Bitcoin News and Finance: What You Need to Know

The government of Brazil has formally presented a proposal to Argentina to settle bilateral trade transactions in the Chinese yuan. The proposal, which would leverage resources in the Chinese credit swap line, aims to maintain trade between the countries and secure the payment of Brazilian exporters even with Argentina’s low foreign reserves. Brazil Proposes De-Dollarization of Trade With Argentina The government of Brazil has made an official proposal to abandon the use of the U.S. dollar in bilateral trade settlements with Argentina, one of its main commercial partners. Fernando Haddad, Economy Minister of Brazil, presented the proposal to the Argentine government on the sidelines of the BRICS leaders summit recently held in Johannesburg. Quoted by the Argentine state-owned news outlet Telam, Haddad stated : We sent the Argentine government a guarantee proposal in yuan for Brazilian exports, for Brazilian exporters it is a good thing, it will be good news if Argentina accepts. ...

South Africa’s minister of finance has explained why he believes that no country is ready for a common currency, including a unified BRICS currency. “Setting up a common currency presupposes setting up a central bank, and that presupposes losing independence on monetary policies, and I don’t think any country is ready for that,” he emphasized. ‘I Don’t Think Any Country Is Ready for That’ South Africa’s Minister of Finance Enoch Godongwana talked about the prospect of creating a common currency in an interview on the sidelines of the BRICS economic bloc’s annual summit in Johannesburg on Thursday. South Africa was the host of this year’s BRICS summit. Despite widespread expectations of the BRICS countries announcing the creation of a common currency, potentially backed by gold , he stressed that “No one has tabled the issue of a BRICS currency, not even in informal meetings.” The official continued: Setting up a common currency presupposes setting up a central bank, and that pre...

Mastercard and crypto exchange Binance are ending their partnership for crypto cards. According to the payment giant, the decision will affect all four of Mastercard’s co-branded crypto card programs with Binance in Argentina, Brazil, Colombia, and Bahrain. Partnership Between Mastercard and Binance Ending Mastercard and cryptocurrency exchange Binance are ending their partnership for crypto cards, Bloomberg reported Thursday, citing an emailed statement by a Mastercard spokesperson. The decision will affect all four of Mastercard’s co-branded crypto card programs with Binance in Argentina, Brazil, Colombia, and Bahrain, starting Sept. 22, the news outlet conveyed, adding that the spokesperson declined to provide a reason for the partnership termination. Binance’s customer support team similarly explained on social media platform X: The Binance Card will no longer be available to users in Latin America and the Middle East. “The product, like most debit cards, has been utilize...

A study of CME Group’s bitcoin futures and open interest indicates the crypto bear market may be approaching its end, according to JPMorgan analysts led by Nikolaos Panigirtzoglou. The bank’s market experts suggest that there’s “limited downside for crypto markets over the near term.” Reversal on the Horizon? JPMorgan Sees Limited Downside for Crypto Going Forward Over the past fortnight, bitcoin (BTC) and the broader crypto economy have experienced a decline, with the entire market valued just above one trillion at roughly $1.05 trillion as of Friday, August 25, 2023. Regardless of the recent crypto slump and the recorded $1 billion in liquidations on August 17, JPMorgan analysts, directed by senior analyst Nikolaos Panigirtzoglou, posit that this decline might have reached its end. The JPMorgan experts assert that extensive positions in CME’s bitcoin derivatives markets convey a narrative indicating that the recent unwinding has ceased. “As a result, we see limited downside fo...

The Ministry of Economic Development of Russia does not expect the rapid development of a common currency for the BRICS bloc. Deputy Economic Development Minister Vladimir Ilyichev stated that “quick breakthroughs” on this issue are unlikely to happen during the ongoing BRICS summit, citing the process the European Union underwent to create the euro. Ministry of Economic Development of Russia Expects No ‘Quick Breakthroughs’ on a Common BRICS Currency The Ministry of Economic Development of Russia does not expect rapid decisions or announcements on issuing a common currency of the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa. In an interview with CGTN, a Chinese news outlet, Deputy Economic Development Minister Vladimir Ilyichev indicated he was pessimistic about developing such a currency in the short term, even with the size and importance of the BRICS organization. He stated : The BRICS group’s economy accounts for about 25% of global GDP. In our vi...

