Bitcoin News and Finance: What You Need to Know

Indonesia’s central bank has established a national task force to expand the use of local currency with partner countries. Malaysia, Thailand, Japan, and China are already trading with Indonesia using local currencies. In addition, Singapore and South Korea have signed cooperation agreements to build a local currency transaction framework with Indonesia, according to the central bank. Indonesia’s De-Dollarization Efforts Bank Indonesia (BI), the Indonesian central bank, announced on Tuesday that it has “formed a National Task Force to expand the use of local currency transactions (LCT) in Indonesia with partner countries.” The Memorandum of Understanding (MoU) concerning the National LCT Task Force was signed on the sidelines of this year’s ASEAN Summit in Jakarta on Tuesday. Besides the central bank, the Coordinating Ministry for Economic Affairs, Coordinating Ministry for Maritime Affairs and Investment, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Industry, Mini...

Palau is preparing to close the distribution phase of its stablecoin pilot after having extended it for 30 additional days to examine additional use cases and growing popular demand. Palau Ministry of Finance board member Jay Hunter Anson explained that the pilot was a “temporary, research and development pilot,” and that the entity will now compile data to deliver a report to the government. Palau Concludes Stablecoin Pilot Distribution Phase Palau has informed about the completion of the distribution phase of its first stablecoin pilot, prompting users to spend their Palau Stablecoins (PSC) before September 15, when they will be frozen. Jay Hunter Anson, a board member of Palau’s Ministry of Finance, thanked the participants in this first phase and explained the steps the organization will follow. The pilot will officially conclude at the end of the month, and the last 15 days of September will be dedicated to working with merchants as part of the pilot to organize redemptions o...

The Federal Bureau of Investigation (FBI) says it has confirmed that North Korea’s Lazarus Group was behind the crypto theft of about $41 million from online crypto casino and sports betting platform Stake.com. The FBI has provided a number of Bitcoin, Ethereum, Binance Smart Chain (BSC), and Polygon addresses that received stolen funds from Stake.com. FBI Attributes $41M Crypto Theft to Lazarus Group From DPRK The Federal Bureau of Investigation (FBI) announced Wednesday that it has identified Lazarus Group’s cyber actors as responsible for the theft of approximately $41 million in cryptocurrency from Stake.com. The announcement states: The FBI is issuing this release to warn the public regarding the theft of approximately $41 million in virtual currency from Stake.com, an online casino and betting platform. The FBI has confirmed that this theft took place on or about September 4, 2023, and attributes it to the Lazarus Group (also known as APT38) which is comprised of DPRK cyber...

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have published their synthesis paper titled “Policies for Crypto Assets,” which was developed at the request of the Indian G20 Presidency. The global organizations “have set out a roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy response for crypto-assets.” IMF, FSB Release ‘Policies for Crypto Assets’ The International Monetary Fund (IMF) and the Financial Stability Board (FSB) published their joint synthesis paper titled “Policies for Crypto Assets” on Thursday. The report was developed at the request of the Indian G20 Presidency. “This paper’s key objective is to synthesize the work of the IMF and the FSB,” the report details, adding that the two international organizations “have advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.” The paper discusses the i...

Tether, the largest stablecoin in the cryptocurrency market, discussed how its leverage of U.S. treasury bills creates a steady demand for U.S. national debt as a backup of the USDT issuance. The company has exposure to almost $73 billion in U.S. debt, held directly, indirectly, or as collateral for reverse repo operations. Tether U.S. Treasury Exposure a ‘Call Option’ Tether, the largest stablecoin company in the cryptocurrency market, has recently discussed its exposure to U.S. treasuries and its effects on the entire crypto ecosystem. In a recent article titled “Tether USDT and U.S. Treasury Dynamics,” the organization reported it held almost $73 billion in U.S. debt directly, indirectly, or as collateral in reverse repo operations, making it the number 22 holder of U.S. Treasuries. Tether CTO Paolo Ardoino stated that the company held more U.S. debt than nations like the United Arab Emirates, Mexico, Australia, and Spain. For Tether, this sets a trust precedent in the U.S....

