Bitcoin News and Finance: What You Need to Know

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Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in a recent report —which quotes Sydney Asubo the FIA executive director—the financial intelligence body explains why it wants the Ugandan government’s involvement in crafting the regulation. The report states: Virtual assets service providers are now in category 16 of the most vulnerable to terrorism financing and money laundering. Last year we gave them one month to register but only a few responded. In December 2020, the FIA published a letter revealing an amendment to the Anti-Money Laundering Act which classed Virtual Asset Service Providers (VASP) “as accountable persons.” This, therefore, meant en

The payment industry has gone through a revolution in the last few years. Among its most evident examples are international commerce and remote work. Blockchain and cryptocurrency have transformed online transactions by ensuring true ownership, security, speed, accessibility, and inclusivity. Nowadays, people are used to buying something and paying seamlessly, or receiving compensation through a mobile device or a computer. Going cashless became the norm and convenience turned out to be essential, especially because of the COVID-19 impact. As the demand increased, crypto payments became an ideal alternative — whether you are working from home or you want to buy from an e-commerce shop during the wee hours. RemiBit is one of the solutions that offers the most comprehensive range of crypto payment services. It is a non-custodial blockchain payment system that can be integrated and rolled in just a few minutes. A truly hassle-free crypto payment experience! With RemiBit’s peer-to-pee

Digital currencies, those issued by central banks in particular, have been commended for their “disruptive nature.” The praise comes from a publication associated with one of Brazil’s far-left parties. A recently published article claims that CBDCs such as China’s digital yuan can radically change global finances and government policies. Digital Yuan to Do Away With America’s ‘Exorbitant Privilege’ Vermelho, a news portal linked to the Communist Party of Brazil, points out that the People’s Republic is the world’s first major economy to create its own coin. State-issued digital currencies are not like the present day “electronic money” as they won’t require the intermediation of commercial banks, the leftist outlet argues. The central bank itself will perform this role, unlike “private” cryptocurrencies such as bitcoin where no authority can oversee transactions or control circulation. Central bank digital currencies ( CBDCs ) will provide for an immediate relationship between the

South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea ( BOK ) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency (CBDC). A Reuters report notes that the bank’s plan to research the matter and conduct trials is the first step in that direction taken by Asia’s fourth-largest economy. With the expansion of the cryptocurrency space providing an alternative to traditional finances, dozens of central banks around the world have set CBDC projects in motion. China has been developing its digital yuan , the Federal Reserve

USDC, the second most popular stablecoin in the cryptocurrency market, is late in releasing its attestations, which are documents that certify the number of dollars the custodian Centre holds in banks. The last attestation available for the currency dates back to February when the currency had a market cap of nine billion dollars. This fact and the sudden growth the cryptocurrency experienced in the last few months is raising alarms about the delay of these documents. Centre’s USDC Runs Late in Its Attestation Reports USDC, one of the biggest stablecoins in the crypto market today, is late producing its attestation documents, according to data taken from its own transparency website. The attestations, that are scheduled to be produced monthly have stopped, with the last one dealing with February’s funds released last April 27, a considerable delay from its normal issuance date. There has not been a public disclosure of why the tardiness is happening from any of the people who have

Nobel laureate and professor at Yale University, Robert Shiller, is tempted by the crypto market. He is mulling over investing in cryptocurrency to experience the market. “I never bought bitcoin. Maybe I should be active in that market,” he said. Yale Professor and Nobel Prize Winner Mulls Over Getting Into Crypto Nobel laureate Robert Shiller talked about cryptocurrency in an interview with CNBC, published Sunday. Shiller won The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2013 alongside Eugene Fama, Lars Peter Hansen “for their empirical analysis of asset prices,” The Nobel Prize’s website details. He is currently Sterling Professor of Economics at Yale University. Shiller is concerned about the current housing market, stocks, and cryptocurrencies, stating that he sees a “wild west” mentality among investors in these markets. Discussing the crypto market in particular, Shiller said “That’s a very psychological market. It’s impressive technology.” Ho

