Bitcoin News and Finance: What You Need to Know

Visa, the financial services corporation headquartered in San Francisco, California, published a blog post that talks about leveraging ethereum and the layer two (L2) scaling solution Starknet so people with self-custodial wallets can pay their bills. The blog post notes that while Ethereum doesnt support account abstraction or delegable accounts, the financial services company implemented a delegable accounts solution on Starknet, the L2 blockchain network. Visa Develops Account Abstraction Using the L2 Ethereum Scaling Solution Starknet, Payments Company Envisions a Future With Programmable Money On Dec. 19, 2022, Visa’s Crypto Thought Leadership blog published a post written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s subject brief is about “auto payments for self-custodial wallets,” and Visa shows that it is possible to leverage Ethereum to execute auto-payments from a self-custodial wallet solution. However, the concept utilizes...

Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted. Peter Schiff’s Bitcoin Outlook Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday: The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn. “Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.” The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” ...

A U.S. senator has suggested that cryptocurrency should “maybe” be banned following the collapse of crypto exchange FTX. However, he acknowledged that banning crypto “is very difficult because it will go offshore and who knows how that will work.” Senator Sherrod Brown Suggests Banning Crypto U.S. Senator Sherrod Brown (D-Ohio), the chairman of the Senate Banking, Housing, and Urban Affairs Committee, talked about cryptocurrency in an interview with NBC Sunday. He stated that the Treasury Department and all the different regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), need to get together and assess any possible action related to the cryptocurrency market. Referring to the SEC and CFTC, the senator said: We want them to do what they need to do. At the same time, maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work. Last week, the ...

The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto Settlements Amid Financial Sanctions The Central Bank of the Russian Federation (CBR) intends to trial international trade settlements with cryptocurrencies, the monetary authority’s First Deputy Chairman Olga Skorobogatova announced on Monday. “We are now planning, within the framework of the experimental legal regime that we are preparing, to try the use of cryptocurrency for international settlements, that is, for foreign economic activity,” she said, quoted by the Tass news agency. Speaking at the State Duma, the lower house of Russian parliament, Skorobogatova detailed that the pilot project will be carried out with interested companies. However, she did not specifically name the market...

Meta will continue to invest in VR (virtual reality) tech in 2023, according to statements made by Andrew Bosworth, head of Reality Labs, the metaverse division of the company. While Meta has made some changes and adapted to the current shaky economic atmosphere, Bosworth states that the company is still committed to its metaverse pivot. Meta to Continue Pushing Metaverse and VR in 2023 Meta, the social metaverse company, is planning to continue to develop metaverse and VR-related projects during 2023. In an article written on Dec. 19, Andrew Bosworth, head of the metaverse division called Reality Labs, explains that while the company has suffered major drawbacks due to the economic downturn, it will still be pushing its new vision forward. Bosworth stated: I can say with confidence that after one of the hardest years in the history of the company, Meta remains as committed to our vision for the future as we were on the day we announced it. Facebook’s rebranding to Meta was an...

FTX co-founder Sam Bankman-Fried (SBF) had a difficult day in court on Monday according to a number of accounts that said SBF’s local attorney seemed to be in conflict with his U.S. legal team. Furthermore, courtroom reports noted that SBF dozed off for an extended period of time and had to be shaken awake by an official. SBF’s Day in Court After Close to a Week in Fox Hill Prison Doesn’t Go so Smoothly According to a number of reports on Monday, Sam Bankman-Fried (SBF) was transferred back to Fox Hill prison after a “confusing turn of events” in court, according to the local island media publication The Tribune. SBF’s local lawyer, Jerone Roberts, “appeared at odds with [SBF’s] U.S. legal team,” the Wall Street Journal (WSJ) reported the same day. The Tribune and other reports detailed that SBF had mentioned to the judge that he had not yet seen his U.S. indictment. Roberts was allegedly unaware that his client SBF was supposed to be in court on Monday as well. “I did not requ...

