roadrunner

Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that the U.S. Treasury defaulting on its debt obligations “would have very significant, hard to predict, and likely lasting effects on investors, issuers, and markets alike.” Gensler stressed: “We’ve already seen an effect in the pricing and liquidity of short-dated Treasury bills and continue to monitor for any additional tremors.” SEC Chair Gary Gensler on U.S. Debt Default The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has weighed in on the impact a U.S. default would have on capital markets as discussions of the U.S. defaulting on its debt obligations heat up in Congress. “I’d like to say a few words regarding the ongoing discussions in Washington around the debt ceiling,” the SEC chairman said in his remarks before the International Swaps and Derivatives Association annual meeting Wednesday. Gensler cautioned: If the U.S. Treasury as an issuer were actually to default, it would have very significant, hard to predict, and likely lasting effects on investors, issuers, and markets alike. “In a word, it would make the Cyclone Roller Coaster at the 1933 Chicago World’s Fair look like a kiddie ride,” he stressed. The SEC chairman also clarified: “While we at the SEC have no direct role in those discussions, the outcome is directly consequential to each part of our mission: protecting investors, facilitating capital formation, and maintaining fair, orderly, and efficient markets.” He added: We’ve already seen an effect in the pricing and liquidity of short-dated Treasury bills and continue to monitor for any additional tremors. U.S. Treasury Secretary Janet Yellen revealed last week that the Treasury Department may not be able to pay all of the government’s bills as early as June 1 “if Congress does not raise or suspend the debt limit before that time.” She also warned of “catastrophic” consequences of the U.S. defaulting on its debt obligations. What do you think about SEC Chairman Gary Gensler’s warning regarding the impact a U.S. default would have on capital markets? Let us know in the comments section below. View the full article

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 and the Bargh News portal. “About 8,200 unauthorized centers for cryptocurrency mining have been identified and closed in the past three years, in which more than 246,000 active miners were using 680 megawatts (MW) of energy,” said Mostafa Rajabi-Mashhadi. It’s estimated that another 1,200 MW of power capacity is still being occupied by illegal miners in the country, he added. Most of the electricity theft occurred in the provinces of Isfahan and Tehran, followed by Khorasan Razavi, Khuzestan, Markazi, Fars, and East Azerbaijan. By cracking down on illegal mining activities, the government wants to support the operations of licensed miners, the reports noted. In July of 2022, the Iran Power Generation, Transmission, and Distribution Company (Tavanir) vowed to take severe measures against unlicensed crypto miners. By the end of 2022, the utility had found and closed down 7,200 unauthorized mining farms. Iran legalized bitcoin mining in 2019 but has since halted legal operations on several occasions, citing power shortages during the summer and winter months, when electricity consumption usually spikes. That’s despite registered mining facilities paying at higher electricity rates than other industries in the Islamic Republic. The Iranian Ministry of Energy requires owners of crypto mining hardware to report the location of their devices in the Comprehensive Trade System of the Ministry of Industries, Mining and Trade, which issues the licenses. Failure to do so would result in hefty fines. The latest data about the size of the ‘gray’ crypto mining sector has been released after the news earlier this week that the operator of the Tehran Stock Exchange has been fined for illegally owning and running 82 crypto mining rigs. The machines were found and confiscated by the Economic Security Police of the Islamic Republic. Ali Sahraei, the chief executive of the exchange, resigned following their discovery in the organization’s basement in late 2021. Do you think Iranians will continue to mine crypto underground, using subsidized electricity? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. May 10 2023 Victoria, Seychelles – Bitget, the top derivatives and copy trading platform, has announced the listing of the ORDI token in the newly launched BRC-20 zone and has also revealed plans to bring other promising BRC-20 tokens to its platform. In addition to ORDI, Bitget has also announced a new round of Launchpad featuring another BRC-20 token, Bitcoin Improvement Proposals 1 (BIP1), to further support the continuous improvement of the Bitcoin ecosystem. BRC-20 is a new fungible token standard designed for the Bitcoin blockchain that has become one of the latest trends in the industry. This new token standard is set to revolutionize the crypto space. Built on the Ordinals protocol, BRC-20 is a coin on Bitcoin that allows users to write information to each Satoshi, such as text, pictures, audio, and video, among others. The protocol aims to inscribe information mainly in the form of NFTs and tokens on the BTC chain, despite the size limit of the Bitcoin block. The introduction of BRC-20 and Ordinals will enable users to create and manage more efficient and secure blockchain-based assets. “Bitget is excited to list ORDI and be among the first exchanges to offer BRC-20 tokens to our users,” said Gracy Chen, Managing Director of Bitget. “We believe in the potential of this token standard to enhance the functionality of the Bitcoin blockchain and provide more truly decentralized opportunities for the crypto community. Bitget is committed to supporting the BRC-20 ecosystem in the long run and is thrilled to be a part of this innovative development.” Since its launch just two months ago, the total market cap of BRC-20 tokens has already surpassed 1 billion on May 9, proving the demand for this innovative standard. The deposit service of ORDI started at 12 PM UTC on May 10th, 2023, and trading commenced on the same day. Bitget users can now trade and transact with BRC-20 tokens, with futures trading and other features coming soon. Bitget aims to offer a seamless trading experience for its users and continues to innovate and add new features to its platform. The launch of the BRC-20 token is just one of many exciting developments to come from Bitget. As a leading derivatives crypto platform, Bitget is expanding its product offerings beyond derivatives. Bitget is also rapidly listing promising coins in its revamped Innovation Zones on Bitget Spot, providing users with access to the most trending sectors, such as MEME, Liquid Staking Derivatives, BRC-20, NFT and so on. According to Coinmarketcap, Bitget Spot now supports over 500 coins with approximately 551 trading pairs. About Bitget Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord For media inquiries, contact: media@bitget.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Payments behemoth Paypal has disclosed in a Form 10-Q financial report filed with the U.S. Securities and Exchange Commission (SEC) that it is holding nearly $1 billion in cryptocurrency assets. This news comes on the heels of Paypal’s announcement that Venmo now facilitates external transfers of cryptocurrencies to wallets and exchange platforms. Paypal’s Crypto Holdings Increase in Value Since Dec. 31, 2022 Paypal’s latest quarterly earnings report, filed with the SEC, reveals that the payments giant is sitting on a substantial stash of bitcoin (BTC) and ethereum (ETH). As of March 31, 2023, Paypal’s crypto holdings include $499 million in BTC and $362 million in ETH, with an additional $82 million in “other” cryptocurrencies that the company supports. Impressively, Paypal’s crypto cache has surged by a whopping $339 million since December 31, 2022, when digital currency values were significantly lower. Paypal is currently supporting bitcoin, ether, bitcoin cash, and litecoin, with the payments giant relying on trusted third parties for certain custodial solutions. According to the 10-Q filing, these solutions involve “holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft,” as detailed in Paypal’s SEC filing. The payments company’s quarterly report adds: Our third-party custodian holds the crypto assets in a custodial account in Paypal’s name for the benefit of Paypal’s customers. Paypal’s latest quarterly report comes on the heels of its subsidiary, Venmo, announcing support for external transfers to wallets and exchange platforms. Paypal itself rolled out external transfer support in June 2022, and reported a surge in crypto usage following its initial support for digital assets in 2021. Notably, both Paypal and Venmo offer a cash-back-to-crypto reward system, adding an extra incentive for users to engage with the world of cryptocurrencies. What do you think the future holds for Paypal’s crypto holdings and the wider adoption of digital assets in the traditional payments industry? Share your thoughts in the comments section below. View the full article

