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PRESS RELEASE. Crypto investors have access to a wide range of investment methods, including short-term and long-term trading, wealth management, and auto-invest, among others. As investors differ from each other in terms of risk appetite and expected return, it’s crucial to identify an investment strategy that suits one’s unique circumstances. For crypto beginners or prudent investors, “lazy” investment strategies such as auto-invest are always a good choice. So, what is auto-invest? Auto-invest is a process of automatically investing a fixed amount of money with regular cycles. This investment strategy consists of two key components: fixed cycles and fixed amounts. The former means that investments are made at fixed intervals, while the latter represents the sum of money used to purchase the investment target every time is predefined. Many auto-invest methods are available, and the simplest one involves users investing a fixed amount of money at fixed intervals. When employing this approach, investors should define three parameters: the investment price, the investment time, and the amount for each investment. To be more specific, the investment price helps investors control the risks of a crypto project, and investors set different investment prices based on their own risk appetites and expectations. Overall, auto-invest is a defensive investment strategy that particularly suits prudent investors and crypto beginners. Since crypto exchanges differ in terms of crypto prices and the calculation of returns, auto-invest might be a better choice for beginner investors looking to invest in a crypto project over the long term. For prudent investors, buying cryptos at regular intervals diversifies the cost, as auto-invest features multiple entry/exit points. From the perspective of long-term investment, auto-invest lowers investment costs, spreads risks, and saves investors analyzing entry points or purchase prices. Furthermore, with auto-invest, investors no longer have to adjust their long-term investment plans due to short-term market swings. In February 2023, CoinEx, a world-renowned crypto exchange, introduced a new feature called Auto-Invest Plan, helping its users invest in crypto with greater ease. Aiming to make crypto investment easier, CoinEx Auto-Invest Plan is a crypto trading strategy that helps users automatically accumulate cryptos via pre-set investment and recurring cycles. The most prominent feature of the new function is that users can easily choose the right trading strategy and earn profits by making regular crypto investments with predefined amounts and cycles, without having to worry about the specific timing. Furthermore, CoinEx Auto-Invest Plan comes with two highlights: First, with easy-to-use procedures, CoinEx Auto-Invest Plan is designed to help users buy crypto via automatic investment plans using idle funds. With the new feature, CoinEx users only have to enter the amount and cycle, without having to worry about the specific timing. As such, CoinEx Auto-Invest Plan enables investors to diversify costs and spread risks and to accumulate assets regularly. Second, CoinEx Auto-Invest Plan features easy operations. On CoinEx, users just have to create a plan and set the relevant parameters, and investments will be made automatically according to the predefined amounts and cycles, which minimizes manual operations. So, how can we create an Auto-Invest Plan on CoinEx? 1.Visit CoinEx’s official website (https://www.coinex.com), log in to your account, and select [Strategic Trading] under [Finance] in the top navigation bar; Find [Auto-Invest Plan] on the [Strategy Trading] webpage, and click on [Create Strategy]; 3.Select the market, and set the [Recurring Cycle], [Repeats on local time], [Investment per Cycle], and other parameters to create a strategy. An Auto-Invest Plan will be created upon clicking [Create]-[Confirm]. On CoinEx, investors can create an Auto-Invest Plan in three simple steps. According to the exchange’s official website, CoinEx allows users to create multiple trading strategies, including the Auto-Invest Plan and spot grid, and each CoinEx user can create up to 20 effective (including suspended) strategies. CoinEx Auto-Invest now features 10 markets, i.e. BTC/USDT, ETH/USDT, SOL/USDT, ATOM/USDT, MATIC/USDT, FTM/USDT, XRP/USDT, ADA/USDT, DOGE/USDT, and SHIB/USDT, with more new markets to be added. Moreover, according to its official announcement, the exchange is preparing for the launch of Spot Grid, an exciting function for crypto investors. Disclaimer: The article offers no financial advice; investors should rely on their own insights when investing in crypto. 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

Faced with cash shortages caused by the central bank’s currency policies, traders in the Nigerian state of Benue have reportedly resorted to barter trading. Traders from the state have implored the Nigerian government to consider rescinding the Central Bank of Nigeria’s naira redesign policy. The Nigerian Supreme Court has said it will pass its judgment on a suit challenging the naira redesign policy on March 3. Barter Trade Helping Businesses Stay Afloat The cash shortages sparked by the Central Bank of Nigeria (CBN)’s so-called naira redesign policy have seen traders in the Nigerian state of Benue resort to barter, a local report has said. The report added that some traders, especially those without bank accounts, began accepting payment in the form of goods or produce shortly after the passage of the old naira demonetization deadline. As previously reported by Bitcoin.com News, the CBN’s botched attempt to replace old naira banknotes with newly designed ones has sparked unrest in some Nigerian states. Many Nigerian politicians, including presidential hopeful Atiku Abubakar, have pleaded for an extension of the deadline. In response to the pleas, the outgoing President Muhammadu Buhari, who has backed the CBN’s currency reforms, only agreed to extend the life of the 200-naira banknotes. As a result of the CBN and President Buhari’s refusal to extend the lifespan of the other banknotes, cash-strapped Benue state residents like Felix Uwakwe, a foodstuffs trader, are accepting payment in the form of other goods. “Bartering is the way out of the present situation we have found ourselves in. We are engaging in some form of barter trade. I call it some form of trade by barter because when traders, especially people from the rural areas, come to sell their goods in town and are not able to collect the exact money for their traded goods due to the lack of the new redesigned Naira notes, they rather want to go into bartering the value of their goods with what the traders to whom they sold their goods have to give them in return.” Growing Calls for Nigerian Government Intervention Uwakwe, however, conceded that barter trade is not an ideal method of settling transactions. He implored the CBN to consider issuing more new naira banknotes as this can put an end to the “unnecessary hardship” that Nigerian residents are going through. Another Benue state resident, Grace Ordah, is quoted in the report similarly asking the Nigerian government to heed the calls to rescind the CBN’s currency policies. Meanwhile, the Nigerian Supreme Court recently said it would only make its ruling in a case in which the governors from the All Progressives Congress (APC) political party are challenging the naira redesign policy on March 3, just days after the country’s hotly contested elections. 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

