Bitcoin News and Finance: What You Need to Know

Chinese President Xi Jinping and Russian President Vladimir Putin engaged in phone conversations with Brazilian President Luiz Inácio Lula da Silva regarding their joint work within the BRICS group ahead of the economic bloc’s leaders’ summit. Lula has been a vocal advocate of ditching the U.S. dollar in favor of national currencies and a proposed common BRICS currency. Putin and Lula Discuss Various Topics, Including Ukraine War and BRICS Cooperation Brazil’s president, Luiz Inácio Lula da Silva, engaged in a phone conversation with Russian President Vladimir Putin on Friday, following his discussion with Chinese President Xi Jinping earlier this week. Among the topics the leaders discussed was cooperation across major multinational organizations, such as the BRICS. The BRICS economic bloc comprises Brazil, Russia, India, China, and South Africa. In a tweet Friday, Lula wrote (translated from Portuguese by Google): I just spoke by phone with the president of Russia, Vladimir Pu

The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will improve cooperation with its African counterpart. Brazil Wants the New Development Bank Under BRICS to Strengthen as Financing Instrument Authorities in Brasilia consider the New Development Bank ( NDB ), created by the BRICS nations (Brazil, Russia, India, China, and South Africa), as a promising alternative to traditional financial institutions, Brazilian President Luiz Inacio Lula da Silva was quoted as saying by the Tass news agency. Lula made the statement during a meeting with ambassadors from African countries. “We want the BRICS bank to strengthen as an alternative instrument for financing, and we will reinforce our cooperation with the African Development Bank,” he emphasized. Current international financial and banking institution

As calls for the creation of a global alternative to the greenback grow, credit rating agency Moody’s said on May 25 that rival currencies such as the euro and the Chinese yuan do not yet threaten the U.S. dollar’s position as the world’s reserve currency. The agency said a confidence-sapping policy mistake such as the U.S. Congress’s failure to raise the debt limit poses the “greatest near-term danger to the dollar’s position.” Rival Currencies Cannot Match the U.S. Dollar’s Core Traits The global credit rating agency Moody’s has said while the spectre of the U.S. dollar losing its dominance is real, at the moment there are no viable alternatives to take its place. In a note reportedly released on May 25, Moody’s insisted that the current rivals to the greenback such as the euro and the Chinese yuan will not be able to quickly match the core traits that made it the most dominant currency. As has been reported by various media outlets including Bitcoin.com News, the dollar’s longs

Although the implementation of the recently approved Markets in Crypto Assets (MiCA) regulations is likely to be difficult, their coming into force is going to have a positive outcome for everyone in the industry, Przemyslaw Kral, the CEO of the crypto exchange Zondacrypto, has said. Kral also argued that the implementation of these regulations will force non-compliant entities or those that cannot “deliver the required standards” to leave the European Union market. The Impact of MiCA Regulations on Crypto Industry Participants In his written answers to questions from Bitcoin.com News, the CEO suggested that the new regulations will ensure incidents such as the collapse of FTX will not recur. In addition, the regulations will stop human trafficking rings or criminal gangs from moving funds via Europe. Concerning fears that the implementation of MiCA regulations will see crypto firms leave Europe just as some have done in the United States, Kral said much will depend on their objec

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto asset EUROC is expanding natively on the Avalanche (AVAX) blockchain. According to Circle, several decentralized finance (defi) protocols and projects are supporting the new AVAX-issued EUROC asset. Circle’s EUROC Stablecoin Finds New Home on Avalanche Blockchain About 11 months ago, Circle launched the euro stablecoin called euro coin (EUROC) as its second major fiat-pegged token, following usd coin (USDC). The EUROC stablecoin was initially launched on the Ethereum blockchain as an ERC20 token. Currently, there are approximately 47.11 million EUROC in circulation, according to statistics from etherscan.io. The euro-backed stablecoin issued by Circle is held by 1,381 unique Ethereum-based addresses. On Twitter, Circle announced that EUROC will now be hosted natively on the proof-of-sta

Players in the crypto space are attracted to the United Arab Emirates (UAE) because the region not only has clear rules but is also “open to experimentation,” Ben Caselin, the Vice President and Chief Strategy Officer (CSO) at the crypto exchange Maskex, has said. Caselin also said the UAE and the Middle East’s perceived neutrality “opens doors” that crypto exchanges operating in the U.S. or the Asia Pacific region cannot enjoy. Factors Behind the MENA’s Emergence as a Preferred Investment Destination The Maskex CSO also told Bitcoin.com News that the Middle East and North Africa (MENA) region’s emergence as one of the most sought-after investment destinations could be due to what he described as the shift of relationships. Such shifts enable “new hubs of power and innovation to emerge.” With respect to stablecoins, Caselin said these are “hugely important” now and will remain so for the foreseeable future. However, in his written responses sent to Bitcoin.com News, Caselin acknowl