In a recent court submission, legal representatives for basketball icon Shaquille O’Neal, commonly referred to as Shaq, claim he was not duly served in the FTX class-action lawsuit. As per the document, servers allegedly hurled the court documents at Shaq’s car, ultimately landing on the public street near his Georgia residence. Shaq’s Legal Team Fights Back Against FTX Lawsuit In Monday’s legal filing, Shaq’s lawyers contested the proper service claims, following the Moskowitz Law Firm’s disclosure that they had served O’Neal and that the service was captured on his home security system. “We made it very clear that he is not to destroy or erase any of these security tapes, because they must be preserved for our lawsuit,” Moskowitz stated in a tweet. Nonetheless, attorneys for Shaq contend that the purported delivery at his Georgia property was not legally valid. They argue that process servers gathered outside Shaq’s residence without identifying themselves and state that court documents were thrown at the NBA star’s vehicle before falling onto the public road as he departed. His lawyers add that the process servers simply left the paperwork on the street. Moskowitz alleges that O’Neal evaded process servers for months while other celebrities accepted their complaints. The latest court document also claims Moskowitz’s servers missed the deadline to serve O’Neal. O’Neal’s attorneys argue that plaintiffs had numerous attempts to serve him properly, stating, “Mr. O’Neal has not evaded service by failing to be at the residences where plaintiffs belatedly attempted service or by driving past strangers who approached his car.” The charges against O’Neal involve his promotion of FTX and implicate its former CEO Sam Bankman-Fried as a co-defendant. Furthermore, Tom Brady, Gisele Bundchen, Stephen Curry, Udonis Haslem, David Ortiz, William Trevor Lawrence, Shohei Ohtani, Naomi Osaka, Lawrence Gene David, Kevin O’Leary, and the NBA team the Golden State Warriors are also named as defendants in the Miami-based Garrison v. Bankman-Fried, 22-cv-23753 case. What do you think about the allegations of improper service in Shaq’s FTX class-action lawsuit? Share your thoughts in the comments section below. View the full article

PRESS RELEASE. The international web3 summit Synopsis announced that its 6th edition will be held offline in Istanbul on October 5–6, 2023. Synopsis Istanbul is devoted to all things digital economy and web3. It suits seasoned industry professionals, newcomers, projects willing to broaden their reach, and individuals eager to know where the industry is heading next. The summit gathers industry leaders to discuss the following topics: Blockchain innovations Artificial Intelligence Crypto exchanges DeFi Metaverse & gaming Mining NFT, SFT and IP Startups TA & trading Web 3.0 Synopsis Istanbul expects 4,000 visitors during the two summit days and 1,000 guests at the afterparty. The summit venue is Istanbul Expo Center by The World Trade Centers Association. The speakers who confirmed participation in Synopsis Istanbul include: Evan Auyang, Animoca Brands Jayden Sage, Celestial Ventures & Global Crypto Council Alexander Filatov, EverX Elliot Hill, Verasity Brian Newar, BCW Group Pradeep Goel, Solve.Care Salama Belghali, BitMEX Myrtle Anne Ramos, Block Tides Dmitriy Sheludko, Biconomy.com Deniz Nur Köken, BeInCrypto Turkey Melissa Kurtcan, Satoshi21 Maksim Sukhonosik, Coindar The top media partners of Synopsis Istanbul are leading industry companies. Previously, Synopsis summits were attended by C-level and top management of Algorand, Animoca Brands, ARPA Network, BeInCrypto, Binance, Bitget, BingX, Gate.io, KuCoin, Ontology, THETA Network, Verasity, Xangle, and more. At this edition, Synopsis also adds a startup pitch and a hackathon to the agenda. The organizers chose to come to Istanbul for many reasons. Turkey is a crypto-friendly country where numerous blockchain companies have their local offices. Besides, Istanbul is a major transportation hub with one of the busiest airports in Europe. It is a popular destination on the intersection of Europe, Asia, and the MENA region. Website: https://synopsis.events Become a sponsor: https://synopsis.events/sponsors About organizers Coindar is the market research service and the world’s first crypto calendar. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Tron moved closer to being in the cryptocurrency top 10 on Wednesday, as the token rose for a second straight day. Prices climbed by nearly 2% in today’s session, despite the global market cap moving marginally lower. Polygon, which currently occupies the tenth position, fell to a five-month low. TRON (TRX) TRON (TRX), rose by as much as 2% on Wednesday, as the token moved closer to entering the cryptocurrency top 10. Following a low of $0.06841 on Tuesday, TRX/USD climbed to an intraday peak of $0.07031 earlier in the session. As a result of this jump, TRX is now marginally above a long-term resistance level of $0.070. It appears that the target for bulls could be to not only break this ceiling, but move to $0.072, which would see the token hit a three-month high. One of the main obstacles preventing this is the relative strength index (RSI), which is currently tracking at 59.67, below resistance at 60.00. If and when price strength moves beyond this point, there will likely be more bulls reentering the market. Polygon (MATIC) Polygon (MATIC) which is currently the world’s tenth largest cryptocurrency, fell for a fifth straight day. MATIC/USD plunged to a bottom at $0.866, less than a day after the token was trading near $0.90. This latest decline in price has pushed polygon to its lowest point since January 11, when it traded at $0.84. Looking at the chart, this spell of sell-offs has sent the RSI below 30.00, which is deep in oversold territory. The last time price strength tracked this low was back in July 2022, which may give bulls optimism that a reversal could be soon approaching. MATIC is now trading at $0.8723, which is marginally higher than its earlier lows. Register your email here to get weekly price analysis updates sent to your inbox: Could MATIC fall further this week? Let us know your thoughts in the comments. View the full article

