Bitcoin News and Finance: What You Need to Know

The South African businessman and CEO at Barrick Gold Corporation, Mark Bristow, recently explained in an interview that “no one believes in fiat currencies anymore.” Bristow says the world is currently “battling” on how to “position investments on the back of the unforeseen and unrealized damage of how the pandemic crisis was managed.” Mark Bristow: ‘Everyone’s Desperate to Find Alternatives’ Barrick Gold CEO Mark Bristow joined CNBC’s “Squawk on the Street” this week to discuss the global economy, gold’s recent falter , and other types of investments. The Barrick Gold executive discussed the company’s goals and 2021 revenue on Monday as well, and noted that it didn’t expect inflation to hurt gold. While speaking with CNBC’s Carl Quintanilla, Bristow stressed that the gold market was a “long-term business” and further emphasized that “the gold price goes down and it goes up and not necessarily in that order.” Bristow showed a distaste for fiat currencies and how the world’s cen

Duniapay, a digital banking platform created by three students from Burkina Faso, has added a personal savings feature to its banking application that already provides residents from some 14 West African countries with a flexible digital platform to access financial services. Using a Stablecoin to Save The new feature, which is viewed as another demonstration of the game-changing potential of blockchain technology, comes with an offer of over 8% annual interest on savings. This interest rate offer according to Duniapay surpasses the typical 3.5% interest that is offered by most traditional banks. A statement released by Duniapay reveals that this new feature became possible following the creation of the cxof stablecoin which was “developed by Duniapay on Celo’s decentralized finance ecosystem.” It is this stablecoin — which tracks the region’s CFA franc (XOF) — that enables residents of these countries “to easily save money and to earn interest.” As Radha Mathur of Duniapay explai

AMC Entertainment Holdings, Inc., plans to accept bitcoin by the end of 2021 according to CEO Adam Aron on an earnings call on Monday. Aron said the movie theater chain will start accepting the leading crypto asset once the company has information technology (IT) systems in place. AMC Plans to Accept Bitcoin According to Firm’s CEO On Monday, during an AMC earnings call, the company’s board members and CEO discussed cryptocurrency acceptance. AMC is the largest movie theater chain in the world as the firm operates 7,967 screens in 620 theatres across the U.S. and 2,866 screens in 358 theatres in the EU. Adam Aron said during the conference call that he learned about cryptocurrency when he was on the Centricus Acquisition Corp board. ​​“I’ve had to learn more in the past six months about blockchain and cryptocurrency than I learned about it in the entire decade before that,” Aron told the earnings call participants. The AMC CEO added: This increased knowledge has given me the conf

Sukhavati Network is to host its startup sale on Gate.io’s platform as part of the “Startup Project Free Airdrop Program”. The “Startup Project Free Airdrop Programme” was launched by Gate.io to provide users with early access to innovative and advanced projects, where VIP and GT users are entitled to a variety of token airdrop benefits. Additionally, Sukhavati Network will be listed on MEXC’s platform, see below for more regarding both events. Built on a hardware-based Trusted Execution Environment (TEE) and the Substrate framework, Sukhavati Network is a decentralized cloud network service that focuses on storage. With its low-consumption storage verification mechanism EPoSt (Efficient Proof of Spacetime), Sukhavati provides unified data storage, retro and management services for Web 3.0 applications. Gate Startup Sale Details The startup sale will commence on August 10th at 03:00 am (UTC), and last for 24 hours until August 11th at 03:00 am (UTC). To participate in the event, us

The Israeli intelligence service, Mossad, is now looking to hire someone who understands digital currencies. According to the job posting, the role requires extensive expertise in the field of financial technologies. Mossad Recruiting Expert With Fintech Background Israel’s Institute for Intelligence and Special Operations, Mossad, is seeking an expert with a deep understanding of cryptocurrencies and a fintech background, the online edition of the Israeli national daily Yediot Ahronot, Ynet, reported. The job posting has appeared on the agency’s website. The full title of the vacant position is “A Technological Leader in the Field of Fintech.” It requires candidates to demonstrate knowledge in financial technologies and digital currencies. Responsibilities include “leading, initiating, planning, and accompanying systems development activities.” At least three years of experience in the fintech space is a must for those who apply, according to the Israeli intelligence service. T

