Bitcoin News and Finance: What You Need to Know

The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority ( FINMA ) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for unidentified crypto exchange transactions. In a press release on Thursday, the regulator said that the regulations, which will come into force on Jan. 1, 2023, now reflect the latest amendments to Switzerland’s Anti-Money Laundering Act and the Federal Council’s Anti-Money Laundering Ordinance. FINMA noted that the collected feedback confirmed its position that the mandatory identity verification...

JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first industry pilot under the MAS’ Project Guardian that explores potential decentralized finance (defi) applications in wholesale funding markets has completed its first live trades.” The announcement details that for this pilot: DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities ...

Four congressmen have accused the U.S. Securities and Exchange Commission (SEC) under Chairman Gary Gensler of “regulatory hypocrisy and inconsistency.” They added: “While the SEC is failing to comply with federal transparency and record-keeping laws, the SEC is aggressively enforcing record-keeping laws on private businesses.” Gensler’s Regime at SEC ‘Has Been Characterized by Regulatory Hypocrisy and Inconsistency’ Four lawmakers sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, on Tuesday “denouncing the Biden administration’s inconsistency and hypocrisy of enforcing record-keeping laws, this time at the SEC.” The letter was signed by U.S. Representatives Tom Emmer (R-MN), Patrick McHenry (R-NC), Jim Jordan (R-OH), and James Comer (R-KY). They wrote: Recent reports suggest that SEC officials are using ‘off-channel’ communications platforms, such as Signal, Whatsapp, Teams, and Zoom, for official business and without producing the...

The CEO of cryptocurrency exchange Binance does not see central bank digital currencies (CBDCs) as a threat to cryptocurrencies, like bitcoin and ether. “It will validate the blockchain concept so that anybody who still has concerns about the technology will say: ‘Ok, our government is using the technology now,'” he opined. CZ Sees No Threat to Crypto Coming From CBDCs Binance CEO Changpeng Zhao (CZ) said Wednesday that he believes central bank digital currencies (CBDCs) are not a threat to cryptocurrencies, like bitcoin ( BTC ) and ether ( ETH ), Reuters reported. According to the Bank of International Settlements (BIS), nine out of 10 central banks are exploring launching their own digital currencies. The Atlantic Council’s CBDC tracker shows that 105 countries are currently exploring central bank digital currencies. Zhao was asked during a news conference at the Web Summit in Lisbon whether CBDCs could pose a threat to Binance and cryptocurrencies, like bitcoin and ethere...

Undeterred by the reported slow adoption of the Nigerian central bank digital currency, the deputy governor of the Reserve Bank of Zimbabwe, Innocent Matshe recently said his institution will proceed with plans to launch its own digital currency. In addition to sending a team to learn from the Central Bank of Nigeria’s experiences, Zimbabwe has also reportedly sent teams with a similar mission to countries like China and Ghana. ‘Jury Is Still Out’ on CBDCs The reported slow embrace of Nigeria’s central bank digital currency (CBDC) or the e-naira will not dissuade the Zimbabwean central bank from working on its own CBDC, Innocent Matshe, the bank’s deputy governor has reportedly said. He said that while the “jury is still out,” on CBDCs, his institution will still proceed with its digital currency launch preparations. As previously reported by Bitcoin.com News, fewer than anticipated Nigerian adults have downloaded or are using the CBDC when making payments. Some reports have estim...

Companies using natural gas as a power source to mint digital currency in Iran will have to deal with a sharp increase in the price of the fuel. The new rates set by the state-run supplier are almost double the previous and have been imposed retroactively, local media reported. Iran Raises Tariffs for Mining Farms Running on Natural Gas The National Iranian Gas Company, an enterprise under the Ministry of Petroleum of the Islamic Republic, has informed cryptocurrency miners about a raise of natural gas rates, the English-language daily Financial Tribune announced, quoting a report by Peyvast Magazine. According to the publication, the increase is retroactive and covers the current fiscal year, which started in March 2022. This means that the bills for the past six months will be adjusted in accordance with the new tariffs. As a result of the decision made by the oil ministry, a cubic meter of the fuel will now cost 53,368 rials (around $1.25) which is almost twice the price of 29...

