Day: March 16, 2023

Court Dismisses Former Monero Developer’s Bid to Have His Extradition to South Africa Declared Illegal – Regulation Bitcoin News

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The Supreme Court of Appeal (SCA) in South Africa has rejected former Monero lead maintainer Riccardo Spagni’s bid to have it declare his extradition from the United States to South Africa illegal. In its ruling, the Supreme Court of Appeal insisted that Spagni did not sufficiently argue for the voiding of the extradition process. Spagni Challenges Extradition Process A South African court has dismissed former Monero lead developer Riccardo Spagni’s attempt to have his extradition from the United States to South Africa ruled illegal, a local report has said. In…

US credit crunch means it’s time to buy gold and Bitcoin: Novogratz

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The United States is headed for a credit crunch and now is the right time to buy gold, silver and Bitcoin (BTC), says Galaxy Digital founder and CEO Michael Novogratz. “We are going to have a credit crunch in the U.S. and globally,” Novogratz explained in an interview on CNBC. “You want to be long gold and silver […] and you want to be long Bitcoin,” he said. Speaking on CNBC’s Squawk Box on March 15, Novogratz noted that banks typically rebuild capital by lending less, meaning that a credit crunch…

Federal Reserve confirms July launch for FedNow instant payment service

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The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies (CBDCs) and stablecoins. The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks. It does not rely on blockchain technology. It’s a significant step for the government as it is controlled by the Federal Reserve Bank, as opposed to Clearing House’s RTP network which is operated by a consortium of large banks.  @federalreserve @frbservices…

Formfunction to shutter marketplace amid Solana NFT slump

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Formfunction, a Solana (SOL)-based nonfungible token (NFT) marketplace, has announced its closing up shop after only 13 months of operation amid a slump in Solana NFT prices and trading volumes. On March 15, Formfunction announced it is “shutting down” on March 29 saying it “cannot continue to operate” after “much discussion and careful consideration.” We have some sad news to share today—Formfunction is shutting down on Wednesday, March 29th. This was an extremely difficult decision; however, after much discussion and careful consideration, we’ve come to the conclusion that we cannot…

India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE,” India’s central bank explained. India and UAE Collaborate on CBDCs India’s central bank, the Reserve Bank of India (RBI), announced Wednesday a collaboration with the Central Bank of the United Arab Emirates to…

Circle clears ‘substantially all’ minting and redemption backlog for USDC

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Stablecoin issuer Circle has announced it has cleared “substantially all” of the backlog of redemption requests for its stablecoin USD Coin (USDC). In a March 15 operational update, Circle said between the morning of March 13 to the close of business on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC. Update: As of close of U.S. banking operations Wednesday, March 15, we have cleared substantially all of the backlog of minting and redemption requests for USDC. Get the details: https://t.co/5WEAgPps0E — Circle (@circle) March 16,…

Strategist Warns Credit Suisse Next to Collapse — Says ‘There’s a Run on the Bank’ – Economics Bitcoin News

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Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor. Credit Suisse Next to Fall, Says Strategist Market strategist Greg Foss warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses…