Bitcoin News and Finance: What You Need to Know

The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the White House’s fact sheet. Reinforcing United States Leadership in the Global Financial System Just over six months after U.S President Joe Biden signed an Executive Order (EO) outlining the government’s multi-pronged approach toward digital assets, the White House, on September 16, unveiled what it termed the “first-ever comprehensive framework for digital asset development.” Explaining the Biden administration’s decision to release the framework, the White House said while digital currencies may have the potential to “reinforce the U.S. leadership in the global financial system,” they still pose risks to investors and consumers as eviden

The Thai Securities and Exchange Commission (SEC) has proposed banning businesses from engaging in crypto staking and lending activities. The regulator is seeking public comments on the proposal, noting that the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” Thailand Seeks Public Comments on 2 Crypto Regulatory Proposals The Thai Securities and Exchange Commission (SEC) announced Thursday that it is seeking public comments on two proposals relating to the regulation of crypto assets. The comment period for both proposals ends on Oct. 17. The first is a proposal to prohibit businesses from crypto staking and lending activities. The securities watchdog said the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” The regulator detailed that under this proposal, businesses cannot accept “deposits of digital assets from the customers and lend, invest, stake or employ such digi

The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado Cash FAQs The U.S. Department of the Treasury answered some frequently asked questions Tuesday about the sanctioned cryptocurrency mixing service Tornado Cash. On Aug. 8, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ethereum-based mixer and prohibited U.S. persons from “engaging in any transaction with Tornado Cash or its blocked property or interests in property.” One of the questions concerns how to complete transactions involving Tornado Cash that were initiated prior to the sanction. In order to complete the transactions or withdraw cryptocurrency without violating U.S. sanctions regulations, the Treasur

A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant administrative regulations only prohibit the circulation of virtual currency or its use as a currency. The Beijing-based court’s ruling followed an appeal by Chinese resident Ding Hao who wanted it to quash the lower court’s ruling in a case in which he is accused of failing to return 33,000 litecoin ( LTC ) as per an agreement with Zhai Wenjie. According to a document released by the court , on December 5, 2014, Hao received 50,000 LTC fr

PRESS RELEASE. B.Duck, a global character IP, is entering Web3 with its first metaverse partnership with GigaSpace, working alongside MADworld to establish a Web3 blueprint for brands and IPs in the metaverse. Created by the Hong Kong-listed company Semk Holdings International Limited (2250 HK), B.Duck joins the initiative “Project Spaceport” by acquiring land NFTs in the GigaSpace and will build experiences to bring joy, positivity, and fun to its 10+ million fans around the world. Brought into the digital world by the NFT platform MADworld, B.Duck has already launched a 3D NFT collection. NFT owners can soon travel through GigaSpace and spread positivity to every corner of the virtual space. Project Spaceport & Web3 Project Spaceport will be a cultural space district. Brands can create their own virtual space when the metaverse launches. B.Duck has permanently cemented its web3 presence on the “Map of the Galaxy” at GigaSpace. MADworld, an NFT platform backed by Animoca br

Varus, a retailer with over 100 supermarket stores across Ukraine, has partnered with the world’s leading digital asset exchange, Binance, to launch cryptocurrency payments. Customers will now be able to order groceries online and cover the bill through a Binance Pay wallet. Ukrainians to Shop Online From Varus Supermarket Using Crypto Binance, the largest cryptocurrency exchange by daily trading volume, and Ukraine’s supermarket chain Varus have announced a partnership that will allow Ukrainian shoppers to purchase food and other goods online with digital coins. Using the Binance and Varus apps, customers will be able to enjoy instant crypto payments and fast delivery in nine Ukrainian cities: the capital Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. To take advantage of the payment option, crypto owners will have to download and install the Binance app on their Android or iOS devices. Then, they can go to the Varus website, selec

Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will explore new possibilities regarding developing blockchain games using this decentralized tech, including user-generated contributions. Square Enix to Validate Oasys Blockchain Square Enix has been one of the few AAA gaming companies in Japan seeking to embrace blockchain elements as part of its business model. The company recently announced that it will go all the way, becoming part of the initial validator set of Oasys , a gaming-oriented blockchain advertised as a “high-speed, zero gas fee experience” for users. The Japanese gaming giant will be using the Oasys blockchain as a tool for the development of new blockchain games and the inclusion of user-generated content in virtual worlds. About this new partnership, Yosuke Saito, director

Interest in hardware wallets allowing cold storage of cryptocurrencies is decreasing among Russian users after this year’s surge that followed the invasion of Ukraine. The sale volumes for these devices have almost halved, according to a report quoting leading marketplaces. Russians’ Demand for Cold Storage Wallets Cools Down After Spike This Spring Retailers selling hardware cryptocurrency wallets in Russia are now overstocked, market participants have told the leading Russian business daily Kommersant. That’s after earlier this year these products saw an explosive demand after Moscow’s decision to militarily intervene in neighboring Ukraine. In the spring months, many Russians sought to acquire a cold storage device for their crypto assets, amid expanding sanctions over the Ukraine conflict and currency restrictions imposed by the Bank of Russia. Some Russian citizens relocating to other countries also took their savings with them in crypto. According to stats compiled by the Mo

