Bitcoin News and Finance: What You Need to Know

Representative Patrick McHenry, chairman of the House Financial Services Committee, weighed in positively on the launch of PYUSD, a dollar-pegged stablecoin issued by Paypal, a U.S.-based payments company. McHenry stated that if properly regulated, stablecoins “hold promise as a pillar of our 21st-century payments system,” calling on Congress to put clear rules on the sector by enacting stablecoin-specific regulation. Representative McHenry States Stablecoins Might Become ‘Pillar’ of Current Payment Systems U.S. Representative Patrick McHenry issued a statement on Monday, weighing in on the significance of the recent U.S. dollar-pegged stablecoin launched by payments behemoth Paypal. McHenry, chairman of the House Financial Services Committee, viewed this development positively, stating that Paypal’s announcement was “a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st-century payments system.” Paypal announced the lau

Palauan senator Mark Rudimch has called for an audit of Palau’s stablecoin pilot program, launched by the country’s ministry of finance in partnership with Ripple in July. In a letter sent to the public auditor Satrunino Tewid, Rudimch reported the Palauan senate had concerns regarding the “constitutionality, security, accountability, statutory authority, and oversight of the program.” Palau’s Ripple-Backed Stablecoin Pilot Faces Senate Opposition Palau’s Ripple-backed stablecoin program, launched and announced in July, faces opposition from the Palauan senate. According to local reports, Senator Mark Rudimch, chairman of the Senate Resources, Commerce, Trade and Development Committee, has requested Public Auditor Satrunino Tewid audit the program, voicing various concerns regarding the ongoing test. In a letter sent to Tewid, Rudimch stated : The Senate has some concerns regarding the constitutionality, security, accountability, statutory authority, and oversight of the program.

Federal Reserve Governor Michelle Bowman says additional interest rate increases will likely be needed to get inflation on a path down to the Fed’s target. “I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening,” the Fed governor added. More Interest Rate Hikes Likely Needed, Says Fed Governor Federal Reserve Governor Michelle Bowman indicated in her remarks on Saturday at an event hosted by the Kansas Bankers Association in Colorado that the U.S. central bank may need to implement additional interest rate increases to completely restore price stability. She also affirmed her endorsement of the rate hike decision made at last month’s Federal Open Market Committee (FOMC) meeting. In July, Fed officials raised the federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years. Governor Bowman stated: Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2% targe

Brazil’s President Luiz Inacio Lula da Silva has reaffirmed his call to shift away from the U.S. dollar in global trade. He also revealed his stance on the expansion of the BRICS economic bloc ahead of the group’s upcoming summit. “I have said publicly, why does Brazil need the dollar to trade with China?” he stressed. “We can do it in our own currency.” President of Brazil on De-Dollarization, BRICS Expansion Brazilian President Luiz Inacio Lula da Silva reiterated his call for the abandonment of the U.S. dollar in international trade during a press briefing with international journalists last week. Lula has long been a vocal critic of the U.S. dollar’s dominance in international trade and has called on nations to abandon the dollar in favor of national currencies. He maintains that countries should opt for their respective currencies rather than relying on the USD. Regarding de-dollarization and using national currencies in trade settlements, the Brazilian president stressed:

U.S. senators have pressed the Biden administration for measures to counter “serious national security threats” posed by North Korea’s dependence on cryptocurrency. According to the lawmakers, North Korea is using crypto “to evade harsh sanctions and support its ambitions to project geopolitical power through nuclear weapons and ballistic missiles.” US Lawmakers Concerned About ‘Serious National Security Threats’ Linked to North Korea, Crypto U.S. Senators Elizabeth Warren (D-MA), Tim Kaine (D-VA), and Chris Van Hollen (D-MD) have pressed the Biden administration for measures to counter crypto-related national security threats. In their letter , dated Aug. 3, to Brian E. Nelson, Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, and Jake Sullivan, the White House’s National Security Advisor, the lawmakers wrote: “We write to express concern about the national security threat posed by North Korea’s reliance on digital assets to circumvent international s

Central banks ramped up gold purchases in June, according to statistics from the International Monetary Fund (IMF). In this period, central banks added 55 tonnes of gold to their reserves after three months of net selling, with China purchasing the most gold (21 tonnes). Central Banks Back to Purchasing Gold in June The world’s central banks reversed their three-month gold selling spree to make purchases during June. According to international financial statistics issued by the International Monetary Fund (IMF), net gold purchases during June reached 55 tonnes, with six central banks purchasing gold during this period. One of the largest purchasers of gold was the Central Bank of Turkey, which also resumed purchases after having been a net seller during recent months due to a ban on gold imports after an earthquake in February. Nonetheless, the Central Bank of Turkey added 11 tonnes to its official reserves, which reached 440 tons by the end of June. Krishan Gopaul, senior analys

