Bitcoin News and Finance: What You Need to Know

Interest in hardware wallets allowing cold storage of cryptocurrencies is decreasing among Russian users after this year’s surge that followed the invasion of Ukraine. The sale volumes for these devices have almost halved, according to a report quoting leading marketplaces. Russians’ Demand for Cold Storage Wallets Cools Down After Spike This Spring Retailers selling hardware cryptocurrency wallets in Russia are now overstocked, market participants have told the leading Russian business daily Kommersant. That’s after earlier this year these products saw an explosive demand after Moscow’s decision to militarily intervene in neighboring Ukraine. In the spring months, many Russians sought to acquire a cold storage device for their crypto assets, amid expanding sanctions over the Ukraine conflict and currency restrictions imposed by the Bank of Russia. Some Russian citizens relocating to other countries also took their savings with them in crypto. According to stats compiled by the Mo...

The Microstrategy executive Michael Saylor is a big believer in Bitcoin as his company has purchased close to 130,000 bitcoin during the last few years. Six days ago, the U.S. Office of Science and Technology Policy published a report that claims proof-of-work mining operations have been affecting climate change. The science and tech department believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Saylor published a letter addressed to journalists, investors, and regulators concerning the “sheer volume of misinformation [and] propaganda circulating lately.” Microstrategy’s Executive Chairman Publishes a Blog Post That Discusses Bitcoin and the Environment Microstrategy’s Michael Saylor published a tweet that leads to a recent blog post he wrote concerning Bitcoin and the environment. “Given the sheer volume of misinformation [and] propaganda circulating lately, I thought it important to share t...

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The Central Bank of Argentina has issued a new set of rules for operators of digital wallets in the country. Customers of companies like Uala, a wallet popular in Argentina, will now be qualified as financial users, having new protections similar to those offered by banks and other financial institutions. Central Bank of Argentina Strengthens Digital Wallet Supervision The rise of digital money and crypto in Argentina is causing regulators to pay attention . The Central Bank of Argentina recently issued a set of rules to heighten the level of protection users of popular digital wallets in the country receive. Customers of Uala and other digital wallet providers will now have to be treated as financial users, having protections close to those offered to bank users. This means that these entities will have to name customer support representatives and solve common problems in less than ten days. Also, the digital wallet companies will have to adapt their terms of service and conditio...

The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it. Pressed by Sanctions, Russian Government Moves to Regulate Cryptocurrencies Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first day of December. The head of the Russian government issued the order after a meeting devoted to the nation’s financial system, RBC Crypto reported. The top official emphasized that in the current circumstances, DFAs can facilitate uninterrupted payments for imports of goods and Russian exports. The finance ministry and the central bank have been tasked to up...

Foreign nationals should be able to buy Russia’s upcoming digital ruble through entry points providing anonymity, according to a high-ranking member of the Russian parliament. The idea circulated in Moscow aims to protect these investors from Western sanctions. State Duma Deputy Proposes Anonymous Digital Ruble Purchases to Avoid Sanctions Foreign investors should be provided with an option to anonymously acquire the Russian central bank digital currency ( CBDC ), in order to minimize the risk of falling under sanctions, the head of the State Duma Committee on Industry Vladimir Gutenev said in his Telegram channel on Tuesday. The Russian lawmaker also suggested that the digital ruble, currently under development and testing by the Central Bank of Russia and a group of commercial banks, should be backed by real assets. Quoted by the Interfax news agency, Gutenev elaborated: This is necessary: the domestic digital currency should be backed by real assets; a possibility for ‘anonymo...

