Bitcoin News and Finance: What You Need to Know

The state-owned financial institution Bank of China has revealed a partnership with China Unicom and China Telecom in order to test SIM cards and near-field communication (NFC) payments tethered to the renminbi. The Bank of China explains that the pilot will be tested by selected users and areas and it currently only supports Android phones. China Taking Digital Yuan Usage to SIM Cards and Contactless Transactions China’s central bank digital currency (CBDC) called the “e-CNY,” otherwise known as the digital yuan or renminbi continues to see infrastructure growth. On July 10, the Bank of China announced that the country’s CBDC is being tested with SIM cards and NFC payments. Presently, the testing is being rolled out to select users and it will be gradually promoted in “selected pilot areas in the near future.” The Bank of China reveals it has partnered with China Unicom and China Telecom in order to streamline the digital yuan toward “unlocking new capabilities.” The SIM card har...

Russia’s second-largest bank’s chairman says by imposing sanctions on Russia, the West has “demolished the global trade system and caused an inflation surge.” Pointing to the U.S. banking crisis as an example, he stressed: “This is virtually the largest financial and banking crisis since 2008, and it is already spreading to Europe.” ’Sanctions Against Russia Are a Double-Edged Sword’ Andrey Kostin, the chairman of state-controlled VTB, Russia’s second-largest bank, talked about the U.S. banking crisis and the effects of Western sanctions on Russia in a meeting with Russian President Vladimir Putin on Tuesday. Kostin told Putin: We are actively creating a new payments and settlements infrastructure involving rubles and currencies of friendly states. “We have the necessary expertise and infrastructure for this because we are present in major Asian countries, such as China and India, and we are present in the CIS [Commonwealth of Independent States] countries. We are therefore work...

On Wednesday, July 12, 2023, the U.S. Bureau of Labor Statistics released the Consumer Price Index report for June, showing a 3% increase in inflation, the lowest level since March 2021. The U.S. inflation rate has fallen for 12 consecutive months, with the index rising 0.2% on a monthly basis. Labor Department’s CPI Data Shows 3% Inflation Rate for June Inflation in the United States continues to cool, according to the latest Consumer Price Index report from the U.S. Bureau of Labor Statistics released Wednesday. Inflation has fallen consecutively each month since June 2022. The inflation rate in June 2022 was 9.1%, but the latest CPI statistics show it has dropped to 3%. “The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May,” the CPI report details . “Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.” Stocks performed well after the news ...

The chief economist at S&P Global has predicted that the U.S. dollar “will no longer be the dominant world currency.” Highlighting the diminishing influence of the USD, he pointed out that an increasing number of countries are de-dollarizing, noting that the Chinese yuan is growing in popularity as a trading currency. Economist Expects US Dollar to Lose ‘Dominant World Currency’ Status S&P Global’s chief economist, Paul Gruenwald, shared his prediction about the end of the U.S. dollar’s dominance at a conference hosted by the ratings firm in London on Tuesday. The U.S. dollar “doesn’t have quite the pull it used to … There’s a fragmentation around the edges,” the economist stated, elaborating: We’ve got other things happening outside of the dollar world. The implementation of aggressive U.S. sanctions, including the freezing of Russia’s reserves worth around $300 billion last year, has prompted numerous countries to de-dollarize and increase the use of national currenc...

Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in volume traded, has revealed his secret for building a comprehensive team of employees for any startup. According to Zhao, external pressure has contributed to the unity of the team behind the exchange, and it also makes the Binance team more driven to its objective of increasing the “freedom of money for people all around the world.” Binance CEO Changpeng Zhao States Pressure Contributes to Building ‘Tight Teams’ Changpeng Zhao, CEO of Binance, took to social media to explain what he believes is a “little secret” for building “tight teams” in companies. Amidst recent reports indicating that several high-level executives had left the company after a response to an ongoing investigation by the U.S. Department of Justice, Zhao detailed the elements needed to build and maintain a comprehensive team in a startup. Zhao stated : It’s not fancy team building dinners, outings, etc. It’s not the coaching exercises, ment...

