Bitcoin News and Finance: What You Need to Know

Authorities in Abkhazia are stepping up efforts to clamp down on cryptocurrency mining amid electricity shortages in the winter months. The government of the breakaway Georgian region announced it’s also taking measures to prevent imports of mining equipment. Abkhazia Creates Headquarters to Combat Illegal Crypto Mining Operations Police in Abkhazia are conducting daily raids to identify mining facilities that have been illegally connected to the power grid and inspect previously shut down crypto farms, the Ministry of Internal Affairs of the partially recognized republic in northwestern Georgia revealed in a press release . The department also said it’s closely monitoring the activities of individuals and entities providing services for the supply and maintenance of devices designed to mint digital coins in order to prevent the importation of mining hardware in the territory which is still banned. Furthermore, a republican headquarters to combat illegal crypto mining has been es...

India’s central bank, the Reserve Bank of India (RBI), has revealed that 50,000 users and 5,000 merchants are now using its central bank digital currency (CBDC). Digital rupee transactions are currently processed by eight banks, with five more banks set to join the pilot soon, said RBI Deputy Governor T. Rabi Sankar. Digital Rupee Now Has 50,000 Users Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said Wednesday that the central bank’s digital currency pilot has reached its first milestones. The RBI official revealed that India’s central bank digital currency (CBDC) now has 50,000 users and is accepted by 5,000 merchants. The retail digital rupee pilot, which began on Dec. 1 last year, is taking place in five Indian cities but the central bank plans to gradually add nine more cities. So far, about 770,000 digital rupee transactions have been processed by eight banks. The RBI plans to add five more banks to the pilot soon. The central banker emphasized that the Reserv...

Economist and gold bug Peter Schiff has warned of a financial crisis and a much more severe recession than the Federal Reserve recognizes. “The economy is not only going to weaken, but weaken much more than the markets expect,” the economist stressed. Peter Schiff’s Warning Gold bug and economist Peter Schiff voiced his concerns regarding the U.S. economy several times this week. Commenting on the Federal Reserve’s efforts to curb inflation, he said: The reality is inflation is not going to weaken. It’s going to strengthen. The economy is not only going to weaken, but weaken much more than the markets expect. “The real cause of inflation is the U.S. government and the Federal Reserve acting in concert with one another, where the U.S. government spends money it doesn’t have, and then the Fed prints the money for the government to spend — that is why we have inflation,” he explained. In an interview with Fox Business on Wednesday, Schiff commented on the speech by Federal Reserve...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that “everything will crash,” including gold, silver, and bitcoin. However, he sees crashes as buying opportunities, noting that he will buy more bitcoin. Robert Kiyosaki Reiterates Market Crash Warning The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about market crashes. 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. Citing that more than 144,000 people in the tech industry lost their jobs in 2022, and 66,000 more have been let go so far this year, Kiyosaki tweeted Friday that everything will crash, including gold, silver, and bitcoin. Nonetheless, he told his 2.3 million Twitter followers not to panic, adding that he will use “fake” dollars to buy more gold,...

Fastagger Inc, an artificial intelligence and blockchain startup from Kenya, recently revealed that it had received an investment from the Swizterland-based blockchain investor CVVC. Mutembei Kariuki, said the investment will be used to fund the further develop Fastagger’s “cutting-edge technology expertise” which harnesses AI and the blockchain. Utilizing AI and the Blockchain The Kenya-based artificial intelligence (AI) and blockchain startup, Fastagger Inc, recently said it had secured an undisclosed investment from the global blockchain investor CV VC. According to the CEO of the startup, Mutembei Kariuki, Fastagger plans to further develop its “cutting-edge technology expertise” which harnesses AI and the blockchain. In his remarks published in a Kenyan Wallstreet report , Kariuki spoke of his company’s focus and the funding would help accelerate the startup’s growth. “Our focus is on providing innovative solutions that utilize the best of both worlds to create new opportunit...

JPMorgan, one of the biggest financial institutions in the world, estimates that the arrival of the next Ethereum upgrade, codenamed Shanghai, will bring more investors to stake their funds in the protocol. The firm believes that this number might reach 60% of the ether issued, a number already staked in other blockchain networks. JPMorgan Expects Ethereum Shanghai Upgrade to Bring More Funds to the Network A recent report by JPMorgan has revealed that the upcoming Shanghai upgrade, slated to be applied in March, might bring more capital to the network. The investment bank estimates that Shanghai will bring Ethereum’s stake percentage to the number of other popular proof of stake networks have, more than four times the ether currently staked. The report explained : Assuming the staking rate converges over time to the 60% average of other large networks, the number of validators could increase from $0.5 million to$ 2.2 million and the annual yield in ETH would fall from 7.4% toda...

