Bitcoin News and Finance: What You Need to Know

Meta, the company that owns Whatsapp, Instagram, and Facebook, is reportedly preparing to announce a new round of layoffs in the coming days. According to reports, the company is delaying the finalization of the budget for each one of its teams, causing operational delays and affecting the output of employees of the company. Meta to Lay Off More Staff Meta, the social media company, may be looking to trim more of its workforce in the near future. According to reports from Financial Times, the company has not finalized the budgets for its internal teams, meaning that some of them will be affected by a new round of layoffs. This situation has caused managers of each division to be unable to plan ahead for the needed activities, disrupting operational output, and even affecting projects in critical areas such as the metaverse and advertising, which are now taking more time to be solved. The move, which is currently called “the flattening” internally, is also affecting the morale of

India is having “detailed discussions” with other G20 members about forming a collective standard operating procedure (SOP) to regulate crypto assets, Indian Finance Minister Nirmala Sitharaman has revealed. She also called for “a globally coordinated approach on the regulation of crypto assets” during her recent meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva. G20’s Crypto Regulatory Discussion Underway Indian Finance Minister Nirmala Sitharaman answered some questions regarding crypto mining and regulation on Monday in Lok Sabha, the lower house of India’s parliament. Noting that cryptocurrencies are largely unregulated in India at the moment, Sitharaman explained: “Whether it’s mining or whether it’s the asset or whether it’s the transaction, we recognize that it is very, completely almost, driven by technology, and a standalone country’s effort in controlling or regulating it is not going to be effective.” She added: There is an evolving

Authorities in the Russian region of Irkutsk have so far filed 1,000 lawsuits against what they call “gray” miners, or people minting coins in their homes. In over half of these cases, courts have ordered the defendants to compensate the operators of the distribution networks. Hundreds of Crypto Miners Sued in Irkutsk for Extracting Digital Currencies Using Subsidized Electricity Power distributors in the Siberian Irkutsk Oblast have filed lawsuit number 1,000 against consumers illegally mining cryptocurrency in residential areas. In 600 of these, judges have decided that the so-called “gray” miners should pay a total of more than 260 million rubles ($3.5 million) in compensation for losses and damages. The most common reason for going to court is an unusually high usage of electricity, the regional news portal Irk.ru reported. Such is the recent case with the owner of a house in the village of Novaya Razvodnaya, whose average monthly power consumption over the course of one year

Bitcoin miner, Iris Energy, announced plans to increase the company’s self-mining capacity, from 2 exahash per second (EH/s) to approximately 5.5 EH/s, after it receives 4.4 EH/s of new Antminer S19j Pro miners from Bitmain. Iris Energy Leverages $67 Million in Bitmain Prepayments for Latest Mining Expansion Bitcoin mining company, Iris Energy, announced plans to increase its self-mining capacity to 5.5 exahash per second (EH/s) from 2 EH/s. The company recently unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default notice from a lender. To obtain 4.4 EH/s worth of machines, the company is utilizing approximately $67 million in Bitmain credits. The newly acquired S19j Pro mining rigs will be distributed among Iris Energy’s data centers in British Columbia and Texas. If the company finds it has an excess of machines, it will sell them to invest in corporate purposes and growth initiatives. Daniel Roberts, co-founder and co-CEO of Iris Energy, described the la

Individuals are expected to pay income tax on gains from cryptocurrency trading, the tax authority of Bosnia has determined. In the absence of dedicated regulations, the federal government in Sarajevo has set up a working group to assess various risks associated with digital assets. Income Tax Is Due on Profits From Crypto Trades, Bosnia Tax Officials Tell Finance Ministry The taxation of crypto assets is not explicitly prescribed by Bosnia’s current legislation but the country’s tax authority has addressed the matter in communication with the finance ministry. The latter is responsible for initiating amendments to the tax regulations . Cryptocurrencies have seen increasing media coverage in the Balkan nation, the capital city of which is soon going to have its first bitcoin ATM, the FENA news agency noted in a report. On this backdrop, the aspect of taxation has also come to the forefront. According to the Tax Administration of the Federation of Bosnia and Herzegovina, natural pe

Coinbase, one of the biggest cryptocurrency exchanges in the U.S., has stated that the staking services offered on its platform do not constitute securities. The statements, made in the wake of the $30 million settlement that Kraken, another U.S.-based crypto exchange, completed with the U.S. Securities and Exchange Commission (SEC), also criticize the institution’s approach to the issue. Coinbase Defends Its Staking-as-a-Service Program Coinbase, one of the leading U.S.-based cryptocurrency exchanges, has published a blog post differentiating its staking-as-a-service program from others in the market, and clarifying that, for the institution, this kind of service does not constitute a security offering. In a blog post published on February 10, Paul Grewal, chief legal officer of the company, states how getting this point wrong in regulation may affect the whole crypto industry in the country. The article explains the stance of the company on the issue, stating: Staking is not a