The Bank for International Settlements (BIS), an organization that seeks to support the international cooperation of the world’s central banks, has released the results of its 2022 survey on central bank digital currencies (CBDC) and crypto. The survey found that 93% of the 86 banks surveyed were involved in CBDC-related work at different levels. BIS: 93% of Central Banks Involved in CBDC Activity The Bank for International Settlements (BIS), an institution that acts as the bank of central banks, has released the results of a 2022 survey on central bank digital currencies (CBDC) and crypto. In a recent paper titled “ Making Headway ,” the institution reports that 93% of the 86 banks included in the survey were “engaged in some form of CBDC work and more than half are running concrete experiments or working on pilots.” The paper states that these numbers show the uncertainty regarding the issuance of CBDCs in the short term is fading. However, through their research, some of these c...

The governor of Russia’s central bank says the creation of a common BRICS currency “requires the consent of many parties.” While emphasizing that the proposed BRICS currency “deserves attention,” the Russian central bank chief cautioned that this project is challenging and “will be quite difficult to implement.” Bank of Russia Governor on BRICS Currency Bank of Russia Governor Elvira Nabiullina talked about the proposed BRICS currency on the sidelines of the central bank’s annual Financial Congress, which took place on July 6-7 in St. Petersburg. The BRICS economic bloc comprises Brazil, Russia, India, China, and South Africa. The BRICS currency initiative is expected to be one of the topics discussed at the upcoming BRICS leaders’ summit in South Africa that’s scheduled for Aug. 22-24. The proposal gained much attention over the past week when Russian news outlet RT reported that Russia has confirmed the BRICS is launching a gold-backed currency . However, no BRICS officials have ...

Rich Dad Poor Dad author Robert Kiyosaki has warned that the U.S. dollar will die. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a gold-backed currency that will kill the USD. The famous author further stressed that U.S. dollars will come flooding home and inflation will go through the roof. Robert Kiyosaki on Death of US Dollar, BRICS Currency Launch, Inflation Robert Kiyosaki, the author of Rich Dad Poor Dad, has weighed in on the proposed BRICS currency and its potential impact on the U.S. dollar. 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. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The anticipation surrounding the new BRICS currency has surged after a report by Russian news outlet RT, suggesting...

According to current data, about 2,086,034 bitcoins were held on exchanges as of July 11, 2023. This figure is 154,160 bitcoins less than the number held on centralized trading platforms 72 days earlier, on April 30. The number of bitcoins on exchanges has significantly dropped since July 31, 2020, when nearly 3 million bitcoins were held in exchange reserves. Centralized Crypto Exchanges Face Bitcoin Drain The number of bitcoins held in exchange reserves has steadily decreased over the past two years and 11 months, data from cryptoquant.com shows. On July 31, 2020, metrics indicated that 2,941,655 bitcoins were held on exchanges. As of today, the number has decreased to 2,086,034. This means that over the past 1,075 days, customers have removed 855,621 bitcoins from centralized trading platforms. Since April 30, 2023, approximately 154,160 bitcoins have been removed from exchanges, which then held 2,240,194 bitcoins in reserves. Bitcoin reserve balance data from coinglass.com sh...

Economist Peter Schiff has warned that all banks will fail and anyone having a bank account will end up losing money. “No matter what happens, people are going to lose a tremendous amount as this banking crisis unfolds,” Schiff stressed. Peter Schiff Warns About All Banks Failing Economist and gold bug Peter Schiff reiterated his concerns regarding the state of the U.S. economy and the impending banking crisis on the David Lin show, published last week. “The whole banking sector is completely insolvent, thanks to what we’ve done over the last decade or so by loading up these banks with all this long-term, low-yielding debt. And we had all [this] deposit insurance so nobody really cared about what the banks were doing with their money because it was all insured by the government,” Schiff described. However, he stressed that the collapses of major banks earlier this year have made people aware that the government may not fully cover all bank deposits in the event of a failure, espe...

