency is cool and new and could inject new enthusiasm and new audiences into the online poker world.</li>
</ul>
Partially on the basis of these ideas, we have in fact seen some use of cryptocurrency at both established and new poker platforms. Despite this apparent sign of progress however, those who expect a full crypto takeover of online poker (or online casinos more broadly) are likely to be disappointed. Because as much as the points listed above make a certain sense, there are also reasons to believe that the potential of cryptos in poker is overblown.
<h2>The Speed is a Myth</h2>
It’s often recited and repeated that crypto transactions are faster than traditional exchanges. This claim is seldom justified however, and a <a href="https://medium.com/coinmonks/fastest-cryptocurrencies-blockchain-speed-101-8368071a11a7">comparison of transaction speeds on Medium.com</a> calls the whole idea into question. Clearly, some cryptos are faster than others, and some may be faster than some traditional payment methods. But the notion that casino gamers will enjoy more rapid cash transfers via cryptocurrency is essentially baseless.
<h2>Sites with Crypto Still Offer Traditional Methods</h2>
We mentioned that we have seen some adoption of cryptocurrency in the online poker world. However, it’s worth noting that where this is happening, the crypto options aren’t replacing their predecessors. A <a href="https://www.poker.org/play-online-poker-real-money/">piece about playing real-money poker on Poker.org</a>, outlines how bitcoin is becoming a semi-popular option at casino sites — but those sites “also offer traditional methods” such as credit and debt cards and bank transfers. This suggests that crypto inclusion is something of a novelty or a form of outreach to the crypto community rather than a revolution in payment methods.
<h2>Altcoins Are Too Big</h2>
This point isn’t necessarily that impactful. But some who have been waiting to see cryptos influence online casino sites have also expected that altcoins will take the lead, specifically because they’re easier to deal in manageable amounts. As you may have gleaned from <a href="https://www.cryptoknowmics.com/news/top-10-altcoins-to-invest-in-september-2021">our latest ‘Top 10 Altcoins’</a> investment piece though, these crypto option have gotten big and valuable! That’s not to say they’re not useful, but it’s difficult at this point to think of an altcoin that is both well known and specifically suited to gaming.
<h2>Stablecoins Defeat the Purpose</h2>
Some have suggested that stablecoins could also prove to be useful at casino and poker sites. This makes some logical sense, in that they’d do away with the volatility issue at the core of the argument that any cryptocurrency could be “too big” to be practical. Yet one wonders if gamers would truly be motivated to switch to crypto-like options that essentially mirror currency anyway. There would still be some potential benefits (security and anonymity again), but the use of stablecoins would likely seem like an unnecessary hassle to a lot of gamers who would rather not bother.

None of this is to say that we won’t gradually see more cryptocurrency in poker and other casino games. But the idea of a full takeover has almost certainly been overblown.

SEC Charges Actor Steven Seagal with Unlawful Promotion of ICO | Cryptoknowmics

Cryptoknowmics Today's News Headlines 28 Feb 20

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