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The latest data debrief issued by Kaiko, a provider of digital assets market data, has found that while there is retail movement in Latam regarding crypto assets, most liquidity is directed to “real world” use cases. Among these activities are remittances, stablecoin-based yield generating investment options, and also payments, with Bitso and Mercado Bitcoin being the leaders in volumes traded in the area. Latam Focuses on Crypto Differently, According to Kaiko Much has been said about the uses that Latam countries are giving to crypto assets, many mentioning these are a lifeline in the fight against inflation and devaluation. A new data report issued by Kaiko, a cryptocurrency asset market data provider, has found that a significant part of the volumes moved in the area correspond to real-world applications of crypto, rather than just in retail trading. Most of the volumes traded are concentrated in just two exchanges. Mexico-based Bitso, and Brazil-based Mercado Bitcoin. Bitso comes first, processing trading volumes of $20 million to $30 million consistently, and peaking at $60 million in one session in June. On the other hand, Mercado Bitcoin processes fewer crypto trades as the exchange is limited to Brazil, with its platform scoring up to $4 million in trading volume daily in the examined period. Trading Trends and Particularities Kaiko determined that different from other regions, Latam presents a set of particularities that focus on the use cases mentioned earlier. Bitso, one of the crypto unicorns in the region, bases its activity on the remittance sector, mostly. This is one of the reasons behind the fact that 60% of the volumes traded in the exchange involve XRP. The exchange established a partnership with Ripple in 2020 to send almost instant remittances between Mexico and the U.S., using Ripple’s on-demand liquidity and several banking partners. This has made Bitso one of the biggest crypto remittance agents in the region, processing more than $1 billion in these operations by June. However, the exchange aims to enter more countries in the area. Recently, the company expanded to Colombia and announced the launch of its remittance services in the country, using Circle’s USDC as part of this solution. In the same way, Bitso launched stablecoin yield-generating accounts, as part of its strategy to entice customers from countries like Argentina, which is currently battling high levels of inflation and devaluation. Mercado Bitcoin also recently announced intentions of expanding its services to Mexico, to strengthen its offerings in the region. What do you think about the information presented in Kaiko’s Latam report? Tell us in the comments section below. View the full article

According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.” A Threat to Financial Integrity South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes. According to a guidance note sent to financial institutions by Fundi Tshazibana, the CEO of Prudential Authority, the removal of crypto entities such as exchanges from the banking system “can potentially create opacity in the affected persons or entities’ financial conduct.” The same also eliminates the possibility of treating risks such as money laundering, terrorist financing, and proliferation financing, the eight-page guidance note added. The remarks by Tshazibana come more than six months after reports emerged that certain South African financial institutions had sent out account termination notices to clients that offered automated cryptocurrency arbitrage services. As previously reported by Bitcoin.com News in late 2021, one of the banks, Standard Bank, insisted at the time that the termination of services to crypto entities was meant to ensure the financial institution’s compliance with regulations. However, in the guidance note, which must also be sent to the respective institutions’ independent auditors, the CEO instead urges banks to perform the relevant risk assessment for each crypto asset (CA) or crypto asset service provider (CASP). Tshazibana explains: It is thus prudent for banks to be able to risk categorise CA/CASP-related clients through conducting a risk assessment which will assist banks in determining the appropriate level of [money laundering, terrorist financing, proliferation financing] risk management measures necessary, as opposed to total avoidance, in line with the application of a risk-based approach. The CEO argued that the decision to de-risk or terminate service should only be made after the “risk posed by a particular business or customer is too great to manage successfully.” ‘A Great Step Forward for Crypto’ Reacting to the Prudential Authority’s latest guidance note, Farzam Ehsani, CEO of a South African crypto exchange platform called Valr, said in a tweet that the arguments put forward by the regulator indicate it now understands the benefits of monitoring crypto transactions. Ehsani also gave his thoughts on what the guidance note means for the crypto industry. He said: “In my view, this is a great step forward for crypto, for South Africa and for the banks themselves. It’s particularly helpful for companies in the crypto space that are responsibly trying to build products to serve people. Risks and bad actors obviously remain in crypto (as they do elsewhere) and banks won’t immediately start banking all crypto companies.” The Valr boss also argued that the latest guidance note will likely steer South Africa “in the right direction of allowing new technologies and innovation to flourish in the country.” 