Bitcoin News and Finance: What You Need to Know

The Zimbabwean central bank recently said it is close to rolling out gold-backed digital tokens “for transactional purposes.” According to the bank’s governor, the gold-backed digital tokens have already proven to be an effective monetary policy instrument. Central bank governor John Mangudya also said the results of a consumer survey had shown that residents had limited knowledge about an envisaged central bank digital currency (CBDC). An ‘Effective Monetary Policy Instrument’ The Reserve Bank of Zimbabwe (RBZ) has said it is now “at an advanced stage in preparations for the rolling out of GBDT [gold-backed digital tokens] for transactional purposes.” The bank said the rollout would see the gold tokens complement the U.S. dollar “in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange.” In a recently released mid-term monetary policy statement, RBZ governor John Mangudya revealed that the central bank will soon kickst...

France’s financial market regulator said it’s adjusting the rules for crypto companies in line with Europe’s new regulatory framework. The changes, which will enter into force next year, seek to enhance registration requirements for businesses offering certain services for digital assets like custody and trading. AMF Revamps Crypto Regulations to Enforce Stricter Registration Rules for DASPs Autorité des Marchés Financiers ( AMF ), the French financial regulator, announced Thursday it’s amending its regulations and policies regarding digital asset service providers (DASPs) to implement “enhanced” registration for some of these entities. The new requirements for crypto companies were introduced with a law known by the French abbreviation DDADUE, allowing the government in Paris to transpose European Union directives, which was adopted earlier this year. The DDADUE law clarified some provisions relating to the EU’s new Markets in Crypto Assets (MiCA) legislation . It introduced an “...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that “crypto regulatory onslaught will never end.” He claimed that cryptocurrency trading platforms, like Binance and Coinbase, are simply playing “a short game of regulatory arbitrage, all carried out in an effort to make as much fiat as possible before their inevitable demise.” Former SEC Official’s Warning of Ongoing Crypto Regulatory Sweep Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark warned in a lengthy tweet on Saturday that “the SEC’s crypto-regulatory onslaught will never end (ever).” Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Referring to the recent regulatory action taken by the SEC against cryptocurrency exchange Bittrex , he pointed out that the charges against Bittrex mirr...

Economist Peter Schiff says investors are in for “two huge surprises.” Noting that the Federal Reserve has already lost its fight against inflation, he explained that by the time the U.S. economy officially enters a recession, inflation will be too high for the Fed to “stimulate” with interest rate cuts. Peter Schiff Sounds Alarm on U.S. Economy Economist and gold bug Peter Schiff issued multiple warnings about the U.S. economy in a series of tweets this week. He wrote on Wednesday: Investors are in for two huge surprises. The first is that future inflation rates will be much higher than they think. The second is that the Fed won’t be willing or able to do what it takes to fight it. Following the U.S. Bureau of Labor Statistics report, released Thursday, that the consumer price index (CPI) rose 3.2% from a year ago in July, Schiff tweeted: “Don’t believe the financial media’s spin that July’s 3.2% YoY CPI rise, with YoY core at 4.7%, means the Fed is winning its war against infl...

Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August. Russia Prepares to Pilot Operations With New Digital Ruble Financial authorities and institutions in the Russian Federation are gearing up to start testing the country’s central bank digital currency ( CBDC ) in actual transactions between real users . The trials are set to begin on Aug. 15. Around 600 people and 30 companies will participate in the initial stage of the pilot, First Deputy Chair of the Central Bank of Russia, Olga Skorobogatova, unveiled at a press conference, quoted by the crypto news outlet Bits.media. After verifying all operations conducted by the first group, the number of participants will be increased, she added. The tests will be carried out in 11 Russian cities, including Mosc...