Bitcoin News and Finance: What You Need to Know

A constitutional court in the Central African Republic has reportedly ruled that the Touadéra government’s offer of land and citizenship to buyers of the sango coin is unconstitutional. The court said the sango-coin-for-citizenship scheme must be stopped because the country’s “nationality has no market value.” Offering Land and Minerals to Sango Coin Investors Ruled Unconstitutional In a ruling likely to derail the Central African Republic (CAR)’s crypto ambitions, a constitutional court has ruled that the government’s plan to offer full citizenship to investors in its sango coin cryptocurrency is illegal. In addition, the court said the government’s offer of land and access to minerals such as gold to sango coin buyers is unconstitutional. According to the court, the country’s “nationality has no market value,” hence President Faustin-Archange Touadéra’s government must stop promising citizenship to investors that buy sango coins worth $60,000. Government Says It Respects Court’...

The U.S. Securities and Exchange Commission (SEC) has warned about scammers exploiting investors’ fear of missing out (FOMO) on social media. “If a crypto investment ‘opportunity’ sounds too good to be true, it probably is,” the SEC cautioned. SEC Says Scammers Often Use Social Media to Defraud Investors The U.S. Securities and Exchange Commission (SEC) published an Investor Alert titled “Social Media and Investment Fraud” Monday. The SEC’s Office of Investor Education and Advocacy warned that “fraudsters often use social media to scam investors.” Encouraging investors to be skeptical and “never make investment decisions based solely on information from social media platforms or apps,” the securities regulator described: Fraudsters may exploit investors’ fear of missing out to lure investors on social media into ‘crypto’ investment scams. “If a crypto investment ‘opportunity’ sounds too good to be true, it probably is,” the SEC stressed. “Promises of high investment returns, wi...

Dubai, Tuesday, August 30th – Zogi Labs Ltd. officially releases The Legends of Bezogia Beta to global audiences seeking to experience an NFT crypto-based MMORPG like never seen before. The Legends of Bezogia takes the crypto gaming industry to new heights with next-level graphics, a rich and deep backstory, countless quirky characters & villains and a massive open world. Players can rent, own & sell their own NFT Bezogi characters and kit them out with NFT weapons that add unique flavor to the gameplay never seen before in an NFT crypto-based massive open-world game. “Following on from a year of hard work, devotion and creative passion we’re extremely excited to finally launch The Legends of Bezogia Beta after an overwhelmingly positive response & signup count. With the aim of taking the NFT crypto gaming industry by storm, the game will give users all around the world a totally new experience in crypto gaming which is fitting for 2022. Gone are the days of crypto games...

The chief global strategist of JPMorgan Asset Management has advised investors to focus on valuations, invest in value stocks, sell crypto, and steer clear of bitcoin. “The Federal Reserve is overestimating the strength of the U.S. economy as it feels guilty about the fact that inflation went up under their watch,” he said. JPMorgan Strategist’s Recommendations JPMorgan Asset Management’s chief global strategist, David Kelly, has some advice about what investors who are worried about a hawkish Federal Reserve should invest in. Following the speech by Federal Reserve Chairman Jerome Powell Friday at Jackson Hole, Wyoming, he was quoted as saying : The economy has got one foot into a recession and the other on the banana peel now. “We are taking forceful and rapid steps to moderate demand so that it comes into better alignment with supply, and to keep inflation expectations anchored. We will keep at it until we are confident the job is done,” Powell said last week. Warning of m...

According to a recent report, the venture capital firm founded by Alexis Ohanian, Seven Seven Six, is planning to raise $177 million for a new crypto-centric fund. The new Seven Seven Six fund called Kryptós will concentrate on investing in cryptocurrencies like bitcoin and ethereum. Seven Seven Six Launches Cryptocurrency Fund Kryptós — Plans to Go Live in October On August 29, 2022, The Information reporter Kate Clark published a report that noted Reddit co-founder Alexis Ohanian’s Seven Seven Six is raising money for a new crypto-focused fund called Kryptós. The company has been behind a number of investments tethered to the crypto and Web3 industry. For instance, Seven Seven Six led the Ethereum Web3 wallet platform Rainbow’s $18 million funding round . In mid-December 2021, Seven Seven Six teamed up with Polygon to launch a $200 million social media Web3 fund. On Monday, The Information’s report says the fund Kryptós is looking to raise $177 million and it will invest in cr...

Phil Spencer, head of the Xbox brand, believes that the metaverse has been with us since 30 years ago, when digital gaming was largely introduced. However, Spencer criticized play-to-earn (P2E) models, stating that they create a workforce out of a kind of gamer who needs to monetize the time spent playing. Xbox Boss Phil Spencer Believes the Metaverse Has Been Here for Some Time The metaverse and its current conceptions have been the subject of debate and criticism. The current head of the Xbox brand and CEO of gaming at Microsoft, Phil Spencer, offered his skeptical take on how the metaverse, an alternate world, is currently being presented. In an interview with Bloomberg, Spencer stated that the metaverse is nothing new and that it is related to what gamers have already been doing for some time. He explained : My view on metaverse is that gamers have been in the metaverse for 30 years. When you’re playing games, these 3D shared worlds that people have been playing in for years a...

In November 2020, Colorado banned gas flaring, venting, and the release of raw gas into the atmosphere. While the centennial state has a large number of well sites, a recent report shows that roughly a half dozen Colorado oil and gas companies are leveraging gas-to-bitcoin flare mitigation systems and these firms are raking in a lot of bitcoin. Report Shows at Least a Half Dozen Colorado-Based gas and Oil Firms Are Leveraging Gas-to-Bitcoin Mitigation Solutions On August 29, 2022, the Colorado Sun author Mark Jaffe reported on Colorado-based gas and oil companies teaming up with bitcoin miners and explaining how “they’re making quite a bit of coin.” Jaffe details that there are at least a half dozen oil and gas refiners using gas-to-bitcoin flare mitigation systems in the natural gas-rich state of Colorado. The growing number of bitcoin flare mitigation sites in Colorado is interesting because the state’s regulatory watchdog, the Colorado Oil and Gas Conservation Commission (COGCC...

Global investment bank Goldman Sachs has urged investors to buy commodities now and worry about a recession later. The firm’s analysts see commodities as “the best asset class to own during a late-cycle phase where demand remains above supply.” Meanwhile, “equities could suffer as inflation stays elevated and the Fed is more likely to surprise on the hawkish side,” Goldman noted. Goldman Sachs’ Recommendation: Buy Commodities Now Global investment bank Goldman Sachs has recommended investors buy commodities. In a note titled “Buy commodities now, worry about the recession later,” published Monday, Goldman wrote: “Our economists view the risk of a recession outside Europe in the next 12 months as relatively low.” The firm’s analysts, including Sabine Schels, Jeffrey Currie, and Damien Courvalin, explained: With oil the commodity of last resort in an era of severe energy shortages, we believe the pullback in the entire oil complex provides an attractive entry point for long-only inv...

PRESS RELEASE. Jackson, Wyoming (August 29, 2022) – Gala Games , the leading pioneer in web3 entertainment and blockchain gaming, today announced that Spider Tanks , the first Web3 PvP esports brawler, will launch on October 31, 2022 as the debut game on Project GYRI, Gala Games’ proprietary games-first blockchain. In anticipation of the launch, starting today Gala is kicking off a limited time sale for its Spider Tanks Planetary Nodes. Planetary Nodes will be operated by community members who have purchased licenses in this sale. In return for using their computing resources to power the decentralized Spider Tanks ecosystem, Node operator-owners will earn regular rewards. More information about Planetary Nodes can be found at Gala.Games . Developed by award-winning Netherlands-based GAMEDIA, this futuristic esports tank game is free to play, but also incorporates a variety of play-to-earn mechanics that center around skill-based competition, resource collection, and a player-dri...

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. “MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,” said the central bank chief. New Rules May Be Coming to Retail Crypto Investors in Singapore Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), the Singaporean central bank, talked about cryptocurrency regulation at the Green Shoots seminar Monday. He outlined five areas of risk in digital assets that the central bank’s regulatory approach is focused on. They are combating money laundering and terrorist financing risks; managing technology and cyber-related risks; safeguarding against harm to retail investors; upholding the promise of stability in stablecoins; and mitigating potential financial stability risks. The central bank chief noted: MAS regards cryptocurrencies as unsuitable for use as money and as hi...

