Bitcoin News and Finance: What You Need to Know

Wirex, a London-based digital payments company, has announced it has become a global partner of Visa, to allow the company to bring its card services to more markets in the world. The new partnership means that Wirex will be able to offer its crypto card services to APAC and U.K. markets. Wirex Partners With Visa to Expand to New Markets Wirex, a payments and crypto company based in London, has reached a long-term service agreement with credit card giant Visa. With this move, qualified as a significant milestone by the company, Wirex will now be able to reach customers in new markets, targeting areas like APAC and the U.K. The company, which offers cryptocurrency-linked card services, will be able to reach customers in over 40 countries with this partnership. The company claims it was the first one to bring this kind of service to mainstream audiences in 2015, also in partnership with Visa. The partnership builds on prior Wirex endeavors, which became a principal member of Visa i...

Ukrainian authorities are speeding up the development of the electronic hryvnia, a high-ranking government official indicated. The executive power in Kyiv is now in talks with the central bank and businesses involved in the project to pilot the digital currency as early as this year. Minister Says Ukraine Aims to Launch Digital Hryvnia Sooner Than Planned Ukraine’s Ministry of Digital Transformation wants to step up efforts to finalize the development of the nation’s electronic hryvnia (e-hryvnia), its head Mykhailo Fedorov revealed in an interview. The initial plan was to start the pilot phase in 2024 but the government now wants do that this year. The first blockchain transactions with the digital hryvnia have been already conducted, Fedorov told the business news portal RBC-Ukraine. “It is developing, I was recently presented with an electronic hryvnia based on the Stellar product,” the minister said. In January, 2021, the department chose the Stellar Development Foundation as...

Police in the U.K., in collaboration with the Financial Conduct Authority (FCA), have raided several sites allegedly hosting cryptocurrency ATMs. “No crypto ATM operators currently have FCA registration,” the British financial regulator stressed, adding that it is “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.” UK Regulator Cracks Down on Unregistered Crypto ATMs Authorities in the U.K. have raided several sites around the city of Leeds in a cryptocurrency ATM crackdown. The raids followed a joint investigation between the country’s top financial regulator, the Financial Conduct Authority (FCA), and West Yorkshire Police’s Digital Intelligence and Investigation Unit. The FCA announced Tuesday that it “has used its powers to enter and inspect several sites around Leeds suspected of hosting illegally operated crypto ATMs.” Emphasizing that “Crypto exchange providers, which includes crypto ATM operators, in ...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the price of bitcoin will hit $500,000 by 2025. During the same time period, he expects the price of gold to reach $5,000 and silver to hit $500. Kiyosaki also warned that a “giant crash” is coming and a depression is possible. Robert Kiyosaki’s Latest Bitcoin, Gold, Silver Price Predictions The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his latest predictions on bitcoin, gold, and silver. 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. Kiyosaki tweeted Sunday: Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000, silver at $500, and bitcoin at $500,000. “Why? Because faith in U.S. dollar, fake money, will be ...

Hello Pets team is building an open entertainment ecosystem where the community can join in the storytelling and art creation of shared IPs. Starting from their own adorable pet characters, Hello Pets also actively incorporate external NFT characters into their story and invite the holders and communities to create amazing content together. The Hello Pets team believes this is a paradigm shift that can fully unleash the potential of the community. Their ultimate goal is to be the next Disney in Web3. How will Web3 Revolutionize the Entertainment Industry? In the traditional entertainment world, when an artist wants to incorporate well-known IPs (e.g. the classic characters from Disney, Nintendo, and Marvel) into her new story, she has to pay a heavy IP authorization fee and dedicate a significant amount of time communicating, negotiating, and signing contracts with the companies who own the IPs. However, in the NFT world, in most cases all she needs to do is to purchase an NF...

According to reports, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, recently visited Kenya where he sought to convince the country’s monetary authorities to grant the firm access to funds that have been blocked since July 2022. Agboola claimed that his firm had “instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.” Money Laundering Allegations More than six months after a Kenyan High Court granted an order to freeze bank accounts belonging to the Nigerian fintech unicorn Flutterwave, Olugbenga Agboola, the co-founder and CEO of the startup, is seeking to convince the Central Bank of Kenya to end the embargo. In addition, Agboola reportedly used his recent trip to the East African state to push for the licensing of his firm. As previously reported by Bitcoin.com News, more than 50 Flutterwave bank accounts holding funds equivalent to nearly $60 million were frozen at the behest of the Asse...

According to the National Bank of Rwanda, the country’s regulated financial services providers are now prohibited from facilitating crypto-related transactions. In her Jan. 31 letter justifying the decision, the acting governor Soraya Hakuziyaremye cites the unregulated status of most crypto assets and how this leaves users without the “guarantees and safeguards associated with regulated financial services.” Rwanda’s Growing Interest in Crypto The National Bank of Rwanda (NBR) has said the country’s financial services providers are forbidden from engaging in “any crypto-related activities until a regulatory framework has been put in place.” In a letter addressed to managing directors and CEOs of financial services providers, the NBR’s acting governor Soraya Hakuziyaremye suggested that the prohibition would help to ensure “efficient and sound financial services.” Despite the central bank’s 2018 warning against crypto-related activities, Hakuziyaremye acknowledged in her letter tha...

On Feb. 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) announced the launch of a new initiative called the “Financial Infrastructure Transformation Program,” which has nine key objectives. One of these objectives is the research and development of a central bank digital currency (CBDC) designed to address both cross-border payments and domestic use cases. United Arab Emirates CBDC Initiative to Address Inefficiencies in Cross-Border Payments and Drive Domestic Innovation The Central Bank of the United Arab Emirates (CBUAE) aims to bolster the region’s financial infrastructure with a new program , the “Financial Infrastructure Transformation Program” (FIT), which includes nine key initiatives. The FIT aligns with the CBUAE’s mission to “enhance monetary and financial stability” through a “robust financial infrastructure” and the adoption of digital technologies. The nine initiatives included in the Financial Infrastructure Transformation Program (FIT) include: a dome...

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...