Bitcoin started the week mostly flat, as market volatility remained near recent lows during today’s session. Traders appear to be on the sidelines ahead of Wednesday’s key inflation report from the United States. Ethereum mostly consolidated on Monday. Bitcoin Bitcoin ( BTC ) continued to hover near the $29,000 level to start the week, as market volatility was mostly muted on Monday. After Sunday’s low at $28,963.83, BTC /USD jumped to a high of $29,166.82 earlier in today’s session. The world’s largest cryptocurrency has mostly been trading between a support level of $28,800, and a resistance of $29,500 for the majority of the last week. Bitcoin chart by TradingView Looking at the chart, the relative strength index (RSI) is also tracking near a floor of its own around the 42.00 mark. In addition to this, the 10-day (red) moving average has begun to flatline following a downtrend, which is a sign of price stagnation. Consolidation could likely continue until Wednesday’s

The Federal Bureau of Investigation (FBI) has issued a Public Service Announcement (PSA) warning about criminals impersonating non-fungible token (NFT) developers in social media. According to the PSA, criminals can impersonate these developers on social media by hijacking accounts or using similar account names and directing interested users to fake NFT sales pages to drain their wallets. FBI Warns Users About NFT Scams The Federal Bureau of Investigation (FBI) has issued a Public Service Announcement (PSA) warning users about non-fungible token (NFT) scams involving criminals impersonating developers of renowned projects. To target NFT-interested users, the criminals might take different routes, hijacking the accounts of these significant NFT projects or using almost identical account names in social media. Using these tools, these criminals offer new or previously not announced collections of NFTs on social media, posting links to the pages where these fake offers are supposedl

An author from Scotland has been targeted for her work to expose one of crypto history’s most notorious Ponzi schemes, Onecoin. Jennifer McAdam recently canceled book signings after receiving death threats for writing about the massive fraud and its ‘Cryptoqueen’ mastermind. Writer Cancels Promotional Events for Book on Onecoin on Advice From Scottish Police and FBI Author Jennifer McAdam has been forced to cancel a promotional tour for her book ‘Devil’s Coin’ exposing the crypto pyramid Onecoin which defrauded millions of investors around the world, the Scottish Sun newspaper reported. McAdam writes about Onecoin’s founder Ruja Ignatova, dubbed the “missing Cryptoqueen” as she is still wanted by Interpol, Europol , and the U.S. Federal Bureau of Investigation ( FBI ), which put it on its ten most-wanted fugitives list. The writer’s decision came after police in Scotland as well as the FBI advised her against carrying out planned signings in Irvine, Ayr and Glasgow for the book de

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Honduras opens a central bank digital currency (CBDC) consultation, Venezuela applies officially to join BRICS, and Trubit launches Pix payment integration in Brazil. Honduras Opens CBDC Issuance Public Consultation The Central Bank of Honduras has opened a public consultation regarding issuing a central bank digital currency (CBDC). The public consultation marks the next phase of a plan to modernize the country’s payment systems. In a report issued by the bank, titled “The Future of Money and Payments in Honduras, which route to Follow?” the institution considers the implications and changes it must apply to its legal system to adopt a CBDC. The poll asks users about the central bank’s role in the national payments system, proposing a series of options to modernize it, including launching a CBDC, designing a bank-managed payments system, and prom

The Indian Presidency of G20 has put forward proposals for a roadmap to introducing a global regulatory framework for crypto assets. India believes a more coordinated policy will be needed to enforce international standards in the field and adequately minimize associated risks. India’s G20 Presidency Provides Its Input for FSB and IMF Global Crypto Regulatory Roadmap India, the current President of the Group of 20 forum of the world’s largest economies ( G20 ), has made some suggestions regarding the regulation of crypto assets. With the proposals, New Delhi seeks to help prioritize certain “areas of work essential to achieving a comprehensive, cohesive and coordinated global policy” for the sector. In a Presidency Note released on Aug. 1, India said that while “considerable work” has been done so far by intergovernmental organizations to prepare regulatory standards for the crypto industry, it believes that more coordination is needed to consistently implement regulations adopted

