Bitcoin News and Finance: What You Need to Know

Several crypto firms, including Binance and Circle, have launched a new crypto scam reporting platform. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.” New Crypto Scam Reporting Platform Launched A number of crypto firms have joined forces and launched a new, multi-chain scam reporting platform. TRM Labs, Circle, Solana Foundation, the Aave Companies, Hedera, Binance.us, and Civic announced last week “the launch of a new community-powered scam reporting platform, Chainabuse .” The platform, operated by blockchain intelligence firm TRM Labs, “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it,” the announcement details, elaborating: The free tool enables crypto users, victims of financial crimes, and crypto businesses to take an active role in making the crypto ecosystem a safer place to operate. Currently, users can file re...

India’s central bank, the Reserve Bank of India (RBI), has warned about investing in the crypto market following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). “We have been cautioning against crypto and look at what has happened to the crypto market now,” said Governor Shaktikanta Das. RBI’s Governor on Crypto Market and Regulation The governor of the Reserve Bank of India (RBI), Shaktikanta Das, discussed the crypto market downturn and the regulation of crypto assets in an interview with CNBC TV18 Monday. “We have been cautioning against crypto and look at what has happened to the crypto market now,” the governor said, stressing: Had we been regulating it already, then people would have raised questions about what happened to regulations. The crypto market has shed over $1.5 trillion since November last year and almost $500 billion since the beginning of the month. The market slump was exacerbated by the fall of cryptocurrency terra (LUNA) and alg...

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme. 300% Return on Investment The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment. The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people. Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) gr...

The World Economic Forum (WEF), one of the most influential international institutions, has expressed its worries about the safety of metaverse dwellers, especially younger ones. The group has raised a number of concerns regarding the anonymity and safety of young individuals in this upcoming alternate world, and has given a number of recommendations to preserve them. World Economic Forum Puts Metaverse Child Safety First Big forums and institutions in the world are thinking about the implications that living a part of our lives in the metaverse might bring. The World Economic Forum ( WEF ), an “international institution for public private cooperation,” has expressed its worries about the safety of young individuals in the metaverse. In an article written as part of the Davos 2022 meeting of the forum, Mark Read, CEO of WPP, explains the growth of this sector and why building a safe metaverse is a priority. The article conveys that while the metaverse is being promoted as an alter...

Gate.io is one of the longest running secure exchanges in the world and over time, surpassed 10 million users worldwide. To mark this milestone, the exchange is launching a rebranding and a sweepstake with $9,000,000 in prizes! Read on to find out more about what makes Gate.io such a success and what the team has in-store for users as part of its 9th anniversary. Gate.io’s Journey to Business Legend Founded in 2013 , Gate.io is one of the longest-running secure exchanges in the world. Subsequently, it has grown to offer over 1400 cryptocurrencies and become a platform that provides a wealth of trading services to its users. Its portfolio of products includes Startup that allows users to invest in projects early, NFT Magic Box that allows the creation and trading of NFTs – something trendy right now, GateChain , its native blockchain system, and Gate Ventures , the venture capital investment division. One of the several secrets to Gate.io’s success is that it was one of the first...

The International Monetary Fund has mentioned it is providing technical assistance to the government of El Salvador in various ways. According to Gerry Rice, a spokesperson for the organization, the group is having talks with people of the Salvadoran government about tax and money laundering matters, including critical issues that the IMF raised in earlier reports. International Monetary Fund in Talks With El Salvador While the International Monetary Fund disagreed with the move that El Salvador made last year by declaring bitcoin as legal tender, it is still having regular talks with representatives of the Salvadoran government. In a press conference offered last week, Gerry Rice, a spokesperson of the organization, stated there was contact with the government about several issues related to bitcoin adoption in the country. Rice declared: IMF staff and Salvadoran authorities continue to hold regular conversations on the critical issues that were emphasized by our Executive Boa...

