Bitcoin News and Finance: What You Need to Know

According to an executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth $50 million via cryptocurrencies since the beginning of this year.” The executive, however, says his company is facing challenges convincing the older generation decision-makers to buy into the metaverse, non-fungible tokens, and cryptocurrencies. Using a Trusted Intermediary The Dubai-based real estate developer, DAMAC Properties, has since the beginning of the year completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani has said. In his remarks during an interview , the COO said by accepting either bitcoin or ethereum as payment, DAMAC has shown the extent to which his company will go in order for it to “benefit from the most advanced technology solutions.” When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted inte...

Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether. RBI’s Deputy Governor Discusses Impact of CBDCs on Cryptocurrencies RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. He was quoted as saying: We (RBI) believe that CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies. By “private cryptocurrencies,” the Indian government and the central bank refer to all non-government-issued cryptocurrencies, including bitcoin and ether. Sankar explained the central bank’s stance that cryptocurrencies should not be permitted “just because they are backed by hi-tech.” He added: Any tool that can be used for g...

Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon. Elon Musk’s Bad Feeling About the U.S. Economy Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters. The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company. Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “ a good thing ,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months . Morgan Stanley analyst Adam Jonas b...

Bitcoin cash supporters are known for spreading adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption throughout the islands of the Caribbean, alongside places like Dubai, and Mumbai. Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Crypto Adoption According to the web page map.bitcoin.com , there are thousands of merchants worldwide that accept bitcoin cash (BCH) for goods and services. Moreover, if one was to visit the Reddit forum r/btc, they would notice a great deal of posts highlighting adoption in places like Dubai, Mumbai, St. Kitts & Nevis, and St. Maarten. Bitcoin.com News previously reported on St. Maarten’s Parliament member, Rolando Brison, revealing he requested to get his entire salary converted into bitcoin cash. Map.bitcoin.com indicates there are over 160 merchants that accept BCH in the region. Bitcoin cash is now accepted by the platform Caribeeats ( caribeeat...

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan becomes one of the first major economies to develop such a framework after last month’s collapse of the terrausd (UST) stablecoin and its sister cryptocurrency terra (LUNA). The development caused a major market slump and loss of confidence in stablecoins. According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to red...

Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute a suspicious activity, which could ostensibly lead to penalties of $15,000 for its customers. Sunacrip Publishes Internal Providence on Fintech Activities Sunacrip, the Venezuelan cryptocurrency watchdog, is seeking to have better control of the movements that Venezuelans make using cryptocurrencies and other assets using fintech platforms. The organization issued a new providence that establishes the mechanism to deal with suspicious activities, including on fintech platforms. The providence, which is an internal document signed by Joselit Ramirez, head of the organization, seeks to include different Financial Action Task Force (FATF) directives in its working processes to detect money laundering an...