John Carmack, the founder of renowned company ID Software and executive consultant on VR for Meta, has announced he is leaving Meta. Among the reasons for this departure, Carmack signals that there are inefficiencies and self-sabotage at Meta that have affected the work that the company is doing regarding its VR (virtual reality) and metaverse efforts. John Carmack Abandons Meta Meta (formerly Facebook), the social network and metaverse company, has lost one of its leading VR consultants. John Carmack, a founder of ID Software, creators of the Doom franchise of games, has announced his departure from the Meta. In a Facebook post , Carmack explains that his resignation as a VR consultant for the company marks the end of a VR-dedicated decade, and reveals the company is plagued by inefficiencies regarding the work done towards VR and metaverse development. Carmack explains: We have a ridiculous amount of people and resources, but we constantly self-sabotage and squander effort. The...

The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance. Indian Government Answers Questions About Crypto Bill and Regulation The Indian government answered two sets of questions about cryptocurrency and its regulation Monday by various members of Lok Sabha, the lower house of India’s parliament. Parliament member Bhartruhari Mahtab asked the minister of finance to state “the current status of the cryptocurrency bill, which was due for being tabled during the winter session, 2021, of the Parliament” and “the timeframe within which the cryptocurrency bill would be tabled and subsequently be open for public inputs.” Pankaj Chaudhary, minister of state in the Ministry of Finance, replied without providin...

Tesla CEO and Twitter chief Elon Musk has promised to step down as head of Twitter. As the billionaire seeks a new CEO to run the social media platform, privacy advocate Edward Snowden threw his name in the hat, stating that he takes payment in bitcoin. “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,” Musk clarified. Elon Musk Discusses Finding New Twitter CEO Elon Musk set up a poll on Twitter over the weekend asking his 122.3 million followers whether he should step down as head of the social media platform. The billionaire added that he will abide by the results of the poll, which ended with 57.5% of over 17.5 million respondents wanting him to step down. Responding to a comment about him having a new CEO picked out already and that he will retire to being chairman of the Twitter board, Musk clarified: “No one wants the job who can actually keep Twitter alive. There is no successor.” In another tweet, the Tesla chief explained: Th...

On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely. The deprivation of wealth has caused a few impoverished Lebanese to demand their savings at gunpoint but so far, even these tactics have left most residents walking away or arrested penniless. Lebanon’s Banks Deal With Protests and Gunpoint Demands From People Who Want Their Savings Back In August 2019, it became apparent to the world that Lebanon was suffering from a liquidity crisis, and there have been many reports that say financial coverups and U.S. sanctions put Lebanon’s economy in a vice grip. It has been reported that by late 2018, a handful of Lebanese commercial banks froze people’s accounts and by the first week of March 2020, Lebanon said it would default on its Eurobond debt. Th...

Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several companies integrating this tech as part of its operations by 2025. Zhejiang Presents Metaverse Development Plan Zhenjiang, a Chinese province, presented its metaverse development plan on Dec. 15, aiming to become one of the biggest metaverse hubs in the country. The plan, which contemplates the integration of several active companies into the metaverse, aims to produce a $28.7 billion metaverse industry by 2025. In the document, the province outlines the actions that it will need to reach its goal, starting in 2023. One of these includes the incubation of 10 industry leaders and 50 companies involved in several of the key technologies related to the metaverse, like AI (artificial intelligence), VR (virtual reality), and even blockchain....

Aztec, a Web3 privacy layer, has raised $100 million in a Series B funding round led by the Andreessen Horowitz subsidiary a16z crypto. The organization, which already offers privacy-based services for a slew of Ethereum-based apps, will now focus on constructing an encrypted version of Ethereum, allowing individuals and organizations to transact privately. Aztec Raises $100 Million to Create Interoperable and Encrypted Blockchains Web3 privacy-focused layer Aztec raised $100 million on Dec. 15 as part of its Series B funding round. The resources raised during this round, which was led by a16z crypto with the participation of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG, will be used on building a high-level encrypted version of Ethereum. For Aztec, while today’s focus on interoperable public chains has its virtues, there is also the need for private and confidential transactions that preserve the identity and the data of the ones involved. Joe Andrews, on...

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...