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said. Crypto Survey Commissioned by Coinbase A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.” Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented: The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution. Noting that “80% of Americans think the global financial system unfairly favors powerful interests” and “67% of Americans agree that the financial system needs major changes or a complete overhaul,” Coinbase wrote: The survey found that 80% of respondents believe the current financial system is unfair, with the overwhelming majority expressing frustration with the current financial system and a hunger for change. The crypto exchange added that the survey further “indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole.” Morning Consult detailed: “20% of Americans currently own some type of cryptocurrency, and 29% are likely to buy or trade crypto in the next 12 months. This translates to an estimate of approximately 52.3 million American adults owning crypto, with 75.5 million adults expected to trade crypto at least once in the coming year.” According to Coinbase’s website, the trading platform has more than 110 million verified users. Coinbase continued: Despite the tumultuous events of 2022, crypto ownership has remained largely unchanged since early 2022, which has been the historic high watermark for crypto ownership in America. Moreover, “76% of those who own crypto agree that cryptocurrency and blockchain are the future. These numbers are even higher amongst people of color and younger Americans,” Coinbase added. What do you think about this survey? Let us know in the comments section below. View the full article

Economist Peter Schiff has predicted that the U.S. Federal Reserve will ultimately throw in the towel on its inflation fight to confront “something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis.” He stressed, “The months of declining inflation are in the review mirror,” emphasizing that now “we’re going to see accelerating inflation.” Peter Schiff on Potential Economic Collapse Economist and gold bug Peter Schiff shared some dire warnings about where the U.S. economy is headed and the consequences of the Federal Reserve’s fight against inflation in an interview with Greg Hunter on the USAWatchdog show, published Saturday. Citing recent economic data, including the personal consumption expenditures price index which rose 0.6% in January, Schiff said: “The months of declining inflation are in the review mirror. And now we’re going to see accelerating inflation as measured by these government indexes.” Asserting that the Federal Reserve’s inflation fight has been completely ineffective, the economist opined: If the Fed is serious about fighting inflation, which I don’t believe it is, but if it were serious, it’s going to have to fight a lot harder than it has. Rates need to go up much more than anybody thinks. However, Schiff said higher interest rates alone will not be sufficient. “We also have to see a big contraction in consumer credit. We need to see lending standards rising so consumers can’t keep spending,” he described. “People are spending money. They’re running up more credit card debt. That is inflationary … We need consumers to stop spending.” The economist stressed that people need to be working, producing, and saving — not spending. Moreover, Schiff emphasized that the federal government needs to get its spending problem under control. He detailed: We need significant cuts in government spending. The government can’t just give people money to spend, because that’s what’s bidding up these prices. And ultimately, they’re going to force the Fed back to quantitative easing. Schiff predicted that ultimately the Fed is going to throw in the towel on its inflation fight, adding: Because it’s going to be fighting something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis. He additionally warned that the Fed may even force the U.S. government to consider legitimately cutting Social Security and Medicare “as opposed to just illegitimately cutting it by creating inflation.” The economist has previously cautioned that the Fed’s action could cause a financial crisis and a much more severe recession than the central bank recognizes. He also recently predicted that inflation is about to get much worse and the U.S. dollar will crash. What do you think about Peter Schiff’s economic collapse prediction? Let us know in the comments section below. View the full article

Trezor, the manufacturer of crypto hardware wallets, has announced that it will take control of its wallet chip production process by producing its own silicon chips. The company states that the newly designed “chip wrapper” will enhance device security and considerably shorten lead times for mass production. Trezor ‘Unpacks Process’ and Produces Its Own Silicon Chip On Feb. 27, 2023, the Prague-based cryptocurrency hardware wallet company Trezor announced that it is now responsible for its own silicon chip-making process. According to Trezor CFO Štěpán Uherik, the new “chip wrapper” enables the company to have more design freedom for future products. Last year, Trezor’s parent company Satoshi Labs revealed its support for a startup called Tropic Square to produce an open-source silicon chip called “TROPIC01” for use in crypto hardware wallets. The new chip-making process enhances security significantly by eliminating third-party chipmakers and associated vulnerabilities. Trezor also noted that it will significantly reduce lead times by bypassing supply chain issues. In a press release sent to Bitcoin.com News, Uherik further explained that the company is collaborating with Stmicroelectronics, a manufacturer of microcontrollers and semiconductor technologies. “By unpacking the process, identifying areas where we could take control, and collaborating with our partner [Stmicroelectronics] in new ways,” Uherik said in a statement, “we’ve managed to make the manufacturing as agile as it can be. This means we can respond quickly as the cryptocurrency market shows signs of recovery. It also adds more design freedom for future products, helping us to sustain our leadership in the increasingly competitive hardware wallet space,” the Trezor CFO added. Hardware wallets have experienced substantial demand since the collapse of FTX, as crypto enthusiasts have transferred billions of dollars worth of crypto assets from centralized trading platforms. In addition, several companies have unveiled new hardware wallet models, such as the Ledger Stax, a device developed by Tony Fadell, the creator of the iPod. Furthermore, the decentralized exchange aggregation service 1inch Network has launched a hardware wallet, and Coinkite has introduced a new product called the Coldcard Q1. The new chips developed by Trezor will be utilized in the Trezor Model T hardware wallet. Trezor first announced its Tropic Square project and its intention to take over chip production on May 11, 2020. The Covid-19 pandemic caused supply chain disruptions, especially in the silicon chip sector. “The demand for hardware wallets and the supply chain disruptions in the silicon industry that we have experienced in recent years have been issues we needed to address,” Uherik stated in the announcement on Monday. What are your thoughts on Trezor’s decision to produce its own silicon chips for its hardware wallets? Do you think this move will improve device security and lead times for mass production? Let us know in the comments section below. View the full article