Uganda’s blockchain community welcomes the recent call on authorities to create a cryptocurrency regulatory framework, a board member of the Blockchain Association of Uganda (BAU) has said. The member, Suleiman Murunga, explains that such a framework “will create investor confidence and boost participation by innovators.” Uganda’s FIA Calls for Crypto Framework The remarks by BAU’s Murunga come just a few months after the country’s Financial Intelligence Authority (FIA) told the country’s Ministry of Finance to look into the possibility of regulating cryptocurrency. As previously reported by Bitcoin.com News, the FIA took the step of calling for regulation of cryptocurrencies after noting that only a few crypto entities had voluntarily registered. The FIA hoped to use the crypto industry’s compliance with the voluntary registration policy to bolster its own ability to “protect users and the larger economy” from the possible misuse of cryptocurrencies. Central Bank Prioritizing Im

Tether Limited has released an assurance report reviewed by Moore Cayman, an auditor of investment funds and digital assets. The report provides a breakdown of the company’s assets and reserves which Moore Cayman claims are around $62.7 billion as of June 30. Tether Publishes Assurance Report On August 9, 2021, Tether’s chief technology officer tweeted that the company had published the firm’s “latest attestation” and a detailed “breakdown of reserves.” “Guess what? Tether is fully backed,” Tether’s CTO Paolo Ardoino said. “Rating of commercial papers is provided by S&P. Many people surely are already missing our famous pie chart,” he added . Vaneck’s Gabor Gurbacs also tweeted about the report on Monday and said: The latest Tether attestation is now out. Tether is continuing its effort to provide more transparency on the leading $62 billion stablecoin. In the recent attestation, asset breakdown, quality, and maturity/duration metrics are available. Well done. The assur

In July 2021, the non-governmental organization (NGO) Save the Children in Rwanda announced it partnered with the Cardano Foundation on a project that allows well-wishers to make donations in the form of cryptocurrencies. Save the Children Meets ADA At the time, it was revealed that Save the Children’s acceptance of ADA donations was not the first time the non-governmental organization (NGO) had accepted crypto. In fact, Save the Children says it has been accepting donations in cryptocurrency form since 2013. However, some have questioned the wisdom of accepting donations in a form of currency that they argue is too volatile. On the other hand, others want to know why a charity organization that is over a hundred years old has chosen to work with Cardano. To understand why the NGO has made these choices, Bitcoin.com News reached out via email to Ettore Rossetti, Save the Children’s Senior Advisor, Digital and Marketing Innovation. Bitcoin.com News (BCN): Cryptocurrencies are ge

Refinable, a leading NFT marketplace, today announced the Refinable Gaming Initiative, an industry-specific program aimed at deepening its collaboration with the gaming developer community, supporting NFT communities with a community push to Play-To-Earn (P2E) initiatives within NFT gaming. Refinable’s decision reflects the incredible momentum in its marketplace as it relates to gaming NFTs. The company’s gaming partners – which include Seascape and ChainGuardians among others – have been gaining traction among Refinable marketplace’s users, as it continues to break new ground in blockchain gaming, creating compelling new experiences. Under this gaming initiative, the company has announced a series of service offering enhancements to provide greater flexibility, adaptability and monetary benefits to gamers and developers alike. Such enhancements include: Dedicated gaming marketplace Branded and verified profiles and collections Integration with existing NFT configurations Royal

Bitcoin Cash Argentina, a nonprofit foundation destined to increase the knowledge and adoption of the cryptocurrency in the country, has achieved its second milestone by crowdfunding a new circular economy campaign using Flipstarter. This new campaign goes even further with the goal of onboarding 250 merchants in the near future. Bitcoin Cash Argentina Funds Second Flipstarter Campaign Bitcoin Cash Argentina , a nonprofit organization that seeks to increase the knowledge and adoption of bitcoin cash (BCH) in Argentina, has successfully funded its second Flipstarter campaign, receiving 250 bitcoin cash to support its operations for the next proposed set of goals Bitcoin Cash Argentina expressed its gratitude with everyone that donated to reach this milestone via its official Twitter account. Big figures in the Bitcoin Cash community as Roger Ver and Marcelo Fleischer, also know as Majamalu, an Argentinian Bitcoin Cash supporter, donated to the initiative. Now Bitcoin Cash Argen

