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Canadian Police Launch Cryptocurrency Investigations Center

The police service of the Canadian city of Calgary is launching a Cryptocurrency Investigations Centre in partnership with blockchain analytics firm Chainalysis to help combat crypto crime. The center “will enable law enforcement to tackle crime that takes place using blockchain technology,” Chainalysis described. Canada’s Cryptocurrency Investigations Centre The police service of Calgary, the largest city in the western Canadian province of Alberta and the largest metro area within the three Prairie Provinces region, announced last week that it is creating a “Cryptocurrency Investigations Centre.” The announcement explains: The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime. “The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen our ability to ensure the public safety of citizens, allow for proactive policing, enhance technical inve...

SEC Commissioner Hester Peirce States Proposed Amendments to Definition of ‘Exchange’ Render Innovation ‘Kaput’

Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), has issued her opinion on the recent attempts of the institution to change the definition of “exchange” under the Exchange Act Rule. According to Peirce, the institution is now expanding its reach to solve “problems that do not exist,” stifling innovation in the process. SEC Commissioner Hester Peirce Issues Dissenting Opinion U.S. SEC Commissioner Hester Peirce, also known in cryptocurrency circles as “crypto mom,” has written a letter blasting the recent decision of the Commission to amend the definition of “exchange” under the Exchange Act Rule. Peirce states that instead of bolstering innovation, this decision will render it “kaput,” bringing even more confusion to cryptocurrency circles in the U.S. Peirce argued that, compared with the 90’s SEC that acted in a different way, today’s SEC uses the rulemaking process as a threat. She commented : Today’s Commission tells entrepreneurs trying to d...

Bittrex Receives Wells Notice From SEC for Alleged Investor-Protection Law Violations

According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in March, signaling a potential lawsuit. The SEC’s enforcement division sent the Wells notice prior to Bittrex deciding to wind down its operations in the United States. ‘Lack of Regulatory Clarity’ in the U.S. Adds Uncertainty for Cryptocurrency Exchanges On Sunday, April 16, 2023, the Wall Street Journal (WSJ) reported that the cryptocurrency exchange Bittrex was informed of a potential lawsuit and enforcement action in the form of a Wells notice. A Wells notice is essentially a letter from the U.S. SEC that informs an individual or company of the regulator’s intent to take enforcement action against them. The notice provides the recipient with a chance to respond and often does not result in litigation. At the start of April, Bittrex informed the public that it “made the difficult decision to wind down U.S. operations, effective April ...

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies

Bitcoin started the week trading below $30,000, as the U.S. dollar strengthened during Monday’s session. USD/JPY rose to a one-month high, with the greenback also gaining against the euro and British pound. Ethereum was also lower, falling below $2,100. Bitcoin Bitcoin ( BTC ) dropped below the $30,000 mark on Monday, as a strong U.S. dollar weakened cryptocurrency markets. BTC /USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54. Monday’s price slippage comes two days after bitcoin rose above $31,000 for the first time since June 7. Bitcoin chart by TradingView Ultimately, this recent bull run pushed BTC into overbought territory, with the relative strength index (RSI) hitting a ceiling of 71.00. At the time of writing, the index is tracking at 63.45, with a floor at the 59.00 mark potentially approaching. Should price strength continue to move towards this level, there is a good chance that BTC will move be...

NFTs Will Persist for as Long as Communities Are Willing to Use Them — Lostworlds Co-Founder

According to Quaison Carter, the co-founder and CMO of the location-based NFT platform Lostworlds, non-fungible tokens (NFTs) are still not widely used due to what he called “user friction.” Carter, however, insists that the value of NFTs will persist for “as long as there are communities willing to use them.” The Role Played by PFP Communities Concerning the process of onboarding users, the Lostworlds co-founder suggested making this simpler and making sure the user does not spend time trying to understand how they can become NFT holders. When asked about the challenges associated with location-based NFTs such as location spoofing, Carter lamented how such practices harm the whole industry. He also briefly explained how his company is attempting to tackle the problem and thus help to maintain the “integrity of location-based interactions.” Also, in his written responses sent to Bitcoin.com News, Carter touched on why his firm chose Avalanche and the benefits of using that platfo...