Following a brief downturn in mid-February 2023, artificial intelligence (AI) crypto assets have continued to see gains over the last 30 days. Currently, out of 74 listed AI-focused cryptocurrencies, the net value of all these tokens has risen to more than $4 billion, which accounts for 0.37% of the entire crypto economy’s value. Majority of Listed AI Cryptocurrencies See Positive Gains Over Last Month Artificial intelligence (AI) has been a dominant theme in 2023, resulting in a significant surge in the value of AI-focused tokens this year. Bitcoin.com News reported on the rise of these cryptocurrencies at the end of January, and despite a brief pullback in mid-February, AI crypto assets have continued to see gains throughout the month. According to data from cryptoslate.com, 74 AI-centric digital currencies are now worth $4.03 billion, accounting for 0.37% of the overall crypto market and 1.19% of the smart contract token market. Moreover, the majority of the 74 listed cryptocurrencies associated with artificial intelligence have experienced positive gains in the last month. The largest of the AI-focused digital currencies is graph (GRT), with a current market valuation of approximately $1.42 billion. GRT has increased 70.57% against the U.S. dollar in the last 30 days. Singularitynet (AGIX), the second-largest AI-centric crypto asset, has surged 132.67% this month. Fetch.ai (FET) has risen by 53.21%, and ocean protocol (OCEAN) is up 7.26% in the 30-day period. Iexec rlc (RLC), the fifth-largest AI-focused token, increased 6.29% against the U.S. dollar last month. The top five AI digital currencies, namely graph (GRT), singularitynet (AGIX), fetch.ai (FET), ocean protocol (OCEAN), and iexec rlc (RLC), account for $2.69 billion, or 67.3%, of the AI-crypto economy’s $4 billion. Other notable gainers in the AI digital currency market this month include alethea artificial liquid intelligence token (ALI), which increased 30.28%; phoenix global (PHB), which swelled by 23.64%; xmon (XMON), which jumped 30.47%; measurable data token (MDT), which spiked 124.97%; and singularitydao (SDAO), increased by 121.48%. As of writing, the 74 AI-centric digital currencies have collectively risen 3.07% against the U.S. dollar in the last 24 hours. However, in the last seven days, the AI digital currency sector has experienced a 4.14% decline in value. The AI digital currency market’s trading volume in the last day was approximately $444.39 million. This figure represents 0.8% of the current $55.39 billion global trade volume in the last 24 hours. What are your thoughts on the continued growth of AI-focused crypto assets? Do you believe these digital currencies will continue to see significant gains in the future? Share your opinions in the comments section below. View the full article

Shiba inu started the week trading marginally higher, despite cryptocurrencies mostly consolidating on Feb. 27. At the time of writing, the global market cap is currently up 0.83%, as volatility has intensified. Litecoin also rebounded on Monday, hitting a four-day high. Shiba Inu (SHIB) Shiba inu (SHIB) continued to move away from a recent support point to start the week, as prices rose marginally higher on Monday. Following a low $0.0000124 on Sunday, SHIB/USD raced to an intraday high of $0.00001307 earlier today. This move comes as the meme coin bounced from its long-term price floor at the $0.00001230 mark. Overall, SHIB is down 7% in the last seven days, and this comes following a downward cross of the 10-day (red) and 25-day (blue) moving averages. In addition to this, the relative strength index (RSI) of 14 days has also failed to move past a ceiling at the 52.00 mark The index is now tracking at 50.44, which comes after bulls rejected a breakout of a floor at 49.00. Litecoin (LTC) In addition to SHIB, litecoin (LTC) also climbed higher, hitting a four-day high in the process. LTC/USD moved to a peak of $95.58 to start the week, after ending the weekend trading at a bottom of $93.79. As a result of today’s gains, the token is now trading at its strongest point since last week, Thursday. The initial move came following a breakout of a resistance point of 50.00 on the RSI indicator. As of writing, the index is hovering slightly above this mark, with a current reading of 50.43. LTC has since declined, and is now at $94.64, which appears to be a result of price strength tracking near a ceiling. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect litecoin to climb above $100.00 this week? Let us know your thoughts in the comments. View the full article

The bitcoin mining operation, Mawson Infrastructure Group, Inc., announced that the firm has broken ground at a new site in Sharon, Pennsylvania. Reports detail that Mawson has delivered six modular production units capable of housing 3,528 application-specific integrated circuit (ASIC) bitcoin miners, or approximately 12 megawatts (MW) of capacity. The new Mawson site is capable of reaching 4.2 exahash per second (EH/s) when fully complete. Mawson Deploys Six Modular Bitcoin Mining Data Centers in Sharon, Pennsylvania Sharon, a city in western Mercer County, Pennsylvania, now has a bitcoin mining facility used by Mawson Infrastructure Group, a crypto mining operation and digital infrastructure provider. Mawson told the Youngstown Publishing’s Business Journal Daily that the company delivered six modular data centers capable of holding approximately 3,528 ASIC mining rigs. The miners will consume 12 MW of capacity, but the site can hold up to 35,280 ASIC bitcoin mining rigs, according to Mawson. The firm said the more than 35,000 mining rigs will produce around 4.2 EH/s of SHA256 hashpower, and the first 12 MW will be online during the next quarter. Bitcoin miners, in general, have had a hard time dealing with the crypto market’s downturn, and some mining operations went bankrupt due to losses. However, 2023 has been better as BTC prices have increased significantly over the past two months. On the same token, the network’s difficulty reached an all-time high this week at 43.05 trillion hashes. Mawson stated that the new mining operation in Pennsylvania will be divided between Mawson’s self-mining and the company’s hosting services. The first six modules should be online by the second quarter, and the remaining 120 megawatts should come online throughout the rest of 2023 and into early 2024, the company said. Mawson also operates a 100-megawatt site in Midland, Pennsylvania, and the two bitcoin mining sites combined will produce an estimated 7.8 exahash per second (EH/s). The Sharon site launch “is further proof of Mawson’s push to deploy infrastructure and energize through 2023 and to achieve our previously stated targets,” said Liam Wilson, the chief operating officer of the bitcoin mining site, in a statement. Like many publicly traded bitcoin mining operations, Mawson’s shares on Nasdaq have not performed well over the last few months. Six-month statistics indicate that the shares are down 39.50%, and 30-day metrics show the stock has dropped 11.55% against the U.S. dollar. What do you think about Mawson launching a bitcoin mining site in Sharon, Pennsylvania and exiting Australia? Share your thoughts in the comments section below. View the full article

Bitcoin consolidated below the $24,000 level on Feb. 27, as cryptocurrency markets prepared for a big week of economic data. Durable goods orders from the United States will be released later today, with consumer confidence figures set for Tuesday. Ethereum rose back above $1,600, following a breakout on Sunday. Bitcoin Bitcoin (BTC) has largely been in consolidation in today’s session, as markets prepare for a big week of U.S. economic activity data. Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session. The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday. Bitcoin chart by TradingView Since reaching the day’s peak, prices have somewhat slipped, with the world’s largest cryptocurrency currently trading at $23,408.54. This appears to come as the 14-day relative strength index (RSI) failed to break out of a resistance level of 53.00 As of writing, the index is currently tracking at a reading of 51.95, with the next visible point of support at 50.00. Ethereum Ethereum (ETH), on the other hand, has been predominantly bullish to start the week, with prices rising back above $1,600. ETH/USD, which dropped to a bottom of $1,597.21 on Sunday, surged to a peak of $1,645.91 earlier in the day. Prices have mostly climbed in the past few days, after falling to a low of $1,557 to start the weekend. Ethereum chart by TradingView Like with bitcoin, earlier gains have eased, as the RSI collided with a wall at the 54.00 mark. Since this collision, price strength has declined, with the RSI now tracking at 53.04, and ETH trading at $1,638.06. Should ETH bulls intend to take price back towards the $1,700 mark, the first step in this journey would be to move past the 54.00 ceiling. Register your email here to get weekly price analysis updates sent to your inbox: Could ethereum climb above $1,700 in the coming days? Leave your thoughts in the comments below. View the full article

