Bitcoin News and Finance: What You Need to Know

The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy. Monetary Authority of Kazakhstan Reports on Advance of Digital Tenge Pilot Project The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on the need for the new version of the national fiat, the tenge, have been presented in a whitepaper published by the regulator. The first phase of the pilot was conducted between July and December, 2021, when a prototype was developed to examine the viability of the CBDC concept, detailed an announcement , quoted by RBC Crypto. During the second stage, from January to December, 2022, the platform was fine-tuned and trials s

The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath. G20 Nations Discuss Crypto Regulation The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru. Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying: The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a

The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. “Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” he asked, adding: “I would trust my money more in Draftkings than I would Binance.” Jim Cramer Slams Binance The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted Friday: Why are there no strategists who say that most crypto are worthless so sell them? Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX? The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars from its collapse. Bankman-Fried has been a

Cardano fell to a fresh all-time low on Saturday, as prices plunged by over 10% to start the weekend. The move saw the token drop for a third straight session, as a red wave swept through cryptocurrency markets. Binance coin also moved lower, dropping for a seventh consecutive day. Cardano ( ADA ) Cardano ( ADA ) moved to a fresh all-time low to start the weekend, as prices dropped for a third straight session. Following a high of $0.3011 on Friday, ADA /USD moved to a low of $0.2603 earlier in today’s session. The move saw the token plunge by nearly 13% earlier in the day, hitting a new all-time low in the process. Looking at the chart, the drop comes as the 10-day (red) moving average crossed its 25-day (blue) counterpart. This signals a shift in price momentum, and comes as the relative strength index (RSI) fell deeper into oversold territory. As of writing, the index is tracking at 24.13, which is its weakest point since October 21. Binance Coin ( BNB ) Binance coin ( BNB

The fallout from the collapse of failed crypto exchange FTX is forcing Web3 brands, and projects previously focused on managing the public’s perception, to concentrate on fighting for their very legitimacy, Laura K. Inamedinova, a Web3 marketing expert, has said. Besides just trying to convince backers and investors, Inamedinova said Web3 players have the more formidable task of convincing regulators. Security and Reliability Issues Resurface After initially starting the year focused on community management and the public’s perception, the fallout from FTX’s collapse caused many Web3 brands and projects to switch to arguing for their legitimacy and reputation, Web3 marketing agency founder Laura K. Inamedinova has said. She added that even in cases where there is no direct connection with FTX, Web3 entrepreneurs now feel compelled to address concerns about the security and reliability of their projects. In addition to their attempts to assuage the fears of nervous investors and bac

A report issued by Capgemini, a consulting firm, has found that most consumers are at least curious about the metaverse and what it might bring to their lives. The report, which also examined consumer and company expectations of immersive experiences, explains that many are already taking advantage of the metaverse concept. Capgemini: Metaverse Seeing Interest From Consumers and Organizations The Metaverse is becoming the focal point of studies that seek to identify the potential of possible investments in the field. Capgemini, a consulting firm, found that there is significant interest in the metaverse from both consumers and companies in its latest report issued on Dec. 8. The report , titled “Total Immersion: How Immersive Experiences and the Metaverse Benefit Customer Experience and Operations,” found that nine out of ten consumers have curiosity regarding the metaverse and what it might bring to their lives. 8,000 consumers and 1,000 organizations in 12 countries were survey

The United Nations High Commissioner for Refugees (UNHCR) recently said it has launched a blockchain payment solution for digital cash distribution to internally displaced persons (IDPs) in Ukraine. According to the agency, the use of the blockchain-based cash distribution system ensures the funds are instantly transferred to the intended recipients. Only ‘Most Impacted and Vulnerable People’ Qualify The United Nations High Commissioner for Refugees (UNHCR) and the Stellar Development Foundation (SDF), an organization supporting the growth of the Stellar blockchain, announced on Dec. 15 the launch of a “blockchain payment solution for digital cash distribution to internally displaced persons (IDPs) and other war-affected people in Ukraine.” In a statement , the agency said it had, alongside the United Nations International Computing Centre (UNICC), become the first “to pilot the new Stellar-based aid disbursement solution.” Lauding the pilot phase, which is designed specifically fo

Roberto Campos Neto, president of the Central Bank of Brazil, has stated that the digital real project, the Brazilian central bank digital currency (CBDC) could be launched in 2024. Campos Neto also remarked on the benefits the digital currency system might bring as it is integrated with traditional finance structures and decentralized finance (defi) institutions. Digital Real Might Be Ready in 2024, According to Roberto Campos Neto Brazil is one of the countries that has made significant advancements in the field of central bank digital currency (CBDC) in the last year. While there is currently no official date for the issuance of the digital real, Roberto Campos Neto, president of the Central Bank of Brazil, has hinted at a possible launch of the currency in 2024. At a Dec. 13 event, Campos Neto stated : In 2024, I would like to have a release. There are still many challenges to reach this schedule, but this is our vision, our goal. Campos Neto considers this to be possible i

