Day: April 28, 2023

EU bank agency chief advocates for diverse stablecoin reserves

José Manuel Campa from the European Banking Authority (EBA) urged crypto market players to start adjusting their operations now. The new rules passed by the E.U. last week emphasize the need for market players to comply with the regulations and make necessary preparations for the upcoming changes. The governance of stablecoins The European Banking Authority‘s chairman since March 2019, José Manuel Campa, has written an article for think tank Eurofi about forthcoming European Union rules that will govern stablecoins.  The rules, known as the Markets in Crypto Assets (MiCA), are…

Russian Foreign Minister Sergey Lavrov States De-Dollarization ‘Can No Longer Be Stopped’ – Economics Bitcoin News

Russian Foreign Minister Sergey Lavrov has spoken on the current shift to national currencies and the de-dollarization international markets are currently experiencing. In a press conference after addressing the UN Security Council on April 25, Lavrov stated this shift could not be stopped, and that the future of traditional international institutions like the International Monetary Fund (IMF) was uncertain. Russian FM Sergey Lavrov Thinks De-Dollarization ‘Can No Longer Be Stopped’ Russian Foreign Minister Sergey Lavrov referred to the current shift that international markets are taking away from the U.S. dollar…

Ex-CFO that stole $5M to trade crypto and ‘meme stocks’ gets 3 years prison

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The former CFO of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million that was used to trade cryptocurrencies and “meme stocks.” An April 27 press release from the Department of Justice (DOJ) said Cooper Morgenthau, the ex-CFO of African Gold Acquisition Corp. (AGAC), embezzled more than $5 million from three different SPACs — AGAC, Strategic Metals Acquisition Corp I (SMAC I) and Strategic Metals Acquisition Corp II (SMAC II) between June 2021 and August 2022. Former chief financial officer of two…

Privacy-Focused Blockchain Zcash’s (ZEC) Latest Software Version Goes Live

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UK Treasury seeks input on taxing DeFi staking and lending

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The tax treatment of lending and borrowing on decentralized finance (DeFi) protocols could soon be changed in the United Kingdom as the taxation arm of the Treasury is seeking input on a possible new regime. An April 27 consultation by HM Revenue and Customs will run until June 22 and asks for “investors, professionals and firms engaged in DeFi activities” along with representative bodies and think tanks to submit their views on the government’s proposed DeFi tax treatment. Under the proposed legislative changes, crypto used in DeFi transactions wouldn’t be…

AI tool created by JPMorgan analyzes Fed speeches to signal trades

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Investment banking giant JPMorgan has reportedly unveiled an artificial intelligence (AI) tool to analyze Federal Reserve statements and speeches to detect potential trading signals. On April 27, Bloomberg reported the Wall Street investment bank is using a ChatGPT-based language model to digest comments from United States central bankers. These Fed policy signals will be rated on a scale from easy to restrictive to derive what the bank has called a Hawk-Dove Score. “Hawkish” is a monetary policy term that refers to raising interest rates to keep inflation under control. The…

‘You Need Bitcoin’ — Critics Insist BTC Is Too Volatile – Featured Bitcoin News

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Micheal Saylor, the founder of Microstrategy, has told people living in inflation-stricken Argentina that they now “need bitcoin.” While many bitcoiners have welcomed Saylor’s suggestion, a few critics have said the top crypto asset’s volatility makes it an unsuitable alternative for the faltering local currency. The Dollarization Option As the Argentinian currency — the peso — continued with the slide that has seen it depreciate by more than 40% over the past twelve months, Micheal Saylor, the founder of Microstrategy, has chimed in by tweeting that people living in the…

CTFC wins record $3.4B penalty payment in Bitcoin-related fraud case

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A record-breaking $3.4 billion penalty has been handed down by a Judge in a lawsuit brought by a United States financial regulator involving a fraudulent scheme involving Bitcoin (BTC). An April 27 statement from the Commodity Futures Trading Commission (CFTC) said Texas District Court Judge Lee Yeakel ordered Cornelius Johannes Steynberg to pay the sum for his role in perpetrating a fraudulent commodity pool scheme involving foreign currency transactions and Bitcoin. Steynberg, a South African national and CEO of Mirror Trading International Proprietary Limited (MTI), a purported trading and networking…

Bitcoin BTC Price Holds Steady as Investors Look Toward Next FOMC Meeting

The largest cryptocurrency by market capitalization was recently trading at about $29,500, up roughly 2.2% over the past 24 hours. BTC topped $30,000 at one point, near its earlier week highs but still well off its April peak close to $31,000. Still, investors seem to have forgotten Wednesday’s dramatic seesawing when the crypto dipped to around $27,200 amid a mass liquidation of short and long positions and separate unfounded rumors of bitcoin sales – by the U.S. government and of crypto from failed exchange Mt. Gox – before rebounding. Source

Former President Donald Trump Says US Dollar Is Crashing — Warns ‘We’re Very Close’ to World War III – Economics Bitcoin News

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Donald Trump has warned that the U.S. dollar is crashing and soon will “no longer be the world standard.” The former president of the United States further warned that “we are very close” to a third world war happening. “Joe Biden has led us to the very brink of World War III,” he stressed. Trump on Inflation, Dollar Crashing, World War III Donald Trump released a video Tuesday following Joe Biden’s announcement that he is running for the president of the United States in 2024. The former U.S. president began…