roadrunner

Changshu, a city in China with more than 1.5 million inhabitants, will pay public workers’ wages with the Chinese central bank digital currency (CBDC), the digital yuan. The move marks an acceleration of the adoption plans that Beijing has for the digital currency, which has been included in some limited programs before. Public Employees in Changshu to Receive Payments in Digital Yuan The city of Changshu, with a population of more than 1.5 million, will be the first city to use the digital yuan to pay wages of public employees, according to reports from local media. The measure will affect public servants of government offices, as well as schoolteachers, medical staff, employees of state companies, and all who directly receive their wages from the city. The move is part of the plan of Jiangsu province, in which Changshu is located, to increase the usage of this kind of digital currency, which has not received the expected attention of the citizens, who still prefer to pay using alternatives such as Wechat and Alipay. The city has already been using the digital yuan to settle overtime payments since June, having paid more than $300,000 since this implementation. China Continues to Boost Digital Yuan The implementation of digital yuan payments marks an acceleration of the inclusion of digital currency in the lives of Chinese people, that had before received it as a giveaway in cities like Shenzhen. The People’s Bank of China (PBOC) made a call to widen the use case scenarios of the currency in September, proposing that more companies and services include it as part of their payment methods. However, according to analysts, the digital yuan still lags in adoption when compared to other payment methods. In December, former director-general of research at the PBOC, Xie Ping, qualified the results of the digital yuan tests as “not ideal,” stating that as the currency was used just as a substitute cash, its adoption would be difficult. Other experts are also considering the digital yuan as an important tool to increase the adoption of the currency overseas in the current geopolitical situation. Ju Jiandong, an expert in U.S.-China trade conflicts, explained in March that if China could integrate this digital currency into an international payments system, it could boost the usage of the yen to settle cross-border payments. What do you think about the implementation of the digital yuan to pay employee wages in the city of Changshu? Tell us in the comments section below. View the full article

PRESS RELEASE. Austin, TX – MyEListing.com, a free commercial real estate listings and data platform, has partnered with Millennial Title, and Championship Title to create a marketplace where anyone in the world can buy and sell US residential & commercial real estate with crypto via an integration with Coinbase Commerce, and close within one business day. The initiative is called the ASAP (Accelerated Sale And Purchase) program. MyEListing.com hosts the marketplace, Coinbase Commerce converts the buyers’ crypto into cash for the seller, and Millennial Title as well as Championship Title handle the title work. “This initiative will drive innovation in the crypto and real estate industries,” says Caleb Richter, CEO of MyEListing.com. “Real estate commerce needs to be changed. It’s hard enough as it is to buy property in your local neighborhood, let alone in another state or country. With the ASAP program, anyone, regardless of the language they speak or where they are in the world, can purchase American real estate with crypto in as little as one business day.” Transaction times through the ASAP program are expected to be nearly 50x faster than current averages, bringing cost-saving convenience and greater accessibility to trade. The program launches Thursday, April 20th for Texas-only properties and in June 2023 for other select states. Agents, brokers, and sellers in Texas can be the first to put their properties in front of a global audience, regardless of location, language, or currency, by submitting their properties to the ASAP program here: https://myelisting.com/asap/. MyEListing.com is a national commercial real estate marketplace and data platform connecting real estate professionals and others from all corners of the industry. They support the likeness of NAI Global, Colliers, and Cushman & Wakefield. 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

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: the Argentine Peso plunges against the U.S. dollar, Venezuela and Russia agree to develop a joint SWIFT alternative, and Bitcoin mining is still paused in Venezuela. Argentine Peso Plunges 10% Against the Dollar The Argentine Peso has lost more than 10% against the U.S. dollar during the last week, going from less than 400 pesos per dollar in the informal blue exchange rate to more than 440 on April 21. The cause of this sudden rise has to do with the perceived weakness of the Argentine government, which has been unable to control the rise of inflation, which reached inter-annual levels of more than 100% in March, the highest in all of Latam. The country currently holds $2 billion in its foreign currency reserve, a low number when compared to the reserves of Brazil, an economy five times the size of Argentina, which holds approximately $350 billion in foreign currency. This has caused Argentines to purchase dollars to take refuge from devaluation of the peso, with analysts predicting its price reaching levels of over 500 pesos per dollar later this year. Venezuela and Russia Plan to Develop SWIFT Alternative Venezuela and Russia announced that they were working to develop an alternative to SWIFT, the bank messaging and settlements system that most banks use to complete cross-border payments. Accompanied by his Russian counterpart Sergey Lavrov, who also visited Brazil on his Latam tour, Venezuelan Foreign Minister Yvan Gil stated that such a system was already in development. Gil stated: The technical teams of the Central Bank of Venezuela and the Bank of Russia are working on the exchange of financial messages to go to a system where we free ourselves from the hegemonic dollar as a regulator of commercial transactions. The system will be an answer to the expulsion from the SWIFT network that Russian banks suffered in 2022 as a result of the wide package of sanctions enacted by Western nations on Russia. Gil stated more updates on this system would be shared in the next weeks. Venezuelan Bitcoin Mining Farms Are Still Inactive The Bitcoin mining ecosystem in Venezuela is still inactive, with most farms not operating as a result of the so-called PDVSA-crypto probe that is affecting the cryptocurrency sector in the country. The pause in mining operations, which was allegedly ordered by the national power company Corpoelec, still continues, with miners piling up losses that reach to the hundreds of thousands of dollars. According to Criptonoticias, owners of these Bitcoin farms could be losing $11 million monthly, with Corpoelec losing about $2 million as a result of this forced pause. There are still no reports about when these operations could be restarted, as the probe is still ongoing. What do you think about the developments in Latin America this week? Tell us in the comment section below. View the full article

The Internal Revenue Service (IRS) is planning to send investigators to four countries where they are expected to tackle the use of crypto and decentralized finance products in global financial and tax crimes. According to the tax collector’s spokesperson, the IRS will be able to determine the success of the pilot program by rating the investigators’ “ability to work cooperatively” with global law enforcement bodies. IRS to Help Foreign Law Enforcement Agencies The United States Internal Revenue Service (IRS) is set to send four agents specializing in cyber and crypto crime to Australia, Colombia, Germany, and Singapore, a Techcrunch report has said. According to the report, the four agents’ secondment is part of the revenue collection body’s pilot program that will run between June and September 2023. Carissa Cutrell, an IRS spokesperson, is quoted in the report stating that the four agents’ mission is “to help combat the use of cryptocurrency, decentralized finance and mixing services in international financial and tax crimes.” Cutrell also spoke about the revenue service’s likely plans once the 120-day pilot program comes to an end. She said: Success [of the pilot program] will hinge on the attachés’ ability to work cooperatively and train our foreign law enforcement counterparts, and build leads for criminal investigations. Meanwhile, Chris Janczewski, a former special agent in the IRS-CI Cyber Crimes Unit, is quoted in the same report asserting that the U.S. revenue collector’s growing presence abroad would help simplify international investigations. In the past few years, agents from IRS-CI Cyber Crimes Unit have helped to bring to book the alleged criminal that ran the drug and hacking services marketplace Alphabay. The agents also played a role in the takedown of a marketplace for stolen social security numbers. Yet despite the IRS-CI Cyber Crimes Unit’s expertise in tracking and taking down cybercriminals, the U.S. revenue collector has only had one investigator stationed abroad, in The Hague, Netherlands. However, by sending the four agents, the U.S. agency will realize even better benefits, Guy Ficco, the IRS’ executive director for global operations policy and support for IRS-CI, is quoted as stating. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