Bridgewater Associates founder Ray Dalio has revealed that he owns bitcoin despite concerns he has long voiced about governments interfering and even outlawing cryptocurrencies. The boss of the world’s largest hedge fund said “bitcoin’s greatest risk is its success.” Ray Dalio Got Bitcoin Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has revealed that he owns bitcoin. In an interview at the Consensus 2021 conference, which was recorded on May 6 but released Monday, he said : I have some bitcoin. Dalio is the co-founder and chief investment officer of Bridgewater Associates, whose clients include endowments, governments, foundations, pensions, and sovereign wealth funds. Emphasizing that bitcoin is still small and not a threat to governments, he noted that if it succeeds, “one of the great things, I think, as a worry is the government having the capacity to control … bitcoin, or digital currencies. They know where they are, and they know what’

There have been two back-to-back flash loan attacks in a short period of time stemming from two unique Binance Smart Chain decentralized finance (defi) projects. Last Wednesday, the yield-farming platform Pancakebunny lost close to $3 million in a flash loan attack according to reports. The following Sunday, Bogged Finance saw $3 million exploited from a flash loan attack. Pancakebunny Gets Hit by a Flash Loan Attack – $3 Million Drained Ever since hackers leveraged flash loans to attack the defi margin trading protocol Bzx, flash loans have been a common attack in the defi world. Flash loans are a type of scheme that allows the issuance of loans within a single transaction or attack. Besides average people leveraging the flash loan construct for fun, malicious actors have found attack parameters in order to drain funds from defi projects. This past week between a five-day period, there were two flash loan attacks that saw around $6 million in total taken from both projects combi

Tesla CEO Elon Musk has spoken with North American bitcoin miners and they have committed to forming a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.” They have also agreed to publish their current and planned renewable usage. The meeting was hosted by Microstrategy CEO Michael Saylor. Elon Musk and Michael Saylor Say Miners Have Agreed to Form Bitcoin Mining Council The Technoking of Tesla, Elon Musk, announced on Twitter Monday that he has spoken with bitcoin miners. He wrote: Spoke with North American bitcoin miners. They committed to publish current & planned renewable usage & to ask miners worldwide to do so. Potentially promising. Microstrategy CEO Michael Saylor immediately tweeted explaining: Yesterday I was pleased to host a meeting between Elon Musk and the leading bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparen

Yield Farming protocol DYP has launched its long-awaited DYP Tools. DYP Tools V1 is a decentralized tools dashboard built with features that will increase the use cases for DYP Token and the entire DeFi ecosystem. The tool dashboard serves as a liquidity locker for any DeFi project and protects the DeFi community by providing a decentralized trust score for all DeFi. The launch of the DYP Tools V1 is a significant milestone for the yield farming protocol, and the dashboard tool is equipped with extensive features. Some of these include UniSwap Watchman, Pool Explorer, Unique Community Trust Vote System, Big Swap Explorer, DYP Locker, Top Tokens Page, Yield Farm Data, and many more. Let’s look at some of the features. Comprehensive data aggregator DYP has integrated a UniSwap Watchman option that aggregates data from Uniswap V2 smart contracts periodically. The data is transformed into the proper format and takes care of storing and sending it within the DYP Tools core. The Pool Ex

Vitalik Buterin, one of the most renowned Ethereum founders, has rebuffed Elon Musk’s take on fixing cryptocurrencies in a new paper where he details the limits of blockchain scalability. Buterin touches on three subjects: storage, bandwidth, and computing power, commenting on their limits with today’s tech. Vitalik Buterin Criticizes Elon Musk’s Simplistic Take Vitalik Buterin, the founder of the second most successful cryptocurrency (Ethereum), criticized yesterday Elon Musk’s take on fixing cryptocurrencies just by raising some key aspects. In a new paper titled “The Limits to Blockchain Scalability,” Buterin sends a pair of jabs to Elon, asking in its very first paragraph: Can you really, as Elon Musk wishes , “speed up block time 10X, increase block size 10X & drop fee 100X” without leading to extreme centralization and compromising the fundamental properties that make a blockchain what it is? Buterin, who has always been worried about blockchain adoption, then goes on

