Bitcoin News and Finance: What You Need to Know

The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank’s longstanding belief that cryptocurrencies like bitcoin are not currencies. According to Kganyago, crypto-assets, as he prefers to call them, are not currencies because they fail to meet the standard of what constitutes a currency. Crypto and the Currency Test In recent remarks to Mills Soko, a professor at a South African university, Kganyago asserts cryptocurrencies like bitcoin only partially meet one of the three key characteristics of a currency. Kganyago explained: One, it must be a generally accepted medium of exchange. Secondly, it must be accepted as a store of value. And thirdly, it must be a unit of account. A cryptocurrency is a store of value. It is a medium of exchange but is not generally accepted. It’s only accepted by those who are participating in it. However, despite adopting this stance toward cryptocurrencies, the SARB governor insists the central bank

PRESS RELEASE. August 2021, leading Crypto service comparison site – Cryptowisser, compares the two cornerstones of cryptocurrency, Bitcoin and Ethereum. The latest analysis of the market focused on the pioneering cryptocurrencies Bitcoin and Ethereum. But, differing from the usual Bitcoin vs Ethereum analysis, the focus is on the benefits of both and how they work in synergy to give the industry the strong foundations it needs to grow. Bitcoin and Ethereum The article takes us on a brief journey back in time, highlighting the key stages of Bitcoins’ progression up until the release of Ethereum in 2015 and how that changed the landscape of the industry. The introduction of crypto-based businesses and ICOs was a turning point, which has led us to the rapidly-evolving market we see today. As well as exploring the history of the coins, the focus is on how Bitcoin and Ethereum work to support one another and act independently. From the Proof of Work and Proof of Stake consensus mec

On August 28, the Bitcoin Cash-based decentralized finance (defi) platform Detoken announced the project is closing its doors on September 4, 2021. The project’s founder, Semyon Germanovich, explained that the main reason for shutting the defi project down is because of the “changing regulatory outlook on cryptocurrency derivatives.” Defi Project Detoken to Shut Down Operations on September 4 In December 2020, Bitcoin.com News reported on the defi platform called Detoken, a project that allowed users to hedge or long their bitcoin cash ( BCH ) in a noncustodial fashion. At the same time, the firm at General Protocols launched the Anyhedge technology and the protocol was leveraged by the Detoken platform. Semyon Germanovich explained on Saturday that the Detoken platform was sunsetting the project over regulatory concerns. “I’m saddened to announce that Detoken will be closing its doors on the 4th September 2021,” Germanovich said. “There are several factors that influenced our dec

The Central Bank of Nigeria (CBN) has reportedly confirmed that its e-naira digital currency will have a legal tender and non-interest-bearing asset status. In addition, a limit on customer transactions and value-based transactions will be imposed. Five-Stage Launch According to a Nairametrics report , the new revelations concerning the e-naira’s design as well as the operational module are contained in a document that was recently sent to banks by the CBN. The same document also shares details about the duties assigned to each of the parties participating in the e-naira program. As explained in the report, the CBN itself will be responsible for the first part of the e-naira rollout. This will involve the issuing, distribution, redemption, as well destruction of the currency. In the second stage, which is called the Financial Institution Suite, “licensed financial institutions will be able to request currency or issue stablecoins.” They will also “manage digital currency across bra

European Central Bank (ECB) Vice President Luis De Guindos has stated he wants cryptocurrencies to be subject to the same rules that other assets are. The statements were offered in a presentation given as part of the summer courses offered by the European Parliament, where De Guindos declared his opinion about cryptocurrency regulation. ECB Vice President: Crypto Should Follow Same Laws as Other Assets Luis De Guindos, current Vice President of the ECB, stated he thinks crypto-assets should be regulated as any other asset in the market. De Guindos expressed his opinion during a series of summer courses sponsored by the European Parliament and the European Union. Specifically, on cryptocurrencies, he stated: I would not prohibit them, but issuers must be required to follow the same conditions as those of other financial assets and avoid everything that has to do with money laundering or terrorist financing. To De Guindos, cryptocurrencies can be easily used for unlawful purpose

The Australian Department of Home Affairs stated that the country lacked the technical capabilities to implement a system that complies with the travel rule proposed for cryptocurrencies. The Department concluded this in an appearance before the Senate in Australia last Friday. However, the Australian Department also stated that, if implemented, the system would be a game-changer for preventing crypto-related crimes. Australian Department Thinks Tech to Implement a Crypto Travel Rule Is Still Not Present Last Friday, the Australian Department of Home Affairs acknowledged that it lacked the technical capabilities to implement a travel rule system for crypto transactions. The remarks were made by Daniel Mossop, assistant secretary of Australia’s Department of Home Affairs during a session with the Australian Senate. Mossop stated: “I think it depends on the way that [the travel rule] is implemented so a technological solution that takes a lot of the legwork out of that would be a g

