Bitcoin News and Finance: What You Need to Know

According to Ivaibi Festo, the founder of Mitroplus Labs, a crypto and blockchain education organization, cybercriminals continue to find success in Africa because not enough is being done to educate residents on the basics of digital assets or the technology that underpins such assets. To make matters worse, the few African individuals who have made it either as traders or entrepreneurs often lack the desire to help their fellow residents become acquainted with the basics. Using Education to Strike Back Against Scammers However, Festo, who claims to have bought his first bitcoins in 2009, said African governments’ negative disposition as well as the stigma surrounding cryptos and the blockchain industry have helped convince some successful traders and entrepreneurs to reconsider. Meanwhile, the Mitroplus founder told Bitcoin.com News that in addition to educating residents and prospective users, his organization is also working to include regulators and legislators in its classes....

Several U.S. lawmakers have objected to the Federal Reserve’s stablecoin regulatory guidelines, which they believe “will undoubtedly deter financial institutions from participating in the digital asset ecosystem.” According to the lawmakers, “ The Fed has chosen to effectively prevent banks from issuing payments stablecoins — or engaging in the payment stablecoin ecosystem.” Fed’s Efforts ‘Subvert Progress Made by Congress’ Three U.S. representatives sent a letter to Federal Reserve Chairman Jerome Powell regarding stablecoin regulation last week. The letter, dated Aug. 23, was signed by Patrick McHenry (R-NC), chairman of the House Financial Services Committee; French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; and Bill Huizenga (R-MI), chairman of the Subcommittee on Oversight and Investigations. Congressman Hill stated Monday on the social media platform X: I sent a letter alongside Rep. Patrick McHenry and Rep. Bill Huizeng...

Sam Bankman-Fried’s high-powered legal team is pushing for the FTX founder’s temporary release from jail ahead of his October trial on fraud charges. In a motion filed Thursday, lawyers Mark Cohen and Christian Everdell claim Bankman-Fried’s Sixth Amendment rights are being violated by inadequate access to discovery documents needed to help prepare his defense against allegations he misled investors and misused FTX client funds. Letter Claims FTX Founder’s Rights Breached: Lawyers Demand Expanded Trial Prep Access The lawyers argue Bankman-Fried needs “constant access” to an internet-connected laptop so he can review millions of pages of documents, conduct online research for context, draft analysis of evidence, and share information with his legal team. Under the current plan allowing Bankman-Fried just 12 hours per week at a courthouse computer with no internet, the lawyers say he is deprived of the 80-100 hours he spent prepping pre-jail. They also object to the government dum...

From the genesis of Bitcoin’s inception to the contemporary landscape, the mystery surrounding the true identity of its architect, Satoshi Nakamoto, persists as an unrivaled enigma within the cryptocurrency realm. Despite the global reverberations stemming from bitcoin ( BTC ) and the revolutionary blockchain technology underpinning it, Nakamoto’s identity, modus operandi, and motivations for upholding an unwavering cloak of secrecy continue to be shrouded in the shadows. The Cryptic Enigma of Satoshi Nakamoto: A Virtuoso of Concealment in the World of Crypto Behind the moniker Satoshi Nakamoto, presumed to be a pseudonymous entity, lies the individual or collective entity credited with unleashing the Bitcoin network upon the world stage. Their hands penned the seminal Bitcoin white paper , forged the initial blueprint for its practical implementation, and orchestrated the debut of the inaugural blockchain ledger in January 2009. In the chronicles of Bitcoin’s evolution, Nakamoto p...

Antonio Guterres, Secretary General of the United Nations (U.N.), has noted changes that need to happen with today’s financial institutions to fit into the current multilateral world. During the recent BRICS leaders summit, Guterres said that the current “outdated, dysfunctional, and unfair” financial system needs to be reformed, including Bretton Woods institutions. UN Secretary General Antonio Guterres: We Must Urgently Reinvigorate Multilateralism Antonio Guterres, Secretary General of the United Nations (U.N.), has called to embrace cooperation and multilateralism, explaining that there was “no choice” as the world becomes more multipolar. At the recent BRICS leaders summit in Johannesburg, Guterres stated that multipolarity was not guaranteed to achieve peace and that more should be done to grow a “global community.” Guterres blasted the global establishment, stating: As the global community moves towards multipolarity, we desperately need a strengthened and reformed multil...

Nicolas Maduro, the president of Venezuela, has called to de-dollarize the global economy due to the difficulties the current system brings to emerging countries affected by U.S. sanctions. In a message directed to the BRICS leaders, Maduro called to establish alternative settlement systems using national currencies. Venezuelan President Nicolas Maduro Reinforces the Need to Create a De-Dollarized Economic System Nicolas Maduro, President of Venezuela, has called for creating an emerging economic system away from the dominance of the U.S. dollar. In a message sent as part of Venezuela’s participation in the BRICS leader summit, held recently in Johannesburg, Maduro stated the reality of the geopolitical situation of the last years has reinforced the need for the de-dollarization of the world economy. Maduro said this had to be done due to the “indiscriminate use and abuse of the U.S. dollar as a tool for waging an economic war against the free people of the world.” Venezuela has ...

