Bitcoin News and Finance: What You Need to Know

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the country’s foreign exchange reserves. Bank of Ghana to Use Cedi to Pay for Gold Following the revelation that Ghana plans to buy oil products using gold, Samuel A. Jinapor, the country’s minister for lands and natural resources, announced on Nov. 25 that starting in 2023, large-scale mining companies “shall sell twenty per cent (20%) of all refined gold at their refineries to the Bank of Ghana.” Payments for the gold will be made using the local currency — the cedi — and will be “at spot price with no discounts.” According to a Facebook post shared by Ghanaian vice president Mahamudu Bawumia, the Bank of Ghana (BOG) and the Precious Minerals Marketing ...

Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations. FSMA: Securities Laws Do Not Apply to Bitcoin and Other Decentralized Cryptocurrencies In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority ( FSMA ) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments. According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor. However, the regulatory body pointed out that if these crypto assets have a payment or...

Tesla CEO and Twitter boss Elon Musk says he will make an alternative phone if Apple and Google boot Twitter from their app stores. Many people want him to go ahead with a phone launch even if Apple and Google do not deplatform Twitter. Elon Musk Could Launch Alternative Phone to Compete With Apple and Google Elon Musk revealed Friday the possibility of him launching his own smartphone, which would compete with iPhone and Android, should Apple and Google deplatform his newly acquired social media company. Twitter user Liz Wheeler suggested that Musk should produce his own smartphone if Apple and Google boot Twitter from their app stores, adding that “Half the country would happily ditch the biased, snooping iPhone & Android.” Musk replied: “I certainly hope it does not come to that, but, yes, if there is no other choice, I will make an alternative phone.” Musk’s plans for Twitter as a free speech platform could put the social media company in conflict with Apple and Google a...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, is still bullish on bitcoin despite the collapse of crypto exchange FTX. He stressed that the cryptocurrency cannot be blamed for the actions of former FTX CEO Sam Bankman-Fried. Robert Kiyosaki Still Bullish on Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, discussed the FTX collapse and bitcoin with guest Mark Moss on the Rich Dad Radio Show which aired earlier this week. 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. Moss is a radio host and the author of “Uncommunist Manifesto.” After listening to Moss outlining the problems at FTX and numerous fraudulent actions allegedly conducted by its former CEO Sam Bankman-Fried (SBF), Kiyosaki emphasized: I’m still bullish on bitcoin … Bitco...

On Saturday, members of the forum r/cryptocurrency discussed how the current bear market is now the second-longest bear market in the history of bitcoin prices. According to the forum post, the current crypto winter has lasted more than 380 days, just below the longest bitcoin downturn that took place during the 2013-2015 bear market, which lasted 415 days in length. ‘Surviving a Bear Is a Rite of Passage’ — Redditors Discuss Surviving the Second-Longest Bitcoin Bear Run During the last few months people have been curious about how long the crypto winter will last and on Saturday, Nov. 26, 2022, the Redditor u/partymsl published a forum post on r/cryptocurrency declaring the current downturn as “the second-longest bear market ever for crypto.” The post’s author notes that this crypto bear market is “likely to be the longest” and stressed that “surviving this [bear market] is no joke.” Moreover, u/partymsl also summarized how the author defines a bear market, and explained that it’...

Latam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish crypto-related crimes. GFI: Latam Still Vulnerable to Crypto-Related Crime While the adoption of cryptocurrency has grown immensely in Latam due to the unique economic situations and difficulties of the countries in the area, cryptocurrency regulation has failed to develop on par. This is one of the conclusions that a report titled “Cryptocurrencies: A Financial Crime Risk within Latin America and the Caribbean,” issued on Nov. 14, found. Produced by Global Financial Integrity, a Washington DC-based financial think tank, the report examined the legal cryptocurrency developments in Latam and the Caribbean, focusing on countri...

Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies. Africans Need ‘Access to the World of Cryptocurrency’ In contrast, Nigerians appear to have shunned the CBN’s digital currency — the e-naira. Despite the central bank’s attempts to present the e-naira as an alternative to cryptocurrencies, local residents seemingly still prefer the latter. According to Benjamin Eseoghene, the founder and CEO of a local crypto exchange, the residents’ reluctance to use the e-naira could be tied to the CBN’s failure to fully sensitize the masses about it. Eseoghene, whose company Roqqu.com recently received approval to operate in Europe, told Bitcoin.com News that Nigerian residents prefer...

The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections. Bank of Japan to Trial Digital Yen CBDC The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top banks and several regional institutions, according to Nikkei . The results obtained from the pilot program, reportedly set to run for two years, will be key in the decision of the government to actually develop a digital yen. The pilot program will include different tests for the currency to determine its behavior when doing everyday transactions, such as deposits and withdrawals. Also, the bank will be testing its functionality in emergencies, where i...