A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the digital real token can be used in public blockchains following all compliance rules set by Brazilian laws. Digital Real Completes Stellar Blockchain Test The digital real project, a Brazilian initiative for building a central bank digital currency, is advancing toward its possible issuance. Mercado Bitcoin, a local exchange, informed that a series of pilot tests designed to examine the interconnection of a tokenized version of the digital real, was conducted successfully. The tests used the Stellar blockchain as a public blockchain, and included all of the steps that a regular user would have to conduct for the use of a tokenized, on-chain version of the digital real, and included traceability, know your customer and antifraud procedures, derived from a digital decentralized identity system. The digital identity tasks were conducted by Clearsale and CPQD, which handled ID and fraud prevention processes in order to make these transactions compliant with Mercado Bitcoin Pay, the tool used by Mercado Bitcoin to process the transactions. According to the institutions behind this test, this success shows that public networks such as the Stellar blockchain can serve as proxies for the operation of the digital real. On this, Fulvio Xavier, responsible for special projects at Mercado Bitcoin, stated: Our thesis was to prove that it is possible, viable and safe to carry out transactions with digital assets using a representation of the real on public networks. The Central Bank is always concerned about understanding what happens when transactions leave its hands. More Tests The completed test is just a part of a whole array of projects that are being conducted to assess the behavior of the digital real in different situations. Mercado Bitcoin is part of the nine institutions selected by the Central Bank of Brazil to run these tests, as part of the special Laboratory of Financial and Technological Innovations (LIFT) challenge issued in 2022. On Feb. 14, Roberto Campos Neto, president of the Central Bank of Brazil, revealed that a full pilot test would be conducted as soon as possible to deliver a comprehensive development route for the central bank digital currency on Dec. 2023, before his mandate ends. What do you think about the latest digital real tests? Tell us in the comments section below. View the full article

PRESS RELEASE. Flynt Finance, a cryptocurrency portfolio management platform, has announced a partnership with Ceffu, formerly known as Binance Custody, to provide its clients with enhanced asset storage security and access to its off-exchange settlement solution, Mirror. Ceffu is an institutional custodian that offers secure custody and liquidity solutions. With this partnership, Flynt Finance’s clients will benefit from Ceffu’s secure cold storage solutions, which are designed to protect against theft, loss, and other risks associated with the storage of digital assets. Flynt Finance‘s automated strategies, including its covered call and delta-neutral strategies, allow clients to earn yields on their cryptocurrency investments on a weekly basis up to 80% APY. This new partnership with Ceffu will help to further safeguard these investments and provide clients with added peace of mind. In addition to enhanced asset storage security, Ceffu offers a feature called Mirror, which allows assets in custody to be used to access trading products on the Binance Exchange without leaving their Ceffu cold wallet. This means that Flynt Finance’s clients can benefit from deep liquidity on the world’s largest cryptocurrency exchange through Mirror without compromising on the security of their digital assets. Flynt Finance’s CEO, David, said, “We are excited to partner with Ceffu to provide our clients with enhanced asset storage security and access to Mirror. Ceffu’s trusted custody solutions and the Mirror feature will help to protect our clients’ investments and allow them to benefit from our automated yield-generating strategies with added convenience and peace of mind.” As the cryptocurrency market continues to grow, partnerships like this one between Flynt Finance and Ceffu will become increasingly important for investors looking to safeguard their digital assets and maximize their returns. With the added security, convenience, and access to Mirror provided by this partnership, Flynt Finance’s clients will be well-positioned to take advantage of the growing opportunities in the cryptocurrency market. 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

Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI. Liquidators’ Fees Liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent approximately $4.9 million (90.2 million rands) on lawyers and consultants since assuming control, a report has said. According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators’ fees. In April 2021, a Bitcoin.com News report said more than $70 million was raised from selling 1,281 bitcoins belonging to MTI. A few months later, another report said more than 8,000 BTC belonging to MTI had been “traced” and that investigators were on track to finding more. However, according to the report, between Jan.23 and the day they took control of MTI assets, liquidators have so far recovered around $770,000. While liquidators are said to be expecting an “exponential increase in the amount recovered from the so-called net winners,” they are less certain about the growth rate of their expenditure. According to the blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam in 2020 which netted more than $500 million for the scheme’s masterminds. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes, a handful of companies are also harnessing it in this way. Companies Are Reportedly Using USDT to Avoid Being Hurt by Sanctions in Venezuela While the use of dollar-pegged stablecoins, like Tether’s USDT, in countries like Venezuela is mainly related to inflation and devaluation according to Chainalysis, a second use case has also been discovered recently. Reports from local analysts state that a handful of companies are using USDT as a payment method for foreign customers and providers, which are afraid of using traditional payment means due to the risk of receiving sanctions. According to Juan Blanco, director of local consulting firm Bitdata consultants, many unidentified companies are settling commercial exchanges using USDT, with part of this cash flow coming from companies located in Asia and Russia. Blanco stated: There are things that are being produced in Venezuela with great value that are traded in USDT. The little that is exported, due to the issue of the blockade, leaves the country through the free and independent mechanism provided by the blockchain to pay for goods and services. Luis Gonzalez, manager of Cashea, a local financing hub, stated that sanctions do affect Venezuelan SMEs, even when these are not contemplated in their scope. Gonzalez explained: With the sanctions they restrict us, who have nothing to do with political issues. Access to international transfers, currency, means of payment and suppliers is limited. Obviously, most payments are made abroad and in foreign currency. The only alternative that we have had is the use of USDT. Crypto for Oil The reports of the possible implementation of cryptocurrencies for sidestepping sanctions in Venezuela come from 2019, when the central bank of the country was studying to use ether and bitcoin to pay providers of PDVSA, the state-owned oil company, according to Bloomberg. More recently, in October, the Department of Justice indicted five Russian nationals and two oil brokers that were using USDT as part of a scheme to purchase equipment for the Russian military and sell Venezuelan oil. The indictment alleges that at least one sale of 500,000 million barrels of crude might have been settled using USDT. What do you think about the usage that Venezuelan companies shave found for USDT? Tell us in the comments section below. View the full article

