Bitcoin News and Finance: What You Need to Know

The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has acquired Silicon Valley Bank UK (SVB UK), the British subsidiary of Silicon Valley Bank (SVB) that was shut down by U.S. regulators on Friday. British Chancellor of the Exchequer Jeremy Hunt tweeted Monday: This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected, with no taxpayer support. In a filing with the London Stock Exchange Monday, HSBC stated that its U.K. subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Ltd. for £1 ($1.22). The filing details that as of March 10, “SVB UK had loans of around £5.5bn and deposits of around £6.7bn.” M...

The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under the “systemic risk exception” approved by the U.S. Federal Reserve and Treasury Department. Details on the Creation of Full-Service FDIC-Operated Bridge Banks Customers who utilized Silicon Valley Bank (SVB) and Signature Bank (SBNY) will have access to their funds on Monday, following the FDIC’s actions to transform both banks into newly created full-service FDIC-operated bridge banks. SVB will now be known as “ Silicon Valley Bank N.A. ,” while Signature’s new name is “ Signature Bridge Bank N.A. ” Both bridge banks are chartered national banks operated by the FDIC with the goal of stabilizing the institutions and implementing an orderly resolution. Regarding both U.S. banks, depositors and borrowers will...

Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will backstop depositors’ funds, giving full access to their capital. Ethereum also moved higher on the news. Bitcoin Bitcoin ( BTC ) rose back above $22,000 on Monday, as the U.S. Treasury confirmed it will backstop depositors’ funds. This will be for both Silicon Valley Bank and Signature Bank, which become the second and third biggest banking failures in U.S. history. Following a low of $20,475.60 on Sunday, BTC /USD surged to an intraday high of $22,728.52 to start the week. Bitcoin chart by TradingView The rally comes as bitcoin moved back above a floor at $20,000 on Saturday, surging to a ten-day high on Monday. One of the catalysts of this move was a breakout of the 14-day relative strength index (RSI), which rose past a ceiling at 44.00. As of writing, the index is tracking at 47.89, whic...

Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, which will allow customers with their identity verified to make payments with crypto, establishes the country as one of the leading markets for the exchange in Latam behind Brazil and Argentina. Binance Announces Crypto Prepaid Card in Partnership With Movii Binance, the biggest cryptocurrency exchange in volumes traded, is making moves to expand its services in Colombia. The company announced the launch of a new prepaid cryptocurrency-linked card, that will allow users to pay with crypto in all merchants accepting standard debit and credit cards. The product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard card. Among the currencies supported by the card will be BNB , BTC , ETH , ADA , DOT, SOL, SHIB, XRP , MATIC, LINK, and other stablecoins, with the user being able to configure which currency will be sp...

The FBI has issued a public service announcement (PSA) warning on the utilization of play-to-earn games as part of a scheme to defraud users of funds stored in the form of cryptocurrency. Criminals are introducing victims to this kind of game and then use malware to extract the funds from cryptocurrency wallets linked to the game, according to the bureau. FBI Issues PSA on Play to Earn Games Crypto Scheme The Federal Bureau of Investigation (FBI) is warning about the introduction of play-to-earn games in schemes destined to steal funds from unsuspecting users. On March 9, the institution issued a PSA on this, explaining how criminals are luring users to put funds behind play-to-earn games. According to the PSA, criminals establish a relationship with the selected victims, in order to gain their trust. After this, they lure them to participate in online play-to-earn games, that offer rewards for their actions, and to put funds in a cryptocurrency wallet as a form of staking mechani...

PRESS RELEASE. T aipei, March 13, 2023 – Bloxmith, the player-first Web3 gaming studio, today announced that the open beta for Raiders Rumble , its unique 1v1 squad battler game for mobile powered by the Flow blockchain, is now available for download on Google Play and Apple App Store . Raiders Rumble challenges players to apply fast-paced strategic decision making in countering the moves of their opponents. Built as a strategic esports game for the masses, it features a daily rotation of tournament modes where the top 50 percent of participants can win in-game items or RUMB tokens, Raiders Rumble’s project token. Furthermore, players do not need a crypto wallet or digital collectibles (NFTs) to start playing and enjoying the game. To maintain competitive integrity, digital collectibles in Raiders Rumble do not provide any in-battle advantage, though they have several other unique features that make them highly valued by collectors. “For our first game, we wanted to pioneer a new...