The popular Ethereum wallet Metamask has introduced a new feature allowing users to convert crypto to major fiat currencies. The “Sell” option currently supports cashing out ether ( ETH ) and is available to users in the U.S., the United Kingdom, and some European markets. New Feature of Metamask Wallet Allows Users to Sell Ether for Fiat Metamask , a widely used Ethereum wallet, has offered ETH holders an easy way to cash out their cryptocurrency to fiat money. At the moment, the “Sell” feature is available in the U.S. — where certain state restrictions apply — the U.K., and parts of Europe, but the intention is to add more regions, the wallet’s team said on Tuesday. Users can currently cash out to U.S. dollars (USD), British pounds (GBP), and euros (EUR). They can have the fiat amount sent to a bank account or a Paypal balance where these fiat account destinations are available, depending on location. “We’re initially supporting ETH on Ethereum Mainnet, with plans to expand to ...

Two Binance executives responsible for the crypto giant’s operations in Eastern Europe and the former Soviet space have left the company. The departures come at a time when the leading crypto exchange finds itself under persisting regulatory pressure and is considering leaving sanctioned Russia. Another 2 Managers Quit Crypto Exchange Binance as Executive Exodus Continues Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets. On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States ( CIS ), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange. “Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, ...

The Ugandan mobility fintech Asaak recently spread its tentacles to Latin America after it bought the Mexican asset financing business Flexclub. The fintech’s CEO suggested that his company’s successful and profitable microfinance business partly influenced the decision to acquire the Mexican startup. Asaak’s Profitable Business The Ugandan mobility fintech Asaak recently said it acquired car financing startup Flexclub Mexico for an undisclosed sum. According to one report, Asaak’s acquisition of the Mexican asset financing startup will potentially expose the Uganda-based startup firm to the Mexican microfinance market and the South African car rental market. Flexclub has reportedly pivoted away from the Mexican market. Kaivan Sattar, the co-founder and CEO of the Ugandan fintech, suggested that his company’s successful and profitable microfinance business had partly influenced the decision to acquire the Mexican startup. As explained in a Techcabal report , Asaak’s decision to a...

In several short years, Duelbits have made a name for themselves in the crypto casino niche, becoming one of the de facto leaders in the sphere. With a firm commitment to innovation, they have made it a point to stand out from the crowd. Recently, they have completely revamped their already sleek and stylish platform, presenting a streamlined and intuitive interface elevating the player experience to new heights. The improvements are not solely relegated to the cosmetic aspects of the website, significant investments have been made in the technical department as well, with these upgrades resulting in silky smooth navigation capable of handling the ever-increasing number of gamers that have become Duelbits regulars. Additionally, during the upgrade process, a mobile app has been developed, integrating the platform flawlessly with the mobile world, allowing for a 360-degree gaming experience without any limitations. Hours upon hours of player behavior were tracked and studied, and ...

The Kenyan fintech startup Kotani Pay has raised $2 million in a pre-seed funding round which was led by P1 Ventures. The capital raised will be used to fund the startup’s expansion into five African countries. Felix Macharia said his firm is working with central banks, some of whom “are actually getting excited about some of these use cases and are getting involved.” New Capital to Fund Kotani Pay’s Africa Incursion The Kenya-based digital currency on- and off-ramp service provider, Kotani Pay, recently raised a $2 million pre-seed funding round, a report has said. The round was led by the San Francisco-based seed investor P1 Ventures with the participation of Digital Currency Group/Luno and Flori Ventures. According to a Techcrunch report , Kotani Pay will use the capital raised to fund its expansion into five African countries: Ivory Coast, Nigeria, Rwanda, Senegal, and Tanzania. The successful capital raise also enables Kotani Pay to make good on its promise to make cross-borde...

