Bitcoin News and Finance: What You Need to Know

Iran has ramped up its efforts to become a member of the BRICS group ahead of the economic bloc’s summit. The Iranian deputy foreign minister for economic diplomacy revealed that Iran is actively pursuing opportunities to strengthen its economic ties with BRICS members, noting that it has already established strong relationships with China, Russia, and India. Iran Sees No Obstacles to Join BRICS Mehdi Safari, Iran’s deputy foreign minister for economic diplomacy, said in an interview on Saturday that Iran’s membership in the BRICS economic group has faced no obstacles, Tasmin News Agency reported. Noting that Iran has officially requested to join the BRICS bloc , Safari detailed: We are making efforts so that the members of the economic group, including Brazil, Russia, India, China, and South Africa, will accept Iran’s membership. The Iranian foreign minister and the secretary of Iran’s Supreme National Security Council (SNSC) recently attended BRICS meetings. Safari further di...

The U.S. House Financial Services Committee has passed four crypto bills. “Congress is asserting its authority to design a regulatory framework, rather than allowing overzealous federal agencies to fill the gap with enforcement actions,” said the CEO of Blockchain Association. US House Committee Advances 4 Crypto Bills The U.S. House Financial Services Committee passed four digital asset bills last week. Following the passing of the bills, Kristin Smith, CEO of Blockchain Association, tweeted Friday: “This is a result of a coordinated effort to educate + support crypto’s Congressional champions.” The executive continued: This week was a milestone for the American crypto industry, and for the promise of real progress on the path toward a workable regulatory framework in the U.S. The four bills are the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. T...

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) and former U.S. Representative Ron Paul agree that America does not have a free market. Referencing RFK Jr. stating that America has “a crony corporatist system,” Paul stressed: “He’s right!” RFK Jr. and Ron Paul on Free Market Former U.S. Representative Ron Paul has expressed his agreement with U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.), who recently said that America does not have a free market. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. Paul, an American author, physician, and retired politician, served as a U.S. representative and made three attempts to become the president of the United States. In 2015, he founded the Ron Paul Liberty Report, a platform dedicated to offering insightful opinions and analysis on contemporary issues affecting our lives and finances. Paul tweeted Saturday: “RFK Jr. recently pointed ou...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that more banks in the U.S. will fail as the Federal Reserve continues to hike interest rates. He stressed: “It will break down in the regional banks, which support 60% of the economy … We’ve started to see the cracks.” Kevin O’Leary Foresees More Bank Failures Shark Tank star Kevin O’Leary, chairman of O’Shares Investments and O’Leary Ventures, has predicted that more banks in the U.S. will fail as the Federal Reserve continues to raise interest rates. Sharing his prediction in an interview with CNBC on Thursday after the Fed announced its latest interest rate hike , O’Leary stressed: “You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.” Mr. Wonderful opined: I am just predicting — and I am very cautious on this — it will break down in the regional banks, which supports 60% of the economy. The Shark Tank st...

PRESS RELEASE. Tallinn, July 31 – Gofaizen and Sherle, the leading Estonian crypto and fintech consultancy, proudly announces the launch of its latest product in El Salvador. The innovative service offers crypto companies and startup owners worldwide a comprehensive and streamlined solution for obtaining a crypto license in El Salvador . The newly introduced service features three distinct packages tailored to meet the varying needs of businesses – Basic, Fully Operational, and Complete. The Basic package encompasses turnkey company formation, essential corporate documents, AML/KYC policies, and a coveted crypto license. The Fully Operational package further includes additional benefits like personalized KYC and AML policies, assistance in bank account opening, and the crucial service of searching and employing a dedicated compliance officer. For those seeking a comprehensive package, the Complete option includes all the services offered in the Basic and Fully Operational packages,...

