Bitcoin News and Finance: What You Need to Know

According to an executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth $50 million via cryptocurrencies since the beginning of this year.” The executive, however, says his company is facing challenges convincing the older generation decision-makers to buy into the metaverse, non-fungible tokens, and cryptocurrencies. Using a Trusted Intermediary The Dubai-based real estate developer, DAMAC Properties, has since the beginning of the year completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani has said. In his remarks during an interview , the COO said by accepting either bitcoin or ethereum as payment, DAMAC has shown the extent to which his company will go in order for it to “benefit from the most advanced technology solutions.” When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted inte...

Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether. RBI’s Deputy Governor Discusses Impact of CBDCs on Cryptocurrencies RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. He was quoted as saying: We (RBI) believe that CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies. By “private cryptocurrencies,” the Indian government and the central bank refer to all non-government-issued cryptocurrencies, including bitcoin and ether. Sankar explained the central bank’s stance that cryptocurrencies should not be permitted “just because they are backed by hi-tech.” He added: Any tool that can be used for g...

Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon. Elon Musk’s Bad Feeling About the U.S. Economy Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters. The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company. Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “ a good thing ,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months . Morgan Stanley analyst Adam Jonas b...

Bitcoin cash supporters are known for spreading adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption throughout the islands of the Caribbean, alongside places like Dubai, and Mumbai. Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Crypto Adoption According to the web page map.bitcoin.com , there are thousands of merchants worldwide that accept bitcoin cash (BCH) for goods and services. Moreover, if one was to visit the Reddit forum r/btc, they would notice a great deal of posts highlighting adoption in places like Dubai, Mumbai, St. Kitts & Nevis, and St. Maarten. Bitcoin.com News previously reported on St. Maarten’s Parliament member, Rolando Brison, revealing he requested to get his entire salary converted into bitcoin cash. Map.bitcoin.com indicates there are over 160 merchants that accept BCH in the region. Bitcoin cash is now accepted by the platform Caribeeats ( caribeeat...

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan becomes one of the first major economies to develop such a framework after last month’s collapse of the terrausd (UST) stablecoin and its sister cryptocurrency terra (LUNA). The development caused a major market slump and loss of confidence in stablecoins. According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to red...

Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute a suspicious activity, which could ostensibly lead to penalties of $15,000 for its customers. Sunacrip Publishes Internal Providence on Fintech Activities Sunacrip, the Venezuelan cryptocurrency watchdog, is seeking to have better control of the movements that Venezuelans make using cryptocurrencies and other assets using fintech platforms. The organization issued a new providence that establishes the mechanism to deal with suspicious activities, including on fintech platforms. The providence, which is an internal document signed by Joselit Ramirez, head of the organization, seeks to include different Financial Action Task Force (FATF) directives in its working processes to detect money laundering an...

On Thursday, Warner Bros. announced it was collaborating with the non-fungible token (NFT) focused social media platform Nifty’s and at the end of June, the two firms will launch a story-driven NFT collection called “Looney Tunes: What’s Up Block?” The upcoming NFTs will tell a unique Looney Tunes storyline and will also celebrate the character Tweety’s 80th anniversary. Looney Tunes: What’s Up Block? A unique Looney Tunes-based blockchain program will leverage non-fungible tokens (NFTs) to tell a story, according to the American film and entertainment company Warner Bros. and the NFT-centric social media firm Nifty’s . Warner Bros. says that it is collaborating with Nifty’s again in order to release an NFT compilation called “Looney Tunes: What’s Up Block?” According to the announcement the NFTs will be used to create a “fresh narrative for the Looney Tunes franchise” via a storytelling experience. Looney Tunes is an animated short film series that was launched by Warner Bros. in...