Russian marketplaces on the dark web have continued to operate despite Western sanctions and efforts to shut them down, according to a report accessing the illicit blockchain space amid the world’s “first crypto war.” Ransomware actors and high-risk crypto exchanges have also remained active. Underground Russian Crypto Platforms Adapting to Disruptions Caused by Ukraine War Before Russia invaded Ukraine a year ago, cryptocurrency exchanges linked to the two countries accounted for over half of the international volumes of illicit crypto funds. Cybercrime organizations were full of Russian-speaking members and Russian-language darknet markets (DNMs) dominated the global drugs trade in cryptocurrency, TRM Labs noted in a new report. Over the past year, the blockchain intelligence firm analyzed changes in the illicit crypto ecosystem to find out how cybercriminals are adjusting to the financial, political, and logistical disruptions caused by the conflict. The company describes the latter as “the world’s first crypto war,” with the two sides relying on donations in digital assets to fund their military and humanitarian campaigns and the West trying to limit the opportunities for Moscow to use coins to bypass restrictions. When the war broke out, Western governments and law enforcement agencies went after Russia-linked DNMs, ransomware syndicates and crypto exchanges exposing users to increased risks. However, these have continued to thrive even after the unprecedented actions against them, the researchers were able to establish. In April, German authorities seized the servers of the largest darknet market, Hydra, while the U.S. Treasury Department imposed sanctions on Hydra and Garantex, a Russia-based crypto exchange accused of processing $100 million of illicit transactions. The total includes $6 million from the Russian ransomware group Conti and around $2.6 million from Hydra. Despite the crackdown, Garantex not only continues to operate but has more than doubled its trading volumes over the course of 2022, TRM Labs revealed. Meanwhile, newly founded Russian DNMs have quickly filled the gap left by the dismantling of Hydra. Sales on these platforms between May and Dec. 2022, surpassed those in the first four months of the year. At the same time, while Conti officially shut down in May, it has actually rebranded and is still operating through several smaller groups. Although, a study published by Chainalysis in January of this year showed that sanctions have played a role in reducing ransomware revenue. The TRM report also highlights the politicization of some Russian and Ukrainian hackers providing an example with Killnet. The group, which conducts malware and distributed denial-of-service (DDoS) attacks, pledged allegiance to the Russian state, threatening entities linked to unfriendly nations. The pro-Ukrainian Dump Forums have also hit Russian targets. Both have been raising crypto on Telegram for their respective causes. DNMs and darknet forums have largely remained politically neutral. Do you think the authorities in Russia, Ukraine, and other countries in the region will crack down on such platforms in the future? Share your thoughts on the subject in the comments section below. View the full article

The two sides in the bitter conflict in Ukraine have been relying on crypto assets and technology to support their military and humanitarian activities, Elliptic says in a report. According to the blockchain forensics company, the targeted nation has attracted more digital asset donations than the invading power. Ukraine Supporters Sent Over $212 Million in Cryptocurrency Both Russia and Ukraine have employed blockchain technology to secure funding for their war efforts since Russian forces attacked on Feb. 24, 2022, Elliptic revealed in a report exploring the evolving role of cryptocurrencies in the conflict. The study is based on data compiled by the crypto analytics firm over the past year. On the anniversary of the invasion, the company said that “many campaigns have sought to harness core developments in the crypto ecosystem to aid their fundraising – from decentralized finance (defi) to crypto pre-paid cards.” The digital cash was used for various purposes, from humanitarian causes to financing sanctioned groups. The analysis of the transactions traced by Elliptic shows that the bulk of the money, $212.1 million worth of crypto assets, went to support Ukraine. Anti-government organizations in Belarus, a close political and military ally of the Russian Federation, attracted $0.7 million. Pro-Russia groups have raised around $4.8 million for the Russian military and associated militias. More than 10% of these donations came from illicit sources, according to the report. These include darknet markets, sanctioned entities and stolen credit card vendors, the authors detailed. At the same time, less than 2% of the cryptocurrency donated to Ukraine originated from this kind of sources, Forklog remarked in its coverage. The crypto news outlet also noted that since May 2022, activists supporting Russia have increased their funding and in June raised more bitcoin and ether than the Ukrainians. Between the end of February and late September, Pro-Russian entities collected around $400,000 in crypto, according to a study conducted by the digital asset compliance and risk management firm TRM Labs. In July, blockchain intelligence company Chainalysis revealed that 54 such groups have collectively received over $2.2 million worth of cryptocurrency. Ukraine’s Digital Minister Claims Majority of Military Suppliers Accepted Crypto Many of the crypto funding initiatives on the Ukrainian side have been supported or initiated by the government in Kyiv, which received $83.3 million in its own wallets. Defi, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) have played a significant role in facilitating crypto fundraising for Ukraine, attracting over $78 million in donations, Elliptic highlighted, adding that Russian attempts to emulate Ukraine’s success in this area have failed. Speaking to Yahoo Finance UK’s The Crypto Mile podcast, Ukraine’s Minister of Digital Transformation Alex Bornyakov revealed that his country has been buying military equipment using crypto and claimed that 60% of the suppliers accepted to be paid in digital currencies to provide Ukraine with essentials such as helmets and bullet proof vests. More than 100,000 people have sent crypto to Ukraine, according to the report, and Bornyakov said that donations varied “from one dollars’ worth, to millions of dollars.” He pointed out that Ukraine turned to crypto at the start of the war because it needed immediate help. “If we used the traditional financial system it was going to take days,” he explained. Do you think the two sides in the war will continue to rely on crypto donations to fund their military and humanitarian efforts? Share your thoughts on the subject in the comments section below. View the full article