The government of Venezuela is seeking to regain control of more than $1.8 billion in gold deposited in the vaults of the Bank of England. Officials of Maduro’s government appealed to the London Court of Appeals that the destitution of Juan Guaido, the former interim president, could affect the considerations London makes on access to the gold. Venezuela Seeks to Regain Control of Its Gold Stash in UK Venezuela is again appealing the decision of the U.K. High Court on the ownership and management of more than $1.8 billion in gold that is currently held in the vaults of the Bank of England. This judicial battle has been ongoing since January 2019, when the U.K. High Court declined to transfer the gold to the government of Nicolas Maduro, on the basis of the U.K. government’s recognition of then interim president Juan Guaido. Guaido was deposed from his position as interim president in December 2022, when the Legislative Assembly, elected back in 2015, voted to disintegrate the in

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  According to statistics, the liquid staking platform Lido accounted for 7.45% of the total value locked in decentralized finance (DeFi) a year ago today. Since then, Lido’s market dominance has significantly increased over the last 12 months to its current 26.18% share. Lido’s Market Share in Liquid Staking ETH Derivatives Stands at 73% The liquid staking protocol Lido Finance holds a prominent position in the world of DeFi. As of May 25, 2023, there is $46.6 billion locked into defi applications and protocols, with Lido’s total value locked (TVL) representing 26.18% of that amount. At the time of writing, 11:45 a.m. Eastern Time on Thursday, Lido’s TVL stands at approximately $12.2 billion, according to metrics from defillama.com. According to Lido’s website , the current value locked in the protocol is $12.27 billion, with $12.11 billion representing ethereum ( ETH ). The re

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  PRESS RELEASE. Tokyo, Japan, May 25th 2023, Chainwire. Herencia Artifex promotes collaboration across art world boundaries and provides a venue for artists of different backgrounds and styles to come together and produce creative works. The project name “Herencia Artifex” (abbreviated HXA) is Latin for “Herencia” (inheritance) and “Artifex” (artist). The HXA project aims to use NFT to pass on outstanding artists and crafts. This genre-transcending artistic collaboration in the Web3 space will give birth to new art forms and expressions, contributing to enriching the field of art. The creators are determined to create a realistic artistic experience through the NFT collection. NFT First “Gizan Katoh” The first NFT “Gizan Katoh” is a collaboration with Gizan Kato, a Buddhist priest and the main artist of the exhibition, and is based on his work “Kirin” (Qilin). “Kirin” is a phan

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  During a virtual discussion with Twitter’s proprietor Elon Musk on Wednesday, governor Ron DeSantis of Florida declared that he is throwing his hat into the ring for the presidency of the United States in 2024. DeSantis will confront the reigning president Joe Biden in addition to the existing presidential candidates: Donald Trump, Robert F. Kennedy Jr., Nikki Haley, and Vivek Ramaswamy. DeSantis Reveals Presidential Aspirations Florida’s incumbent Republican governor, Ron DeSantis, has set his sights on the presidency, announcing his candidacy for the next U.S. election. Challenging the current Democratic leader, Joe Biden, DeSantis revealed his political ambitions during a Twitter Spaces event alongside Elon Musk . Taking to Twitter, DeSantis further emphasized his intentions, declaring, “I’m running for president to lead our great American comeback.” The Florida governor als

China-headquartered cryptocurrency exchange, Hotbit, said on May 22 it had made the decision to halt “all cex operations.” The crypto exchange pointed to the “continuous outflows of funds from cex [centralized exchange] users” as one of the many factors that forced Hotbit to stop operations. The Crypto Industry’s ‘Deteriorating Conditions’ The Asian cryptocurrency exchange, Hotbit, recently said it was shutting down the platform due to what it characterized as “deteriorating conditions” in the crypto industry. According to a statement issued by the exchange on May 22, these conditions have, in turn, resulted in the “continuous outflows of funds from cex [centralized exchange] users, including Hotbit, and deteriorating cash flow.” In addition to dealing with capital outflows and reduced cash flow, the Hotbit team claimed in the statement that the constant upheavals in the crypto industry are making it more difficult to operate a cex. The Hotibit team said : The successive collapse

Africa will likely leapfrog the top fintech regions if startups on the continent adopt new technologies, the Global Fintech 2023 report by the Boston Consulting Group and QED Investors has said. The report points to the African continent’s young population as well as the projected population growth of 1.2 billion more inhabitants by 2050. Overcoming Africa’s Financial Exclusion Woes According to the Global Fintech 2023 report by the Boston Consulting Group and QED Investors, Africa and the Middle East are likely to leapfrog established fintech centers if they adopt new technologies. The report also noted that while cash is “still king” in Africa, fintech startups are ideally positioned to solve the continent’s financial exclusion woes. By overcoming this, the fintechs will help make Africa one of the fastest-growing regions globally. On how Africa is likely to achieve this feat, the report pointed to the continent’s projected population growth of 1.2 billion more inhabitants by 20

