Bitcoin News and Finance: What You Need to Know

Crypto exchange Binance and its founder and CEO Changpeng Zhao (CZ) plan to seek the dismissal of a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). On July 27, the trading platform is due to submit its response to the CFTC complaint alleging that it broke derivatives laws in the United States. Binance, Exchange Executives to Try to Have the CFTC’s Case Dismissed Binance Holdings, the operator of the world’s largest crypto trading platform, Chief Executive Changpeng Zhao and former Chief Compliance Officer Samuel Lim intend to seek the dismissal of a complaint by the U.S. CFTC against the exchange, according to a court filing on Monday quoted by Reuters and Bloomberg. In March of this year, the CFTC sued Binance for alleged violations of U.S. trading and derivatives rules. At the time, the regulator said that at least since July 2019, the exchange had offered and executed commodity derivatives transactions on behalf of U.S. persons. The lawsuit argued that B

A former central banker has explained that three conditions must be met for the Chinese yuan to become a currency on par with the U.S. dollar and the euro. Noting that the yuan is already the third-largest international currency after the USD and the euro, he emphasized that the Chinese currency’s market share and influence are growing. Chinese Yuan vs. U.S. Dollar, Euro Chinese economist Chen Yulu explained at an event Saturday how the yuan could become a global currency on par with the U.S. dollar and the euro, the South China Morning Post reported. The event marked the launch of a report by Renmin University on how China can boost the yuan’s international role. Chen, who was vice governor of the People’s Bank of China (PBOC) from October 2015 to August 2022, is now president of Nankai University. He previously served as president of Renmin University. The former central banker noted that the Chinese yuan has already become the third-largest international currency after the U.S.

The BRICS economic bloc has invited 69 leaders to its upcoming summit, including all African heads of state and the political heads of major Global South bodies. More than 40 countries have expressed interest to join the BRICS group, with 22 nations already having submitted official applications. “We’ve never had such a large outreach,” said South Africa’s diplomat in charge of BRICS relations. 69 Leaders Invited to BRICS Summit The upcoming BRICS summit is expected to be the largest yet, with 69 invitations already sent out, City Press reported. South Africa is hosting this year’s summit, which is scheduled to take place in Johannesburg from Aug. 22 to 24. The BRICS economic bloc comprises Brazil, Russia, China, India, and South Africa. The South African diplomat in charge of BRICS relations, Anil Sooklal, has revealed that all 54 African heads of state and the leaders of major Global South bodies have been invited to the summit. However, Western countries including the U.S., U.K.

An economist has shared her analysis of how a common BRICS currency could compete with the U.S. dollar. “You need foreign exchange reserves and you need the trust of the investment community,” she explained, noting that the only country in the BRICS economic bloc to carry such a reserve currency was China. Economist on Chinese Yuan and Reserve Currency The chief economist of South African financial services firm Nedbank, Nicky Weimar, discussed how a common BRICS currency could challenge the U.S. dollar’s hegemony last week, Independent Online reported. The BRICS group comprises Brazil, Russia, India, China, and South Africa. Noting that the economic bloc seeks to create a reserve currency on par with the U.S. dollar and reduce its dependency on the USD, Weimar emphasized that to achieve this goal: You need foreign exchange reserves and you need the trust of the investment community. The economist explained that the U.S. dollar became the global reserve currency due to the bac

President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other transactions, will enter into force on Aug. 1. President Putin Greenlights Law Introducing Digital Ruble as New Form of Russian Fiat Russian President Vladimir Putin has approved a bill providing the legal basis for the implementation of Russia’s central bank digital currency ( CBDC ), the Tass news agency and other Russian media reported. The new federal law introduces a third, digital form of the national currency, the ruble, after cash and non-cash (bank) money. Putin’s signature opens the door for using the CBDC named “digital ruble” as a means of payment and for other transfers in the Russian Federation. These will be free of charge for citizens while businesses will pay a 0.3% commission on the amount transferred. Transactions with the dig

After the Russian currency touched a year low versus the greenback of nearly 92 units for every dollar, economist Robin Brooks said the ruble has stabilized and may eventually be lifted by rising oil prices. The Institute of International Finance Economist urged G7 countries to consider cutting the Russian oil price cap from $60 to $50. Ruble Down by Over 18% in 2023 According to Robin Brooks, the chief economist at the Institute of International Finance (IIF), the Russian currency — the ruble — has now “stabilized” and is likely to be bolstered by rising oil prices in the coming months. Brooks, a former chief forex strategist at Goldman Sachs, also noted in a tweet that while Russia’s June current was in deficit, G7 countries’ failure to reduce the oil price cap from $60 to $50 per barrel could well give “the ruble a lift.” Russia's Ruble has stabilized. The summer months are always a soft spot for the Ruble – the June current acount was in deficit – but now rising oil prices

PRESS RELEASE. SINGAPORE — TOKEN2049 , Asia’s premier Web3 and crypto conference, has announced its first batch of high-profile title sponsors and headline speakers for its much-anticipated Singapore return. TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands , ahead of the Formula 1 Singapore Grand Prix 2023 race weekend. TOKEN2049 is set to welcome over 10,000 attendees from over 3,500 companies, making it the largest event of its kind this year. With the conference taking place in Singapore once more, this speaks to the enduring importance of Asia as a driver of growth and vibrancy of innovation in the global digital asset ecosystem. Following the resounding success of its record-breaking Singapore 2022 event, TOKEN2049 will feature an expansive programme of over 300 side events and networking opportunities taking place from 11-17 September throughout the city-state. Celebrating the event’s triumphant return to Singapore, Alex Fiskum, Co-Founder of TOK

Jim Rickards, economist and best-selling author, has explained the possible repercussions of issuing a BRICS bloc currency for the dollar. For Rickards, the “bric” (the name he gives to the BRICS currency) will be anchored (but not redeemable or backed) to a weight of gold and will be used for debasing the dollar by propping up commodity prices. Jim Rickards Speculates BRICS Currency Will Be Anchored to a Weight of Gold Jim Rickards, economist and best-selling author, has commented on his vision of a hypothetical BRICS (Brazil, Russia, India, China, and South Africa) bloc currency and how it could be leveraged to devalue the U.S. dollar. To Rickards, the “bric” — the name he gives the BRICS currency — will be anchored to a determined weight in gold, but not backed by it. This is because the BRICS nations will free-ride on top of the gold markets without intervening to manage the bric-dollar peg. This will also allow its price to go up as inflation and devaluation hit the U.S. doll

In a groundbreaking decision earlier this month, the Southern District Court of New York determined that institutional sales of XRP conducted directly by Ripple constitute securities sales. However, intriguingly, XRP sales on secondary markets, specifically crypto exchanges, do not. A verdict that has sparked a ripple, pun intended, in the crypto space, potentially creating waves of disarray for the U.S. Securities and Exchange Commission (SEC). The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com. This legal ruling re-echoes the content of the now-infamous 2018 Hinman speech, a speech that the SEC passionately endeavored to keep out of the Ripple case’s evidentiary repertoire. This is the same speech whose author, Hinman, was meticulously wiped off the SEC’s official website in June 2023, much to the bemusement and consternation of the crypto community. The echo from Hinman’s 2018 address rings louder in the SEC’s now empty corridors.

As quoted by Ennahar TV, Algerian president Abdelmadjid Tebboune has signaled that Algeria — Africa’s largest nation — is eager to align itself with the BRICS coalition. He conveyed that this significant alignment with the five major emerging economies could potentially unlock unprecedented economic prospects for all the nations. Algeria Sets Sights on BRICS In anticipation of the forthcoming BRICS Summit, there might be less emphasis on the oft-debated BRICS reserve currency, yet over 40 nations exhibit a keen interest in becoming part of this influential bloc. Ambassador Anil Sooklal, South Africa’s envoy to BRICS, subtly hinted at an imminent expansion of the group this year. According to a Reuters report via Ennahar TV, Algerian president Abdelmadjid Tebboune has announced that Algeria has officially sought to join the BRICS group, currently made up of Brazil, Russia, India, China, and South Africa. “We officially applied to join the BRICS group, we sent a letter asking to

