Bitcoin News and Finance: What You Need to Know

Monero currently occupies the foremost position among privacy cryptocurrencies in terms of market capitalization. The following Learning and Insights explainer briefly delves into the origins and development of Monero ( XMR ), emphasizing its distinctive features, such as anonymous transactions and untraceable payments, that set it apart from its peers. The Genesis of Monero: A Look at Monero’s Inception Monero (XMR) has emerged as one of the most widely utilized and valuable privacy coins since its inception in 2014. Unlike the multitude of forks derived from Bitcoin’s codebase, Monero was constructed on the Cryptonote protocol , initially implemented by Bytecoin in 2012. While Bytecoin introduced innovative privacy features like ring signatures , it was reported that 80% of its coins were premined. Consequently, in 2014, anonymous developers forked the Bytecoin blockchain to create Bitmonero, which was later renamed Monero. The new Monero blockchain produced a block every two m...

The G20 leaders have released their declaration following their summit in New Delhi. They endorsed the Financial Stability Board’s “high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements” and welcomed several reports by standard-setting organizations. The G20 leaders emphasized “the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage.” G20 Releases Leaders’ Declaration The G20 leaders released their declaration on Sunday following a two-day summit in New Delhi. India holds the G20 Presidency this year. The 37-page declaration includes a section on the policy and regulation of crypto assets and central bank digital currency (CBDC). “We continue to closely monitor the risks of the fast-paced developments in the cryptoasset ecosystem,” the declaration states. “We endorse the Financial Stability Board’s (FSB’s) high-lev...

Reserve Bank of India (RBI) Governor Shaktikanta Das has revealed that India’s central bank digital currency (CBDC) now has around 1.5 million users. In addition, over 300,000 merchants are currently accepting payments in digital rupees, and the pilot is being operated through 13 banks in 26 cities. RBI Governor’s Digital Rupee Update Reserve Bank of India (RBI) Governor Shaktikanta Das provided an update on the progress of India’s central bank digital currency (CBDC) pilot on Wednesday at this year’s Global Fintech Fest in Mumbai. The Indian central bank began its digital rupee pilot for the wholesale segment in November last year, followed by a pilot in the retail segment in December. The RBI governor revealed that India’s central bank digital currency trial has been rolled out to approximately 1.46 million users. He added that the digital rupee pilot is being operated through 13 banks in 26 cities, and over 300,000 merchants accepted payments in CBDCs as of Aug. 31. Das furth...

Rich Dad Poor Dad author Robert Kiyosaki has warned that Airbnb will lead the incoming real estate market crash. Noting that many people are worried that the “Airbnbust” is finally here, an economist cautioned that “it could get a lot worse between a looming recession and excess savings about to dry up.” Robert Kiyosaki on Airbnb and Real Estate Market Crash The author of Rich Dad Poor Dad, Robert Kiyosaki, warned last week that Airbnb will lead the incoming real estate crash. 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. The famous author posted on social media platform X that he expects Airbnb “to lead real estate market crash.” Kiyosaki added that the best time to get rich is in a crash, noting that for anyone searching for a new home or rental property, “your happy days a...

In the digital currency realm, smart contracts have enhanced the financial industry through tokenization, decentralized finance (defi) and other agreements in the form of self-executing code. But how exactly do they work? What benefits do they offer? Here’s a concise overview of smart contracts and their profound effect on trust and collaboration in our interconnected society. Smart Contract Origins If you keep up with cryptocurrency news you’ve likely heard of “smart contracts.” Smart contracts, in their current form, are self-executing agreements housed on a blockchain. Fundamentally, the “smart” in smart contracts stems from automation, while the “contract” denotes a binding agreement or function that runs automatically. The idea of smart contracts was first posited by American computer scientist Nick Szabo . Ethereum’s Role & Beyond In the early 1990s, Szabo defined smart contracts as “a set of promises, specified in digital form, including protocols within which the par...

Stablecoins occupy a unique space within the realm of finance, straddling the worlds of traditional and cryptocurrency finance. These digital assets aim to achieve price stability by tethering their market value to external references such as fiat money. Stablecoins blend the characteristics of cryptocurrencies with the stability of traditional assets like the U.S. dollar or commodities such as gold, resulting in digital tokens with limited volatility. By stabilizing their purchasing power, stablecoins offer a level of reliability currently absent in pure, decentralized cryptocurrencies. Let’s delve into what stablecoins are, the various types available, and their origins. Stablecoins: Bridging Crypto and Fiat for Price Stability Today, the bustling stablecoin ecosystem boasts an impressive total value of $123 billion , encompassing numerous projects. Having been a prominent presence in the financial landscape for nearly a decade, stablecoins have firmly established themselves as pi...