A new report by McKinsey & Company suggests generative artificial intelligence (AI) technologies could boost global economic output by trillions of dollars annually. The study, titled “The Economic Potential of Generative AI” and published June 14, 2023, analyzes the impact AI tools like Chatgpt could have across sectors. McKinsey & Company Study: ‘Generative AI Is Poised to Unleash the Next Wave of Productivity’ The consulting firm McKinsey & Company estimates generative AI could add $2.6 to $4.4 trillion in global value per year by enhancing productivity across 63 different use cases. This would increase AI’s overall contribution to the economy 15-40% above previous projections that did not account for advances like natural language processing. The study emphasizes that industries ranging from banking to pharmaceuticals are poised to reap the most rewards in terms of revenue share. The report cautions that realizing the full potential requires adapting business pract...

NFTs represent unique and indivisible items, backed by blockchain technology, certifying their originality, scarcity, and authenticity. Whether it’s digital art, music, videos, virtual real estate, or collectible items, NFTs have become a powerful tool for artists, creators, collectors, and investors alike, unlocking new opportunities and experiences in the digital space. In the dynamic and ever-evolving world of cryptocurrency and NFTs, a groundbreaking project is on the rise, captivating the attention of cabaret club enthusiasts and investors alike. Introducing marumaruNFT, the one-of-a-kind NFT marketplace tailored exclusively for cabaret club hostess and hosts. With its unique approach, marumaruNFT aims to reshape the cabaret industry, open new revenue streams, and create a dynamic ecosystem for its users. Japan – In an exciting announcement, the marumaruNFT team revealed their innovative platform set to launch in August. This groundbreaking marketplace will enable cabaret clubs...

An industry organization in Japan has suggested that the government should reform taxation rules for crypto assets and transactions. Its members are convinced that the current tax regulations hinder growth of the Web3 economy in the country and discourage taxpayers from holding and using cryptocurrencies. Japan Government Asked to Amend Tax Laws for Crypto Gains and Transactions The Japan Blockchain Association (JBA) has submitted a request to the government in Tokyo to revise the taxation regime for virtual currencies. The organization led by co-founder and CEO of Japanese crypto exchange Bitflyer, Yuzo Kano, insists that the proposed changes would allow more domestic companies to enter the Web3 sector. The JBA is calling for a review of the taxation system for crypto assets, which it says is hindering the growth of the Web3 business in Japan, as well as for the development of an environment in which citizens can own and use digital assets, the Japanese crypto news outlet Coinpos...

According to Cato Institute experts, full dollarization of the Argentine economy helps to protect “ordinary people’s purchasing power” from corrupt politicians and “often subservient—or simply incompetent—central bankers.” The experts said the loss of seigniorage should be seen as “an infinitesimal price to pay for the advantages of dollarization.” Fighting Inflation With Dollarization Argentina should consider dollarizing its economy because this “protects ordinary people’s purchasing power” from corrupt politicians and “often subservient—or simply incompetent—central bankers,” authors of the latest Cato Institute blog post . The authors, Daniel Raisbeck, a policy analyst and the research associate Gabriela Calderon de Burgos, argue that only full dollarization can help Argentina control inflation which currently hovers above 100%. To support their argument, the two experts point to the inflation rates in South America’s three fully dollarized countries which are namely Panama, Ec...

A covert cryptocurrency mining operation, suspected of electricity theft, was uncovered in a Marina Square shophouse in Miri, Malaysia. Representatives from the Sarawak police and Sarawak Energy plant revealed that the successful operation was made possible by a tip-off from the public. Malaysia’s Sarawak Energy and Police Uncover Illegal Crypto Mining Camp in Miri The state utility company, Sarawak Energy, and the local police department announced the dismantling of an alleged unauthorized crypto mining camp set up in Miri, Sarawak, Malaysia. Authorities captured roughly 34 application-specific integrated circuit (ASIC) miners and their associated connections. “All the equipment used for the mining operation, including the direct tapping cables and servers, were seized. A police report has been lodged and an investigation is currently underway,” Sarawak Energy stated. Compared to other global regions, electricity rates in Malaysia are relatively low. As such, Sarawak Energy repo...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina is likely to settle part of a payment to the International Monetary Fund (IMF) using the Chinese yuan, Bolivia is already making payments using the Chinese yuan, and Sazmining announced the launch of mining operations in Paraguay. Argentina to Complete IMF Payments With Chinese Yuan The government of Argentina will complete part of a disbursement to the International Monetary Fund (IMF) using the Chinese yuan. According to sources linked to Economy Minister Sergio Massa, the $3.4 billion that must be settled this July will be made using “CAF funds, with yuan, and other sources of financing.” The Argentine government recently obtained a “bridge loan” from the CAF (the Latam Development Bank) of $1 billion, effectively getting indebted to pay for its outstanding debt with the IMF. If completed, this would not be the first time that Argenti...

Two masterminds of the Telecoin cryptocurrency scam will each serve more than six years in jail after a court in the United Kingdom found them guilty of fraud. According to Lee Parish, the detective chief inspector, the duo used the allure of crypto investment to dupe prospective investors. Fraudulent Sale of Shares A court in the United Kingdom has convicted and jailed masterminds of the Telecoin cryptocurrency scam Ross Jay and Michael Freckleton to more than six years in prison each. In sentencing the duo, the Southwark Crown Court said Jay and Freckleton had orchestrated a fraudulent sale of shares and used the proceeds for personal gain. According to a statement on the City of London Police website, the duo perpetrated the scam between 2015 and 2017. During this period, the two scammers successfully convinced their victims to deposit a little over $650,000 into a bank account which they controlled via their company Digi Ex. Commenting on how Jay and Freckleton were able to d...

Kyrgyzstan intends to build a new facility for cryptocurrency mining at one of the country’s hydroelectric stations. The project aims to minimize the power plant’s electricity losses by utilizing its full generating capacity that currently exceeds that of the transmission network. Kyrgyzstan to Power Crypto Mining Hardware With Surplus Green Energy President of Kyrgyzstan, Sadyr Japarov, told local media this week he had approved the construction of a mining farm digital assets with a planned capacity of up to 30 MW at the site of the country’s Kambar-Ata hydroelectric power plant (HPP). The building of the coin mining facility will require $20 million and the funds will be provided by an investor, Kyrgyzstan’s head of state added, speaking to the Kabar news agency. All processes will be automated and controlled by power engineers, Japarov noted. The president also stated that the Kambar-Ata HPP has been in operation since 2010. It’s capable of producing 120 MW of electricity but...

Representatives Gus Bilirakis and Jan Schakowsky, part of the House Innovation, Data, and Commerce Subcommittee, have sent a letter to Apple requiring information and documents regarding Apple’s iOS Appstore policies on blockchain, non-fungible tokens (NFTs), and distributed ledger technologies. The representatives believe Apple’s policies might “limit innovation and American technology leadership” in these areas. Bilirakis and Schakowsky Inquire About Apple’s Blockchain Policies Representatives Gus Bilirakis and Jan Schakowsky have sent a letter to Tim Cook, CEO of Apple, requiring information about the rules on the iOS App Store regarding emergent technologies such as blockchain, non-fungible tokens (NFTs), and other distributed ledger technologies. In the letter , they express their concern about Apple’s walled garden policies’ effect on the development of apps using these tools, which might hurt innovation from American companies in this area. Furthermore, they also state Apple...

Heartland Tri-State Bank has become the latest bank in the U.S. to fail. The Kansas banking regulator closed the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver on Friday. Regulator Shuts Down Heartland Tri-State Bank A regional bank in the U.S., Heartland Tri-State Bank, was closed by the Kansas Office of the State Bank Commissioner on Friday. The regulator subsequently named the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC announced: To protect depositors, the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas, to assume all of the deposits of Heartland Tri-State Bank. The FDIC explained that Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits as of March 31. In addition to assuming all of the failed bank deposits, Dream First Bank, National Association, “agreed to purchase essentially all of th...

