Bitcoin News and Finance: What You Need to Know

The central bank of the Philippines, the primary regulator of the country’s crypto sector, has warned investors about engaging with unregistered and foreign crypto service providers. They “may present additional challenges on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others,” the regulator said. The Philippine Central Bank’s Crypto Warnings The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), issued a public warning Tuesday regarding unregistered and foreign crypto service providers. In the Philippines, the central bank is the primary regulator of the crypto sector. The announcement states: The Bangko Sentral ng Pilipinas (Bangko Sentral) strongly urges the public not to deal with virtual asset service providers (VASPs) that are either unregistered or domiciled abroad. The central bank’s website shows that 19 VASPs have been registered as of June. Besides the risk from price volatility associated with

The European Central Bank (ECB) is working to harmonize the regulatory framework governing crypto activities and services in the EU. The regulator noted that several regulatory initiatives at the European and international levels are being finalized. ECB’s Regulatory Plan for Crypto Assets The European Central Bank (ECB) outlined its plan to harmonize the regulatory framework governing crypto activities and services in the EU Wednesday. The regulator explained that banks are increasingly considering whether to offer crypto products and services, and it is the ECB’s role to “ensure they do so safely and soundly.” The ECB described that it works closely with national regulators “to ensure a consistent approach and high standards across countries,” elaborating: There is currently no harmonized regulatory framework governing crypto-asset activities and services in the EU. “This will change with the finalization of several regulatory initiatives at [the] European and international l

Three days before Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the world’s largest derivatives marketplace in terms of volume, CME Group, announced plans to list ethereum options. While CME’s ether options product prepares for regulatory review, the company detailed that the options contract will be measured at 50 ether per contract, using the CME CF Ether-Dollar Reference Rate. CME Group Reveals Ethereum Options Launch The Chicago Mercantile Exchange otherwise known as CME Group revealed the company’s intentions to list ethereum options contracts three days before The Merge on September 12, 2022. CME detailed that the new ether options join the firm’s bitcoin ( BTC ) options and micro-sized bitcoin and ether options contracts . “These new contracts deliver one ether futures, sized at 50 ether per contract, and based on the CME CF Ether-Dollar Reference Rate , which serves as a once-a-day reference rate of the U.S. dollar price of ether,” the derivatives

A Russian national suspected of laundering ransomware payments in cryptocurrency on behalf of cybercriminals targeting hospitals has been extradited to the U.S. by the Netherlands. The man was allegedly involved in the criminal activity for a period of three years before his arrest in Amsterdam last November. Alleged Russian Money Launderer Handed Over to U.S. Custody by Dutch Authorities Denis Dubnikov, a 29-year-old Russian citizen, has been extradited this week from the Netherlands to the United States, where he is to face charges of money laundering in the District of Oregon, the U.S. Attorney’s Office in Portland and the U.S. Department of Justice (DOJ) announced . Dubnikov made his initial appearance in federal court on Wednesday and a five-day jury trial has been scheduled to begin on Oct. 4. In August, a federal grand jury in Portland charged him for his role in an international crypto money laundering conspiracy. According to the indictment, the Russian and his accomplice

Power needs of cryptocurrency miners in Russia have grown significantly since 2017, with consumption of electrical energy seeing a 20-fold increase over the five-year period. In 2021, the minting of the coin with the largest market cap, bitcoin, required 1.25 gigawatts in the country. Experts say, however, that Russia has the spare capacities to satisfy much larger demand. Crypto Miners Spend as Much Power as Russian Farmers Electricity consumption in Russia’s crypto mining industry has been constantly rising since 2017, a new study has established. The positive trend led to an annual increase of at least 150%, according to specialists working for mining hardware importer Intelion Data Systems. The extraction of bitcoin ( BTC ) alone needed 1.25 gigawatts of energy in 2021, their calculations show. The volume of electricity used for the production of other major cryptocurrencies, such as ether ( ETH ) and litecoin ( LTC ), can be an additional 40-50% of BTC ’s consumption, the rese

Meta, the social network company, has expanded the services of its flagship metaverse app, Horizon Worlds, to Spain and France. This move is part of the expansion plan of Meta to offer these services to more countries in Europe this year. While the app was available as an invite-only service in 2020, it just opened its services to the general public in December 2021 for the U.S. and Canadian markets. Meta Expands App Horizon Worlds to Spain and France Meta, the social media conglomerate, is expanding its metaverse offerings to Europe. The company recently announced the launch of one of its main metaverse apps, Horizon Worlds, in Spain and France. In a post, the company announced that all citizens over 18 years old in these countries will have the opportunity to enjoy this service using one of the VR headsets sold by the company. Horizon Worlds lets users experience a VR world in which they are represented by a configurable avatar, and can roam worlds created by other players and e

