Tag: Digital

UK Plans to Regulate Digital Currency Ecosystem Are Being Finalized

The approach by the UK government and parliament to bring sweeping regulations to guide the crypto industry is not negating the overall perception that the technology powering the digital currency ecosystem is unique and futuristic. The United Kingdom (UK) under the leadership of Prime Minister Rishi Sunak is looking at granting the Financial Conduct Authority (FCA) more powers to regulate the digital currency ecosystem. According to a report from the Financial Times, the collapse and eventual bankruptcy of FTX Derivatives Exchange have injected a renewed sense of urgency by all…

India’s Central Bank Digital Currency Should Be Able to Do Anything Cryptocurrency Can Do With No Risk, Official Claims – Regulation Bitcoin News

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An Indian central bank official claims that if there is anything cryptocurrencies like bitcoin and ether can do, the Reserve Bank of India (RBI) should be able to create a product that will do the same job without the associated risks. “This is essentially what we are doing in the CBDC experiments,” he stressed. RBI Official on Cryptocurrency vs Digital Rupee Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar talked about cryptocurrency and central bank digital currency (CBDC) Friday at an event organized by the Indian Banks’ Association…

Central bank plans to make CBDC ‘only legal digital tender’ in Indonesia, says gov

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Bank of Indonesia governor Perry Warjiyo has announced developments in its plans to launch a central bank digital currency, or CBDC, for “various digital economic and financial transactions.” In a Dec. 5 speech at the central bank’s annual meeting, Warjiyo said the bank planned to release details on the conceptual design of a digital rupiah — a currency the equivalent of the country’s fiat — and open the matter to public comment. According to the governor, the Bank of Indonesia intended for the digital rupiah to be “integrated, interconnected, and…

Digital Asset Lender Genesis Owes $900,000,000 to Customers of Crypto Exchange Gemini: Report

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Crypto lender Genesis reportedly owes nearly $1 billion to the customers of crypto exchange Gemini due to the collapse of FTX. According to a new report by the Financial Times, anonymous sources familiar with the matter say that Gemini is attempting to recover the funds from Genesis after the crypto broker was affected by FTX, a crypto exchange that declared bankruptcy last month. Previously, Genesis and Gemini had formed a partnership to create Gemini’s Earn program, which allowed retail investors to loan out their digital assets to earn interest. Last…

Former FTX CEO May Have Influenced Alameda Research to Invest $1.15B in Genesis Digital

Alameda consulted troubled entrepreneur Sam Bankman-Fried before investing in Genesis Digital. A new report has surfaced about a capital injection of over $1.15 billion that was carried out by Sam Bankman-Fried‘s Alameda Research. This was prior to the time that crypto prices began heading for the rocks. According to the report, the capital, which is Alameda Research’s biggest venture investment to date, was put into Bitcoin mining firm Genesis Digital Assets. Although, according to another Bloomberg report dated December 3, the $1.15 billion investment wasn’t done in a singular instance.…

Galaxy Digital to Acquire Israeli Custody Firm GK8 from Celsius Network

Amongst other things, GK8 will help solidify GalaxyOne, the bigger company’s trading platform. Cryptocurrency financial services firm, Galaxy Digital Holdings Ltd (TSE: GLXY) has been selected as the winning bidder for Celsius Network’s owned custody outfit, GK8. As announced by the company, the acquisition is a part of the divestment agenda of the bankrupt crypto lender and it is subject to regulatory approval. GK8 provides a secure institutional digital asset self-custody platform that enables users to carry out transactions offline, a provision that guarantees protection for its users from cyberattacks.…

Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan – Finance Bitcoin News

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A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the issuance of tokens secured by commercial debt. Digital Financial Assets for 58 Million Yuan Issued by Russian Platform A licensed firm has finalized Russia’s first deal with digital financial assets denominated in foreign fiat. The transaction involved the issuing of DFAs worth 58 million Chinese yuan (approx. 516 million rubles or $8.26 million)…

Novogratz’s Galaxy Digital to acquire Celsius’ GK8 in bankruptcy garage sale

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Mike Novogratz-led investment firm Galaxy Digital Holdings has won the bidding to buy GK8, an institutional digital asset self-custody platform owned by Celsius Network — pending court approvals and certain closing conditions. According to a Dec. 2 blog post from GK8 and a press release from Galaxy, if the acquisition goes ahead, Galaxy will acquire the platform’s nearly 40-strong team as part of the deal including cryptographers and blockchain engineers and the GK8’s team office in Tel Aviv. GK8 is a self-custody platform for managing blockchain-based assets which offers custody, staking,…

Failed FTX Rescue Attempt Revealed, Putin Calls for Digital Currency Settlements — Week in Review – The Weekly Bitcoin News

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Shark Tank star Kevin O’Leary has revealed his and Sam Bankman-Fried’s failed attempt to raise $8 billion to rescue the now collapsed crypto exchange FTX. In other news, Russian president Vladimir Putin has called for international settlements based on digital currencies. All this and more just below in this edition of the Bitcoin.com News Week in Review. Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared how he and Sam Bankman-Fried (SBF) almost raised…