Bitcoin News and Finance: What You Need to Know

A crypto company working with the central bank of Norway has published the source code for the sandbox created to trial the digital version of the Nordic nation’s fiat currency. The prototype digital krone is being built on the Ethereum network and the regulator wants to test various technologies and evaluate the potential impact on financial stability. Norges Bank, Nahmii Fintech Provide Access to Source Code for CBDC Sandbox Developed for Norway Norway’s monetary authority, Norges Bank, and the Norwegian company Nahmii AS have made public the source code for the sandbox for the Scandinavian country’s central bank digital currency ( CBDC ). The two are working together on the prototype of the state-issued coin. The code is now available on Github, offered under an open-source Apache 2.0 license, Nahmii recently announced in a blog post on its website. The fintech’s main task is to create a sandbox environment with open-sourced services for the digital krone. “This allows for the

Canadian Prime Minister Justin Trudeau has slammed Pierre Poilievre, the new leader of the Conservative Party of Canada, for telling people that they can “opt out of inflation” by investing in cryptocurrencies. Trudeau claims that his Conservative rival’s crypto advice is not “responsible leadership.” Justin Trudeau Calls Pierre Poilievre’s Crypto Advice Irresponsible Leadership Canadian Prime Minister Justin Trudeau talked about cryptocurrency in a speech Monday before the first full caucus meeting of the three-day Cabinet retreat in Vancouver for Liberal parliament members. After congratulating Conservative member of parliament Pierre Poilievre for winning his party’s leadership on Saturday, Trudeau criticized his new rival’s politics, calling it irresponsible. The Canadian prime minister also attacked Poilievre’s advice about cryptocurrency. Referring to Poilievre’s suggestion to Canadians that investing in bitcoin could allow them to “opt out” of inflation, Trudeau stressed:

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The head trader of a $100 million global cryptocurrency Ponzi scheme has pleaded guilty and is facing up to five years in prison, according to the U.S. Department of Justice (DOJ). “The defendants allegedly misappropriated large sums of investors’ money to lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more.” Empiresx’s Head Trader Pleads Guilty The U.S. Department of Justice (DOJ) announced Thursday that Joshua David Nicholas has pleaded guilty for his role as the “head trader” in a “global cryptocurrency investment fraud scheme that amassed approximately $100 million from investors.” The 28-year-old Florida man admitted that he and others made numerous misrepresentations about Empiresx, a purported cryptocurrency platform, to investors, including promising “guaranteed” returns and claiming that Empiresx operated a trading bot that used artificial and human intelligence to maximize profitability for investors. The DOJ detailed: Instead, Emp

With a total search score of 377, Singapore is the top-ranked nation among countries most interested in the Ethereum blockchain’s upcoming The Merge, a new Coingecko study has found. The same study also found that among the top eight ranked countries, proof-of-work (PoW) related searches are 169% higher than PoS (proof-of-stake) searches. ETH Merge Searches According to a new Coingecko study seeking to determine the countries most interested in the Ethereum ( ETH ) Merge event , Singapore tops the list “with a total search score of 377.” The country was found to have the highest search levels for the phrases “Ethereum Merge,” “ ETH Classic,” and “Ethereum” worldwide. Canada and Switzerland are tied in second place with a score of 286. As per the study’s findings, while Switzerland mostly searched for “ ETH ” and “ ETH Merge,” Canada, on the other hand, scored the highest in terms of “ ETH POW,” the acronym for the ethereum proof-of-work consensus mechanism. The research study,

According to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions. Individuals may not hold local currency whose value exceeds $57.00 or 3,000 birr. The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency. Converting All Foreign Currency at Authorized Forex Bureaus The Ethiopian central bank recently issued a directive which sets a limit on the amount of the birr that “a person entering into and departing from Ethiopia” may have in their possession. In addition, the directive, which became effective on September 5, sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency. In a statement, the National Bank of Ethiopia (NBE) outlines the exact value of both the birr and foreign currency that residents