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 central bank of the Philippines, the primary regulator of the country’s crypto sector, has warned investors about engaging with unregistered and foreign crypto service providers. They “may present additional challenges on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others,” the regulator said. The Philippine Central Bank’s Crypto Warnings The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), issued a public warning Tuesday regarding unregistered and foreign crypto service providers. In the Philippines, the central bank is the primary regulator of the crypto sector. The announcement states: The Bangko Sentral ng Pilipinas (Bangko Sentral) strongly urges the public not to deal with virtual asset service providers (VASPs) that are either unregistered or domiciled abroad. The central bank’s website shows that 19 VASPs have been registered as of June. Besides the risk from price volatility associated with virtual assets (VAs), the central bank explained that VASPs that are based abroad “may present additional challenges on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others.” The Bangko Sentral emphasized: VA dealings are generally considered as high-risk activities which may result in huge financial losses due to price swings. Furthermore, the central bank warned that the government does not guarantee protection against financial losses stemming from crypto price fluctuations. “The public should exercise caution, conduct their own due diligence, and always be mindful of the risks prior to engaging with VA-related activities,” the regulator emphasized. Bangko Sentral ng Pilipinas has urged the public to immediately report unlawful activities facilitated through cryptocurrencies and/or crypto service providers to the central bank. Last week, the central bank announced that it will stop accepting new VASP license applications for three years, starting Sept. 1. The regulator explained that it “aims to strike a balance between promoting innovation in the financial sector and ensuring that associated risks remain within manageable levels.” What do you think about the Philippine central bank’s warnings? Let us know in the comments section below. View the full article

The European Central Bank (ECB) is working to harmonize the regulatory framework governing crypto activities and services in the EU. The regulator noted that several regulatory initiatives at the European and international levels are being finalized. ECB’s Regulatory Plan for Crypto Assets The European Central Bank (ECB) outlined its plan to harmonize the regulatory framework governing crypto activities and services in the EU Wednesday. The regulator explained that banks are increasingly considering whether to offer crypto products and services, and it is the ECB’s role to “ensure they do so safely and soundly.” The ECB described that it works closely with national regulators “to ensure a consistent approach and high standards across countries,” elaborating: There is currently no harmonized regulatory framework governing crypto-asset activities and services in the EU. “This will change with the finalization of several regulatory initiatives at [the] European and international level,” the ECB detailed, mentioning the markets in crypto-assets (MiCA) proposal to regulate the crypto sector in the EU. Internationally, the Basel Committee on Banking Supervision plans to issue its rules on the prudential treatment of crypto exposures for banks. The ECB pointed out that the regulatory frameworks for crypto “diverge quite extensively” between EU countries. For example, certain crypto activities are subject to a banking license requirement in Germany. Several banks have requested authorization to conduct crypto activities in the European country, the ECB said, adding: It is in this context that the ECB is taking steps to harmonize the assessment of licensing requests. The ECB also emphasized that it is working on assessing the risks posed by crypto assets, stating: Crypto assets put the spotlight on certain types of risk, starting with operational and cyber risks, and the ECB is also working to assess these. In addition, “internal governance arrangements