Day: March 22, 2023

Nigeria CBDC adoption spikes as fiat currency shortage grip the nation

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Nearly 18 months after launching its in-house central bank digital currency (CBDC), eNaira, Nigeria witnessed its massive adoption as national fiat reverses face severe shortages.  The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. While developing nations were among the first to acknowledge the importance of a CBDC in revamping fiat capabilities, the idea is yet to materialize. However, in the case of Nigeria, the lack of physical cash forced citizens to opt for the…

Class action lawyers claim YouTuber ‘BitBoy Crypto’ threatened them

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Lawyers representing a class action lawsuit against “BitBoy Crypto” YouTuber Ben Armstrong and other crypto influencers alleged to have promoted crypto exchange FTX have claimed Armstrong has made multiple threats against them. A March 20 court filing by the class action’s lawyers in a Florida District Court claimed Armstrong “began harassing” the lawyers after the suit was filed on March 15 with “endless phone calls, Tweets and emails” and “insulting and threatening posts on Twitter, Youtube, and other social media.” Armstrong is among several so-called “FTX influencers” named in the…

Blockchain-Based Debt Protocol Obligate Records First Tokenized Bond Issuance on Polygon Network

“With traditional sources of lending restricted by current market conditions, this issuance enables investors to access on-chain bonds and commercial paper at a fraction of the cost and time, within the same secure and regulated framework they are familiar with from the traditional financial markets,” Bruce Jackson, Apex’s chief of digital asset funds and business, said. Source link

Crypto Exchange Bitzlato Restores User Access to Half of Bitcoin Balances, Report – Exchanges Bitcoin News

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Bitzlato users can now partially withdraw their bitcoin funds from the dismantled cryptocurrency exchange, according to a media report. The Russia-linked trading platform was targeted by Western law enforcement and had its France-based server infrastructure seized in January. Bitzlato Customers Allowed to Withdraw Up to 50% of Their Bitcoin at the Exchange Users of Bitzlato’s web portal and app can now withdraw a portion of the funds they had with the crypto exchange when it was busted by French and U.S. authorities in mid-January. Since Monday, its clients have access…

Australian Regulator Tells Banks to Report Exposure to Startups and Crypto-Related Business: Report

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US Senator Ted Cruz tries again with new bill to block CBDC

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Republican Senator Ted Cruz has introduced a bill to block the United States Federal Reserve from launching a “direct-to-consumer” central bank digital currency (CBDC). In a March 21 statement, Cruz said he introduced the bill to prevent the Fed from developing a retail CBDC “which could be used as a financial surveillance tool by the federal government.” Cruz stated it’s “more important than ever” to ensure U.S. policy on digital currencies protects “financial privacy, maintain’s the dollar’s dominance and cultivates innovation,” and added: “CBDCs that fail to adhere to these…

OneCoin head of compliance facing 40 year sentence after US extradition

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United States federal prosecutors have charged a former executive of the fraudulent cryptocurrency scheme OneCoin for her role in the operation, who now faces up to 40 years in prison after being extradited from Bulgaria. On March 21 the Department of Justice (DOJ) charged OneCoin’s former head of legal and compliance Irina Dilkinska with one count of wire fraud and one count of conspiracy to commit money laundering, each carrying a maximum potential sentence of 20 years in prison. Dilkinska allegedly aided in laundering over $400 million of OneCoin’s proceeds,…

‘Crypto FUD’ — Industry outraged as White House report slams crypto

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Crypto executives have expressed irritation over the latest White House economic report — which notably features an entire chapter dedicated to casting doubts on the merit of digital assets. The Economic Report of the President, released March 20, marks the first time the White House has included a section on digital assets since it first began issuing the annual economic policy report in 1950. Co-founder of digital asset investment firm Paradigm, Fred Ehrsam, remarked that 15% of the Economic Report was dedicated to “crypto FUD.” 15% of the annual White…