Bitcoin News and Finance: What You Need to Know

Concerned about projected increase in electricity demand, the government in Sweden may turn its back on crypto mining, the country’s energy minister has indicated. Swedish bitcoin minting industry, a leader in Europe, is likely to soon lose the preferential treatment it has been taking advantage of for some time, a media report revealed. Crypto Miners May Find It Harder to Access Sweden’s Cheap Green Energy Amid forecasts for growing energy needs in other sectors, Sweden may change its attitude towards cryptocurrency mining. In a recent interview, Minister of Energy Khashayar Farmanbar remarked that the Swedish economy is moving “from a period of administration to an extreme expansion where our entire manufacturing industry is seeking to electrify.” Quoted by Bloomberg, the he official stated: We need energy for more useful things than bitcoin, to be honest. With its hydro reservoirs and wind parks providing clean and low-cost electricity, Sweden has attracted many bitcoin miner...

Britain’s top financial regulator, the Financial Conduct Authority (FCA), says the U.S. and U.K. will deepen ties on crypto regulation. “In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty,” said the British regulator. US and US to Strengthen Collaboration on Crypto Regulation The U.K. Financial Conduct Authority’s chief executive, Nikhil Rathi, outlined the FCA’s regulatory goals Wednesday at Peterson Institute for International Economics. “One area of global focus is crypto, both opportunities and risks,” the FCA chief said. “Currently, our remit is limited to anti-money laundering rules for platforms. We have applied those strict rules as we would to any other firm that wants to operate in the U.K. market.” The regulator added: The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins and the exploration o...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect from the securities watchdog on crypto regulation. “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection,” he explained. Chair Gensler Highlights SEC’s Work on Crypto Regulation SEC Chairman Gary Gensler outlined what to expect from his agency on U.S. crypto regulation Thursday in an interview with Yahoo Finance Live. He was asked, “What can we expect from the SEC in the coming months on the crypto regulatory front?” Gensler replied: “More broadly, the public right now would benefit from investor protection around these various service providers … the exchanges, the lending platforms, and the broker-dealers.” The SEC chief elaborated: So, we at the SEC, are working in each of those three fields — exchanges, lending, and the broker-dealers — and talking to industry participants about how to come into compli...

The Paraguayan Senate has approved a bill that seeks to regulate cryptocurrencies and their operations in the country. The bill, which had already been submitted to the deputy chamber, was approved with some changes suggested, establishing clear definitions and tax exemptions for companies in the cryptocurrency and crypto mining sectors. Paraguayan Cryptocurrency Bill Passes Senate Discussion Countries in Latam are seeking to standardize and regulate cryptocurrency to bring more clarity to investors dedicated to the industry in the area. On July 14, the Paraguayan senate greenlighted a cryptocurrency bill that defines several rules that companies and individuals will have to follow to operate with cryptocurrencies. The bill, which was introduced by Senator Fernando Silva Facetti and others last year, was amended by the deputy chamber, which proposed some changes considered an improvement per Facetti’s statements. The bill established the Ministry of Industry and Commerce of the c...

A majority of the financial pyramids identified in 2022 used cryptocurrencies in one way or another, Russia’s central bank announced in a new report. Amid Western sanctions, Russian scams have stepped up their activities, often claiming to be licensed by foreign authorities to offer access to crypto assets. Russian Pyramids Take Advantage of Western Sanctions and Popularity of Crypto Over 56% of the pyramid schemes in the Russian Federation during the first half of the year, or 537 entities, raised funds in various cryptocurrencies or advertised crypto investments, a report devoted to countering illegal activities in the country’s financial market reveals. The paper has been published by the Central Bank of Russia ( CBR ). Quoted by RBC Crypto, the regulator remarked that the sanctions imposed by the West over the conflict in Ukraine have dramatically changed the working conditions for legal financial institutions in Russia and fraudsters benefitted from the situation. Russians w...

The booming blockchain sector in Vietnam is having to deal with a serious deficit in specialists, local media revealed. Despite the large number of software engineers in the country, those with blockchain expertise meet less than a fifth of the current demand, with businesses already looking for talent abroad. Fierce Competition for Blockchain Experts Among Vietnamese Companies Vietnam is facing a lack of human resources hampering the advance of projects in its rapidly developing blockchain industry , the English-language portal Bizhub reported. The Southeast Asian country has plenty of capable software developers but few of them have the needed qualifications for distributed ledger technologies. The shortages makes recruitment difficult and Vietnam doesn’t have many training programs to alleviate the problem, noted Trinh Ngoc Duc, chief executive of the company that developed the Fight of the Ages game. Quoted by the news outlet, he elaborated: The scarcity of experienced blockc...