and processes need to take account of the crypto-asset AML/CFT [anti-money laundering/combating the financing of terrorism] risk profile of the institution,” the European regulator stressed. ECB President Christine Lagarde said in June that “crypto assets and decentralized finance (defi) have the potential to pose real risks to financial stability.” She added: “This would be particularly the case if the rapid growth of crypto-asset markets and services continue … and the interconnectedness with both the traditional financial sector and the broader economy is intensified.” What do you think about the ECB working to create a harmonized regulatory framework for crypto assets? Let us know in the comments section below. View the full article

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. Eqonex Closing Crypto Exchange Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states: The company will proactively exit the crowded crypto exchange space by closing the exchange. The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes. Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.” The Nasdaq-listed company will focus on crypto asset management and custody services going forward. The firm’s asset management business includes Bletchley Park, a fund of crypto hedge funds. Digivault, the group’s digital asset custody business, is registered with the Financial Conduct Authority in the U.K. Eqonex CEO Jonathan Farnell commented: “The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators.” He added: Our asset management and custody business, Digivault, have already made solid progress with the additional resources that we have allocated to them recently. What do you think about Eqonex shutting down its crypto exchange? Let us know in the comments section below. View the full article

Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading. Binance Receives Regulatory Approval From Kazakhstan Authorities Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC), has issued a temporary license approval to the world’s leading cryptocurrency exchange, Binance, the company unveiled in a blog post published on Monday. The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC’s platform, the announcement noted. The move comes after this spring, Kazakhstan’s financial watchdog launched a pilot project to establish and develop cryptocurrency exchanges in the country. Then, in June, the authorities in Nur-Sultan allowed AIFC-registered platforms to open accounts with local banks. “Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation,” Binance founder and CEO Changpeng Zhao has been quoted as saying. “This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe,” the crypto entrepreneur added. Gleb Kostarev, regional head at Binance, described the development as a “landmark achievement” for Binance in Kazakhstan. “We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval,” he emphasized. Kazakhstan attracted a significant number of crypto mining enterprises after China cracked down on the industry in May 2021. However, critics have insisted that the business brings little benefit to the country’s economy as it doesn’t create many jobs, exacerbates a growing power deficit, pays little tax, and transfers its profits abroad. As a result, the government has taken steps to shut down illegal mining farms, expand registration requirements for crypto miners, increase a surcharge for the electricity consumed to mint digital currencies, and provide options for mining companies to exchange their cryptocurrencies on domestic platforms. “Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently,” commented Nurkhat Kushimov, the chief executive of AFSA. “We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally,” he elaborated. Do you expect Kazakhstan to license Binance and other cryptocurrency exchanges in the near future? Tell us in the comments section below. View the full article

The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400). Colombia to Launch Its Own Digital Currency Many countries are now looking to digitize part of their economies in order to better understand and control the flow of money in their economies. The government of Colombia is planning to launch its own digital currency in the near future, according to statements offered by Luis Carlos Reyes, head of the DIAN, the Colombian tax authority. Reyes told local news outlet Semana this would be one of the proposals of the newly inaugurated president Gustavo Petro in order to curb tax evasion, estimated to be between 6% and 8% of the GDP of Colombia. On this note, Reyes stated that the purpose of this digital currency would be to enhance the traceability of these transactions so merchants cannot evade taxes using cash as a payment method. On the effectiveness of the measure, Reyes estimated: This is equivalent to six or eight tax reforms that have been made in the country, with which a