Crypto exchange Binance has dropped Russian banks under sanctions from the payment options on its peer-to-peer (P2P) platform. Russian traders can no longer use cards issued by these banks to make payments while transactions in foreign fiat currencies are also restricted for them. Binance No Longer Offers P2P Traders Option to Pay Through Sanctioned Russian Banks The world’s largest digital asset exchange, Binance, has dropped Russian banks placed under Western sanctions from its P2P service, the Wall Street Journal reported . The move comes after the crypto giant faced criticism for facilitating payments through such institutions. A few days ago, Russian crypto media revealed that Binance has renamed bank cards issued by Russia’s largest bank, Sberbank, and the neobank Tinkoff to “green local card” and “yellow local card” after the publishing of an earlier WSJ article alleging that the exchange is helping Russians move money abroad in circumvention of sanctions. Unprecedented r...

India’s Prime Minister Narendra Modi says crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.” Modi on Crypto Regulation Indian Prime Minister Narendra Modi talked about cryptocurrency regulation in an interview with Business Today, published on Saturday. Modi, who recently returned to India from South Africa, where he attended the BRICS summit, said: The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach. “At the same time, the rules, regulations, and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need a global framework and regulations,” the Indian prime minister str...

A German expert says that the BRICS economic bloc adding several oil giants as new members “is a strategic success for China and Russia.” The BRICS leaders announced at their annual summit last week that they have invited Saudi Arabia, the UAE, Iran, Argentina, Egypt, and Ethiopia to join as new members. BRICS Adding 6 New Members Prof. Dr. Daniela Schwarzer, an executive board member at Bertelsmann Stiftung, an independent foundation based in Germany, said in an interview with Austria’s Der Standard newspaper that the BRICS economic bloc adding some of the world’s largest oil producers marks a strategic success for Russia and China. “Schwarzer is regularly consulted as an expert and policy advisor. She is currently a member of the working group convened by the French and German governments on reforming the EU,” Bertelsmann Stiftung described. “She also advised France and Poland during their respective EU presidencies and was a consultant to the French prime minister’s Centre dʼAna...

In an announcement on Sunday, cryptocurrency mining rig manufacturer Bitmain revealed its intention to sell a machine designed for mining the digital currency monero ( XMR ). The machine boasts a hashrate of 212 kilohash per second (KH/s), and the firm asserts that it is the first “professional XMR miner” available. ‘Hard Fork Go Brrrrrrrr’ — Monero Mining Machine Launch by Bitmain Creates a Stir Bitmain is preparing for the unveiling of its latest XMR mining rig, the Antminer X5. Sales are scheduled to commence on September 4, according to the Sunday announcement . While the machine’s price remains undisclosed for now, the manufacturer has engaged its social media followers by inviting them to speculate on the price of the new X5 rig. Individuals whose price estimates fall within 5% of the actual value will have the chance to receive a $1,000 Bitmain coupon, while those within 10% will be rewarded with a $500 coupon. Although the announcement does not specify the value of the R...

The six countries that received an invitation to become members of BRICS at its summit have confirmed their decision to join the bloc, one of Russia’s top diplomats unveiled. The high-ranking official added that at this point in time it would be premature to name those in the next batch of candidates. BRICS and Its New Members Need Time Before Next Expansion Wave, Moscow Says All of the newly invited countries have reaffirmed their desire to join BRICS, Russian Deputy Foreign Minister Sergey Ryabkov said at a press conference after the organization’s 15th annual summit which was held on Aug. 22-24 in South Africa. At their meeting in Johannesburg, the current five member states (Brazil, Russia, India, China, and South Africa) agreed to admit six more nations as members of the group on Jan. 1, 2024 — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. “All the countries who have been invited to join BRICS confirmed their willingness to accept the invitati...

India’s oil and gas minister says de-dollarization is a long way away. The official emphasized his desire to conduct all transactions in rupees, expressing his wish for the Indian currency to become “the lead currency in the world.” Indian Official on De-Dollarization India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri stated in an interview with CNBC on the sidelines of the B20 Summit in New Delhi on Friday that de-dollarization is a long way off. Puri explained that he expects the U.S. dollar to maintain its dominance in global trade. Commenting on factors that could dethrone the USD as the world’s reserve currency, he opined: I don’t know what kind of change [the dollar needs to] be affected but I don’t see it … It’s not so easy. The minister further shared that he does not see the Indian rupee challenging the U.S. dollar as a major global currency, even though it is being used in some oil transactions alongside the Chinese yuan and the Russian ruble. Nonetheles...