On May 9, digital currency fund manager Grayscale Investments announced the establishment of the Grayscale Funds Trust and submitted registration filings for three exchange-traded funds with the U.S. Securities and Exchange Commission. Grayscale Introduces Grayscale Funds Trust and Files for 3 ETFs As the leading digital currency fund manager, in terms of assets under management (AUM), Grayscale Investments unveiled the Grayscale Funds Trust launch. The trust is a Delaware statutory trust structure designed to strengthen the company’s worldwide asset management capabilities. “A registration statement relating to Grayscale Funds Trust has been filed with the SEC but has not yet become effective,” Grayscale stated on Tuesday. Grayscale highlighted that they had previously established Grayscale Advisors, an SEC-registered investment advisor, which will serve as the new trust’s advisor. Besides the trust, Grayscale has also filed a registration statement for three additional funds. These newly launched funds consist of the Grayscale Ethereum Futures ETF, Grayscale Global Bitcoin Composite ETF, and Grayscale Privacy ETF. Grayscale CEO Michael Sonnenshein said in a statement: “The creation of Grayscale Funds Trust reflects our dedication to scaling Grayscale’s business responsibly,” adding that “we are putting the necessary foundations in place so Grayscale can continue creating and managing regulated, future-forward products.” Moreover, Grayscale announced that David LaValle, the company’s global head of ETFs, would assist with their expansion. “It has been incredibly exciting to build our ETF franchise – hiring a dedicated team, expanding our partnerships, and enhancing our position within the ETF ecosystem,” LaValle said. What are your thoughts on Grayscale Investments’ latest move into the world of exchange-traded funds and the establishment of the Grayscale Funds Trust? Share your opinions and insights in the comments section below. View the full article

Bitcoin was hovering close to a key price floor near $27,300 on Wednesday, as markets anticipated the upcoming U.S. inflation report. Consumer prices for last month are expected to remain at 5%, which could be seen as justifying the Federal Reserve’s decision to hike rates last week. Ethereum remained above $1,800. Bitcoin Bitcoin (BTC) continued to consolidate on Wednesday, as markets awaited the latest inflation report from the United States. Following a high of $27,824.39 on Tuesday, BTC/USD dropped to an intraday low of $27,375.60 earlier in today’s session. Today’s move pushed bitcoin close to a key support point at $27,300, however prices have since rebounded. Bitcoin chart by TradingView Overall, it appears that the previous drop took place following a breakout on the relative strength index (RSI). Price strength moved below a floor at 43.00, with the index tracking at 42.63 at the time of writing. Bitcoin is now trading at $27,607.96. Ethereum Ethereum also hovered close to a support point of its own in today’s session, as overall market sentiment remained uncertain. ETH/USD hit a bottom of $1,835.70 on Wednesday, which comes a few days removed from price trading above $2,000. Overall, ethereum is now in the red for a fifth consecutive day, and is down nearly 10% within that period. Ethereum chart by TradingView This recent run has sent the 25-day (blue) moving average (MA) lower, with the trend line fast approaching its 10-day (red) counterpart. Although longer-term momentum is slowing, the fact that the 10-day MA is below the 25-day line, means an upwards crossover could lead to a bull run. Should this occur, there is a good chance that the target for bulls will be to recapture the $2,000 point. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect inflation to fall further today? Leave your thoughts in the comments below. View the full article

Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals. Cryptocurrency Scams According to Philippines law enforcement, over 1,000 human trafficking victims were rescued following a recent raid on a compound in Mabalacat, approximately 90 kilometers northwest of the capital, Manila. According to officials, many of the trafficking victims came from Vietnam, China, Indonesia, the Philippines, Nepal, Malaysia, Myanmar, Thailand and Taiwan. As per a VOA report, the trafficking victims were forced to perpetrate cryptocurrency scams during shifts that lasted up to 18 hours per day. Michelle Sabino, a member of the Philippine National Police Anti-Cybercrime Group, is quoted in the report explaining how the trafficking victims used social media platforms such as Facebook to lure unsuspecting individuals. The victims themselves were reportedly lured by the promise of employment. “They were lured by social media posts promising good-paying jobs only to get trapped in these compounds that had armed guards to keep them from leaving,” Sabino explained. The Indonesian Tip-Off The Philippines law enforcement’s raid on the compound in Mabalacat on May 4 and 5 came after it reportedly received a tip from Indonesian officials who were inundated with pleas from trafficking victims’ families. According to the report, most of the trafficking victims are university-educated individuals with social media skills. The Global Anti-Scam Organization said the so-called online “fraud factories” are known to prefer employing English and Chinese-speaking individuals. Meanwhile, the report also noted that while the fraud factories in the Philippines were generally thought to be located in remote areas, a recent hearing in the country’s legislature revealed that criminals are also setting them up in urban areas. While trafficking victims are sometimes given the opportunity to buy themselves out, many remain trapped because their families cannot afford the demanded fees. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

PRESS RELEASE. Massa’s testnet has become a magnet for more than 16 projects since its launch back in July 2021. Interest towards this innovative blockchain ecosystem has exploded since the beginning of this year. But what is it that makes Massa special? Massa is an innovative blockchain network that aims to combine high performance with true decentralization from the ground up. The Massa testnet allows anyone to experiment with the protocol and witness its continuous improvements first-hand. One of the main reasons why Massa attracted so many web3 pioneers in Q1 of this year is that it solves the common challenges that most Layer 1 blockchains face, such as high fees, low throughput, and centralization risks. Furthermore, Massa enables both developers and users to participate in the network governance and support the vision of a fully decentralized future. The web3 community has clearly recognized the ultimate potential in Massa. The positive feedback from crypto developers reflects the values of the Massa core team, which is fully committed to creating a truly decentralized future. Blockchain developers are very selective and they prefer to build on blockchains that have set a clear goal to remain independent and free from any central authority. This might also explain why Massa has attracted so many projects on its testnet with only a modest seed round of 5 million USD. Unlike most Layer 1 blockchains that depend on millions of USD in ecosystem funds to lure projects, Massa’s organic ecosystem growth is remarkable. What makes Massa’s vision so attractive to web3 developers? Massa is a project with a dual vision for Web3’s future. It aims to provide a scalable and reliable infrastructure that allows dApps to operate in a fully decentralized and censorship-resistant manner. It also wants to ensure that smart contracts can survive on the blockchain even if the project that created them goes out of business. To make this possible, Massa hosts smart contracts on-chain and makes them serverless forever. Additionally, Massa makes it easier for web2 developers to join the web3 movement. It uses AssemblyScript as its smart contract language, which lets any web developer write and deploy smart contracts with no extra hassle. Massa also has some unique features that distinguish it from other blockchains, such as autonomous smart contracts and web3-on-chain. These features make the network more attractive and powerful for both developers and users. The team hopes that Massa will be the platform where some of the most innovative and impactful dApps will emerge in 2023. The perks of building projects on a supportive network It’s important to also note that Massa is attracting more and more attention by offering customized support for every project and developer who wishes to join and contribute to its ecosystem. Projects can contact the Massa community tech support, which consists of easy-going and helpful people who are ready to assist newcomers to learn the basics of the technology. The official Discord server welcomes any questions. The Massa team has set up two main support types geared towards projects that wish to build on the Massa chain: Grants Funding for projects is open to anyone in and around the community. All that is required is a creative idea. The team has the ability and desire to offer some financial assistance to the most innovative projects. Incubation Providing guidance for projects that require grass-roots assistance, such as initial funding or developer resources. The Massa team will evaluate the projects with strong long-term potential and determine if they meet the criteria for joining the Massa mentoring program. Massa also offers a range of other services to projects in development, such as: – Advice on legal issues – Help with the incorporation process – Access to useful development resources – Additional funding opportunities – Marketing services – Support with creating a pitch deck, business model and tokenomics Finally, and perhaps most importantly, it is worth remembering that the team behind Massa has solved the blockchain trilemma, thus creating a network that is secure, scalable and decentralized all at the same time. This is a real innovation in the blockchain space and it’s no wonder that the developers around the world are beginning to notice and want to join the Massa ecosystem. The Massa team seems to have some very promising things on the roadmap, so make sure to follow Massa’s official Twitter account. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Liechtenstein’s prime minister has reportedly revealed that bitcoin payments will be accepted for some government services. “A payment option with bitcoin is coming,” he said, adding that he is open to investing state reserves in the cryptocurrency. Bitcoin Adoption in Liechtenstein Daniel Risch, Liechtenstein’s prime minister who also serves as the country’s finance minister, has reportedly revealed that Liechtenstein plans to accept bitcoin payments for certain government services. He said in an interview with German business daily Handelsblatt Sunday without giving a specific timeframe: A payment option with bitcoin is coming. Risch explained that Liechtenstein plans to accept bitcoin and immediately exchange BTC for Swiss francs, the national currency, in order to avoid exchange-rate risks. He also clarified that the cryptocurrency would not be granted equal status as the Swiss franc. The prime minister additionally told the news outlet that he was open to investing state reserves in bitcoin in the future. Liechtenstein’s reserves, currently amounting to approximately 2.23 billion Swiss francs ($2.51 billion), are invested mostly in securities, Handelsblatt reported, citing the finance ministry. Risch was further quoted by Reuters as saying: Cryptocurrencies like bitcoin are still too risky. But this assessment can of course change. In October 2019, Liechtenstein’s legislature approved the “Token and Trustworthy Technology Service Providers Act” (abbreviated TVTG in German). The government noted in its announcement at the time that with the new law, Liechtenstein becomes the first country to comprehensively regulate the token economy. What is your opinion regarding the plan of Liechtenstein’s government to accept bitcoin payments and the possibility of investing reserves in bitcoin? Let us know in the comments section below. View the full article

Binance has announced its intention of implementing Lightning Network, a layer 2 Bitcoin scaling protocol, on its platform after experiencing an episode of congestion regarding withdrawals on the Bitcoin network. The exchange had to pause bitcoin withdrawals twice due to a large backlog of operations stuck as a consequence of high transaction fees. Binance Announces It Is Working on Implementing Lightning Network Withdrawals Leading cryptocurrency exchange Binance has recently announced it is working to integrate Lightning Network, a bitcoin-based scaling solution, into its platform. The exchange made the announcement after having to pause bitcoin withdrawals twice in a single day due to network congestion. The congestion issue Binance referred to had to do with the rise of BRC-20 tokens, which are issued on top of the Bitcoin blockchain, and have overwhelmed the BTC mempool, having more than 450,000 transactions pending with fees of $13 dollars at the time of writing, according to blockchain data. The implementation of Lightning Network withdrawals would allow users to have the option of sidestepping the high fees collected by the BTC network when experiencing this kind of congestion. Binance announced that, besides starting to work on this implementation, it would adjust its withdrawal fees to avoid facing this issue in the future and that it would continue to monitor the situation, adjusting fees accordingly. Also, Binance stated: This is a learning opportunity for us and we’ll do our best to prevent this from happening again. Addressing BTC Outflow Rumors On May 7, the exchange paused BTC withdrawals for the first time, stating that it was “experiencing a congestion issue,” and that the Binance team was “currently working on a fix until the network is stabilized” vowing to reopen withdrawals as soon as possible. Shortly after, bitcoin withdrawals were reopened only to be suspended once again due to “the large volume of pending transactions” the exchange had. This situation prompted the diffusion of messages regarding large outflows coming from the directions associated with Binance. Changpeng ‘CZ’ Zhao, CEO of Binance, dismissed these reports as FUD on social media. Binance clarified that the outflows were “actually movements between Binance hot and cold wallets due to the BTC address adjustments” and that the reports were mistakenly identifying the wallets of the exchange as belonging to others. What do you think about Binance’s announcement of the implementation of the Lightning Network for withdrawals? Tell us in the comments section below. View the full article