maximum of 1% or 1.5% of GDP is obtained. However, Reyes did not disclose any traits of the digital currency or the way in which it would work alongside the traditional payment systems in the country. Cash Restrictions The introduction of the digital currency would also be accompanied by other measures that are currently being studied. One of these measures is a restriction on payments in cash over a certain amount. Reyes confirmed this amount would be 10 million Colombian pesos, or approximately $2,400. However, these changes might disrupt the payment channels of Colombians. While the use of cash for payments was reduced during the Covid-19 pandemic, cash is currently one of the main methods of payment in Colombia. Statistics from the Central Bank of Colombia show that the circulation of bills has risen to its highest number in 17 months. According to data from the Financial Superintendency, Colombians still prefer cash as their main payment method when paying for transportation (94%), groceries (80%), cell phone top-ups (78%), and rent (77%). What do you think about the proposal of a digital currency in Colombia and the proposed restrictions on cash payments? Tell us in the comments section below. View the full article

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in bitcoin and ethereum at its resorts. Soneva has three resorts in the Maldives (Soneva Fushi, Soneva Jani, and Soneva in Aqua). The company also has a resort in Thailand (Soneva Kiri). Bitcoin and ether can also be used to pay for Soneva Villa Ownership. In order to accept cryptocurrencies, Soneva has partnered with two companies: crypto payment solutions provider Triple A and payment platform provider Pomelo Pay. Triple A is licensed by the Singapore Monetary Authority (MAS). Soneva explained that bitcoin and ether payments are 100% non-refundable but credits can apply per its flexible cancellation policy. The company’s terms and conditions detail that cryptocurrencies will be processed through third parties with their own terms and conditions. “Soneva will only accept and, where required refund, cryptocurrencies for their USD value at the moment of the transactions and excluding any additional fees from the third parties,” its website states. Bruce Bromley, Soneva’s chief financial officer, notes: “At Soneva, we have always endeavored to be a pioneer in the hospitality industry.” He added: Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world. Do you think all resorts should accept cryptocurrency? Let us know in the comments section below. View the full article

Hedge fund manager Michael Burry’s Scion Asset Management dumped all but one of its stock holdings in the second quarter, according to the firm’s filing with the U.S. Securities and Exchange Commission (SEC). Burry, famed for forecasting the 2008 financial crisis, has predicted a stock market crash, warning that winter is coming. Michael Burry Sells All Stocks but One Michael Burry’s investment firm Scion Asset Management dumped all of its stock holdings except one in the second quarter, the company’s disclosure filing with the U.S. Securities and Exchange Commission (SEC) Monday shows. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Scion sold off its long positions on 11 U.S. equities during the second quarter, including Google parent company Alphabet, Facebook parent company Meta Platforms, Bristol-Myers Squibb, Booking Holdings, Cigna Corp., Discovery, Global Payments, and Nexstar Media Group. The asset management firm held as much as $165 million of U.S. stocks at the end of the first quarter. Burry’s firm ended the second quarter with just one stock holding. Scion added 501,360 shares of Geo Group Inc. (NYSE: GEO). The Florida-based healthcare company is a leading provider of enhanced in-custody rehabilitation, post-release support, electronic monitoring, and community-based programs, its website states. The Big Short investor has been warning about market crashes on Twitter. His tweet Sunday indicated that the recent rally in the tech-heavy Nasdaq was likely to be short-lived. He wrote: Can’t shake that silly pre-Enron, pre-9/11, pre-Worldcom feeling. In another tweet, he opined: “Contrary to the internet and the Twittersphere, there have been bear market rallies that eclipsed 50% retracement and led to a lower low.” Noting that it “depends [on] how you define a bear rally and/or a cycle,” he listed April 1930, November 1938, June 1946, and November 1968. Burry further tweeted last week: “Nasdaq a bull market because it is up 20% off its low? Who makes this stuff up? After 2000, the Nasdaq did that 7 times as it fell 78% to its 2002 low.” The Big Short investor warned in a different tweet that winter is coming for the U.S. economy, citing a surge in consumer debt. “Net consumer credit balances are rising at record rates as consumers choose violence rather than cut back on spending in the face of inflation,” the famous investor wrote, adding: Remember the savings glut problem? No more. Covid helicopter cash taught people to spend again, and it’s addictive. Winter coming. What do you think about Michael Burry selling off all of his stock holdings except one? Let us know in the comments section below. View the full article