Guests staying at Palazzo Versace Dubai have, since September 7, had an option to settle payment for services rendered via cryptocurrency. The hotel also plans to add the crypto payment option to its e-commerce platforms to enable guests to pay for gift vouchers using digital currencies. Cryptocurrency Infrastructure Provider A luxury hotel based in Dubai, Palazzo Versace, recently said it would allow guests to pay for services offered at its premises using cryptocurrency. As stated in a Business Traveller report, starting on September 7, guests staying at Palazzo Versace Dubai are able to settle their respective hotel bills using bitcoin, ethereum, and binance coin ( BNB ). According to the report , Binance, one of the world’s largest crypto exchange platforms, is the luxury hotel’s “cryptocurrency infrastructure provider.” Besides allowing guests to use crypto when paying for dining, stays and spa experiences, the hotel will also accept crypto payments from guests using its e-com

A new cryptocurrency bill project was introduced by the executive power to the Parliament of Uruguay. The bill seeks to clarify how crypto assets will be regulated in the country, giving the Central Bank of Uruguay competence over cryptocurrency assets, modifying its organic charter, and introducing the Superintendence of Financial Services as the organization to oversee virtual asset service providers. Uruguayan Executive Power Proposes Crypto Bill The executive power in Uruguay has presented a bill project to the parliament of the country with the objective of clarifying how cryptocurrency asset-related activities will be regulated. This, if approved, will be the first bill to address the gray area in which cryptocurrency exchanges and virtual asset service providers operate in the country. The proposed bill modifies the organic charter of the Central Bank of Uruguay and introduces the Superintendence of Financial Services, an organization part of the central bank, as the main o

Investment management firm State Street says that institutional clients are not deterred from investing in crypto assets despite price declines. “There is a belief that the asset class is here to stay,” a State Street executive said. State Street on Institutional Demand for Crypto State Street, a leading investment management firm, sees unwaning institutional demand for cryptocurrency despite market sell-offs, the Sydney Morning Herald reported Monday. Irfan Ahmad, State Street Digital’s product lead for the Asia-Pacific region, said the banking giant’s institutional clients are still keen on crypto and its underlying technology. He was quoted as saying: During the course of the June, July period where things were really hotting up in terms of activity, we saw institutional clients not necessarily double down, but they weren’t really deterred from placing strategic bets on the asset class itself. “The takeaway from that is, I think, there is a belief that the asset class is her

Jeremy Grantham, the co-founder of the Boston-based asset management firm Grantham, Mayo, & van Otterloo (GMO) believes Standard and Poor’s 500 (S&P 500) could drop another 26% during the next 12 months, according to statements the veteran investor made last week. The GMO co-founder detailed his bearish sentiment by mentioning he’s shorting junk bonds and the Nasdaq Composite as well. GMO Co-Founder Says ‘Deterioration in Fundamentals’ Is Shocking — ‘Central Banks Will Be Spooked, They’ll Do What They Can, Maybe’ The investor and GMO co-founder Jeremy Grantham’s stock market outlook is gloomy, and last Wednesday he told the Reuters Global Markets Forum that things could be far worse than the subprime mortgage fiasco 15 years ago. “This is a more dangerous looking moment in global economics than even the madness of the housing bubble of 2007,” Grantham opined during the Reuters event. Grantham is a well known investor and entrepreneur on Wall Street, as he started one of th

Leading automotive company Ford has filed 19 trademark applications related to possible metaverse activities. In the documents, the company hints at the potential launch of Ford-branded NFTs (non-fungible tokens) on its own marketplace, and also refers to the offering of virtual models of its cars, including Mustang, Mustang Mach-E, and the Bronco. Ford Hints at Metaverse Move Ford, one of the biggest U.S.-based automotive brands by sales, has introduced several trademark applications to the U.S. Patent and Trademark Office (USPTO), preparing for a potential push into the metaverse. The company is seeking to protect its activities in the therein, including the offering of Ford-branded NFTs on an NFT marketplace of its own. These NFTs might contain text, audio, or video related to the brand. Part of these applications seeks to protect the digital representation of some of Ford’s most popular models, including the 150 Lightning, Lincoln, Ford, Lightning, Bronco, Explorer, Raptor, Mus