Former House Representative Ron Paul has presented his stance when it comes to the financial crisis that the U.S. is currently facing. Paul stated that the continued application of quantitative easing (QE), a policy used to increase the money supply, and the decades of almost null interest rates, are what nurtured the current financial crisis the U.S. is facing. Ron Paul Believes Federal Reserve’s Policies Created Today’s US Financial Crisis Ron Paul, former representative and presidential candidate, has recently talked about the financial crisis the U.S. is facing. According to him, the policies that the Federal Reserve applied to maintain a welfare state at the cost of creating deficits have created today’s financial hardships for the country. Paul stated: Today’s financial hardships stem from the Fed’s decade of near 0% rates and quantitative easing (QE). These created a decade’s worth of uneconomic investments. Every bad idea imaginable received funding. Paul criticized loose monetary policies he says allowed bad debt to be created with credit going to non-profitable investments, and this situation is now becoming unsustainable to the tightening of economic conditions. Paul explained that “as much as a ‘hangover’ after the consumption of too much alcohol is painful, so is it painful when a fake prosperity crashes with economic reality.” ‘The Fed Is Unconstitutional’ but Part of the Solution Paul, a longtime critic of the validity of the existence of the U.S. Federal Reserve and its faculties, praised the action of the institution that is currently trying to rein in inflation by raising interest rates, even if this has affected the banking system according to government spokespersons. On this, Paul remarked: Rising interest rates under Powell are the cure and road back to some form of economic sanity. The Fed shouldn’t exist. It’s unconstitutional and immoral. But rising rates are not the source of our problems. The big blunder was 0% rates and QE. Paul has been alerting the public about the progression of the de-dollarization process and the effects that losing reserve currency status might have on the U.S. While he believes that the de-dollarization process has recently accelerated, with the recent activities of the BRICS bloc, he stated this will likely take longer than some predictions indicate and that there is no established timeline for this to happen. What do you think about Ron Paul and his opinion about the role of the Federal Reserve in the U.S. financial crisis? Tell us in the comments section below. View the full article

Bank of America has warned that the key threats to the U.S. dollar’s dominance are largely domestic, as opposed to competition from other currencies, including a BRICS currency. “U.S. fiscal brinkmanship, with risks for government shutdown, or even worse a default, keeps coming up during debt ceiling discussions,” the bank’s analysts stressed. Bank of America on Threats to U.S. Dollar’s Dominance Bank of America reportedly said in a note Thursday that despite recent de-dollarization headlines, the U.S. dollar is not in danger of losing its dominance anytime soon. However, the bank warned that the USD is at risk from domestic fiscal issues, such as the possibility of the U.S. defaulting on its debt obligations. “Because much of the USD’s dominant role comes from standing in front of the TSY [U.S. Treasury] market, surprise defaults from a debt ceiling showdown would compromise the dollar’s attractiveness as a store of value,” Bank of America’s analysts detailed, elaborating: Therefore, the key threats to the USD’s dominant role seem largely domestic, as opposed to competition from other currencies. The analysts cautioned that the long-term risk to the U.S. currency is complacency regarding debts, noting that, apart from Japan, U.S. government debt as a percentage of GDP is the highest in the G10. Moreover, the International Monetary Fund (IMF) predicts that the U.S. debt-to-GDP ratio will increase from 122% in 2022 to 136% by 2028. Bank of America described: U.S. fiscal brinkmanship, with risks for government shutdown, or even worse a default, keeps coming up during debt ceiling discussions. U.S. Treasury Secretary Janet Yellen recently revealed that the Treasury may not be able to pay all of the government’s bills by June 1 “if Congress does not raise or suspend the debt limit before that time.” She also warned: “If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.” Alternative Currencies to USD Despite the danger of the U.S. defaulting on its debt obligations and a rising de-dollarization trend, Bank of America believes that there are no viable alternative currencies to the U.S. dollar and the USD remains the dominant currency in trade, international invoicing, and SWIFT payments. Nonetheless, the analysts cautioned that the U.S. dollar has lost some market share among central bank reserves. The analysts wrote: USD not about to lose its exorbitant privilege … no single alternative has appeared. Bank of America further noted that the use of the Chinese yuan could expand internationally but stressed that Chinese regulators would need to open up its capital account, which could make China vulnerable to outflow volatility and monetary policy interference. In addition, the Bank of America analysts believe that a BRICS currency is unlikely to replace the U.S. dollar as the world’s reserve currency, as it would require cooperation among member countries that have limited trade with one another, aside from China, and whose relations can often be tense. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The economic bloc has been gaining influence globally. Nineteen countries have either applied to join or have expressed interest in joining. However, multiple economists expect a common BRICS currency to erode the U.S. dollar’s dominance. A Swedish university professor recently said that Saudi Arabia joining the BRICS group would accelerate the use of the Chinese yuan as a trading currency. Do you agree with Bank of America about the U.S. dollar’s dominance? Let us know in the comments section below. View the full article

Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned. Massive Incentive to Move Money Out of Bank Accounts Tesla and Twitter CEO Elon Musk shared Monday a “massive incentive” for people to move money out of bank accounts in the U.S. His statement was in response to Twitter user “unusual_whales” who quoted Hugh Hendry, founder of Eclectica Asset Management who ran the hedge fund for 15 years, predicting that the U.S. Treasury and the Federal Reserve may have to step in and “restrict your right as a U.S. citizen to pull money out of the U.S. banking sector, due to capital flight from the U.S. banking system.” Musk explained that the U.S. Treasury and the Fed have created a massive gap between money market accounts (Treasury Bills) with interest rates of about 4.5% and bank accounts with interest rates of less than 1%. “That’s a massive incentive to move money out of bank accounts,” he emphasized. This was not the first time Musk has warned about this problem. On May 2, the Tesla boss replied to a tweet about a “liquidity crisis” and “cash being sucked” into Treasury money market accounts with 4.5% interest, stating: This is a massive problem. Doesn’t make sense to keep money in a <1% interest bank account instead of a 4.5% money market (Treasury Bill) account. As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’ Musk also agreed with former money manager Genevieve Roch-Decter who tweeted Monday that “Banks have successfully fooled depositors into accepting 0.4% interest on savings while the bank makes +5% on treasuries.” She stressed: “The biggest risk for banks is the consumer figuring out they can move their money out of banks and buy treasuries or money market funds themselves.” Many people have voiced concerns about the U.S. banking crisis. First Republic Bank was seized by regulators last week and most of its assets were sold to JPMorgan Chase. It was the second-largest bank failure in U.S. history since 2008. In March, Silicon Valley Bank and Signature Bank failed. However, Federal Reserve Chairman Jerome Powell insisted that the banking system is “sound and resilient” as Fed officials raised interest rates by 25 basis points last week. A Swedbank strategist has cautioned that the U.S. banking crisis is spreading, warning of more bank failures in a “vicious spiral.” Billionaire Bill Ackman warned that we are running out of time to fix the banking problem. In addition, the Fed recently revealed that 722 banks reported unrealized losses exceeding 50% of capital in the third quarter of last year. In an interview with Bloomberg Thursday, Hendry described the situation of the U.S. banking system as “real bad.” The former hedge fund manager elaborated: “The panacea of the Treasury announcing that all deposits are federally insured does not solve this problem. There is capital flight — deposit flight — from the banking sector seeking yield.” He further warned: “I can actually conceive of a federal or Treasury rule coming in and saying ‘for the next 180 days, you can’t pull your money out of the banking sector.'” Do you agree with Elon Musk about a “massive” incentive to move money out of bank accounts? Let us know in the comments section below. View the full article

Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities ranging from $500 million to $1 billion. Bittrex Bankruptcy Filing Reveals Over 100,000 Creditors and $1 Billion in Liabilities Bittrex Inc. filed for Chapter 11 bankruptcy in Delaware on Monday, while its parent company Bittrex Global will continue to operate outside the United States. This development comes after the exchange announced its decision to sunset U.S. operations in early April. By mid-month, the U.S. Securities and Exchange Commission (SEC) sent the company a Wells notice. On April 17, 2023, the SEC took action against the exchange by charging it for operating an unregistered exchange, clearing agency, and broker. The lawsuit also classified OMG, ALGO, and DASH as “unregistered securities.” Recently, Randall Reese from Chapter 11 Dockets revealed that the crypto platform has 100,000 creditors. To keep them informed, the company has enlisted the help of Omni Agent Solutions to provide regular email and website updates. ​​The Bittrex Chapter 11 filing reveals assets and liabilities ranging from $500 million to $1 billion. Additionally, Bittrex Global’s two other subsidiaries, Bittrex Malta Holdings Ltd. and Bittrex Malta Ltd., have also filed for bankruptcy protection. U.S. customers who used the crypto exchange were instructed to withdraw their funds by the end of April. Currently, it remains unclear who the company’s largest creditors are and how long the case will last. In response to the situation, Bittrex Inc., based in Seattle, released a statement at 6:30 p.m. (ET). “Having previously announced that Bittrex, Inc. would be ceasing all operations in the U.S. effective April 30th, we have now made the decision to file Chapter 11 bankruptcy in federal court in Delaware,” Bittrex disclosed. “This announcement does not impact Bittrex Global, which will continue operations as normal for its customers outside the U.S. For those customers who did not withdraw their funds from the platform prior to the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole.” What do you think the future holds for Bittrex Inc. in light of this bankruptcy filing and SEC lawsuit? Share your thoughts about this subject in the comments section below. View the full article

Ripple CEO Brad Garlinghouse has revealed that his company is spending $200 million defending itself against the SEC in its lawsuit over xrp. The executive expects a decision on the lawsuit in three to six months. “If we win the lawsuit, it’ll be clear what xrp is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive,” said the Ripple boss. Ripple’s CEO Shares New Info on SEC Lawsuit Over XRP The CEO of Ripple Labs, Brad Garlinghouse, has provided some new information regarding his company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). During a fireside chat with CNBC at the Dubai Fintech Summit on Monday, Garlinghouse revealed that when the lawsuit is concluded, Ripple would have spent $200 million in total to defend itself against the securities regulator. The executive shared: With the SEC, we will spend — this is the first time I’ve shared this publicly — by the time all’s said and done, we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning, people were like, well, this doesn’t make a lot of sense. The securities watchdog sued him, Ripple, and co-founder Chris Larsen in December 2020 alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. Ripple, Garlinghouse, and Larsen have maintained that XRP is not a security. Commenting on U.S. crypto regulations, Garlinghouse stated that as a U.S. citizen and CEO of a company that started in the U.S.: “It’s sad. I have sadness about this.” The Ripple executive explained that other countries, such as Dubai, Singapore, and Switzerland, are getting ahead of the U.S. and will emerge as global financial capitals due to their regulatory clarity. “The U.S. is getting passed, not just a little bit, but by a lot … The tough thing about this is you have a country that, I think, put politics ahead of policies. That’s not a good decision if you’re trying to invest in the economy,” he stressed, adding: You have video footage of the chair of the SEC, as a professor at MIT, saying 75% of these digital assets are commodities. And now he says they’re all securities because he’s the head of the SEC and he’s seeking power and he’s putting power ahead of sound policy to grow an economy in the United States. SEC Chairman Gary Gensler has been accused of taking an enforcement-centric approach to regulating the crypto industry. There have also been widespread complaints that the SEC does not provide clear regulatory guidelines, making it difficult for companies in the crypto space to ensure compliance. In addition, Gensler has said several times that most crypto tokens other than bitcoin are securities. In an interview with The National, published Monday, Garlinghouse opined: “But even after the lawsuit, the U.S. needs to provide clear rules of the road and regulatory clarity. The lawsuit will help. Other countries around the world will be ahead of where the U.S. is in adopting blockchain technologies.” The Ripple executive noted: If we win the lawsuit, it’ll be clear what XRP is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive. Regarding Ripple’s legal battle with the SEC, Garlinghouse said: “One of the silver linings for Ripple is we’re at the end of our journey … We’re two and a half years into this lawsuit. We should have a decision pretty soon.” According to Garlinghouse, a decision on the lawsuit could come in three to six months. The Ripple CEO also shared at the summit that Ripple is expanding in Dubai. “With 20% of our customers based in MENA [Middle East and North Africa] and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive,” he tweeted. What do you think about the statements by Ripple CEO Brad Garlinghouse? Let us know in the comments section below. View the full article

Warren Buffett, CEO of Berkshire Hathaway and one of the most renowned investors in the market, stated that he saw no viable option to become the world’s reserve currency besides the U.S. dollar. However, he warned about the dangers that printing too much money could bring to the strength of the currency in the future. Warren Buffett’s Only Valid Option for Reserve Currency Is the U.S. Dollar Warren Buffett, CEO of Berkshire Hathaway, also known as the ‘Oracle of Omaha’ due to his city of origin, gave his opinion about the status of the dollar as a reserve currency and how this could change in the future. During the 2023 Berkshire Hathaway annual meeting, the legendary investor was asked about his thoughts about the process of de-dollarization that world markets are experiencing, with countries like India and Brazil seeking to reduce dollar dependence, and its relation with the U.S. Federal Reserve money printing processes and rising interest rates to control inflation. Buffet explained that, in his opinion, the dollar was the only candidate to be considered the world’s reserve currency at the moment, but also raised concerns about how much the U.S. Federal Reserve could print without putting this reserve currency status in jeopardy. The Dangers of Printing Money Indefinitely Buffett explained that nobody knew the situation better than Jerome Powell, the President of the U.S. Federal Reserve, but added he was not in charge of the fiscal policy of the country. The Oracle of Omaha warned about the actions of the U.S. regarding printing, stating: Nobody knows how far you can go with a paper currency before it gets out of control, and particularly if you’re the world’s reserve currency. You don’t want to try and pick out the point where it does become a problem because then it’s all over. Buffett remarked that when people lose faith in the currency, they behave in an entirely different manner than they do when they put some money in the bank or have a pension plan that will give them something with equal purchasing power. This can create other problems for the economy that Buffett concedes he cannot predict fully. He concluded his answer reiterating his warning about money printing. He declared: America is an incredible society, rich; you know, we got everything going for us, but that doesn’t mean we can just print money indefinitely. What do you think about Warren Buffett’s thoughts on the U.S. dollar as a reserve currency and the dangers of printing money indefinitely? Tell us in the comments section below. View the full article