US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony

U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar. U.S. Treasury Secretary Yellen Talks Dangers of Dollar Weaponization Janet Yellen, Treasury Secretary of the United States, has referred to the possible effects that continued use of sanctions could exert on the hegemony of the U.S. dollar in international markets. In an interview reviewed by Reuters, Yelled acknowledged that such a danger does exist in the long term. On the issue, she stated : So, there is a risk when we use financial sanctions that are linked to the role of the dollar, that over time it could undermine the hegemony of the dollar, as you said. But this is an extremely important tool we try to use judiciously. Yellen recognizes that such sanctions push...

China Opposes Recent US Sanctions for Chinese Firms, Criticizes ‘Long-Arm’ Jurisdiction Policies

The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China’s Commerce Ministry criticized the move, saying it is a “typical form of long-arm jurisdiction,” which damages the rights and interests of these companies. China Opposes the Enactment of Sanctions on National Companies The government of China has expressed its disagreement with the recent enactment of a series of sanctions against a number of national companies for supposedly collaborating with Russia. The companies, which are mostly in the electronics business, were allegedly used as bridges, purchasing U.S. technology in order to deliver it to Russia, sidestepping the sanctions established by the Office of Foreign Assets Control (OFAC) on Russian entities. A statement from China’s Commerce Ministry accused the U.S. of overreaching with this move. The statement rejected t...

De-Dollarization: China, Brazil Can Be Instrumental in Building Less Centralized World With No Hegemony, Says Lula’s Adviser

Brazil’s President Luiz Inacio Lula da Silva’s chief adviser on foreign policy, Celso Amorim, says China and Brazil “are coming closer together” and they could play important roles in building a less centralized world with no hegemony. Commenting on de-dollarization, he stressed: “I think it’s very important that we are free from the dominance of one single currency because sometimes it is used politically.” Brazil, China ‘Coming Closer Together’ Brazilian President Luiz Inacio Lula da Silva’s senior foreign policy adviser, Celso Amorim, discussed de-dollarization on Friday in an interview with the Chinese government-owned Global Times. Amorim previously served as Brazil’s Minister of Foreign Affairs, Minister of Defence, and ambassador to the United Kingdom. He was appointed as Chief Advisor to the president of Brazil by Lula in January. Amorim explained the importance of Lula’s visit to China where the Brazilian president met with Chinese President Xi Jinping. It was the first vi...

Growing Links Between Middle East, Russia, China Pose Huge Challenge for US, Warns Former Treasury Secretary

Former Treasury Secretary Lawrence Summers has expressed concerns that a rising number of countries, including China, Russia, and the Middle East, are aligning themselves and gaining global influence. “I think [it] is a huge challenge for the United States,” he cautioned. Larry Summers on Countries Banding Together Against the US Former Treasury Secretary Lawrence Summers expressed concern on Bloomberg TV Friday about an increasing number of nations coming together and gaining global influence against the U.S. He made these remarks on the sidelines of the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. Summers is currently the Charles W. Eliot University Professor at Harvard University. He previously served as Director of the National Economic Council and the Treasury Secretary of the United States, as well as chief economist at the World Bank. He explained that a growing number of countries are aligning themselves on the opposite si...

Police in Kosovo Seize Crypto Mining Rigs From Serbs

Kosovo police have seized dozens of crypto mining devices from residents of a majority Serb region in the north of the country. Authorities in Pristina and Belgrade exchanged accusations over the move, which has the potential to raise tensions in the ethnically divided, partially recognized Balkan state. Kosovo Government Cracks Down on Crypto Mining in Mainly Serb North Law enforcement in Kosovo has carried out raids against cryptocurrency mining in a northern municipality where Serbs form the majority of the population, the Turkish Anadolu Agency reported, quoting a member of the Albanian-led government in Pristina. According to Economy Minister Artane Rizvanolli, police have seized 174 devices designed to mint digital currencies. Announcing the operation in Zubin Potok on social media, she insisted that the failure to pay electricity bills encourages such illegal activities. Consumers in the predominantly Serb northern part of Kosovo have not paid for electric power in over tw...

Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review

In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record $105 billion in two weeks, and the USD’s ability to maintain its value even in the short-term has once again been called into question. All this and more just below, in the Bitcoin.com News Week in Review. Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price Surges 6% On Wednesday, April 12, 2023, at 6:30 p.m. Eastern Time, Ethereum’s Shapella upgrade was successfully implemented, enabling validators to withdraw staked ether. Data reveals that more than 860,000 ether is poised for unlocking, and 77,000 ether is expected to be withdrawn on Thursday. Ether’s price has experienced a surge, rising 6% against the U.S. dollar within the past 24 hours. Read More Economist Harry Dent Expects Bigge...

Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils

Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean Law Firm Prior to Crash South Korean prosecutors working on the fraud case against Terraform Labs co-founder and CEO Do Kwon have revealed that the company has paid a total of 9 billion won (nearly $7 million) to Kim & Chang, the country’s leading law firm, national broadcaster KBS reported . Tracking financial flows from its Singapore headquarters, they were able to establish that the funds were sent in several transactions which started right before the collapse of Terraform’s digital currencies, stablecoin terrausd and cryptocurrency luna, in May of last year. Investigators from Seoul are cooperating with law enf...

Report: Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira

Nigerian economic experts have said the country’s five-year-old currency swap agreement with China has not eased the pressure against the Nigerian currency. According to one expert, implementation of the swap arrangement is being held back by the size of the trade imbalance between Nigeria and China Easing Pressure on the Naira According to experts on the Nigerian economy, the country’s five-year-old currency swap agreement with China has failed to ease the pressure on the naira. Signed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBOC), the agreement was also intended to reduce pressure on Nigeria’s external reserves and to ensure foreign exchange stability. However, since the signing of the swap arrangement in 2018, the Nigerian currency has depreciated versus the dollar from N305:$1 in 2018 to over N460:$1 in the first week of April 2023. Against the yuan, the Nigerian currency slid from the 2018 exchange rate of N48:CNY1 to N66.70:CNY1 on April 6, 2...

Jeffrey Tucker on De-Dollarization: USD Will No Longer Be King, We’re at Turning Point for US Dollar

Jeffrey Tucker says we are at the turning point for the U.S. dollar, citing a growing de-dollarization trend. “The dollar’s just not going to be king,” he warned, adding that history will record recent events “as the turning point for the dollar.” Jeffrey Tucker on De-Dollarization, USD’s Turning Point Jeffrey Tucker, an author and publisher who worked for former U.S. Representative Ron Paul and the Mises Institute for many years, shared his view on the growing de-dollarization trend and its effects on the U.S. economy in an interview with NTD News on Wednesday. Responding to a question about whether de-dollarization is actually happening and when we will feel its effects, he explained that the U.S. has held dominance in the global currency market since 1944, which has enabled it to influence policies worldwide. However, referring to the attack and sanctions imposed by the U.S. government on Russia following the outbreak of the Russia-Ukraine war, he opined: History will record t...

Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War

Former U.S. President Donald Trump has warned that the U.S. losing a currency war against China would be like America losing a world war. “We’ll be a second-tier country,” Trump cautioned, adding that the U.S. dollar is “what makes us powerful and strong.” Donald Trump on US-China Currency War Former President Donald Trump warned in an interview with Fox News, aired Wednesday, that China pushing a large portion of the world off of the dollar standard would be the equivalent of America losing a world war. “Iran gets together with Saudi Arabia through China. And China is taking over … And, I heard a couple of people say, ‘Well, we’ll never lose a dollar standard.’ Are they kidding?” he said, elaborating: China wants to change the standard, the currency standard. And if that happens, that’s like losing a world war. We’ll be a second-tier country. In addition, the former U.S. president explained that Western countries have already lost Brazil to Chinese influence and are on the ve...

Economist Paul Krugman Criticizes Florida Gov. Ron DeSantis’ Opposition to Central Bank Digital Currency

Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial. Krugman suggested that DeSantis may be motivated by “general paranoia.” He speculated that DeSantis may be influenced by individuals who fear a digital currency could hinder “un-woke activities such as tax evasion and money laundering.” Referring to CBDCs as ‘Woke’ Money, Krugman Attacks ‘Monetary Conspiracy Theory Types’ Economist Paul Krugman, who follows the Keynesian school of economics, wrote an opinion article criticizing Florida governor Ron DeSantis’s opposition to a central bank digital currency (CBDC). Krugman noted that the U.S. does not yet have a CBDC, but the Federal Reserve is exploring the idea. Krugman argued that if the Fed does create a CBDC, it is “highly unlikely that a state government would have the right to prohibit its use.” He also pointed out that the current financial system is already largely digit...