Digital asset exchange Coinbase will be offering cryptocurrency loans to institutions in the United States. With the new service, the leading U.S. crypto trading platform seeks to fill the market gap opened by the collapse of companies like Celsius, Genesis, and Blockfi. Crypto Exchange Coinbase Starts Offering Crypto Loans to Institutions Cryptocurrency exchange Coinbase has launched a crypto lending service targeted at large institutional investors in the U.S., Bloomberg reported, noting that the move is aimed at capitalizing on the void left by the bankruptcies of major platforms in this sector. According to a filing with the U.S. Securities and Exchange Commission (SEC), $57 million have been invested already in the lending program by customers of Coinbase Prime, the exchange’s brokerage platform that allows institutional players to execute trades and custody assets. “With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a p...

The Ethereum Foundation has announced the completion of its grants program to finance projects related to implementing ERC-4337, the account abstraction standard. 18 projects were selected to be part of this batch of grants, which feature different functionalities, including creating educational material on the issue and software that can design operations based on the requirements of other apps. Ethereum Foundation Announces 18 Grants for Projects Implementing Account Abstraction Features The Ethereum Foundation, a nonprofit organization in charge of funding and expanding the Ethereum ecosystem, has announced that it will issue grants to 18 teams developing projects built around the ERC-4337 standard, also known as account abstraction. The initiative seeks to empower these projects to grow and become a significant part of the Ethereum ecosystem in the future. About the significance of these grants and the projects that received help from them, the Ethereum Foundation stated: Ea...

European Central Bank (ECB) executive board member Fabio Panetta has warned about stablecoins issued by private providers, such as Paypal. He also provided an update on the progress of the digital euro. “At the ECB, our investigation phase is now in its final stage, preparing the ground for the Governing Council to decide whether to move to the next phase of the project,” he said. ECB Executive Board Member on Digital Euro and Stablecoins Fabio Panetta, member of the executive board of the European Central Bank (ECB), discussed stablecoins and the digital euro on Monday during his introductory statement at the Committee on Economic and Monetary Affairs of the European Parliament. Noting that the ECB officially launched the digital euro investigation phase in October 2021, he said, “We have made considerable progress since then.” Panetta added: At the ECB, our investigation phase is now in its final stage, preparing the ground for the Governing Council to decide whether to move to...

The B2BinPay team has just announced the release of B2BinPay v17, a substantial update that polishes and perfects the crypto payment experience. As one of the industry leaders, B2BinPay has been a global go-to facilitator for crypto transactions. B2BinPay’s crypto solutions are celebrated for their simplicity of integration, allowing businesses worldwide to adopt cutting-edge crypto solutions without hassle. The V17 version of the B2BinPay platform has further innovated on existing functionalities, introducing many new features, quality-of-life updates and fixes to accommodate the diverse requirements of merchants and enterprise clients. Introducing the EUROC and TUSD Settlement Options As the crypto landscape continues to be volatile and unpredictable, stablecoins ensure stability and reliability. Before v17, B2BinPay provided customers with five major settlement options: BTC , USDT , USDC, USD and EUR. However, as the crypto landscape evolves rapidly, the v17 upgrade decided to...

Israeli law enforcement recently raided the offices of a company accused of producing software used by criminals to defraud crypto investors of millions of dollars. Some six suspects were arrested following the raid on a company that is reportedly operated by the country’s infamous crime families. ‘Sting Software’ The Israeli police’s National Cyber Crime Unit recently raided an IT company whose so-called “sting software” has helped criminal syndicates to steal millions of dollars from crypto investors. According to a Ynet News report , six individuals were arrested while dozens were taken in for questioning. According to the report, the raided company is believed to be operated by the country’s infamous crime families. In his remarks following the raid, Dudi Katz, the head of Lahav 433’s National Cyber Crime Unit, said: “We were able to stem the tide of this crime wave and bring down hundreds of call centers. This operation spanned internationally and was unique in scope, includi...