Former Celsius Network Alex Mashinsky will now have to defend himself against a lawsuit filed by New York Attorney General Letitia James after a New York County Supreme Court Justice rejected his attempts to have the suit dismissed. The court’s decision blocks the attempt by Mashinsky to stop James from seeking to preclude him from issuing securities or serving as a company officer in the state. Mashinsky Misstatements Induced Investors to Deposit Assets on Celsius A United States judge has rejected former Celsius Network CEO Alex Mashinsky’s attempt to have the court dismiss a lawsuit filed by New York Attorney General (NYAG) Letitia James, a report has said. The court’s decision blocks the attempt by Mashinsky to stop James from seeking to preclude him from issuing securities or serving as a company officer in the state. In her judgment, New York County Supreme Court Justice Margaret Chan reportedly argued that James’ lawsuit should be allowed to stand because there are enough a

The American rating agency Fitch’s recent downgrade of the United States’ credit rating from AAA to AA+ may embolden proponents of a BRICS currency, Riley Adams, a personal finance expert, has said. Adams however argues that there are certain “geopolitical issues” that must be overcome first before the BRICS currency becomes a reality. Debt Ceiling Standoffs and the Impact on the U.S. Credit Rating According to Riley Adams, a personal finance expert and the CEO of Young and the Invested , the credit rating agency Fitch’s recent downgrade of the United States to AA+ will likely “embolden anyone in the BRICS [Brazil, Russia, India, China, and South Africa] that supports the creation of a new currency.” Adams, also a certified public accountant (CPA), told Bitcoin.com News that Fitch’s report on the country also “relays legitimate concerns about how the budgeting process has devolved in the U.S.” As reported by Bitcoin.com News, Fitch has tied its downgrade of the U.S. long-term for

The Russian government has legally recognized digital currencies issued by other nations, local crypto media reported. The respective legislative changes have been made alongside the adoption of a dedicated law regulating the introduction of Russia’s own digital ruble. Amendments Legalizing Foreign CBDCs Enter Into Force in Russia Russian authorities have granted digital currencies of other states a similar status to that of the digital ruble, the Russian crypto news outlet Bits.media informed readers on Thursday, quoting the government’s official online portal for legal information. The recognition of other central bank digital currencies ( CBDCs ), such as China’s digital yuan , for example, has been done through amendments to Russia’s federal law “On currency regulation and currency control” which entered into force on Aug. 1, the report details. The update adds to the definition of foreign currency the text “issued in digital form by the national central bank of a foreign sta

The president of a New Delhi-based think tank believes that World War III has already begun. He also anticipates the BRICS economic bloc (Brazil, Russia, India, China, and South Africa) merging with the Shanghai Cooperation Organization (SCO). “A single merged organization will be much more clearer, stronger and grow into very meaningful pole,” he described. Indian Analyst on BRICS Merging With SCO, World War III Robinder Sachdev, president of Imagindia Institute, a New Delhi-based think tank and research center, has shared his predictions on World War III and the possible merger of the BRICS economic bloc and the Shanghai Cooperation Organization (SCO). The BRICS nations are Brazil, Russia, India, China, and South Africa. The SCO members comprise China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan. “Both BRICS and SCO are initially founded by China and Russia. Many big picture goals of both organizations are same. It is necessary for both organ

The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.” How Reducing Dollar Dependence Could Benefit Asian Countries Nigel Green, CEO of asset management firm Devere Group, published an opinion piece in Asia Times on Friday arguing that the decline of the U.S. dollar could benefit Asian economies. The executive began: I believe that we are witnessing in real time the world beginning to shift away from a dollar-dominated financial system. “Among other reasons, this is because astronomic levels of debt, and the enormous amount of desperate money-printing to monetize these debts, have caused a c

On August 4, 2023, Miami Republican mayor Francis Suarez announced that he’s accepting cryptocurrencies for campaign donations. The 2024 presidential candidate revealed the decision to accept digital currencies during a Coindesk TV broadcast. 2024 Presidential Candidate Francis Suarez Embraces Crypto Donations Francis Suarez , the current mayor of Miami, is well known for his stance toward bitcoin and crypto assets, and Suarez is looking to challenge incumbent president Joe Biden in the 2024 U.S. general election. On Friday, the mayor announced that he’s accepting crypto assets for campaign donations, joining two other candidates who have revealed they are accepting bitcoin for donations as well. Suarez broke the news on a Coindesk TV broadcast . “Officially, my campaign is accepting bitcoin,” Suarez disclosed. “This is a process of developing technologies that are going to create democratizing opportunities for wealth creation and are not manipulated by a human being’s ulterior mo