A Russian crypto entrepreneur, charged with laundering money from ransomware attacks, has been sentenced to probation and fined in the U.S. after pleading guilty. Founder of two coin trading platforms, Denis Dubnikov, was arrested in the Netherlands and extradited to the U.S. last year. Oregon Court Sentences Russian for Processing Ryuk Payments A Russian national accused of money laundering related to the distribution of ransomware has been sentenced to three years of probation in the United States. Denis Dubnikov was arrested in Amsterdam in November 2021, and then extradited to the U.S. in August 2022. A federal court in Oregon has also ordered the 30-year-old crypto businessman to forfeit proceeds in the amount of $2,000, representing a portion of what he made as a result of his criminal activity, and pay $10,100 in criminal monetary penalties. Initially, American prosecutors accused the Russian and his accomplices of laundering proceeds from Ryuk ransomware attacks on individuals and organizations in the U.S. and other countries between at least August 2018 and August 2021. Court documents now show that the owner of crypto exchanges Coyote Crypto and Eggchange has laundered only a portion of a Ryuk ransomware payment, noting that the “defendant was not involved in the underlying ransomware activity and is pleaded guilty to a willful blindness theory.” In July 2019, a U.S. company paid 250 BTC (approx. $3.1 million) ransom following a Ryuk attack. Dubnikov agreed to exchange 35 BTC for approximately $400,000 in cash. The court says he did not know these were ransomware proceeds but also “deliberately avoided learning the truth.” Ryuk is a type of software that encrypts files on the targeted organizations’ computers. First identified in 2018, the ransomware has been used against various victims worldwide, including hospitals and healthcare providers in the United States. The court sentence takes into account the time Dubnikov spent in detention. He has been ordered to comply with supervision requirements, including regular reporting to the police, taking drug tests, and providing DNA samples at the request of law enforcement authorities. Do you expect more arrests and convictions related to Ryuk ransomware attacks? Share your thoughts on the case in the comments section below. View the full article

The Syrian foreign minister says the U.S. imposes sanctions on Syria and Russia to steal their assets and keep them under its hegemony. The U.S. is “the biggest beneficiary of wars and fueling global conflicts, with the aim of maintaining the dominance of the dollar in the global economy and trade,” said a Russian official. US Sanctions Aimed at Stealing Assets and Keeping Targeted Nations Under Its Hegemony, Says Syrian Official The Syrian Minister of Foreign Affairs and Expatriates, Faisal Mekdad, met with Alexander Yakovenko, the Rector of the Diplomatic Academy at the Russian Foreign Ministry on Thursday. During their meeting in Damascus, Mekdad slammed the U.S. and its Western allies for imposing unilateral sanctions on his country and several other nations, according to the Syrian government-controlled news agency, SANA. He explained that the West is attempting to maintain its dominance over the world by creating rules that align with its own objectives and ambitions, regardless of the cultural and civic attributes of other nations and their populations. The Syrian minister was quoted by the Iranian state-owned news network Press TV as saying: The regime of unilateral coercive sanctions, slapped by Western countries against a number of world countries, including Syria and Russia, is aimed at stealing those nations’ assets, depriving them [of their natural resources] and keeping them under their hegemony. During the meeting with Yakovenko, the Syrian Minister of Foreign Affairs emphasized the similarity between the political positions of Damascus and Moscow, their support for international law, and the principles of justice and equality between countries. Yakovenko noted that significant economic, financial, and technological transformations are currently taking place worldwide, compelling many countries to pursue alternative economic options and political alliances that liberate them from the financial hegemony of the West and its unilateral economic sanctions. He was quoted by SANA as saying: The United States of America is the biggest beneficiary of wars and fueling global conflicts, with the aim of maintaining the dominance of the dollar in the global economy and trade. During the meeting, both parties shared their perspectives on various geopolitical issues and ongoing global events, alongside regional and international developments that suggest a potential new world order. Do you agree that the U.S. imposes sanctions on targeted nations to steal their assets and keep them under its hegemony? Let us know in the comments section below. View the full article

Russia has warned that existing and new anti-Russia sanctions imposed by the U.S. and other Western countries will lead to a global economic crisis. “Both the current sanctions that have been imposed against our country and the new additional steps that Brussels and Washington are probably thinking about now will hit the global economy hard,” the spokesperson for Russian President Vladimir Putin said. Sanctions Will Lead to Global Economic Crisis, Says Russian Official Russian President Vladimir Putin’s press secretary, Dmitry Peskov, told reporters on Friday that anti-Russia sanctions will have a detrimental impact on the global economy, with the potential to spark a global economic crisis. “We proceed from the fact that in any case, both the current sanctions that have been imposed against our country and the new additional steps that Brussels and Washington are probably thinking about now will hit the global economy hard,” Putin’s spokesperson was quoted by Tass publication as saying. He added: This can only lead us down a path towards a global economic crisis. The Group of Seven (G7) countries are reportedly considering a near-total ban on exports to Russia. Despite already halting exports of various items, such as military-related products and luxury goods, the new measures being considered may widen the trade embargo to include used cars, tires, cosmetics, and apparel. Responding to a question about the G7 countries considering new anti-Russia sanctions, Peskov said: “Of course, we are monitoring this very carefully, of course, we are aware that the United States and EU countries are actively considering new additional sanctions. We must not forget that no country in the world has ever faced sanctions to such an extent as we have. Therefore, we adapt, develop, engage in long-term development plans and take into account the dangers that lie behind such thoughts of our opponents.” Meanwhile, the BRICS nations — which comprise Brazil, Russia, India, China, and South Africa — are working on creating a common currency that would reduce their reliance on the U.S. dollar. Russian Foreign Minister Sergey Lavrov said Thursday that Russia is ready to take part in the discussions on the creation of a BRICS currency. Do you think anti-Russia sanctions will lead to a global economic crisis? Let us know in the comments section below. View the full article