According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the company’s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollars’ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly placed this bet, bitcoin markets followed the opposite trend, and the leading crypto asset accumulated some gains. People Familiar With the Celsius Situation Say Mashinsky Was Trading on ‘Bad Information’ On Tuesday, the Financial Times (FT) reported on the embattled and bankrupt crypto lender Celsius and the company’s CEO. FT’s report citing people familiar with the situation explained that months before the company filed for bankruptcy protection, Mashinsky “took control of Celsius trading strategy.” Allegedly, the founder and CEO of Celsius made a number of bad bets with large sums of bitcoin (BTC) and other assets. “He was ordering the traders to massively trade the book off of bad information,” one of the people quoted in the report said. “He was slugging around huge chunks of bitcoin,” the anonymous source added. However, another person FT quoted in the report, explains that the Celsius CEO’s perspective may have been said out loud, but the individual insisted “[Mashinsky] was not running the trading desk.” Despite the contrary opinion from the individual, people familiar with the matter speaking under anonymity, told FT that Mashinsky repeatedly “clashed” with the company’s former CIO. The tensions stirred over Mashinsky allegedly involving himself in specific Celsius trades. “He had a high conviction of how bad the market could move south,” another anonymous source said in the report published on August 16. “He wanted us to start cutting risk however Celsius could,” the person added. The accusations revolving around Mashinsky follow the crypto lending company’s customers writing letters to the bankruptcy court, and pleading with the authorities to get their funds back. Customers explained that they were suffering from financial hardships over Celsius freezing their funds and said it was a dire emergency to get their funds back. For instance, Celsius customer Brandon Lawrence wrote: I am one of the little guys … It was my nest egg. Now when I go to work, I drink water and eat any scraps I can find for lunch … I am in deep depression and do not know if I can pull myself out of this. Additionally, five days ago, a Ripple Labs spokesperson spoke with Reuters and explained that the distributed ledger firm Ripple was “interested in learning about Celsius and its assets.” Celsius is part of a large number of trouble crypto companies in 2022, as Voyager Digital, Babel Finance, Three Arrows Capital (3AC), Hodlnaut, and Vauld have all seen financial hardships this year. Most of these companies have sought help from financial regulators or the courts in order to remedy the insolvencies. What do you think about the report that says Alex Mashinsky was taking charge of the company’s trading strategy? Let us know what you think about this subject in the comments section below. View the full article

Just recently the American author, economist, and retired politician Ron Paul discussed the rising tensions between China and Taiwan during an interview and he talked about the U.S. economy as well. Paul insists that the U.S. economy’s “collapse will come,” and he further stressed that “debt has to be liquidated.” ‘End the Fed’ Evangelist Ron Paul Says the ‘Real World Cannot Run on Lies’ The former 2008 candidate for the presidency of the United States, Ron Paul, believes the U.S. government has gotten out of hand. Paul is well known for his stance toward limited government, Austrian economics, sound money, and anti-war beliefs. Three days ago, the former U.S. representative from Texas detailed that the current president Joe Biden and his administration have drifted far away from reality. “With each passing day, the Biden Administration drifts further [and] further from reality,” Paul explained in a tweet. “Politicians are notorious for practicing deception, but when lying becomes constant, even it starts to lose its ‘effectiveness.’ The truth [and] those who speak it, become a breath of fresh air. The painful economic realities of government spending and Fed inflation are staring every American in the face.” Paul’s critical tweet storm continued: Yet, we’re repeatedly told not [to] trust our lying eyes — ‘There’s no recession,’ ‘Inflation was 0%,’ [and] this is followed by even more reckless government spending bills. The real world is not Washington DC. The real world cannot run on lies. Sound Money Advocate Insists ‘Debt Has to Be Liquidated’ A few days before these statements, the former congressman talked about Nancy Pelosi’s visit to Taiwan and the tensions between China and Taiwan. The interview was conducted with David Lin, the anchor and producer at Kitco News. Paul also spoke about the U.S. economy and he held a similar view as Peter Schiff who talked about the demise of the U.S. dollar with the Kitco News anchor the same day. During the conversation, Paul criticized the Inflation Reduction Act, and he doesn’t believe the bill will do anything. “The only way [the federal] debt is going to be liquidated, which is absolutely necessary over a period of time to get the market working again … is by inflation,” Paul told Lin. “The collapse will come … The debt has to be liquidated. The preference I would have is [for the U.S. government] to quit spending. Balance the budget. Don’t accumulate any more debt. But politically, having spent a little bit of time in Washington, it’s not going to happen.” Paul added: I’m talking about the inevitable collapse of the economy, because we won’t be able to afford it, and that can come quickly. The debt is there, and we’re not going to pay it off in a normal, honorable, moral fashion. We are going to continue until the market wins — There has to be a default, and the default comes from paying off the bills with printed money. Paul Opines That He Knows the Solution but ‘Politically, Nobody Will Allow It’ Besides Schiff, Paul joins a number of investors, analysts, and economists expecting doom and gloom for the U.S. economy. Billionaire Investor Bill Ackman believes if the Fed doesn’t continue its aggressive rate hikes, the stock market could crash and catalyze an economic collapse. Rich Dad Poor Dad’s Robert Kiyosaki has warned on many occasions that rising inflation could lead to a ‘Greater Depression.’ The third-richest billionaire in Mexico, Ricardo Salinas Pliego, recently explained that the U.S. could experience severe inflation. Furthermore, people believe that Russia, China, and the BRICS nations are targeting the U.S. dollar’s hegemony as the five nations plan to craft a new international reserve currency. Paul said he doesn’t know when the economic collapse will happen and remarked “we don’t know what the precipitating event will be.” Although, the former congressman said, “it’s just starting.” “With the middle class and the poor right now, the poor are out on the streets and the middle class can’t pay their bills,” Paul stressed during the interview. He concluded the interview by noting that there is a solution and U.S. bureaucrats would have to operate in an entirely opposite manner than they do today. Paul further opined: Politically, nobody will allow it … What they should do is quit spending money, bring all our troops home, give up on the welfare state, and turn us into a Republic. What do you think about Ron Paul’s outlook concerning the U.S. economy and how he believes a collapse is inevitable? Let us know your thoughts about this subject in the comments section below. View the full article

Two new proposals for a new common currency to be established in Latam have been made recently. Former Brazilian president and candidate Luis Inacio Lula Da Silva mentioned the idea in May, and the president of the Colombian Congress, Roy Barreras, mentioned the same idea during the inauguration of president Gustavo Petro earlier this month. The idea behind this would be to lessen the dependence of the region on the US dollar. Lula and Barreras Propose Latam Common Currency The proposal for a new common currency to be established between Latam countries has been revived once again due to the current economic situation that some of these countries are facing. Two politicians of the region, former Brazilian president Luis Inacio Lula Da Silva, and the President of the Colombian Congress, Roy Barreras, have recently called for this initiative to be reconsidered. Last month, Da Silva stated that if he wins the presidential elections (he is one of the contenders of current president Jair Bolsonaro for the general ballot organized to happen in October), he would support the creation of a common currency for Latam. Dubbed “sur” (SUR), translated as “South,” this currency would ostensibly strengthen the integration between countries of the region. At a rally in May, he stated: We are going to create a currency in Latam, because we can’t keep depending on the dollar. Furthermore, this would present a new opportunity for containing inflation in the region, a problem that countries like Argentina and Venezuela are currently fighting. The sur could allow countries to retain their central bank autonomy, contrary to the model adopted by the European Union, and dual circulation of national fiat currencies and the sur would be allowed. More recently, Roy Barreras also called for the establishment of such a currency, without giving details about its specifics. On the inauguration