The U.K.’s Financial Conduct Authority (FCA) is proceeding with efforts to shut down all bitcoin ATMs “illegally operating” in the country. After more inspections in the past couple of months, the watchdog vowed to continue to take action against operators of unregistered crypto teller machines. Financial Watchdog Shuts Down Dozens of Crypto ATMs in the U.K. This Year British authorities have inspected 18 more sites believed to be illegally operating automated teller machines (ATMs) supporting cryptocurrencies in the United Kingdom, the country’s financial regulator announced on Tuesday. The checks have been carried out in May and June by the FCA, working together with representatives of the South West Regional Organized Crime Unit, Bedfordshire Police, Hertfordshire Police, and the Metropolitan Police. “This action follows the FCA’s previous inspections of a number of sites across the U.K. including East London, and Leeds, Exeter, Sheffield, and Nottingham that were suspected of ...

Egyptian fintech startup Masroofi recently raised $1.5 million through an investment round supported by unnamed investors. The capital raise came shortly after Masroofi’s co-founders reportedly rejected a funding offer from investors in the “Shark Tank” program. Investors Drawn by Fintech Startup’s Focus on Children Masroofi, the Egyptian fintech focused on electronic payment services for children, recently raised $1.5 million via an investment funding round. The raised capital is expected to fund the fintech startup’s operational and expansion activities. According to a report, Masroofi was able to raise $1.5 million after the company’s directors reportedly rejected funding from investors in the “Shark Tank” program. As explained in the African Heroes report , the unnamed participants in Masroofi’s investment round were drawn by the fintech’s focus on the 20 million Egyptian youth aged between five and 20. The track records as well as the rapport between the fintech startups’ co-f...

Sega, one of the biggest game developers in Japan, has recently announced changes regarding its blockchain and Web3 gaming policy. The company announced it would not involve its largest franchises in blockchain initiatives, avoiding a possible devaluation of its intellectual properties (IPs), shelving in-house developed games and developments from third parties. Sega Changes Its Blockchain Gaming Strategy Sega, the Japanese game development and publishing company, once a supporter of blockchain games, is now withdrawing its support for initiatives of this kind. In a recent interview with Bloomberg, co-Chief Operating Officer Shuji Utsumi stated that the company was pulling the plug on games using this technology. Furthermore, Utsumi also declared that Sega would not license its most prominent intellectual properties (IPs) to third parties involved in these kinds of games to avoid “devaluing” its content. However, Utsumi acknowledged that lesser franchises like Three Kingdoms and V...

Jim Rickards, economist and best-selling author, has accused the Biden administration of destroying the U.S. dollar as a reserve currency. Rickards stated that Biden is to blame for the upcoming marginalization of the U.S. dollar at the hands of a BRICS bloc common currency to be proposed on August 22. Jim Rickards States Biden ‘Destroyed the Dollar’ Best-selling author and economist Jim Rickards has given his opinion about the Biden administration’s handling of U.S. monetary policy. Rickards, an investment expert with 35 years of experience, accused President Joe Biden of taking down the U.S. dollar as a global reserve currency. On social media, Rickards stated : Biden is now a world historic figure. He has destroyed the dollar, not an easy task. The currency expert noted that one of the biggest rivals for the dollar is the birth of a BRICS bloc-wide currency that could potentially link the economic transactions of Brazil, Russia, India, China, and South Africa (the BRICS bloc...