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  KyberSwap , a leading decentralized exchange (DEX) platform, is thrilled to announce they will be resuming its highly anticipated Elastic protocol on May 25, 2023. This brings back key capital-efficient features such as concentrated liquidity and full range fees compounding, while incorporating significant security enhancements, including a newly audited smart contract, round-the-clock live scanning in collaboration with security partners, and the introduction of an Insurance Fund. KyberSwap Elastic will resume with improved smart contracts that have undergone internal audits as well as external audits with ChainSecurity and the community whitehat developer that spotted the smart contract vulnerability earlier in April. Further smart contract audits are being planned with other auditors. The comprehensive audit report by ChainSecurity can be found here . In addition to fortified

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Tesla CEO Elon Musk says “there should be a significant third horse” in the artificial intelligence (AI) race besides Microsoft and Google. The billionaire suggested that his companies Tesla and Twitter could partner with an AI firm similar to how Microsoft collaborates with Openai. Elon Musk on AI: ‘There Should Be a Significant Third Horse in the Race’ Tesla CEO Elon Musk discussed a wide range of topics during a virtual appearance at the Wall Street Journal’s CEO Council Summit in London on Tuesday. Artificial intelligence (AI) was among the topics the billionaire discussed. He believes that there should be a major competitor to Microsoft and Google in the AI race. The Tesla boss, who recently established an AI company called X.AI, said: We’ve got Openai and Microsoft, Google Deepmind … I think there should be a significant third horse in the race. Musk noted that his soci

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Chinese President Xi Jinping has stated that China is ready to strengthen cooperation with Russia. The two nations reportedly want to “develop and establish a bigger regional market” while ensuring “a more stable and robust global supply chain” in order to “bring real and tangible benefits to the countries in the region.” China and Russia to Strengthen Cooperation Chinese President Xi Jinping met with Russian Prime Minister Mikhail Mishustin in Beijing on Wednesday. During their meeting, Xi told the Russian official that China is ready to strengthen cooperation with Russia, Chinese news agency Xinhua reported. Xi stated that in addition to strengthening cooperation across multilateral platforms, such as the United Nations, the Shanghai Cooperation Organization (SCO), the BRICS, and the G20, China and Russia should explore “potential” new economic, trade, and investment relations

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting. ‘De-Dollarization Is Not a Voluntary Choice by Countries’ The two-day 51st annual Asian Clearing Union (ACU) meeting began on Tuesday in Tehran, with participation from officials representing members of the Asian Clearing Union (ACU) as well as several others. The meeting was hosted by the central bank of Iran and de-dollarization was a key topic discussed at the event, Tasnim news service reported. The ACU currently has nine members: Bangladesh Bank, Royal Monetary Authority of Bhutan, Res

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Stricter anti-money laundering (AML) measures for the crypto sector in Japan will enter into force next month, local media reported. The new rules were adopted to align the country’s legal framework for cryptocurrencies with global standards in the field. Japan to Enforce Legislation Allowing the Tracing of Crypto Transactions The Cabinet of Japan, the executive power in Tokyo, has decided to enforce more stringent AML rules for cryptocurrency operations from June 1, the Kyodo News agency reported. The measures will bring the nation’s regulatory framework in line with international standards and allow the government to trace digital-asset transactions. Japanese lawmakers amended the respective laws in December 2022, in response to recommendations by the Financial Action Task Force (FATF), the intergovernmental organization developing policies designed to combat money laundering

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  On May 24, Binance CEO Changpeng Zhao, also known as CZ, shared through Twitter that “Chinese speaking communities are buzzing” following a news broadcast by state-operated media network China Central Television (CCTV) regarding Hong Kong’s latest cryptocurrency-focused regulatory policy. CCTV’s Coverage of Hong Kong’s Crypto Regulations Sparks Excitement, Says Binance CEO; Nanxin University Launches Metaverse Platform This week CZ emphasized that the coverage of cryptocurrencies by CCTV is significant, especially considering that crypto asset businesses were prohibited in China in September 2021. The Binance boss stated : “CCTV (China Central Television) just broadcasted crypto — It’s a big deal — The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.” He also noted that he wasn’t suggesting the “past predicts the future” and his state

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy   Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market. President Putin Orders Russian Authorities to Limit Foreign Currency Purchases Russian President Vladimir Putin has tasked the federal government and the central bank in Moscow to introduce a $1 billion monthly limit on the purchase of foreign currency meant to be used in transactions with entities and individuals in other countries. According to an announcement by the Kremlin, the restrictions will apply to Russian residents buying other nations’ currencies in the domestic foreign exchange market for transfers abroad within government-approved settlements, the RIA Novosti news agency reported. The order is part of

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy   United Nations Secretary-General António Guterres says the current international financial system is “outdated, dysfunctional and unfair.” He stressed: “There is a systemic and unjust bias in global economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.” UN Secretary-General Calls for Reform of Global Financial System United Nations Secretary-General António Guterres, who served as the prime minister of Portugal from 1995 to 2002, has called for a reform of the global financial system. He shared during a press conference on Sunday in Hiroshima, Japan, where he attended the Group of Seven (G7) summit: “My message to G7 leaders is clear: while the economic picture is uncertain everywhere, rich countries cannot ignore the fact that more than half the world — the vast majority of countries — are suffe