Tag: News

Stablecoin Market Sees Supply Increase for Tether as Competitors Decline in Light of Recent Regulatory Developments – Altcoins Bitcoin News

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While the stablecoin market has seen significant redemptions in the past three months, the supply of tether, the largest stablecoin by market capitalization, has increased by 2.46 billion since mid-November 2022. Tether is the only one of the top five stablecoins by market valuation that has seen a supply increase in the past three months. Tether Supply Rises While Competitor Stablecoins See Declines Much has changed in the past three months following the collapse of FTX and its aftermath. The stablecoin economy has experienced significant redemptions, and 30-day statistics from…

BTC Edges Closer to $22,000 Ahead of US Inflation Report – Market Updates Bitcoin News

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Bitcoin rebounded in Tuesday’s session, as markets prepared for this afternoon’s U.S. inflation report. It is expected that the annual rate of inflation in the United States dropped to 6.2% in January, down 0.3% from the month prior. Ethereum also rallied, climbing back above $1,500. Bitcoin Bitcoin (BTC) rebounded from recent losses in today’s session, as prices moved closer to the $22,000 level. BTC/USD hit an intraday high of $21,849.01 earlier in the day, which comes after falling to a low of $21,460.09 on Monday. Today’s action saw bitcoin snap…

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”…