Bitcoin News and Finance: What You Need to Know

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has claimed that a majority of cryptocurrency transactions are embedded in illegality. He also asserts that there is no room for cryptocurrency in the Nigerian banking space. Pushback Against Endsars Protest Claims In his latest anti-cryptocurrency salvo that was published by the Punch, Emefiele however appeared to push back against the claims the CBN had abruptly decided to exclude cryptocurrency entities from the banking system as punishment for the industry’s perceived support of the Endsars protests. When the CBN froze the bank accounts of individuals that were involved in organizing the Endsars protests in late 2020, the protest leaders began to ask for donations via bitcoin . As reported by Bitcoin.com News, this switch to bitcoin donations ultimately enabled organizers to continue funding protest activities. Therefore, when the CBN suddenly announced the exclusion of cryptocurrency entities from the banking ecos...

PRESS RELEASE. In today’s day and age, social networks play an immense part in people’s lives. However, some privacy issues and other concerns have surfaced and become problems that many centralized bodies have yet to address. Somewhat unexpectedly, the need for a decentralized network has emerged, leaving many to try and grab a piece of the pie. With the fierce battle for market dominance that’s about to take place, some projects are trying to get the upper hand by launching certain incentives. Such is the case with Viblos — a social network that aims to become “the place to be” for users striving for democratized free social networks and provides its users with various streams for earning passive income. Viblos’ next-gen tokenized network to arrive next year The team behind the project announced the initial launch of its next generation tokenized social interaction platform earlier this month. Users will be able to employ the beta version as of March 2022, while the full rollo...

The Prosecutor General’s Office of Russia has proposed to define cryptocurrency as property in the country’s Criminal Code. Decentralized digital money has already been qualified as such in the provisions of several other laws although various aspects of cryptocurrencies remain unregulated. Prosecutors in Russia Draft Legislation Granting Cryptocurrency Property Status The Prosecutor General’s Office of the Russian Federation has prepared a draft law to recognize cryptocurrency and other virtual assets as property . The legal definition will be used in court proceedings within the framework of the Criminal Code, Russia’s Prosecutor General Igor Krasnov explained in the State Duma, the lower house of parliament. Krasnov also expressed concerns over the growing use of modern financial technologies to commit crimes which, in his view, is facilitated by existing gaps in the legal regulation of this particular field. Quoted by the Interfax news agency, he further elaborated: The stat...

Mohamed El-Erian, chief economic advisor at financial services company Allianz, says that bitcoin is not going to be a global currency and will not replace the U.S. dollar. However, he believes the cryptocurrency will always exist in the ecosystem and will not be regulated out of existence. Bitcoin Won’t Become Global Currency Rivalling US Dollar, Says Economist El-Erian Famed economist Mohamed El-Erian talked about the future outlook for cryptocurrencies, particularly bitcoin, in an interview with CNBC Monday. El-Erian is the chief economic advisor at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer. The Egyptian-American businessman is also president of Queens College, Cambridge University. While El-Erian believes that bitcoin is a “very disruptive force,” he does not think it will ever become a “global currency” that rivals the U.S. dollar. He said: I think it will always exist in the ecosystem bu...

While digital currencies like bitcoin and ethereum lost roughly 10% in value during the last seven days, the decentralized finance (defi) economy has weathered the storm better than the top two leading crypto assets. A slew of blockchain games coins, defi tokens, and metaverse assets like gala, crypto.com coin, wax, kadena, wonderland, and avalanche have seen double-digit gains during the last 24 hours. TVL in Defi Weathers the Crypto Economy Storm While bitcoin ( BTC ) has hovered just above the $60K zone in consolidation, the defi economy and a number of other crypto assets have seen decent gains. Statistics from defillama.com show that on November 9, the total value locked (TVL) in defi protocols tapped $275 billion and today it’s only 6.54% lower at $257 billion. The defi protocol Curve commands 8% dominance amid the $257 billion with $20.63 billion TVL. Curve’s TVL is followed by Makerdao ($18.16B), Aave ($15.59B), Convex Finance ($15.34B), and WBTC ($14.66B), respectively. Th...

