Bitcoin News and Finance: What You Need to Know

A high-ranking member of the Russian parliament has urged for the adoption of a relevant legal framework to properly regulate cross-border crypto payments. His proposal comes after key regulators in Moscow said that Russia needs to allow the use of cryptocurrencies in foreign trade, now that it’s having to deal with serious financial restrictions. Financial Market Committee Chair Suggests Adopting Legislation for Russia’s Crypto Payments Anatoly Aksakov, head of the Financial Market Committee at the State Duma, considers it necessary to provide cross-border settlements in cryptocurrency with a regulatory framework. The lower house of Russian parliament is expected to review crypto-related draft legislation this fall, including a new bill “On Digital Currency,” and Aksakov has been an active participant in these efforts. The influential member of the lower house of Russian parliament issued the call after earlier this week the Russian finance ministry and central bank agreed that f...

The European Union (EU) is working on a project that involves blockchain architecture and the use of non-fungible tokens (NFTs) to fight counterfeiting and forgery. The project is the product of several meetings and blockchain hackathons organized by the European Union Intellectual Property Office and proposes to create digital twins of products to trace their path across supply lines. European Union to Use NFTs to Protect Intellectual Property The European Union has recently announced that is working on a system that will use blockchain and NFTs as part of its fight against the counterfeiting of physical goods. The system proposed will be designed by the European Union Intellectual Property Office, and is the product of more than five years of work. A document issued this month explains that the organization has already selected a high-level architecture for this task, and details generalities about how the system will work. Intellectual property (IP) holders will create digital...

While decentralized finance (defi) has created a plethora of protocols that make it so crypto assets can gather a yield, ten and a half years ago a bitcoin exchange called Bitcoinica introduced the first interest accruing system for bitcoin deposits. Despite being the first to test the waters, Bitcoinica eventually went bust after a series of hacks that saw roughly 62,101 bitcoin stolen from the exchange, and interest-bearing crypto accounts did not return until eight years later. Bitcoin Interest-Bearing Accounts Were Introduced by Bitcoinica in 2012 These days, interest-bearing accounts and yield-gathering defi protocols are all the rage in the world of cryptocurrency, but most people don’t know that the idea was introduced more than a decade ago. In mid-February 2012, the now-defunct bitcoin exchange, Bitcoinica, developed an idea that allowed bitcoin deposits on the exchange to gather interest. The idea was announced by the 18-year-old Zhou Tong, a bitcoin enthusiast who found...

Sorare, a French fantasy game startup, reached an agreement with the National Basketball Association (NBA) to build a non-fungible token (NFT) game under its license, allowing the company to use team names and player likenesses from the league. The company, which had already signed similar agreements with North America’s Major League Baseball (MLB) and some European soccer leagues, including the Spanish Laliga, is now the official NFT partner of the NBA. Sorare to Launch NFT-Based, NBA-Licensed Game Sorare, a French fantasy NFT game company, has announced a new partnership with North America’s National Basketball Association (NBA) to build a new NFT-based game. The company announced it signed a multi-year agreement to be the official NFT partner of the league, meaning that it can make use of the likenesses of players, teams, and the league in its upcoming products. Similar to other games already presented by the organization, the upcoming game will allow users to build a team of N...

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Authorities in Nigeria have been told to consider upgrading the country’s cryptocurrency regulatory guidelines because current regulations are not consistent with the realities on the ground. According to legal experts, the growing interest in cryptocurrencies by Nigerians means the country needs to have “clear-cut guidelines” for the industry. Nigerians Continue to Defy Central Bank Legal experts who spoke at a two-day workshop recently held in Nigeria have urged authorities to consider upgrading the country’s cryptocurrency regulatory guidelines. The experts argued that such an upgrade is needed because Nigerians have largely ignored current regulations that seek to stifle trade or investment in crypto. As recently reported by Bitcoin.com News, Nigerians are skirting the central bank’s restrictions on crypto trading or investment by using peer-to-peer trading platforms. For example, in just the first of half 2022, Nigerians using Paxful — a peer-to-peer crypto exchange — are rep...

A judge in the collapsed online bitcoin trading platform Mirror Trading International’s liquidation case has issued a provisional liquidation order that outlines the criteria to be used when reimbursing investors. The order also reportedly directs the liquidators to regard bitcoin “as [an] intangible asset that constitute[s] property.” Claims for Reimbursement Must Be Submitted in Local Currency A South African High Court judge recently granted an order outlining the criteria that liquidators of Mirror Trading International (MTI) — the collapsed bitcoin Ponzi scheme — should use when distributing recovered funds to the scheme’s investors. In addition, the judge, Justice MJ Dolamo, said MTI investors should submit claims denominated in the local currency — the rand. According to a Mybroadband report , the judge’s provisional order requires liquidators to designate bitcoin as an “intangible asset” that constitutes property. The report also said the order proffers two scenarios that t...