Bitcoin News and Finance: What You Need to Know

A survey has indicated that Hungarians would like to learn more about the long-term investment opportunities presented by cryptocurrencies. However, associated risks and insufficient information in their native language are major concerns, according to the polled. Hungarians Want to Know How Crypto Profits Are Taxed and What Rules Apply to Such Investments With increased global interest in cryptocurrencies over the past few years, a new poll has gauged how closely Hungary follows the general trend, local media reported. The results of the survey, conducted by the world’s largest crypto exchange, Binance , and market research firm Opinio, were shared with the Hungarian news agency MTI. The research established that a majority of Hungarians think that crypto investments still come with higher-than-average risks. Another issue they see is the lack of sufficient information in the Hungarian language about the digital assets. Those who remain wary of cryptocurrencies also highlight the

U.S. Congress’ “first ever” subcommittee on digital assets has been created as part of the House Financial Services Committee. “We want to create a regulatory legal framework for digital assets … that makes America a leader from an innovation point of view but also protects consumers and investors,” explained Congressman French Hill, who will lead the digital asset subcommittee. US Lawmakers Form ‘Congress’ First Ever Digital Assets Subcommittee’ The U.S. House Committee on Financial Services has created a subcommittee on “Digital Assets, Financial Technology and Inclusion.” Congressman Patrick McHenry (R-NC), chairman of the House Financial Services Committee, commented: I’m proud to announce Congressman French Hill as the chairman of Congress’ first ever Digital Assets Subcommittee and vice chair of the full Committee. The tasks of the new subcommittee include “Providing clear rules of the road among federal regulators for the digital asset ecosystem, developing policies that

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned that most crypto tokens will fail. He has urged investors not to “get caught up in the FOMO, the fear of missing out,” emphasizing that crypto is a highly speculative, non-compliant asset class. Gary Gensler Expects Most Crypto to Fail SEC Chairman Gary Gensler gave some advice on cryptocurrency investing Wednesday during a Twitter spaces discussion hosted by the U.S. Army. Calling crypto a “highly speculative, volatile asset class,” Gensler stressed that most cryptocurrencies “are not complying with securities laws, but they should be.” Noting that crypto is “the Wild West,” he also questioned the use cases of most tokens. The SEC chief warned: Most of these 10,000 or 15,000 tokens will fail. “That’s because venture capital fails, new startups fail, but also because history tells us that there’s not much room for micro currencies, meaning, you know, we have the U.S. dollar and Europe h

The Ethereum scaling blockchain, Polygon, has revealed plans to initiate a hard fork on Jan. 17, 2023. According to the team, the network upgrade will “reduce the severity of gas spikes” and “address chain reorganizations (reorgs) in an effort to reduce time to finality.” Polygon Team Outlines Network Upgrades to Improve User Experience On Jan. 12, 2023, the Polygon team told the community to “get ready for the hard fork” as developers have plans to upgrade the chain on Jan. 17, 2023. “The proposed hard fork for the Polygon PoS chain will make key upgrades to the network on Jan. 17,” the team tweeted. “This is good news for developers and users and will make for better user experience (UX). You will not need to do anything differently,” the developers insisted. Polygon (MATIC) developers have been discussing the upgrade since Dec. 2022. The V0.3.1 Hard Fork aims to reduce gas spikes and address blockchain reorganizations (reorgs). A reorg is an occurrence in which a new chain’s

The Legislative Assembly of El Salvador approved the Digital Assets Issuance Law, a framework that will allow the country to issue crypto-related debt instruments. The approved law, which was passed thanks to the majority that President Nayib Bukele has in Congress, serves as a base for the issuance of the long-expected volcano bonds. El Salvador Passes Digital Bond Law El Salvador has taken another step in the way of integrating blockchain technology with the financial operations of the state. The Legislative Assembly finally passed the Digital Assets Issuance Law, which establishes the rules for the state to open cryptocurrency-related public offers. The law, which was passed with a majority due to the support of Nayib Bukele’s party, has the objective “to establish the legal framework that grants legal certainty to transfer operations to any title of digital assets that are used in the issuance of public offerings carried out in El Salvador.” The document also creates the bitco