Sri Lanka’s central bank issued a warning regarding the use of cryptocurrencies amid a devastating economic and political crisis. The central bank stressed that it “has not given any license or authorization to any entity or company to operate schemes” involving cryptocurrencies. Sri Lanka’s Central Bank Issues Notice About Cryptocurrency The Central Bank of Sri Lanka (CBSL) published a notice about cryptocurrency Tuesday titled “Public Awareness in Relation to the Use of Virtual Currencies in Sri Lanka.” The notice cites “recent development in relation to virtual currency usage in the international and domestic markets as well as the inquiries related to virtual currency.” Noting that “Virtual currencies (VCs) are largely unregulated digital representations of value that are issued by private entities and can be electronically traded,” the Sri Lankan central bank emphasized: CBSL has not given any license or authorization to any entity or company to operate schemes involving VCs...

India’s finance minister has called on the G20 countries to bring crypto within the “Automatic Exchange of Information” framework. More than 100 countries have adopted the Common Reporting Standard under the framework. G20 Urged to Bring Crypto Under Automatic Exchange of Information India’s finance minister, Nirmala Sitharaman, talked about cryptocurrency Friday during the G20 Ministerial Symposium on Tax and Development in Bali, Indonesia. Noting that “tax transparency” is an area where “considerable progress has been made with the Automatic Exchange of Information in respect of financial accounts,” she described: “Our investigations have shown that numerous layers of entities are often set up by tax evaders to conceal their unaccounted assets.” Sitharaman added that although “the Automatic Exchange of Information framework provides for financial account information to various jurisdictions, tax evaders, being smart, explore other avenues to shift their unaccounted wealth throug...

Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoin if the price of the cryptocurrency hits $12K. However, he remains concerned that bitcoin could “become worthless or outlawed.” Thomas Peterffy on the U.S. Economy and Bitcoin Billionaire Thomas Peterffy shared his outlook for bitcoin and the U.S. economy in an interview with Forbes last week. Peterffy is the founder and chairman of the board of directors of Interactive Brokers, an online trading platform. His net worth is currently $18.4 billion, according to Forbes’ list of billionaires. Interactive Brokers offers cryptocurrency trading . The billionaire said in January that it is prudent for investors to have 2% to 3% of their personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.” In July last year, he revealed that he is holding some BTC , stating that “there’s a small chance that this will be a dominant currency, so you have to play the odds.” He told Forbe...

Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that cryptocurrencies are “very vulnerable to sentiment and prone to collapse.” He urged regulators to “get on with the job” and regulate crypto under the principle of “same risk, same regulatory outcome.” Bank of England’s Cunliffe on Crypto Regulation Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), discussed cryptocurrency risks and regulations this week at the British High Commissioner’s residence in Singapore. The Bank of England executive cautioned: Financial assets with no intrinsic value … are only worth what the next buyer will pay. They are therefore inherently volatile, very vulnerable to sentiment and prone to collapse. He explained that some crypto assets are purely speculative, with no backing, stating that bitcoin, for example, has nothing behind it. He also reiterated his previous warning that if you invest in crypto assets, you must “be...

Unbacked cryptocurrencies are not an efficient means of payment and stablecoins are vulnerable to runs, top officials at the European Central Bank have pointed out in a new article making the case for a digital euro. The executives have marked key objectives for the project which should provide Europeans with “easy access to central bank money” in the digital era. Trend Toward Digital Money Creates Risks, Senior ECB Officials Warn Maintaining access to central bank money is crucial for financial stability when payments are becoming increasingly digital. The digital euro can achieve that, according to the President of the European Central Bank ( ECB ) Christine Lagarde and Fabio Panetta, member of its executive board. The high-ranking representatives of the eurozone’s monetary authority have thrown their support behind Europe’s central bank digital currency ( CBDC ) in a piece published this week in the bank’s blog, in which they note that the “successful model for payments” that l...