The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The platform, called ‘Masterchain,’ becomes the fifth ‘information system operator’ in the country that can legally tokenize traditional assets and organize their trade. Number of Licensed Digital Asset Issuers in Russia Grows to Five The Central Bank of Russia (CBR) has included the company Distributed Registry Systems, with its Masterchain platform, to the register of operators of information systems which can be used to issue digital financial assets ( DFAs ), the business news portal RBC reported. Four other issuers have been registered so far. These are the tokenization service Atomyze , the fintech company Lighthouse , as well as Sberbank and Alfa-Bank , the largest state-owned and private bank in the Russian Federation, respectively. Established in April, 2021, Distributed Registry Systems is an IT company specialized in developing blockchain-based solutio...

Crypto exchange Binance has organized training courses for representatives of law enforcement authorities in Ukraine. The leading coin trading platform has been involved in dozens of similar initiatives over the past year, in a number of countries. Binance Provides Crypto Training to Security Officials in Ukraine The world’s largest digital asset exchange, Binance, has provided training to Ukrainian law enforcement agencies and regulatory bodies in the form of online seminars for their staff devoted to cryptocurrencies and blockchain technologies. A representative of the crypto trading platform informed the participants about Binance’s anti-money laundering policy, the crypto news outlet Forklog reported. Methods developed by the exchange to detect and prevent fraud were also presented. Employees of the Ukrainian Cyberpolice, which is the cybercrime combatting unit of the National Police of Ukraine (NPU), the Security Service of Ukraine (SBU), and the Asset Recovery and Management...

It’s been a turbulent week in finance with the so-called crypto-friendly Silvergate Bank announcing its liquidation, U.S. Senator Elizabeth Warren blaming the event on “crypto risk,” and individuals on social media pointing out that Warren is “terribly misinformed.” Additionally, U.S. Regulators closed Silicon Valley Bank after reports of a bank run and other troubles. In other developments, Ethereum co-founder Vitalik Buterin’s address allegedly sold trillions of airdropped ERC20 tokens, causing negative price moves, and India-Russia oil deals could be challenging U.S. dollar dominance. All this and more, just below, in the Bitcoin.com News Week in Review. Elizabeth Warren Blames ‘Crypto Risk’ for Silvergate Bank’s Liquidation, Critics Dismiss Senator’s Claims as ‘Terribly Misinformed’ After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously...

Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are believed to be fueling the rand’s slide. 10-Hour Power Outages The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar on March 7, 2023, the latest data has shown. Before the latest plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best performance since the start of the year. However, since then, the rand has depreciated by almost 10% making it one of the worst-performing African currencies in 2023. According to reports, the rand’s slide is blamed on South Africa’s unending electricity woes which have seen many homes and businesses go for more than 10 hours without pow...

A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, According to New Bill Russian crypto miners will have to report their income and provide tax authorities with detailed information about their digital assets, including wallet addresses, to avoid being prosecuted by the state. That’s according to draft legislation that’s currently undergoing revision in Moscow. A bill meant to regulate Russia’s growing coin minting industry was initially submitted to parliament in November. However, its adoption was later postponed for this year and lawmakers now plan to resubmit it with amendments envisaging serious consequences for miners that don’t abide by the rules. The Russian Ministry of Fi...

Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed. Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says The turnover of crypto assets in Russia is growing, according to Yury Chikhanchin, director of the Federal Financial Monitoring Service of the Russian Federation ( Rosfinmonitoring ), who reported to President Vladimir Putin about the agency’s current operations. The watchdog is monitoring the activities of over 25,000 participants in crypto transactions, the executive revealed at a meeting with the head of state. The service has also identified around a dozen financial organizations that provide assistance to them. Quoted by the business news portal RBC, Putin remarked that wherever money or new financial instrument...

Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs begin Monday am,” he cautioned. Government Has Until Monday Morning to Fix Its ‘Soon-to-Be-Irreversible Mistake’ Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned of “vast and profound” consequences of the U.S. government allowing Silicon Valley Bank to fail without protecting all depositors. He tweeted Saturday that the government has until Monday morning to fix its “soon-to-be-irreversible mistake,” elaborating: By allowing SVB to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. He stressed that unless ...

Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin Bitcoin ( BTC ) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs. This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank . Despite this, BTC /USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25. Overall, today’s marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level. At the time of writing, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased. Market volatility will likely r...

The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects. South Korea Continues Investing in the Metaverse While the interest in the metaverse by some private companies has started to cool off, South Korea is doubling down on its bet to keep supporting the local metaverse economy. The country announced a pair of initiatives directed to support metaverse projects and companies to build products on top of virtual worlds. The first of these projects, announced on March 8, constitutes a metaverse growth fund that will allow companies that want to develop virtual projects to get funding directly from the Ministry of Science and ICT of South Korea. For this, the institution has allocated $30 million. The se...

