Tag: News

Metaverse Platform The Sandbox Is Up on Saudi Arabia Partnership News

LQTY, the native token of censorship-resistant decentralized stablecoin lender Liquidity, surged Monday after the NYDFS ordered Paxos to stop minting BUSD. The token rose 45% to a six-month high of $1.07, registering its biggest single-day percentage gain in at least a year, per data from TradingView. The rally likely stemmed from the Paxos-BUSD drama that triggered fears of a regulatory crackdown on the broader centralized stablecoin ecosystem, with some wondering if Circle’s USDC might be next. If so, the case for decentralized and censorship-resistant stablecoins like Liquity’s LUSD becomes clearer.…

The Key to Unlocking Africa’s Economic Potential – Press release Bitcoin News

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press release PRESS RELEASE. For foreign investors who have always wanted to diversify their portfolio with African assets but have been held back by security and transparency, this might be a game-changer. Africa is a continent that is rich with potential and opportunity. However, due to prolonged periods of negative portrayals and limited access to resources or capital, it has not been able to maximise this potential. This has led to a lack of economic growth and development in many African countries. While many attempts have been made to address…

Flutterwave CEO in Bid to Recover Millions Stuck in Kenya – Africa Bitcoin News

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According to reports, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, recently visited Kenya where he sought to convince the country’s monetary authorities to grant the firm access to funds that have been blocked since July 2022. Agboola claimed that his firm had “instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.” Money Laundering Allegations More than six months after a Kenyan High Court granted an order to freeze bank accounts belonging to the Nigerian fintech unicorn Flutterwave, Olugbenga…

Rwanda Government Orders Banks to Stop Facilitating Crypto-Related Transactions – Regulation Bitcoin News

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According to the National Bank of Rwanda, the country’s regulated financial services providers are now prohibited from facilitating crypto-related transactions. In her Jan. 31 letter justifying the decision, the acting governor Soraya Hakuziyaremye cites the unregulated status of most crypto assets and how this leaves users without the “guarantees and safeguards associated with regulated financial services.” Rwanda’s Growing Interest in Crypto The National Bank of Rwanda (NBR) has said the country’s financial services providers are forbidden from engaging in “any crypto-related activities until a regulatory framework has been put in…

UAE Launches ‘Financial Infrastructure Transformation’ Program; CBDC Among 9 Key Objectives – Bitcoin News

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On Feb. 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) announced the launch of a new initiative called the “Financial Infrastructure Transformation Program,” which has nine key objectives. One of these objectives is the research and development of a central bank digital currency (CBDC) designed to address both cross-border payments and domestic use cases. United Arab Emirates CBDC Initiative to Address Inefficiencies in Cross-Border Payments and Drive Domestic Innovation The Central Bank of the United Arab Emirates (CBUAE) aims to bolster the region’s financial infrastructure with a…

Meta Reportedly Preparing for a New Round of Layoffs – Metaverse Bitcoin News

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Meta, the company that owns Whatsapp, Instagram, and Facebook, is reportedly preparing to announce a new round of layoffs in the coming days. According to reports, the company is delaying the finalization of the budget for each one of its teams, causing operational delays and affecting the output of employees of the company. Meta to Lay Off More Staff Meta, the social media company, may be looking to trim more of its workforce in the near future. According to reports from Financial Times, the company has not finalized the budgets…

India Having ‘Detailed Discussions’ With G20 Members on Crypto Regulation – Regulation Bitcoin News

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India is having “detailed discussions” with other G20 members about forming a collective standard operating procedure (SOP) to regulate crypto assets, Indian Finance Minister Nirmala Sitharaman has revealed. She also called for “a globally coordinated approach on the regulation of crypto assets” during her recent meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva. G20’s Crypto Regulatory Discussion Underway Indian Finance Minister Nirmala Sitharaman answered some questions regarding crypto mining and regulation on Monday in Lok Sabha, the lower house of India’s parliament. Noting that cryptocurrencies are largely unregulated…

At Least 1,000 Lawsuits Filed Against Crypto Miners in Russia’s Irkutsk Region – Mining Bitcoin News

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Authorities in the Russian region of Irkutsk have so far filed 1,000 lawsuits against what they call “gray” miners, or people minting coins in their homes. In over half of these cases, courts have ordered the defendants to compensate the operators of the distribution networks. Hundreds of Crypto Miners Sued in Irkutsk for Extracting Digital Currencies Using Subsidized Electricity Power distributors in the Siberian Irkutsk Oblast have filed lawsuit number 1,000 against consumers illegally mining cryptocurrency in residential areas. In 600 of these, judges have decided that the so-called “gray”…

Iris Energy Boosts Self-Mining Capacity With 4.4 EH/s of New Bitmain Bitcoin Mining Rigs – Mining Bitcoin News

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Bitcoin miner, Iris Energy, announced plans to increase the company’s self-mining capacity, from 2 exahash per second (EH/s) to approximately 5.5 EH/s, after it receives 4.4 EH/s of new Antminer S19j Pro miners from Bitmain. Iris Energy Leverages $67 Million in Bitmain Prepayments for Latest Mining Expansion Bitcoin mining company, Iris Energy, announced plans to increase its self-mining capacity to 5.5 exahash per second (EH/s) from 2 EH/s. The company recently unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default notice from a lender. To obtain…

BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert – Bitcoin News

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Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD is experiencing increased activity on Monday as the third largest stablecoin by market capitalization has seen 286,720,127 BUSD redeemed in approximately eight hours. The increased activity began the previous day, when reports claimed the U.S.…