According to this week’s data, cryptocurrency trade volume touched an all-time high on May 20, reaching $1.76 trillion in reported 24-hour volume. Daily trade volume statistics for Monday have been high, as reported volume from crypto market aggregators shows over $300 billion in 24-hour volume. Meanwhile, stablecoins capture 50% of Monday’s global trade volume with tokens like tether, binance usd, and usd coin leading the pack. Reported Crypto Exchange Volumes Worldwide Capture Lifetime Highs Out of all the volume reported across the crypto economy’s lifetime, May 2021 saw the highest cryptocurrency trade volume in history. In fact, on May 20, the reported volume across hundreds of crypto exchanges shows an all-time high (ATH) of $1.76 trillion in daily volume. The reported volume for bitcoin ( BTC ) on Monday is around $71 billion in global swaps. Statistics indicate that April saw a significant amount of trade volume as well, nearing a trillion when it tapped a 30-day high at $

Global investment bank Goldman Sachs now considers bitcoin an investable asset. “Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class,” said Goldman Sachs’ analyst. Goldman Sachs Now Considers Bitcoin an Investable Asset Goldman Sachs published a research note on cryptocurrency this week stating that bitcoin has become an investable asset, a reverse of its earlier stance. Mathew McDermott, the bank’s global head of digital assets, wrote : Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase. “And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets,” he continued, elaborating: Clients and beyond are largely treating it as a new asset class, which is notabl

U.S. Congressman Jim Himes says that Congress is not ready to pass cryptocurrency legislation anytime soon, citing a lack of deep understanding of cryptocurrencies among lawmakers. “There’s going to be a lot of discussion in the coming years about ways to regulate” cryptocurrencies, said the congressman. Crypto Legislation Not Expected From Congress Anytime Soon U.S. Representative Jim Himes has revealed some discussions Congress is having regarding cryptocurrency legislation in an interview with Yahoo Finance Friday. The Connecticut representative serves as the chair of the National Security, International Development and Monetary Policy Subcommittee of the House Financial Services Committee. He previously worked at investment bank Goldman Sachs for 12 years. His crypto comments came as the U.S. Treasury published a proposal to require businesses to report crypto transactions above $10K to the Internal Revenue Service (IRS). Himes said that Congress is not ready to act on crypto

As cryptocurrency regulation heats up worldwide, South Korean officials have been increasing regulatory discussions concerning the swelling crypto economy. While digital currency markets like bitcoin have tumbled in value in recent times, global crypto market prices have increased across the board on Monday. In South Korea, crypto-assets like bitcoin are once again experiencing a ‘kimchi premium,’ as the price per bitcoin is 8% higher than the global average. Bithumb and Korbit Bitcoin Exchange Rates Indicate Bitcoin Premiums Are Returning The ‘kimchi premium’ in South Korea has returned, following the market carnage that plagued digital currency prices last week and into the weekend. Global averages show that crypto-assets like bitcoin ( BTC ) and ethereum ( ETH ) have jumped significantly in value . BTC is up 10% and ETH has gained 20% during the last 24 hours. At 8:42 a.m. (EST), bitcoin’s global average tapped a daily high of $38,800 per coin. However, in South Korea, BTC pr

Following some stern warnings from a few major trade associations and regulators in China, two prominent exchanges, Huobi and Okex, have stopped offering services to Chinese residents. After the two exchanges halted specific services to residents of mainland China, two bitcoin mining operations have also abandoned the country on Monday. Btc.top and Hashcow have suspended services over “regulatory risks.” Crypto Firms Are Abandoning China Two mining operations have revealed specific services have been suspended for residents living in mainland China. The news follows the recent announcement from Huobi and Okex when the firms announced this weekend that specific services would be halted for Chinese citizens. There’s been a flurry of government announcements stemming from China and the first warning was published on May 19. Last 48 hours have been crazy. So what will happen & what has already happened? Here are some initial thoughts: 1, This is first time such high ranking memb