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. “Our auditors were learning on the job,” he described, adding that it’s “not a good thing.” Michael Burry on Audits of Crypto Firms Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are meaningless. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Commenting on accounting firm Mazars Group halting proof-of-reserves audits for crypto companies, Burry tweeted:

Roughly seven days ago the owner of Twitter, Elon Musk, disclosed that the social media platform planned to purge 1.5 billion Twitter names if they were inactive or the accounts haven’t logged in for years. After the statement, bitcoiners grew concerned that the now-deceased computer scientist Hal Finney’s Twitter account would be terminated. It seems that since then, Finney’s wife Fran Finney has taken over Hal’s social media account in hopes Musk won’t purge her husbands account. Fran Finney Has Control of Hal’s Twitter Account — Says She Activated It to Protect the Account From Elon Musk’s Inactive Twitter Account Purge On Dec. 16, 2022, the bitcoin supporter Jameson Lopp tweeted an alert letting people know that Hal Finney’s Twitter account — @halfin — was now active. “ALERT,” Lopp said. “Someone has taken control of Hal’s Twitter account. Consider that we don’t know the intentions of the new owner; it could be compromised.” Lopp’s tweet got a reply from the @halfin Twitter ac

Hong Kong’s first crypto-based exchange-traded funds (ETFs) have attracted over $73 million ahead of their debut on the region’s stock exchange. The launch of the two ETFs tracking cryptocurrency futures listed in the United States comes despite the industry’s current troubles. Hong Kong Debuts Bitcoin and Ether Futures ETFs Amid Crypto Winter Two ETFs tracking crypto futures raised a total of $73.6 million ahead of their debut on the stock exchange in Hong Kong on Friday, with the larger one raising $53.9 million, according to Reuters. The news agency noted that the launch is in defiance of the ongoing turmoil in the sector. The funds, offered by CSOP Asset Management, invest in bitcoin ( BTC ) and ether ( ETH ) futures listed on the CME exchange in the U.S., the only crypto assets allowed by Hong Kong’s Securities and Futures Commission (SFC) at the moment. Commenting on the development Yi Wang, head of quantitative investment at CSOP, stated: Coming after the recent liquidity

Following the arrest of the former FTX boss Sam Bankman-Fried (SBF), spectators continue to wonder where ex-Alameda Research CEO Caroline Ellison is, and whether or not she turned on SBF. A few reports suggest Ellison is “likely working with feds” and it’s possibly the reason why Ellison was reportedly spotted at the Ground Support cafe in Soho. Did Caroline Rat on SBF? No One’s Heard a Peep From the Mysterious Ex-Alameda Executive Since FTX Collapsed A great deal of crypto supporters and the media have been wondering where Caroline Ellison , the former Alameda Research CEO, is currently located. After FTX filed for Chapter 11 bankruptcy protection, Sam Bankman-Fried (SBF), galavanted on a media tour with the likes of the New York Times ’ Dealbook event and his appearance on Good Morning America. Then over a month after FTX collapsed, SBF was arrested in The Bahamas and indicted by a federal grand jury in Manhattan, charged with fraud by the U.S. Securities and Exchange Commiss

The European Central Bank (ECB) decided to hike three of its key interest rates by 50 basis points (0.5%) as part of its ongoing war against inflation. The organization stated that further increases are likely to happen “because inflation remains far too high and is projected to stay above the target for too long.” ECB Follows Federal Reserve, Hiking Interest Rates by 50 Basis Points The European Central Bank (ECB) has explained its economic policy in its war against inflation. The governing council of the body decided to hike the interest rates on its main refinancing operations, its marginal lending facility, and its deposit facility by 50 basis points (bps) across the board. In a press release , the organization explained that this rise is part of a plan to ensure a “timely return” to the 2% levels of inflation formerly faced by the bloc. This hike is similar to the one applied by the U.S. Federal Reserve on Dec 14, when it also hiked its interest rates by 50bps. Inflation lev