The Microstrategy executive Michael Saylor is a big believer in Bitcoin as his company has purchased close to 130,000 bitcoin during the last few years. Six days ago, the U.S. Office of Science and Technology Policy published a report that claims proof-of-work mining operations have been affecting climate change. The science and tech department believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Saylor published a letter addressed to journalists, investors, and regulators concerning the “sheer volume of misinformation [and] propaganda circulating lately.” Microstrategy’s Executive Chairman Publishes a Blog Post That Discusses Bitcoin and the Environment Microstrategy’s Michael Saylor published a tweet that leads to a recent blog post he wrote concerning Bitcoin and the environment. “Given the sheer volume of misinformation [and] propaganda circulating lately, I thought it important to share t

Gold Rush with Jonny Cash dishes out a massive win of 2.6 BTC ! Massive Win on Casino Slot Jackpot wins on our crypto casino Bitcoin.com Games have become a regular phenomenon with players winning insane amounts of BTC every month. Just yesterday, a lucky player’s mining adventures on the smashing slot game Gold Rush with Johnny Cash took an extremely fortuitous turn. One of the bets that they had made on the slot was destined to land them a massive win of 2.6 BTC . Gold Rush with Johnny Cash Gold Rush with Johnny Cash is a western-themed slot from the popular games provider BGaming where the infamous bandit cactus named Johnny Cash searches for money and gold. Players can join the notorious gold digger in his underground quest for gold in a splendid vista of western drylands. High volatility and 25 pay lines exacerbate the chances of winnings bets landing a big win multiplier of up to 5,820x the bet value. Player gets lucky with a small bet, lands a big multiplier! Bitcoin.c

The Central Bank of Argentina has issued a new set of rules for operators of digital wallets in the country. Customers of companies like Uala, a wallet popular in Argentina, will now be qualified as financial users, having new protections similar to those offered by banks and other financial institutions. Central Bank of Argentina Strengthens Digital Wallet Supervision The rise of digital money and crypto in Argentina is causing regulators to pay attention . The Central Bank of Argentina recently issued a set of rules to heighten the level of protection users of popular digital wallets in the country receive. Customers of Uala and other digital wallet providers will now have to be treated as financial users, having protections close to those offered to bank users. This means that these entities will have to name customer support representatives and solve common problems in less than ten days. Also, the digital wallet companies will have to adapt their terms of service and conditio

The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it. Pressed by Sanctions, Russian Government Moves to Regulate Cryptocurrencies Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first day of December. The head of the Russian government issued the order after a meeting devoted to the nation’s financial system, RBC Crypto reported. The top official emphasized that in the current circumstances, DFAs can facilitate uninterrupted payments for imports of goods and Russian exports. The finance ministry and the central bank have been tasked to up

Foreign nationals should be able to buy Russia’s upcoming digital ruble through entry points providing anonymity, according to a high-ranking member of the Russian parliament. The idea circulated in Moscow aims to protect these investors from Western sanctions. State Duma Deputy Proposes Anonymous Digital Ruble Purchases to Avoid Sanctions Foreign investors should be provided with an option to anonymously acquire the Russian central bank digital currency ( CBDC ), in order to minimize the risk of falling under sanctions, the head of the State Duma Committee on Industry Vladimir Gutenev said in his Telegram channel on Tuesday. The Russian lawmaker also suggested that the digital ruble, currently under development and testing by the Central Bank of Russia and a group of commercial banks, should be backed by real assets. Quoted by the Interfax news agency, Gutenev elaborated: This is necessary: the domestic digital currency should be backed by real assets; a possibility for ‘anonymo

The Ethereum blockchain officially migrated to the proof-of-stake (PoS) consensus mechanism as the anticipated “Merge” finally occurred around block height 15537391 on September 15. The protocol’s co-founder Vitalik Buterin has described The Merge as “a big moment for the Ethereum ecosystem.” ETH Merges on September 15 as Predicted After months of waiting and tension, The Merge — the Ethereum blockchain’s much-anticipated migration to a proof-of-stake (PoS) consensus mechanism — has happened. As some players in the space, including one of the protocol’s co-founders Vitalik Buterin had hoped, The Merge occurred on September 15 around block height 15537391 at around 2:42:42 a.m. ET. In his reaction following The Merge, Buterin tweeted : And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today. In terms of the network’s hashrate, data shows that it dropped from over 807 TH/s (terahas

One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency. Enhancing Credibility of the Stablecoin The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, a report has said. According to a Mybroadband report , the stablecoin that Simon Dingle and Kenny Inngs founded in 2021 has been South Africa’s only bank-approved and audited stablecoin. Old Mutual’s coming on board is expected to enhance the credibility of the cryptocurrency, the

Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said. Shareholders Want Elon Musk to Take Over Twitter Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to acquire the social media platform. “Based on a preliminary tabulation of the stockholder vote,” the announcement reads: Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement. “The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating: Twitter stands ready and willing to complete the merger w

According to statements made by the digital asset custody business and financial services provider Bitgo, the firm has filed a lawsuit against the crypto company Galaxy Digital and is seeking damages for more than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit. Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement On August 16, 2022, Bitcoin.com News reported on billionaire investor Mike Novogratz’s Galaxy Digital terminating the company’s proposed acquisition deal for the crypto asset financial services provider Bitgo. Galaxy originally had intentions in May 2021 to purchase Bitgo for a $1.2 billion stock and cash deal. However, Galaxy said that the termination was due to Bitgo’s “failure to deliver” specific financial documents. More specifically, “audited financial statements for 2021” as Galaxy alleges that Bitgo did not turn this information in on a specific date. Immediately after

Analysts from JPMorgan believe that the metaverse gaming market could explode in China even with the current state of regulation, which presents certain difficulties for adoption. Companies like Tencent, Netease, and Bilibili are JPMorgan’s picks when it comes to taking advantage of this potential growth, that at best, might pass the $100 billion mark. JPMorgan Analysts Believe Metaverse Gaming Set to Boom in China The metaverse and the market derived from this new industry trend have been objects of study by different institutions interested to enter this newfound market. While it is a loosely structured and defined market, some think there are real growth possibilities. Analysts from JPMorgan believe there is a tremendous possibility of an explosion in this sector in China, even with the current limitations imposed by crypto legislation in the country. JPMorgan has selected the top industries that would benefit from a boom in this sector in China. Among these are Tencent , a con

According to a recent report produced by Dappradar, the Web3 gaming industry has managed to raise $750 million since August 1st in spite of the crypto downturn, with several important projects registering positive numbers regarding sales and activity. Web3 Gaming Industry Thriving Amidst Economic Downturn The current economic downturn that is affecting the traditional and cryptocurrency markets has had a less significant effect on the Web3 gaming sector. According to a recent report issued by Dappradar, the numbers coming from this industry have been positive, resisting the effect of these variables. The Web3 gaming industry has registered investments of $748 million since August 1st, 135% more than what was invested during July. However, this number is still 19% lower than what was invested during June, showing that the ecosystem is still recovering. These investments include $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million inve

Abu Dhabi Global Market’s financial regulator, the Financial Services Regulatory Authority (FSRA), recently unveiled six principles that will guide its “approach to virtual asset regulation and supervision.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published framework.” A ‘Basis for Regulatory Cohesion Across Jurisdictions’ Abu Dhabi Global Market (ADGM), a financial center and global free zone based in the United Arab Emirates (UAE), recently unveiled six guiding principles for virtual asset regulation and supervision. The principles, which were announced by its financial industry regulator, the Financial Services Regulatory Authority (FSRA), are intended “to support engagement with other like-minded regulatory agencies in and outside the UAE.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published fra

A crypto company working with the central bank of Norway has published the source code for the sandbox created to trial the digital version of the Nordic nation’s fiat currency. The prototype digital krone is being built on the Ethereum network and the regulator wants to test various technologies and evaluate the potential impact on financial stability. Norges Bank, Nahmii Fintech Provide Access to Source Code for CBDC Sandbox Developed for Norway Norway’s monetary authority, Norges Bank, and the Norwegian company Nahmii AS have made public the source code for the sandbox for the Scandinavian country’s central bank digital currency ( CBDC ). The two are working together on the prototype of the state-issued coin. The code is now available on Github, offered under an open-source Apache 2.0 license, Nahmii recently announced in a blog post on its website. The fintech’s main task is to create a sandbox environment with open-sourced services for the digital krone. “This allows for the

Canadian Prime Minister Justin Trudeau has slammed Pierre Poilievre, the new leader of the Conservative Party of Canada, for telling people that they can “opt out of inflation” by investing in cryptocurrencies. Trudeau claims that his Conservative rival’s crypto advice is not “responsible leadership.” Justin Trudeau Calls Pierre Poilievre’s Crypto Advice Irresponsible Leadership Canadian Prime Minister Justin Trudeau talked about cryptocurrency in a speech Monday before the first full caucus meeting of the three-day Cabinet retreat in Vancouver for Liberal parliament members. After congratulating Conservative member of parliament Pierre Poilievre for winning his party’s leadership on Saturday, Trudeau criticized his new rival’s politics, calling it irresponsible. The Canadian prime minister also attacked Poilievre’s advice about cryptocurrency. Referring to Poilievre’s suggestion to Canadians that investing in bitcoin could allow them to “opt out” of inflation, Trudeau stressed: