Bitcoin News and Finance: What You Need to Know

Economy Minister Marcelo Montenegro acknowledged that the Bolivian Central Bank is harnessing the Chinese yuan in its commercial settlements. The switch to using the Chinese currency has to do with the dollar scarcity that the country is facing, having to approve a law to sell part of its gold reserves for U.S. dollars. Bolivian Central Bank Settling International Transactions Using the Chinese Yuan The Bolivian Central Bank is carrying out settlements using the Chinese yuan in some of its international transactions. In a recent press conference, Economy Minister Marcelo Montenegro stated that the bank was already transacting using yuan, even without having Chinese banks in Bolivia. However, Montenegro also explained that having a branch of a Chinese bank in the country would accelerate the adoption process of the currency in such transactions. He stated : It is clear that sometimes it is not necessary to have a bank to carry out operations, but obviously having a Chinese bank or...

Palau, an insular nation in the Philippines Sea, has partnered with Ripple, announcing a limited pilot for its own U.S. dollar-pegged stablecoin issued using XRP technology. According to Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, the test started about three weeks ago to validate the design of the stablecoin system. Palau and Ripple Announce Test Pilot of U.S. Dollar-Pegged Stablecoin Palau, a country comprising more than 300 individual islands, is testing a U.S. dollar-pegged stablecoin on top of the Ripple network. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, stated that the pilot started in March and that the project has been distributing Palau’s Stablecoin (PSC) for three weeks. Hunter Anson was the first to make a purchase using PSC, dubbed the “kluk,” purchasing a Micronesian breakfast at a collaborating vendor on July 13. He explained that PSC was “a prototype digitization of the U.S. dolla...

Economist Peter Schiff has warned that the Federal Reserve is wrong about its recession outlook, advising everyone to get out of the U.S. dollar. He stressed that the U.S. currency is being destroyed, emphasizing that it is losing purchasing power. “Rather than fighting inflation, the Fed fueled the fire,” Schiff claimed. Peter Schiff Warns U.S. Dollar Is Being Destroyed Economist and gold bug Peter Schiff issued multiple warnings on Wednesday following the Federal Reserve’s announcement of a 25 basis point interest rate hike. Responding to Fed Chair Jerome Powell’s statement that the Fed is no longer forecasting a recession for the U.S. economy, Schiff said on Fox Business Wednesday: The Fed is wrong on its recession outlook. We’re going to have a recession. In fact, it’s going to be a severe one … Inflation is going to get worse, not better. “The real rate of inflation, regardless of how the government wants to misreport it … is higher than five percent,” the economist ins...

Rich Dad Poor Dad author Robert Kiyosaki has reiterated his warning about the impending demise of the U.S. dollar as the BRICS summit approaches. The famous author anticipates the launch of a new currency by the economic bloc and the de-dollarization efforts of around 41 nations seeking to join the BRICS group. Robert Kiyosaki on BRICS Currency, De-Dollarization, and End of US Dollar The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about the end of 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. Kiyosaki tweeted Wednesday that on Aug. 22, about 41 nations will meet in South Africa to de-dollarize the world. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a new currency called “bric,” noting tha...

According to a statement published by the South Korean Financial Services Commission (FSC), the entity’s Korea Financial Intelligence Unit held a meeting with virtual asset service providers (VASPs) in order to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax have created compliance systems to monitor illegal activity. South Korean VASPs Urged to Bolster Regulatory Compliance Standards In an aggressive stand against proliferating unlawful activities in the digital currency market, South Korean authorities announced their commitment to bolstering the compliance efforts of virtual asset service providers, while adequate legislation is debated. The FSC’s Korea Financial Intelligence Unit, a government agency with the express mandate of combating financial crimes, convened a meeting to discuss strengthening compliance with virtual asset service providers (VASPs). The head of the intelligence unit,...

Bitcoin edged closer to the $30,000 level on Thursday, as markets reacted to the Federal Reserve’s decision to hike interest rates. The Fed increased rates by 25 basis points, and have hinted that they could make an additional move in September. Ethereum neared the $1,900 level today. Bitcoin Bitcoin ( BTC ) remained in the green on Thursday, as markets reacted to the latest Federal Reserve interest rate decision. After deciding on a 0.25% hike, Fed Chair Jerome Powell stated that “It is certainly possible that we would raise funds again at the September meeting if the data warranted.” BTC /USD surged to an intraday high of $29,675.55 on Wednesday, following an earlier low of $29,162.46. The move began after the relative strength index (RSI) bounced from a floor at 42.00. It is now hovering around a ceiling at 47.00. The exact reading is at 46.65, which has prompted some earlier bulls to abandon previous positions, and secure profits instead. Traders are likely waiting for the ...

Cryptocurrency exchange Binance will start offering full services in Japan next month, founder Changpeng Zhao (CZ) announced. The leading trading venue for digital assets reenters the Japanese market with a domestic exchange after announcing earlier it was discontinuing services through its global platform. Binance Returns to Japan, Praises Its Web3 Regulatory Framework The world’s largest crypto exchange by daily trading volume, Binance, will provide full services on its new platform in Japan starting from August, its founder and CEO Changpeng Zhao revealed in a virtual address to the participants in the Webx conference in Tokyo on Tuesday. CZ: Japan is a flagship leader for Web3 regulatory environments. Earlier today, @cz_binance virtually addressed the WebX conference in Japan, recognising the country’s clear approach towards the industry. pic.twitter.com/TeLRUaH5Hy — Binance (@binance) July 25, 2023 The crypto giant bought the Japan-regulated Sakura Exchange Bitcoin (SE...

