Bitcoin News and Finance: What You Need to Know

Russian authorities are finding it hard to cash out digital assets they have gotten hold of, prosecutors have warned. They have also urged the government to recognize cryptocurrency as property, allow departments to have digital wallets and use crypto exchanges. Prosecutor’s Office Insists Russian Investigators Should Have Cryptocurrency Wallets Russian prosecutors are convinced that investigative authorities, among other government bodies, should be allowed to set up crypto wallets and be able to store and convert confiscated digital coins to fiat money, the business daily Kommersant reported. The Prosecutor General’s Office has consistently advocated for recognizing digital assets as property that can be seized, if acquired criminally, Prosecutor Madina Dolgieva from the Office’s Main Judicial Department told participants in a round table discussion on e-justice . During the meeting, organized by the Committee on Constitutional Legislation and State Building at the Federation C...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has stressed the importance of bringing “intermediaries and issuers of crypto securities” into compliance. In addition, the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC) has recommended that regulatory agencies continue to “enforce existing rules and regulations applicable to the crypto-asset ecosystem.” SEC Chair Gensler on Crypto Regulation SEC Chairman Gary Gensler talked about crypto regulation Friday in his remarks before the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC). Gensler said: Nothing about the crypto markets is incompatible with the securities laws. Yet risks from this speculative, volatile, and what I believe is a largely noncompliant market put investors at risk. “This is why bringing intermediaries and issuers of crypto securities tokens into compliance is so important,” he stressed. “While the risks from the crypto markets gener...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has defended his support of the collapsed crypto exchange FTX and its former CEO Sam Bankman-Fried (SBF). “This is America. The justice system provides the presumption of innocence unless proven otherwise,” he stressed. O’Leary also denied the accusation by Binance CEO Changpeng Zhao (CZ) that he perjured himself in a U.S. Senate hearing over why FTX failed. Kevin O’Leary on FTX’s Collapse Shark Tank star Kevin O’Leary defended his position as a spokesperson for the collapsed crypto exchange FTX in an interview with CNBC Friday. He also commented on Binance CEO Changpeng Zhao (CZ) calling him a liar. When asked why he did not stridently condemn former FTX CEO Sam Bankman-Fried (SBF), O’Leary replied: This is America. The justice system provides the presumption of innocence unless proven otherwise. The former FTX executive was arrested in the Bahamas last week. The U.S. government and several regulators have filed a number of f...

Several members of the U.S. Democratic Party and campaign committees are reportedly being probed by federal prosecutors over donations from former FTX CEO Sam Bankman-Fried (SBF) and another executive of the collapsed cryptocurrency exchange. “To any person, entity, or political campaign that has received stolen customer money, we ask that you work with us to return that money to the innocent victims,” said a U.S. district attorney following the arrest of Bankman-Fried. Federal Prosecutors Investigate Sam Bankman-Fried’s Political Donations The United States District Attorney’s Office for the Southern District of New York has reportedly begun an investigation into illegal campaign contributions from Sam Bankman-Fried (SBF) and two other former FTX executives. Following Bankman-Fried’s arrest in the Bahamas last week, the District Attorney’s Office sent an email to a few Democratic political organizations, including the party’s official campaign offices, a few of its major PACs, an...

Just a few months after it became the world’s worst-performing currency, the Ghanaian cedi’s exchange rate versus the U.S. dollar bounced back from just over 14 units per dollar on Dec. 1, to 8 units for every dollar by Dec. 16, new data has shown. The currency’s resurgence appears to have been fueled by reports that Ghana has secured a $3 billion loan from the International Monetary Fund (IMF). Cedi Appreciates by Over 36% in Just Four Days After tapping an all-time low of more than 14 cedis for every dollar, the Ghanaian currency’s exchange rate versus the U.S. dollar appreciated to 8 cedis per dollar by Dec. 16, the latest data from the Bank of Ghana (BOG) has shown. According to the BOG data, the most rapid recovery occurred between Dec. 12 and Dec. 16 when the cedi appreciated by more than 36%. Bank of Ghana Exchange Rates pic.twitter.com/HREBnMQezt — Bank of Ghana (@thebankofghana) December 16, 2022 As previously reported by Bitcoin.com News in October, shortages of th...