Federal Reserve Board Governor Christopher Waller says that stablecoins do not need to be regulated with all the same rules as banks. He disagrees with some of the recommendations on stablecoin regulation by the President’s Working Group on Financial Markets. He explained that while banks should be able to issue stablecoins, not all stablecoin issuers need to be banks. Fed’s Waller Disagrees That Stablecoins Need to Be Regulated With Full Banking Regulation Federal Reserve Board Governor Christopher Waller talked about stablecoin regulation Wednesday during a virtual conference organized by the Cleveland Fed. While emphasizing that “The regulatory and supervisory framework for payment stablecoins should address the specific risks that these arrangements pose — directly, fully, and narrowly,” he noted: It does not necessarily mean imposing the full banking rulebook, which is geared in part toward lending activities, not payments. Waller said that he disagrees with some of the re...

Financial technology (fintech) has exploded during the last two years and cryptocurrency and blockchain firms have bolstered the billion-dollar industry. A recently published study by Utility Bidder indicates that the industry is predicted to surpass $382 billion by 2027. Moreover, fintech firms that are blockchain-specific are projected to be worth over $67.4 billion by 2027. The recent study also highlights that Kraken is the most influential blockchain company of 2021. Kraken Named 2021’s Most Influential Blockchain Company Numerous research studies have shown the fintech universe continues to grow exponentially and digital currency and blockchain solutions are a big part of this trend. This week, researchers at Utility Bidder analyzed 50 fintech firms that were selected in Forbes’ 2021 Fintech 50 report. Utility Bidder’s study broke the selected firms down into four factors, with a normalized score out of ten for each factor. Factors included total funds raised, the latest kn...

PRESS RELEASE. Moledao, a social platform for blockchain enthusiasts, announced today its upcoming Web 3.0 Hackathon. This pioneering global hackathon will be held in the metaverse, and take place from 15th November 2021 to 9th January 2022. Web 3.0 is the vision for the next internet generation that is decentralized, verifiable and secure. Participants are invited to work on real-life solutions related to the main hackathon theme of Web 3.0 with the three recommended tracks: Multi-chain Decentralized Applications (dApps) – create cross-chain interoperability solutions Metaverse – create a purpose-built metaverse or build on top of existing metaverses Decentralized Autonomous Organizations (DAOs) – build and govern truly community-owned DAO initiatives Participants will have the opportunity to obtain VC institutional investment, industry mentorship and win a total of $100K in grants and prizes. Moledao, a global blockchain ecosystem builder, wants to bring the best develope...

Authorities in China are continuing to crack down on activities linked to cryptocurrencies which they consider illegal. The country’s top economic planning body has clearly indicated it intends to go after large-scale cryptocurrency mining taking place at government-operated industrial facilities. State Firms Mining Crypto in China to Face Higher Electricity Bills China’s National Development and Reform Commission ( NDRC ) announced Tuesday it plans to concentrate on the “comprehensive rectification” of state-run industrial enterprises involved in the extraction of digital currencies. The initiative is part of an ongoing crackdown on crypto-related operations that are banned in the People’s Republic. The economic planner cited concerns over energy waste associated with crypto mining as well as financial activities linked to cryptocurrencies, reiterating these are deemed illegal in China. Virtual currency does not have the same status as legal currency, the commission emphasized, q...