XMR was a notable mover in crypto markets to start the weekend, as prices rose to their highest level in over four weeks. Despite a large section of the market consolidating on Saturday, ALGO was also higher, as it too hit a multi-week high during the weekend. Monero ( XMR ) Monero was a notable mover on Saturday, as the token rallied to its highest point in over four weeks in today’s session. Following a low of $133.16 on Friday, XMR /USD raced to an intraday peak of $141.17 to start the weekend. This move saw the token race hit its highest point since June 13, and this came as prices broke beyond a key resistance level at $136. Since this breakout, volatility in XMR has increased, with some bears trying to halt the current streak of upward momentum. As of writing, prices have slightly slipped from earlier highs, with monero now trading around the $138 region. Should earlier bullish sentiment continue to fall, then we may soon see XMR trading below its long-term ceiling of ...

BTC was marginally lower to start the weekend, as crypto prices consolidated following recent gains. After surges in price on Friday, both ETH and bitcoin were slightly lower, as bulls appeared to have liquidated positions in order to secure profits. Bitcoin Bitcoin was trading lower to start the weekend, as markets consolidated following Friday’s surge in price. Following a peak of $21,138.24 in yesterday’s session, BTC /USD slipped to an intraday low of $20,518.90 earlier today. This drop comes as yesterday’s momentum slightly eased, and bears reentered the market close to a key point of uncertainty. Looking at the chart, this resistance level was around the $21,100 level, which has often been a zone where bears like to circulate. On this occasion, they opted to attack, forcing some previous bulls to retreat from their positions, with some likely waiting for an opportune time to reenter. This also coincides with the 14-day RSI hitting a ceiling of its own at 48, however sho...

Itaú Unibanco, one of the largest holding companies in Brazil, has announced it is considering offering cryptocurrency trading services to its customers. The company informed that it will also offer tokenization services through a digital assets unit, that will allow customers to issue tokens backed by real-world assets, acting as a platform to facilitate their trading. Itaú Unibanco Adds Tokenization to Its Services Financial companies are starting to diversify their offerings by including blockchain and crypto-related services. Itaú Unibanco, a large holdings and financial services company in Brazil, has announced it will start offering tokenization services to its customers. To this end, the company will create a brand new unit in its structure, called Itaú Digital Assets, that will provide tokenization capabilities and act as a middleman between companies wanting to take their assets to the blockchain and the market. The company will use a platform called Hyperledger Besu for to...

Between 2011 and 2021, the share of the world’s adult population that had bank accounts rose from 51% to 76%, the findings of the latest World Bank Global Financial Index survey have shown. About 1.4 billion adults are, however, still unbanked, not having the money or the identification required for opening a bank account. Mobile Money Narrows Financial Exclusion Gap in Sub-Saharan Africa According to the findings of the 2021 Global Financial Index (Findex) survey , the percentage of the world’s adult population with a bank account is now 76%, a fifty percent increase from the 51% that was recorded in 2011. In developing economies, the average rate of account ownership rose by 8 percentage points from 63% to 71% in the period between 2017 and 2021. While in the past it was China and India that accounted for most of the growth, the latest survey report notes that the “recent growth in account ownership has been widespread across dozens of developing economies.” Concerning Sub-Saha...

Bit2me, a Spanish cryptocurrency exchange, is looking to absorb customers of 2gether, another Spanish exchange, after the company blocked access to its trading platform. Bit2me will pay the €20 fee that 2gether imposed on its customers to continue trading on its platform. The customers will be able to keep trading on Bit2me’s platform, having their assets transferred there. Bit2me to Absorb 2gether Customers Bit2me, a Spanish cryptocurrency exchange, announced its intention of absorbing customers whose accounts were blocked by 2gether, another Spanish cryptocurrency exchange, last week. The company disclosed a plan that would allow customers to move their funds and accounts to its platform to continue trading. According to information explained in a blog post, Bit2me would reimburse the €20 ($20.00) fee that 2gether told users they had to pay to keep operating using its platform. The intention would be to keep these users in the crypto environment. Leif Ferreira, co-founder and CE...

Three months ago, Funko Inc., disclosed that it was entering the non-fungible token (NFT) industry when it announced it acquired a majority ownership stake in the NFT startup Tokenwave. At the time, Funko’s CEO Brian Mariotti explained that “Funko Pop digital NFTs” have the potential to be a “game-changer.” On Friday, Funko announced the company is launching a new NFT collection featuring Jay and Silent Bob from the filmmaker Kevin Smith’s Clerks films. Funko to Introduce Jay and Silent Bob Non-Fungible Tokens and Corresponding Physical Versions The cult classic characters from the Clerks movies, Jay and Silent Bob, will be showcased in a new non-fungible token (NFT) collection released by the publicly-listed pop-culture consumer products firm Funko (Nasdaq: FNKO ). Jay and Silent Bob are best known for appearing in the Clerks films, but they also appear in all of Kevin Smith’s Askewniverse movies. The duo also star in their own films “Jay and Silent Bob Strike Back,” “Jay & S...

