Tag: News

IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability – Africa Bitcoin News

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The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary Fund (IMF) has called on Zimbabwean monetary authorities to carefully consider the benefits of issuing a gold-backed digital currency versus the potential risks to the economy. Instead of rushing to issue the gold tokens, the…

Former US Secretary of Labor Robert Reich Urges Bypassing Congress to Raise Debt Ceiling – Economics Bitcoin News

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Robert Reich, former secretary of labor in the U.S., has called for the government to bypass Congress in order to raise the debt ceiling unilaterally. Reich states that the constitution of the U.S. gives President Biden the faculty of ignoring this debt limit, declaring it unconstitutional — explaining its existence is less significant than the mandate of not questioning the validity of the U.S. public debt. Robert Reich Calls to Ignore Congressional Debt Ceiling Robert Reich, an economist who served as U.S. secretary of labor during the government of President…

JPMorgan CEO Jamie Dimon in Favor of Abolishing Debt Limit; States Getting Close to Default Can Cause Panic – Economics Bitcoin News

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Jamie Dimon, CEO of JPMorgan, stated that he favored abolishing the debt limit, giving the government the faculties to extend its debt without congressional action. Dimon also stated that even the drama surrounding the build-up to extending or not extending the debt limit could cause panic, as the U.S. economy is foundational for the world. JP Morgan’s Jamie Dimon Favors an Unlimited Debt Ceiling Jamie Dimon, CEO of JPMorgan, one of the largest banks in the world, has given his opinion when it comes to the issue of the congressional…

Seoul Court Greenlights Seizure of Do Kwon’s Assets Worth $176 Million – Bitcoin News

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According to a local report, South Korean prosecutors have been given the green light by the Criminal Division of the Seoul Southern District Court to seize assets owned by Do Kwon, the co-founder and former CEO of Terraform Labs. The report discloses that a total of 233.3 billion won ($176 million) worth of assets have been frozen, which includes imported vehicles, bank deposits, and cryptocurrency accounts held at a digital currency exchange. Seoul Court Gives Nod to Seize $176 Million in Assets Owned by Do Kwon After reports surfaced claiming…

A ‘Tremendous Variety of Possible Transaction Types’ — A Look at the Conversation Between Nakamoto and Andresen – Featured Bitcoin News

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The Bitcoin mempool, otherwise known as the network’s transaction backlog, is still clogged with over 390,000 transactions waiting to be processed by miners. To clear the mempool, more than 190 blocks need to be mined. As the scaling issues continue to plague the network, a conversation between former Bitcoin developer Gavin Andresen and the network’s creator Satoshi Nakamoto has been making rounds. Andresen expressed his concern about the software’s scripting language, which made him “nervous.” He also pointed out that there could be ways to “abuse” the scripts-in-a-transaction scheme. Nakamoto…

BRICS Leaders Set to Discuss Common Currency to Challenge US Dollar Dominance in Upcoming Summit – Economics Bitcoin News

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The BRICS nations are set to discuss the feasibility of a common currency at the upcoming leaders’ summit. “It’s a matter we must discuss and discuss properly,” a South African minister stressed, noting that a growing number of countries are saying: “Why can’t we trade in our own currencies? Why are we committed to trading through the dollar?” BRICS Currency to Be Discussed at Upcoming Leaders’ Summit The BRICS countries are planning to discuss the feasibility of introducing a common currency at their upcoming leaders’ summit, which will be hosted…

Investment Analyst Warns Successful BRICS Currency Could Hurt US Living Standards – Bitcoin News

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Investment analyst Jon Wolfenbarger has warned that a successful BRICS currency could hurt U.S. living standards and “lead to less power for the U.S. government, similar to the weakening of the UK after World War II.” He stressed: “Due to the Russia-Ukraine war and China’s continued economic growth, the BRICS are accelerating plans to take power from the U.S.” Impact of BRICS Currency on US Dollar and American Living Standards Investment analyst Jon Wolfenbarger, CFA, published a blog post titled “Will a New BRICS Currency Change Anything? Maybe” on Mises…

Economist Peter Schiff Says ‘Nobody’s Money Is Safe in Any Bank’ — Warns of Financial Crises, Depressions – Economics Bitcoin News

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Economist Peter Schiff expects a lot more banks to fail, warning that “nobody’s money is safe in any bank.” He stressed: “When the Fed sets interest rates too low and prints a lot of money … it unleashes massive inflation, creates tremendous economic imbalances that result in financial crises and depressions when the bubbles burst.” Peter Schiff on Inflation Tsunami, Financial Crises, Depressions, and Bank Failures Economist and gold bug Peter Schiff discussed the U.S. banking crisis and where the U.S. economy is headed in an interview last week on…

Crypto Conferences Scale Back | Blockchain News

The crypto winter has been long and harsh, and as a result, crypto conferences are toning down the lavishness. Attendees are no longer interested in DJs and parties; they want to focus on discussing regulation and tax issues. Tiffany Fong, a popular crypto vlogger, attended her first crypto conference this year and observed that attendees were more interested in asking intelligent questions and discussing regulatory issues, rather than enjoying the extravagances of past events. While the XRP Las Vegas conference for XRP enthusiasts and the “XRP Army” took place in…

Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 Years – Mining Bitcoin News

Authorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says Enterprises minting digital currencies outside the law in Iran have stolen 1.8 billion kilowatt hours (KWh) of electricity, according to a spokesperson for the electric power industry, quoted by the English-language Iranian daily Financial Tribune…