Bill Gates, the co-founder of Microsoft, has given his opinion about the relevance of Web3, metaverse, and AI (artificial intelligence), a set of technologies in development today. Gates stated that AI was “the big” revolutionary technology that is comparable to what the internet was in the year 2000. Bill Gates Considers AI Tech ‘Revolutionary’ Bill Gates, one of the co-founders of software behemoth Microsoft, has issued his opinion when it comes to the state and relevance of several emergent technologies being developed today. In a recent Reddit AMA, Gates showed a preference for AI (artificial intelligence) over other alternatives such as Web3 and the metaverse, when asked about the relevance of this set of technologies being developed, and the similarities these shared with the internet during its early years. Gates stated : AI is the big one. I don’t think Web3 was that big or that metaverse stuff alone was revolutionary but AI is quite revolutionary. However, Gates state

More than $17 million in restitution will be distributed among investors in the pyramid scheme Bitconnect under a court order in the United States. The notorious crypto investment scheme defrauded thousands of people around the world. Bitconnect Investors From Dozens of Countries to Be Paid Back Millions of US Dollars A total of over $17 million in restitution will be returned to around 800 victims from more than 40 countries who lost money to Bitconnect, the U.S. Department of Justice (DOJ) announced Thursday, quoting an order issued by a federal district court in San Diego. The large-scale crypto investment scheme defrauded thousands of investors globally. The ruling comes after on Sept. 16, 2021, the top U.S.-based promoter of Bitconnect, 44-year-old Glenn Arcaro, pleaded guilty to conspiracy to commit wire fraud. He admitted to marketing Bitconnect’s initial coin offering and digital currency exchange as a lucrative investment with the goal to exploit investor interest in crypt

Ukraine’s national soccer team has secured a sponsorship deal with a player from the industry that wants to engage fans and promote adoption of cryptocurrencies. As part of the agreement, an EU-based coin trading platform will be the team’s crypto partner for the next three years. Whitebit Exchange Aims to Expand Ukraine’s Crypto Community by Engaging Soccer Fans Whitebit, a European cryptocurrency exchange with Ukrainian roots, has agreed to a long-term partnership with the national soccer team of Ukraine. Under the deal, its logo will be featured during the team’s matches, the crypto news outlet Forklog reported, quoting the company. “We are on the same field with football fans, so we are simply delighted, because we have just entered into a partnership with the National Football Team of Ukraine. With this, we will support Ukrainian sports and expand the Ukrainian crypto community,” the trading platform said in a blog post . Whitebit becomes the team’s official crypto partner un

Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong stock exchange. It seeks “to provide economic exposure to the value of bitcoin,” Samsung detailed. Samsung’s Bitcoin Futures ETF Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung Group of companies, launched a bitcoin futures exchange-traded fund (ETF) on Friday called “Samsung Bitcoin Futures Active ETF.” The new ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law, the company detailed, adding: The investment objective of the sub-fund is to seek to provide economic exposure to the value of bitcoin by investing predominately in front-month bitcoin futures contracts and/or micro bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). Samsung explained that the actively managed bitcoin fut

On Friday, the Web3 wallet firm Metamask, a subsidiary of the Ethereum-centric company Consensys, announced the beta launch of ethereum staking features will be made available via Lido’s or Rocketpool’s liquid staking services. Users who want to stake ethereum and earn staking rewards can select one of the staking providers within the Metamask Web3 wallet’s interface. Consensys-owned Metamask’s Latest Update Allows Users to Stake Ethereum With Lido and Rocketpool The Web3 wallet provider Metamask announced that the company has added ethereum ( ETH ) staking services to the wallet’s set of tools. “We are extremely happy to announce that you can now stake ETH with Lido or Rocketpool through the Portfolio Dapp,” Metamask said on Friday. “Metamask Staking allows you to interact directly with the Lido and Rocketpool protocols — no sketchy third-parties doing your staking for you,” the company added on Twitter. Essentially, the two liquid staking providers, Lido and Rocketpool, issue