The Central Africa Republic (CAR)’s surprise bitcoin adoption decision once again shows that the top cryptocurrency can be an alternative to fiat currency. However, the African country still needs to invest heavily in its telecommunications infrastructure. The CAR also needs to prioritize education that helps the population to familiarize itself with cryptocurrency basics. The CAR’s Expensive Internet There is little doubt Central Africa Republic’s decision to designate bitcoin ( BTC ) as legal tender has surprised many. Few people expected CAR — one of Africa’s most impoverished countries and one whose economy has been ravaged by a civil war — to be the first to adopt bitcoin . For critics still trying to understand why another nation has joined El Salvador in making bitcoin legal tender, the CAR’s move is perplexing. To begin with, they cannot understand how a country with such a low internet penetration rate — less than 12% — has chosen the top cryptocurrency as its transacting c...

Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that residents of Qatar can now buy and sell cryptocurrencies on its platform. The cryptocurrency exchange claimed it is the first regulated digital asset exchange to open its platform to Qatari residents. Residents Can Now Connect Bank Accounts to Their Crypto Wallets The Bahrain headquartered cryptocurrency exchange, Coinmena, has become the first regulated digital asset exchange to offer its services in Qatar. According to a statement released by the exchange on May 19, Coinmena’s foray into Qatar means the country’s residents can now connect their bank accounts to their crypto wallets. This enables them to “deposit and withdraw funds directly and safely.” In a joint statement following the exchange’s latest foray into another Middle East and North Africa (MENA) market, Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa said: We are delighted to become the first crypto exchange to offer our services in ...

Luxury watch manufacturer TAG Heuer announced it’s introducing online cryptocurrency payments for customers in the United States. The Swiss company provides the new payment option through a partnership with crypto payment processor Bitpay. Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques d’Avant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release : With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces. The alternative payment method is facilitated by the crypto payment platform Bitpay. Buyers can spend a dozen...

Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million. Bitmex’s Arthur Hayes Sentenced The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February. The DOJ states: Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense. U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part...

The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that “there are no customer protections right now in the crypto market.” Bitcoin and Ether Are Commodities ‘For Sure’ CFTC Chairman Rostin Behnam discussed the regulation of cryptocurrencies by the CFTC and the SEC in an interview with CNBC last week. The chairman was asked to comment on a bill in Congress that puts the SEC in charge of security tokens and the CFTC in charge of commodity tokens. “This is a little bit of an age-old issue between the CFTC and the SEC. We have a great relationship historically … Within this space, in my view, it makes sense for commodities to be regulated by the Commodity Futures Trading Commission and securities to be regulated by the SEC,” Behnam detailed. The CFTC boss noted that within the crypto...

A court of appeals in Russia has overturned a ruling by a regional court which allowed the blocking of the Tor Project’s website in the country. Due to violations during the initial proceedings, the case has been returned to the court of the first instance for another review. Roskomsvoboda Helps Cancel the Blocking of Tor Project’s Website in Russia Procedural violations, mainly the failure to summon the owner, have led to the canceling of the regional court’s decision to block torproject.org, Roskomsvoboda announced this week. The lawyers of the non-governmental organization working to protect the rights of internet users in Russia played a role in the case which has been sent back to the first instance court in Saratov region. The Tor Project’s website was blocked in December last year on the basis of a decision of the Saratov District Court from Dec. 18, 2017. The hearing in the appellate court, held online, was attended by Ekaterina Abashina from Roskomsvoboda’s legal team. Sin...

The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him. NFT Used as Collateral A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre. The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him. The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly pa...

Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time. BRICS Countries’ Dependence on the US-Dominated Global Financial System Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates. As explained in a Global Times report , the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancin...

Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding to society like other investments.” Bill Gates on Crypto, and Why He Isn’t Investing Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session Thursday. One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies?” Gates replied: I don’t own any. I like investing in things that have valuable output. He added: “The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.” Gates’ stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha explained in detail why he would not invest in bitcoin or cryptoc...

SOL was trading lower to start the weekend, as prices slipped on Saturday. This comes as bears re-entered the market following a week of consolidation. ATOM was one of the biggest movers, falling by 10%. Cosmos ( ATOM ) After climbing by over 15% on Friday, ATOM was one of the biggest losers on Saturday, as prices fell by over 10%. ATOM /USD followed up yesterday’s peak of $12.12 by falling to an intraday low of $10.82 to start the weekend. The move comes as ATOM moved back towards its floor of $9.90, just as some were preparing for a rally towards $15.00. However, instead of this, we have seen ATOM move back towards a ten-day low, as bearish pressure pushed prices lower. Looking at the chart, the drop comes as the Relative Strength Index (RSI) failed to break out of a ceiling at 38. Markets will now likely continue to move around the current support point, prior to any further rallies or possible declines. Solana (SOL) SOL fell to ninth in the list of most valuable crypt...