Just weeks after launching its cryptocurrency trading platform , online brokerage Firstrade Securities has already begun expanding its available crypto listings. The most recent additions to the tradeable crypto coins on Firstrade are ENJ (Enjin), Maker ( MKR ), Bancor Network Token (BNT) and Compound (COMP). The latest 4 coins now make a total of 41 available cryptocurrencies on the Firstrade crypto platform. Enjin (ENJ) is a decentralized network on Ethereum which enables Developers to create and manage digital assets like NFTs, for game developments. The Maker ( MKR ) is a decentralized network, also on the Ethereum network, which primarily functions as a governance token for MakerDAO and as a fully functioning DeFi ecosystem. Compound (COMP) is similar, also a decentralized finance ecosystem on ETH , and Bancor Network Token (BNT), operates pools which bring Ethereum and other blockchains together. Why Trade Crypto on Firstrade? Traders and investors can get started trading f...

Former Monero lead maintainer, Riccardo Spagni, faces over 370 counts of fraud, forgery, and uttering. The charges against the developer stem from fraudulent activities he allegedly committed when he was still employed by Cape Cookies. Fluffypony Pleads Not Guilty The so-called crypto mogul and former Monero lead developer, Riccardo Spagni, has been charged with 378 counts of fraud by the South African government, a report has said. The charges follow allegations that Spagni defrauded his former employer of more than $93,500 (R1,453,561). The crimes are alleged to have taken place between October 2009 and June 2011. As previously reported by Bitcoin.com News, Spagni was arrested in Tennessee by U.S. law enforcement. The lead maintainer’s arrest stems from a warrant that was issued by a South African court when Spagni, who is also known as “Fluffypony,” failed to make a routine court appearance. Spagni, who has since pleaded not guilty to the charges, is accused of cheating his fo...

Despite a strong start to the week, bitcoin fell below $30,000 on Thursday, as crypto bears returned to action. Following an uncertain day of trading yesterday, bearish momentum has taken charge of markets, with ETH also in the red. Bitcoin Following a strong start to the month, BTC fell lower, dropping below $30,000 on the second day of June. Bitcoin rallied to a nearly three-week high earlier this week, however on Thursday fell to an intraday low of $29,501.59. This drop comes less than 24 hours after BTC /USD hit a high of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty seems to have pushed prices lower. Today’s move sees prices fall below the recent resistance level of $30,500, and they now look set to move towards a floor of $28,600. Bulls have so far resisted any further declines, with the $29,500 point acting as interim support, however should bearish pressure intensify, we will likely see this decline extended. A reason for the interim s...

The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed in an interview, despite Bank of Russia’s decision to drop its opposition to crypto payments, at least when they facilitate Russia’s foreign trade amid sanctions. Adoption of Russian Law on Cryptocurrencies Delayed by Ongoing Debate Over Rules Discussions about the regulation of the Russian crypto market continue in the government and it’s not worth expecting that the draft law “On Digital Currency” will be filed with the State Duma soon, the Chairman of the Financial Market Committee at the lower house of Russian parliament, Anatoly Aksakov, told Parlamentskaya Gazeta this week. Russian officials are currently debating over the bill’s third revision and the talks are heated, ...

India is the global leader in non-fungible token (NFT) gaming, while the number of play-to-earn (P2E) players in developed countries like the U.S. and France is significantly lower than in much of the rest of the world, the latest data from Finder has shown. More People Plan to Play in the Future According to Finder’s latest NFT gaming statistics, India is the country with the highest number of respondents (34%) that have played a P2E game. Hong Kong is the next highest country with 29%, while the United Arab Emirates is third with 27%. While the popularity of P2E games appears to be growing, data from Finder seemingly show a distinction in the level of interest between respondents from Western countries and the rest of the world. To illustrate, in the United States, where nearly 14% of the respondents said they know what P2E is, only 9.4% played at least one game. Only 4.3% of respondents in Sweden admitted to having played. However, in the study wherein Finder sought to determ...

The Monetary Authority of Singapore (MAS) has partnered with major banks and financial services companies to explore the uses of asset tokenization and decentralized finance (defi). DBS Bank and JPMorgan will pilot the first project. Project Guardian Launched The Monetary Authority of Singapore (MAS), the country’s central bank, announced Tuesday that it has partnered with the financial services industry to launch Project Guardian. The central bank described Project Guardian as “a collaborative initiative with the financial industry that seeks to explore the economic potential and value-adding use cases of asset tokenization” and decentralized finance (defi). Heng Swee Keat, Singapore’s deputy prime minister and coordinating minister for economic policies, announced the commencement of Project Guardian Tuesday at the Asia Tech x Singapore Summit. “The first industry pilot under Project Guardian will explore potential defi applications in wholesale funding markets,” the MAS detaile...

