Bitcoin News and Finance: What You Need to Know

Chinese President Xi Jinping and Russian President Vladimir Putin engaged in phone conversations with Brazilian President Luiz Inácio Lula da Silva regarding their joint work within the BRICS group ahead of the economic bloc’s leaders’ summit. Lula has been a vocal advocate of ditching the U.S. dollar in favor of national currencies and a proposed common BRICS currency. Putin and Lula Discuss Various Topics, Including Ukraine War and BRICS Cooperation Brazil’s president, Luiz Inácio Lula da Silva, engaged in a phone conversation with Russian President Vladimir Putin on Friday, following his discussion with Chinese President Xi Jinping earlier this week. Among the topics the leaders discussed was cooperation across major multinational organizations, such as the BRICS. The BRICS economic bloc comprises Brazil, Russia, India, China, and South Africa. In a tweet Friday, Lula wrote (translated from Portuguese by Google): I just spoke by phone with the president of Russia, Vladimir Pu...

The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will improve cooperation with its African counterpart. Brazil Wants the New Development Bank Under BRICS to Strengthen as Financing Instrument Authorities in Brasilia consider the New Development Bank ( NDB ), created by the BRICS nations (Brazil, Russia, India, China, and South Africa), as a promising alternative to traditional financial institutions, Brazilian President Luiz Inacio Lula da Silva was quoted as saying by the Tass news agency. Lula made the statement during a meeting with ambassadors from African countries. “We want the BRICS bank to strengthen as an alternative instrument for financing, and we will reinforce our cooperation with the African Development Bank,” he emphasized. Current international financial and banking institution...

As calls for the creation of a global alternative to the greenback grow, credit rating agency Moody’s said on May 25 that rival currencies such as the euro and the Chinese yuan do not yet threaten the U.S. dollar’s position as the world’s reserve currency. The agency said a confidence-sapping policy mistake such as the U.S. Congress’s failure to raise the debt limit poses the “greatest near-term danger to the dollar’s position.” Rival Currencies Cannot Match the U.S. Dollar’s Core Traits The global credit rating agency Moody’s has said while the spectre of the U.S. dollar losing its dominance is real, at the moment there are no viable alternatives to take its place. In a note reportedly released on May 25, Moody’s insisted that the current rivals to the greenback such as the euro and the Chinese yuan will not be able to quickly match the core traits that made it the most dominant currency. As has been reported by various media outlets including Bitcoin.com News, the dollar’s longs...

Although the implementation of the recently approved Markets in Crypto Assets (MiCA) regulations is likely to be difficult, their coming into force is going to have a positive outcome for everyone in the industry, Przemyslaw Kral, the CEO of the crypto exchange Zondacrypto, has said. Kral also argued that the implementation of these regulations will force non-compliant entities or those that cannot “deliver the required standards” to leave the European Union market. The Impact of MiCA Regulations on Crypto Industry Participants In his written answers to questions from Bitcoin.com News, the CEO suggested that the new regulations will ensure incidents such as the collapse of FTX will not recur. In addition, the regulations will stop human trafficking rings or criminal gangs from moving funds via Europe. Concerning fears that the implementation of MiCA regulations will see crypto firms leave Europe just as some have done in the United States, Kral said much will depend on their objec...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto asset EUROC is expanding natively on the Avalanche (AVAX) blockchain. According to Circle, several decentralized finance (defi) protocols and projects are supporting the new AVAX-issued EUROC asset. Circle’s EUROC Stablecoin Finds New Home on Avalanche Blockchain About 11 months ago, Circle launched the euro stablecoin called euro coin (EUROC) as its second major fiat-pegged token, following usd coin (USDC). The EUROC stablecoin was initially launched on the Ethereum blockchain as an ERC20 token. Currently, there are approximately 47.11 million EUROC in circulation, according to statistics from etherscan.io. The euro-backed stablecoin issued by Circle is held by 1,381 unique Ethereum-based addresses. On Twitter, Circle announced that EUROC will now be hosted natively on the proof-of...

Players in the crypto space are attracted to the United Arab Emirates (UAE) because the region not only has clear rules but is also “open to experimentation,” Ben Caselin, the Vice President and Chief Strategy Officer (CSO) at the crypto exchange Maskex, has said. Caselin also said the UAE and the Middle East’s perceived neutrality “opens doors” that crypto exchanges operating in the U.S. or the Asia Pacific region cannot enjoy. Factors Behind the MENA’s Emergence as a Preferred Investment Destination The Maskex CSO also told Bitcoin.com News that the Middle East and North Africa (MENA) region’s emergence as one of the most sought-after investment destinations could be due to what he described as the shift of relationships. Such shifts enable “new hubs of power and innovation to emerge.” With respect to stablecoins, Caselin said these are “hugely important” now and will remain so for the foreseeable future. However, in his written responses sent to Bitcoin.com News, Caselin acknowl...