EY’s global blockchain leader says that for the first time ever, crypto’s price swings do not have that big of an impact on the long-term growth of the industry. Nonetheless, he stressed: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity.” EY’s Brody on Crypto Winter Paul Brody, global blockchain leader at EY, discussed the crypto winter, the need for regulation, and the collapse of crypto exchange FTX in an interview published by the Mint publication Thursday. He was asked whether he expects the current crypto winter to be over soon. “This is a much milder crypto winter than the last one,” he replied. “One of the major features of this winter is that there is a decoupling going on between the price of crypto assets and product and engineering development work that is going on in the crypto industry.” The EY executive opined: For the first time ever, price ups and downs don’t have that big of an impact on the long-term growth ...

Starling Bank has informed its customers that the bank no longer supports fund transfers to cryptocurrency platforms, including crypto exchanges. The bank stated that cryptocurrencies “are high risk and heavily used for criminal purposes and, as such, we no longer support them.” Starling Bank Blocks Fund Transfers to Crypto Exchanges London-headquartered Starling Bank recently notified its customers that the bank no longer supports money transfers to cryptocurrency platforms, including crypto exchanges. A number of people asked the bank for clarification on Twitter. Starling Bank provided the same response to all customers over the past couple of days, stating that crypto activity is considered high risk and it has decided to prevent all card payments to crypto merchants. The bank added that it is implementing further restrictions on outgoing and incoming transfers. Many people are unhappy with the bank’s decision. Some even said they’ve closed their accounts at the bank due to t...

The Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.” Singapore’s Central Bank Clarifies Its Stance on Binance and FTX The Monetary Authority of Singapore (MAS), the country’s central bank, issued a press release this week “to address some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.” The central bank explained: “A first misconception is that it was possible to protect local users who dealt with FTX … MAS cannot do this as FTX is not licensed by MAS and operates offshore.” The MAS proceeded to justify the action it took against Binance and not FTX. The former was placed on the central bank’s Investor Alert List (IAL) while the latter was not. The regulator clarified: While both Binance and ...

The Digital Asset Exchange Joint Consultative Body (DAXA), the South Korean association of crypto exchanges, announced on Nov. 24 that the WEMIX token would be delisted. In justifying the decision to delist WEMIX, the association claimed the information provided by the token’s issuer Wemade is false and has confused investors. Discrepancy Between WEMIX Circulating Supply and Token Distribution Plan An association of South Korean cryptocurrency exchanges, the Digital Asset Exchange Joint Consultative Body (DAXA), announced on Nov. 24 that the gaming platform Wemade’s token — WEMIX — would be delisted. According to DAXA, the decision to delist WEMIX came after the association claimed to have found a discrepancy between the token’s circulating supply and the submitted distribution plan. The announcement by DAXA, which is made up of five crypto exchanges, namely: Bithumb, Coinone, Gopax, Korbit, and Upbit, came just days after some local media reports suggested the delisting decision w...

Just days after reassuring concerned customers, Marius Reitz, the general manager of crypto exchange Luno Africa, recently reiterated the company has not been impacted by Genesis Capital’s decision to pause withdrawals. He added Luno customers still have access to funds in the savings wallet despite its lending partner’s decision to freeze withdrawals. Customers Retain Access to Funds in the Savings Wallet According to Marius Reitz, general manager of the crypto exchange Luno Africa, his company is operating normally and has not been affected by Genesis Capital’s suspension of “redemptions and new loan originations.” Reitz added that the Digital Currency Group (DCG)-owned exchange has so far not seen “any significant changes in deposits, withdrawals or trading volumes.” As reported by Bitcoin.com News, Genesis had paused customer withdrawals “in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion.” After the announcement by Genesi...

Ripio, an Argentina-based cryptocurrency exchange, has announced that it will expand its operations to the U.S. The company, which serves more than 4.5 million customers in Latam, received a license in the state of Florida to operate and will start offering its Ripio Select services to companies and institutional investors. Ripio Expands Operations to US Ripio, one of the largest exchanges in Latam, with more than 4.5 million customers on the continent, has announced it will expand its operations to the U.S. The company obtained a license granted by the Florida Office of Financial Regulation, that will allow it to offer its suite of services to United States customers. With this endorsement, the company is ready to bring its products to customers in the country, including its custodial wallet and exchange services, and its newly launched Web3 wallet. Also, Ripio is planning to provide B2B integration with other companies. Ripio decided to first introduce its Select platform, whic...