In 2023, meme coins have maintained their popularity, and the recent surge of PEPE demonstrates that investors remain enthusiastic about meme-centered tokens. A fresh study from Coingecko reveals that a significant portion of meme coin fascination originates from the United States, India, and the U.K., encompassing over half of the top ten countries’ interest driving the meme coin phenomenon. Report Unveils Global Meme Coin Fever On May 3, 2023, crypto market aggregator coingecko.com unveiled a report detailing the leading ten countries propelling the meme token trend. As of this writing, the meme coin economy boasts a value of $18.25 billion, with dogecoin (DOGE), shiba inu (SHIB), and pepe (PEPE) as the top three meme coins. This week, PEPE has emerged as the frontrunner in terms of seven-day gains, skyrocketing 216% against the U.S. dollar. The Coingecko analysis establishes that the U.S. spearheads the meme coin movement accounting for 23.6% of interest in 2023. Researcher Lim Yu Qian explains that two million views stem from top meme coin pages in the United States. In America, shiba inu (SHIB) is the most sought-after meme coin, followed by pepe (PEPE), bonk (BONK), and volt inu (VOLT). India holds second place in contributing to the meme coin frenzy with 20.3% of interest. SHIB also earns its position as India’s most popular meme token followed by baby doge coin (BABYDOGE). In the Philippines, floki inu (FLOKI) tops their list of preferred tokens while Nigeria’s favorites are floki and arbdoge ai. According to Coingecko’s report, lesser-known meme coins also gain traction in both countries. “People are by far most interested in shiba inu, which drove 46.7% of interest among the top meme coins in 2023,” the analysis notes. “Baby doge coin generated 12.3% of meme coin interest, followed by more recent meme coins pepe (9.4%), floki (8.6%) and bonk (8.2%).” The research indicates that PEPE dominates the Canadian market with 26.9% of attention, while dogecoin (DOGE) claims the top spot in Morocco. As for methodology, the study utilized the total page views for the highest-ranking 15 meme coins by market capitalization in May 2023. Which meme coin do you think will be the next big sensation in the crypto world? Share your thoughts and predictions in the comments below. View the full article

Xrp plunged to a six-week low on Monday, as cryptocurrency markets moved further into the red. The global crypto market cap fell by over 3% to start the week, which comes days ahead of the upcoming U.S. inflation report. Solana also declined, hitting a multi-week low. XRP Xrp, formerly known as ripple, fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day. XRP/USD dropped to an intraday low of $0.4333 to start the week, less than 24 hours after hitting a high of $0.4606. As a result of this decline, XRP moved to its lowest point since March 25, breaking out of a floor at $0.4360 in the process. Looking at the chart, the slippage came as the relative strength index (RSI), broke out of a floor at 39.00. At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365. Overall, the token is down 5.11% as of writing. Solana (SOL) Solana (SOL) remained in the red, as the token extended its own recent declines to a third session. Following a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day. Monday’s drop in price has sent SOL to its long-term support point at $21.00, resulting in its lowest level since April 26. The token has rebounded from earlier lows, as the RSI found a floor of its own at the 44.00 mark. As of writing, price strength is tracking at 44.57, with a ceiling at 49.00 a potential target for bulls. If momentum does rise, and more bulls reenter the market, that could lead to SOL climbing back above $22.00. Register your email here to get weekly price analysis updates sent to your inbox: How high could solana climb this week? Let us know your thoughts in the comments. View the full article

In the past week, sales of non-fungible tokens (NFTs) have increased by 1.46%, raking in a total of $149,312,180. However, while the number of NFT buyers has risen by 22.48%, the number of NFT transactions has decreased by 8.78% compared to the previous week. Azuki Emerges as Top-Performing NFT Collection This Week With 504.96% Sales Surge Over the past week, non-fungible token (NFT) sales have experienced a modest uptick, rising by 1.46% compared to the previous week. In total, NFT sales amounted to $149.31 million, with Ethereum-based NFT sales accounting for $108,272,701 of that figure. Ethereum NFT sales made up 72.5% of all digital collectibles sold in the past week. The latest statistics reveal that Ethereum NFT sales have surged by 22.79% this week. This week, Solana-based NFT sales made up $12,225,000 of the total sales, however, this marks a 56.64% decrease from the previous week. Ethereum and Solana sales still lead the pack, followed by Mythos, Polygon, and Immutable X. Ethereum sales have seen a significant increase, and sales from Ronin have also jumped by 20%, while Arbitrum has experienced a 14% increase. Moreover, Panini blockchain digital collectible sales have taken a hit, dropping by 31.23% this week. This week’s top-performing NFT collection is Azuki, which raked in $11,189,076 in sales. This marks a staggering 504.96% increase from the previous week. The Bored Ape Yacht Club (BAYC) collection comes in second place, with $10,615,168 in sales, representing a 13.32% increase from last week. The Mythos chain’s Dmarket collection didn’t fare as well as last week, recording $6,762,049 in sales, which is 11.5% lower than the previous week. However, the Milady Maker collection has seen a significant surge in sales, with $4,558,386 in total sales, marking a 367.58% increase. The most expensive NFT sold this week was Bored Ape Yacht Club (BAYC) #811, which was sold for a jaw-dropping $625,825 just five days ago. Following closely behind is Sandbox Lands #139,686, which sold for $580,383, and BAYC #6774, which fetched $501,845. Otherdeed Expanded #5227 and Superrare #370,449 also made the list, selling for $501,845 and $370,449, respectively. According to nftpricefloor.com, Cryptopunks currently hold the top floor value (51.50 ETH) out of all the NFT collections, followed closely by Bored Ape Yacht Club’s floor value (48.30 ETH). What do you think the future holds for the NFT markets? Share your thoughts in the comments section below. View the full article