The CEO of collapsed Turkish crypto exchange Thodex has been sentenced to 11,196 years, 10 months, and 15 days in prison. He purportedly absconded with more than $2 billion in cryptocurrency belonging to more than 400,000 customers. The court found his crypto trading platform to be a criminal organization. Thodex Chief Sentenced to 11,196 Years in Prison The CEO of collapsed Turkish cryptocurrency exchange Thodex, Faruk Fatih Özer, was reportedly sentenced to 11,196 years, 10 months and 15 days in prison on Thursday. AFP reported that prosecutors had requested a prison sentence of 40,562 years for the 29-year-old crypto exchange boss. Özer was found guilty of various charges including fraud, leading a criminal organization, and money laundering. The court also found Thodex to be a criminal organization and that Özer acted with fraudulent intent from the beginning. In addition, Özer’s sister Serap and brother Guven were found guilty of the same charges. The Thodex CEO refuted the f...

The Federal Reserve’s vice chair for supervision has affirmed that the U.S. central bank is “a long way” from making a decision on whether to issue a central bank digital currency (CBDC). The Fed official also voiced concerns regarding USD stablecoins, emphasizing that they “could pose significant risks to financial stability, monetary policy, and the U.S. payments system.” Fed Official on Digital Dollars and Stablecoins The Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, Michael Barr, talked about the Fed’s central bank digital currency progress on Friday at the Seventh Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia. “As the pace of innovation increases, the payments landscape continues to evolve with the emergence of new programmable payments platforms, including those built on distributed ledger technology and blockchain technology, and new forms of digital assets, such as cryptocurrencies, stablecoins, and centra...

Lately, the crypto sphere, with bitcoin aficionados in particular, has been buzzing with chatter about the fees pocketed by BTC miners. They’re pondering if these fees will adequately offset the impending 2024 halving and the accompanying drop in revenue. On the other hand, Ethereum, the runner-up in the crypto world, is raking in significantly higher weekly fees. Here’s an insight into the leading blockchain networks and where users are truly shelling out for block space. Bitcoin Proponents Discuss the 2 Leading Blockchains and Transfer Fees Many of today’s leading blockchain networks come with transfer fees, designed to motivate miners or validators to oversee and validate transactions, fortifying the network. Besides ensuring security, these fees deter spam, prioritize transactions, and cater to distinct economic policies based on each blockchain’s consensus guidelines. In the Bitcoin realm, when miners discover a block, they’re rewarded with the fees associated with that part...

America’s biggest bank by assets, JPMorgan Chase, is exploring a blockchain-based deposit token for cross-border payments and interbank transfers. If approved by regulators, the banking giant may create the digital asset, which would be different from its existing JPM Coin as it could be used to send money to accounts in other banks. JPMorgan Considers Digital Token for Cross-Border Payments and Settlement JPMorgan is in the early stages of exploring a blockchain-based digital deposit token, Bloomberg reported quoting a person with knowledge of the matter. The token could be used to speed up cross-border payments and settlement. According to the source who chose to remain anonymous, most of the underlying infrastructure that would be necessary to run the new means of payment has been developed. However, the token will not be issued without U.S. regulatory approval. The bank may launch it less than a year after it gets a green light and offer it to corporate clients, the report un...

A United States Federal Court Judge has ordered the collapsed bitcoin investment platform Mirror Trading International to pay over $1.7 billion in restitution. Commodity Futures Trading Commission director of enforcement Ian McGinley said the CFTC will not hesitate to go after fraudsters who target U.S. citizens. The Commission again warned that court rulings are not a guarantee that victims will recover all their funds. Forex Fraud Allegations United States Federal Court Judge David A. Ezra recently ordered the now-defunct South African bitcoin investment platform Mirror Trading International (MTI) to pay over $1.7 billion in restitution. The order, which stems from the Commodity Futures Trading Commission’s (CFTC) June 2022 complaint, was issued after the judge determined that MTI had committed forex fraud. According to the Commission’s Sept. 7 press statement , MTI, which is presently in liquidation, was also found liable for “registration violations and failure to comply with C...

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 ...