President of the European Central Bank Christine Lagarde has insisted that unlike a digital euro, cryptocurrency has no underlying asset. It should be regulated to prevent people from losing their life savings by speculating on crypto assets, the top ECB official has suggested. Cryptocurrency Is ‘Worth Nothing,’ ECB Governor Claims The head of the eurozone’s monetary authority, Christine Lagarde, maintains that cryptocurrencies are “based on nothing,” and is concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.” Speaking to Dutch TV, Lagarde admitted she is skeptical about the value of crypto assets, as opposed to a central bank digital currency ( CBDC ) such as the digital euro , which the European Central Bank (ECB) is planning to issue within the next few years. Regarding cryptocurrency, she also stated: My very humble assessment is that it is worth nothi...

ETH started the weekend trading below $2,000 as the price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency once again falling under $30,000. Bitcoin Following marginal gains above the $30,000 level during yesterday’s session, BTC once again fell below this point. Friday saw BTC /USD trading at a high of 30,664.98, however these gains were short-lived, with prices falling to a bottom of $28,793.61 earlier today. As of writing, prices are down 3.27% to start the weekend, with this decline coming as bulls were unable to sustain the price floor at $28,800. The recent consolidation in bitcoin comes as a result of increased market uncertainty, following recent actions by the Federal Reserve, leading investors to move away from riskier assets. This is encapsulated by the fact that BTC has only seen a marginal move in price over the past week, despite all the ups and downs. Overall and as we speak, pr...

As the consumer price index (CPI), a measure of prices for goods and services, hit another all-time high in April reaching 8.3%, Americans are stressed out more than ever about inflation and money. A recent survey published by the American Psychological Association shows that 87% of U.S. residents say inflation on everyday items has driven their stress levels way up. APA Survey Says 87% of Americans Are Stressed About Inflation Two recent studies show that a great number of Americans are stressed out over inflation and the rising costs of everyday goods and services. According to the American Psychological Association (APA) “ Stress In America Survey ,” Americans are burdened by mental health issues tied to money and inflationary pressures. Vaile Wright, a senior director of health care innovation at the American Psychological Association, further explained to CNBC’s Charlotte Morabito that “Eighty-seven percent of Americans said that inflation and the rising costs of everyday goo...

Tim Draper, an early bitcoin investor, has declared he is still optimistic about the value of the first cryptocurrency even with the downturn its price has taken in the last months. Draper believes that the asset is still valuable as an inflation hedge, and that the market we are navigating right now is “very similar” to the dot-com bubble burst, but with higher inflation. Tim Draper Still Bullish on Bitcoin Tim Draper, the venture capitalist famous for his early investments in bitcoin, has explained his stance when it comes to the value of bitcoin in the current market situation. In an interview broadcast by CNBC, Draper explained that the importance of bitcoin in the downturn that crypto and traditional markets are experiencing, has to do with its inflation hedge traits. Draper told CNBC: I’m still a bull on Bitcoin because it’s a great hedge against inflation, and as speculators leave it will diverge from tech stocks. I do believe that tech stocks will keep going down as long...

A16z has launched a new fund that seeks to invest $600 million in gaming experiences including Web3 and metaverse. The fund, which seeks to build the future of the gaming industry, aims to back several startups and projects in different areas including gaming studios, the intersection of gaming and consumers, and infrastructure. This move complements the investments that the VC has made in other gaming and metaverse-involved startups. A16z Doubles Down on Gaming Executives at a16z seem to be enticed by the intersection of metaverse, Web3, and gaming happening now in the industry. The company has announced the launch of a $600 million gaming fund called Games Fund One, which seeks to power startups in the industry in three key sectors, including gaming studios, gaming relationships, and infrastructure building. The fund, according to the company, bases its operation on the belief that “games will play a pivotal role in defining how we socialize, play, and work over the next century...