BRICS nations should address the risks related to artificial intelligence (AI), Chinese President Xi Jinping said during the group’s summit in South Africa. China’s leader is also convinced that the members of the economic bloc must work to standardize the technology. BRICS Should Strive for AI Standardization, Chinese President Suggests BRICS members should resist the risks stemming from the implementation of AI technology and work together on its standardization, China’s head of state, Xi Jinping, said at a plenary session of the BRICS summit in Johannesburg. He was quoted by the Russian Tass news agency as stating: It is necessary to jointly work on lowering the risks related to employment of AI technology and develop the standards of its employment for making AI more secure, reliable and manageable. Xi also highlighted the key role of a BRICS working group in the cooperation and exchange of information on various issues connected with the adoption of technologies based on ar...

The Solana-based digital asset exchange announced on Aug. 23 that it is planning the “most fair” token launch in the history of Solana. According to Cypher, part of the funds raised via the initial decentralized offering will be used “to sustain protocol development, pay for audits to relaunch the protocol, and initiate a treasury for the protocol.” August Hack Prompts IDO Cypher, the Solana-based decentralized exchange, said on Aug. 23 that it would kickstart what it called the most fair token launch in the history of Solana. In a statement issued by the Cypher team via the social media platform X (formerly Twitter), the launch is part of steps being taken to make whole all users who suffered when the exchange was hacked on Aug. 7. According to a blog post titled Loss of Funds Resolution, the token sale followed “a pro-rata redemption package of current assets in the Cypher protocol.” Such assets would be redeemed via wallets “that [are] associated to margin accounts on cypher.”...

The BRICS leaders stress “the importance of encouraging the use of local currencies in international trade and financial transactions” in their declaration released at the conclusion of their 15th annual summit. In addition, the BRICS nations have tasked their finance ministers and central bank governors to “consider the issue of local currencies, payment instruments, and platforms.” BRICS Declaration and Use of Local Currencies The BRICS nations (Brazil, Russia, India, China, and South Africa) wrapped up their 15th annual summit on Thursday in Johannesburg. The three-day summit was held under the theme: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.” The BRICS leaders released their “Johannesburg II Declaration” at the conclusion of the summit. The declaration states that all leaders of the BRICS nations are committed to “strengthening the framework of mutually beneficial BRICS cooperation.” Emphasizing that t...

The BRICS economic bloc has invited six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The BRICS leaders wrapped up their 15th annual summit on Thursday. “We have reached agreement on the guiding principles, standards, criteria, and procedures of the BRICS expansion process,” said South Africa’s president. BRICS to Become 11-Nation Bloc On Thursday, the BRICS nations (Brazil, Russia, India, China, and South Africa) wrapped up their 15th annual summit in Johannesburg and released their “Johannesburg II Declaration.” Russia will assume the 2024 BRICS Chairship and host the XVI BRICS Summit in the city of Kazan. The economic bloc has decided to invite six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). South Africa, the chair of the BRICS summit this year, previously stated that 23 countries have formally applied for membership. The BRICS declaration st...

The U.S. Securities and Exchange Commission said on Aug. 23 that it had charged a former New Jersey correctional officer “with fraudulently raising funds through the unregistered offering of the blazar token.” The Commission said the correctional officer’s scam was primarily targeted at law enforcement agents and first responders. Replacing the State Pension System With Blazar Token The U.S. Securities and Exchange Commission (SEC) announced on Aug. 23 that it has charged John DeSalvo, a former New Jersey correctional officer, “with fraudulently raising funds through the unregistered offering of the blazar token.” The SEC alleged that by selling the now-defunct token, DeSalvo was able to raise $620,000 from approximately 220 investors. As explained in a statement released by the SEC, the former correctional officer primarily targeted law enforcement agents and first responders. In addition to falsely claiming that the token was registered with the SEC, DeSalvo told investors that ...

The BRICS members are mulling over the possible launch of a common unit of account, Russia’s Minister of Finance Anton Siluanov unveiled. This would be an alternative to the U.S. dollar that can be used to denote the cost of some commodities, for example, but not a single currency like the euro, the Russian official explained. BRICS States Focused on Trade in National Currencies, See Potential in Unified Settlement Systems The BRICS countries (Brazil, Russia, India, China, and South Africa) are discussing the possibility of creating a common unit of account that would serve as an alternative to the U.S. dollar, Minister Siluanov told the Chinese state-run CGTN TV channel during the BRICS summit. Leaders of the BRICS member states are meeting in Johannesburg on Aug. 22-24, with Russian President Vladimir Putin joining via video link , to discuss the future moves of the group. The prospect of issuing a single currency for the bloc, which unites leading emerging economies, is one of ...