of the recently elected president of Colombia, Gustavo Petro, Barreras stated: Here is a homeland willing to be reborn, so that hand in hand with other Latam nations we decide to share a common destiny, a single competitiveness agenda, a binding Latam parliament, hopefully a single currency, and above all a single dignified voice. In July, Russian president Vladimir Putin revealed plans to launch a common currency for countries comprising BRICS, an organization that also includes Brazil, which some analysts believe is an attempt to rival the U.S. dollar. Common Currency Background The idea of a common currency for Latam is not new. In fact, there was a common currency that was used to settle more than $1 billion in trades across the continent. The currency was called “sucre,” and was the result of the amalgamation of several countries in ALBA, a Bolivarian alternative organization that opposed the US-backed FTAA. Venezuelan President Hugo Chavez was responsible for its creation in 2009, and its adoption in Venezuela, Nicaragua, Cuba, Bolivia, and Ecuador. However, the currency was abandoned due to several events, including the establishment of US sanctions for Venezuela and the death of its main proponent. What do you think about the proposal of a new common currency in Latam? Tell us in the comments section below. View the full article

Eight days ago, the crypto lender Hodlnaut announced that the platform was suspending withdrawals after citing volatile market conditions. This week the company says it is seeking judicial management that aims to “provide the best chance of recovery.” Hodlnaut Updates Customers — Crypto Lender Asks Singapore High Court for Judicial Management The crypto lender Hodlnaut is looking for help from the courts so the platform can “avoid a forced liquidation” of the company’s assets. Last week on August 8, 2022, the crypto startup paused withdrawals and noted that the firm was “actively working on the recovery plan.” Hodlnaut believes that leveraging court-appointed management is the best move forward and on August 13, 2022, Hodlnaut registered for judicial management with the Singapore High Court. Under Singapore law, companies under financial distress can recuperate losses with help from a judicial manager. The scheme also puts claims and legal proceedings against Hodlnaut on pause. “This pause will provide us with the breathing space to focus our efforts on the recovery plan to rehabilitate the company,” Hodlnaut explained on Tuesday. Hodlnaut hopes to appoint Mr. Tam Chee Chong of Kairos Corporate Advisory Pte Ltd as the interim judicial manager. However, even though the company has filed to register for court-appointed management, the court has not processed the applications, and Hodlnaut says things could change. The company plans to update the public on August 19, in order to “provide more substantive updates on the judicial management process.” Hodlnaut’s withdrawal pause and financial issues follow companies like Celsius, Voyager Digital, Babel Finance, and Vauld freezing withdrawals as well. Hodlnaut says the time frame to get judicial management from the Singapore High Court may take up to a few months. At the very bottom of the blog post, there’s a set of frequently asked questions and one of the questions asks if all of the customers’ funds are gone. Hodlnaut states “No, while Hodlnaut is facing a difficult financial situation at the moment, not all your assets are gone. As it stands, as we have halted all withdrawals, no user will receive priority in withdrawals.” The crypto lender’s blog post concludes: We understand the anxiety this news has caused our users, and we endeavor to provide more frequent updates moving forward. What do you think about the recent Hodlnaut update? Let us know what you think about this subject in the comments section below. View the full article

Dogecoin moved to a three-month high on Tuesday, as prices of the token were up by over 15%. Today’s move comes despite crypto markets mainly falling, with the global market cap 0.21% lower as of writing. Monero was also up, hitting a multi-month high in the process. Dogecoin (DOGE) Less than 24 hours after shiba inu neared a fresh three-month high, its fellow meme coin dogecoin (DOGE), also hit a twelve-week peak. The token surged to an intraday peak of $0.08848 in today’s session, which comes after yesterday’s low of $0.07571. This is the highest level DOGE/USD has hit since May 18, and comes following a breakout of a key resistance point. Looking at the chart, this ceiling is the $0.0753 point, which was last broken on July 20, after a false breakout. As a result of this, the relative strength index (RSI) is now tracking at 72.20, which is its strongest reading since April. Ultimately, bulls seem to be attempting to recapture the $0.1000 level, which was last hit on May 11. In order to move closer to this, price strength will need to break