Russian authorities have investigated a number of cases involving the theft of crypto mining equipment in the past months. A resident of Yaroslavl has just been found guilty of stealing mining hardware worth over $20,000 and sentenced to three years in prison. Russian Convicted of Stealing Mining Rigs Receives Prison Sentence A 34-year-old man from the city of Yaroslavl, some 250 kilometers northeast of Moscow, has been found responsible for the theft of equipment for cryptocurrency mining. The hardware’s value has been estimated at 1.6 million rubles (almost $22,000), Forklog reported quoting an announcement by the regional prosecutor’s office. Investigators were able to establish that in February of this year the defendant managed to enter a friend’s garage where the devices were deployed. He later tried to mint digital coins on his own but failed to set up the equipment properly. As the perpetrator admitted his guilt, the Zavolzhsky District Court gave him a suspended sentenc

With the trading volume and number of NFT projects always on the increase, it’s getting harder and harder to compete for users and bring innovative products to the market. One project is about to shake the NFT gaming and collectibles industry, setting the bar high for all market players. SIDUS, The City of NFT Heroes takes NFT to the next level by combining an NFT avatar collection, a gaming metaverse and NFT yield farming into one product and backing it with the philosophy that’s close to every crypto enthusiast’s heart. A single NFT avatar costing 0.055 ETH will open the user up to a world of 7,500 characters from 12 blockchain planets. The characters have all inherited the strongest traits associated with the top 100 crypto projects and companies – welcome to a world of unique features and unlimited opportunities. NFT Heroes appeals to the market’s desire to invest in NFT projects that won’t turn to dust in a couple of months, projects that are backed by real value and liquid

The International Monetary Fund (IMF) says that crypto assets, like bitcoin, are privately issued with substantial risks, and “Making them equivalent to a national currency is an inadvisable shortcut.” The crypto community disagrees. IMF Claims Bitcoin Is Privately Issued Crypto With Substantial Risks, Inadvisable for Use as Legal Tender The International Monetary Fund tweeted about crypto assets on Saturday, asserting that they are privately issued, come with substantial risks, and are inadvisable for use as legal tender. The IMF wrote: “Privately issued cryptoassets like bitcoin come with substantial risks. Making them equivalent to a national currency is an inadvisable shortcut.” The IMF’s tweet references a blog post written on July 26 by two of its legal counsels, as Bitcoin.com News previously reported . In the blog post , titled “Cryptoassets as National Currency? A Step Too Far,” the authors warned of the risks of making bitcoin legal tender as El Salvador did. One of the c

A commissioner with the U.S. Commodity Futures Trading Commission (CFTC) has detailed how crypto assets are regulated in the U.S. and whether they fall under the jurisdiction of the CFTC or the Securities and Exchange Commission (SEC). “There has often been a grossly inaccurate oversimplification” of how crypto assets are regulated in the United States, said the commissioner. How Crypto Assets Are Regulated in the US CFTC Commissioner Dawn D. Stump clarified last week how crypto assets are regulated in the U.S. by the CFTC or the SEC. “The recent growth in popularity of crypto products and other digital assets has drawn much attention to the question of how this new financial asset class is regulated in the United States,” she began, adding: There has often been a grossly inaccurate oversimplification offered which suggests these are either securities regulated by the Securities and Exchange Commission, or commodities regulated by the Commodity Futures Trading Commission. “The

A cryptocurrency project called Safemoon has been trending in forums and social media in recent times, as the crypto asset team promised a few new products, but the team claims that the launch has seen difficulties. This weekend, a post published to the subreddit forum r/cryptocurrency claims “Safemoon has been exploited from day 1 and $68,460,000 have been siphoned out of the liquidity pool.” Safemoon Project Runs Into ‘Unforeseen Technical Issues’ Launching Products, Skeptics Surround Project The project Safemoon has been a controversial cryptocurrency project for quite some time now. It has been called a Ponzi scheme and there are plenty of Safemoon reviews, accusations , and people attempting to find out whether or not the project is legit . Remember just because you make money off of a ponzi does not change the fact that it is a ponzi. #safemoon — Lark Davis (@TheCryptoLark) April 21, 2021 On August 29, 2021, the hashtag trend “#safemoonwallet” has seen a great number