PRESS RELEASE. SINGAPORE — 30 July 2023 — TOKEN2049 , Asia’s premier Web3 and crypto conference, announced a slate of prolific title sponsors and headline speakers for its upcoming Singapore edition. With just 50 days to go in the countdown, TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands , ahead of the Formula 1 Singapore Grand Prix 2023 race weekend. Heralding a record-breaking repertoire of over 300 exhibitors, TOKEN2049 is set to welcome over 10,000 attendees with over 80 percent coming from overseas, making it the industry’s largest international gathering of the year. Congregating key business leaders from traditional finance and big tech to crypto-native entrepreneurs and builders as well as policy-makers, TOKEN2049 continues to cement its world-class status as the global premier Web3 event. Panels, keynotes, and fireside chats at this year’s TOKEN2049 will address a myriad of topics including the changing global regulatory landscape, the converg...

Russia’s deputy prime minister has stated that the topic of a common BRICS currency may still be on the table at the economic bloc’s upcoming leaders’ summit. A total of 69 leaders, including all African heads of state, have already been invited to the August summit where de-dollarization will be among the key topics discussed. Russian Official on BRICS Currency Russian Deputy Prime Minister Alexei Overchuk stated in an interview with Russian news outlet Tass on the sidelines of the second Russia-Africa summit this week that the issue of creating a basket of BRICS currencies may be raised at the economic bloc’s upcoming summit that will take place from Aug. 22-24. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The Russian official was quoted as saying: The BRICS leaders will hold a meeting soon where they may touch upon the settlement system issue. Perhaps, the idea of creating a basket of currencies based on a certain payment unit will also be discuss...

The U.S. House Committee on Financial Services has passed the Keep Your Coins Act of 2023 to protect the self-custody of crypto. “Those attacking self-custody oppose individual freedom. They want someone they control to control your assets,” said Congressman Warren Davidson who introduced the bill. Keep Your Coins Act of 2023 Advances The U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841) on Thursday. The bill, sponsored by Rep. Warren Davidson (R-OH), “would ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets,” ⁦the committee described. Congressman Davidson tweeted Friday: Last night, U.S. House Committee on Financial Services⁩ passed my bill to protect self-custody. Those attacking self-custody oppose individual freedom. They want someone they control to control your assets. Defend Freedom. Keep Your Coins Act of 2023 prohibits federal agencies “from restricting the use of convertible...

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has called crypto “a highly speculative asset class” and a field that is “ rife with fraud.” He stressed that there are far too many bad actors in crypto, noting that crypto platforms often commingle funds and trade against their customers. Gary Gensler Says Crypto Field Rife With Fraud The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, slammed crypto in an interview with Bloomberg on Thursday. “In this field of crypto investing, a lot of investors should be aware it’s not only a highly speculative asset class, it’s also one that they currently should not assume that they are getting the protections of the securities law, even though the securities laws apply to many of those tokens without prejudging anyone. But, you as investors are not getting the full, fair, and truthful disclosure,” the SEC chair cautioned. Gensler added: The platforms, the intermediaries are doing things that we...

BRICS member states India and Brazil stand in the way of China’s bid to quickly expand the bloc, unveiled a media report. The two nations have different reasons to have reservations about Beijing’s plan to soon increase the organization’s geopolitical influence while they both seem to want to slow down the enlargement, sources have indicated. India and Brazil Push Back Against China’s Attempt to Expand BRICS, Officials Say Officials familiar with the discussions on the future composition of the BRICS bloc of developing economies have revealed that India and Brazil are pushing back against a Chinese bid to rapidly expand the group, which currently also includes Russia and South Africa. According to a report by Bloomberg, New Delhi and Brasília have raised their objections in preparatory talks for the organization’s upcoming summit in Johannesburg. During the forum on Aug. 22 – 24, the five nations will discuss the induction of new members. China has repeatedly lobbied for expansion...