Bitcoin News and Finance: What You Need to Know

Financial institutions in Russia will not be able to communicate with clients through instant messengers based outside the country, local media revealed. A new law passed by the State Duma also prohibits banks from using chats to send personal data and payment documents. Bill Restricts Russian Banks and Brokers From Sending Sensitive Information Through Foreign Messengers Banks in the Russian Federation will not be allowed to contact their customers on a number of popular messengers, according to new legislation approved by the lower house of parliament. The ban applies to foreign-based platforms. A list of the affected apps is yet to be published by Roskomnadzor , the Federal Service for Supervision of Communications, Information Technology and Mass Media, but Telegram , Whatsapp, Viber, and the like fit the description, the business daily Kommersant reported. The draft law, passed by the State Duma in the third reading, also restricts the use of this type of messaging service fo...

A strategist at global investment bank JPMorgan says crypto is effectively nonexistent as an asset class for most large institutional investors. “The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging,” he added. JPMorgan on Institutional Crypto Investing JPMorgan Asset Management’s head of institutional portfolio strategy, Jared Gross, discussed crypto and institutional investors’ interest in the asset class on Bloomberg Friday. The senior investment strategist described: As an asset class, crypto is effectively nonexistent for most large institutional investors … The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging. Gross added that it is “self-evident” that bitcoin has not proven itself to be a form of digital gold or haven asset like some have hoped. He continued: Most institutional investors probably are breathing a sigh of relief that they didn’t jump into that mar...

The host of Mad Money, Jim Cramer, says he would not touch crypto in a million years. He called investors who own various altcoins idiots and urged the U.S. Securities and Exchange Commission (SEC) to do “a big sweep” on the crypto industry. Jim Cramer’s Crypto Warnings The host of CNBC’s Mad Money show, Jim Cramer, has issued more warnings about cryptocurrency. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on CNBC Friday: I would not touch crypto in a million years because I wouldn’t trust the deposit bank. He was then asked whether he is making a distinction between centralized and decentralized platforms. “They fought regulation. They didn’t want regulation and you don’t have regulation,” Cramer replied, indicating that he does not trust any platforms that do not want regulation. The Mad Money host continued: I’m just saying you are using a lot of blind faith, and I like to have my money at JPMorgan, and ...

The European Central Bank (ECB) has published a new report on the progress of its investigation into the possible launch of a digital euro. The research will continue next year with the regulator planning to make a decision whether to proceed to the realization of the project in the fall of 2023. ECB to Develop Rules for Digital Euro Distribution Through Intermediaries The eurozone’s central bank has released a second report on the advance of the investigation phase of its project to issue a digital version of the common European currency. The document presents a set of design and distribution options, recently endorsed by its Governing Council, and defines the roles of the ECB and market participants in the digital euro ecosystem. Just like banknotes today, a digital euro would be a liability on the balance sheet of the Eurosystem, the monetary authority of the eurozone consisting of the ECB and the national central banks of the member states. Therefore, the Eurosystem must be in...

Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting the country’s access to global finances and markets. Russia’s New Crypto Mining Legislation Is Yet to Be Fully Approved Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC. The high-ranking lawmaker, who has been closely involved in efforts to regulate Russia’s crypto space, explained that the proposed legislation needs additional approvals. He was likely referring to the reconciliation of the positions of the various regulators involved in the process. The bill, which was submitted to ...