Last year in July, it was widely reported that the now deceased, enigmatic tech magnate John McAfee’s body was still in a Spanish morgue for a full year after his untimely demise. McAfee’s widow, Janice, has taken to social media to voice her distress over the extended delay in the release of his remains. It is a matter of great frustration to her that, even after an incredible 670 days, she is still unable to grant her beloved husband a proper burial. John McAfee’s Widow Demands Answers on Delay in Releasing His Remains On April 23, 2023, Janice McAfee tweeted about her late husband, John McAfee, insisting that he had been in a morgue for 670 days. In July 2022, Bitcoin.com News reported on McAfee’s remains sitting in the morgue for a year. Janice is still complaining about the issue and asking why there is a holdup. “670 days since John’s ‘suicide,'” Janice tweeted. “670 days and his remains have still not been released. 670 days and his autopsy report has still not been released. 670 days is an absurd amount of time to wait to bury your loved one.” McAfee’s widow added: What are they hiding? #JohnMcAfeeDidNotKillHimself In October 2020, McAfee was arrested at Barcelona-El Prat Airport and faced extradition to the United States. He faced charges by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) for promoting initial coin offerings (ICOs) and “tax evasion and willful failure to file tax returns.” Spain’s high court approved McAfee’s preliminary extradition, and hours later, he was found dead in his prison cell in Barcelona. After his death, a number of stories emerged claiming that McAfee had activated a dead man’s switch. In more recent times, in August of last year, a Netflix documentary called “Running with the Devil” showcased one of McAfee’s former girlfriends, who claimed he called her from Texas after his reported death. Janice scoffed at the woman’s theory after the documentary aired, insisting that John would not hide out in America and called the idea “silly.” During the first week of March 2023, Janice discussed McAfee’s death with Hotep Jesus and her “ongoing battle with the Barcelona courts for John’s remains, almost two years after his death.” What are your thoughts on the ongoing legal battle for John McAfee’s remains? Share your thoughts about this subject in the comments section below. View the full article

Twelve years ago, on this very day of April 23, 2011, a cryptic individual, known only as Satoshi Nakamoto, penned one of the final correspondences to software developer Mike Hearn. The elusive mastermind behind Bitcoin conveyed in the message that he, she, or they had “moved on to other things” and confidently asserted that the project was entrusted in “good hands.” Behind the Bitcoin Curtain: The Final Correspondence of Satoshi Nakamoto Following the creation of Bitcoin and the initial implementation of the technology, the enigmatic Satoshi Nakamoto vanished from the public eye in December of 2010. The last public message from the elusive innovator was issued on December 12th of that year, in which Nakamoto underscored that “there’s more work to do on [denial-of-service] DoS.” Subsequently, Nakamoto corresponded with a few of the developers behind Bitcoin, including Mike Hearn and Gavin Andresen. Hearn received an email from Nakamoto on April 23rd, 2011, titled “Holding coins in an unspendable state for a rolling time window,” in which he inquired about the possibility of Nakamoto’s return to the Bitcoin community. However, Nakamoto asserted that he, she, or they had “moved on to other things,” confidently stating that the project was in “good hands with Gavin and everyone.” The Bitcoin creator also expressed hope for the continued development of Bitcoinj, Mike Hearn’s Java version of Bitcoin, as it “gives Java devs something to work on.” Nakamoto: ‘Instead, Make It About the Open-Source Project’ A few days later, Andresen received an email from Nakamoto, in which the pseudonymous innovator expressed frustration with the negative portrayal he received in the press. “I wish you wouldn’t keep talking about me as a mysterious shadowy figure,” wrote Nakamoto. “The press just turns that into a pirate currency angle. Maybe instead make it about the open-source project and give more credit to your dev contributors; it helps motivate them.” This email is widely considered to be the last known communication from Bitcoin’s enigmatic creator to anyone. There was speculation on March 7th, 2014, when an article in Newsweek claimed that the creator of Bitcoin was a 64-year-old Japanese-American named Dorian Nakamoto. However, a message purportedly authored by Nakamoto appeared on the P2P Foundation’s online forum stating, “I am not Dorian Nakamoto.” Since then, no additional messages from the elusive Bitcoin creator have surfaced, and the emails to Hearn and Andresen remain a poignant reminder of Nakamoto’s decade-long absence from public view. What do you think happened to Satoshi Nakamoto? Share your thoughts and theories in the comments below. View the full article

There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be “devastating,” and European Central Bank president Christine Lagarde warned it would be a “major disaster” if the U.S. defaulted on its obligations. It now appears that Republican politicians are willing to raise the country’s debt limit, but only if fellow lawmakers repeal the mandates on green energy and climate change in the Inflation Reduction Act. Debate Over Inflation Reduction Act Heats Up as Debt Ceiling Deadline Approaches This weekend, there is a great deal of discussion regarding repealing several measures installed in the Biden administration’s Inflation Reduction Act. Republicans, led by House speaker Kevin McCarthy (R-CA), are looking to gut the Inflation Reduction Act, and in return, they would be willing to raise the debt ceiling. On Wednesday, McCarthy said that the repeals would “end the green giveaways for companies that distort the market and waste taxpayers’ money.” McCarthy is not the only lawmaker proposing to repeal the Inflation Reduction Act. Congressman Andy Ogles (R-TN) introduced legislation in February aimed at “repealing the Democrats’ record spending.” “President Biden and his House Democrat colleagues shoved through countless spending measures to further their woke ‘green agenda,'” Ogles said at the time. There were complaints against the Inflation Reduction Act before it was passed, with 230 economists sending a letter to the country’s House and Senate leaders explaining that the act would fuel inflation. After McCarthy and the House Republicans’ plan was made public, White House deputy press secretary Andrew Bates said in a memo that Republicans want to “kill over 100,000 manufacturing jobs.” Biden took to Twitter on Sunday to complain about the repeal discussion. “Repealing the Inflation Reduction Act would mean doing nothing about the increasing ferocity of natural disasters, taking away clean-energy jobs, and turning your back on families living in towns poisoned by pollution,” Biden tweeted. “Folks, we can’t let that happen.” Biden’s tweet was met with a lot of opposition. One individual replied to the U.S. president by saying the Inflation Reduction Act “had nothing to do with inflation and everything to do with increasing climate alarmism and feeding cash into the climate industry.” Another person wrote, “In other words, you lied to Americans about what the ‘Inflation Reduction Act’ does. Now, you’re lying about what it can do. Why say anything? It’s all lies.” Another individual criticized the U.S. president for not visiting East Palestine, Ohio after the major train derailment disaster. The U.S. is expected to default on its obligations with private investors, foreign businesses, and other nation-states by the end of the summer if the debt limit is not raised. ECB President Christine Lagarde said last week she was confident the U.S. would not let this happen as it would be a “major disaster.” The United States has accumulated more than $31 trillion in debt. Last month, after the collapse of three major banks in the U.S., Treasury Secretary Janet Yellen insisted that a debt limit breach would be “devastating” for American banks. What do you think should be done to address the United States’ mounting debt and prevent a default on its obligations? Share your thoughts in the comments section below. View the full article