Stc Bahrain, a subsidiary of the Bahrain telecoms operator Stc Group, recently said its partnership arrangement with payment service provider Eazy Financial Services has created an opening that allows clients to pay bills using crypto. According to a statement, the telecom operator’s move demonstrates its “strong focus on advancing Bahrain’s fintech sector as world-class digital enablers.” ‘Rapid Digitization Across the Globe’ The Bahrain telecom operator, Stc Bahrain, recently revealed in a statement that it now accepts cryptocurrencies, ostensibly making it the first in the kingdom to do so. The statement also said the company teamed up with the payment service provider Eazy Financial Services. This partnership allows the Stc Bahrain’s customers to settle their bills using the Binance wallet, the statement added. Commenting on the partnership with Eazy Financial Services, Nezar Banabeela, the CEO of Stc Bahrain, said: Rapid digitization across the globe is transforming all asp...

PRESS RELEASE. In December 2022, CoinEx will celebrate its fifth birthday. Since its inception, the crypto exchange has gone through bulls and bears and attracted over four million users across more than 200 countries and regions worldwide. For both CoinEx and the crypto space, the past five years have been extraordinary. In particular, this year, CoinEx launched an all-new brand slogan: Making Crypto Trading Easier. The CoinEx team shared their views on the future development of crypto and the exchange. CoinEx is one of the few crypto exchanges that has been running for five straight years. In your view, what is the most prominent change in the market over that period? During the past five years, the crypto industry has served more people. Although it is difficult to count the total number of crypto users, we can get a glimpse of the massive user base through on-chain activities. According to Etherscan.io, the number of Ethereum unique addresses barely exceeded one million back...

The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy. Monetary Authority of Kazakhstan Reports on Advance of Digital Tenge Pilot Project The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on the need for the new version of the national fiat, the tenge, have been presented in a whitepaper published by the regulator. The first phase of the pilot was conducted between July and December, 2021, when a prototype was developed to examine the viability of the CBDC concept, detailed an announcement , quoted by RBC Crypto. During the second stage, from January to December, 2022, the platform was fine-tuned and trials s...

The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath. G20 Nations Discuss Crypto Regulation The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru. Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying: The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a ...

The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. “Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” he asked, adding: “I would trust my money more in Draftkings than I would Binance.” Jim Cramer Slams Binance The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted Friday: Why are there no strategists who say that most crypto are worthless so sell them? Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX? The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars from its collapse. Bankman-Fried has been a...

Cardano fell to a fresh all-time low on Saturday, as prices plunged by over 10% to start the weekend. The move saw the token drop for a third straight session, as a red wave swept through cryptocurrency markets. Binance coin also moved lower, dropping for a seventh consecutive day. Cardano ( ADA ) Cardano ( ADA ) moved to a fresh all-time low to start the weekend, as prices dropped for a third straight session. Following a high of $0.3011 on Friday, ADA /USD moved to a low of $0.2603 earlier in today’s session. The move saw the token plunge by nearly 13% earlier in the day, hitting a new all-time low in the process. Looking at the chart, the drop comes as the 10-day (red) moving average crossed its 25-day (blue) counterpart. This signals a shift in price momentum, and comes as the relative strength index (RSI) fell deeper into oversold territory. As of writing, the index is tracking at 24.13, which is its weakest point since October 21. Binance Coin ( BNB ) Binance coin ( BNB...

The fallout from the collapse of failed crypto exchange FTX is forcing Web3 brands, and projects previously focused on managing the public’s perception, to concentrate on fighting for their very legitimacy, Laura K. Inamedinova, a Web3 marketing expert, has said. Besides just trying to convince backers and investors, Inamedinova said Web3 players have the more formidable task of convincing regulators. Security and Reliability Issues Resurface After initially starting the year focused on community management and the public’s perception, the fallout from FTX’s collapse caused many Web3 brands and projects to switch to arguing for their legitimacy and reputation, Web3 marketing agency founder Laura K. Inamedinova has said. She added that even in cases where there is no direct connection with FTX, Web3 entrepreneurs now feel compelled to address concerns about the security and reliability of their projects. In addition to their attempts to assuage the fears of nervous investors and bac...

A report issued by Capgemini, a consulting firm, has found that most consumers are at least curious about the metaverse and what it might bring to their lives. The report, which also examined consumer and company expectations of immersive experiences, explains that many are already taking advantage of the metaverse concept. Capgemini: Metaverse Seeing Interest From Consumers and Organizations The Metaverse is becoming the focal point of studies that seek to identify the potential of possible investments in the field. Capgemini, a consulting firm, found that there is significant interest in the metaverse from both consumers and companies in its latest report issued on Dec. 8. The report , titled “Total Immersion: How Immersive Experiences and the Metaverse Benefit Customer Experience and Operations,” found that nine out of ten consumers have curiosity regarding the metaverse and what it might bring to their lives. 8,000 consumers and 1,000 organizations in 12 countries were survey...

