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Coinbase Launches in Canada — Executive Says Canada ‘Well Positioned’ to Be a Global Leader in Crypto Economy

Nasdaq-listed crypto exchange Coinbase has officially launched in Canada with new offerings to “make cryptocurrencies more accessible to millions of Canadians.” A Coinbase executive stated: “Canada is well positioned to be a global leader in the cryptoeconomy.” Coinbase Officially Launches in Canada Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced its “official launch in Canada” with a series of new offerings on Monday. Coinbase CEO Brian Armstrong tweeted announcing the launch, stating that his company’s Canadian operation has new leadership, new payment rails, new regulatory milestones, and 200 local employees. “Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth,” he described. Coinbase is launching in Canada today! New leadership, new payment rails, new regulatory milestones, and 200 local employees. Smart countries are embracing this technology (and creating regulatory clarit...

Nobel Laureate Paul Krugman: Alien Invasion Is Inflationary, Government Should Claim Imminent Alien Attack

Nobel Prize-winning economist Paul Krugman believes that an alien invasion would be inflationary, not deflationary. He reiterated that “the government should lie and claim that we were facing an imminent alien invasion.” He added: “If there is intelligent life out there, it’s almost surely thousands or millions of years ahead of us.” Paul Krugman on Alien Invasions Nobel laureate Paul Krugman discussed a variety of topics, including alien invasions and the U.S. economy, on Bloomberg’s Odd Lots podcast, published Friday. Krugman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity. He was asked: “Do you think there could be life elsewhere in the galaxy?” The economist replied: “I would think that it’s extremely unlikely that there isn’t.” Krugman was also asked: “Would an alien invasion be deflationary or inflationary?” The Nobel laureate replied: I think that we can say it prett...

Robert Kiyosaki Recommends Buying Silver Before It’s Gone

Rich Dad Poor Dad author Robert Kiyosaki has urged investors to buy silver before it’s gone, noting that the precious metal is getting rarer. He stressed that silver is “a better bargain” as a long-term investment than gold. Robert Kiyosaki Urges Investors to Buy Silver The author of Rich Dad Poor Dad, Robert Kiyosaki, has urged investors to buy silver before it’s gone, noting that the precious metal is becoming rarer. 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 Monday that he considers both gold and silver God’s money. However, the author pointed out that gold is multiple times more expensive than silver, noting that the latter, being an industrial precious metal, is becoming rarer due to its usage. Kiyosaki expressed his belief that silver is a better bar...

Bitmain to Reveal Groundbreaking Antminer S21 at 2023 World Digital Mining Summit

Reports have surfaced that Bitmain, the well known mining rig manufacturer, intends to unveil a cutting-edge bitcoin ( BTC ) miner at the 2023 World Digital Mining Summit (WDMS) in Hong Kong this coming September. The device, christened the Antminer S21, is being hailed by Bitmain as the market’s most proficient machine, marking a pivotal shift in the industry into the 1X joules per terahash (J/T) era. Antminer S21: Bitmain’s Next-Gen Bitcoin Miner to Debut at Hong Kong’s WDMS 2023 The impending launch of this new mining rig has been detailed in a report by Weixin, which highlights that the device will be revealed at the 2023 WDMS in Hong Kong from September 22 to 23, 2023. The Antminer S21, whose existence was also confirmed by local Chinese crypto reporter Colin “Wu Blockchain,” is poised to take center stage. “Bitmain announced that it will hold the Summit in Hong Kong from September 22 to 23, 2023 and release the latest Antminer S21 bitcoin mining machine,” proclaimed the rep...

WPAY: Revolutionizing P2P Payments Through Cryptographic Proof

PRESS RELEASE. The global financial system has undergone multiple changes throughout its lifetime. First, with the introduction of the gold standard, then with advancements in banking communications, digitized international trade and investment, and remittances. All of these inventions have made the world economy more efficient. In recent years, this trend hasn’t stopped. World-leading entrepreneurs still continue to release exciting financial products that improve our lives and make the market more efficient. The next iteration of financial technologies are already here: cryptocurrency, cryptography, distributed ledgers, and blockchain technology. These four technologies are already changing the nature of P2P payments and global value exchanges. World Pay (WPAY) is the newest creation that seeks to build on the P2P and blockchain revolution to make finance more direct and transparent. Introducing WPAY: A Decentralized Payment System For Everyone WPAY is a decentralized payment s...