In a recent report, Goldman Sachs Research details that India is set to outpace Japan, Germany, and the U.S. to become the world’s second-largest economy by 2075. The financial institution’s researchers predict a dramatic expansion in India’s gross domestic product. Economic Shift: Goldman Sachs Predicts India’s Ascent to World’s No. 2 Economy In a report titled “How India Could Rise to the World’s Second-Biggest Economy,” Santanu Sengupta, an economist with Goldman Sachs Research, projects substantial expansion for India’s economy. The report forecasts a surge in India’s gross domestic product, making it the world’s second-largest economy by 2075. This growth is largely credited to India’s advantageous demographic makeup, balancing its working-age population and those too young or old to work. The study indicates that the key for India is to boost labor force participation and offer ample training and skill development opportunities. “Over the next two decades, the dependency ra...

On July 7, Ray Youssef, the former CEO of Paxful, told users of the peer-to-peer crypto marketplace to stop trading on the platform. Youssef claimed that Paxful is now “just paying legal bills” and that “no African or any non-American should trust any IS corporation.” Paxful’s Alleged Removal of Reserve Funds From Status Page Raises Concern Following reports that Paxful, the peer-to-peer crypto marketplace, has removed the reserve funds amount from the status page, former CEO Ray Youssef advised users to cease trading. In his reply to a Twitter user who warned of an FTX-style collapse, Youssef suggested that users should consider switching to self-custody until “we get to the bottom of this.” In addition to exposing the alleged removal of reserve funds from Paxful’s website, the unidentified social media user also claimed to have seen tweets from former employees who complained of not being paid all their dues after they left. The user also claimed to have heard rumors that Paxfu...

A study by a $1.5 trillion asset management firm has revealed that central banks are reducing their U.S. dollar holdings while seeking to increase Chinese yuan holdings. “Central banks are diversifying currency holdings, stirred by geopolitical uncertainties and attractive opportunities in emerging markets,” the study shows. ’Central Banks Are Diversifying Currency Holdings’ Invesco, an asset management firm with $1.5 trillion in global assets under management, published its 11th annual study of sovereign investors on Monday. The “2023 Invesco Global Sovereign Asset Management Study” includes insights from 142 chief investment officers, heads of asset classes, and senior portfolio strategists representing 85 sovereign wealth funds and 57 central banks. Together, these institutions oversee around $21 trillion in assets as of March 31. Noting that “Central banks are diversifying currency holdings, stirred by geopolitical uncertainties and attractive opportunities in emerging markets,...

According to the Egyptian Statistics Bureau, Egypt’s annual inflation rate hit 36.8% in June, a staggering 33.7% increase from May’s inflation rate, breaking records. Egypt, the world’s 14th most populous country, grapples with soaring prices for goods and services across the region. Additionally, the bitcoin exchange rate in Egypt is approaching the record high set in November 2021. Egyptian Pound Plummets as Inflation Reaches Highest Level in Decades, Bitcoin Nears All-Time High Recent inflation figures show Egypt is currently grappling with soaring inflation rates. The annual inflation rate surged to 36.8% in June. Citizens face rising food prices, a depreciating currency, higher fuel costs, and a growing fiscal deficit. Since June 2022, when the inflation rate was at 14.7%, the cost of goods and services in Egypt has more than doubled. The Egyptian pound (EGP) has declined significantly against the U.S. dollar in the first half of 2023, according to the latest exchange rates....

The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase by shooting down the arguments presented by the exchange to throw out the ongoing lawsuit. The filing reaffirms the institution’s jurisdiction on securities laws, explaining that Coinbase misinterprets the Howey test and criticizing the “major questions doctrine” usage in the case. SEC Rails Against Coinbase, Reaffirms Jurisdiction on Securities The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase regarding the exchange’s criticism of the regulator’s actions in the crypto environment. The filing, introduced on July 7 before judge Katherine Polk Failla, tries to bring down each statement presented by Coinbase to disesteem the lawsuit the agency is taking against the exchange for unregistered brokerage and securities violations. In its response , the SEC reaffirms its jurisdiction over securities cases, stating that this legal action against Coinbase is part o...