Regional authorities in one of the key states of the country, Carabobo, suspended the power supply of all registered miners, effectively shutting down their operations in the industrial state. While there have been no official explanations for this measure, some people with knowledge on the matter state the action was taken due to the enormous energy consumption these operations have in the zone. Mining Operations Suspended in State of Carabobo Regional authorities in Carabobo suspended the power supply of registered miners in the key industrial Venezuelan state yesterday, with no official explanation. People with knowledge of the matter allege that the mining userbase is consuming too much energy, threatening the power supply and the electric grid for the other subscribers. According to Criptonoticias, which has allegedly been in contact with people affected by these measures, the national power corporation and the Venezuelan cryptocurrency watchdog, Sunacrip, are planning to mee

The Federal Reserve Bank of New York published the Survey of Consumer Expectations report on Monday, which shows U.S. consumers are expecting short-term inflation levels to be higher than usual. Meanwhile, the report also shows American consumers’ expectations of long-term inflation have reached the highest level since 2013. New York Fed’s Survey of Consumer Expectations Report Shows Dismal Findings While the 2,702-page, trillion-dollar infrastructure proposal is being debated, the U.S. central bank’s latest charts show Americans are very concerned about inflation. On Monday, the Fed’s New York branch published the Survey of Consumer Expectations (SCE) report, and the findings suggest worry over the loss of purchasing power is growing. It’s been noted for a few months now that short-term inflation expectations have been on the rise and the SCE report indicates this expectation has not changed. The SCE study shows that median expectations for inflation over the next 12 months have

The price of an ounce of gold dropped dramatically this week, slipping under the $1,700 handle to $1,688 per ounce on August 8. On Monday, gold regained some of the losses jumping 2.36% back above the $1.7K region to $1,727 per ounce of fine gold. Gold’s Volatile Movements This Weekend Blamed on a Number of Elements While bitcoin ( BTC ) prices are up more than 4% on Monday and over 16% during the last week, the value of gold has been dropping lower in fiat value. On August 6, 2021, the price of gold per ounce was trading for just over $1,800 per unit and slid to $1,688 per unit two days later losing 6.22% in value. The precious metals (PM) news outlet Kitco said the drop was due to an “overnight flash crash in gold and silver prices.” The report blamed the crash on “summertime doldrums” and “thin trading conditions.” Moreover, the Delta Variant strain of Covid-19 has caused alarm across markets, Kitco’s Jim Wyckoff details. Peter Brandt, a veteran futures and FX trader since 1

Five U.S. senators have been working with the Treasury Department and have come up with a compromise crypto amendment to the $1.2 trillion infrastructure bill. “We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” Senators, Treasury Department Agree on Compromise Amendment for Crypto Reporting Requirements The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Monday that Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.) Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Az.), and Rob Portman (R-Oh.) have reached “an agreement on digital asset reporting requirements” in the infrastructure bill . The announcement details: We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements. In the press conference held Monday on

The U.S. Securities and Exchange Commission (SEC) has charged Poloniex with operating an unregistered cryptocurrency exchange. Poloniex has agreed to a cease-and-desist order and to pay $10.34 million. SEC Hits Poloniex With Cease-and-Desist Order, Penalties The SEC announced Monday that “Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange.” From July 2017 through November 2019, Poloniex “facilitated buying and selling of digital asset securities.” The SEC explained that the platform was available to U.S. investors but “Poloniex did not register as a national securities exchange” and was not exempt from registration. Its failure to do so was a violation of Section 5 of the Exchange Act. “Poloniex attempted to circumvent the SEC’s regulatory regime,” said Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit. “Poloniex chose increased profits over compliance with the federal securities law