Biggest Movers: ADA Price Climbs for Ninth Consecutive Day

Cardano rose to a fresh multi-month high on Saturday, as the token surged for a ninth consecutive session. The price is now up by over 15% in that time, cementing its place as the world’s seventh-largest cryptocurrency. Avalanche is also trading higher, hitting a two-month high in the process. Cardano ( ADA ) Cardano ( ADA ) once again extended a recent bull run, with the token climbing for a ninth straight day. Following a low of $0.4274 during Friday’s session, ADA /USD rose by as much as 5% today, hitting a peak of $0.4581 in the process. Saturday’s surge has sent ADA to its highest level since September 27, when the price was above $0.4600. From the chart, it appears that the latest rise in price coincides with the relative strength index (RSI) moving past a key ceiling. The aforementioned point of resistance was at the 72.00 mark, with the index currently tracking at 75.92. Should price strength continue to move higher, an upcoming wall at the 80.00 mark could be a potent...

Bitcoin, Ethereum Technical Analysis: ETH Remains Above $2,100 to Start the Weekend 

Ethereum remained above $2,100 to start the weekend, despite crypto markets moving into consolidation. Following this week’s gains, traders have seemingly started to secure gains, with the global market cap down by 0.52% as of writing this. Bitcoin has fallen below yesterday’s peak above $31,000. Bitcoin Bitcoin ( BTC ) moved back below the $31,000 level on Saturday, as cryptocurrency markets consolidated to start the weekend. Following a high of $31,005.61 on Friday, BTC /USD dropped to a low of $30,044.50 earlier in today’s session. Yesterday’s peak saw bitcoin climb to its highest level since June 7, which has seemingly prompted bulls to secure gains. Looking at the chart, the decline in price comes as the 14-day relative strength index (RSI) collided with a ceiling at 71.00. At the time of writing, the index is now tracking at 70.18, which is marginally higher than a floor at 68.00. In the event the RSI drops below 70.00 there is a good chance that even more bulls could vac...

Chia Network Files for IPO With the SEC, Eyes Public Listing

On Friday, Chia Network Inc. announced that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will initiate the IPO after the U.S. securities regulator approves the filing. Bittorrent Creator’s Chia Aims for an IPO Bram Cohen’s Chia network intends to go public and took a step in that direction on Friday, April 14, 2023, when the firm submitted a Form S-1 filing with the SEC. The blockchain and cryptocurrency project, launched in 2018, leverages storage for consensus through a mechanism called Proof of Space and Time (PoST), in contrast to Bitcoin’s proof-of-work (PoW). PoST uses hard disk space as the foundation for its consensus algorithm. Chia’s COO Gene Hoffman indicated that the company had been focused on an IPO since May 2021. On April 14, Chia announced that it had confidentially submitted a ...

Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed

Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was processed by the Industrial and Commercial Bank of China (ICBC) paves the way for cheaper and simpler payments between the countries, according to analysts. Brazil and China Move to Settle Trades Using the Chinese Yuan Brazil and China have moved towards a tighter trade integration, having processed their first bilateral settlement using the Chinese yuan. The first transaction was processed by the Industrial and Commercial Bank of China (ICBC), the bank designated by the Chinese government to act as a clearing institution for Brazilian companies determined to use the yuan for international settlements. The integration of the Chinese yuan in cross-border settlements signals a new, simpler way for companies to be involved in trade transactions without inc...

Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’

The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it will cease operations. Co-founder and CEO Njoku Emmanuel said the decision to cease operations was made after Lazerpay failed to successfully close a funding round. The CEO also said he is ready to listen to offers from companies that may want to acquire the startup’s intellectual property (IP). Stablecoin Payments Lazerpay, a Nigerian crypto and Web3 startup, announced on April 13 that it will cease operations and has asked merchants to withdraw their funds before the end of the month. According to a statement shared by the startup’s co-founder and CEO Njoku Emmanuel on Twitter, Lazerpay’s failure to close a successful funding round proved to be the last straw. Launched in 2021 with the objective of helping merchants convert their crypto to fiat and vice versa, Lazerpay is reported to have helped over 3,000 businesses accept payments in stablecoins. In addition, the startup claimed to have established a ne...

Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services

ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide Services to Crypto Exchanges Licensed in Hong Kong Hong Kong’s first and largest virtual bank, co-founded by Chinese billionaire Ou Yaping, is looking to facilitate transfers of digital and fiat currencies for participants in the city’s developing crypto sector, Bloomberg reported quoting the lender’s top executive. According to CEO Ronald Iu, ZA Bank will offer crypto-to-fiat currency conversions through licensed exchanges, acting as a settlement bank for clients who deposit digital coins to the trading platforms and want to withdraw Hong Kong and U.S. dollars or Chinese yuan. Iu pointed out: For the dozen of interested firms, big or small, from abroad and local, top of their concern is ...
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