Investors led by Andreessen Horowitz have backed a company that has set out to help content creators monetize their work in the age of artificial intelligence (AI). The tech firm intends to employ blockchain technology to track remixes and mashups that have been spreading online since the invent of AI tools like Chatgpt. Investors Pledge $54 Million to Support Story Protocol’s Plan to Help Copyright Holders in AI Age U.S. blockchain company Story Protocol has won the support of a group of investors led by American venture capital firm Andreessen Horowitz for its plan to help content creators track and monetize their work in the times of generative AI , Bloomberg reported. Against the backdrop of low investor interest in crypto startups, the San Francisco-based tech firm managed to raise $54 million. Among those who offered funding for its project are also Hashed, Endeavor, Samsung Next, TPG Capital founder David Bonderman, and Paris Hilton’s 11:11 media. Besides receiving equity i...

In mid-August, Bitmain revealed its intention to launch a new Antminer featuring an efficiency rating of 1X joules per terahash (J/TH). Three days after this disclosure, Canaan also announced plans to unveil a novel product but with little details. Canaan has since offered more information, indicating that their upcoming release will belong to the Avalon 14 series, alongside equaling the efficiency level of 1X J/TH. Upcoming Next-Gen Bitcoin Mining Rigs Will Boast 1X J/TH Efficiency At present, the leading application-specific integrated circuit (ASIC) bitcoin miners produced today possess an efficiency rating of 20 joules or higher per terahash. Yet this status quo may shift within the month as two rival bitcoin mining rig manufacturers intend to introduce a new generation of mining products. For example, the 2023 World Digital Mining Summit (WDMS) occurring in Hong Kong from September 22 to 23 will showcase Bitmain’s innovative mining product. This apparatus or series of devices...

Global investment bank JPMorgan expects the U.S. Securities and Exchange Commission (SEC) to approve multiple spot bitcoin exchange-traded funds (ETFs) at once, instead of giving one company the advantage of being the first. The bank’s analyst explained that if the securities regulator wants to defend its denial of Grayscale’s bitcoin ETF conversion proposal, it would have to retroactively withdraw its previous approval of bitcoin futures ETFs. “Such a retroactive withdrawal would be very disruptive and embarrassing for the SEC,” he cautioned. JPMorgan Expects to See Several Spot Bitcoin ETFs Approved JPMorgan analyst Nikolaos Panigirtzoglou explained in a note last week that the U.S. Securities and Exchange Commission (SEC) may be forced to approve several spot bitcoin exchange-traded funds (ETFs) after a court ruled in favor of Grayscale Investments regarding the crypto asset manager’s proposal to convert its bitcoin trust into a spot bitcoin ETF. “The court ruling on the Graysc...

Economist Peter Schiff has warned that the U.S. cannot afford to decouple from China. “Our entire standard of living rests on the support of China,” he stressed, adding that “If we lose that support, it’s going to collapse.” He also predicted the collapse of the U.S. dollar as the USD loses its world’s reserve currency status. Peter Schiff on US-China Decoupling, Dollar Collapse Economist and gold bug Peter Schiff discussed various economic topics, including the relationship between the U.S. and China, in an interview with NTD News last week. Commenting on the recent statement by Commerce Secretary Gina Raimondo stating that “Decoupling is neither in our economic or national security goals,” Schiff stressed: We can’t afford to decouple because you have to recognize that China is both our biggest supplier and our biggest banker. The Chinese loan us the money to buy the stuff that they produce that we can’t, and our entire standard of living rests on the support of China. “If we ...

Asset management firm Bernstein has predicted that the U.S. Securities and Exchange Commission (SEC) will approve its first spot bitcoin exchange-traded fund (ETF) between mid-October and mid-March next year. The firm’s analyst believes that “the crypto ETF opportunity won’t just stop at bitcoin but will extend into multiple crypto assets.” Bernstein’s Spot Bitcoin ETF Prediction Gautam Chhugani, managing director and senior analyst of Global Digital Assets at asset management firm Bernstein, has predicted that the U.S. Securities and Exchange Commission (SEC) will approve its first bitcoin exchange-traded fund (ETF) by mid-March next year. He explained in a note on Monday that the court ruling in favor of crypto asset manager Grayscale Investments last week regarding the firm’s proposed bitcoin ETF conversion is a “game changer.” Calling the ruling “a landmark win against the SEC,” he emphasized: “The ruling went beyond the GBTC conversion, but laid unambiguous principles for reg...