Momint, a Web3 marketplace app, has said South African residents can now use cryptocurrency to purchase shopping vouchers which are accepted by over 10,000 retailers. The Momint app can also be used to send cross-border remittances at a fraction of the fees charged by regular money transfer companies. Vouchers Accepted by Popular Businesses Momint, a Web3 marketplace, has launched a blockchain wallet which allows South African residents to purchase a shopping voucher with cryptocurrency, a report has said. Holders of the voucher can make payments at over 10,000 retail outlets across the African country. According to a Mybroadband report , South Africa’s retail giants such as Checkers, Woolworths, Engen, and Takealot are some of the outlets that accept the Momint vouchers. The report added that the voucher is also accepted at some 5,000 international retailers. In comments following the announcement, Momint CEO Ahren Posthumus also revealed that South Africans outside the formal e...

During a Twitter Spaces event on Wednesday, Robert F. Kennedy Jr., a Democratic U.S. presidential contender, revealed that he acquired 14 bitcoin for his children. This announcement comes on the heels of financial documents filed on June 30, 2023, which indicated his ownership of the leading cryptocurrency. Bitcoin Supporter Robert Kennedy Jr Purchases 14 Bitcoin for His Kids On July 26, 2023, Robert F. Kennedy Jr. joined Scott Melker, also known as the Wolf of All Streets, in a Twitter Spaces gathering. An avid bitcoin (BTC) supporter, Kennedy recently revealed a proposal to back the U.S. dollar with bitcoin while speaking at a Heal-the-Divide event if elected president. Kennedy confirmed his bitcoin ownership during Wednesday’s Twitter Spaces discussion with Melker, following reports that surfaced in early July about his cryptocurrency holdings. “Right after the Bitcoin Conference, I decided to put my money where my mouth is and bought two bitcoin for each of my seven childre...

A lawyer has outlined four potential next steps that the U.S. Securities and Exchange Commission (SEC) could take following the ruling on the Ripple case regarding XRP . “I expect the SEC to file a request for interlocutory appeal within the next 2 weeks,” he opined, asserting that it would be in the best interests of Ripple and the XRP community for the SEC to start the appeal process now. 4 Options SEC Could Take Next in Ripple Case Lawyer James Murphy outlined in a series of tweets on Tuesday four options the U.S. Securities and Exchange Commission (SEC) could take in the Ripple case following the ruling by District Judge Analisa Torres regarding XRP . The SEC has indicated that it will appeal the court decision. “There’s a lot of debate about what the SEC will do next in the Ripple case. I believe there are at least 4 options under consideration,” he began, stating that the first option is for the SEC to file a “request for interlocutory appeal .” The lawyer, whose practice...

The White House has affirmed that U.S. policy does not ask partners to choose between the U.S. and other countries, including the BRICS nations. “The U.S. does not want to limit countries’ partnership with other countries,” said Press Secretary Karine Jean-Pierre. More than 40 countries have expressed interest in joining the BRICS group, and around 70 leaders have been invited to the economic bloc’s summit in August. White House on US Partners’ Interest in Joining BRICS While House Press Secretary Karine Jean-Pierre was asked in a press briefing on Monday about U.S. partners seeking membership in the BRICS economic bloc. The BRICS group comprises Brazil, Russia, India, China, and South Africa. “Algeria and Egypt, which are two partners of the U.S. … have applied to join BRICS … and represents kind of a non-alignment force that stands against, kind of, Western hegemony. So how do you feel about this development? Do you welcome this?” she was asked. Noting that countries should “spe...

According to a press release published July 25, 2023, Auradine, a new competitor in the blockchain infrastructure sector, is entering the application-specific integrated circuit (ASIC) bitcoin mining industry with a line of bitcoin mining rigs known as the Teraflux series. Auradine’s new machines boast hashrates between 185 terahash per second (TH/s) and 270 TH/s. Auradine Introduces Teraflux Bitcoin Miners Auradine , a firm launched in 2022, recently emerged from stealth mode, revealing it raised $81 million in a Series A funding round in mid-May 2023. Celesta Capital and Mayfield led the funding round, with other participants including Marathon Digital Holdings, Cota Capital, DCVC and Stanford University. On Tuesday, the company announced a new line of miners, the Teraflux line, which are application-specific integrated circuit mining rigs designed and manufactured in the United States. Additionally, Auradine’s announcement on Monday revealed that the machines use a 4-nanometer...

In a recent article, Vladimir Putin, President of the Russian Federation, outlined his thoughts about the emergence of a new multipolar world order. Putin explained this new configuration will allow different regions, including Africa, the Middle East, and Latam, to assume their roles in a new “more just and democratic” world order. Russian President Vladimir Putin Predicts Emergence of New ‘More Just and Democratic’ World Order Vladimir Putin, President of the Russian Federation, has described the emergence of a new multipolar world order that will allow regions like Africa, the Middle East, and Latam to develop their true potential. In a recent article titled “Russia and Africa: Joining Efforts for Peace, Progress and a Successful Future,” Putin referred to the rise of these new “centers of economic and political power and influence,” which demand acknowledgment. Putin stated : We are sure that a new multipolar world order, the contours of which can already be seen, will be mo...

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...