The total value locked in decentralized finance (defi) has descended below the $50 billion range after reaching a 2023 high of $53.63 billion on April 14. This shift has been felt across the board with the top 18 defi protocols recording losses during the past seven days, and the largest defi protocol by TVL size, Lido, losing 8.25% over the past week. 18 of the Top Defi Protocols Recorded Weekly Losses Crypto asset markets have experienced volatility in the past seven days, and on Sunday, April 23, 2023, the total value locked (TVL) in defi dropped below $50 billion, reaching $48.78 billion. Currently, Lido is the largest defi protocol by TVL, with $11.64 billion in TVL, representing 23.85% of the total value locked in defi today. Despite an 8.25% decrease in its TVL this week, 30-day statistics show that Lido’s TVL has increased by 9.92%. Only two defi protocols out of 20 saw TVL gains this week, with the applications Juststables and Venus leading the pack, according to defillama.com stats. Aura recorded the biggest TVL loss at 18.29%, and Aave lost 14.09% in the past seven days. Out of the $48.78 billion locked in defi today, over 58% of that value is on the Ethereum chain, with $28.68 billion spread across 752 ETH-based defi protocols. Following Ethereum is Tron ($5.29 billion), Binance Smart Chain (BSC) ($4.67 billion), Arbitrum ($2.18 billion), and Polygon ($1.05 billion). Although the total value in defi has decreased this weekend, the top smart contract token economy has increased by 2% over the past 24 hours to reach $369 billion. However, nine out of the top ten smart contract tokens have experienced weekly declines in value against the U.S. dollar. Tron, on the other hand, has risen by 1.1% over the last week. Out of the $369 billion in value, Ethereum’s market cap accounts for $225.99 billion, BNB’s valuation represents $52.23 billion, and Cardano commands $13.74 billion. Decentralized finance protocols that saw significant rises in the past seven days include Shade Protocol, Toreus, Spoon Exchange, Flux Protocol, and Dove Swap. The biggest defi losers this week include Atlas Aggregator, Multialt, Sohei, Arbiten, and Bodh Finance. Defi protocols that have recorded increased gains over the past month include Lodestar Finance, Bonsai Strike, and Algomint. Some defi protocols, such as Bourbon DAO, Soluna, and Angel Protocol, experienced significant TVL losses in the last 30 days. What do you think the future holds for the defi market in light of recent volatility and TVL losses? Share your thoughts about this subject in the comments section below. View the full article

Less than two months ago, a collection of 74 listed cryptocurrencies centered around artificial intelligence (AI) amassed an impressive $4 billion valuation. However, the intervening weeks have seen a sharp decline in crypto-AI economy gains, with losses of $730 million. The three most prominent AI-driven crypto projects have all suffered double-digit losses, ranging from 10% to 29.58%, against the U.S. dollar over the last 30 days. Interest in the Combination of Crypto and Artificial Intelligence Has Declined, Crypto-AI Token Economy Sheds $730M Various data points suggest that interest in and value of crypto-AI projects has waned. Global search trends for “crypto ai” peaked in early February 2023, with a Google Trends’ score of 100. Despite the rise, over the past 90 days, the score has slumped to a low of 22. Slovenia, the Netherlands, Cyprus, Lebanon, and Nigeria make up the top five countries interested in “crypto ai” searches at present. In February, the collective crypto AI economy reached a $4 billion milestone, driven by impressive gains among top AI-focused cryptocurrencies following a multibillion-dollar investment by Microsoft in Openai, the creators of Chatgpt. However, the crypto AI sector has since incurred significant losses. Current data from cryptoslate.com indicates that $730 million has been wiped off the crypto AI token economy. The largest crypto AI asset by market capitalization, graph (GRT), has suffered a loss of 10.71% in the past month. The second largest AI-centric crypto asset, singularitynet (AGIX), has fared worse, down 29.58% in the same period. Fetch (FET), the third largest crypto AI token, has seen a 14.36% drop in value over the past 30 days. Most of these losses occurred during the last seven days of trading, coinciding with a general downturn in the broader crypto market. Overall, the crypto tokens associated with artificial intelligence have declined by 7.38%. The past week has been particularly rough, with a drop of 15.70% recorded. Currently, the 24-hour global trade volume for the crypto AI sector stands at $325.58 million. Interestingly, the cannabis-focused crypto sector is currently the top performer, having gained 3.89% against the greenback in the past week, according to data from cryptoslate.com. What do you think the future holds for the intersection of AI and cryptocurrency? Why do you think interest in crypto-ai projects is waning? Share your thoughts about this subject in the comments section below. View the full article

With the latest non-fungible token (NFT) trend on the Bitcoin blockchain, known as Bitcoin Stamps, users have issued more than 18,000 digital collectibles on the network. While this figure falls short of the number of Ordinal inscriptions, stamp creators are exploring new ways to leverage this technology. Number of Bitcoin Stamps Rises Above 18,000 A mere 17 days ago, Bitcoin.com News reported on the trend of Bitcoin Stamps, as more than 8,000 stamps had been minted on the Bitcoin blockchain. Since then, the tally has grown to 18,443 stamps. The trend of creating stamps began following the craze of Ordinal inscriptions, and proponents of stamp technology argue that it enhances permanence, as stamps cannot be pruned like witness or signature data. Stamp creation comes with a higher price tag than Ordinal inscriptions, and the creators suggest using “24×24 pixel, 8-color-depth PNG or GIF” files for encoding stamps. However, creators have managed to develop high-resolution artwork using scalable vector graphics (SVGs). Recently, a user managed to attach an MP3 to a stamp, and the classic game of Snake was also appended to a stamp. Though still in its early stages, stamps are sold over-the-counter (OTC) and through Emblem Vault sales. The wallet Hiro, which supports Ordinal inscriptions, expressed interest in adding support for Stamps in the future, and welcomed Hiro Wallet pull requests on the team’s Github page. In addition, the Rare Stamp platform is a web portal that parses Bitcoin-based stamps, displaying prices and collections. Collections include Stampunks, Bitcoin Flocks, Broken JPGS, Stamp Pepes, Stamp Pepes Not, Stamp Wizards, Pixel Gods, Classic Arcade, Depepes, and more. Stamp #791 from the Stampunks collection has a floor value of 0.05 BTC or $1,365. While the number of stamps approaches the 20,000 mark, the number of Ordinal inscriptions has surpassed 1.3 million inscriptions as of April 22, 2023. On the same day, the number of Ordinal inscriptions on the Litecoin blockchain was 224,059. What do you think the future holds for the Bitcoin Stamps trend, and how might stamp creators continue to push the boundaries of this innovative technology? Share your thoughts in the comments below. View the full article

The price of silver fell 2.85% against the U.S. dollar last week. However, taking a broader perspective, the precious metal has made significant gains this year. Over the past six months, silver has risen more than 29% against the greenback, and as of April 22, 2023, it was hovering around $25.08 per ounce. Citi analysts recently projected that silver prices could increase to $30 per ounce this year, citing “near-perfect conditions for the ongoing bull market” in silver markets. Analysts See Potential for Silver Market to Take Off Although silver has experienced a recent decline, the precious metal has made significant gains in 2023. Last week, Citi analysts, led by Maximilian Layton, told Forbes writer Jonathan Ponciano that the U.S. dollar still has room to weaken. In a recent note, Layton and the Citi analysts stated that “precious metals, and especially silver, [have] near-perfect conditions for the ongoing bull market.” They also projected that silver could increase by 18% to around $30 per ounce in the coming months. Additionally, the Citi analysts noted a “distinct possibility” of $34 per ounce in 6 to 12 months. In recent times, several market researchers and economic forecasters have predicted a bullish year for silver. Despite a slight drop this week, Fxempire analyst Christopher Lewis emphasized on Thursday that “silver continues to threaten resistance.” Lewis added, “On the upside, if we were to take out the recent high, then we could go looking to the $27 level, which also has been important.” He went on to say, “If we take that out, then it’s possible that we may enter a phase where the silver market takes off like it did a couple of times in the past, trying to get all the way to the $50 level.” In a Jan. 30 article on Seeking Alpha, author Anna Sokolidou suggested that silver could reach $30 this year, citing Nicky Shiels, head of metals strategy and macro for MKS Pamp Group. According to Sokolidou, Shiels’ “bullish case” predicts that one ounce of silver could reach the price of $30 or more. Janie Simpson, managing director at ABC Bullion, also shared this optimistic outlook for $30 silver. “Silver has historically delivered gains of close to 20% per annum in years inflation is high. Given that track record, and how cheap silver remains relative to gold, it wouldn’t surprise to see silver head towards $30 per ounce this year, though that will likely offer significant resistance,” Janie Simpson told CNBC at the end of January. In Kitco’s 2023 Outlook, author Neils Christensen reported that retail investors expect to see silver prices rally more than 50% in 2023. At the end of 2022, Kitco surveyed 1,482 investors about the price of silver by the end of 2023. “On average, retail investors see silver prices rising to $38 an ounce,” Christensen reported. A retail investor from Middleville, Michigan, told Kitco that silver prices could double this year and surpass $40 per ounce. The Michigan resident believes that the industrial metal will also serve as a hedge against inflation and the stock market. Do you think silver will continue its upward trajectory and reach $30 per ounce this year, or will it face significant resistance and fall short of expectations? Share your thoughts in the comments below. View the full article

Dogecoin dropped to a multi-week low on Saturday, as a red wave continues to wash away recent crypto bulls. The meme coin dropped below a key price floor at $0.080 following today’s plunge. Shiba inu was also lower to start the weekend, falling by as much as 3%. Dogecoin (DOGE) Dogecoin (DOGE) moved to a three-week low to start the weekend, as bears pushed the meme coin below a key price level. Following a high of $0.08435 on Friday, DOGE/USD dropped to a bottom at $0.07752 in today’s session. Saturday’s decline saw DOGE fall below a long-term support point at $0.080, hitting its weakest point since April 3. From the chart, it appears that dogecoin has found a new floor at near the $0.0760 mark, which comes as the relative strength index (RSI) also consolidated. At the time of writing this, the index is now tracking at 43.21, which is close to a support point at 42.00. The next visible resistance level looks to be at 51.00, and should bulls begin to move towards this, DOGE will soon be back above $0.090. Shiba Inu (SHIB) Another meme coin in the red on Saturday was shiba inu (SHIB) which also slipped to a multi-week low. SHIB/USD dropped to a low of $0.00001012 to start the weekend, less than 24 hours after trading at a peak of $0.00001064 This is the lowest level that shiba inu has hit since March 11, and comes following a four-day losing streak. The recent mini-bear run has now pushed the 10-day (red) moving average to the brink of a downward cross with its 25-day (blue) counterpart. As of writing this, shiba inu continues to hover close to an area of support at the $0.00001020 level. Price strength is also marginally above a floor of its own at 37.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect further declines in meme coins during the weekend? Let us know your thoughts in the comments. View the full article

Ethereum started the weekend trading below $1,900 for the first time in two weeks, as cryptocurrency markets continued to fall. The global market cap is down by close to 3% at the time of writing this. Bitcoin was also in red, as it moved closer to $27,000. Bitcoin Bitcoin (BTC) was in the red for a fourth consecutive session, as prices neared a breakout below $27,000. BTC/USD plunged to a low of $27,169.57 to start the weekend, a day after trading at a high of $28,291.60. Saturday’s drop in price resulted in bitcoin falling to its lowest point in roughly three and a half weeks. Looking at the chart, this latest downturn has pushed the 10-day (red) moving average closer to a cross with its 25-day (blue) counterpart. In addition to this, the relative strength index is now tracking at 41.73, which is marginally higher than its long-term floor at 41.00. If price strength were to slip below this point, there is a good chance that BTC will move toward $26,000. Ethereum Ethereum (ETH) continued to trend lower on Saturday, as the world’s second-largest cryptocurrency dropped below $1,900. Following a high of $1,926.30 on Friday, ETH/USD fell to an intraday low at $1,827.79 earlier in the day. As a result of this move, ethereum started the weekend by declining to its weakest level since April 9. Today’s price slippage also resulted in ETH briefly breaking out of an interim support point at $1,830. Bulls swiftly reentered the market seemingly buying the dip, and this has resulted in ethereum now trading at $1,848.66. Although there is likely to be further declines in the coming days, once this current red wave passes, there may be a significant reversal. Register your email here to get weekly price analysis updates sent to your inbox: Could ethereum drop below $1,700 this weekend Leave your thoughts in the comments below. View the full article

According to U.S. Treasury Secretary Janet Yellen, the United States government is prepared to take the steps necessary to ensure its financial system remains the world’s strongest and safest. Yellen said that the U.S. government will not hesitate to punish Chinese companies that violate its Russian sanctions policy. U.S. Ready to Shore up Its Financial System The U.S. Treasury Secretary Janet Yellen said while her country’s financial system is still in good shape the United States government is still prepared to take “any necessary steps” to ensure it remains the most dominant, a report has said. In her speech at the Johns Hopkins University’s School of Advanced International Studies, Yellen also touted the recent actions taken to shore up the financial system by U.S. authorities following the collapse of Silicon Valley Bank and Signature Bank. The comments by Yellen come amidst a growing chorus for the adoption of an alternative reserve currency. As has been reported by Bitcoin.com News, several countries led by Russia and China are pursuing cross-border settlement methods that exclude the U.S. dollar. These countries accuse the United States government of weaponizing the greenback and using its overbearing influence on the global financial system to punish its enemies. These accusations as well as the ongoing attempts to de-dollarize have prompted economists to warn that the U.S. dollar may eventually lose its position as the most dominant currency in the world. Losing this status would the United States’ ability to project its financial power globally. However, Yellen vowed that the U.S. government would take steps to ensure its financial system will the strongest and safest in the world. “The U.S. banking system remains sound and we will take any necessary steps to ensure the United States continues to have the strongest and safest financial system in the world,” Yellen reportedly said. Although she recently conceded that the weaponization of the U.S. dollar could potentially cause problems for her country, warned in her speech that the United States government will not hesitate to punish Chinese companies that violate its sanctions on Russia. She added that her government will also impose sanctions on human rights abusers. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The development bank established by the BRICS group of nations has issued its first “green” bonds in U.S. dollars (USD). Proceeds from the placement will be used to fund “green” projects supported under the banking institution’s sustainable financing policy. BRICS Development Bank Launches 3-year ‘Green’ Bonds The New Development Bank (NDB), founded by the BRICS bloc, has placed three-year “green” bonds on international capital markets in the amount of $1.25 billion, the bank announced in a press release on Thursday, quoted by the Tass news agency. The benchmark bond has been issued under the $50 billion Euro Medium Term Note Program, registered by the NDB in December 2019. The net proceeds will be used to finance or refinance eligible “green” projects, as defined in the NDB’s Sustainable Financing Policy Framework. “The issuance represents NDB’s return to the international capital markets and is also the first USD Green Bond issued by the bank, demonstrating its commitment to sustainable capital markets,” the institution said in a statement. The NDB was created by BRICS under an agreement between the member states – Brazil, Russia, India, China, and South Africa – which was signed on July 15, 2014 and entered into force a year later. It finances solutions aimed at building a “more inclusive and resilient future.” The bank noted that the transaction has seen strong reception from “high-quality investors,” with 78% of the final allocation going to central banks and official Institutions and the remainder being taken up mostly by bank treasuries and asset managers. NDB’s ‘Green’ Bonds Attract Investors From Several Continents “The geographically diverse book had in excess of 50 investors from Asia, Europe and the Americas … Citi, Crédit Agricole CIB, HSBC, and ICBC acted as the joint lead managers to the issuance. CACIB also acted as the Green Structuring Advisor,” the announcement detailed. NDB Vice President and Chief Financial Officer Leslie Maasdorp was quoted as commenting: With this transaction, NDB has successfully re-tapped into the USD bond market. Our investors have demonstrated their solid confidence in NDB’s credit … The Bank has a robust pipeline of green and sustainable projects in all our member countries to finance. With a starting capital of $100 billion, the Shanghai-headquartered bank was set up to finance infrastructure and sustainable development projects in the BRICS states and other developing nations. It has already approved nearly 100 projects for $32.8 billion in areas such as transportation, water supply, clean energy, digital and social infrastructure, and urban construction. The NDB was able to attract long-term funding in international and local capital markets after previously receiving AA+ credit ratings from Fitch Ratings and S&P Global Ratings. Despite putting new transactions with Russia on hold right after Moscow’s invasion of Ukraine, Fitch downgraded its rating to ‘negative’ on its long-term issuer default scale in early March, last year. Do you think the New Development Bank will expand the issuance of green bonds in U.S. dollars? Tell us in the comments section below. View the full article

The South Korean central bank is set to be granted the right to investigate virtual assets after the Financial Services Commission (FSC) dropped its opposition to the move. According to a report, the FSC dropped its opposition to the central bank’s bid after it was accused of seeking to make itself the country’s sole regulator of virtual assets. The Battle to Control and Regulate Virtual Assets The Bank of Korea (BOK) is set to be granted its wish to investigate virtual assets after the country’s Financial Services Commission reportedly dropped its opposition to the central bank’s desire to gain the “right to request data submission.” As per a local report, the FSC’s decision came a few weeks after a subcommittee of the Korean Parliament’s Political Affairs Committee accused the regulator of seeking to make itself the sole regulator of virtual assets. According to the report, the FSC’s decision to drop its demand came amid claims the Korean National Assembly will be proceeding with plans to include the BOK’s right to request data in the Virtual Assets Act. Before finally acceding to the central bank’s demand, the FSC had repeatedly clashed with the BOK over which of the two institutions should supervise payments and settlements. The central bank, on the other hand, has insisted on being granted the right to investigate digital assets because risks that emanate from virtual asset markets ultimately threaten financial stability. FSC’s Monopolistic Ambitions However, the April 20 report said accusations about the FSC’s desire to be the sole authority on virtual assets, and its willingness to disregard both the ruling and opposition parties in its pursuit, may have forced the regulator to concede. The same point about the FSC’s intention was similarly raised by Korean lawmaker Kim Han-gyu on March 28. “The Financial Services Commission acknowledges that it is necessary for the Bank of Korea to have the right to request data, but refuses to include it in the bill,” Kim said at the time. Still, despite seemingly surrendering in its long-running fight with the central bank, the FSC will still likely gain the right to investigate virtual assets, the report revealed. It said many of the proposed bills on virtual assets seek to give the FSC the authority to investigate “unfair transactions.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Charles Nenner, a financial analyst that served as head of market timing for Goldman Sachs for more than a decade, has warned about the end of dollar hegemony and its consequences for the U.S. According to Nenner, the BRICS bloc and the influence of Saudi Arabia will end the dollar as a reserve currency, and this could cause a flight to safety. Charles Nenner Predicts End of USD Hegemony The U.S. dollar will be undermined as a reserve currency; this is what Charles Nenner, a financial cycles analyst, has predicted for the future. Nenner, who had previously projected the dollar was going to survive, changed his opinion recently, stating that the decline of the U.S. dollar has already begun. In a recent interview with USA Watchdog, Nenner stated: I said the dollar is going to hold up, but not anymore, not anymore. It is really in trouble. There is actually no reason to be in the dollar. The financial analyst estimates that the recent breakout of the BRICS block, composed of Brazil, Russia, India, China, and South Africa, will play a special part in the process, with the help of Saudi Arabia, bringing the dollar hegemony as global reserve currency down. Nenner believes that, mid-cycle, the economy could experience a bounce due to the weakness of the dollar favoring exports. He explained: The economy is really going to suffer. If the dollar goes really low, we could have a small bounce in the economy because it’s good for exports. That’s just a fooling bounce for people. Longer term, it’s just finished. Unintended Consequences Nenner explains that the fall of the dollar will have a series of consequences for the U.S., starting with other countries running to get rid of U.S. treasuries and running to safety in other assets, including silver and gold. We are going to have a bad dollar. That usually means people are going to dump their securities. If you have China and Russia dumping their U.S. bonds, you are going to have a problem. I am getting very worried because there might be a run for safety. China is one of the biggest holders of U.S. treasuries, with $867 billion in U.S. bonds held, comprising a little more than 10% of the total share of the U.S. Debt, just behind Japan. Other analysts have also predicted the demise of the U.S. dollar recently. Jeffrey Tucker has recently said the U.S. dollar is at a turning point and that it won’t be the king currency anymore. In the same way, Nouriel Roubini has stated the global economy will shift into a bipolar system, using the Chinese yuan as an alternative to the U.S. dollar. What do you think about Charles Nenner’s predictions? Tell us in the comments section below. View the full article

The percentage of reserves held in U.S. dollars by central banks has fallen to less than half of the global total of reserves, according to a note from Eurizon SLJ Asset Management. The note states that the recent sanctions enacted by the U.S. against the Bank of Russia have eroded trust in the dollar as a reserve currency. Central Bank Dollar Reserves Hit 47% as Trust in the Currency Erodes Central banks are beginning to diversify their reserves away from the U.S. dollar. A note issued by Eurizon SLJ Asset Management on April 17 revealed that the percentage of the reserves that central banks held in dollars hit 47% during 2022, falling sharply since 2021, when dollars represented 55%. Analysts from the firm explain that this decline in just one year is “exceptional,” and marks an acceleration of the predicted erosion rate of the U.S. dollar. The cause, the report states, has to do with the wide package of sanctions that the U.S. government applied to Russia due to its involvement in the current Russia-Ukraine conflict, freezing its gold and foreign currency assets abroad, and putting several key companies on the designated entity list of the Office of Foreign Assets Control (OFAC). The note explains these “exceptional actions” have made other countries less willing to hold their reserves in the form of U.S. dollars. The Dollar Has Become ‘Toxic’ This de-dollarization trend fueled by the so-called “weaponization” of sanctions by the government of the U.S. has global blocs like BRICS and ASEAN looking for alternatives to safely conduct trade amongst themselves. BRICS is currently studying an initiative for creating a common currency, that will be discussed at the next BRICS summit to be held in South Africa. In the same way, ASEAN countries have called for reducing reliance on the dollar, and the usage of national currencies for international settlements, fearing the application of secondary sanctions. On April 19, Russian Deputy Minister of Foreign Affairs Alexander Pankin criticized this “weaponization,” noting that more and more countries were increasing their gold holdings while dropping their foreign currency reserves. He stated: These trends show that the US dollar is becoming big, strong, but still toxic for everyday operations. It’s not a mainstream trend, but I believe it might become a trend. What do you think about the drop in the global percentage of reserves held in U.S. dollars? Tell us in the comments section below. View the full article

Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down a $100 million sponsorship offer from the now-bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. A number of FTX celebrity endorsers are currently facing a class action lawsuit, including Shaquille O’Neal (Shaq), Tom Brady, and Larry David. How Taylor Swift Avoided Partnering With FTX Taylor Swift, a famous singer-songwriter who has won 12 Grammy Awards from 46 nominations, reportedly did due diligence on now-bankrupt cryptocurrency exchange FTX and turned down a sponsorship proposal from former FTX CEO Sam Bankman-Fried. FTX filed for Chapter 11 bankruptcy in November of last year. Adam Moskowitz, one of the attorneys leading a $5 million class-action lawsuit against 16 celebrity endorsers of FTX revealed during an episode of the Block’s Scoop podcast that Swift took the step of consulting with her lawyer when approached by SBF, in contrast to other celebrities who invested in FTX. “The one person I found that [talked to their lawyers] was Taylor Swift,” Moskowitz shared, adding: In our discovery, Taylor Swift actually asked them: ‘Can you tell me that these are not unregistered securities?’ Bankman-Fried, who is facing multiple fraud charges in the U.S., reportedly lobbied aggressively for a partnership with Swift. The partnership would have cost the bankrupt crypto company more than $100 million over three years. Describing FTX as a “pyramid scheme,” Moskowitz, along with former Weinstein lawyer David Boies, filed a class-action lawsuit in Florida alleging that the crypto exchange’s celebrity endorsers promoted a “Ponzi scheme,” which impacted “thousands, if not millions, of consumers nationwide.” Shaquille O’Neal (also known as Shaq), Tom Brady, and Larry David are among the FTX celebrity promoters who are facing a class-action lawsuit filed by Moskowitz for endorsing sales of unregistered securities. Commenting on how Swift avoided involvement with FTX, Tesla and Twitter CEO Elon Musk, who also turned down an offer from Bankman-Fried when the former FTX executive wanted to invest in Twitter, tweeted Wednesday: I’m not surprised. Taylor is smart and her father is a well-regarded investment banker. Scott Kingsley Swift, Taylor’s father, founded the Swift Group, a wealth management and financial advisory group that is part of Merrill Lynch, a Bank of America company. Taylor has expressed her admiration for her father’s passion for his work on several occasions. Even at the young age of eight, when her peers aspired to become astronauts or ballerinas, Taylor wanted to follow in her father’s footsteps and become a financial adviser. What do you think about pop icon Taylor Swift being concerned about unregistered securities when approached by the disgraced FTX co-founder Sam Bankman-Fried? Let us know in the comments section below. View the full article