A Chivo wallet programmer has opened up about the different problems that the flagship cryptocurrency wallet of El Salvador faced during its initial stages. Shaun Overton, who alleges he was hired to help in the handling of the issues, has talked about ID theft, money laundering problems, and the tech issues he observed while working with the Chivo team. Chivo Wallet Problems Deconstructed Shaun Overton, a developer that supposedly was part of the team for Chivo Wallet, has talked about the different problems that the flagship cryptocurrency wallet, created by the government to popularize the use of bitcoin as legal tender in the country, faced during its initial stages. The statements offered by Overton are part of a legal dispute between Accruvia, a software developer, and Athena Bitcoin, the company in charge of developing and operating Chivo Wallet, which was replaced by Alphapoint in February. According to the local news site El Faro, Overton was brought in by Chivo’s team t

A Belarusian citizen will have to pay a hefty fine for illegally organizing the exchange of cryptocurrencies online. Law enforcement authorities in the country, where certain crypto activities are legal, do not plan to impose other penalties besides the administrative measure. Cryptocurrency Trader Tries to Challenge Fine in Belarusian Court The Supreme Court of the Republic of Belarus has rejected the appeal of a Belarusian against a lower-instance ruling ordering him to pay 2,700,000 Belarusian rubles (around $1 million) to the state for trading digital assets outside the law. The man, identified only by the initial ‘A,’ is accused of using the Telegram messenger to set up an online cryptocurrency exchanger in January 2021. He allegedly made 5,400,000 rubles as income from his illegal activities. According to a post by the Belarusian Ministry of Taxes and Duties, quoted by the crypto news outlet Bits.media, investigators were able to trace his transactions and submit the gather

The conflict between banks and cryptocurrency exchanges in Chile is still developing, as some banks are reticent to serve this kind of institution. A new report prepared by exchanges reports that most of these banks refuse to include crypto companies as customers for risks that are nevertheless managed in the case of servicing other kinds of customers. Cryptocurrency Exchanges Still Fighting Banks in Chile Cryptocurrency exchanges and other crypto-related companies are still fighting private banks for the right to open and manage bank accounts in Chile. The legal fight, which started back in 2018 when a series of exchanges had their bank accounts closed by several banking institutions, will be defined this year before a national free competition court. Buda.com, a Chilean exchange, prepared a document that concluded that banks are colluding to deny their services to cryptocurrency exchanges for reasons applicable to other businesses, like companies operating with jewelry, watches,

The Nasdaq-listed cryptocurrency exchange Coinbase is closing down most of its operations in Japan after announcing another round of job cuts globally. “Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto,” Coinbase CEO Brian Armstrong insisted. Coinbase Winding Down Majority of Japanese Operations Cryptocurrency exchange Coinbase is closing the bulk of its operations in Japan, Nana Murugesan, vice president for business development and international, revealed in an interview with Bloomberg Wednesday. He said: We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity. Coinbase teamed up with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021. Murugesan explained that Coinbase is finalizing its discussions with Japan’s top financial regulator, the Financial Services Agency (FSA). He noted that a smal

Crypto exchange Binance is now legal to operate in seven European countries following the latest approval by Sweden’s financial regulator. Overall, Binance has been approved to operate in 15 jurisdictions, including seven EU countries. Binance Approved to Operate in 7 EU Countries Cryptocurrency exchange Binance announced Thursday that its Swedish entity, Binance Nordics AB, “has been granted registration as a financial institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority (Swedish FSA).” Binance explained: Sweden becomes the seventh EU Member State in which Binance has been granted authorization, following authorizations in: France, Italy, Lithuania, Spain, Cyprus, and Poland. Per Nordkvist, deputy head of the Swedish Financial Supervisory Authority’s banks division, told Reuters that the FSA registration allows Binance to launch a website in Swedish and market its digital asset services directly to consumers in the Nordic cou