Meta Platforms Inc., formerly Facebook, has filed five trademark applications for “Meta Pay.” The filings cover a wide range of cryptocurrency services. The company is renaming Facebook Pay to Meta Pay. Trademark Applications for Meta Pay Meta Platforms Inc., formerly Facebook, filed five trademark applications for “Meta Pay” with the United States Patent and Trademark Office (USPTO) last week. Trademark attorney Josh Gerben tweeted explaining Wednesday that, in his opinion, Meta’s applications indicate the company is planning to launch a payment platform called Meta Pay for users to exchange regular fiat money for cryptocurrencies. Meta’s head of fintech, Stephane Kasriel, explained last week that the company is “investing more” in its existing payments experiences, noting that it has been in payments since 2009. “Today, people and businesses use our platforms to make payments in 160 countries and 55 currencies,” Kasriel wrote, elaborating: The experience that people see toda...

The G7 finance ministers and central bank governors have called for a swift and comprehensive regulation of crypto assets. The G7 decision followed the recent crypto market turmoil, including the collapse of cryptocurrencies LUNA and UST. G7 Countries Calling for Swift, Comprehensive Regulation of Crypto Assets The finance ministers and central bank governors from the Group of Seven (G7) industrialized nations convened in Bonn and Königswinter, Germany, on May 18–20. Among the topics they discussed was the regulation of crypto assets following the recent market turmoil and the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST). “The G7 supports work by the Financial Stability Board (FSB) to monitor and address financial stability risks arising from all forms of crypto-assets, and welcomes increasing global cooperation to address regulatory issues associated with the use of crypto-assets, including in cross-border payments,” according to the communiqu...

The CEO of one of Kenya’s biggest lenders has argued there is a possibility cryptocurrencies will complement mobile money in Africa but first, there is a need to convince regulators of their benefits. African Regulators’ Stance on Crypto Cryptocurrencies can potentially complement mobile money in Africa if regulators on the continent are made to change their perceptions of the digital currencies, the boss of one of Kenya’s biggest lenders has said. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks first need to be convinced of the benefits of cryptocurrencies. In remarks published by Bloomberg, Mwangi noted that most of the continent’s central banks have either banned the use of cryptocurrency like bitcoin or have imposed restrictions on its use. He noted, however, that a few countries have or are exploring ways to embrace cryptocurrencies. According to Mwangi, adopting cryptocurrencies is also one way Africa can get ahead of other continents as far as em...

PRESS RELEASE. MetaOasis Wins the Double in Hackathon Competitions Three months ago, MetaOasis won the championship in Metaverse Alliance 2021 Global Metathon. Three months later, MetaOasis got the most votes and beat 112 competitors in the recent Avalanche Asia Hackathon. Therefore, MetaOasis will become the first project that wins the double in international hackathon competitions in the gamefi history. What worth mentioning is that Avalanche Asia Hackathon set up an algorithm mechanism which can prevent repeated voting. That’s to say, all votes were from loyal supporters of the project, which makes the votes be of great value, and it also shows that MetaOasis deserve the championship by having the strength with strong and real user base. Who is the Champion-MetaOasis？ MetaOasis is the next-generation game publishing platform linking Web2 and Web3. Meanwhile, MetaOasis will launch the first self-developed big game, making it the core to gather excellent game around the world ...

Pakistan can generate tax revenues of at least $90 million each year if authorities impose a 15% tax on cryptocurrency transactions, an executive with a cryptocurrency exchange has said. 15% Crypto Tax An executive with a Pakistani cryptocurrency exchange has said Islamabad can generate at least $90 million in tax revenues if authorities decide to levy a 15% tax on cryptocurrency transactions. The executive, Zeeshan Ahmed, the country general manager at Rain Financial Inc, claimed this would be possible if Pakistan adopts what one report calls “hard and fast regulations.” In comments published by The International News, Ahmed claimed that Pakistan’s neighbor India and the United States are already getting billions of dollars in tax revenues. He said: The US and India are collecting billions of dollars through a 30 percent tax on the profit earned from crypto trading. We can start with a 15 percent tax. Role of Crypto in Pakistan’s Economy Ahmed’s sentiments were echoed by his...