As blockchain developers compete for traffic and resources for their respective dapps (decentralized applications), the downside to this, according to some in the industry, can be a poor user experience which in turn undermines the mass adoption cause. Therefore, unless current blockchains — both Layers 1 and 2 — can overcome niggling issues like high gas fees or poor network speed, it will be difficult to convince traditional organizations that they need the tech, according to Ankr’s Josh Neuroth. Overcoming Blockchain Scalability Challenges In cases where an attempt to improve a blockchain’s transaction throughput is made, history has shown that compromises that might affect the chain’s security may have to be made. Alternatively, developers can consider overcoming this problem, known as the blockchain trilemma, using sidechains or application-specific blockchains (Appchains). As Josh Neuroth, head of product at the decentralized Web3 infrastructure platform Ankr explained, the

The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations. Russia’s Central Bank Eases Supervision of Digital Asset Platforms Amid Sanctions The Central Bank of the Russian Federation ( CBR ) has allowed issuers of digital financial assets (DFAs) not to disclose information sensitive in the light of sanctions risks. The exemption, valid until July 1, 2023, concerns data revealing the beneficial owners of such entities. According to an announcement quoted by Russian crypto media, the temporary reporting relief is part of a package of measures meant to help persons and organizations operating within the Russian financial market infrastructure. While Russia is yet to regulate cryptocurrencies like bitcoin, the existing law “On Digital Financial Assets” permits co

Two U.S. senators, including Elizabeth Warren, have introduced a bipartisan bill for the regulation of cryptocurrency. The bill, titled “Digital Asset Anti-Money Laundering Act,” is “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen,” according to crypto advocates. Digital Asset Anti-Money Laundering Act of 2022 Launched U.S. Senators Elizabeth Warren (D-MA) and Roger Marshall (R-KS) introduced new legislation to regulate the cryptocurrency sector Wednesday. Their bill , titled “Digital Asset Anti-Money Laundering Act of 2022,” seeks to crack down on money laundering in the crypto industry. Senator Warren tweeted Wednesday: By closing some loopholes and applying some common-sense rules, we can crack down on the ways rogue nations, oligarchs, and drug lords use crypto to launder billions, evade sanctions, and finance terrorism. I’ve got a bipartisan bill for that. The legislation directs the Treasury Department’s Fin

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Germany’s financial watchdog has issued a call for global regulation of the crypto industry in the aftermath of the FTX collapse. The hands-off approach was wrong, the head of the agency says, insisting it’s time to protect consumers as the sector expands links with traditional finance. Bafin President Convinced Self-Regulation Won’t Work for Crypto The man at the helm of the Federal Financial Supervisory Authority of Germany ( Bafin ) has urged for global regulation of the cryptocurrency space. This would ensure better protection for consumers, prevent money laundering and preserve financial stability, according to Mark Branson. A hands-off approach that would “just let the industry grow as a playground for grownups” was the wrong tactic, the executive told reporters in Frankfurt on Tuesday, shortly after U.S. authorities charged Sam Bankman-Fried, founder of failed crypto exchange FTX , with fraud and other crimes. A “crypto spring” may follow what has been a “crypto winter” bu

Decentralized applications (dapps) are prone to data tampering because they “are largely built on top of centralized databases and services,” the CEO of Space and Time Nate Holiday has said. The CEO also shared a list of data tampering risks which he said are specific to data warehouses. Companies Relying on Centralized Databases and Services According to Nate Holiday, the CEO of decentralized data warehouse Space and Time, the recent draining of funds on the defi (decentralized finance) lending platform Lodestar Finance, and Axie Infinity’s Ronin network attack before that, are key events reminding users that decentralized apps (dapps) are prone to data tampering. Although he concedes that many dapps are powered by blockchain, Holiday nevertheless claimed many of these applications “are largely built on top of centralized databases and services.” As recently reported by Bitcoin.com News, the hacker behind the siphoning of $6.9 million from Lodestar Finance had tampered with “the

Russia’s largest social network, Vkontakte, has launched a feature allowing users to upload digital collectibles to the platform. Account holders will also be able to buy and sell them in the future as the company intends to establish a marketplace for non-fungible tokens. Vkontakte Users to Showcase Their NFTs, Set Them as Avatars The leading social media network in the Russian-speaking segment, Vkontakte ( VK ), has introduced an NFT service along with an educational course on non-fungible tokens (NFTs), the crypto page of the Russian business news portal RBC reported, quoting the company. The new features will be available to all users within a few days, VK’s CEO Marina Krasnova and Chief Technology Officer Alexander Tobol announced during a presentation in Moscow. The VK NFT option will allow owners of digital collectibles to transfer them to their accounts. Furthermore, the tokens can be employed as avatars or presented in a special showcase in the profile. In order to do tha

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?” Mr. Wonderful replied, “I have an opinion. I don’t have the records.” He proceeded to convey what former FTX CEO Sam Bankman-Fried (SBF) told him after the Shark Tank star noticed that