Colombian soccer superstar James David Rodríguez Rubio has announced his partnership with ZKSpace to launch the James Rodríguez Commemorative Edition NFTs, Zurda (left foot in Spanish), with the presale scheduled for June 15th, 2022 . The 1,500 unique pieces are currently the only digital art collections available featuring key highlights from his illustrious career spanning three continents and celebrating Rodríguez’s outstanding contribution to the game. Rodríguez is amongst the first of many prominent athletes and celebrities to get involved in the digital art space, and his strategic partnership agreement with ZKSpace, the team behind ZKSea , is a testament to the quality of the layer 2 NFT minting platform and marketplace. Instead of merely turning a digital photo into NFTs, Zurda NFTs are based on exquisite artwork digitally hand-painted by professional artists. The NFT collection will be made up of 4 different rarities comprising 1 Platinum, 10 Gold, 400 Silver, and 1,089 Br...

For years, traditional financial institutions in different parts of the world have been attempting to narrow the financial exclusion gap by extending their services to the unbanked population. Yet for many reasons, these institutions still cannot avail their products and services to everyone that needs them. Regulatory Hurdles While there are several reasons cited for why banks are still not able to do this, their failure to serve this unbanked population has, on the other hand, led to the meteoric rise of fintech startups. Instead of relying on metrics often used by traditional banks when making a decision on whether to open a new branch or not, fintech startups such as Eversend are often primed to serve even those without regular incomes. For individuals like Stone Atwine, a veteran banker who has been named in Forbes’ 30 Under 30 List for Europe, and Technology, the failures of large financial institutions have created opportunities. In addition to explaining why he thinks tra...

Soros Fund Management’s chief executive and chief investment officer, Dawn Fitzpatrick, says cryptocurrency is here to stay and it’s already gone mainstream. She also believes that a recession is inevitable Soros Fund’s CEO: Crypto Is Here to Stay Dawn Fitzpatrick, chief executive and chief investment officer of Soros Fund Management, discussed cryptocurrency and the U.S. economy in an interview with David Rubenstein, aired Tuesday on Bloomberg. Soros Fund Management was founded in 1970 by George Soros and his former business partner Jim Rogers. Fitzpatrick was asked about her view on crypto. Referencing Fidelity’s announcement to allow bitcoin investments in 401(k) retirement accounts, she replied: It’s here to stay. I think it’s gone mainstream. The executive added: “The one caveat I would say is … climate impact is going to become increasingly focused so, in that context, I think ethereum is likely to gain some more traction over bitcoin.” She also noted, “the blockchain te...

JPMorgan CEO Jamie Dimon has warned that an economic “hurricane” is coming. “You better brace yourself,” he advised. “We just don’t know if it’s a minor one or Superstorm Sandy.” Jamie Dimon on the U.S. Economy and QT The CEO of JPMorgan & Chase, Jamie Dimon, warned about an incoming economic hurricane Wednesday at a financial conference sponsored by Alliancebernstein Holdings. “It’s a hurricane,” Dimon exclaimed. While noting that “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it,” the JPMorgan executive stressed: That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy … You better brace yourself. The JPMorgan chief said in May that there were “storm clouds.” However, he has now revised his forecast. “I said there’s storm clouds, they’re big storm clouds, they’re — it’s a hurricane,” he cautioned. “JPMorgan is bracing ourselves and we’re going to be very conservativ...

Fidelity is planning a hiring spree to add ether trading and custody services to its cryptocurrency business. “As the demand for digital assets continues to steadily grow and the marketplace evolves, we will continue to expand our hiring efforts,” a Fidelity executive explained. Fidelity Expanding Crypto Services Fidelity Investments’ digital assets subsidiary, Fidelity Digital Assets, is expanding its services. Founded in 2018, Fidelity Digital Assets currently employs about 200 people. The company is looking to fill 110 new positions to focus on assets beyond bitcoin, a spokesperson for Fidelity told Reuters Tuesday. Tom Jessop, president of Fidelity Digital Assets, commented: As the demand for digital assets continues to steadily grow and the marketplace evolves, we will continue to expand our hiring efforts. According to Fidelity’s product manager, Terrence Dempsey, Fidelity Digital Assets has around 400 clients, including registered investment advisers, hedge funds, and a...