The crypto asset bitcoin has seen a phenomenal year gaining 261.5% over the last 12 months and the second leading crypto asset, ethereum, rose by 819.9% since mid-November 2020. However, a slew of digital currencies saw much larger gains during the last 12 months and a dozen crypto assets have gained anywhere between 7,000% to a whopping 27,000% in value. 12 Crypto Assets That Spiked 7,000% to Over 27,000% in Value Since Mid-November 2020 On Wednesday, November 17, 2021, the crypto economy with its 10,870 coins and 523 exchanges, is worth over $2.7 trillion. Meanwhile, during the last year, bitcoin ( BTC ) spiked more than 261% and its $1.1 trillion market valuation represents 41.3% of the crypto economy. Ethereum ( ETH ), on the other hand, is the second-largest market capitalization with just over $500 billion in value or 18.2% of the $2.7 trillion. ETH has risen 819% during the last 12 months, but 12 different crypto assets outpaced both BTC and ETH ’s 12-month gains combined....

Mt Gox claimants may see restitution soon as a recent filing from the Tokyo District Court’s trustee Nobuaki Kobayashi explains that the rehabilitation plan is now “final and binding.” The document published on Tuesday notes that an announcement will follow that discloses the “details of the specific timing, procedures, and amount of such repayments.” Mt Gox Creditors May See Bitcoin Returned Soon On Tuesday, Nobuaki Kobayashi published a notice of confirmation that the rehabilitation plan has been finalized. $Over 9 billion worth of bitcoin ( BTC ) may find its way back to the original owners who lost money during the Mt Gox hack and bankruptcy that followed. Since 2014, thousands of former Mt Gox users have tried to get their funds back and have been met with a myriad of obstacles over the years. Kobayashi’s filing says that the Tokyo court revealed the draft rehabilitation plan in May and on October 20, 2021, it was “approved by a large majority of rehabilitation creditors.” ...

Staples Center, one of the most iconic and globally recognized sports and entertainment arenas in the world, is changing its name to Crypto.com Arena. Crypto.com has also become an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings. Staples Center’s New Name Is Crypto.com Arena AEG, the owner of Staples Center, and Crypto.com “have launched a historic, 20-year naming rights agreement that will rename the AEG-owned and operated Staples Center,” both companies independently announced Tuesday. Located in downtown Los Angeles, the 20,000-seat, award-winning arena described itself as “one of the most iconic and globally recognized sports and entertainment arenas in the world.” It serves as the official home of the National Basketball Association (NBA) teams Los Angeles Lakers and LA Clippers as well as the National Hockey League (NHL) team LA Kings and the Women’s National Basketball Association (WNBA) team Los Angeles Sparks. Crypto.com has agreed to p...

PRESS RELEASE. EURST will be listed on fmfw.io starting November 17th. The Euro representative digital coin you can purchase with FMFW.io with BTC and ETH pairs. Introduction to EURST Stablecoins, which have arisen due to the digital world’s development, are secured with assets, thus minimizing its price volatility. Simone Mazzuca took another initiative and created EURST, a currency that meets European needs. EURST is a digital currency that is based on USD assets and which represents 1 Euro in USD. Its strength is to meet the applicable requirements of the governmental legal framework, by using a third-party reputable custodian for the funds backing the coins, and implementing an industry leading live attestation system in place. Operating on the Ethereum blockchain (ERC20) enables fast and secure transactions. Smart contracts, which are responsible for digitizing deposited funds kept by the holder in an account, allow transactions to be made without high costs and long wai...

Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming that a total of 78,000 merchants from 160 countries have now enrolled to become a part of the e-naira ecosystem. Despite the CBDC’s seemingly early success, a report by Bloomberg quotes Nwanisobi confirming that only $150,000 (62 million naira) worth of the digital currency has been traded since launch. Yet, on the other hand, Nigerians have traded some 60,215 bitcoins, which are currently valued at over $3.6 billion, between 2017 and 2020. This traded volume, which according to the report is the largest outside the United States, suggests the cryptocurrency has become an important alternativ...