The deputy governor of India’s central bank, the Reserve Bank of India (RBI), says the bank should be able to come up with a central bank digital currency (CBDC) model by the end of this year. India May Unveil a CBDC Model by Year End The Reserve Bank of India (RBI) may unveil a model of a central bank digital currency (CBDC) by the end of the year, Deputy Governor T. Rabi Sankar said Friday at the post-Monetary Policy Committee (MPC) press conference. Without providing further details, he described: These are extremely evolving technologies and business choices that one has to make, and therefore it’s difficult to put a date, but we should be able to come up with a model in the near future, probably by the end of this year. The deputy governor continued: “We are evaluating the issue of scope, technology, distribution and validation mechanism etc.” Last month, he revealed that the central bank was working on a “phased implementation strategy” for India’s CBDC and also “examin

The largest telecommunications provider in Europe, Deutsche Telekom AG, announced on Monday that it will be leveraging Coinbase Custody to hold the firm’s celo tokens. Celo is a mobile-first platform that connects to decentralized apps, is EVM compatible, and the network allows holders to stake the crypto asset. While keeping the celo tokens with Coinbase Custody, Deutsche Telekom will stake the tokens for its subsidiary T-Systems MMS. Deutsche Telekom Plans to Secure Celo Tokens With Coinbase Custody Deutsche Telekom AG, the owner of mobile communications brand T-Mobile, has revealed the firm is participating in the decentralized cryptocurrency economy. The major telecom company is the largest in Europe since it was introduced in 1995, after breaking away from the state-owned Deutsche Bundespost in order to become privatized. Deutsche Telekom has since managed to become a Fortune 500 company and is currently ranked in the top 100 firms. On Monday, the firm revealed it was utilizin

To demonstrate the use case and commercial viability of Unido Enterprise Platform (EP) , it is helpful to compare with an established digital asset management platform which has built in DeFi options. Enzyme (MLN) has been selected for competitor comparison and analysis, given it launched in July 2016 and provides similar services and features as EP, albeit delivered in very different formats. Enzyme is delivered in two parts, a front end website for asset management and an Ethereum-native blockchain protocol to deploy custom liquidity pools, allowing investors to deploy their digital assets (limited to Ethereum-based tokens) in yield returning activities, without the use of investment managers, hedge funds, or other fund management companies. Given on-chain assets on the Enzyme platform are governed by a client’s single private key, the product offering is only suitable for individuals willing to take responsibility for their private key. There is no multi party signoff or compatib

In much of Africa, many people still lack access to basic financial services for many reasons. One of the reasons is that financial institutions have set standards or thresholds that make it impossible for low-income earners to even open a bank account. Access to soft loans or other forms of financing is even more cumbersome while the punitive interest rates charged ensure that SMEs, farmers, and other groups do not even entertain the idea of borrowing banks. The fact that this has been ongoing for many years is a clear indication that the conventional banking system has failed these groups. This particular failure is another example of why an alternative financial system is needed. It also explains why more emerging fintech start-ups are now attempting to solve this. One of such start-ups is Koinwa , a crypto borrowing platform. Bitcoin.com News recently discussed solving the problem with the startup’s CEO, Disu Hakeem to understand how the application is helping financially exclu

Arbitrum, an Ethereum Layer-2 (L2) scaling solution, announced it would launch its mainnet for users this August. The tool, which allows Ethereum users to transact with very low fees, had launched in beta version last June, with support from some key projects in the Ethereum sphere, like Uniswap, who received a community vote to integrate it. The project will also launch Arbitrum One, which will have up-to-date information about the projects using its network. Arbitrum To Launch This August Arbitrum , the Ethereum L2 rollup, has announced it will launch in mainnet beta this month, opening its service to regular users who want to issue projects using the scaling solution. Till now, Arbitrum had been operating in a sort of a sandbox, with more than 250 projects applying to build using the Optimistic rollup tech. Arbitrum will allow users to transact almost instantly with negligible fees, aiming to massify adoption. Offchain Labs, the company behind the Arbitrum project, states that