Software giant Microsoft is shutting down one of its most significant groups dedicated to the development and promotion of the industrial metaverse. According to reports, the company terminated its whole Industrial Metaverse Core group, which was composed of 100 employees, as part of the 10,000-person layoff rounds announced in January. Microsoft Reportedly Terminating Industrial Metaverse Group Microsoft, the Washington-based software giant, seems to be abandoning the metaverse in favor of other initiatives. According to reports from The Information, the company announced internally the disbandment of the Industrial Metaverse Core group, a division of the company directed to bring the metaverse to industrial environments. The group, which was formed just 4 months ago, served as a bridge for the implementation of metaverse interfaces to control electrical power plants, industrial robotics, and transportation networks. The division was part of the efforts directed to bring the meta

A new study on digital currency-related lawsuits since 2018 shows a 42% increase in crypto lawsuits in 2022. The highest number of claims in a single year was recorded last year, with 41 total claims in the United States. The research also shows that the majority of lawsuits came from the U.S. Securities and Exchange Commission (SEC). Rise in U.S. Crypto Lawsuits Tracked Since 2018: Report Similar to the price cycles experienced by cryptocurrencies, there are fluctuations in the number of U.S. crypto-related lawsuits filed each year, according to new research published by hedgewithcrypto.com. The study notes a 40% increase in crypto lawsuits between 2018 and 2022, but there have been some decreases between the highs. Out of all the years, 2022 saw the highest number of lawsuits in the United States, with a total of 41. “In 2019, there was a 30% decrease as the number of lawsuits dropped from 30 to 21,” the hedgewithcrypto.com researchers explain. “This was followed by a dramatic i

Bridgewater Associates’ co-chief investment officer has warned about a recession that is “much more difficult” and “much more painful” than what we’ve been accustomed to. “The dam has been broken where fiscal policymakers are now part of the story,” said the executive of the world’s largest hedge fund. Bridgewater Executive’s Recession Warning Karen Karniol-Tambour, Bridgewater Associates’ co-chief investment officer, warned about recessions that are very different from previous times in an interview with Bloomberg last week. Founded by billionaire Ray Dalio, Bridgewater Associates is the world’s largest hedge fund, with about $130 billion in assets under management. When asked about the next big risk she sees coming over five to 10 years, Karniol-Tambour replied: The next big risk is recessions that are deeper and longer than what we’ve been accustomed to. In previous economic downturns, “central banks could just hop right in and reverse it,” she noted, adding that when centra

Crypto-focused investment firm Pantera Capital says bitcoin has seen its lows and “we’re in the next bull market cycle.” Dan Morehead, the firm’s founder and managing partner, noted: “Over the long-term, bitcoin price has been in a secular uptrend of 2.3x annually over the past twelve years, on average.” Pantera Capital on the Next Bull Market Pantera Capital published its February Blockchain Letter last week. The letter, titled “The Seventh Bull Cycle,” is authored by founder and managing partner Dan Morehead and investment associates Ryan Barney and Sehaj Singh. Pantera Capital is an investment firm that specializes in cryptocurrencies, digital assets, and blockchain technology. Referencing his analysis of bitcoin price cycles in the letter, Morehead tweeted Thursday: I believe that blockchain assets (using bitcoin as a proxy) have seen the lows and that we’re in the next bull market cycle — regardless of what happens in the interest-rate-sensitive asset classes. “That would

South Korea has imposed sanctions on the North in relation to a number of cyberattacks often resulting in the theft of cryptocurrency. The authorities in Seoul say the regime in Pyongyang is using the digital assets to fund its nuclear and missile development projects. South Korea Hits North Korean Hackers With First Cybercrime Sanctions The South Korean government has introduced sanctions in response to cyberattacks allegedly carried out by North Korea to finance its military programs. The measures target four North Korean individuals and seven entities, the Foreign Ministry in Seoul announced Friday. The sanctions, which are South’s first independently imposed, are aimed at actors associated with North Korea’s main intelligence agency, the Reconnaissance General Bureau, which is considered responsible for Pyongyang’s cyberwarfare operations. Among them are the hacking collective Lazarus Group, linked to hundreds of millions of dollars of stolen crypto, and one of its members, P

According to a recent mission statement published by the International Monetary Fund (IMF), El Salvador has adopted bitcoin as legal tender and has avoided risks so far. The IMF states that the risks have not materialized due to the limited use of bitcoin. However, the United Nations financial agency warns that if its legal tender status drives growth, it could pose risks to the country’s “financial integrity and stability.” IMF Discusses El Salvador’s Bitcoin Legal Tender Status: Limited Use Averts Risks, but Growth Could Fuel Concerns On Feb. 10, 2023, the International Monetary Fund (IMF) released a concluding mission statement regarding El Salvador and its economy. The IMF visited San Salvador from Jan. 30 to Feb. 8 for the 2023 Article IV consultation. In the statement, the IMF discusses bitcoin adoption in El Salvador and states that “risks should be addressed.” Currently, the IMF acknowledges that the risks it raised in 2021 have mostly been avoided. “While risks have not

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