Efforts to transition to trade in national currencies in the Shanghai Cooperation Organization (SCO) can no longer be stopped, according to Russian Foreign Minister Sergey Lavrov. During a meeting with his colleagues in India, Moscow’s top diplomat also discussed the similar initiative within BRICS. Sergey Lavrov Convinced SCO Countries Will Switch to National Currencies, Won’t Rule Out Single Fiat There is understanding about increasing the use of national currencies in settlements between the member states of the SCO, Russian Minister of Foreign Affairs Sergey Lavrov said after conferring with counterparts in Panaji, capital of the Indian state of Goa. To achieve that, Lavrov believes participants can apply practices that are being formed in the Eurasian Development Bank, the Asian Bank for Reconstruction and Development, and the New Development Bank established by the BRICS bloc. “All this was discussed. All of this is very relevant. All this is now being considered by the relevant departments, ministries of finance, central banks,” Lavrov was quoted as saying by the Tass news agency. He also emphasized: This work is underway, and, in general, it cannot be stopped. The head of the Russian diplomacy also reminded about the proposal put forward by President of Brazil Luiz Inacio Lula da Silva on the transition towards payments in national currencies in the BRICS group of emerging economies (Brazil, Russia, India, China, and South Africa). The topic has been also discussed at the SCO meeting, including the creation of “some kind of aggregated currency” which, in Lavrov’s words, cannot be ruled out either. “The main thing now is to consider practical issues that will make it possible to protect the cooperation of independent states,” he said, accusing the West of abusing its position in the global economy and the reserve currency status of the U.S. dollar and the euro. The SCO, the world’s largest regional organization which unites China, Russia, India, Pakistan, and several Central Asian nations, is preparing to ditch the dollar in favor of settlements in the national currencies of members, its Deputy Secretary General Grigory Logvinov unveiled in a recent interview. Despite intentions to move away from the greenback, however, the introduction of a common currency is not yet being considered by its members, the Russian diplomat noted. BRICS, arguably the world’s largest bloc by gross domestic product (GDP), also intends to initially promote the use of its national currencies. Do you think the SCO and BRICS will eventually introduce new international currencies? Share your thoughts on the subject in the comments section below. View the full article

Following Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions “within the next few weeks.” This update comes nine days after Binance’s decision to back away from the deal. Voyager Digital Expects Initial Distributions to Creditors ‘Within the Next Few Weeks’ Voyager Digital has published an update for creditors. According to a tweet from the firm on May 4, 2023, they may be able to expect some cash or crypto back “in a few weeks.” This update comes after a long and difficult journey for the TSX-listed crypto lender. Last year on July 1, 2022, Voyager Digital halted withdrawals and filed for bankruptcy just days later. Since then, the defunct business has been navigating the bankruptcy process after it was almost acquired by Binance US. After Binance US backed out of the deal, the crypto lender has been left to navigate the bankruptcy process in the Southern District of New York in order to reimburse creditors. But despite the challenges, Voyager Digital says it is making progress. In the tweet on Thursday, the firm explained that they are “in the process of finalizing liquidation procedures.” Voyager also reminded creditors that the liquidation procedures must be filed before the plan can go into effect. While Voyager is moving forward with their plan to reimburse creditors, there’s still a chance for objections. According to the firm, parties will have ten full days to object to the plan. If no objections are filed, Voyager intends to go “effective” with the plan at that time. However, if an objection is filed, the court will hold a hearing to consider the objection before the plan can go into effect. The plan had a clause that explained what would happen if the Binance US deal fell through, which allowed Voyager to begin liquidating assets. The company stated on Thursday: Voyager is also finalizing everything internally that is necessary to make distributions to creditors. We are hopeful that initial distributions will begin within the next few weeks. The news of Voyager Digital’s plan to reimburse creditors has been met with mixed reactions. While many customers are pleased with the progress, others are feeling frustrated. One person responded that customers wanted their assets “last August and July.” Another individual stressed on Twitter, “Hurry up!” And yet another person added, “No one, I repeat no one, file an objection! Ok!” What are your thoughts on Voyager Digital’s plan to reimburse creditors? Do you think they’re making progress, or do you feel frustrated by the delays? Share your opinions in the comments section below. View the full article

Fedi, the U.S.-based fintech which is led by the Nigerian bitcoin advocate Obi Nwosu, said on May 3 that it recently raised $17 million in a Series A funding round. The company said it will use the funds to help it launch what it called the “world’s first federated operating system.” Obi Nwosu said the Fedi Alpha version, which is targeted at the builder community, is set to be rolled out later in May. ‘Protecting User Privacy and Autonomy’ The United States-based fintech and bitcoin-focused company Fedi announced on May 3 that it has raised $17 million in a Series A funding round. Ego Death Capital led the round that also saw TBD, Kingsway, Trammell Venture Partners, and Timechain taking part. The latest round brings the total funding raised by Fedi to $21.21 million. In a statement on its blog, the company said it will use the funds to help realize its goal of launching the “world’s first federated operating system.” According to the statement, Fedi wants the application to allow members of different communities to collaborate and take control of their funds, data and digital lives “while still protecting user privacy and autonomy.” Obi Nwosu, the founder and CEO of Fedi, is quoted in the statement expressing his satisfaction with the makeup investors that have come on board. He said: We are excited that with so much interest in this round, we were able to select investors who are fully aligned on the future we are trying to create with Fedi, the world’s first federated operating system. Nwosu, a bitcoin advocate, added that he wants the app to enable not just bitcoiners or tech-savvy individuals but anyone attempting to “solve real problems” within their respective community to do so. Fedi’s Initial Focus As explained in Fedi’s blog post, the company wants to initially “focus on a few core functions like securely storing and transacting bitcoin.” Protecting user data as well as ensuring safe and secure communications between community members are also areas that Fedi will focus on, the blog post added. In his remarks following Fedi’s announcement, Jeff Booth, co-founder of Ego Death Capital, praised the bitcoin-focused company’s offering which he said enables users to “take back control of everything that matters in [their] digital life.” Meanwhile, Nwosu is quoted in the blog stating that his company is hoping to unveil details about the Fedi Alpha version which is targeted at the builder community. According to the post, Fedi hopes to roll out this version sometime in May. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article