Are you addicted to following the crypto markets? Are you new to the game and just want to know what’s going on? In just 59 seconds each day, this shot of crypto espresso gives you everything you need to know! Bitcoin.com News has launched a brand new TikTok channel just for you, bringing information related to the crypto world to the much-loved social media platforms of today. The new channel features an informational show dedicated to pushing out news and price updates to viewers from around the world. Called “Daily Price Update,” the one-minute or less per episode show gives a price update, plus a bit of price-related news to followers. The show runs Monday to Friday, with Japanese holidays off. Episodes go live around 6:45 am EST, giving people waking up in different parts of the world a chance to listen in for their morning dose of crypto price “espresso.” The episodes are subtitled and auto-captioned, giving viewers the chance to catch up anywhere, anytime, even with their ...

Authorities in Kyrgyzstan have uncovered and shut down a large crypto mining farm in the north of the country. Law enforcement officials claim the illegal coin minting facility has inflicted “colossal damage” to the nation’s power grid and that they are still trying to estimate the losses. Underground Crypto Farm Busted in Kyrgyzstan The region of Central Asia, including the Republic of Kyrgyzstan, has become a hotspot for cryptocurrency mining lately. Companies involved in the extraction of digital coins have been attracted by its low energy rates amid an ongoing crackdown on the industry in China. The influx of miners has been blamed for electricity shortages and some countries have been moving to mitigate a growing power deficit. In early October, reports revealed that the Kyrgyzstan government had raised the electricity tariff for crypto mining enterprises, among other consumers, citing the energy-intensive nature of their operations. Lawmakers in neighboring Kazakhstan have...

The cryptocurrency firm FTX Trading Ltd. announced on Tuesday that the Major League Baseball (MLB) legend Shohei Ohtani also known as “Shotime” has joined the company’s global ambassadors. According to the announcement Ohtani will be paid in cryptocurrencies and will acquire an equity stake in the crypto company. Angels’ Shotime Joins FTX At the end of June, seven-time Super Bowl champion Tom Brady and his wife Brazilian supermodel Gisele Bündchen joined FTX as global ambassadors. At the beginning of September, Brady and Bündchen starred in a $20 million ad campaign for FTX. Just before the deal between FTX Trading Ltd. and Brady, the crypto exchange preceded by inking a long-term partnership with MLB. Two months after the ad campaign with Bündchen and Brady, the company has announced that the MLB pitcher, designated hitter, and outfielder for the Los Angeles Angels, Shohei Ohtani, is joining FTX’s ambassadors’ list. The announcement notes that Ohtani will get all of his compens...

Bank of Russia is preparing for a prolonged trial of the digital version of the national fiat to ensure this is a “full-fledged ruble,” the head of the monetary authority has emphasized. The regulator has put forward some conditions for the implementation of the new currency project. Bank of Russia Sets Conditions for Digital Ruble Currency The Central Bank of the Russian Federation (CBR) may test a digital ruble for more than a year before it finally launches the CBDC , the bank’s chair, Elvira Nabiullina, said during a meeting of the important Financial Market Committee at the State Duma, the lower house of parliament. The head of the regulator insisted that the digital ruble project will be realized only if it meets certain criteria. The monetary authority’s first requirement is that the digital currency be freely convertible to the other two forms of Russian fiat, cash and bank money, at a one-to-one ratio. Responding to a question regarding the risks of introducing the coin, ...

Valkyrie Investments, one of the biggest cryptocurrency asset managers, has announced it will launch a so-called on-chain defi fund next week. This new fund would be substantially different than other, similar offerings, due to the location of the assets that will be available to earn yield in several protocols. $100 million has already been put up for this initiative. Valkyrie Debuts On-Chain Defi Fund Valkyrie Investments has announced the launch of their first on-chain defi fund yesterday, which will hold a portfolio of defi blue chips. The difference between this fund and similar offerings lies in the location of its funds. While other funds track the prices of assets passively, Valkyrie is proposing to hold the assets on-chain. This means that they will be able to use them to earn yield and passive income from positioning these assets in different protocols. Wes Cowan, Valkyrie’s managing director of defi, stated: This allows us to participate in the upside while also gain...