The United Nations High Commissioner for Refugees (UNHCR) recently said it has launched a blockchain payment solution for digital cash distribution to internally displaced persons (IDPs) in Ukraine. According to the agency, the use of the blockchain-based cash distribution system ensures the funds are instantly transferred to the intended recipients. Only ‘Most Impacted and Vulnerable People’ Qualify The United Nations High Commissioner for Refugees (UNHCR) and the Stellar Development Foundation (SDF), an organization supporting the growth of the Stellar blockchain, announced on Dec. 15 the launch of a “blockchain payment solution for digital cash distribution to internally displaced persons (IDPs) and other war-affected people in Ukraine.” In a statement , the agency said it had, alongside the United Nations International Computing Centre (UNICC), become the first “to pilot the new Stellar-based aid disbursement solution.” Lauding the pilot phase, which is designed specifically fo...

Roberto Campos Neto, president of the Central Bank of Brazil, has stated that the digital real project, the Brazilian central bank digital currency (CBDC) could be launched in 2024. Campos Neto also remarked on the benefits the digital currency system might bring as it is integrated with traditional finance structures and decentralized finance (defi) institutions. Digital Real Might Be Ready in 2024, According to Roberto Campos Neto Brazil is one of the countries that has made significant advancements in the field of central bank digital currency (CBDC) in the last year. While there is currently no official date for the issuance of the digital real, Roberto Campos Neto, president of the Central Bank of Brazil, has hinted at a possible launch of the currency in 2024. At a Dec. 13 event, Campos Neto stated : In 2024, I would like to have a release. There are still many challenges to reach this schedule, but this is our vision, our goal. Campos Neto considers this to be possible i...

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. “Our auditors were learning on the job,” he described, adding that it’s “not a good thing.” Michael Burry on Audits of Crypto Firms Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are meaningless. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Commenting on accounting firm Mazars Group halting proof-of-reserves audits for crypto companies, Burry tweeted:...

Roughly seven days ago the owner of Twitter, Elon Musk, disclosed that the social media platform planned to purge 1.5 billion Twitter names if they were inactive or the accounts haven’t logged in for years. After the statement, bitcoiners grew concerned that the now-deceased computer scientist Hal Finney’s Twitter account would be terminated. It seems that since then, Finney’s wife Fran Finney has taken over Hal’s social media account in hopes Musk won’t purge her husbands account. Fran Finney Has Control of Hal’s Twitter Account — Says She Activated It to Protect the Account From Elon Musk’s Inactive Twitter Account Purge On Dec. 16, 2022, the bitcoin supporter Jameson Lopp tweeted an alert letting people know that Hal Finney’s Twitter account — @halfin — was now active. “ALERT,” Lopp said. “Someone has taken control of Hal’s Twitter account. Consider that we don’t know the intentions of the new owner; it could be compromised.” Lopp’s tweet got a reply from the @halfin Twitter ac...

Hong Kong’s first crypto-based exchange-traded funds (ETFs) have attracted over $73 million ahead of their debut on the region’s stock exchange. The launch of the two ETFs tracking cryptocurrency futures listed in the United States comes despite the industry’s current troubles. Hong Kong Debuts Bitcoin and Ether Futures ETFs Amid Crypto Winter Two ETFs tracking crypto futures raised a total of $73.6 million ahead of their debut on the stock exchange in Hong Kong on Friday, with the larger one raising $53.9 million, according to Reuters. The news agency noted that the launch is in defiance of the ongoing turmoil in the sector. The funds, offered by CSOP Asset Management, invest in bitcoin ( BTC ) and ether ( ETH ) futures listed on the CME exchange in the U.S., the only crypto assets allowed by Hong Kong’s Securities and Futures Commission (SFC) at the moment. Commenting on the development Yi Wang, head of quantitative investment at CSOP, stated: Coming after the recent liquidity...

Following the arrest of the former FTX boss Sam Bankman-Fried (SBF), spectators continue to wonder where ex-Alameda Research CEO Caroline Ellison is, and whether or not she turned on SBF. A few reports suggest Ellison is “likely working with feds” and it’s possibly the reason why Ellison was reportedly spotted at the Ground Support cafe in Soho. Did Caroline Rat on SBF? No One’s Heard a Peep From the Mysterious Ex-Alameda Executive Since FTX Collapsed A great deal of crypto supporters and the media have been wondering where Caroline Ellison , the former Alameda Research CEO, is currently located. After FTX filed for Chapter 11 bankruptcy protection, Sam Bankman-Fried (SBF), galavanted on a media tour with the likes of the New York Times ’ Dealbook event and his appearance on Good Morning America. Then over a month after FTX collapsed, SBF was arrested in The Bahamas and indicted by a federal grand jury in Manhattan, charged with fraud by the U.S. Securities and Exchange Commiss...