Lawyers for Sam Bankman-Fried claim the FTX founder, who has fallen from grace, based his business decisions on legal advice from company attorneys before the cryptocurrency exchange’s downfall. FTX Founder Bankman-Fried Claims Actions Were Based on Legal Advice, Denies Fraudulent Intent In a court document filed Wednesday, attorneys for Bankman-Fried from Cohen & Gresser LLP maintain he received assurance from both in-house and external lawyers that his actions complied with the law. They contend this indicates Bankman-Fried operated in good faith, without intentions of misleading FTX clients and investors. Bankman-Fried’s lawyers state: The defense intends to elicit evidence that Mr. Bankman-Fried was aware that Fenwick lawyers as well as in-house counsel for FTX, including Dan Friedberg, Can Sun, Ryne Miller, and others, were involved in reviewing and approving decisions related to these matters and others, which gave him assurance that he was acting in good faith. The ...

On Monday, S&P Global Ratings slashed ratings for five U.S. regional banks, pointing to the strenuous operating atmosphere plaguing the sector since the year’s outset. The impacted banks include Associated Banc Corp., Comerica Inc., KeyCorp, UMB Financial Corp., and Valley National Bancorp. Simultaneously, the outlook for two others has been dimmed to negative. Turbulent Waters: Regional Banks Face Downgrades, Challenges Mount in 2023 The five downgrades underscore the hurdles regional banks navigated in 2023, especially after Silicon Valley Bank’s (SVB) dramatic collapse in March. This significant failure hastened deposit withdrawals, with patrons migrating to bigger institutions, inducing notable funding strains for many regional entities. S&P’s statement elaborated, “Interest rates have surged, and since March 2022, quantitative tightening measures aimed at curbing intense inflation are burdening numerous U.S. banks in terms of funding, liquidity, and spread income. S...

Brazil’s President Luiz Inacio Lula da Silva has stated that the BRICS economic bloc does not want to be “a counterpoint to the G7, G20, or the United States,” emphasizing that the BRICS nations “just want to organize ourselves.” The Brazilian leader also pushed for “the creation of a currency for trade and investment transactions between BRICS members.” Lula: BRICS Not Seeking to Challenge US, G7, G20 Brazil’s President Luiz Inacio Lula da Silva shared his perspectives on various matters concerning the BRICS economic bloc on Tuesday in Johannesburg. The Brazilian leader arrived in South Africa on Monday to attend the annual BRICS summit that is taking place on Aug. 22-24. All leaders from the BRICS countries (Brazil, Russia, India, China, and South Africa) are attending the summit, but Russian President Vladimir Putin is not attending in person. Commenting on the BRICS economic bloc rivaling the Group of Seven (G7), G20, and the U.S., as some have suggested , Lula stressed: We d...

Chinese President Xi Jinping stated at the BRICS summit that “What people in various countries long for is definitely not a new Cold War or a small exclusive bloc.” He stressed that the BRICS group will expand and promote global multipolarity. “Hegemonism is not in China’s DNA; nor does China have any motivation to engage in major-power competition,” Xi claimed. Xi Jinping’s BRICS Summit Speech Chinese President Xi Jinping arrived in South Africa on Monday to attend the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending, with Russian President Vladimir Putin participating via videoconference. In addition, more than 40 other heads of state are also attending, according to South Africa, the host of the BRICS summit this year. On Tuesday, the Chinese leader was scheduled to deliver a speech at the BRICS Business Forum, a key event at the summit, alongside other BRICS leaders. However, Xi unexpectedly skip...

Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.” Putin Participating at BRICS Summit The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year. Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater shar...

On August 22, 2023, the FBI issued an alert, cautioning about North Korean hackers possibly trying to cash out bitcoin valued at over $40 million. U.S. Intelligence Flags Potential $40M Bitcoin Liquidation by North Korean Hackers The FBI is urging both public and private sectors to be vigilant regarding 1,580 bitcoins ( BTC ) acquired by North Korean hacking groups, namely Lazarus Group and APT38. As of August 23, 2023, this cache’s value sits slightly above $41 million, based on current BTC exchange rates. To aid in this surveillance, the FBI disclosed six specific bitcoin (BTC) addresses linked to these funds: 3LU8wRu4ZnXP4UM8Yo6kkTiGHM9BubgyiG 39idqitN9tYNmq3wYanwg3MitFB5TZCjWu 3AAUBbKJorvNhEUFhKnep9YTwmZECxE4Nk 3PjNaSeP8GzLjGeu51JR19Q2Lu8W2Te9oc 3NbdrezMzAVVfXv5MTQJn4hWqKhYCTCJoB 34VXKa5upLWVYMXmgid6bFM4BaQXHxSUoL Detailing their concerns, the FBI pointed out that the hacking factions from the Democratic People’s Republic of Korea (DPRK) were behind multiple crypto s...

According to Steve Rosenblum, the founder and CEO of Libertify, Artificial Intelligence (AI) driven investment solutions can assist investors in making “timely adjustments to asset allocation.” This means investors using such a solution will be able “navigate the volatile crypto landscape while maintaining a balance between risk and potential returns.” Using AI to Rebalance a Portfolio Rosenblum also told Bitcoin.com News that investors who use AI-driven solutions such as Libertify’s personalized AI risk management solution are better placed to overcome cognitive biases which often cloud their judgement. However, the CEO argued that AI-driven solutions will only become a widely adopted tool if and when prospective investors are better educated. Rosenblum also said that regularly rebalancing a portfolio in order to take advantage of evolving trends can potentially help investors maximize returns. The Libertify CEO further listed the nine most common mistakes made by crypto investo...

A Nigerian crypto trading platform, Patricia, announced on Aug. 18 that it had converted users’ outstanding funds to its U.S.-backed stablecoin known as “Patricia Token.” Some social media users have slammed the crypto trading platform’s unilateral decision to convert customer funds. Some critics have characterized the conversion of user funds as the Patrica team’s attempt to exit scam users. $2 Million Reportedly Lost in Hacking Incident The Nigerian gift card and crypto trading platform, Patricia, recently converted user funds to a stablecoin known as patricia token (PTK). According to a report, the decision to convert user funds was made unilaterally and just over three months after Patricia reportedly lost $2 million in an apparent hacking incident. Say hello to stability, innovation, and your ticket to a seamless financial journey. pic.twitter.com/F0Q8G6eFJ3 — Patricia (@PatriciaSwitch) August 18, 2023 As reported by Bitcoin.com News in May, the crypto platform was bre...

The New Development Bank (NDB), also known as the BRICS Bank, is reportedly planning to issue its first Indian rupee bond by October. Last week, the bank issued its first South African rand bond. “NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans,” said the BRICS Bank’s chief financial officer. BRICS Bank to Issue INR Bond The New Development Bank (NDB), commonly referred to as the BRICS Bank, is planning to issue its first Indian rupee bond by October, Reuters reported, citing Vladimir Kazbekov, vice president and chief operating officer of the BRICS Bank. The NDB is a multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries. In 2021, the BRICS Bank initiated membership expansion and admitted...

An economist has dismissed the Chinese yuan as a significant threat to the U.S. dollar’s dominance. “The Chinese renminbi, which accounts for less than 3% of global reserves, is not a serious threat to dollar hegemony,” he asserted, adding that “many commentators have pointed to the probable emergence of a ‘multi-currency’ world in which the dollar plays a much-diminished role.” Chinese Yuan Unlikely to Replace USD as Global Reserve Currency, Says Economist Benn Steil, an economist who currently serves as the director of International Economics at the Council on Foreign Relations, shared his view on the Chinese yuan as an alternative to the U.S. dollar in an opinion piece titled “The Real Cost of De-Dollarization,” published on the Protect Syndicate website last week. He explained that “the biggest threat to the dollar’s dominance comes not from competitive alternatives, but from the U.S. government itself.” The economist named “the recent standoff over the federal debt ceiling ” a...

Economist Peter Schiff has warned that the Federal Reserve has gotten its policies wrong for 20 years, which has “significantly harmed the economy and made dire consequences inevitable.” Emphasizing that the Fed cannot win its fight against inflation, he stressed: “The markets are confident that the Fed is going to pull this off. It’s not going to happen. The markets are completely wrong.” Peter Schiff Says ‘We’re Going to Have More Inflation’ Economist and gold bug Peter Schiff issued more warnings about the U.S. economy over the past week in a series of posts on the X platform and on the Peter Schiff Show. Emphasizing “how badly the Fed has screwed up monetary policy,” Schiff wrote Monday: Not only have they gotten it wrong for 20 years, but their policies have significantly harmed the economy and made dire consequences inevitable. He explained that many people are wrong in thinking that the Federal Reserve can beat inflation and guide the U.S. economy to a soft landing, asser...