The Monetary Authority of Singapore (MAS) has reiterated that cryptocurrency exchanges need to conform to restrictions on Russian users imposed over Moscow’s invasion of Ukraine. The reminder comes after researchers established that pro-Russia activists have raised millions of dollars in digital assets to support its war effort. Singapore Says Measures Targeting Russia Apply to All Financial Institutions, Including Crypto Exchanges Compliance with financial sanctions on Russia is a must for licensed cryptocurrency exchanges, the Monetary Authority of Singapore (MAS) commented for local media on Monday. The statement comes after recent studies found that pro-Russian groups have received crypto donations worth millions of U.S. dollars to fund Russian military operations in Ukraine. Following Russia’s invasion in late February, MAS introduced in March financial measures aimed at designated Russian banks, entities, and activities, including fundraising benefiting the Russian government...

Ethereum dropped to its lowest level since last Friday during today’s session, as consolidation in crypto markets continued on Wednesday. This comes ahead of this afternoon’s U.S. Federal Reserve interest rate decision. Bitcoin was also in the red, and remains below $20,800. Bitcoin Bitcoin ( BTC ) continued to trade below $20,800 on Wednesday, as market uncertainty remains high ahead of this afternoon’s Fed meeting. Although markets have somewhat priced in a 75 basis point hike, some are also looking for forward guidance from the bank, which includes a timeline for pivoting policy. BTC /USD fell to a low of $20,359.85 earlier in today’s session, less than 24 hours after tracking at a peak of $20,545.35. Looking at the chart, the token has mostly traded in the red since the weekend, which comes following a failed breakout on the relative strength index (RSI). The index failed to move beyond a long-term ceiling of 63.00 over the weekend, which acted as a signal to bears to reente...

According to the World Gold Council’s (WGC) latest quarterly report, worldwide gold demand, excluding over-the-counter (OTC) markets, was 28% higher year-over-year. While demand jumped higher than last year in the third quarter, central bank gold buying tapped an all-time quarterly record in Q3 2022. The quarterly report indicates that the world’s central banks purchased close to 400 tons of gold and the WGC study says that it’s the “most on record.” Q3 2022 Data Shows the World’s Central Banks Stacked Close to 400 Tons of Gold On Nov. 1, 2022, the World Gold Council (WGC) published the organization’s “Gold Demand Trends Q3 2022” report, which highlights the current trends tethered to gold and the precious metal’s markets during the third quarter. WGC’s report , published on gold.org, says the third quarter was healthy and was driven by “stronger consumer and central bank buying.” WGC highlights that these factors helped year-to-date demand “recover to pre-Covid norms.” “Gold deman...

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A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist. Economists Warn of Deep Recession Resulting From Fed’s Response to Inflation A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the upcoming Federal Open Market Committee (FOMC) meeting Wednesday, the U.S. central bank is expected to raise interest rates by another 75 basis points — the fourth 0.75 percentage point increase in a row. However, several economists cautioned that policymakers’ response to inflation could lead to a more severe downturn for the U.S. economy, the Financial Times reported Tuesday. “Each adverse [inflation] report and each adv...

According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system” while the handling of personal transaction information is done by “designated operating institutions.” Adhering to Relevant Consumer Protection Laws People’s Bank of China (PBOC) governor Yi Gang has said the process of designing China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), is guided by two principles: maintaining financial security and the protection of users’ privacy. To ensure the principles are adhered to, Gang claimed his institution’s role will be limited to managing the e-CNY operating system as well as handling cross-border transactions. Also, in his Oct.31 remarks to Hong Kong Fintech Week 2022 participants, Ga...

On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockchain revealed the firm’s attempt to obtain $27 million in a scheduled financing deal fell through. According to the company’s October update, Argo said it did not believe the deal “will be consummated” and now two market analysts have downgraded the company’s shares. Argo Blockchain’s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares Bitcoin miners have been facing significant pressures as a couple of publicly-listed mining firms have faced financial hardships and bankruptcies . The recent mining difficulty all-time high has not helped, and the fact that Bitcoin’s hashrate price reached an all-time low, it has crippled specific mining businesses. Following the speculation surrounding mining companies like Compute North and Core Scientific, Argo Blockchain (Nasdaq: ARBK ) has given investors an unsettling update concerning a $27 million financing deal that fell throu...

Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Coinbase’s support is seen as a significant step in the case given that the crypto exchange was among the first trading platforms to delist xrp following the SEC lawsuit. Coinbase Supports Ripple Against SEC The Nasdaq-listed cryptocurrency exchange Coinbase filed an amicus brief on Tuesday in support of Ripple Labs against the U.S. Securities and Exchange Commission (SEC). The regulator sued Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of XRP , alleging that the crypto token is a security. Since the SEC lawsuit was filed, “multiple U.S. exchanges delisted XRP , causing its market value to decline by $15 billion, resulting in significant losses to Coinbase’s customers,” the counsel for Coinbase explained in the filing, noting: In the absence of a regulatory framework governing digital assets, Co...

The U.S. Department of Homeland Security (DHS) and the Federal Bureau of Investigation (FBI) are reportedly working closely with major social media platforms, like Facebook and Twitter, to police “disinformation.” Leaked documents further show their plans to expand censorship. Leaked Documents Reveal How Department of Homeland Security Plans to Police Disinformation Leaked documents and court records have revealed the Department of Homeland Security (DHS)’s plans “to police disinformation,” according to an article published Monday by The Intercept. The DHS “is getting involved in social media content moderation in a big way,” tweeted Ken Klippenstein, one of the two authors. The other author, Lee Fang, detailed: Docs show Facebook and Twitter closely collaborating w/ Dept of Homeland Security, FBI to police ‘disinfo.’ Plans to expand censorship on topics like withdrawal from Afghanistan, origins of Covid, info that undermines trust in financial institutions. While disinformatio...

Tesla, Spacex, and Twitter boss Elon Musk has decided to charge $8 per month for users of the social media platform to have a blue checkmark. “This will also give Twitter a revenue stream to reward content creators,” Musk explained, adding that “it is the only way to defeat the bots and trolls.” However, many Twitter users are unhappy about the announced charge. Twitter to Charge $8 per Month for Account Verification Tesla CEO and Twitter boss Elon Musk announced on Twitter Tuesday that he plans to charge $8 per month for Twitter users to have a blue verification checkmark that is currently free. His announcement came after several days of discussion on Twitter following his acquisition of the social media platform. In a followed-up tweet, he explained that the price will be “adjusted by country proportionate to purchasing power parity.” Musk further detailed that for $8 a month, users will also get “priority in replies, mentions & search, which is essential to defeat spam/s...

PRESS RELEASE. 1st Nov 2022, Bucharest, Romania — As part of its commitment to democratize access to the next generation of Web 3.0 Financial Services, ZoidPay has announced the launch of ZETA, the first on-demand Metaverse. What is ZETA? Integrating Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR), ZETA allows users to extend their reality with evolving utility. For example, users interested in retail will be able to explore many day-to-day experiences in the Metaverse, besides access to a host of Web 3.0 Financial Services, in a fully immersive digital experience. Eduard Oneci, CEO & Co-Founder at ZoidPay , stated: “Built entirely in-house, ZETA aims not just to let anyone access the Metaverse, but offers an opportunity to be an active part of it. The potential is unlimited. As the first on-demand Metaverse, we offer an open architecture that lets anyone create a customized Metaverse. So, we invite developers to get in touch with us with their re...

The victory President-Elect Luis Inacio Lula Da Silva obtained on Oct. 30 over the incumbent Jair Bolsonaro in Brazil might open the gates for the proposal of a single currency for the countries of Latam. Lula announced this as part of his campaign, preaching the utility of a common currency as a way of fighting inflation and dependence on the U.S. dollar. Brazil’s Lula Might Spearhead Proposal of Single Currency in Latam The tight electoral victory that now-President-Elect Lula Da Silva has obtained on Oct. 30 might bring the rise of a new common currency for Latam, judging by the politician’s statements. The left-wing politician, a member of the Workers Party in Brazil, had commented about the need for a single currency on the continent as part of his presidential campaign, explaining the possible opportunities that such a change might bring. Lula commented on the subject in a rally celebrated on Aug. 30, stating: We are going to restore our relationship with Latin America. Go...