Head of Portugal’s Central Bank Advocates for Unified Crypto Regulations; Potential Impact on VC Spectra, BNB, and Solana Explored
Portugal’s Central Bank chief calls for a worldwide standard for regulating crypto assets. How are top altcoins BNB (BNB) and Solana (SOL) fairing after his statements? And what is the effect on the hot new cryptocurrency, VC Spectra (SPCT)? Let’s find out!
Summary
● Portugal’s Central Bank head calls for a single set of crypto regulations globally.
● VC Spectra (SPCT) token holders will earn regular dividends and 81.82% ROI.
● Analysts say BNB could reach $307.41 by the end of the year.
● Solana (SOL) could surge as high as $29.22 in 2023.
Portugal’s Central Bank Chief Wants Centralized Crypto Regulations
During his inaugural statement at the 2023 Banco de Portugal Financial Stability Conference on October 2, 2023, Mário Centeno, the President of Banco de Portugal, joined the rising chorus of authorities calling for worldwide cryptocurrency regulation. He stressed that a national strategy was insufficient to meet the crypto industry’s difficulties.
Centeno emphasized the importance of international collaboration in establishing a solid regulatory framework. He also spoke about eliminating regulatory arbitrage that may exploit national-level restrictions.
Centeno also spoke on crypto assets and decentralized financing (DeFi). He emphasized what he called the apparent risk of their long-term viability. He also questioned the democratizing potential of digital assets, even questioning their sustainability.
He praised the European Union’s (EU) Markets in Crypto-Assets (MiCA) legislation, which was the first complete crypto framework. He did, however, urge for more international coordination of regulatory activities. Centeno stressed the significance of “same risk, same regulation” in coordinating global cryptocurrency regulations.
How Has VC Spectra (SPCT) Reacted To Centeno’s Address?
VC Spectra (SPCT) is a decentralized hedge fund that provides everyone with the best blockchain investment experience, regardless of financial expertise or knowledge.
Centeno’s speech did not seem to affect VC Spectra’s (SPCT) fortunes much. The sale of VC Spectra (SPCT) tokens continued at around the same rate. The percentage of tokens sold at Stage 3 of VC Spectra’s (SPCT) public presale rose to 83% from 79% before his statement.
VC Spectra (SPCT) is currently running its public presale, which has been highly successful. The price of the VC Spectra (SPCT) token has soared 450% from $0.008 at Stage 1 of the presale to $0.044 at Stage 3. This massive gain has attracted more investors, who are also looking forward to a minimum 82% gain when the price becomes $0.080 at the end of the public presale.
Furthermore, SPCT token holders will have access to exclusive pre-ICOs, quarterly dividends and buybacks, and voting rights. Last but not least, the platform is currently offering a 50% bonus on each deposit. This is why investors and analysts say VC Spectra (SPCT) is the best cryptocurrency to invest in in 2023 – and they seem to be right.
BNB Coin Price Loses 2% After Portugal’s Central Bank President’s Speech
Centeno’s speech must have caused some jitters for BNB holders as the coin lost 2.1% of its value, falling from $218.05 to $213.41 as of October 4. This isn’t surprising as Centeno’s call brings into focus Binance’s regulatory struggles in the US.
Binance.US, the top cryptocurrency exchange’s US subsidiary, and its head, Changpeng Zhao, have been dragged before the courts by the US Securities and Exchange Commission. The SEC accused Binance and CZ of operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform, and the unregistered offer and sale of securities.
If the US regulations are replicated globally, it could spell doom for Binance and, consequently, for BNB.
However, based on analysts’ BNB price prediction, the BNB coin price could reach $307.41 by the end of 2023. This increase will be spurred by the expected crypto bull run in October, which is already showing signs of starting. But analysts urge caution because new developments in the ongoing case with the SEC could send the BNB coin price plummeting.
Solana’s (SOL) Price Responds To Centeno’s Speech
After Centeno’s speech on October 2, the SOL crypto price lost approximately 3%, falling from $23.84 to $23.14 as of October 4. Although Solana (SOL) has not had any regulatory hassles to contend with, the SOL crypto price has been affected by court decisions affecting other cryptocurrencies.
For example, Solana (SOL) pumped after Ripple won a partial victory over the SEC. Also, after a court struck out the SEC’s opposition to Grayscale’s Bitcoin ETF application, the SOL crypto price rose. When the SEC delayed its decision on the Bitcoin ETF applications, Solana’s (SOL) price also fell along with other coins.
It is evident that any regulatory decision, even if it doesn’t directly concern Solana (SOL), has a bearing on its actions in the market.
The Solana price prediction for 2023 is $29.22. Solana’s (SOL) price is expected to benefit from the increased network activity brought by Friendzy, a blockchain social app on the Solana network. This is why analysts say Solana (SOL) could be the best crypto to invest in.
To learn more about VC Spectra (SPCT), visit:
Buy Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
Disclaimer:
The views expressed on this page are those of the author and not of The Portugal News.