A new player has emerged in the constantly evolving cryptocurrency market: Telegram bot coins. These crypto assets, used within Telegram’s ecosystem, are leveraged to facilitate automated trades for users on decentralized exchange (dex) platforms. These distinctive crypto assets have turned into a growing economy worth $138 million. Telegram Bot Coins Enter the Crypto Marketplace The evolution of the cryptocurrency landscape is a spectacle, consistently enriched by an array of inventive projects. Notably, Telegram bot coins have created interest among crypto investors. They are a type of cryptocurrency used within the Telegram ecosystem, serving as automated programs that facilitate trades for users on decentralized exchanges (dexs) and can implement yield farming strategies. Fundamentally, these coins empower users by facilitating token trades through Telegram, all in an uncomplicated, chat-like environment. The leading Telegram bot coin in terms of market valuation today is uni

Moscow expects the number of leaders participating in the 2024 BRICS summit to be greater than five, according to a high-ranking Russian diplomat. The statement comes as the five-member organization prepares to discuss its enlargement at its meeting at the top this year, with dozens of nations showing interest or formally applying to join it. Russia Signals Openness to Accepting New Members in the BRICS Bloc The Russian government believes the number of participants in the next year’s BRICS summit will not be limited to the current five members, Russia’s Deputy Foreign Minister Sergey Ryabkov was quoted as saying by the Tass news agency. In 2024, Russia will chair the BRICS group of developing economies (Brazil, Russia, India, China, and South Africa) and host its highest level forum in Kazan, the capital city of its Republic of Tatarstan, Ryabkov reminded. Speaking to reports he elaborated: Let’s see what the coming months will bring in terms of defining the parameters of BRICS

PRESS RELEASE. LBank Labs is delighted to announce its collaboration with the Seoul Metropolitan Government in hosting the highly anticipated Seoul Web3 Festival 2023 (SWF 2023) in late July. With the participation of prominent figures from the blockchain and Web3 industry, the event promises to be a momentous occasion for numerous Web3 companies to converge, fostering an environment of knowledge exchange, synergy creation, and the exploration of groundbreaking ideas. Notably, the esteemed presence of Seoul Mayor Oh Se-hoon and the Digital Chief further underscores their commitment to supporting the immense potential of the Web3 industry. Under the auspices of the Seoul Metropolitan Government, the Seoul Web3 Festival 2023 will feature a diverse range of experiences and opportunities for its participants. The event lineup will encompass an exciting hackathon, a startup demo day, a networking party, an NFT exhibition, and an insightful forum, providing attendees with a holistic and e

Worldcoin, the decentralized ID and wallet protocol, has migrated its operations to Optimism, an Ethereum L2 scaling layer. With this move, Worldcoin aims to prepare for its future launch, taking advantage of the scalability features that its deployment on Optimism brings, including migrating user accounts and bringing Uniswap support to the World App. Worldcoin Migrates Protocol to Optimism Mainnet Worldcoin, the biometric decentralized identity and wallet protocol, has announced it has completed the migration process to switch its operations from Polygon to Optimism, an Ethereum L2 scaling layer. In February, the protocol decided to migrate its World App and World ID apps to Optimism, stating it was “committed to realizing a scalable, inclusive future that unlocks the full potential of crypto and furthers the evolution of identity on the blockchain.” This migration comprehends the creation of bridges for the World ID protocol from Ethereum to Polygon and Optimism. Also, most

Mark Cuban, a Shark Tank star and owner of the NBA team Dallas Mavericks, has weighed in on the U.S. Securities and Exchange Commission (SEC) v. Ripple case regarding XRP . “The current mission of the SEC is not to protect small investors,” the billionaire asserted. “Their goal is to litigate. And litigate more. And litigate more.” Mark Cuban Weighs in on SEC v. Ripple Case Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has shared his thoughts on Twitter concerning the U.S. Securities and Exchange Commission (SEC) v. Ripple case regarding XRP . Commenting on the SEC’s filing in the lawsuit against Terraform Labs and co-founder Do Kwon, where the regulator alleged that the Ripple ruling was “ wrongly decided ,” Cuban criticized the securities watchdog for referring to “every buyer as an investor in their filing.” The billionaire argued: That’s not the case and Ripple made that clear. Securities have one purpose, to be a security. For a defi or CEX buye