BRICS Is No Joke, Bloc Could Become G7 Counterpart, Experts Say

The BRICS challenge to the world’s established economic order is not a joke, according to experts in the field of international relations. Now that the bloc, which unites leading emerging markets, accounts for over a quarter of the global gross domestic product (GDP), it could become a counterpart of the G7 group of developed economies, they say. BRICS Push for Global Economic and Financial Reform Deemed Hard to Ignore With more countries willing to join BRICS , which currently consists of Brazil, Russia, India, China, and South Africa, the bloc’s push to reform the global economic and financial system should be taken seriously, according to Anthony Rowley, a veteran journalist specializing in Asian economic and financial affairs. Given the weight of the economies of the BRICS members, which already account for more than a quarter of the world GDP, “no one can dismiss lightheartedly now their challenge to the established economic order,” Rowley wrote in an article published Saturda...

Study Shows Bitcoin Mining Could Accelerate Transition to Renewable Energy

A new study suggests bitcoin mining could actually help drive the transition to renewable energy sources. Researchers Juan Ignacio Ibañez and Alexander Freier make the case that Bitcoin miners’ demand for cheap electricity provides incentives for increased renewable energy production. However, for mining to play this decarbonizing role, the industry needs to adapt. Researchers Reveal Bitcoin Mining Could be a Potential Catalyst for Renewable Energy Growth The energy-intensive proof-of-work (PoW) process that underpins Bitcoin has faced criticism for high electricity use and carbon emissions. However, Ibañez and Freier’s research analysis indicates the network’s thirst for inexpensive energy may attract miners to renewable sources like solar and wind. This additional revenue stream could aid renewables’ profitability and incentivize capacity expansion. “There are reasons to view Bitcoin for decarbonization in a positive light: not only does it need minimal policy support to deploy,...

Going Crypto Makes Sense for Elon Musk’s X

While X, the platform formerly known as Twitter, has made a turn to share some of its earnings with its users, the lack of a genuinely universal payment method – like crypto – means users of countries such as Russia and Venezuela are excluded from getting these benefits, disrupting Elon Musk’s intentions of incubating a global content ecosystem. Elon Musk’s X Seeks to Open an ‘Entire Financial World’ While the acquisition and transition of X, the platform formerly known as Twitter, to the hands of Elon Musk, tech visionary, and eccentric millionaire, has not been without its hiccups , it’s undeniable that Musk’s vision has changed the direction of the company – for good or otherwise, depending who you ask to. The legacy Twitter, commandeered by Jack Dorsey, felt like more of a traditional Nasdaq-listed company with processes carried out by company employees, and users were separated from it. Musk has tried to scrap this notion, having a more close-to-the-user approach and introduci...

Latam Insights — Argentine Peso Touches Historic Lows, Tether Dominated the Brazilian Market

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Argentine peso reaches historic lows, Tether’s USDT accounts for more than 80% of the transactions in the Brazilian market, and Binance gets fully licensed in El Salvador. Argentine Peso Sinks Before Elections The Argentine peso sank to historic lows this week, reaching an exchange rate of 605 pesos per U.S. dollar. Economic analysts linked this accelerated devaluation with the uncertainty surrounding the general ballotage held on Sunday, where Argentines elected their candidates for the next elections. Mateo Reschini, a research analyst for Inviu, explained that big capitals preferred to secure their investments in foreign currency to protect from possible fluctuations caused by the outcome of the ballotage. Reschini stated : The market takes note of the relevance of the date of the upcoming elections and decides to be covered against possib...

Amid Gold’s Recent Slide, Experts Predict a Shining Future with Potential Highs Beyond $2,500 by 2024

In recent times, gold and silver have faced a downtrend, with gold losing over 2% of its value in the past month and silver tumbling more than 5% against the U.S. dollar. Even amid gold’s rather uninspiring performance this last month, David Neuhauser, the founder of the investment company Livermore Partners, forecasts that gold’s worth could rise to $2,500 by the close of 2024. From Slump to Surge: Some Expect Gold to Bounce Back Approximately three years ago, in August 2020, gold soared to an unprecedented peak, hitting $2,074 per ounce, while silver simultaneously reached a high of around $28 per ounce on August 6 of the same year. Since then, however, the luster has faded from these precious metals, and prices have slid downward. As of August 12, 2023, gold’s current trading price stands at $1,913 per ounce , with silver trailing at $22.67 per ounce . Earlier in the month, on August 1, the World Gold Council (WGC) published the latest Gold Demand Trends report , shedding ligh...

Idle No More: $11.4 Million in ‘Sleeping Bitcoins’ Wake up After Years of Dormancy

Hovering just above the $29,000 mark, bitcoin’s value remained relatively stable while an interesting event occurred on Saturday afternoon: a dormant cache of 195.79 bitcoins, untouched for over seven years, was transferred for the first time since 2016. This action was followed by another sequence of events; when a batch of slumbering bitcoins from 2014 was spent, marking their first movement in nearly a decade. Over $11 Million in Dormant Bitcoins Spring to Life Fast forward to August 12, 2023, when an impressive sum of 391.305 BTC , valued at $11.4 million, stirred from its long hibernation. The term “sleeping bitcoins” denotes a category of bitcoins lying inactive in an address, unspent and unmoved for extended periods. These quiescent bitcoins, often the subject of intrigue and conjecture among cryptocurrency enthusiasts, earn their “asleep” label due to their lack of active trading or usage. A significant shift in these dormant assets could conceivably send ripples through th...