The Miss Universe contestant from El Salvador this year has surprised viewers by featuring bitcoin as part of her national costume. El Salvador has adopted the cryptocurrency as legal tender and has passed a new regulatory framework for the issuance of its long-awaited bitcoin-backed Volcano bonds. Bitcoin Showcased in Miss Universe 2023 The Miss Universe 2023 contestant from El Salvador, Alejandra Guajardo, surprised viewers Wednesday night with her choice of costume. Guajardo walked onto the stage in the 71st Miss Universe National Costume Show wearing a costume representing “the evolution of the Salvadoran currency,” the Miss Universe El Salvador official Instagram account described, adding that the outfit is designed by Francisco Guerrero. Miss El Salvador’s national costume features cacao beans, the colón, the U.S. dollar, and the Bitcoin symbol. Originally, cacao was used as currency in El Salvador. The colón became the official currency of El Salvador from 1892 until it was

Chinese billionaire Jack Ma recently agreed to give up control of Ant Group as part of changes to the fintech’s corporate structure, which will supposedly not have an impact on “the economic interests of any shareholders of Ant Group and their beneficiaries.” Once the process is complete, no single shareholder will have control over Ant Group, the fintech said in a statement. Shareholders’ Economic Interests Unaffected Billionaire and Chinese fintech giant Ant Group’s controlling shareholder, Jack Ma, recently agreed to an arrangement that dilutes his shareholding and his voting rights. As a result of these changes, Ma, who directly and indirectly controlled more than 50% of Ant Group, will see this influence whittled down to just 6%. According to a statement issued by the fintech firm on Jan. 7, the adjustment to the Ant Group’s respective shareholders’ rights will see “the founder, representative of our management and employees exercising their voting rights independently.” Stil

The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official. United Kingdom Prepares to Begin Consultation on Digital Pound Currency The executive power in London is considering the introduction a digital version of the national currency, Economic Secretary to the Treasury Andrew Griffith told lawmakers, the BBC reported. A public consultation on the attributes of a digital pound would be launched in the coming weeks, he said, speaking to the parliamentary Treasury Select Committee. Quoted by Reuters, he also emphasized: The consultation is going to say this is an if and not a when. We are not fully into the inevitability of doing this. A digital pound raises many public policy issues and the government has to “get them right,” Griffith stated. He addressed concerns that a state-backed coin coul

A former Coinbase employee’s brother has been sentenced to 10 months in prison in what the U.S. Department of Justice (DOJ) called a “groundbreaking cryptocurrency insider trading case.” ‘Groundbreaking’ Crypto Insider Trading Case The U.S. Department of Justice (DOJ) announced Tuesday that Nikhil Wahi “was sentenced to 10 months in prison” in a “groundbreaking cryptocurrency insider trading case.” He pled guilty to one count of conspiracy to commit wire fraud. The Justice Department explained that Wahi was sentenced “for his participation in a scheme to commit insider trading in cryptocurrency assets by using confidential information from his brother, a former product manager at Coinbase Global Inc. (Coinbase), about which crypto assets were scheduled to be listed on Coinbase’s exchanges.” Referring to the case as “the first-ever insider trading case involving cryptocurrency markets,” U.S. Attorney Damian Williams commented: At a time when the cryptocurrency markets have been

The asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital has reportedly received initial court approval despite objections from various regulators, including the U.S. Securities and Exchange Commission (SEC). Court Lets Binance US Buy Voyager’s Assets The proposed asset purchase deal between the U.S. arm of cryptocurrency exchange Binance (Binance US) and bankrupt crypto lender Voyager Digital reportedly received initial court approval Tuesday. The court greenlighted the deal despite objections by the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators. In addition, the U.S. Committee on Foreign Investment in the United States (CFIUS), an interagency body that reviews the national security risks of foreign investments in U.S. companies, has voiced concerns regarding the Binance US-Voyager deal. CFIUS said in a Dec. 30 court filing that its review “could affect the ability of the parties to complete the transac

