Bitcoin News and Finance: What You Need to Know

Major crypto exchanges have failed to prevent sanctioned Russian banks and traders from transacting, according to a blockchain forensics report. At least two established coin trading platforms continue to allow Russians to use their bank cards in peer-to-peer deals, the analysis shows. It also highlights an increased Russian interest in tether. Russian Traders Still Using Leading Cryptocurrency Exchanges to Bypass Restrictions Some of the world’s largest digital asset exchanges have been failing with measures to prevent Russian banking institutions under sanctions from operating through their platforms, reveals a report by the blockchain analytics firm Inca Digital, announced on the first anniversary of Moscow’s invasion of neighboring Ukraine. According to the research, quoted by Bloomberg and Politico, traders can still use debit cards issued by Russian banks sanctioned by the U.S., Canada, U.K., and the European Union among others, including the state-owned Sberbank, to trade o...

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry. India Asks IMF and FSB for Technical Paper on Crypto The Indian government released on Saturday its “G20 Chair’s Summary and Outcome Document” following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed. During a panel discussion on cryptocurrency regulation as part of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate on a technical paper on crypto assets. According to the summary document: IMF and the FSB to jointly su...

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. “Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said. A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating: Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed cr...

Bitcoin’s mining difficulty reached an all-time high (ATH) on Feb. 24, 2023, at block height #778,176, reaching 43.05 trillion hashes and surpassing the 40 trillion mark for the first time ever. The network’s difficulty increased by 9.95%, which is the second-largest rise this year, as Bitcoin recorded a combined 24.89% increase during the last 60 days. Network Participants Face Longer Block Times Following Recent Difficulty Change It has never been harder to mine bitcoin (BTC) than it is today, as miners have experienced a 9.95% difficulty increase at block height #778,176. Now and for the next two weeks, or approximately 2,016 blocks, the difficulty will be 43.05 trillion. The network’s average hashrate over the last 2,016 blocks was roughly 305.8 exahash per second (EH/s). The 9.95% increase on Friday was the second-largest jump in difficulty this year, as the largest was recorded on Jan. 15, 2023, at block height #772,128. At that time, the difficulty rose 10.26% higher than...

The second-largest bank in Germany, DZ Bank, is preparing to become a provider of custody services for crypto assets. The offering will be facilitated by a partnership with Metaco, a Swiss company that specializes in helping financial institutions to operate in the digital asset space. DZ Bank to Use Metaco’s Harmonize Platform to Launch Crypto Custody Services DZ Bank, part of Volksbanken Raiffeisenbanken which is one of the largest banking groups in Germany, is going to employ a platform built by Metaco to offer institutional clients services in the field of digital currencies and crypto securities, the fintech announced. Regulated by the Federal Financial Supervisory Authority (Bafin), DZ Bank is an established custodian and Germany’s second-largest bank by asset size. At the end of 2022, it had €297 billion (almost $315 billion) worth of assets under custody. Metaco, founded in Switzerland in 2015, is focused on enabling financial and non-financial institutions to conduct cryp...

Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions. JPMorgan to Push Blockchain Development in New Innovation Lab JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will focus primarily on building applications that use Onyx, the platform launched by the bank in 2020. This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for customers of the bank using Onyx’s technology. Tyrone Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative including two full-stack software engin...