The U.S. dollar’s dominance in global payments has strengthened, according to data compiled by global financial messaging service SWIFT. The share of SWIFT FX transactions involving the U.S. dollar rose to a record 46% in July. In addition, the share of the transactions involving the Chinese yuan has increased. SWIFT Data Indicates US Dollar Dominance The dominance of the U.S. dollar in international payments has reached a record high, according to the latest transaction data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the leading global financial messaging service. SWIFT’s messaging platform, products, and services connect more than 11,000 banking and securities organizations, market infrastructures, and corporate customers in more than 200 countries and territories. The data shows that the share of SWIFT FX transactions involving the U.S. dollar rose to a record 46% in July, compared to slightly more than one-third a decade ago, Bloomberg report...

Economist Peter Schiff has warned about an impending “full-blown financial crisis” that he expects to hit the U.S. economy before the Federal Reserve reaches its inflation target. He further predicted that the financial crisis will force the Fed to raise its inflation target. Peter Schiff’s Latest Warnings Gold bug and economist Peter Schiff warned of an impending U.S. financial crisis in a series of posts on the X social media platform this week. Commenting on Federal Reserve Chairman Jerome Powell’s speech at the central bank’s Jackson Hole symposium regarding inflation on Friday, Schiff wrote: “During his Jackson Hole speech, Powell admitted that the Fed still has a long way to go to achieve its 2% inflation target.” The gold bug exclaimed: That’s a gross understatement, as a full-blown financial crisis will ensue long before the target is hit, forcing the Fed to raise the target above 2%. In a follow-up post, the economist wrote: How can Powell give a speech about inflatio...

Rich Dad Poor Dad author Robert Kiyosaki has outlined the reasons why investors should consider purchasing silver. He emphasized that despite the affordability of silver coins, most people still prefer to “save counterfeit fake dollars.” Robert Kiyosaki Highlights Reasons to Buy Silver The author of Rich Dad Poor Dad, Robert Kiyosaki, has returned to outline the reasons why he believes investors should buy silver. 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. Reiterating that silver is the “best investment bargain,” he wrote on the X social media platform on Thursday: Silver still 50% below all-time high, in demand by greenies solar EVs. Silver 2nd most used commodity after oil. Silver has been money for centuries. Who can’t afford 1 silver coin, yet most people prefer to s...

One of the founders of the Tornado Cash crypto mixer, Roman Storm, has been released on bail, his lawyer announced on social media. Storm, who was arrested in the United States, has been charged with money laundering and sanctions violations through the unlicensed platform. Storm Out on Bail After Indictment for His Role in Running Tornado Cash Roman Storm, a co-founder of the cryptocurrency mixing service Tornado Cash , has been released on bail, his lawyer Brian Klein revealed Thursday in a post on X, formerly Twitter. The news came a day after Storm and another co-founder, Roman Semenov, were indicted on charges of conspiracy to launder money and violate sanctions laws while operating an unlicensed money-transmitting business. Pleased to share that my client Roman Storm is already out on bail, although I remain very disappointed that the prosecutors charged him because he helped develop software – their novel legal theory has dangerous implications for all software developers....

Crypto exchange Binance has replaced the names of cards issued by Russian banks with colors, Russian media revealed amid reports of a U.S. investigation into potential sanctions violations. The changes concern the ruble exchange feature on Binance’s peer-to-peer platform. Russian Traders on Binance Offered ‘Green’ and ‘Yellow’ Cards as Payment Options Binance, the world’s largest digital asset exchange by trading volume, has changed the names of the cards of two Russian banks, Sberbank and Tinkoff, on its platform, Russian crypto news outlets Bits.media and RBC Crypto reported. The change has been made on Binance’s peer-to-peer ( P2P ) platform where Russian users can now choose between a “green local card,” (for Sberbank, according to the websites) and a “yellow local card” (for Tinkoff) in the payment options menu. The renaming follows the publishing of a report by the Wall Street Journal (WSJ) on Tuesday, quoting sources, according to which Binance is under investigation by th...

Russian Foreign Minister Sergey Lavrov has declared that the actions of the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa, are focused on reducing dependency on the economic system managed by the U.S. and its Western allies. He denied a possible unified currency for all BRICS countries at this juncture. Russian Foreign Minister Lavrov: ‘No One Is Talking About a Single Currency Now’ Russian Foreign Minister Sergey Lavrov stated one of the objectives of the BRICS bloc was to achieve independence from the Western-controlled economic and payment system in its internal trade settlements and transactions. At the BRICS summit recently held in Johannesburg, Lavrov explained that this would be one way of escaping the hegemony of the U.S. as the issuer of the dollar. Quoted by the state-owned Russian news outlet TASS, Lavrov stated : All attention is now focused on finding ways to ensure our mutual trade, mutual economic projects and investments in such a way so...

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...