On July 7, 2023, a Clive, Iowa resident fell victim to a scammer posing as a Polk County sheriff’s deputy, who coerced the individual into depositing $6,600 into a bitcoin automated teller machine (ATM). The Clive Police Department insists that the scammers utilized cryptocurrencies due to the challenges in tracking these assets. Scammer Poses as Polk County Deputy, Defrauds Iowa Resident of $6,600 in Bitcoin ATM Scheme The Clive Police Department has notified the public that an individual was defrauded of $6,600 after being persuaded to deposit the funds into a bitcoin ATM. The account was shared on Facebook, and the police stated that the person affected would not be identified for “security reasons.” As per the statement, the victim received a call from an individual who falsely identified themselves as a Polk County Sheriff’s Deputy. The impersonator informed the woman about an arrest warrant and persuaded her to “send $6,600 through a Bitcoin ATM to resolve the matter.” Foll...

An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official stressed. Iran Will Benefit From Gold-Backed BRICS Currency, Official Says Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, stated Sunday that a common BRICS currency backed by gold will benefit Iran and weaken the U.S. dollar, Press TV reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The Iranian official’s remarks followed a report last week by Russian news outlet RT claiming that Russia has confirmed the creation of a gold-backed common currency within the BRICS framework. According to RT, this announcement is expected to be officiall...

U.S. Treasury Secretary Janet Yellen has stated that she does not see the U.S. dollar’s dominance being threatened by any development, including the proposed BRICS currency. Yellen stressed that all the data of which she is aware shows that the dollar is overwhelmingly used in international transactions, emphasizing: “I don’t think that there is an alternative that could possibly displace that for the foreseeable future.” Janet Yellen on BRICS Currency, Challenges to US Dollar Dominance U.S. Treasury Secretary Janet Yellen addressed concerns regarding the dominance of the U.S. dollar and the potential challenges by a proposed BRICS currency during a press conference at the U.S. embassy in Beijing on Sunday. The press conference took place at the conclusion of her four-day visit to China. While there has been no official announcement by the BRICS, speculation about a new BRICS currency has been rife after Russian news outlet RT reported that Russia has confirmed that the BRICS bloc...

According to data recorded on July 9, 2023, Bitcoin’s next difficulty adjustment is estimated to rise between 4.74% and 7.7%, erasing the 3.26% reduction that occurred on June 28. Moreover, the total network hashrate achieved a 24-hour all-time high on July 8, reaching 538 exahash per second (EH/s) at block height 797,733. Record-Breaking Bitcoin Difficulty Increase Imminent, Total Hashrate Taps a 24-Hour Record at 538 EH/s Statistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023. In the previous difficulty change, Bitcoin’s mining difficulty experienced a 3.26% reduction, lowering the total to 50.65 trillion. Estimates suggest that the difficulty is expected to increase by 4.74% to 7.7% due to block intervals being consistently shorter than the ten-minute average. Currently, the average block time on July 9 ranges from 8 minutes and 2 seconds to 9 minutes and 18 seconds per block. Additionally, the total hash...

After the Covid-19 pandemic, many people believe the implementation of extensive stimulus measures and quantitative easing (QE) policies resulted in an overwhelming surge of inflation that has burdened millions across the globe. While certain individuals attribute this economic turmoil to the actions of central banks, Andrew Bailey, the governor of the Bank of England, firmly asserts that it is the retailers who are guilty of overpricing goods and services, consequently causing distress among countless families in the United Kingdom. Bank of England Boss Andrew Bailey Pulls out the ‘Greedflation’ Accusation From the Bureaucratic Tool Box Although central banks have often been accused of bearing the brunt of responsibility for the economy’s volatile boom and bust cycles, their leaders refuse to shoulder the blame alone. European Central Bank (ECB) president Christine Lagarde, for instance, attributes Europe’s relentless inflation to the impact of climate change . Meanwhile, in an int...