While several market strategists and analysts expect U.S. inflation to drop considerably in 2023 compared with last year, Michael Wilkerson, founder of Stormwall Advisors, thinks the inflation rate could climb as high as 12% by the end of this year. The country’s inflation rate has cooled down over the past seven months, but Wilkerson insists that the U.S. Federal Reserve “is going to run out of firepower.” Stormwall Advisors’ Michael Wilkerson Believes U.S. Will ‘See Another Spike up’ in Inflation Over the last two months, many reports have stated that inflation has peaked, and in the U.S., the consumer price index (CPI) has dropped for seven consecutive months since its high in June 2022. In a recent interview between Kitco News anchor Michelle Makori and Michael Wilkerson, founder of Stormwall Advisors, Wilkerson expressed his expectation of another surge in U.S. inflation. While acknowledging that his view is in the minority, Wilkerson emphasized that “inflation doesn’t move in a linear path; you do see some cycling.” “I don’t believe we’ve seen the end of inflation and I do think we’re gonna see another spike up,” Wilkerson said during his interview. “Whether it’s 8% or 12%, nor can I say precisely what it will be by the end of 2023, but I do believe that it is possible that we find ourselves back in that range this year.” Wilkerson explained how the M2 money supply has grown since 2008 and has further ballooned during the Covid-19 pandemic. As the executive of Stormwall Advisors and author of “Why America Matters: The Case for a New Exceptionalism,” Wilkerson asserted that the increase in the money supply inevitably results in an accompanying increase in prices, as evidenced by historical patterns. He believes that, from the perspective of policymakers, inflation is a preferable option since it is the “lesser of two evils.” “The Fed is going to run out of firepower,” Wilkerson told Makori. “Ultimately, this becomes a trade-off between tamping down on inflation, slaying the inflationary dragon, and allowing recession and unemployment to rise. And governments, always and everywhere, choose inflation,” he added. Several analysts and economists believe, however, that inflation will decrease this year. For example, economist Mohamed El-Erian of the University of Cambridge expects inflation to become “sticky” at around 4% in midyear. Adam Posen, the president of the Peterson Institute for International Economics and former Bank of England official, anticipates that U.S. inflation will reach the 3% range by the end of 2023. “Getting from the high inflation where we are now towards 3% is baked in,” Posen said at the end of Dec. 2022. During his conversation with Makori, Wilkerson shared a contrarian view and emphasized that price inflation would eventually catch up. “The money supply increased by 40 percent just from the year 2000,” Wilkerson said. “There has never been a time in history when the money supply increased by that much without resulting in inflation — price inflation always catches up with money supply inflation.” Do you agree with Wilkerson’s contrarian view on inflation, or do you think the predictions of other economists will hold true? Share your thoughts about this subject in the comments section below. View the full article

On Saturday, the liquid staking protocol Lido tweeted about the largest daily stake inflow to date as 150,000 ethereum was staked. Reports indicate that the ethereum, worth more than $240 million, belongs to Justin Sun, founder of Tron. Liquid Staking Protocol Lido Records 150,000 Ether Inflow Lido, the liquid staking platform with the highest amount of ethereum (ETH) value locked, noted that it received the largest daily stake inflow to date, with 150,000 ether worth $240 million. “Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked,” Lido said. “Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.” Lido stated that the Staking Rate Limit is a dynamic mechanism that manages large inflow spikes by reducing the chance of diluting value without explicitly pausing stake deposits. In the last 24 hours, Lido’s total value locked (TVL) experienced a 2.09% spike, according to statistics. Over the last month, Lido’s TVL increased by 9.02% to $8.93 billion. Tron Founder Reportedly Deposited the Ether Of the total $8.93 billion, $8.7 billion is in staked ether (STETH), making it the 12th largest crypto asset in terms of market capitalization. According to Hildobby, a researcher and data analyst at Dragonfly Capital, the 150,000 ETH deposit into Lido was reportedly made by Justin Sun of Tron. “Today [Justin Sun] staked 150K [ether] through [Lido Finance] (~0.9% of all staked ETH). This is now the highest week by staked amount in almost a year,” Hildobby said. “This is now the largest daily stake inflow for Lido, it also activated Lido’s rate limit feature for the first time,” the researcher added. In January 2023, Lido announced plans to create a withdrawal feature for ethereum deposits ahead of Ethereum’s Shanghai hard fork, expected to occur in March. “The process has to be asynchronous, due to the asynchronous nature of Ethereum withdrawals,” explained the Lido developers at the time. What are your thoughts on Lido’s largest daily inflow of ether? Let us know what you think about this subject in the comments section below. View the full article

2022 was a year of phenomenal cryptocurrency blowouts, as several projects collapsed and many more are on life support after the entire ecosystem was shattered. The fallout from these digital currency projects has not only removed billions of dollars in value from the crypto economy, but also eroded trust. The following is a look at six high-profile cryptocurrency project implosions that took place during 2022’s crypto winter. A Look at 5 Crypto Assets That Fell From Glory Amid the Crypto Market Downturn History shows that there have been many failures in the cryptocurrency market economy over the years, and a great example is how eight out of the top ten coins on May 5, 2013, have basically been forgotten despite the fact that some still hold value. Coins such as freicoin (FRC), terracoin (TRC), devcoin (DVC), and mincoin (MNC) are all distant memories now. During the 2022 crypto winter, several high-profile crypto projects imploded. Below is a summary of these project failures or cryptocurrency assets that have seen their value slashed and communities decimated. Celsius (CEL) On Jan. 1, 2022, the crypto asset celsius (CEL) was trading for $4.26 per coin, and it was the 93rd largest cryptocurrency in terms of market capitalization at the time. CEL was essentially an exchange token, and the now-bankrupt crypto lender Celsius advertised the ERC20 token as “the backbone of the Celsius Network.” However, on June 13, 2022, the cryptocurrency lender paused all operations and halted withdrawals, and 30 days later, Celsius filed for bankruptcy protection. Since June 13, CEL has been extremely volatile, and these days the ERC20 token trades for $0.48 per unit, which is 88.73% lower than its value on the first day of 2022. Ownership of the CEL is extremely concentrated, as more than 38% of the entire supply is locked in the bankrupt company’s wallets, and 100 CEL wallets hold 98.90% of the entire supply. Novawulf Digital Management has been revealed as the sponsor of the company’s reorganization plan. Terra (LUNA) 421 days ago on Jan. 1, 2022, terra (LUNA) was the ninth-largest cryptocurrency in terms of market value, with a market cap of $31.86 billion. On that day, LUNA was trading for $88.08 per unit, and the network’s stablecoin UST was still pegged to the U.S. dollar. Today, LUNA is ranked 55th, and LUNA tokens trade for less than one U.S. cent at $0.00016135 per unit. UST is no longer pegged to the dollar and trades for $0.028 per coin. After the fallout, Terra rebranded and launched a new LUNA coin, while the original LUNA became LUNA Classic (LUNC). The head of Terraform Labs, the company behind the Terra blockchain ecosystem, Do Kwon, has been charged by the U.S. Securities and Exchange Commission with defrauding investors. Although most of the Terra development community moved on to LUNA 2.0, LUNC still has a small group of dedicated supporters. HUSD HUSD is a stablecoin that depegged from the U.S. dollar on Oct. 27, 2022. It had been pegged to the greenback since Sept. 19, 2019, but now trades at $0.135 per unit. Although HUSD is no longer a stablecoin, its market valuation is still $25.64 million. However, over the past 24 hours, HUSD has only seen $11,830 in trading volume and the token is only listed on a few exchanges. There are still 187,817,004 HUSD coins in circulation and 9,448 unique addresses hold a HUSD coin balance. Typically, less than five HUSD transactions are made daily. While HUSD’s current market value is just over $25 million, it reached a peak of over $1 billion on May 23, 2021. Voyager (VGX) Voyager Token (VGX) is another cryptocurrency that has lost considerable value since Voyager Digital paused operations and filed for bankruptcy protection. In January 2022, a single Voyager Token was trading for $2.56, but today it’s down to $0.45. Like Celsius (CEL), VGX has been able to hold some value as some investors hope the firm’s restructuring plan could bolster the exchange token. Similar to CEL, VGX is very concentrated, with 6,267 unique addresses holding VGX, but 100 holders own 98.6% of the coins in circulation. Typically, fewer than 150 VGX transactions are made on a daily basis. FTX Token (FTT) Another exchange token, ftx token (FTT), tied to a bankrupt entity, has also significantly dropped in value since FTX collapsed during the first week of November 2022. On January 1, 2022, FTT was valued at $38.70 per coin and ranked as the 34th largest cryptocurrency. Today, FTT is valued at $1.49 per coin, and now that the entire supply has been released from the FTX token contract deployer, the crypto asset’s rank is not applicable. Similar to CEL and VGX, there is some hope that FTT could rebound if FTX manages to restructure part of its business. For instance, after the new FTX CEO, John J. Ray III, discussed the possibility of rebooting parts of FTX, the FTT token increased significantly in value. FTT is not available on exchanges like it used to be, as some exchanges blocked deposits after millions in FTT were illicitly released from FTT’s main deployer address. FTT is also highly concentrated, with the top 100 holders owning 99.20% of the entire FTT supply. What are your thoughts on the five high-profile crypto assets that fell from grace last year? Share your insights in the comments section below. View the full article