Federal Reserve Governor Michelle Bowman says while “cryptocurrency activities can pose significant risks,” the Fed does not want to “hinder innovation.” She added: “B y inhibiting innovation, we could be pushing growth in this space into the non-bank sector, leading to much less transparency and potential financial stability risk.” Fed Governor on Crypto, US Economy, and Inflation Michelle Bowman, a member of the Board of Governors of the Federal Reserve System, talked about cryptocurrency, the U.S. economy, and the Fed’s effort to lower inflation Tuesday at a Florida Bankers Association Leadership event in Miami. Commenting on the collapse of crypto exchange FTX and other recent events in the crypto space, the Fed governor said: “These events have made it clear that cryptocurrency activities can pose significant risks to consumers, businesses, and potentially the larger financial system.” Noting that she expects some banks to continue exploring “how to engage in crypto-related

JPMorgan Chase CEO Jamie Dimon says he “shouldn’t ever use the word hurricane” when warning about the U.S. economy. However, he insisted that there are “storm clouds” that “could be a hurricane.” JPMorgan CEO Jamie Dimon on US Economy The chief executive of global investment bank JPMorgan Chase, Jamie Dimon, discussed the U.S. economy in an interview with Fox Business Tuesday. Regarding his previous warning about an incoming economic hurricane that everybody should brace for, Dimon said: I shouldn’t ever use the word hurricane. He clarified: “What I said was there were storm clouds which may mitigate, and people said, ‘Oh, he doesn’t think it’s a big deal.’ So I said, ‘No, those storm clouds could be a hurricane.'” The JPMorgan boss emphasized that he is not predicting a specific scenario, adding that what he is warning about could “be nothing” or “could be bad.” He stated: “I think we should understand that I’m not predicting one or the other, I’m just saying, be a littl

Bitcoin raced to a fresh multi-week high on Wednesday, as markets turned their attention to tomorrow’s U.S. inflation rate report. Thursday’s report is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior. Ethereum also rose marginally higher in the day. Bitcoin Bitcoin ( BTC ) rallied above a key resistance level on Wednesday, ahead of tomorrow’s U.S. inflation report. Following a low of $17,226.64 on Tuesday, BTC /USD raced to a peak of $17,493.32 earlier in today’s session. As a result of the move, the world’s largest cryptocurrency climbed to its strongest point since December 15. Looking at the chart, today’s price surge came as the 14-day relative strength index (RSI) broke out of a resistance point at the 60.00 mark. Currently, the index is tracking at 63.80. This comes as BTC continues to hover around its own ceiling at the $17,400 mark. In order to move closer to the $18,000 zone, the RSI will first need to move beyond a ceiling of

Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. This is happening now in the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva. According to statements coming from exchange executives, the trading volumes of stablecoins have soared in 2022, especially during the last two months of the year. Brazilians Harness Stablecoins as Dollar Replacement The popularity of stablecoins in Brazil is soaring as investors and companies are looking to take refuge in the U.S. dollar to hedge against the volatility of the asset market. Executives from several exchanges have declared that demand for stablecoins has skyrocketed during 2022, and exploded during the last months of the year. Jose Artur Ribeiro, CEO of Coinext, a national exchange, told local newspaper O’Globo about the benefits that using stablecoins presents, versus using dollars in bank accounts. He stated : Stablecoins do not pay an admin

The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank to Propose Platforms for Digital Currency Payments in Foreign Trade Moving forward with efforts to introduce its central bank digital currency ( CBDC ) amid sanctions and financial restrictions, the Bank of Russia is preparing to offer solutions for processing cross-border CBDC payments, the Russian press unveiled. The proposals are part of a presentation seen by the business daily Kommersant. The document outlines two potential payment models which the Russian monetary policy regulator intends to develop in the first quarter of 2023. The first one relies on bilateral agreements between countries to integrate their digital currency platforms. This approach puts an emphasis on ensuring convertibi