Bitcoin News and Finance: What You Need to Know

The state-owned financial institution Bank of China has revealed a partnership with China Unicom and China Telecom in order to test SIM cards and near-field communication (NFC) payments tethered to the renminbi. The Bank of China explains that the pilot will be tested by selected users and areas and it currently only supports Android phones. China Taking Digital Yuan Usage to SIM Cards and Contactless Transactions China’s central bank digital currency (CBDC) called the “e-CNY,” otherwise known as the digital yuan or renminbi continues to see infrastructure growth. On July 10, the Bank of China announced that the country’s CBDC is being tested with SIM cards and NFC payments. Presently, the testing is being rolled out to select users and it will be gradually promoted in “selected pilot areas in the near future.” The Bank of China reveals it has partnered with China Unicom and China Telecom in order to streamline the digital yuan toward “unlocking new capabilities.” The SIM card har...

Russia’s second-largest bank’s chairman says by imposing sanctions on Russia, the West has “demolished the global trade system and caused an inflation surge.” Pointing to the U.S. banking crisis as an example, he stressed: “This is virtually the largest financial and banking crisis since 2008, and it is already spreading to Europe.” ’Sanctions Against Russia Are a Double-Edged Sword’ Andrey Kostin, the chairman of state-controlled VTB, Russia’s second-largest bank, talked about the U.S. banking crisis and the effects of Western sanctions on Russia in a meeting with Russian President Vladimir Putin on Tuesday. Kostin told Putin: We are actively creating a new payments and settlements infrastructure involving rubles and currencies of friendly states. “We have the necessary expertise and infrastructure for this because we are present in major Asian countries, such as China and India, and we are present in the CIS [Commonwealth of Independent States] countries. We are therefore work...

On Wednesday, July 12, 2023, the U.S. Bureau of Labor Statistics released the Consumer Price Index report for June, showing a 3% increase in inflation, the lowest level since March 2021. The U.S. inflation rate has fallen for 12 consecutive months, with the index rising 0.2% on a monthly basis. Labor Department’s CPI Data Shows 3% Inflation Rate for June Inflation in the United States continues to cool, according to the latest Consumer Price Index report from the U.S. Bureau of Labor Statistics released Wednesday. Inflation has fallen consecutively each month since June 2022. The inflation rate in June 2022 was 9.1%, but the latest CPI statistics show it has dropped to 3%. “The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May,” the CPI report details . “Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.” Stocks performed well after the news ...

The chief economist at S&P Global has predicted that the U.S. dollar “will no longer be the dominant world currency.” Highlighting the diminishing influence of the USD, he pointed out that an increasing number of countries are de-dollarizing, noting that the Chinese yuan is growing in popularity as a trading currency. Economist Expects US Dollar to Lose ‘Dominant World Currency’ Status S&P Global’s chief economist, Paul Gruenwald, shared his prediction about the end of the U.S. dollar’s dominance at a conference hosted by the ratings firm in London on Tuesday. The U.S. dollar “doesn’t have quite the pull it used to … There’s a fragmentation around the edges,” the economist stated, elaborating: We’ve got other things happening outside of the dollar world. The implementation of aggressive U.S. sanctions, including the freezing of Russia’s reserves worth around $300 billion last year, has prompted numerous countries to de-dollarize and increase the use of national currenc...

Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in volume traded, has revealed his secret for building a comprehensive team of employees for any startup. According to Zhao, external pressure has contributed to the unity of the team behind the exchange, and it also makes the Binance team more driven to its objective of increasing the “freedom of money for people all around the world.” Binance CEO Changpeng Zhao States Pressure Contributes to Building ‘Tight Teams’ Changpeng Zhao, CEO of Binance, took to social media to explain what he believes is a “little secret” for building “tight teams” in companies. Amidst recent reports indicating that several high-level executives had left the company after a response to an ongoing investigation by the U.S. Department of Justice, Zhao detailed the elements needed to build and maintain a comprehensive team in a startup. Zhao stated : It’s not fancy team building dinners, outings, etc. It’s not the coaching exercises, ment...