Following the recently published bitcoin price prediction report issued by the product comparison web portal finder.com, the site’s researchers polled 53 financial technology (fintech) specialists in order to forecast the future value of cardano ( ADA ). According to the survey’s participants, cardano is expected to end the year at $0.63 per unit and 51% of the respondents think the Vasil hard fork will bolster the crypto asset’s utility. 53 Fintech Specialists Surveyed Attempt to Forecast Cardano’s Future Fiat Value Researchers at finder.com have been printing a wide variety of prediction reports during the last two years covering digital currencies like shiba inu (SHIB) , terra (LUNA) , bitcoin (BTC) , xrp (XRP) , apecoin (APE) , and dogecoin (DOGE) . The latest cardano (ADA) prediction report was published on July 13, 2022, and finder.com’s experts think ADA will reach $0.63 by the end of 2022. Presently, ADA has seen a 24-hour price range between $0.429 to $0.445 per unit on ...

The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $52 billion metaverse economy, while at the same time helping to establish 10 innovative companies in the area. Shanghai Establishes Metaverse Development Plan The metaverse is emerging as a technology that is attracting the interest of major countries and cities in the world. Shanghai, the largest city in China by population, has issued a document where it presents a plan to turn itself into an important center for metaverse industry activities. One of the main goals of this focus is to grow a $52 billion metaverse cluster in the city. To this end, the city plans to house at least 10 innovative leading enterprises in the metaverse industry, and 100 companies that present metaverse-related technologies, all of these with international reac...

The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’ Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes The Ministry of Internal Affairs of the Russian Federation ( MVD ) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of cryptocurrency investments. Law enforcement officials say they have been registering a growing demand for the services of so-called “droppers” — people who are willing to help crypto fraudsters with laundering illegally obtained funds, Russian crypto news outlet Bits.media reported. A dropper is usually someone who was offered to accept illicit funds to their bank account or crypto wallet. The person can then buy cryptocurr...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has advised investors not to miss “the greatest sale on earth.” He said asset prices are crashing and indicated that he is waiting in cash position to pick up bargains, including bitcoin. Robert Kiyosaki Waiting to Buy Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, reiterated this week that he is waiting to buy bitcoin, emphasizing that “the Greatest Sale on Earth” is coming as asset prices are crashing. 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. Noting that his “Favorite 4-letter word is SALE,” Kiyosaki tweeted Monday: Asset bubble found a Pin. Asset prices crashing. In cash position waiting to pick up bargains especially in real estate and bitcoin … Do not miss the Greatest Sale ...

Bank of America has forecasted that the U.S. economy will slide into a recession this year. “A number of forces have coincided to slow economic momentum more rapidly than we previously expected,” the bank’s economists said. US Economy Heading Into a Recession This Year, Says Bank of America Bank of America’s economists now expect a recession in the U.S. this year. In a report published Wednesday, they explained: “Our previous baseline outlook for the U.S. economy featured a growth recession. But a number of forces have coincided to slow economic momentum more rapidly than we previously expected.” The analysts added: We now forecast a mild recession in the U.S. economy this year. They considered factors such as inflation from food and energy prices, tighter financial conditions, and higher mortgage rates. Bank of America estimated in June that there was a 40% chance of a U.S. recession next year. The economists now expect the fourth-quarter U.S. gross domestic product to decline...

PRESS RELEASE. Monopoly Millionaire Game, a marine-themed GameFi that involves island construction, cultivating, shooting and more, announced that it has completed a seed funding of 1 million US Dollar. By this round of funding, MMG was valued at 10 million US Dollar. Mirana Ventures led the seed funding round. Other notable investors included Kernel Ventures, Mint Ventures, Crypto J, and Ventorylabs. MMG Team said it will use the fund to help realize the MMG GameFi vision and attract more users to participate in the Web3 games. In MMG, players shall buy Cannon NFTs to get the entry. With the NFT entry, players can earn daily check-in rewards and P2E rewards. Daily check-in rewards guarantee players to earn their principal back. Besides, players can earn additional rewards by P2E within the NFT life cycle. “In MMG GameFi economic model, each NFT has a life cycle, that means, each can only be used for P2E for a limited period of time. Players have to upgrade the NFT or sell it in ...