Bitcoin News and Finance: What You Need to Know

The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally. Central Bank of Russia to Accept Legalization of Cryptocurrency Mining The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in the process outside the country. That’s according to a recent statement by Kirill Pronin, head of Bank of Russia’s Financial Technologies Department. The central bank has been the hardline voice in the ongoing discussions on the future of cryptocurrencies in Russia, proposing a blanket ban on most related activities earlier this year, including mining. However, facing opposition from other government institutions and...

India’s central bank, the Reserve Bank of India (RBI), sees cryptocurrencies as “a clear danger.” However, the financial stability risks posed by crypto assets currently appear to be “limited.” RBI on Crypto’s Danger and Financial Stability Risks The Reserve Bank of India (RBI) released the 25th issue of its Financial Stability Report (FSR) Thursday. RBI Governor Shaktikanta Das wrote: Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The RBI chief further opined: “While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against.” The Indian central bank’s report explores financial stability risks posed by crypto assets, citing various studies, including the work by the Financial Stability Board (FSB). The report states: The risks from cryptoassets to finan...

The host of Mad Money, Jim Cramer, claims that “With the immolation of crypto, the Fed’s job is almost complete.” He stressed that “one front in the war on inflation that’s been an outstanding total victory for the Fed” is the battle against financial speculation. Jim Cramer on Fed’s Policy, Inflation, Crypto Jim Cramer discussed crypto and the Federal Reserve’s fight against inflation on CNBC’s Mad Money show Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He began by stating, “crypto does not hedge you against anything — at all,” including stock prices, noting that it has recently performed even worse than the stock market. The Mad Money host called cryptocurrency “the last bastion of rampant speculation,” noting that it is something “the Federal Reserve is trying to wipe out in order to tame inflation.” While acknowledging the Fed’s efforts against inflation, he said, “we’ve still got lots of inflation out th...

Bits.media, a leading news outlet in Russia’s crypto space, has been blocked by Russia’s telecom and mass media watchdog, Roskomnadzor. The site is now inaccessible through most Russian internet providers, the online edition announced, stating it intends to contest the measure. Roskomnadzor Denies Russians Access to Bits.media Crypto news website Bits.media became unavailable to most of its readers in Russia this week and its team found that the Russian media censor Roskomnadzor is to blame. The government agency has added an unspecified number of its pages to a register of internet sources disseminating banned information. The block results from a ruling by the Volzhsky District Court of the city of Saratov in a lawsuit initiated by the local prosecutor’s office on March 31. The judge granted the prosecutor’s request on April 24 after considering the case in the absence of the media outlet’s owners, Bits.media explained in a post. According to the published decision, five URLs w...

Warba Bank, a Kuwait-based Islamic bank, recently became the latest corporation from the Middle East and North Africa (MENA) to enter the metaverse. The bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox. Pioneering Digital Transformation In what has been described as a first for an Islamic bank, the Kuwait-based Warba Bank recently said it now occupies two sites in the metaverse, one on Decentraland and another on Sandbox. The bank’s presence in the metaverse is expected to bolster its communication with the young generation. In his remarks following the confirmation that Warba Bank has entered the metaverse, Anwar Bader Al-Ghaith, the financial institution’s VP for Support Services and Treasury said : Warba Bank’s interest in entering this virtual reality comes within the framework of digital trends to transform into a [Web3]. The world of virtual reality is used in several advanced fields, including services, education, health and others....

According to the Chinese journalist Colin Wu, otherwise known as “Wu Blockchain,” the cryptocurrency company Huobi may lay off 30% of the firm’s staff due to “a sharp drop in revenue.” Furthermore, the reporter claims that Huobi’s co-founder Leon Li is reportedly looking to sell a large stake in the digital assets company. Colin Wu Reports Layoffs Are Coming to Huobi and the Alleged Sale of 50% Stake On June 28, 2022, Colin Wu , the local cryptocurrency and blockchain journalist from China, explained that Huobi “will start layoffs, which may exceed 30%.” Layoffs have been plaguing the crypto industry as companies like Blockfi , Coinbase , Gemini, Bitso, Buenbit , Rain Financial, Bybit, and 2TM have let employees go. The crypto winter and volatile markets have been the main reason why executives have decided to cut workforce numbers. Wu detailed that “the main reason” why Huobi is laying off staff is because of “the sharp drop in revenue after the removal of all Chinese users.”...