According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use the demonetized banknotes until the end of the year. Court Criticizes Outgoing Nigerian President Nigerian financial institutions have reportedly started dispensing the recently demonetized 1,000, 500 and 100-naira banknotes just days after the nation’s highest court ruled against the CBN’s so-called naira redesign policy. According to a Bloomberg report , some of the country’s leading financial institutions such as Guaranty Trust Holding Co. Plc and Sterling Bank Plc were already dispensing the old notes on March 6. In its ruling delivered on March 3, 2023, the Nigerian Supreme Court slated the central bank’s hasty demonetization process. The court also accused the outgoing president Muhammadu Buhari of u...

The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation move coming. Central Bank of Bolivia Sells Dollars to Appease Local Market The Central Bank of Bolivia is executing extraordinary measures to supply its internal market with foreign currency. On March 6, the monetary institution announced that it would start selling dollars to the citizens directly, adding its action to the established traditional currency exchange market. The measure would counter what the central bank is calling a “speculative attack” on the national monetary system, prompting Bolivians to purchase more dollars in order to protect from a rumored increase in the exchange rate. Edwin Rojas, president of the Central Bank of Bolivia, stated: The Centr...

According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business. The Impact of Crypto Winter on the Cryptocurrency Industry Over the last two days, it appears that the downward pressure from the crypto winter will continue, as the global crypto market capitalization has slid 6.82% over the last day to $931 billion. Additionally, there has been a contagion of failing crypto firms and bankruptcies across the industry, as well as significant layoffs, with no firm seeming to be spared. On Friday, reports detailed that Blockchain.com is halting its London-based subsidiary, Blockchain.com Asset Management (BCAM), and market observers noted that the firm has been struck from the U.K. companies’ register list . A spokesperso...

India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India Applies PMLA to Crypto Transactions India’s Ministry of Finance published a gazette on Tuesday notifying that certain crypto activities “when carried out for or on behalf of another natural or legal person in the course of business” will be subject to the Prevention of Money Laundering Act, 2002 (PMLA). According to the notice, the exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets, and the transfer of virtual digital assets will be covered under the money laundering law. Moreover, the safekeeping or administration of virtual digital assets and the particip...

Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added tax. According to a report, the Thai government anticipates losing just over $1 billion in tax revenue as a result of the waiver. Relaxation of Tax Rules for Investments in Digital Assets Thailand-based companies that issue digital tokens for investments are set to receive a corporate and value-added tax waiver, the Thai government has reportedly said. As a result of the waiver, the Thai government, which is projecting investment token offerings worth $3.71 billion (128 billion baht) over the next two years, said it expects to lose more than $1 billion in tax revenue. According to a government spokesperson, Rachada Dhnadirek, such investment token offerings add to Thai companies’ traditional capital-raising methods such as debentures, hence the cabinet’s decision to waive the taxes. The government’s nod to the tax waiver came just over a ...

The pre-trial stage of the project to introduce a digital Iranian rial has been completed successfully, the country’s central bank announced. The authorities in Tehran plan to expand the use of the state-backed currency and integrate it into Iran’s payment system. Iranian Government Prepares to Trial Its Digital Currency The project to issue a digital version of the Iranian national fiat, also referred to as the “crypto rial,” is entering its trial phase, the head of the payment systems supervision department of the Central Bank of Iran (CBI) revealed this week. Quoted by the Monetary and Banking Research Institute (MBRI) of the regulator, Mohammad Reza Mani Yekta said, without elaborating, that the pre-trial stage has ended with certain achievements. He was speaking during a conference devoted to electronic banking and payment systems. On Monday, the first day of the forum, Mani Yekta also noted that more than 90 central banks are working on projects in the field of blockchain. ...

The founders and promoters of multimillion-dollar cryptocurrency Ponzi scheme Airbit Club have pleaded guilty to various criminal charges. Airbit Club victims were promised “guaranteed daily returns on any membership purchased,” the U.S. Department of Justice (DOJ) detailed. Airbit Club’s Operators and Promoters Plead Guilty The U.S. Department of Justice (DOJ) announced Wednesday that six people behind Airbit Club, a crypto Ponzi scheme that purported to be a cryptocurrency mining and trading company, have pleaded guilty. The six individuals are Airbit Club co-founders (Pablo Renato Rodriguez and Gutemberg Dos Santos), senior promoters (Karina Chairez, Cecilia Millan, and Jackie Aguilar), and an attorney who laundered Airbit Club’s fraud proceeds (Scott Hughes). According to the DOJ: As part of their guilty pleas, the defendants collectively have been ordered to forfeit their fraudulent proceeds of Airbit Club, which include seized or restrained assets consisting of U.S. currenc...