The Ethereum blockchain officially migrated to the proof-of-stake (PoS) consensus mechanism as the anticipated “Merge” finally occurred around block height 15537391 on September 15. The protocol’s co-founder Vitalik Buterin has described The Merge as “a big moment for the Ethereum ecosystem.” ETH Merges on September 15 as Predicted After months of waiting and tension, The Merge — the Ethereum blockchain’s much-anticipated migration to a proof-of-stake (PoS) consensus mechanism — has happened. As some players in the space, including one of the protocol’s co-founders Vitalik Buterin had hoped, The Merge occurred on September 15 around block height 15537391 at around 2:42:42 a.m. ET. In his reaction following The Merge, Buterin tweeted : And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today. In terms of the network’s hashrate, data shows that it dropped from over 807 TH/s (terahas...

One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency. Enhancing Credibility of the Stablecoin The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, a report has said. According to a Mybroadband report , the stablecoin that Simon Dingle and Kenny Inngs founded in 2021 has been South Africa’s only bank-approved and audited stablecoin. Old Mutual’s coming on board is expected to enhance the credibility of the cryptocurrency, the ...

Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said. Shareholders Want Elon Musk to Take Over Twitter Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to acquire the social media platform. “Based on a preliminary tabulation of the stockholder vote,” the announcement reads: Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement. “The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating: Twitter stands ready and willing to complete the merger w...

According to statements made by the digital asset custody business and financial services provider Bitgo, the firm has filed a lawsuit against the crypto company Galaxy Digital and is seeking damages for more than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit. Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement On August 16, 2022, Bitcoin.com News reported on billionaire investor Mike Novogratz’s Galaxy Digital terminating the company’s proposed acquisition deal for the crypto asset financial services provider Bitgo. Galaxy originally had intentions in May 2021 to purchase Bitgo for a $1.2 billion stock and cash deal. However, Galaxy said that the termination was due to Bitgo’s “failure to deliver” specific financial documents. More specifically, “audited financial statements for 2021” as Galaxy alleges that Bitgo did not turn this information in on a specific date. Immediately after ...

Analysts from JPMorgan believe that the metaverse gaming market could explode in China even with the current state of regulation, which presents certain difficulties for adoption. Companies like Tencent, Netease, and Bilibili are JPMorgan’s picks when it comes to taking advantage of this potential growth, that at best, might pass the $100 billion mark. JPMorgan Analysts Believe Metaverse Gaming Set to Boom in China The metaverse and the market derived from this new industry trend have been objects of study by different institutions interested to enter this newfound market. While it is a loosely structured and defined market, some think there are real growth possibilities. Analysts from JPMorgan believe there is a tremendous possibility of an explosion in this sector in China, even with the current limitations imposed by crypto legislation in the country. JPMorgan has selected the top industries that would benefit from a boom in this sector in China. Among these are Tencent , a con...

According to a recent report produced by Dappradar, the Web3 gaming industry has managed to raise $750 million since August 1st in spite of the crypto downturn, with several important projects registering positive numbers regarding sales and activity. Web3 Gaming Industry Thriving Amidst Economic Downturn The current economic downturn that is affecting the traditional and cryptocurrency markets has had a less significant effect on the Web3 gaming sector. According to a recent report issued by Dappradar, the numbers coming from this industry have been positive, resisting the effect of these variables. The Web3 gaming industry has registered investments of $748 million since August 1st, 135% more than what was invested during July. However, this number is still 19% lower than what was invested during June, showing that the ecosystem is still recovering. These investments include $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million inve...

Abu Dhabi Global Market’s financial regulator, the Financial Services Regulatory Authority (FSRA), recently unveiled six principles that will guide its “approach to virtual asset regulation and supervision.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published framework.” A ‘Basis for Regulatory Cohesion Across Jurisdictions’ Abu Dhabi Global Market (ADGM), a financial center and global free zone based in the United Arab Emirates (UAE), recently unveiled six guiding principles for virtual asset regulation and supervision. The principles, which were announced by its financial industry regulator, the Financial Services Regulatory Authority (FSRA), are intended “to support engagement with other like-minded regulatory agencies in and outside the UAE.” Though not legally binding, the principles, according to the FSRA, must be “viewed as a complement to the comprehensive detail of our published fra...

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...