A new crypto mining facility is being built in the Russian Republic of Buryatia with support from a government-affiliated company. Construction of the infrastructure for the large-scale project is already underway, carried out by a subsidiary of Russia’s largest mining operator, Bitriver. Bitriver Building Large Data Center for Cryptocurrency Mining in Buryatia, Siberia A 100-megawatt data processing center dedicated to the minting of digital coins will open this year in Buryatia, a Russian republic in south-central Siberia, the Russian Far East and the Arctic Development Corporation (KRDV) announced. The price tag of the project is about 900 million rubles (over $12.3 million), the business news portal RBC reported, quoting a press release. The launch of the facility, which will host 30,000 mining machines, is scheduled for the first half of 2023. Bitriver-B, a subsidiary of Russia’s mining giant Bitriver, has already started the construction of buildings, other infrastructure, a...

A new law expanding the regulatory framework for cryptocurrency miners while restricting their access to low-cost electricity has entered into force in Kazakhstan. The legislation introduces a licensing regime for mining with two different categories of licenses that companies will have to renew periodically. President Tokayev Sings Law Regulating Crypto Assets Mining and Exchange in Kazakhstan The law “On Digital Assets in the Republic of Kazakhstan,” signed by President Kassym-Jomart Tokayev on Monday, has come into force. The main purpose of the new legislation, approved together with amendments to other legal acts like the Tax Code, is to regulate activities related to the issuance and circulation of these assets, most notably mining. The changes are also aimed at creating conditions for the development of the crypto industry and fair competition between market participants, local media reported. The digital asset law, which was adopted by the parliament in late January, defi...

Bank of New York Mellon (BNY Mellon) has revealed that its clients “are absolutely interested in digital assets.” Emphasizing the need for clear crypto regulation, the bank’s head of digital assets noted: “We need responsible actors who can offer reliable services that live up to investors’ trust.” BNY Mellon’s Clients Are ‘Absolutely’ Interested in Digital Assets Bank of New York Mellon’s head of digital assets, Michael Demissie, said Wednesday at Afore Consulting’s 7th Annual Fintech and Regulation Conference that digital assets are “here to stay,” Reuters reported. The executive was quoted as saying: What we see is clients are absolutely interested in digital assets, broadly. Demissie cited a BNY Mellon client survey conducted in October last year which showed that more than 90% of clients expected to invest in tokenized assets in the near future. The bank’s head of digital assets added that deeper crypto regulation is required, the publication conveyed. “It’s important that...

The Kingdom of Saudi Arabia-based airport ground handling services firm, Saudi Ground Services, has said it plans to implement a blockchain-based document solution that allows it “to issue over 10,000 digital documents annually including licenses.” According to the firm’s Ayman Alghamdi, using this solution allows SGS to not only easily verify documents and licenses but to improve customers’ experience as well. Overcoming the Document Verification Challenge The Saudi airports ground handling services firm, Saudi Ground Services (SGS), recently said it plans to implement a blockchain document solution at 28 airports across Saudi Arabia. In a statement jointly issued with IR4LAB, a Saudi-based innovation-driven company, SGS said the solution known as Doc Certs blockchain management solution will allow it “to issue over 10,000 digital documents annually including licenses.” Commenting on the ground handling services firm’s plans to use a solution that enables it to overcome the globa...

The Central Bank of Brazil will focus its first digital real tests on determining the levels of privacy and security that can be achieved with the proposed central bank digital currency (CBDC) infrastructure. The tests will be conducted later this year and will set up a simplified operation to transact with a still-to-be-determined tokenized asset. Central Bank of Brazil to Launch Digital Real Test Operation Later This Year The Central Bank of Brazil is accelerating the digital real project, getting close to its pilot test phase. The institution announced that it would be conducting a series of operative tests to check the functionality of the proposed architecture for the system. Fabio Araujo, the coordinator of the digital real project at the Central Bank of Brazil, explained that security and privacy would be two of the most important areas to be examined with these tests. Araujo told Broadcast: We are going to simplify the operation, but we are going to have several particip...

The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative Value Preservation Tool According to the Zimbabwean central bank, about 25,188 “Mosi-oa-Tunya” gold coins valued at over $28 million (ZWD$20 billion) were sold between July 2022 — when the coins were initially introduced — and Jan. 13. From this total, acquisitions by the so-called corporates accounted for 84% “while purchases by individuals accounted for 16%.” Initially launched to act as “an alternative retail investment product for value preservation,” for the wealthy, the bank said lower denomination gold coins introduced in Nov. 2022 “accounted for 38% of all sales.” Commenting on the gold coins’ impact since their introduction, Reserve Bank ...