The government of Kazakhstan has collected $1.5 million from crypto miners in the first quarter of this year, official data shows. The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January. Crypto Mining Increases Budget Revenues in Kazakhstan Kazakhstan has received 652 million tenge (almost $1.5 million) from the crypto mining industry in the first three months of the year, the government announced this week. The funds have been collected through a surcharge on the electricity used by mining farms operating legally in the country. The fee, which was imposed on Jan. 1, 2022, is calculated at a rate of 1 tenge per kilowatt-hour of electrical energy burned for the extraction of cryptocurrencies. Entities operating mining facilities are expected to pay it no later than the 20th day of the month following the respective quarter. The surcharge is not yet part of Kazakhstan’s tax code. Authorities now plan to introduce diff...

Dmitry Vasiliev, co-owner and former chief executive of the now defunct Russian crypto exchange Wex, has been arrested upon entering Croatia, local media reported. The crypto entrepreneur is wanted by Kazakhstan where he is accused of stealing money from an investor. Wex Executive Vasiliev Apprehended at the Airport in Zagreb Belarus-born Dmitry Vasiliev, former CEO of Wex, once the largest crypto trading platform in the former-Soviet space, has been detained at Franjo Tudjman Airport in the Croatian capital on Wednesday, May 25, the Jutarnji List reported. According to the daily, the authorities in Zagreb have acted on a red warrant issued by Interpol on a request from Kazakhstan. Vasiliev, who resides in the Russian Federation, is wanted in the Central Asian country for defrauding an investor of $20,000. Kazakhstan’s law enforcement has been seeking Vasiliev’s extradition for some time, but the crime he is accused of there is relatively minor compared to other suspected offenses...

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Europe’s top securities regulator has warned that soaring inflation could drive investors to cryptocurrencies. Stressing that there is “an imbalance” in how each EU country deals with crypto, the regulator calls for a common regulatory framework across European countries. Inflation Could Drive Investors to Crypto, EU Regulator Says The European Securities and Markets Authority (ESMA), the EU’s top securities markets regulator, has warned that soaring inflation may drive retail investors into cryptocurrencies, Bloomberg reported Thursday. The regulator has also called for a formal legal framework to govern the crypto industry across all EU countries. ESMA Chair Verena Ross said in an interview last week: With inflation rising, investors will look to find investments which are able to try to compensate for inflation and bring greater returns, which might lead to greater risk taking. “That is something we are monitoring very closely,” she emphasized. Many investors believe that ...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that a depression and civil unrest are coming. He also warned of the stock and bond markets crashing. Robert Kiyosaki on Markets Crashing, Depression, and Civil Unrest The author of Rich Dad Poor Dad, Robert Kiyosaki, has issued more warnings about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki claims that liberals and environmentalists are to blame for a reduction in oil production, which he said caused inflation, while stimulus checks paid workers not to work. Besides predicting that the stock and bond markets are crashing, he warned that a depression and civil unrest are coming. The famous author also noted that inflation is killing retailers, even giant...

PRESS RELEASE. Clesson, the operating company behind OPENTRACK and LABEL Foundation, has officially established a memorandum of understanding (MoU) with CJ Entertainment & Media . The new collaboration has the potential to benefit both parties involved as CJ Entertainment & Media is essentially an entertainment and mass media organization founded by the CJ Group, which is among South Korea’s major conglomerate corporations. What is there to know? Joining Clesson is Hen, the composer of the Netflix serial ‘ My Liberation Notes ’. Hen is from O’PEN CJ Entertainment & Media has reportedly joined LABEL Foundation’s operating company after Clesson successfully managed to enlist the services of the renowned composer as part of the collaboration, much to everyone’s delight as Hen has performed in a number of South Korean music projects and is also well known for creating the soundtrack for the aforementioned Netflix series. Clesson also serves as the main operating company be...