In spite of turbulence in traditional global finance, with BRICS nations said to be pushing for de-dollarization and major banks like Bank of America and Goldman Sachs predicting further interest rate hikes from the U.S. Federal Reserve, creativity in crypto has found a new boon in the form of controversial inscriptions, called Ordinals, on the Bitcoin blockchain. All this and more, just below, in the latest Bitcoin.com News Week in Review. Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies — Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations — are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.” Read More Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year. Read More Economist Warns the Fed Can’t Reach Inflation Target Without ‘Crushing’ US Economy Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested. Read More Bitcoin Continues to Record 3.75 MB Blocks as Ordinals Increase As Ordinal inscriptions approached the 150,000 mark, blocks larger than 3 MB have become commonplace, with many blocks near the 4 MB range. Meanwhile, after the average transaction fee on-chain rose 122% higher at the beginning of February 2023, the average fee has remained the same over the last few weeks. Read More What are your thoughts on this week’s hottest stories from Bitcoin.com News? Be sure to let us know in the comments section below. View the full article

In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks. A Setback for South Africa The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list. As reported by Bitcoin.com News, a South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation of such assets. At the time, some commentators suggested that this move would help South Africa avoid getting grey-listed. However, in its Feb. 24 statement, the South African Reserve Bank (SARB) seemingly acknowledged that the country has not done enough to avoid getting grey-listed. The bank nevertheless vowed to “strengthen its supervision and further enhance the dissuasiveness and proportionality of administrative sanctions issued.” Potential Impact on Flow of Capital The SARB added that banks and other financial institutions also have a role to play in resolving the deficiencies identified by the FATF. “The SARB expects banks and other financial institutions within its purview to comply fully with all their obligations and applies a high standard of supervision that is necessary to safeguard and protect the integrity of the financial system. These actions, when coupled with measures and actions undertaken by law enforcement and other authorities within South Africa, serve to achieve an effective AML/CFT/CPF system,” the central bank said. According to a Reuters report, being on the FATF’s grey list could potentially make it hard for South Africa to secure loans from foreign banks perturbed by the watchdog’s move. The report also quotes an International Monetary Fund document from 2021 which suggested that countries on this list will sometimes see the flow of capital into their respective economies getting disrupted. 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

The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliament which will postpone its adoption, one of its sponsors announced. Members of the lower house are also working on a separate bill that will introduce liability for those who mint digital coins illegally. Adoption of Russian Crypto Mining Legislation Postponed Again A bill designed to legalize the mining of cryptocurrencies, which was first filed with the State Duma in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy. The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog. Russian parliamentarians and other officials have been mulling over how to regulate crypto-related operations for over a year. The law aims to recognize mining as a legitimate business activity and oblige involved entities and persons to report their income to tax authorities. According to the draft provisions, miners will be able to sell the coins abroad or on platforms operating under special legal regimes in Russia. Despite demonstrating interest in the potential use of cryptocurrencies in international settlements amid sanctions, most government institutions in Moscow remain opposed to allowing crypto payments inside the country. Russian Authorities Want to Introduce Liability for ‘Gray’ Crypto Miners If approved in its current version, the legislation will also prohibit the advertising or other forms of promoting crypto assets to unlimited audience. Russian lawmakers already postponed its adoption once, in December. The initial plan was to vote on the law by the end of 2022. Besides a profitable business, the extraction of cryptocurrencies has become a popular source of income for many ordinary Russians, especially in regions maintaining low, subsidized electricity rates. But this at-home mining has been blamed for breakdowns and fires, leading to a proposal to ban it in residential areas. Last week, the head of the Financial Market Committee at the Duma, Anatoly Aksakov, revealed that lawmakers are now preparing another bill which introduces liability for so-called “gray miners” or those who steal electricity to mint or have illegally connected their hardware to the grid. The high-ranking deputy told RBC Crypto that both laws should be adopted simultaneously in the first half of the year. Do you think Russia will adopt the new crypto mining legislation this year? Tell us in the comments section below. View the full article