Entertainment and electronics giant Sony has recently completed the acquisition of Beyond Sports, a company specializing in using real-world data to produce 3D animation. With this purchase, the company is now reportedly able to offer a full metaverse experience for sports matches, complete with tech from other companies already in its portfolio. Sony’s Beyond Sports Purchase Gets It Closer to the Sports Metaverse Sony is now making a foray into the sports metaverse world. The company recently closed the acquisition of Beyond Sports, a 3D imaging and animation company that possesses tech to transform real information from a sports match into a metaverse representation. Numbers for the acquisition were not released, but are believed to be as high as $70 million dollars, according to Nikkei estimations. This purchase, along with the technology of Hawk-Eye Innovations — another company owned by the conglomerate — will allow the company to produce, in real-time, content relating to ba...

New York Attorney General Letitia James has urged Congress to pass a law prohibiting crypto investments in retirement accounts. “Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies,” she stressed. NYAG Letitia James Urges Congress to Prohibit Crypto Investments in Retirement Accounts New York Attorney General Letitia James announced Tuesday that she has “urged congressional leaders to adopt legislation that would prohibit investing retirement funds in digital assets, such as cryptocurrencies, digital coins, and digital tokens.” In the letter she sent to Sen. Ron Wyden (D-OR), Sen. Mike Crapo (R-ID), Rep. Richard Neal (D-MA), and Rep. Kevin Brady (R-TX) Tuesday, James wrote: On behalf of the people of the state of New York, I urge Congress to pass legislation to designate digital assets — e.g., cryptocurrencies, digital coins, and digital tokens — as assets that cannot be purchased...

Tesla CEO and Twitter chief Elon Musk has clarified that Sam Bankman-Fried, former CEO of collapsed crypto exchange FTX, does not own any stake in Twitter. This followed an article published by a Bankman-Fried-backed publication suggesting that Musk took $100 million from the former FTX executive. Elon Musk on SBF’s Alleged Investment in Twitter Elon Musk has clarified that Sam Bankman-Fried (SBF), FTX’s co-founder and former CEO, currently owns 0% of Twitter. The confirmation followed an article published Wednesday by Bankman-Fried-backed publication Semafor indicating that SBF owns a $100 million stake in the social media platform. The article claimed to have obtained a private text message between Musk and Bankman-Fried as proof of the stake. Semafor debuted on Oct 18, just a few weeks before the FTX meltdown began . The crypto exchange filed for Chapter 11 bankruptcy on Nov. 11 and SBF stepped down as the CEO. Musk tweeted Wednesday: “Semafor is owned by SBF. This is a massiv...

A well-regulated African cryptocurrency market is needed in order to protect users as well as help countries stop bad actors from using digital assets to circumvent capital controls, the latest post on the IMF blog has said. The blog post reiterated the IMF’s belief that risks to a country are “much greater if crypto is adopted as legal tender.” Crypto’s Volatility Said to Render It an Unsuitable Store of Value The collapse of the cryptocurrency exchange FTX and subsequent crypto market downturn once again highlights the need for better regulation of the industry, the International Monetary Fund (IMF) has said in its latest blog post . According to the blog, in Africa, where the crypto market is rapidly growing, urgent action is also needed in order to block or stop bad actors from using crypto assets to facilitate illegal activities. As per the global lender’s latest blog post, only a quarter of countries in Africa’s sub-Saharan region formally regulate cryptocurrencies. However, ...

Deloitte estimates the metaverse could add $1.4 trillion to Asia’s GDP annually by 2035. Noting that the metaverse market could be as large as $13 trillion by 2030, the global financial services firm said: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions.” Deloitte’s Metaverse Study A new report by Deloitte, titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact,” estimates that the metaverse is a trillion-dollar opportunity in Asia. The study takes an in-depth look at 12 selected Asian economies: Hong Kong, India, Indonesia, Japan, mainland China, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. Deloitte’s report states: We estimate that the impact of the metaverse to GDP in Asia could be between US$0.8 trillion – US$1.4 trillion per year by 2035, roughly 1.3-2.4% of overall GDP per year by 2035. “The metaverse presents a trillion-dollar opportunity to significantly transf...

For most retail investors, trading has traditionally been a solitary exercise, making the barrier to entry relatively high. Information regarding trading instruments and market conditions can often be hard to come by or, at other times, too complex for beginners to grasp. Here at Bitget, the organisation is determined to remove this barrier by turning trading into a social, collaborative activity that investors can engage in together. To further enhance social trading experience, the team at Bitget have recently launched two new services: Bitget Insights and Bitget Strategy Plaza. Both of these platforms allow traders to more easily share their knowledge and opinions on market conditions and trends, giving users the space and opportunity to engage in constructive collaboration. Along with other social trading products such as One-Click Copy trade, Bitget gives investors an edge with a series of crypto social trading features. What Is Social Trading? Social trading places a focus on...