PRESS RELEASE. In the face of financial regulators’ overall negative attitude toward digital assets, P2P marketplaces have become the platforms of choice across Africa. As the world leader in P2P cryptocurrency exchange, Kenya has drawn much attention from many P2P exchange service providers. Bitpapa is one of them, and it has recently entered the Kenyan crypto market. As a global P2P marketplace operating worldwide, Bitpapa has been offering cryptocurrency trading services since 2018, only a matter of time before it entered the highly lucrative Kenyan cryptocurrency market. Thanks to Bitpapa , now users can trade their Bitcoin (Ethereum, TON, Monero and USDT ) for the Kenyan shilling in a safe and secure P2P environment via a website, mobile app or a Telegram bot (unique among crypto trading platforms). There is the ease of convenience for users via a simple registration with an email address. No ID verification is required or confirmation with a phone number. Users can start

The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers. China’s Central Bank Insists on Expanding Digital Yuan Environment The monetary policy regulator of China has called for improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will increase convenience for users of its central bank digital currency (CBDC). To achieve that, additional efforts should be made to expand the scenarios and environment for the use of the digital yuan, PBOC Deputy Governor Fan Yifei emphasized in a statement during a recent forum on digital finance held in Beijing. Quoted by the government-run China.org.cn news portal, Fan elaborated that regulations and standards in areas such as

Dario Nieto, a lawmaker in the city of Buenos Aires, has introduced a bill that would use blockchain systems to make social aid payments in order to bring clarity to these activities. Nieto has complained about the different intermediaries that use these social campaigns to make money and how introducing blockchain might eliminate these activities. Social Aid Blockchain Law Introduced in Buenos Aires Many systems are using blockchain due to the traceability that this tech might bring to any implementation. Senator Dario Nieto, a lawmaker for the city of Buenos Aires, is proposing to use blockchain as a fundamental part of a system to manage social aid payments. For this, he introduced a bill that would bring many of the activities derived from these programs to an end. In his view, payments coming from social aid programs are used regularly by different intermediaries to make money or to force recipients to participate in political activities. On this, Nieto stated : The manageme

Russia’s leading technology company, Rostec, is working on a project to integrate digital assets into cross-border trade. The state-owned corporation says the market is interested in cryptocurrency payments which can reduce sanctions pressure on Russian exporters and importers. Rostec Eyes Russky Island for Trials of Digital Currency Payments The largest Russian industrial and technology conglomerate, Rostec, us preparing to launch a project dedicated to integrating cryptocurrencies into cross-border transactions. The main task will be to limit the negative effects of sanctions on the activities of Russian importers and exporters that are experiencing mounting pressure. The Russian economy, especially foreign trade operations, was hit hard by financial restrictions imposed by the West over Moscow’s military intervention in Ukraine. Proposals to legalize the use of digital financial assets in deals with partners, including cryptocurrencies , stablecoins and the upcoming digital rub

Europe is suffering and struggling to contain an energy crisis according to various reports that say the eurozone might have to deal with a cold winter that could lead to energy rationing and blackouts. A recent survey published by the General Confederation of Greek Workers (GSEE) shows seven out of ten Greeks purchase less food in order to pay for energy costs and fuel. Moreover, Hungary’s prime minister Viktor Orban explained in a social media post on Saturday that “Europe has run out of energy.” EU Deals With Ongoing Energy Crisis — Hungary’s Premier Blames ‘Fundamentalist Greens and the Bureaucrats’ for Europe’s Issues Rising energy costs have propelled Europe into an economic tailwind and most of the problems stem from the Ukraine-Russia war. Russia has choked off energy supplies to the economic and political union that consists of 27 member countries. Just recently, members of the European Union and G7 finance ministers pledged to enforce price caps on electricity and crude o