On Thursday, the fiat-to-crypto onramp business Moonpay announced a multi-year partnership with the non-fungible token (NFT) marketplace Looksrare. According to the deal, Looksrare will allow marketplace users to buy and sell crypto assets through Moonpay’s services. Moonpay and Looksrare Join Forces to Streamline NFT Transactions Moonpay , the fiat-to-crypto service founded in 2019, revealed that it has entered into a partnership with the NFT market, Looksrare . Launched in August 2022, Looksrare was one of the first NFT marketplaces to actively reward traders with its own token, LOOKS . According to dappradar.com statistics on February 9, 2023, since its inception, the NFT market Looksrare has recorded $1.7 billion in sales. According to an announcement sent to Bitcoin.com News, Moonpay is introducing an NFT checkout integration with Looksrare that allows anyone to buy NFTs with a credit card. “Checkout will be available for all primary and secondary sales on Looksrare,” accordi...

French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered under the U.S. Constitution’s First Amendment but the jury disagreed. Hermes Wins Lawsuit Against ‘Metabirkins’ NFT Creator French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-fungible token (NFT) collection which features digital depictions of Hermes’ popular Birkin bags. Rothschild created the Metabirkins NFT collection in 2021, which he described as “a collection of 100 unique NFTs created with faux fur in a range of contemporary color and graphic executions.” The collection has fetched more than 200 ETH in sales, equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement. Rothschild argued that NFTs should be covered under the U.S. Constitution’s First Amendme...

Several Federal Reserve governors and presidents say that more interest rate hikes are needed to curb inflation. “We are not done yet with raising interest rates,” Fed Governor Lisa Cook said. “We need to raise rates aggressively to put a ceiling on inflation,” Minneapolis Federal Reserve President Neel Kashkari stressed. Fed Officials on Raising Interest Rates Further Several Federal Reserve governors and presidents said this week that more interest rate hikes are needed to curb inflation. Their comments followed a similar statement by Federal Reserve Chairman Jerome Powell who said on Tuesday that additional interest-rate increases will be needed to cool inflation. At an event hosted by the Joint Center for Policy and Economic Studies on Wednesday, Fed Governor Lisa Cook stated: We are determined to bring inflation down to our target … So I think we are not done yet with raising interest rates, and we will need to keep interest rates sufficiently restrictive. “We are now movi...

The bitcoin hardware wallet manufacturer Coinkite has announced the launch of a new product, the Coldcard Q1, which features a QWERTY keyboard and QR code scanner. Coinkite details that the battery-powered device utilizes the same security model as the Coldcard Mk4. Coinkite Introduces the Coldcard Q1 Over the past three months, companies have unveiled new hardware wallets for securely storing cryptocurrency assets. In Dec. 2022, Ledger announced the launch of Stax, designed by iPod creator Tony Fadell. The following month, decentralized exchange (dex) aggregation service 1inch Network disclosed its plans to launch a hardware wallet. This month, Coinkite announced the launch of the “higher-end” Coldcard bitcoin signing device and the firm is currently accepting pre-order requests. The new Coldcard Q1 is a battery-powered machine that doesn’t require a connection to a desktop or power source. It boasts a 320×240 pixel LCD screen, which is approximately four times larger than the...

Bitcoin.com is excited to announce that Verse Farms are live on the Verse DEX . Anyone can now deposit select Liquidity Pool (LP) tokens into Verse Farms to earn additional rewards on top of the trading fees already earned for providing liquidity. The first Verse Farm is for the VERSE/ ETH pool with a starting APY of ~80%. More Farms will be added soon. “Yield farming for VERSE tokens helps grow liquidity on the Verse DEX, which improves the trading experience on this important piece of decentralized infrastructure,” said Bitcoin.com CEO Dennis Jarvis. “This is a critical early step towards providing VERSE with broad utility in the Bitcoin.com ecosystem.” VERSE, which launched in December 2022, is Bitcoin.com ’s rewards and utility token. VERSE is fueling the growth and expansion of Bitcoin.com ’s ecosystem, which includes over 37 million self-custody wallets created in its multi-chain DeFi-ready mobile app, the Bitcoin.com Wallet . The ecosystem also includes the award...

Russian authorities have reportedly arrested the second co-founder of seized cryptocurrency exchange Bitzlato. The man, who recently promised to restore the platform’s operations from Russia, was detained at the request of Interpol and may face extradition to France. Another Co-Founder of the Russia-Linked Bitzlato Exchange Apprehended in Moscow Anton Shkurenko, co-founder of the recently busted digital asset exchange Bitzlato, has been arrested in Moscow, the Russian Telegram channel Baza reported. According to a post published on Tuesday, the crypto entrepreneur was wanted by French investigators who suspect him of extortion, data theft, and money laundering. Better known to the Russian-speaking market, Bitzlato was taken down in an international law enforcement operation in January. The coin trading platform is said to have processed over $700 million in illicit funds received from criminal entities, including the darknet market Hydra and the Russian crypto pyramid Finiko . ...