After the New York Times (NYT) published an editorial about bitcoin mining, claiming the industry is harmful to the environment, an organization called Stop the Presses took issue with the Times’ paper usage. Stop the Presses launched a social media campaign against the NYT’s newspaper production. The organization’s website, nytimesup.org, alleges that the company “kills approximately 59 million trees per year.” Activists Blast New York Times Over Physical Newspaper Print Production On April 10, 2023, the New York Times faced criticism for publishing a one-sided “hit piece” on bitcoin mining. Crypto proponents claimed that Times reporter Gabriel Dance did not use factual information. Since then, the focus has shifted to the environmental impact of the American news outlet, founded in 1851, due to its newspaper production. A group called Stop the Presses launched a social media campaign and website exposing the news business’s current printing practices. The accusation is that the New York Times destroys a significant number of trees to produce its antiquated physical paper in a digital world. “The New York Times kills approximately 59 million trees per year,” the website nytimesup.org details. “They kill these trees just to turn them into a newspaper that most people throw away, creating billions of pounds of CO2 each year. They print propaganda on the paper they create with dead trees, yet we live in a digital age. This wasteful practice must be stopped.” NYTimes Bitcoin Hit Piece Backfires As #StopThePresses Movement Erupts On Social Media https://t.co/H21dbyUUbW — zerohedge (@zerohedge) April 18, 2023 Many others share the same sentiment as Stop the Presses. Several people are sharing images and information on the subject while tagging the NYT Twitter account so the company notices the grievances. One individual estimates that if the New York Times kills 59 million trees annually, they create “2.832 billion pounds of CO2 annually.” The person notes that it is even worse when combining the 171 years of newspaper delivery. “That means they’ve murdered over 10 billion trees and created over 484 billion pounds of CO2,” the individual emphasized. The number of trees used to create The New York Times since 1851 does not account for the CO2 used in the company’s 27 newspaper printing locations for manufacturing purposes. Furthermore, it does not account for the delivery process and all the fossil fuels used to transport the newspaper to stores. The NYT even features a 2009 article about the subject, and the author acknowledges that physical newspapers cause a significant amount of greenhouse gas emissions. Citing an academic paper from 2004, New York Times contributor Tom Zeller Jr. explains that the study’s conclusion notes that “receiving the news on a PDA results in significant reductions in the release of carbon dioxide, water, nitrogen, and sulfur oxides.” In another New York Times article published in 2018 by Farhad Manjoo, the author explains how he took time off from reading digital news to read the physical paper for two months. Interestingly, Manjoo claims it was a “surprise blessing” even though he acknowledges that print “presents a narrower mix of ideas than you find online.” The blessing, Manjoo said, despite getting news that is a day old due to the printing and delivery delay, was that “hundreds of experienced professionals had done the hard work” for him. The NYT has not responded publicly to any of the criticism stemming from Stop the Presses and other activists. In more recent times, the paper’s social media account with 55 million followers has lost its verification checkmark on Twitter. Physical print newspapers have declined over the last decade, and over the last two years, print subscribers have dropped by 7%. Data further shows that from 2005 to 2021, roughly 2,200 American print newspapers failed, with the majority of today’s readership migrating to digital media. What are your thoughts on the environmental impact of physical newspapers in a digital age, and do you believe that major news outlets like The New York Times should shift their focus entirely to digital media? Share your thoughts about this subject in the comments section below. View the full article

In a court case linked to the now-defunct crypto exchange Gatecoin, a Hong Kong judge has ruled that cryptocurrencies are “property” which is “capable of being held on trust.” According to the law firm Hogan Lovells, this case should provide greater clarity to insolvency practitioners and other common law jurisdictions. Hong Kong Judge Designates Crypto Assets as ‘Property’ That Can Be ‘Held on Trust’ According to a summary of the ruling published on April 18, 2023, judge Linda Chan in Hong Kong has classified crypto assets as “property.” The decision was made in connection with the Gatecoin crypto exchange liquidation court case from 2019. Law firm Hogan Lovells opines that this decision provides clarity to officials, regulators, and other common law jurisdictions. In the United States, there is currently a debate in Congress about whether certain crypto assets should be classified as securities or commodities. At the beginning of the Gatecoin liquidation process, liquidators had difficulty determining whether crypto assets constituted a form of property. According to the Hogan Lovells summary, judge Chan has defined crypto assets as a type of property that can be “held on trust.” Hogan Lovells notes that this ruling “should provide greater clarity to Hong Kong insolvency practitioners regarding the nature and scope of a company’s digital assets in a winding-up scenario.” The law firm adds: The confirmation that holdings of cryptocurrencies constitute ‘property’ that is on a par with other intangible assets such as stocks and shares, brings Hong Kong into line with other common law jurisdictions whose courts have already decided the issue. Judges in various court cases around the world have issued similar rulings. For example, last year, an intermediate court in Beijing, China ruled that virtual property is protected by Chinese law. Additionally, China’s Supreme Court has recommended increasing the legal protection of property rights that include crypto assets and virtual property. Research indicates that most countries consider virtual currencies as property, while others and regulatory agencies have yet to make a decision. What are your thoughts on the classification of crypto assets as “property” by Judge Chan in Hong Kong, and how do you think this ruling will impact the treatment of crypto assets in insolvency cases and other common law jurisdictions around the world? Share your thoughts about this subject in the comments section below. View the full article

Prices of gold, and other precious metals, fell on Wednesday due to stronger U.S. yields and national currency. The decline comes on the backdrop of expectations of new interest rate increases next month amid persistent inflation in the United States and elsewhere. Gold and Silver Slip as Investors Bet on Another Rate Hike in May Gold prices dropped more than 1% on April 19 on higher U.S. yields and a more expensive dollar, with a number of investors now convinced that the United States Federal Reserve is likely to postpone a pause in interest increases. Spot gold was down 1.7% at $1,970.31 per ounce by 12:00 GMT, while U.S. gold futures were down 1.9% to $1,982.20, Reuters reported. Gold was trading below its 21-day moving average of around $1,990. At the same time, silver dropped 1.9% to $24.73 per ounce while platinum was down 1.5% to $1,066.42. The decrease in the prices of precious metals was preceded by the rising of benchmark U.S. Treasury yields to an almost one-month high, which increased the value of the U.S. dollar and made gold less affordable for buyers paying with other currencies. According to Ole Hansen, head of commodity strategy at Saxo Bank, the correction was due to the markets readjusting their expectations of the Fed’s rate-hike path. He predicted that gold will rally again once interest rates peak. On Tuesday, St. Louis Federal Reserve Bank President James Bullard said that America’s central bank should continue to raise rates amid persistent inflation. Other Fed representatives are also expected to comment ahead of the monetary authority’s decision in May. Meanwhile, despite the eurozone inflation easing in March, core indicators remain high and members of the European Central Bank’s Governing Council stated that Europeans are likely to see another interest rate increase after their meeting in early May. With the U.K. experiencing the highest inflation in Western Europe, the same can be expected from Bank of England as well. What are your predictions about gold prices in the near future? Share them in the comments section below. View the full article