Major crypto exchanges have failed to prevent sanctioned Russian banks and traders from transacting, according to a blockchain forensics report. At least two established coin trading platforms continue to allow Russians to use their bank cards in peer-to-peer deals, the analysis shows. It also highlights an increased Russian interest in tether. Russian Traders Still Using Leading Cryptocurrency Exchanges to Bypass Restrictions Some of the world’s largest digital asset exchanges have been failing with measures to prevent Russian banking institutions under sanctions from operating through their platforms, reveals a report by the blockchain analytics firm Inca Digital, announced on the first anniversary of Moscow’s invasion of neighboring Ukraine. According to the research, quoted by Bloomberg and Politico, traders can still use debit cards issued by Russian banks sanctioned by the U.S., Canada, U.K., and the European Union among others, including the state-owned Sberbank, to trade on the peer-to-peer (PTP) platforms of two Seychelles-based exchanges, Huobi and Kucoin. Inca CEO Adam Zarazinski explained that while neither of the two accepts funds from the blacklisted banks, allowing crypto buyers to trade with each other using accounts with sanctioned institutions represents a “direct violation of U.S. and European sanctions with a little bit of a loophole.” The exchanges are yet to comment on the findings. Binance Offers Russians Ways to Convert Rubles Into Crypto, Inca Claims The investigation examined data on 163 crypto trading platforms, centralized and decentralized exchanges, as well as P2P and OTC (over the counter) service providers. Nearly half of them allow Russian nationals to buy digital currencies, applying different know-your-customer (KYC) requirements, trading limits, and geolocation tools. For example, Singapore-based Bybit lets users convert rubles into crypto on its P2P platform and make fiat deposits, including through “any Russian-issued card.” Binance, the industry leader in terms of daily trading volume, has been mentioned, too, with the report identifying potential vulnerabilities. The authors note that the exchange offers “multiple methods for Russians to convert local currency into crypto,” including via its OTC and P2P marketplace, available to them without KYC checks for up to $10,000. Chagri Poyraz, global head of sanctions at Binance, stated that the exchange is a “full-KYC platform and was the first major exchange to implement EU crypto-related sanctions … Our P2P team takes the extraordinary added step of filtering any forms of communication between users to ensure there is absolutely no potential nexus with Russian entities through any sort of workaround,” he emphasized. The study also points to the use of tether to circumvent Western sanctions on Russia, noting a spike in discussions on Russian social media about employing the stablecoin for remittances. “Tether is frequently used by Russians to move money out of the country,” the chief executive of Inca Digital said. Both Binance and tether have faced regulatory scrutiny over the past months. What are your thoughts on the findings in the report by Inca Digital? Share them in the comments section below. View the full article

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry. India Asks IMF and FSB for Technical Paper on Crypto The Indian government released on Saturday its “G20 Chair’s Summary and Outcome Document” following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed. During a panel discussion on cryptocurrency regulation as part of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate on a technical paper on crypto assets. According to the summary document: IMF and the FSB to jointly submit a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets in September 2023. The document adds that the FSB is “to finalize its high-level recommendations on the regulation, supervision and oversight of global stablecoins; and high-level recommendations on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.” In addition, the Bank of International Settlements (BIS) is “to submit a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets.” India’s ministry of finance also released a statement Saturday following the G20 meeting of finance ministers and central bank governors. “To complement the ongoing dialogue on the need for a policy framework, the Indian presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto assets,” the finance ministry stated, elaborating: This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets. India aims to expand the scope of the G20 discussion on crypto assets to encompass not only financial integrity concerns but also the macroeconomic implications and the widespread adoption of cryptocurrencies throughout the economy, the Indian ministry of finance’s statement further notes. Indian Finance Minister Nirmala Sitharaman has been saying for many months that crypto will be a priority in G20 discussions under India’s presidency. She said in October last year that India hopes to arrive at a technology-driven regulatory framework or a standard operating procedure (SOP) for crypto assets. Sitharaman has also repeatedly pushed for international cooperation on crypto. This week, the IMF executive board released guidance to help countries develop effective crypto policies. Besides recommending that “crypto assets should not be granted official currency or legal tender status,” the IMF executive board directors “agreed that strict bans are not the first-best option, but that targeted restrictions could apply.” What do you think about India asking the IMF and the FSB to jointly develop a technical paper on crypto? Let us know in the comments section below. View the full article

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. “Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said. A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating: Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed crypto assets) globally, including on the transmission of originator and beneficiary information. “The lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers exploit,” the FATF claimed. The global anti-money laundering watchdog revealed that since its strengthened Recommendation 15 in October 2018 for crypto assets and crypto service providers, “many countries have failed to implement these revised requirements, including the ‘travel rule‘ which requires obtaining, holding and transmitting originator and beneficiary information relating to virtual assets transactions.” The FATF relies on a global network of FATF-Style Regional Bodies (FSRBs), in addition to its own members, to achieve global implementation of its recommendations. “The plenary thus agreed on a roadmap to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network,” the standard-setting body emphasized, elaborating: In the first half of 2024, the FATF will report on steps FATF members and FSRB countries with materially important virtual asset activity have taken to regulate and supervise virtual asset service providers. What do you think about over 200 jurisdictions agreeing on the timely implementation of FATF standards on crypto assets? Let us know in the comments section below. View the full article

Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge could function and suggests ways to prevent transaction replay. Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology According to a recent draft submitted to Github, developers want to create a cross-chain bridge for the XRP Ledger (XRPL). The technology would allow cross-chain transfers and provide blockchain interoperability between XRPL and various networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft details. “It occurs on two chains, requires multiple transactions, and involves an additional server type called a ‘witness.’” If a cross-chain bridge is implemented for XRPL, the blockchain will join numerous networks that leverage this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. The proposed design by XRPL developers includes a new server type, three new ledger objects, and eight new transactions. The summary also describes a method to “prevent the same assets from being wrapped multiple times (prevent transaction replay).” Mayukha Vadari, a software engineer and Ripplex developer, shared the proposal on social media. “We just published an official XRPL Standards spec for cross-chain bridges,” Vadari said. “Check it out and let me know if you have any thoughts.” The cross-chain idea follows the push to create an Ethereum Virtual Machine (EVM) sidechain in October that is compatible with the XRP Ledger and Ripple transaction protocol (RTXP). Currently, XRP, XRPL’s native cryptocurrency, is the sixth-largest digital currency by market capitalization. However, over the last seven days, it has lost 7.7% against the U.S. dollar. Ripple Labs is also dealing with a legal battle with the U.S. Securities and Exchange Commission (SEC), and some suspect a settlement between the two parties is possible. XRP, a token issued in 2012, has been accused of being an unregistered security by the SEC. The U.S. regulator charged Ripple Labs in 2020, accusing the firm and executives of selling an unregistered security without permission from the SEC. What are your thoughts on the potential impact of a cross-chain bridge for the XRPL network and the wider blockchain ecosystem? Share your thoughts in the comments section below. View the full article