Day: July 8, 2022

Credit unions warn about the cost of developing a CBDC

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A United States-based lobbying group has raised a voice against developing a central bank digital currency (CBDC) in the United States. The National Association of Federally-Insured Credit Unions (NAFCU) believes the project’s cost outweighs the “hypothesized benefits.” In a public letter to the U.S. Commerce Department, dated Tuesday, Andrew Morris, the senior counsel for research and policy at NAFCU, claimed that the costs would outweigh the benefits and that there are superior alternatives for accomplishing the same objectives. The letter came in response to the Department’s request for comment (RFC) on…

Proposal to Set Up Russian Crypto Exchange Circulated in Moscow – Exchanges Bitcoin News

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Russia may establish a dedicated exchange to carry out cryptocurrency transactions locally, a high-ranking member of the State Duma has suggested. The new platform can be hosted by the Moscow Exchange, according to Anatoly Aksakov, head of the parliamentary financial market committee. Russian Authorities Mull Creating Domestic Cryptocurrency Exchange A crypto trading platform may be established at the Moscow Exchange (MOEX), according to a statement by Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament. The lawmaker, who has been involved…

Social media ‘major Web3 pain point’ as phishing attacks almost doubles: Report

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As Web3 adoption goes further and more beginners enter the space, hackers are becoming more active, with more phishing attacks being recorded in the latest quarter of 2022 and social media being noted as a major platform of choice for conducting the hacks.  In the quarterly report of security firm Certi, the team has found a 170% increase in phishing attacks in the second quarter of 2022. According to the security firm, 106 attacks were recorded in the first quarter, while 290 events were noted in the next quarter. According to…

Crypto Miner EZ Blockchain Expands Mining Rigs to 16 MWs in Georgia State

Crypto mining company EZ Blockchain plans to expand its mining rigs to 16 megawatts by using Georgia’s underutilized power resources. The new project focuses on four EZ blockchain mobile data centres launched in December 2021 in partnership with the City of West Point. The company invested more than $1 million to fully utilize emission-free power capacity while adding an additional $500,000 to create additional local revenue and high-paying jobs. To achieve environment-friendly objectives, more than 60% of the electricity at the EZ Blockchain Data Center Campus in West Point, Georgia…

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Binance CEO Meets Senegalese and Ivory Coast Presidents, Says ‘Africa Is Primed for Crypto Adoption’ – Bitcoin News

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Changpeng Zhao, the CEO of cryptocurrency exchange Binance, tweeted that he recently held meetings with the presidents of Senegal and Ivory Coast. The meetings are part of his initiative which is aimed at driving up the adoption of cryptocurrency in Africa and beyond. CZ’s Meeting With the Senegalese President The CEO of Binance, Changpeng Zhao (CZ), tweeted on July 6 that he’d met Senegalese president Macky Sall and the central bank. However, CZ neither shares details of the meeting nor does he identify officials from the central bank that were…

Genesis is Latest Major Cryptocurrency Firm to Admit 3AC Exposure

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Insolvency of cryptocurrency hedge fund Three Arrows Capital is winding its way through the liquidation courts of the British Virgin Islands and forcing more counterparties to come forward with admissions of exposure to the hedge fund.  Genesis claims to have mitigated most of its losses from exposure to 3AC, but cross exposure to Babel Finance may make its position more precarious, as evidenced by the need for Genesis parent company Digital Currency Group’s intervention to shore up its subsidiary’s liability position.  Another major cryptocurrency firm has revealed exposure to the…