JPMorgan’s economists have jettisoned previous predictions of an impending U.S. recession. Their chief U.S. economist, Michael Feroli, is confident that the American economy will maintain a modest but steady growth trajectory throughout the remainder of the current year and well into 2024. JPMorgan Foresees U.S. Economic Growth Amid ‘Ridiculous’ Fitch Downgrade and Recession Fears Echoing Bank of America’s revision of its economic outlook, JPMorgan’s team of economists have likewise set aside their earlier recession projections . The top-ranking bank in the nation initially forecasted a downturn for 2023. However, their principal U.S. economist, Michael Feroli, now holds a more optimistic view that the U.S. can successfully dodge a full-scale recession. “While a recession is no longer our modal scenario, risk of a downturn is still very elevated,” Feroli wrote on Friday. “One way this risk could materialize is if the Fed is not done hiking rates. Another way in which recession ris

The government of Venezuela formalized its proposal to be part of BRICS, a geopolitical and economic bloc comprised of Brazil, Russia, India, China, and South Africa. Venezuelan President Nicolas Maduro explained that he hoped for a positive reception of the proposal by the nations that are part of the bloc. Venezuela Officially Applies to Enter BRICS Nicolas Maduro, President of Venezuela, announced that the government had already presented an official application to join the BRICS bloc, comprised of Brazil, Russia, India, China, and South Africa. In a weekly TV program “Con Maduro Mas,” Maduro detailed that Venezuela hopes to join the organization to “learn, support and help” grow the bloc’s vision. Maduro stated : Venezuela made its proposal to join the group and we hope it will be positively valued by the nations that integrate it. Maduro praised the role of the BRICS bloc in the international geopolitical arena, declaring that it constituted “the driving force behind the e

Registered users of Binance have hit 150 million, the crypto exchange’s founder and CEO, Changpeng Zhao (CZ), announced on social media. The milestone has been reached despite increased regulatory pressure on the world’s largest trading platform for digital assets in the past few months. Crypto Exchange Binance Adds 30 Million Users in a Year The biggest cryptocurrency exchange by daily trading volume, , now has 150 million registered users, its chief executive unveiled in a tweet on Thursday. In the post, CZ also marked some of the company’s recent successes that came amid heightened regulatory scrutiny of its business operations around the world. This year, Binance has been targeted by authorities in a number of its established markets. In the U.S., it’s involved in legal battles with the country’s securities and derivatives commissions, which sued it for breaking laws in their respective fields. In Europe, the exchange is under investigation by French prosecutors for money la

Economists have warned about the adverse impact of Fitch’s U.S. rating downgrade on the dollar. One expects the downgrade to “accelerate” the process of de-dollarization globally. Another stated that it may be “a part of the gradual decline of the U.S. dollar system.” Impact of Fitch’s Rating Downgrade on US Dollar Several economists have offered their perspectives on the adverse effects stemming from Fitch Ratings’ decision to downgrade the long-term foreign-currency issuer default rating of the United States from AAA to AA+. Fitch Ratings is one of the top three credit rating agencies in the U.S. Citic Securities’ chief economist, Ming Ming, told the Global Times on Wednesday: Amid the increasingly complex geopolitical situation today, more and more countries have started the de-dollarization process and Fitch’s downgrade of the U.S. rating may accelerate that process. In response to Fitch Ratings’ downgrade, both the White House and Treasury Secretary Janet Yellen released

Economist Peter Schiff has warned of an impending collapse of the U.S. dollar even though he sees Fitch’s downgrade of the U.S. rating this week as “meaningless.” While cautioning about a financial crisis and a crash, Schiff emphasized: “Given the trajectory of U.S. government deficit spending, a dollar collapse is inevitable.” Schiff on US Rating Downgrade, Crash, Dollar Collapse Economist and gold bug Peter Schiff warned of a U.S. dollar collapse and the challenges faced by the U.S. economy in a series of tweets this week. His warnings come after Fitch Ratings downgraded the United States’ long-term foreign-currency issuer default rating from AAA to AA+. Fitch is one of the three largest credit rating agencies in the U.S. Noting that “Fitch downgrading U.S. Treasuries to AA+ from AAA is meaningless, as Treasuries are junk bonds,” Schiff tweeted on Wednesday: When it comes to rating sovereign credit, the primary risk is currency depreciation, not default. Given the trajectory o