The U.S. Federal Reserve Board has said it has released the final guidelines which are set to be used by Reserve Banks when “reviewing requests to access Federal Reserve accounts and payment services.” According to the board, the final guidelines will become effective as soon as they are published in the Federal Register. New Guidelines Aimed at Establishing a Transparent and Consistent Set of Factors for Reserve Banks The board of the U.S. Federal Reserve recently announced what it called the “final guidelines which establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts.” As per the bank’s statement, the latest guidelines are almost identical to the ones proposed in May 2021 and the supplemental ones which were proposed in March this year. These new guidelines will become effective once they are published in the Federal Register. The move could pave the way for fintech and crypto banks

U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers on the Old Continent. The fintech firm says the regulatory approval will allow it to establish a European crypto hub in the island nation. Revolut to Expand Crypto Services for Europeans From Cyprus A leader in the neobank sector, Revolut, has received approval from the Cyprus Securities and Exchange Commission ( CySEC ) to operate with cryptocurrencies and other digital assets. The company plans to establish a cryptocurrency hub on the island that will allow it to offer additional services to its 17 million European customers under the EU’s upcoming regulations. CySEC’s approval comes after Revolut obtained similar authorizations in other markets, such as Spain and Singapore, the Cyprus Mail noted in a report. These licenses will enable the London-headquartered fintech to expand its sales in a number of jurisdictions. The platform will continue to serve its Bri

Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote. Data Shows Illicit Crypto Volumes Are Down Blockchain data analytics firm Chainalysis published its mid-year crypto crime update titled “Illicit Activity Falls With Rest of Market, With Some Notable Exceptions” on Tuesday. The firm wrote that overall: Illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes. Specifically, “Total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies,” Chainalysis noted. Furthermore, “the cumulative number of individual transfers to scams so far in 2022 is the lowest

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says it’s time to open his closed mind after listening to economist Harry Dent. He is now buying 2-year U.S. Treasury bonds despite repeatedly saying he does not invest in anything printed by the Federal Reserve or Wall Street. Robert Kiyosaki Influenced by Harry Dent, Buys Treasury Bonds The author of Rich Dad Poor Dad, Robert Kiyosaki, is opening his “closed mind” and buying 2-year U.S. Treasury bonds after listening to economic forecaster Harry Dent. 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 tweeted Tuesday: Opening my closed mind. I don’t invest in things Fed or Wall Street print. Time to open my mind. After listening to Harry Dent, I am buying U.S. Treasury 2-year bonds. His

On Wednesday the Ethereum Foundation clarified that The Merge will not reduce onchain fees as the highly anticipated transition from proof-of-work (PoW) to proof-of-stake (PoW) is now 29 days away. Amid The Merge update from the Ethereum Foundation, during the last month, Ethereum network costs have printed some of the lowest onchain fees since 2020. Ethereum Foundation Clarifies ‘Gas Fees Are a Product of Network Demand’ — The Merge Does Not Significantly Change Any Parameters That Directly Influence Network Capacity or Throughput The Ethereum Foundation wants the public to be aware that while The Merge will transition from PoW to PoS, assumptions that fees will drop are false. The statement was added to the foundation’s definition and summary of The Merge hosted on ethereum.org . The page has been updated on a few occasions and the last update occurred on August 16, 2022. Ethereum developers are expected to convene for a meeting on August 18, 2022 . “Gas fees are a product of ne

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. Eqonex Closing Crypto Exchange Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states: The company will proactively exit the crowded crypto exchange space by closing the exchange. The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes. Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.” The Nasda

Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading. Binance Receives Regulatory Approval From Kazakhstan Authorities Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center ( AIFC ), has issued a temporary license approval to the world’s leading cryptocurrency exchange, Binance, the company unveiled in a blog post published on Monday. The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC’s platform, the announcement noted. The move co

The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400). Colombia to Launch Its Own Digital Currency Many countries are now looking to digitize part of their economies in order to better understand and control the flow of money in their economies. The government of Colombia is planning to launch its own digital currency in the near future, according to statements offered by Luis Carlos Reyes, head of the DIAN, the Colombian tax authority . Reyes told local news outlet Semana this would be one of the proposals of the newly inaugurated president Gustavo Petro in order to curb tax evasion, estimated to be between 6% and 8% of the GDP of Colombia. On this note, Reyes stated that the purpose of

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in bitcoin and ethereum at its resorts. Soneva has three resorts in the Maldives (Soneva Fushi, Soneva Jani, and Soneva in Aqua). The company also has a resort in Thailand (Soneva Kiri). Bitcoin and ether can also be used to pay for Soneva Villa Ownership. In order to accept cryptocurrencies, Soneva has partnered with two companies: crypto payment solutions provider Triple A and payment platform provider Pomelo Pay. Triple A is licensed by the Singapore Monetary Authority (MAS). Soneva explained that bitcoin and ether payments are 100% non-refundable but credits can apply per its flexible cancella