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central bank’s old naira demonetization plan have asked Buhari and Emefiele to extend the deadline again. CBN Asked to Extend Demonetization Deadline Again A Nigerian High Court recently issued a restraining order that stops the country’s president Muhammadu Buhari and the Central Bank of Nigeria (CBN) governor Godwin Emefiele from further extending the old naira demonetization deadline, a report has said. In the order, the court’s Eneojo Eneche reportedly said the duo, along with 27 commercial banks, must not extend or interfere “with the currency redesign terminal date of February 10 or issue any directive contrary to the February 10 date.” According to a report, the restraining order was issued after four Nig...

Indian crypto exchange Wazirx has denied the allegations made by Binance regarding the relationship between the two crypto exchanges. Emphasizing that the allegations “are false and unsubstantiated,” Wazirx stressed. “As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.” Wazirx Says Binance’s Accusations Are ‘False and Unsubstantiated’ Wazirx said Tuesday that Binance’s allegations regarding its relationship with Zanmai Labs, allegedly the entity that operates the Indian crypto exchange, are “false” and “misleading.” The company added that it is seeking recourse. Wazirx wrote on its website: The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights. The global cryptocurrency exchange has accused Zanmai of making “a series of misleading claims related to Binance’s alle...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that most crypto tokens are worthless and they will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he is getting the same volatility he did when he owned 32 crypto tokens prior to the collapse of crypto exchange FTX. O’Leary: Most Crypto Tokens Are Worthless Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said: 10,000 tokens, most of them worthless. They’ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant. According to some data providers, there are currently about 10,000 cryptocurrencies. Coinmarketcap, however, shows a total of 22,476 crypto tokens. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, also said on several occasions that most crypto tokens will fail . He recently urged investors not to get c...

Bloomberg Intelligence’s senior commodity strategist Mike McGlone has warned that “cryptos may be facing their first real recession.” The Federal Reserve tightening despite the risk of a recession “could be a primary headwind for most risk assets, notably cryptos,” he added. ‘Cryptos May Be Facing Their First Real Recession’ Bloomberg Intelligence (BI), the research arm of Bloomberg, published its February 2023 crypto outlook last week. BI’s senior commodity strategist Mike McGlone tweeted Sunday: Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility. “The last significant U.S. economic contraction, the financial crisis, led to the birth of bitcoin, and the possible coming economic reset may mark similar milestones,” he added. Regarding “how much price pain will be before longer-term gains resume,” the report details, “Our graphic shows the Nasdaq 100 at parity with [bitcoin’s] 200-week moving average, relatively lofty ...

Elementus, a New York-based blockchain firm, has raised $10 million as part of its Series A-2 funding round, led by Web3 VC company Parafi Capital. The raise, which values the company at $160 million, aims to allow Elementus to keep improving its processes for providing effective and sound blockchain analytics to Web3 companies and government institutions. Blockchain Analytics Firm Elementus Raises $10 Million in Lukewarm Market Blockchain firms that are focused on providing tools to examine the Web3 landscape have managed to survive and even thrive during the current market downfall. Elementus, a New York-based blockchain firm that aims to disrupt the market by bringing Google-like granular analytics for Web3 platforms, has raised $10 million as part of its Series A-2 funding round, led by Parafi Capital, a crypto VC company, and with the participation of Moonshots Capital, Spitfire Ventures, and Colaco Investment Group. With this investment, Elementus reaches a valuation of $160...

Nouriel Roubini, an economist known as “Dr. Doom,” has warned about the demise of the U.S. dollar and the rise of a “bipolar” world. Roubini believes that the Chinese renminbi might be a substitute for the dollar, as new technologies like central bank digital currencies (CBDCs) and corporate payment rails contribute to a new landscape. Nouriel Roubini Predicts Greenback’s Fall From Grace Nouriel Roubini, an economist known for the accuracy of his predictions regarding the 2008 housing crisis, has warned about the rise of a “bipolar currency regime” preceded by the demise of the U.S. dollar as a world currency. The Iranian-American economist, called “Dr. Doom” by some due to his pessimistic predictions, alerted readers in an article about the substitution of the U.S. dollar by the Chinese renminbi due to a series of actions that the Chinese government has been executing since the Covid lockdowns. Roubini states: Given the increased weaponization of the dollar for national securit...