Tag: finance

China Ramped Up Gold Production During Q1 Amidst Steady Demand From Central Banks – Finance Bitcoin News

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Gold companies operating in China ramped up their production levels during the first quarter of 2023. According to industry reports, the Chinese gold industry managed to recover its extraction levels, reaching numbers it saw before the Covid pandemic, with the country engaging in a record streak of purchasing gold during the last five months. China Recovers Gold Production Levels During Q1 China managed to ramp up its gold extraction levels during the first quarter of 2023. Chinese companies have seen their production efforts rewarded during Q1 2023, as large mines…

Level Finance confirms $1M exploit due to buggy smart contract

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Decentralized exchange Level Finance has experienced a security breach allowing an attacker to steal more than $1 million of the exchange’s native Level Finance (LVL) token.  Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin (BNB), with an approximate value of $1.01 million.  An exploit targeted our Referral Controller Contract. – 214k LVL tokens drained to exploiters address.– Attacker swapped LVL to 3,345 BNB– Exploit was isolated from other contracts.– Fix to be deployed…

BRICS to Promote National Currencies Before Issuing Common One – Finance Bitcoin News

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The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview. Wider Use of National Fiats of BRICS States to Precede Launch of Single Currency Experts at BRICS are putting efforts into deepening ties between the economies and financial markets of its member states, with the aim of creating a common currency.…

‘Evil Crypto’ Can Be Used in Foreign Trade, Russia’s Deputy Finance Minister Says – Finance Bitcoin News

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Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated. Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions Crypto assets can be used in certain scenarios, Russia’s Deputy Finance Minister Alexey Moiseev commented during an economic forum in Moscow. Speaking at the “Banks. Transformation. Economy. 2.0” conference, he was quoted by the RIA…

Syria Urges BRICS to Lead in Ditching Dollar, Talks Yuan Adoption With China – Finance Bitcoin News

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BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called for using the Chinese yuan for cross-border trade. Economic Clash With West Requires Discarding Dollar, BRICS Leadership, Syrian President Says Confrontation with the United States and the West in general has been taking place mainly in the economic field and that makes it increasingly necessary to ditch the U.S. dollar as…

Assets managed by Liqwid Finance, a Cardano-based protocol, up 80% in April

The total value locked (TVL) in Liqwid Finance is up 80% in April, an update on April 30 shows.  Liqwid Finance is a non-custodial money market allowing users to borrow and lend digital assets without an intermediary. Liqwid Finance’s TVL rises 80% in April According to DeFiLlama, an analytics platform, Liqwid Finance manages $15.5 million in assets, an 80% increment from March 2023 and a tidy 12% expansion in the past week.  Liqwid remains the strongest monthly growth of all Cardano DeFi protocols with ~80% TVL increase🚀 With $16m+ in TVL Liqwid…

No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again – Finance Bitcoin News

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Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023. Bank of Russia Leaves Interest Rate Unchanged for Fifth Consecutive Time At a meeting of its Board of Directors on Friday, the Central Bank of Russia (CBR) kept its key interest rate at the current level of…

Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts – Finance Bitcoin News

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A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad. Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan Deposits Surge in Russia Fewer Russians want to open local bank accounts in major Western currencies amid restrictions on what they can do with their money. Data from the Bank of Russia shows that about…

World’s Largest Regional Organization to Switch to Settlements in National Currencies – Finance Bitcoin News

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A China-led regional organization that covers more than half of Eurasia intends to transition to settlements in the currencies of its members. While the plan is to abandon the U.S. dollar in mutual payments, participating nations are yet to consider a common currency. Shanghai Cooperation Organization to Abandon Dollar in Favor of National Currencies The Shanghai Cooperation Organization (SCO) is preparing to move away from the U.S. dollar and switch to settlements in the national currencies of its member states. In an interview with the Belarus 1 state TV channel,…

UK Treasury seeks input on taxing DeFi staking and lending: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The taxation arm of His Majesty’s Treasury in the United Kingdom has proposed new regulatory changes to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers. A DeFi options protocol has raised $17 million for a buy-side marketplace and an expanded number of listed tokens. USD Coin (USDC) issuer Circle launched a cross-chain USDC transfer protocol between Ethereum…