Hedge fund manager Michael Burry’s Scion Asset Management dumped all but one of its stock holdings in the second quarter, according to the firm’s filing with the U.S. Securities and Exchange Commission (SEC). Burry, famed for forecasting the 2008 financial crisis, has predicted a stock market crash, warning that winter is coming. Michael Burry Sells All Stocks but One Michael Burry’s investment firm Scion Asset Management dumped all of its stock holdings except one in the second quarter, the company’s disclosure filing with the U.S. Securities and Exchange Commission (SEC) Monday shows. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Scion sold off its long positions on 11 U.S. equities during the second quarter, including Google parent company A

According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the company’s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollars’ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly placed this bet, bitcoin markets followed the opposite trend, and the leading crypto asset accumulated some gains. People Familiar With the Celsius Situation Say Mashinsky Was Trading on ‘Bad Information’ On Tuesday, the Financial Times (FT) reported on the embattled and bankrupt crypto lender Celsius and the company’s CEO. FT’s report citing people familiar with the situation explained that months before the company filed for bankruptcy protection, Mashinsky “took control of Celsius trading strategy.” Allegedly, the founder and CEO of Celsius made a number of bad bets with large sums of bitcoin ( BTC ) and other assets. “He

A United Nations trade body has recommended a set of policy actions to “curb the expansion of cryptocurrencies in developing countries.” The intergovernmental group stressed that if cryptocurrencies become a widespread means of payment, it could jeopardize the monetary sovereignty of countries. UN Trade Body’s Crypto Policy Recommendations The United Nations Conference on Trade and Development (UNCTAD) urged authorities in developing countries worldwide to take action to prevent the widespread use of cryptocurrencies last week. UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. It is part of the U.N. Secretariat. The group reports to the U.N. General Assembly and the Economic and Social Council. UNCTAD has 195 member states and 204 projects in 70 countries, its website shows. “Global use of cryptocurrencies has increased exponentially during the Covid-19 pandemic, including in developing countries,” the group noted. “While thes

Have you lost the passphrase for an hardware wallet and looking how to recover your coins? Here is how the KeychainX recovery experts have done just that for a client. This is a trusted service provider that specializes in recovering lost crypto wallets and they can even recover funds from broken hardware drives, phones or Trezor/Ledger wallets. Recovering a Trezor Wallet Passphrase A TREZOR hardware wallet is a security device that protects the user from key loggers and phishing e-mail, keeping the user’s Bitcoin and crypto safe. Various hacking groups could open the device by mitigating side-channel attacks; however, the method was only possible because ‘a passphrase was not used’. When making a transaction, the user only enters a PIN and therefore protects the private key of the Bitcoin. The only backup is a 12/24-word mnemonic that determines which addresses are stored on the device. Recently, a client asked the KeyChainX team to brute force their TREZOR wallet as the client

Ghana’s ongoing economic woes appeared to worsen in July after data from the country’s statistical agency, Ghana Statistical Service, suggested that the inflation rate is now nearly 31.7%. The nearly 2% increase in the country’s inflation rate comes at a time when the local currency is reported to have depreciated by as much as 30% since the start of the year. Economist Recommends Installation of Currency Board According to the latest data from Ghana Statistical Service (GSS), the West African nation’s year-on-year inflation rate for July rose to 31.7%. The latest inflation rate is nearly 2% higher than the 29.8% rate which was recorded in June, the data showed. Confirmation of Ghana’s latest official inflation, which is said to be the highest in 19 years, coincided with a report suggesting the country’s currency, the cedi, has now depreciated by more than 30% since the beginning of the year. The currency’s depreciation has since prompted Steve Hanke — the Johns Hopkins economics

“Durmientes,” a new movie that will be directed by Gibran Bazan, a Mexican filmmaker, aims to be funded fully by the sale of a series of non-fungible tokens (NFTs). The NFTs, which will be sold on Metaown, a Mexico-based NFT marketplace, and designed by artist Gabriel Colin, will feature 3D models that will be connected to the story of the film and will bring benefits to owners. Durmientes Will Try to Succeed Using an NFT-Based Financing Model Cryptocurrencies and non-fungible tokens (NFTs) are migrating to other industries that can also take advantage of their properties and technology. “Durmientes,” a new Mexican film project which will be directed by filmmaker Gibran Bazan, will produce a set of NFTs that will be sold in order to raise funding for the film. The financing team of the film will issue 1,500 NFTs that will feature some important object present in the film’s script. These will be done in 3D art, and will also bring important benefits for their owners, allowing them t