A lawyer has provided insights into the potential outcomes if the U.S. Securities and Exchange Commission (SEC) decides to appeal the Ripple ruling regarding XRP . Despite the securities regulator’s indication to appeal the ruling, the lawyer emphasized that “There isn’t an immediate right to an appeal.” He pointed out that if the case is appealed, it will take two years before a decision is issued by an appellate court. Lawyer Discusses SEC Appeal of Ripple Ruling Following the recent ruling in the U.S. Securities and Exchange Commission (SEC) v. Ripple case concerning XRP , speculations arise that the securities regulator might appeal the decision made by District Judge Analisa Torres. John E. Deaton, a well-known lawyer in the XRP community, has provided his analysis and insights regarding the potential outcomes of the SEC’s appeal. An “appeal is not even close to be a setback” for XRP , he tweeted on Saturday, elaborating: It will be two years from now before a decision is

With just a four-day window to go, the U.S. Federal Reserve appears primed to raise the federal funds rate by 25-basis-points (bps) at the forthcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday. The market presently maintains the conviction that this quarter-point uptick is inevitable, and a group of 106 economists, according to a poll conducted by Reuters, are of the view that this will signify the concluding escalation of the ongoing tightening cycle. Former Fed Chair Ben Bernanke and Polled Economists Echo Anticipation of Final Federal Rate Hike This Wednesday, all eyes are on the U.S. central bank as it stands on the threshold of a potential 25bps boost to the pivotal bank rate, pushing it to hover within the 5.25%-5.50% spectrum. The market has preemptively accepted the likelihood of this quarter-point advancement. To illustrate, data from CME Group’s Fedwatch tool as of Saturday, July 22, 2023, signals a near-certain 99.2% probability of this 25bps e

Financial megalith Blackrock’s bitcoin exchange-traded fund (ETF) application has now been accepted by the U.S. Securities and Exchange Commission, and added to the regulator’s docket. In related news, a former official from the SEC has said the recent ruling on XRP from the SEC v. Ripple case “resides on shaky ground” and is likely to be reversed. This and much more just below, in the latest Bitcoin.com News Week in Review. SEC Accepts Blackrock’s Bitcoin ETF Application The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products. Read More Nobel Laureate Paul Krugman Says US Dollar Dominance Won’t Last Forever but Doubts Chinese Yuan Can Replace USD Nobel Prize-winning economist Paul Krugman says the U.S. dollar’s domin

Copy trading has disrupted the crypto industry and is increasingly the trading strategy preferred by less experienced traders says Gracy Chen, managing director of the crypto trading platform Bitget. While copy trading is gaining popularity globally, traders and prospective users from Africa appear more interested in the strategy than those from other regions. Africa-Based Users More Interested in Copy Trading According to Gracy Chen, the managing director of the crypto derivatives and copy trading platform Bitget, copying trading is a trading strategy which has not only “disrupted the crypto industry” but has become increasingly more popular with novice traders. She added that for some cases, copy trading has proven to be an effective strategy during the so-called “crypto winter.” To support such assertions about this portfolio management strategy, Chen made reference to a report highlighting the “300% growth in copy trading adoption in the last 24 months.” As the report (which r

Artificial intelligence (AI) research lab Openai announced it’s launching an Android version of its Chatgpt chatbot. The application, which will be available for download next week, comes after recent updates of Google’s Bard and a report revealing that Apple is working on its own chatbot service. Android Users to Have Chatgpt in Their Pockets, Openai Says Microsoft-funded AI developer Openai is releasing an Android app for its chatbot powered by artificial intelligence technology, Chatgpt. It will be rolling out to users next week, the company said, but can be pre-ordered in the Google Play Store since Friday. Announcing ChatGPT for Android! The app will be rolling out to users next week, and you can pre-order in the Google Play Store starting today: https://t.co/NfBDYZR5GI — OpenAI (@OpenAI) July 21, 2023 With the application, people with Android phones will have Chatgpt in their pockets, the company added, promising them its latest advancements. The app will be free and all