Day: April 24, 2023

Russia becomes second-largest Bitcoin mining hub after US, claims local miner

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Russia has now reportedly become the second-largest country in the world in terms of Bitcoin (BTC) and cryptocurrency mining, with the United States maintaining its position as the leader. Nevertheless, the lack of clear regulations regarding cryptocurrencies in the United States may lead to a potential market distribution shift. According to Kommersant, BitRiver, a company that provides colocation services for cryptocurrency mining operations said that in the first quarter of the year, the Russian Federation achieved a new milestone by taking the second position globally in terms of mining power,…

Chinese City Changshu to Begin Paying Public Servants with Digital Yuan

China remains at the forefront of CBDC adoption on a global scale. The Chinese city of Changshu has told workers in the public sector that they will start receiving their full salaries in digital yuan. According to the South China Morning Post, the new payment regime will be in effect from May 2023. And, it is expected to affect many employees including doctors, teachers, and even reporters. A local media report also confirms the notice as being originally issued by the city’s financial authorities. Tagged as “Notice on the Implementation…

Credit Suisse Reported Over $68B Outflows in Q1 2023

While there are plans in place to repay shareholders following the Credit Suisse acquisition by UBS, many may be unable to quantify their losses because of the bank’s collapse. Swiss multinational financial services giant Credit Suisse Group AG (SWX: CSGN) has shared more insights into its finances for the first quarter with outflows that marked an end to its reign. According to the insolvent bank, it recorded a total of 61.2 billion Swiss francs ($68.6 billion) in total net outflows for the first quarter of this year. This outflow was…

Musician Grimes willing to “split 50% royalties” with AI-generated music

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The swift rise of artificial intelligence (AI)– generated art has shaken creatives across various industries. While many have highlighted copyright infringement issues involving AI-generated art, not all artists are against the fusion of AI and their intellectual property.  According to a tweet from Canadian musician and producer Grimes, she says will treat AI creators using her voice the same as other artists she collaborates with. Grimes wrote that she would want to “split 50% royalties on any successful AI generated song” that uses her voice. I’ll split 50% royalties on…

NBCUniversal CEO Jeff Shell Stepping Down over Inappropriate Relationship 

A source revealed that NBCUniversal has not been searching for a new CEO and is not interviewing anyone to take over from Shell. The CEO of American media company NBCUniversal Jeff Shell has exited his executive role after admitting he had an “inappropriate relationship” with a woman in the company. The multinational media giant’s parent company, Comcast Corp (NASDAQ: CMCSA), made the announcement on April 23 via a press release. Comcast explained that there was a mutual agreement between the company and Shell over his departure. Prior to Shell leaving his…

Ripple Wants to Help 3.7B People through Multiple Partnerships in Over 80 Countries

Ripple explained its current effort is to achieve carbon net zero by or before 2030. Payment protocol Ripple has announced multiple partnerships targeted at helping billions of people. The company plans to support 3.7 billion people globally who are either unbanked or underbanked. According to Ripple, the collaborations include innovative fintech, non-governmental organizations (NGOs), universities, foundations, and social entrepreneurs. Some are the World Economic Forum, Energy Web, XRP Ledger Foundation, Watershed, Rippleworks, Care International, Institute for Business & Social Impact, Bill & Melinda Gates Foundation, etc. The payment protocol added that…

Why do platforms with ineffective bounty programs pay a higher price

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Hacks remain common in the crypto space, with over $320 million in digital assets lost in the first quarter of 2023. However, recent hacks proved that some exploiters are willing to return assets in exchange for a prize, a process that some describe as a bug bounty program with a criminal twist.  In April alone, at least three incidents of hackers returning exploited funds were witnessed in the decentralized finance (DeFi) space. On April 4, the Euler Finance team was able to recover $176.4 million after offering the hacker 10%…

Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela – Bitcoin News

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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: the Argentine Peso plunges against the U.S. dollar, Venezuela and Russia agree to develop a joint SWIFT alternative, and Bitcoin mining is still paused in Venezuela. Argentine Peso Plunges 10% Against the Dollar The Argentine Peso has lost more than 10% against the U.S. dollar during the last week, going from less than 400 pesos per dollar in the informal blue exchange rate to more…

Bitcoin (BTC) Posts Biggest Weekly Loss in Five Months as Dollar (USD) Liquidity Declines, Debt Ceiling Fears Resurface

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The leading cryptocurrency by market value fell by 9% to $27,600, registering its largest single-week percentage loss since early November, according to data from TradingView and CoinDesk. The yield on the 10-year U.S. Treasury note rose by six basis points (bps) to 3.58%, its second straight weekly gain, denting the appeal of risk assets, including cryptocurrencies. Original