An increasing number of financial and crypto pyramids targeting Russian investors have been opening physical offices in the country. The Central Bank of Russia has recently expressed concern over the trend which is seen as an indication that the fraudsters expect growing demand. Russian Crypto Scams Launch Offices to Lure More Investors In-person, Bank of Russia Says Financial pyramids and illegal forex dealers in Russia, many of which now specialize in offering crypto investment and settlement opportunities, are moving offline, the daily Izvestia reported quoting the Central Bank of the Russian Federation ( CBR ). For the first time in recent years, the organizers of such scams are opening offices where they try to convince potential victims to invest in virtual money or suggest services to bypass foreign sanctions and government restrictions. In-person contact is always more effective for that purpose, experts say. They also warn that sharing information with dubious platforms o...

On August 19, a group of loving volunteers visited Hospital Universitario Antonio Patricio de Alcalá (HUAPA) in Cumaná, Venezuela. Wearing costumes and acting as cartoon characters such as Spider-Man and Elsa popular with children, they shuttled between pediatric wards while carrying books and toys as gifts to sick children in the hospital. This is a charity event meticulously planned by CoinEx Charity, a global charity, for kids suffering from illness in Venezuela. During the event, the organization hired actors to play cartoon characters and provided sick kids with gifts, including 500 cakes, 300 fruit packages, and 130 toys. CoinEx Charity hopes that the warmth and fun brought by the cartoon characters and gifts could ease their pain and help them forget about their illness for a while. On the day of the event, children welcomed their special “friends” and received toys and gifts. They also got to play games with their favorite cartoon characters, filling the wards with laughter ...

The Dubai virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digital assets marketing and promotion guidelines that are applicable to any entity using Dubai-based media sites and publishing channels. The guidelines will “ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.” Guidelines Applicable to Dubai Licensed VASPs Dubai’s regulator of virtual assets, the Virtual Asset Regulatory Authority (VARA), recently announced the guidelines governing the marketing and promotions of digital assets. According to a Khaleej Times report , the guidelines reflect the regulator’s mission to provide a legal framework that brings economic opportunities without compromising the market’s security. As per the report, the VARA guidelines encompass “all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and...

Morgan Report founder David Morgan foresees a supply crunch for silver, and says that in ten years’ time, it will be one of the best investments of the decade. One analyst, however, says if the precious metal falls below $18, it’s “very possible that we could see silver get absolutely smoked.” In other news this week, the Federal Deposit Insurance Corporation (FDIC) has issued a crypto-related cease and desist order to popular cryptocurrency exchange FTX US, and four others. All this and more, in the latest Bitcoin.com News Week in Review. Analyst Says if Silver Dips Below $18, Precious Metal Could ‘Get Absolutely Smoked’ — Morgan Report Founder Expects a Supply Crunch Silver has lost more than 28% against the dollar during the last 165 days or since March 8, 2022. Despite the lower prices, David Morgan, the founder of The Morgan Report, believes silver is expected to see a crunch in supply. In ten years’ time, Morgan thinks silver will be one of the best investments of the decade...

Cryptocurrency service providers operating in Ethiopia are now required to register with the country’s cybersecurity agency known as the Information Network Security Administration (INSA), a report has said. According to the agency, legal measures will be applied to crypto entities that fail to comply with its registration call. INSA Tasked With Developing Operating Procedures The Ethiopian cybersecurity agency, the Information Network Security Administration (INSA), has reportedly started registering crypto service providers operating in the country. The agency’s registration of crypto entities was made possible by the amendment of a law that paved the way for the re-establishment of the INSA. According to a report published by the Ethiopian Monitor, the amended law gives the cybersecurity agency the power to oversee cryptographic products and related transactions. In addition, as the designated “Root Certificate Authority,” the INSA is tasked with developing operating procedures...