Rap star Jay-Z, otherwise known as Shawn Carter, and Block CEO Jack Dorsey, recently airdropped bitcoin to members of the Bitcoin Academy in Brooklyn. Jay-Z’s mother, Gloria Carter explained in a statement that a myriad of residents from Brooklyn’s Bedford-Stuyvesant participated, and more than 350 people attended the crypto classes. Hundreds of Brooklyn Residents Attend Bitcoin Academy — Some Attendees Enrolled in a Grant for $1,000 in Bitcoin During the first week of June, Bitcoin.com News reported on Jack Dorsey and Jay-Z teaming up to launch the Bitcoin Academy in Brooklyn for residents of Marcy House. A report from Business Insider details that the academy’s classes saw hundreds of people. “Marcy residents showed up,” Jay-Z’s mother, Gloria Carter told the publication. “The over 350 people who attended The Bitcoin Academy classes let us know that this education is important to them—and that it matters,” she added. The report further discussed the project with a Marcy House

Bitcoin mining operations continue to truck on through the crypto winter as a number of miners have revealed expansion plans during the last week. Following the acquisition of 10,000 ASIC Antminers, Cleanspark revealed it acquired a turnkey bitcoin mining facility from Mawson Infrastructure. Reports note that Arsenal Digital Holdings acquired an underground data center outside Houston and some people suspect it’s Westland Oil’s infamous fallout bunker. Additionally, the CEO and founder of Terawulf revealed the company’s Lake Mariner data center is up and running with 1 exahash per second (EH/s) of SHA256 hashrate. Arsenal Digital Holdings Reportedly Acquires the Infamous Westland Oil Bunker Outside of Houston On Friday, it was reported that Arsenal Digital Holdings (OTCMKTS: ADHI ) acquired a “50-acre operational data center campus comprised of a four-story office building.” The facility is said to have a “two-story subterranean campus,” with an additional 100,000 square feet of sp

Macro markets and geopolitics dominated the news this week, with Russia cutting off Europe’s gas supply, hedge funds betting against Italian debt, and the International Monetary Fund’s bailout for Zambia helping the kwacha overtake the ruble as the world’s best-performing currency. Also in this week’s news, Ethereum co-founder Vitalik Buterin discusses the crypto economy crash and Bitcoin’s long-term security. Russia Shuts Off Europe’s Main Gas Pipeline Until the West’s Sanctions Are Lifted, Iran Tempts EU With Similar Deal Russia has seemingly drawn a line in the sand and will not turn on Europe’s main gas pipeline until the “collective West” lifts the financial sanctions against the country. The move follows the Nord Stream 1 pipeline allegedly shutting down for “maintenance,” but reports from Interfax that followed five days later indicate Moscow will not be turning the gas back on until demands are met. Read More IMF Bailout Approval Helps Zambian Kwacha Take the Russian Rub

After raising $1.65 million via a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now closed its pre-seed funding round at $2 million, a report has said. Leading the funding round were two Africa-focused venture capital firms: Unicorn Growth Capital and Launch Africa. New Funding to Help Bitmama Scale Up Crypto Use Cases in Africa A Nigeria-based blockchain startup, Bitmama, recently closed its pre-seed funding round at $2 million after it added $1.65 million to the $350,000 that was raised in October last year. According to a Techcrunch report , the funding round was led by two Africa-focused venture capital (VC) firms, namely, Unicorn Growth Capital and Launch Africa. Also participating in the fundraise were existing and new investors such as Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel investors that participated in the round include Rene R

DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to make a foray into the metaverse.” A DBS executive explained that “The metaverse presents exciting opportunities to redefine how we live, work and engage with each other.” DBS Entering the Metaverse Southeast Asia’s largest bank, DBS, announced Friday a partnership with The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain. The aim of the partnership is “to create DBS Better World, an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,” the announcement describes, adding: The partnership makes DBS the first Singapore company to seal a partnership with The Sandbox and the first bank in Singapore to make a foray into the metaverse. “Under the partnership, DBS will acquire a 3×3 plot of LAND — a unit of virtual real estate in The Sandbox me