Bitcoin News and Finance: What You Need to Know

The Dutch central bank has imposed a fine on crypto exchange Coinbase for providing services in the past without the necessary registration. The trading platform, which has until March to object to the measure, is currently considering an appeal against the move. Dutch Monetary Authority Fines Coinbase for Operating Without Registration De Nederlandsche Bank ( DNB ) has imposed an administrative fine of €3,325,000 (over $3.6 million) on Coinbase Europe Limited, on Jan. 18, 2023. An announcement explained the penalty with the exchange offering crypto services in the Netherlands in a past period without registering with the central bank. That, according to the regulator, constitutes non-compliance with Dutch rules as companies that want to provide crypto-related services are required to register with the DNB under the country’s Anti-Money Laundering and Anti-Terrorist Financing Act. The monetary authority further detailed that the base amount for this category of fines is €2 million...

A new survey shows that interest in cryptocurrency remains strong among financial advisors’ clients. “Despite market performance, the most common question was: ‘Should I consider an investment in crypto?'” the survey results reveal. Financial Advisors Bullish About Crypto Long Term Crypto asset manager Bitwise Asset Management published a report titled “Bitwise/Vettafi 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” on Tuesday. This is Bitwise’s fifth annual study conducted in collaboration with Vettafi, an exchange-traded fund (ETF) platform. The survey was conducted between Nov. 25, 2022, and Jan. 6, 2023, with the participation of 491 financial advisors, including independent registered investment advisors, broker-dealer representatives, financial planners, and wirehouse representatives from across the U.S. According to the survey findings: Despite the sharp market correction of 2022, financial advisors remain highly engaged in crypto markets, wi...

A senator in the U.S. state of Arizona has introduced a set of cryptocurrency bills, one of which seeks to make bitcoin legal tender. “Centralized digital money controlled by the central bankers is slavery. Decentralized bitcoin is freedom,” the lawmaker said. Arizona Lawmaker Wants to Make Bitcoin Legal Tender Arizona State Senator Wendy Rogers has introduced several crypto-related bills, including one to make bitcoin legal tender in her state. “Launched my crypto bills today,” Rogers tweeted Tuesday. The bills are co-sponsored by her state senate Republican colleagues Jeff Weninger and J.D. Mesnard. One of the bills proposes making bitcoin legal tender . The legislation defines the cryptocurrency as “the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the bitcoin blockchain and new units of currency are generated by the computational solution of mathematical problems and that operates independently of a central bank.” Another bill...

Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative. Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements The Russian Federation is considering the creation of a stablecoin backed by gold that can be employed for cross-border settlements, including with Iran, the chairman of the Financial Market Committee at the lower house of Russian parliament, Anatoly Aksakov, told the Parlamentskaya Gazeta newspaper. “We discussed the issuance of stablecoins, digital financial assets (DFAs) backed by certain valuables. For example, I spoke about gold, gold bars, refineries can provide them, or centers where gold is stored, and DFAs are issued against these reserves,” the lawmaker explained after a visit by a Russian delegation to the Islamic Republic. Such a ...

PRESS RELEASE. (London, United Kingdom) – The operator of cryptocurrency purchases on the e-commerce market, PAYB.IO improves and expands its international operations. Their innovative solution allows cryptocurrency holders from around the world to use a multi shopping cart to place orders in multiple online stores simultaneously, saving time and streamlining the shopping process. With PAYB.IO and its new multi-basket, users in one transaction can place an order in up to 10 different stores in various countries and pay for them all with just one cryptocurrency transaction. This eliminates the need for multiple logins and payment transactions in different FIAT currencies. Such a unique solution, pioneered by PAYB.IO, makes shopping substantially easier and saves users’ time. Save with PAYB.IO The company is open to cooperation with projects that have their own token, enabling clients or team members to pay with them in online stores. Furthermore, PAYB.IO establishes partner...

Lawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to enter into force in January, 2025. EU Legislators Approve Draft Law Implementing the Basel III Capital Regulations for Banks Members of the European Parliament’s Committee on Economic and Monetary Affairs ( ECON ) supported a bill on Tuesday designed to enforce the latest global bank capital rules. Reuters noted in a report that the lawmakers have also incorporated specific requirements addressing risks that stem from crypto assets. The general rules are part of the Basel III reforms, a set of internationally agreed measures developed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Their main purpose is to strengthen the supervision and risk management of banks. Other jurisdictions, includi...