Antpool, the bitcoin mining pool affiliated with Bitmain, has announced the crypto mining operation will not manage ethereum accounts after The Merge is implemented. The mining pool is asking participating Antpool miners to add their ethereum withdrawal addresses by September 3, in order to receive the accumulated ether collected by Antpool. Antpool to Stop Supporting Ethereum Following The Merge On Saturday, August 27, the cryptocurrency mining pool Antpool told customers that it will no longer maintain ETH assets after The Merge. Customers have until September 3 to give an ETH address in order to collect the remaining ether mined by Antpool’s ethereum mining operation. Statistics show there is just over 1,000 terahash per second (TH/s) of hashpower dedicated to the ETH blockchain and Antpool is the tenth largest ETH mining pool in terms of hashrate. The largest ETH mining pool in terms of hashrate is Ethermine, a pool that commands 263 terahash of hashpower compared to Ant...

The Central Bank of Russia has relaxed some limitations for Russian banks selling U.S. dollars and euros to the public. The increased supply of foreign cash may affect the crypto market in the country as currency restrictions have been a driver of increased demand for digital coins. Monetary Authority of Russia Expands Citizens’ Access to Foreign Cash The Central Bank of the Russian Federation ( CBR ) has lifted one of the restrictions on the sale of U.S. dollars and euros in cash to private individuals imposed amid Western sanctions over the war in Ukraine, the Interfax news agency reported. Until recently, Russians could buy only dollars and euros sold to the banks at their cash desks after April 9, 2022, by other physical persons. Now the CBR has allowed Russian lenders to sell the two convertible currencies if they are also obtained from other sources. The regulator explained that these may include transactions with non-resident banks as well as foreign cash deposited by Russi...

A Latvian national has been handed over to the United States where he is accused of fraud through several companies offering false crypto investment opportunities. Ivars Auzins will appear in a federal court in Brooklyn to face multiple charges of wire and securities fraud. Latvian Authorities Transfer Alleged Crypto Fraudster to US Custody Ivars Auzins, a citizen of the small Baltic nation of Latvia, was extradited to the United States on Friday. The Latvian has been handed over to the American judiciary on a six-count indictment charging him with wire fraud, securities fraud, and conspiracies to commit wire and securities fraud in connection with the operation of eight businesses that purported to offer, invest in, or mine digital assets. Auzins will be arraigned on the indictment on Saturday in a federal court in Brooklyn before the Honorable Roanne L. Mann., the U.S. Department of Justice said in a press release. The charges were announced by United States Attorney for the East...

Binance is helping the South Korean city of Busan “grow crypto adoption within the city and beyond.” The global crypto exchange will also support the development of the city’s blockchain ecosystem and the Busan Digital Asset Exchange. Binance Signs MOU With Busan City Cryptocurrency exchange Binance announced Friday that it has signed a Memorandum of Understanding (MOU) with Busan Metropolitan City. Busan, located on the southeastern tip of the Korean peninsula, is the second largest city in South Korea with approximately 3.4 million residents. “As part of the agreement, the city of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange,” Binance explained. “Another form of cooperation between the two parties will be order book sharing,” the company added, noting that it will be establishing a presence in Busan by the end of the year. Binance CEO Changpeng Zh...

Twitter Inc. has been ordered to provide additional data relating to spam and bot accounts to Elon Musk. The social media giant has sued the Tesla CEO for terminating his $44 billion offer to buy the social media platform. The U.S. Securities and Exchange Commission (SEC) has also questioned Twitter about the number of spam accounts. Court Orders Twitter to Give Additional Data to Elon Musk Chancellor Kathaleen St. J. McCormick, a judge on the Delaware Court of Chancery, signed an order Thursday requiring Twitter Inc. (NYSE: TWTR) to provide additional data to Tesla and Spacex CEO Elon Musk. Plaintiff Twitter has sued defendants Musk and his two companies, X Holdings I and X Holdings II, for terminating the $44 billion deal to buy the social media platform. Musk has countersued Twitter. Judge McCormick stated in her order: Defendants’ data requests are absolutely abroad. She added: “Read literally, Defendants’ documents request would require Plaintiff to produce trillions upo...