The pseudo-anonymous bitcoin analyst called Plan B gave his 704,000 Twitter followers an update on the notorious stock-to-flow (S2F) bitcoin price model. Plan B stressed on August 27, that the “next months will be key” as he believes the bitcoin S2F model “predicts $100K by Christmas.” ‘$100K by Xmas’ Plan B is a popular figure in the bitcoin world as the pseudo-anonymous analyst is well known for his stock-to-flow (S2F) price model. In basic terms, the model quantifies the commodity’s (bitcoin) scarcity and then divides it by yearly issuance (the flow). For quite some time now, Plan B and many other S2F fans have insisted that if the model is correct, BTC could one day reach $100K and in the future, possibly a million U.S. dollars per coin. However, in June and July, bitcoin (BTC) prices pulled back a great deal, after reaching a value of more than $64K per unit. S2F chart shared by Plan B on August 27, 2021. After the price drop, Bitcoin.com News reported on how Plan B wa

A bar in Brussels frequented by local anarchists has introduced crypto payments. Bitcoin is the money of the future, say the owners who have recently renovated the place. It is among the first such establishments in the Belgian capital to take coins for pints, they say. Dolle Mol Bar on Rue des Éperonniers Will Take Your Crypto The Dolle Mol café and bar in downtown Brussels , the heart of Europe, has started accepting cryptocurrencies for the beverages it offers. The famous anarchist bar on Rue des Éperonniers street has become one of the first establishments of this kind in the Belgian city to support crypto as a payment option, its owners claim. The bar has been renovated in the past two years by a group of young Brussels residents. “The cafe has to move with the times,” said Grégoire, one of the owners, quoted by the Belgian English-language news portal the Bulletin. Commenting on the decision to allow digital coin payments, he elaborated: Cryptocurrencies like bitcoin are th

During the last week, a large quantity of popular crypto assets have consolidated and have even seen some slight losses during the last seven days. However, there’s a slew of crypto coins that have seen significant double-digit gains during the last 24 hours. Ecash, Tezos, Arweave, Bitcoin Gold Jump The lion’s share of crypto coins in the crypto economy have seen double-digit gains during the last month but over the last week, there’s been some consolidation for a great number of the usual market leaders. For instance, over the last day, both bitcoin (BTC) and ethereum (ETH) have slid in value slightly and have been very consolidated during the last week. But there’s been a variety of other crypto assets that have made massive moves during the last day to end the weekend. The biggest gainer on Sunday is a coin called ecash (formally BCHA or Bitcoin ABC ) which has jumped 42.4% during the last day. Seven-day statistics show ecash has spiked 98.4% this week. Ecash or XEC/USD ch

Following the bug and the split that occurred after a great number of Geth nodes did not upgrade, Ethereum fees have risen dramatically since August 21, jumping from $11 per transaction to today’s 0.0088 ether per transaction ($27.98). Ethereum Transaction Fees Skyrocket Ethereum is the second-largest crypto asset in terms of crypto market capitalization with a $375 billion market cap or 17.4% of the crypto economy’s $2.16 trillion. ETH is up 34.3% during the last month, but has lost 2.1% during the last two weeks. On August 27, Bitcoin.com News reported on Ethereum having issues upgrading and the problems led to a chain split. As that news has settled, discussion of rising Ethereum gas fees have replaced the conversation . Ether fees have jumped dramatically since August 21, spiking 154.36% to today’s average transaction cost of $27.98 per transaction . The cost to interact with smart contracts and Web3 platforms is even worse, as people have reported on Uniswap or decentralize

The United States government through the FBI recently helped to run a training exercise whose goal is to enhance the capacity of Nigerian cryptocurrency crime investigators, the U.S. Mission Nigeria (USMN) has said. The exercise saw over 50 Nigerian investigators and prosecutors participate. Understanding the Trends In its August 25 tweet , the USMN reveals that the training exercise was held in conjunction with the International Computer Hacking & IP Attorney Advisers (ICHIP) of Addis & Abuja. The mission also explained what the investigators learned from the exercise. “Trainers shared patterns and trends in criminal use of cryptocurrency and described the various ways in which criminal enterprises use cryptocurrency,” explained the U.S. Mission Nigeria in the tweet. This collaboration between the FBI and Nigeria comes as the latter continues to grapple with the numerous incidences of crypto-related crimes. Although Nigeria has had successes in tackling some crypto fraud