Month: May 2023

Celsius adds nearly 429K stETH to Lido’s lengthening withdrawal queue

Bankrupt crypto lending firm Celsius is anxious to get its staked Ether (ETH) stash back from liquid staking platform Lido which enabled withdrawals this week. Celsius initiated the process of withdrawing its Lido Staked ETH (stETH) from the protocol. According to transaction data it has requested the withdrawal of 428,840 stETH in batches of 1,000. The stash is valued at approximately $784.7 million at current prices. The move follows a transaction of a similar amount of stETH on May 15 in preparation for withdrawal. Once the withdrawal process is complete,…

Indonesia Introducing New National Payment System to Protect Against ‘Geopolitical Consequences’ – Economics Bitcoin News

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Indonesia is introducing a new national payment system as the country furthers its de-dollarization efforts and protection against “possible geopolitical consequences.” The new payment system will replace Visa and Mastercard in state-owned institutions and companies, a top central bank official said. “We expect that very soon it will become widespread.” Indonesia Establishes New National Payment System Indonesia will introduce a new national payment system that will replace Visa and Mastercard in state-owned institutions and companies, according to Dicky Kartikoyono, Bank Indonesia’s Head of Strategic Management and Governance Department. The central…

Crypto retail trading should be regulated as gambling: UK lawmakers

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The trading of so-called “unbacked cryptoassets” such as Bitcoin (BTC) and Ether (ETH) should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report.  The United Kingdom is currently working on a crypto regulatory framework that would mix existing financial asset laws with new crypto-specific rules. However, in a May 17 House of Commons Committee report, the U.K. Treasury Committee “strongly recommended” regulating retail crypto trading and investment activity as gambling, consistent with the principle of “same risk, same regulatory outcome.”…

Lightning Labs launches rebranded ‘Taro’ amid Bitcoin’s BRC-20 bottleneck

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Bitcoin (BTC) users have been given a possibly more efficient way to mint new assets on the blockchain aft an updated edition of the recently-rebranded Taproot Assets Protocol was released by Lightning Labs. In a May 16 blog post, Lightning Network infrastructure firm Lighting Labs criticized the current methods by which assets are inscribed on the Bitcoin blockchain calling them “particularly efficient” and pointed to cumbersome protocols that write asset metadata “directly into block space.” Today we’re excited to announce the newest version of Taproot Assets , a scalable protocol…

BRICS Nations Discuss Expansion Plan as Membership Interest Grows – Economics Bitcoin News

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The BRICS countries are developing guidelines in response to increasing demand from countries seeking to join, according to South Africa’s Foreign Affairs Minister Naledi Pandor. “BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on the concept of how the group can respond to this interest,” she detailed. “Many countries are looking for a multipolar forum that is modern, inclusive, and focused on the common good.” Interest in BRICS Membership Rises South Africa’s Minister of International Relations and Cooperation Naledi Pandor has…

From Lehman Brothers to First Republic Bank: Bitcoin’s rise in uncertainty

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. With the recent banking turmoil, ongoing recession and ‘signs of another global economic crisis,’ cryptocurrencies are – once again – emerging as an alternative way to hold one’s assets, with bitcoin being one of the most popular ones.  As financial institutions falter, customers increasingly seek alternative monetary avenues, with bitcoin frequently reaping the rewards. Last month’s upswing of the leading cryptocurrency, for instance, followed a recent banking upheaval, which…

US Dollar’s Importance Declining in International Transactions and as Reserve Currency, Economist Says – Economics Bitcoin News

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A Canadian economist and professor at the University of British Columbia says the role of the U.S. dollar in international trade and as a reserve currency has been declining. “Other currencies have been getting more important in international transactions and as reserve currencies,” he stressed. Economist Highlights Rising De-Dollarization Trend Canadian economist James Brander shared his thoughts on the worldwide de-dollarization trend and the waning influence of the U.S. dollar last week. Brander is an Asia Pacific professor in the Strategy and Business Economics Division of the University of British…

UK Treasury Committee Wants Unbacked Crypto Like Bitcoin and Ether to be Regulated Under Gambling Rules

“With no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like bitcoin more closely resembles gambling than a financial service, and should be regulated as such,” Harriett Baldwin, member of Parliament and chair of the Treasury Committee said in the statement. “By betting on these unbacked ‘tokens,’ consumers should be aware that all their money could be lost.” Source