The Central African Republic (CAR) president, Faustin-Archange Touadéra, recently said his government has established a 15-member committee tasked with creating a comprehensive legal framework that governs the use of cryptocurrencies. According to an official document issued by the CAR cabinet, the committee has already started its work and will regularly update the government. CAR’s Ambitions The Central African Republic (CAR) leader, Faustin-Archange Touadéra, recently revealed that his country has set up a committee that is expected to draft a bill on the use of cryptocurrencies. The committee, which is comprised of 15 experts drawn from various government ministries, is expected to create a legal framework that helps the CAR achieve its goal of becoming a globally recognized blockchain technology-embracing country. 15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l...

Cryptocurrency exchange Binance has reportedly processed nearly $346 million in crypto transactions for Bitzlato, the coin trading platform that was shut down in an international law enforcement operation. U.S. authorities say the world’s largest trading platform for digital assets was among Russian-owned Bitzlato’s major counterparties. Blockchain Data Indicates Binance Moved Over 20,000 BTC for Bitzlato Since 2018 The global leader in the crypto trading sector, Binance, has allegedly transferred cryptocurrency worth almost $346 million for the Hong Kong-based Bitzlato, Reuters reported quoting data from Chainalysis. Bitzlato was a little known exchange until it was recently targeted in what U.S. authorities described as a “significant blow to the crypto crime ecosystem.” Last week, the Justice Department announced that Bitzlato’s co-founder and majority shareholder, Russian citizen Anatoly Legkodymov who lives in China, was arrested in Miami and charged with operating an unlice...

While the Ethereum community prepares for the upcoming Shanghai hard fork in March, the development team for the liquid staking project Lido revealed plans to create an in-protocol withdrawal feature. Lido’s team is seeking community feedback on the proposal that would allow withdrawals after the Shanghai upgrade is completed. Lido Dominates Defi Economy With $7.9 Billion in Total Value Locked, Team Prepares for Shanghai Withdrawals As of the time of writing, the decentralized finance (defi) liquid staking protocol Lido is the most dominant defi protocol today, in terms of total value locked (TVL). Statistics from defillama.com show that Lido’s $7.92 billion TVL dominates the $46.56 billion TVL held in defi today by approximately 17.01%. Lido is the largest holder of staked ethereum as the protocol commands around 29% of the staked ether supply . Lido’s ethereum derivative token STETH is the 13th largest market valuation in the cryptocurrency economy with $7.73 billion. Furtherm...

In January 2023, ViaBTC Capital and CoinEx jointly released the 2022 Crypto Annual Report to offer data analysis and insights into nine sectors, including Bitcoin, Ethereum, stablecoins, NFT, public chains, DeFi, SocialFi, GameFi and regulatory policies. This report also predicts the crypto trend in 2023. According to the report, affected by factors such as the macro environment and bull-to-bear transition, the whole cryptocurrency industry became bearish in 2022. In particular, following the Terra meltdown in May, most cryptocurrency sectors were hit by the bearish impact. Below is the overview of each segment. 1. Bitcoin In 2022, the overall performance of Bitcoin remained sluggish, with significant declines in price and trading volume compared to 2021. The price at the end of 2022 even fell below the peak of the last bull market. The price trend of Bitcoin throughout the year is obviously influenced by the pace of US interest rate hikes, but as the US interest rate hike policy c...

Crypto asset service providers in South Africa seeking to attract investors via advertisements must “expressly and clearly state that investing in crypto assets may result in the loss of capital.” Influencers working on behalf of crypto asset service providers must “not offer advice on trading or investing in crypto assets and may not promise benefits or returns.” New Code the Result of Collaborative Effort Between ARB and Crypto Entities According to the latest code of practice released by South Africa’s Advertising Regulatory Board (ARB), crypto-related advertisements must clearly warn the public that investing in digital assets “may result in the loss of capital.” Furthermore, ARB’s latest code states that the overall wording of such adverts should not contradict this warning. The new crypto asset advertising guidelines, which are reportedly the result of the collaborative effort between ARB and South African crypto exchanges, are seemingly intended to preclude scammers from ta...

Elon Musk, CEO of Twitter, SpaceX, and Tesla, has given his opinion about the latest reports on the creation of a common currency in Latam, to be initially worked on by Argentina and Brazil. Musk stated that this move would be “probably a good idea,” commenting on the topic on social media. Elon Musk Gives His Take on Latam Common Currency The latest reports that Brazil and Argentina will start to study the issuance of a common currency for Latam have already caused reactions all over the world. Elon Musk, CEO of Twitter and Tesla, has recently given his appreciation when it comes to the issuance of such a currency, that would come to create a common economic area for the countries of Latam. Answering a tweet that stated other nations in Latam would be invited to join the plan to create the second-largest currency union behind the European Union, Musk stated : Probably a good idea. Minister of economy of Argentina, Sergio Massa, warned that this discussion would be just one of...

