Bitcoin News and Finance: What You Need to Know

Indonesia’s central bank has established a national task force to expand the use of local currency with partner countries. Malaysia, Thailand, Japan, and China are already trading with Indonesia using local currencies. In addition, Singapore and South Korea have signed cooperation agreements to build a local currency transaction framework with Indonesia, according to the central bank. Indonesia’s De-Dollarization Efforts Bank Indonesia (BI), the Indonesian central bank, announced on Tuesday that it has “formed a National Task Force to expand the use of local currency transactions (LCT) in Indonesia with partner countries.” The Memorandum of Understanding (MoU) concerning the National LCT Task Force was signed on the sidelines of this year’s ASEAN Summit in Jakarta on Tuesday. Besides the central bank, the Coordinating Ministry for Economic Affairs, Coordinating Ministry for Maritime Affairs and Investment, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Industry, Mini...

Palau is preparing to close the distribution phase of its stablecoin pilot after having extended it for 30 additional days to examine additional use cases and growing popular demand. Palau Ministry of Finance board member Jay Hunter Anson explained that the pilot was a “temporary, research and development pilot,” and that the entity will now compile data to deliver a report to the government. Palau Concludes Stablecoin Pilot Distribution Phase Palau has informed about the completion of the distribution phase of its first stablecoin pilot, prompting users to spend their Palau Stablecoins (PSC) before September 15, when they will be frozen. Jay Hunter Anson, a board member of Palau’s Ministry of Finance, thanked the participants in this first phase and explained the steps the organization will follow. The pilot will officially conclude at the end of the month, and the last 15 days of September will be dedicated to working with merchants as part of the pilot to organize redemptions o...

The Federal Bureau of Investigation (FBI) says it has confirmed that North Korea’s Lazarus Group was behind the crypto theft of about $41 million from online crypto casino and sports betting platform Stake.com. The FBI has provided a number of Bitcoin, Ethereum, Binance Smart Chain (BSC), and Polygon addresses that received stolen funds from Stake.com. FBI Attributes $41M Crypto Theft to Lazarus Group From DPRK The Federal Bureau of Investigation (FBI) announced Wednesday that it has identified Lazarus Group’s cyber actors as responsible for the theft of approximately $41 million in cryptocurrency from Stake.com. The announcement states: The FBI is issuing this release to warn the public regarding the theft of approximately $41 million in virtual currency from Stake.com, an online casino and betting platform. The FBI has confirmed that this theft took place on or about September 4, 2023, and attributes it to the Lazarus Group (also known as APT38) which is comprised of DPRK cyber...

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have published their synthesis paper titled “Policies for Crypto Assets,” which was developed at the request of the Indian G20 Presidency. The global organizations “have set out a roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy response for crypto-assets.” IMF, FSB Release ‘Policies for Crypto Assets’ The International Monetary Fund (IMF) and the Financial Stability Board (FSB) published their joint synthesis paper titled “Policies for Crypto Assets” on Thursday. The report was developed at the request of the Indian G20 Presidency. “This paper’s key objective is to synthesize the work of the IMF and the FSB,” the report details, adding that the two international organizations “have advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.” The paper discusses the i...

Tether, the largest stablecoin in the cryptocurrency market, discussed how its leverage of U.S. treasury bills creates a steady demand for U.S. national debt as a backup of the USDT issuance. The company has exposure to almost $73 billion in U.S. debt, held directly, indirectly, or as collateral for reverse repo operations. Tether U.S. Treasury Exposure a ‘Call Option’ Tether, the largest stablecoin company in the cryptocurrency market, has recently discussed its exposure to U.S. treasuries and its effects on the entire crypto ecosystem. In a recent article titled “Tether USDT and U.S. Treasury Dynamics,” the organization reported it held almost $73 billion in U.S. debt directly, indirectly, or as collateral in reverse repo operations, making it the number 22 holder of U.S. Treasuries. Tether CTO Paolo Ardoino stated that the company held more U.S. debt than nations like the United Arab Emirates, Mexico, Australia, and Spain. For Tether, this sets a trust precedent in the U.S....

The popular Ethereum wallet Metamask has introduced a new feature allowing users to convert crypto to major fiat currencies. The “Sell” option currently supports cashing out ether ( ETH ) and is available to users in the U.S., the United Kingdom, and some European markets. New Feature of Metamask Wallet Allows Users to Sell Ether for Fiat Metamask , a widely used Ethereum wallet, has offered ETH holders an easy way to cash out their cryptocurrency to fiat money. At the moment, the “Sell” feature is available in the U.S. — where certain state restrictions apply — the U.K., and parts of Europe, but the intention is to add more regions, the wallet’s team said on Tuesday. Users can currently cash out to U.S. dollars (USD), British pounds (GBP), and euros (EUR). They can have the fiat amount sent to a bank account or a Paypal balance where these fiat account destinations are available, depending on location. “We’re initially supporting ETH on Ethereum Mainnet, with plans to expand to ...

Two Binance executives responsible for the crypto giant’s operations in Eastern Europe and the former Soviet space have left the company. The departures come at a time when the leading crypto exchange finds itself under persisting regulatory pressure and is considering leaving sanctioned Russia. Another 2 Managers Quit Crypto Exchange Binance as Executive Exodus Continues Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets. On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States ( CIS ), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange. “Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, ...