North Korea Hackers Continue to Target Crypto Platforms: UN Report

Hackers working for North Korea have continued to attack companies in the crypto space this year, according to independent sanctions monitors. Their findings, which reveal that Pyongyang proceeds with the development of its nuclear and weapons programs, will be included in a U.N. report which is to be released in the coming weeks. North Korea Still Trying to Steal Cryptocurrency, Sanctions Experts Say North Korea continued to produce nuclear fissile material and develop nuclear weapons in 2023, a new report prepared for a U.N. Security Council committee unveils. The document, which is yet to be officially published, has been seen by Reuters. Its authors, independent sanctions monitors who report to the U.N. twice a year, have also established that the Democratic People’s Republic of Korea ( DPRK ) continued to evade sanctions put in place to cut off funding for its nuclear and ballistic missile programs. North Korea has been previously accused of conducing cyberattacks to source f...

Binance Japan to Use KYC Services From Liquid

The world’s leading cryptocurrency exchange, Binance, has selected Liquid as an identity verification partner for its Japanese platform. The services of the Tokyo-headquartered biometrics firm will allow Binance Japan to ensure its know-your-customer (KYC) procedures comply with Japan’s strict regulations. Liquid to Provide Binance Japan With AI-Based KYC Solution Binance, the largest crypto exchange in terms of trading volume and users , will employ Japanese company Liquid for identity verification of customers on its new domestic platform in Japan. As a first step in this partnership, Liquid said it will provide Binance with its eKYC service. “Liquid eKYC offers top-in-class facial authentication through its unique AI-based image processing capability, enabling smooth identity verification in accordance with the respective legal and security framework in each country,” explained the firm which specializes in image and big data analysis related to biometrics. Binance’s General Ma...

Zimbabwe Central Bank Says Gold-Backed Tokens Set to Be Used for ‘Transactional Purposes’

The Zimbabwean central bank recently said it is close to rolling out gold-backed digital tokens “for transactional purposes.” According to the bank’s governor, the gold-backed digital tokens have already proven to be an effective monetary policy instrument. Central bank governor John Mangudya also said the results of a consumer survey had shown that residents had limited knowledge about an envisaged central bank digital currency (CBDC). An ‘Effective Monetary Policy Instrument’ The Reserve Bank of Zimbabwe (RBZ) has said it is now “at an advanced stage in preparations for the rolling out of GBDT [gold-backed digital tokens] for transactional purposes.” The bank said the rollout would see the gold tokens complement the U.S. dollar “in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange.” In a recently released mid-term monetary policy statement, RBZ governor John Mangudya revealed that the central bank will soon kickst...

French Regulator Revises Crypto Rules to Align With EU’s MiCA Law

France’s financial market regulator said it’s adjusting the rules for crypto companies in line with Europe’s new regulatory framework. The changes, which will enter into force next year, seek to enhance registration requirements for businesses offering certain services for digital assets like custody and trading. AMF Revamps Crypto Regulations to Enforce Stricter Registration Rules for DASPs Autorité des Marchés Financiers ( AMF ), the French financial regulator, announced Thursday it’s amending its regulations and policies regarding digital asset service providers (DASPs) to implement “enhanced” registration for some of these entities. The new requirements for crypto companies were introduced with a law known by the French abbreviation DDADUE, allowing the government in Paris to transpose European Union directives, which was adopted earlier this year. The DDADUE law clarified some provisions relating to the EU’s new Markets in Crypto Assets (MiCA) legislation . It introduced an “...

Former SEC Official Warns ‘Crypto Regulatory Onslaught Will Never End’

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that “crypto regulatory onslaught will never end.” He claimed that cryptocurrency trading platforms, like Binance and Coinbase, are simply playing “a short game of regulatory arbitrage, all carried out in an effort to make as much fiat as possible before their inevitable demise.” Former SEC Official’s Warning of Ongoing Crypto Regulatory Sweep Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark warned in a lengthy tweet on Saturday that “the SEC’s crypto-regulatory onslaught will never end (ever).” Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Referring to the recent regulatory action taken by the SEC against cryptocurrency exchange Bittrex , he pointed out that the charges against Bittrex mirr...