You know what they say, “when life gives you lemons, make lemonade.” But when it comes to protecting your crypto funds on centralized exchanges (CEXes), the old adage should be “when life gives you regulations, make a self-custody wallet.” Self-custody is undoubtedly a better solution for protecting the interests of customers in crypto. Regulation alone is not enough. The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com. Don’t get us wrong, regulation is important. It’s like a flimsy umbrella on a sunny day – better than nothing, but not something you want to rely on during a monsoon. Just ask the folks at Gemini, who despite being the “most regulated” CEX out there, still managed to lose all of their “Earn” customer money. Talk about “earn-ing” a bad reputation! Ouch. But let’s be real here, the crypto world is like the Wild West. And let’s be honest, the U.S. Government is like the sheriff who just got to town, trying to make sense of t...

The host of Mad Money, Jim Cramer, has advised investors to avoid crypto and stick with gold if they “seriously want a real hedge against inflation or economic chaos.” He added that bitcoin is too volatile to use as a currency. “Imagine business owners trying to conduct transactions with shares of Facebook or Google … it’s ridiculous,” he stressed. Jim Cramer Prefers Gold to Crypto The host of CNBC’s Mad Money show, Jim Cramer, gave some investment advice regarding gold and cryptocurrencies on Monday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He believes that investors should stay away from cryptocurrencies despite bitcoin’s recent gains. Referencing charts interpreted by Decarley Trading’s senior commodity strategist and options broker, Carley Garner, Cramer emphasized that investors “need to ignore the crypto cheerleaders now that bitcoin’s bouncing.” He proceeded to advise: If you seriously want a real hedge agai...

Economist and gold bug Peter Schiff has explained why bitcoin and gold are going up this year. “They’re rising for opposite reasons,” he said, claiming that the price of gold is climbing as investors view the metal as a hedge against inflation and a weaker dollar. Peter Schiff Explains Why Bitcoin and Gold Are Rising Gold bug and economist Peter Schiff has shared his view on why bitcoin and gold are going up this year. Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold. He tweeted Monday: Both gold and bitcoin are up in 2023, but they’re rising for opposite reasons. “Gold is rising as a hedge against inflation and a weaker dollar, while bitcoin is rising with other high-risk assets as speculators bet that a Fed pivot will cause a rally in 2022’s biggest losers,” the economist detailed. A number of people on Twitter disagr...

Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, have reportedly teamed up to launch a digital wallet that will compete with other third-party wallet providers such as Paypal and Apple Pay. Big Banks to Launch a Digital Wallet Bank of America, JPMorgan Chase, Wells Fargo, and four other financial institutions behind the payment network Zelle are collaborating to launch a digital wallet for consumers to use at online checkout, The Wall Street Journal reported Monday. The wallet will be managed by fintech firm Early Warning Services (EWS), which owns and operates Zelle. EWS provides risk management solutions to financial institutions, government entities, and payment companies. It is co-owned by Bank of America, JPMorgan Chase, Wells Fargo, Truist, Capital One, PNC Bank, and U.S. Bank. The new digital wallet, which will be linked to shoppers’ debit and credit cards for online payments, will operate separately from Zelle. The banks aim to compete with o...

Brazil and Argentina are looking to begin work on the issuance of a common currency. Sergio Massa, minister of the economy of Argentina, also stated that the two countries will be inviting other nations in the area to join this economic integration project in the future. Brazil and Argentina to Spearhead Common Currency Issuance Project Ministries of Brazil and Argentina will be discussing the first steps to issue a common bilateral currency. According to statements given by the minister of the economy of Argentina, Sergio Massa, representatives of both countries will be discussing this subject at the CELAC summit in Buenos Aires on Jan. 24. Massa told Financial Times that the discussion would revolve around initial considerations for the issuance of the coin that would be called “sur,” Spanish for south. Massa stated: There will be … a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy ...

Members of the crypto community have been discussing the number of bitcoins that have been bridged over to the Avalanche network, which is now larger than the total value locked on the Lightning Network. At the time of writing, there are 5,493 bitcoins circulating on the Avalanche blockchain, while the Lightning Network holds 5,248 bitcoins. Number of Bitcoin Bridged to Avalanche Climbs Past Lightning Network Capacity This past week digital currency advocates have been discussing the rising number of bitcoin ( BTC ) bridged over to the Avalanche (AVAX) network. Seven days ago, the crypto asset known as BTCb saw its supply surpass the number of bitcoins locked on the Lightning Network (LN). The reason for the celebration is that it took much less time to beat the LN’s total value locked (TVL) or capacity . At the time of writing, the LN has around 5,248 bitcoin TVL , which is worth around $120 million using today’s BTC prices. A week ago on Jan. 16, an Avalanche (AVAX) supporter...