Bitcoin News and Finance: What You Need to Know

Crypto exchange Binance and its founder and CEO Changpeng Zhao (CZ) plan to seek the dismissal of a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). On July 27, the trading platform is due to submit its response to the CFTC complaint alleging that it broke derivatives laws in the United States. Binance, Exchange Executives to Try to Have the CFTC’s Case Dismissed Binance Holdings, the operator of the world’s largest crypto trading platform, Chief Executive Changpeng Zhao and former Chief Compliance Officer Samuel Lim intend to seek the dismissal of a complaint by the U.S. CFTC against the exchange, according to a court filing on Monday quoted by Reuters and Bloomberg. In March of this year, the CFTC sued Binance for alleged violations of U.S. trading and derivatives rules. At the time, the regulator said that at least since July 2019, the exchange had offered and executed commodity derivatives transactions on behalf of U.S. persons. The lawsuit argued that B...

A former central banker has explained that three conditions must be met for the Chinese yuan to become a currency on par with the U.S. dollar and the euro. Noting that the yuan is already the third-largest international currency after the USD and the euro, he emphasized that the Chinese currency’s market share and influence are growing. Chinese Yuan vs. U.S. Dollar, Euro Chinese economist Chen Yulu explained at an event Saturday how the yuan could become a global currency on par with the U.S. dollar and the euro, the South China Morning Post reported. The event marked the launch of a report by Renmin University on how China can boost the yuan’s international role. Chen, who was vice governor of the People’s Bank of China (PBOC) from October 2015 to August 2022, is now president of Nankai University. He previously served as president of Renmin University. The former central banker noted that the Chinese yuan has already become the third-largest international currency after the U.S. ...

The BRICS economic bloc has invited 69 leaders to its upcoming summit, including all African heads of state and the political heads of major Global South bodies. More than 40 countries have expressed interest to join the BRICS group, with 22 nations already having submitted official applications. “We’ve never had such a large outreach,” said South Africa’s diplomat in charge of BRICS relations. 69 Leaders Invited to BRICS Summit The upcoming BRICS summit is expected to be the largest yet, with 69 invitations already sent out, City Press reported. South Africa is hosting this year’s summit, which is scheduled to take place in Johannesburg from Aug. 22 to 24. The BRICS economic bloc comprises Brazil, Russia, China, India, and South Africa. The South African diplomat in charge of BRICS relations, Anil Sooklal, has revealed that all 54 African heads of state and the leaders of major Global South bodies have been invited to the summit. However, Western countries including the U.S., U.K....

An economist has shared her analysis of how a common BRICS currency could compete with the U.S. dollar. “You need foreign exchange reserves and you need the trust of the investment community,” she explained, noting that the only country in the BRICS economic bloc to carry such a reserve currency was China. Economist on Chinese Yuan and Reserve Currency The chief economist of South African financial services firm Nedbank, Nicky Weimar, discussed how a common BRICS currency could challenge the U.S. dollar’s hegemony last week, Independent Online reported. The BRICS group comprises Brazil, Russia, India, China, and South Africa. Noting that the economic bloc seeks to create a reserve currency on par with the U.S. dollar and reduce its dependency on the USD, Weimar emphasized that to achieve this goal: You need foreign exchange reserves and you need the trust of the investment community. The economist explained that the U.S. dollar became the global reserve currency due to the bac...

President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other transactions, will enter into force on Aug. 1. President Putin Greenlights Law Introducing Digital Ruble as New Form of Russian Fiat Russian President Vladimir Putin has approved a bill providing the legal basis for the implementation of Russia’s central bank digital currency ( CBDC ), the Tass news agency and other Russian media reported. The new federal law introduces a third, digital form of the national currency, the ruble, after cash and non-cash (bank) money. Putin’s signature opens the door for using the CBDC named “digital ruble” as a means of payment and for other transfers in the Russian Federation. These will be free of charge for citizens while businesses will pay a 0.3% commission on the amount transferred. Transactions with the dig...

After the Russian currency touched a year low versus the greenback of nearly 92 units for every dollar, economist Robin Brooks said the ruble has stabilized and may eventually be lifted by rising oil prices. The Institute of International Finance Economist urged G7 countries to consider cutting the Russian oil price cap from $60 to $50. Ruble Down by Over 18% in 2023 According to Robin Brooks, the chief economist at the Institute of International Finance (IIF), the Russian currency — the ruble — has now “stabilized” and is likely to be bolstered by rising oil prices in the coming months. Brooks, a former chief forex strategist at Goldman Sachs, also noted in a tweet that while Russia’s June current was in deficit, G7 countries’ failure to reduce the oil price cap from $60 to $50 per barrel could well give “the ruble a lift.” Russia's Ruble has stabilized. The summer months are always a soft spot for the Ruble – the June current acount was in deficit – but now rising oil prices...