Peter Schiff Warns Investors of 2 ‘Huge Surprises’ — Foresees Inflation Too High for Fed Rate Cuts to Stimulate Economy

Economist Peter Schiff says investors are in for “two huge surprises.” Noting that the Federal Reserve has already lost its fight against inflation, he explained that by the time the U.S. economy officially enters a recession, inflation will be too high for the Fed to “stimulate” with interest rate cuts. Peter Schiff Sounds Alarm on U.S. Economy Economist and gold bug Peter Schiff issued multiple warnings about the U.S. economy in a series of tweets this week. He wrote on Wednesday: Investors are in for two huge surprises. The first is that future inflation rates will be much higher than they think. The second is that the Fed won’t be willing or able to do what it takes to fight it. Following the U.S. Bureau of Labor Statistics report, released Thursday, that the consumer price index (CPI) rose 3.2% from a year ago in July, Schiff tweeted: “Don’t believe the financial media’s spin that July’s 3.2% YoY CPI rise, with YoY core at 4.7%, means the Fed is winning its war against infl...

Russia to Test Digital Ruble in 11 Cities, Moscow Subway

Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August. Russia Prepares to Pilot Operations With New Digital Ruble Financial authorities and institutions in the Russian Federation are gearing up to start testing the country’s central bank digital currency ( CBDC ) in actual transactions between real users . The trials are set to begin on Aug. 15. Around 600 people and 30 companies will participate in the initial stage of the pilot, First Deputy Chair of the Central Bank of Russia, Olga Skorobogatova, unveiled at a press conference, quoted by the crypto news outlet Bits.media. After verifying all operations conducted by the first group, the number of participants will be increased, she added. The tests will be carried out in 11 Russian cities, including Mosc...

Former US OCC Officials: ‘Stablecoins Can Keep the Dollar the World’s Reserve Currency’

Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article, Brooks and Calomiris call for regulations to allow stablecoin issuers to have the clarity needed for the assets to thrive. Stablecoins Might Help the U.S. Dollar Maintain Its Reserve Currency Status Brian Brooks, former U.S. Comptroller of the Currency, and Charles Calomiris, former chief economist of the Office of the Comptroller of the Currency (OCC), have issued an op-ed article explaining how stablecoins could contribute to maintaining the status of the dollar as a reserve currency. Brooks and Calomiris detail that stablecoins can be significant tools in the fight against worldwide de-dollarization, serving as catalysts for the demand for dollars for citizens in developing countries, even when their governments do not support dollariz...

Microstrategy’s Stock Soars 206% After Adopting Bitcoin Strategy

Microstrategy’s stock (Nasdaq: MSTR) has risen 206% after the company adopted bitcoin as its primary treasury reserve asset. The business intelligence firm now holds 152,800 bitcoins, acquired for a total cost of $4.53 billion, and it has plans to buy even more. Microstrategy’s Stock Outperforms Bitcoin, S&P500, Nasdaq, Gold, Silver The stock of business intelligence firm Microstrategy (Nasdaq: MSTR) has risen 206% since the company adopted its bitcoin strategy, Executive Chairman Michael Saylor stated on Twitter Friday. He tweeted: Three years ago today Microstrategy announced that it had adopted bitcoin as its Primary Treasury Reserve Asset, purchasing 21,454 BTC for $250 million, or ~$11,653 per bitcoin. Microstrategy adopted its bitcoin strategy on Aug. 10, 2020. In comparison, during the same time period, bitcoin has experienced a 145% increase, while the S&P 500 has risen 33% and the Nasdaq 25%, according to a chart Saylor shared on Twitter. Meanwhile, gold has se...

Crypto Exchange Bittrex Settles With SEC — Agrees to Pay $24 Million

Cryptocurrency exchange Bittrex has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC). Bittrex and Bittrex Global agreed to pay $24 million. The SEC’s director of enforcement alleged that for years, Bittrex worked with token issuers to “scrub” their online statements “to evade the federal securities laws.” Bittrex Settles With SEC The U.S. Securities and Exchange Commission (SEC) announced Thursday that crypto trading platform Bittrex Inc., its co-founder and former CEO William Shihara, and Bittrex’s foreign entity Bittrex Global GmbH have reached a settlement with the regulator. The SEC charged Bittrex entities and Shihara in April. Specifically, the SEC explained that Bittrex and Shihara “agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.” Meanwhile, Bittrex Global “agreed to settle charges that it failed to register as a national securities exchange.” The securities watchdog stat...

BRICS Expansion to Make West Recognize New World Order, De-Dollarization: UAE Professor

The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El Yattioui, professor at the American University in the Emirates. BRICS Bloc to Benefit From Inducting New Members Like UAE and Saudi Arabia, Academic Says “The role of BRICS has been increasing during the last years and in the last decade,” Mohamed Badine El Yattioui, doctor of political science and assistant professor of international affairs and strategy in the College of Security and Global Studies at the American University in UAE, told Russia’s Tass news agency. The academic emphasized that “for the United Arab Emirates, it’s important to become part of the BRICS group,” which currently consists of Brazil, Russia, India, China, and South Africa. He believes that the expansion will allow the bloc to put pressure on the West to recognize ch...
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