Bitcoin News and Finance: What You Need to Know

Importers are accusing the Central Bank of Argentina of stalling on the delivery of dollar-based payments under the pretext of high freight costs. According to importers, the Argentine government considers freight costs exceeding 15% of the value of the merchandise imported as an inconsistency. Central Bank of Argentina Delays Dollar Disbursements to Importers The government of Argentina is now being accused of delaying the delivery of dollars to Argentine importers by using freight costs as an excuse. According to Argentine economist Ignacio Olivera Doll, the government is using a limit for the cost of freights that hadn’t been applied before, as a basis for these actions. The government has denied dollar requests for freight payments whose costs exceed 15% of the value of the merchandise transported. Argentine importers, as a result of exchange controls, need to receive dollars via government approval to conduct their operations. Customs General Manager Guillermo Michel denied ...

South Africa’s top diplomat responsible for BRICS relations has revealed that more than 40 countries are interested in joining the economic bloc. Among them, 22 nations have formally applied for membership. He believes that the BRICS group could expand to include more than 50 countries. BRICS Group Attracts More Than 40 Nations Anil Sooklal, South Africa’s top diplomat in charge of BRICS relations, and officials from the South African foreign affairs department shared the latest stats on BRICS membership applications in a press conference in Johannesburg on Thursday. South Africa will host this year’s BRICS summit. The economic bloc comprises Brazil, Russia, India, China, and South Africa. Sooklal revealed that 22 countries have formally asked to join the BRICS. He was also quoted by Reuters as saying: An equal number of countries … have informally expressed interest in becoming BRICS members … (including) all the major global south countries. Countries interested in joining th...

JPMorgan has warned of the risks to the U.S. dollar’s dominance from escalating U.S.-China tensions and political instability. The global investment bank’s strategists anticipate “partial de-dollarization,” in which the Chinese yuan gradually assumes a more significant role in global trade. JPMorgan on De-Dollarization Threat Global investment bank JPMorgan has warned that the dominance of the U.S. dollar could be at risk due to rising tensions between the U.S. and China, as well as concerns about political instability within the United States. The firm’s strategists, led by Jan Loeys and Joyce Chang, explained in a report published on Tuesday that the markets are not adequately factoring in the risk of a “rapid and deep” decline in the U.S. dollar’s status as the preferred currency for global reserves and trade. They detailed: If U.S.-China tensions intensify and we get more global fragmentation, it would likely lead to de-globalization in trade and finance … In finance, it cou...

The Federal Reserve has launched its Fednow Service for instant payments with 35 participating banks and credit unions, as well as 16 service providers. “The Federal Reserve is committed to working with the more than 9,000 banks and credit unions across the country to support the widespread availability of this service for their customers over time,” the U.S. central bank stated. Fednow Officially Live The Federal Reserve announced Thursday that its new system for instant payments, the Fednow Service, has launched with 35 participating banks and credit unions, the U.S. Department of the Treasury’s Bureau of the Fiscal Service, and 16 service providers. Participating financial institutions include BNY Mellon, JPMorgan Chase, Peoples Bank, U.S. Bank, and Wells Fargo Bank. “The Fednow Service is designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security,” the Federal Reserve detailed, adding: The Fednow Service is ne...

A Turkish court has sentenced Faruk Fatih Özer, the founder of the collapsed cryptocurrency exchange Thodex, to an effective seven months and 15 days in prison. During the trial, Özer denied being an executive of the crypto exchange when the platform allegedly failed to furnish the Tax Inspection Board with the documents requested. Appointment of Trustee Reportedly Made Submission of Requested Documents Impossible A court in Turkey has sentenced Faruk Fatih Özer, the founder of the defunct cryptocurrency exchange Thodex, to just over seven months in prison for failing to furnish the Tax Inspection Board with the documents it requested. However, according to a report in the Hurriyet Daily News, the Anatolian 17th Criminal Court of First Instance has since agreed to delay announcing the verdict as well as the implementation of the sentence. As explained in the report, Özer, who was arrested in Albania in Aug. 2022, claimed that he was not a company executive when the alleged crime w...