out of its current ceiling of 73. Monero (XMR) In addition to DOGE, monero (XMR) was another big mover in today’s session, with it climbing to its highest point in over two months. XMR/USD rallied to a high of $174.11 earlier in today’s session, as bulls moved past a resistance level of $168.20. Today’s peak sees XMR hit its highest level since June 11, and comes as the RSI bounced from its recent support point. Looking at the chart, this point is at the 55.60 mark, and since the earlier price surge, the index is now at a reading of 59.32. This is marginally below a resistance level of 60.85, and due to the RSI being close to this point of uncertainty, earlier bulls have moved to close some of their previous positions. As of writing, XMR/USD is trading at $168.74, which is over $6 lower than the earlier high. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect monero to stay above its $168.20 resistance level this week? Let us know your thoughts in the comments. View the full article

It is illegal to buy or sell cryptocurrency in Iran, the head of the country’s monetary authority has recently reminded citizens and businesses. The governor noted, however, that mining cryptocurrencies and using them in payments for imports is not against the law in the Islamic Republic. Top Banker Confirms Crypto Trading Still Illegal in Iran The purchase and sale of cryptocurrencies or using the digital assets for investment purposes is prohibited, the governor of the Central Bank of Iran (CBI), Ali Salehabadi, has recently told local media. At the same time, authorized persons and entities can legally mine crypto that can be employed for international settlements, the official pointed out. Referring to regulations adopted by the bank and other government institutions such as the Ministry of Industry, Mine and Trade two years ago, the CBI chief elaborated that it is legal for Iranian companies to pay for imports with cryptocurrency. He was quoted in a report by the English-language edition of the Iranian Labour News Agency (ILNA) on Friday. Salehabadi’s comments came after on Tuesday, Deputy Minister of Trade Alireza Peymanpak announced Iran’s first import order using cryptocurrency as a payment method. The government representative, who also leads the nation’s Trade Promotion Organization, revealed that the Islamic Republic bought $10 million worth of goods using digital coins. However, Iranian authorities are not willing to allow crypto payments inside Iran and earlier this year, Deputy Minister of Communications Reza Bagheri Asl dashed any hopes for that. Crypto trading and investing are not tolerated either, and the government cracked down on local exchanges, allowing only banks and licensed moneychangers to use digital currency mined in Iran to pay for imports. Since 2019, when the authorities in Tehran recognized mining as a legitimate industrial activity, a number of enterprises have been licensed to mint digital currencies like bitcoin. But the energy-intensive production has been blamed as one of the causes for the growing electricity shortages and blackouts across the country, especially during the hot summers, when consumption spikes due to rising demand for cooling, and the cold winter months, when heating needs increase. As a result, registered crypto farms were told to shut down their power-hungry equipment on more than one occasion in the past two years, while the Iran Power Generation, Transmission and Distribution Company, Tavanir, went after illegal miners busting thousands of underground crypto farms. The illegal facilities are often running on subsidized electricity in residential areas. Last month, the utility vowed severe measures against this kind of unauthorized mining. ILNA quotes an estimate by Iranian officials who claim that a single bitcoin mining machine consumes as much energy as 24 households. In his interview, Governor Salehabadi also turned viewers’ attention to the CBI’s plan to introduce a ‘crypto rial,’ or a central bank digital currency issued by the Iranian monetary authority which is expected to partially replace paper cash. In April, the central bank informed financial institutions about upcoming regulations pertaining to the issuance of a digital rial, indicating it’s preparing to pilot the CBDC. Do you think Iran may change its stance on crypto trading, investing, and payments in the future? Share your expectations in the comments section below. View the full article

Amid the crackdown against Tornado Cash, associated addresses, contributing developers, and anyone who uses the mixing platform, the project’s governance token called TORN has shuddered in value. TORN is an ERC20 with a fixed supply that is leveraged for governance proposals and voting. During the last seven days, the Tornado Cash governance token has lost 57.6% in value against the U.S. dollar. Tornado Cash Token Loses More Than Half of Its Value This Week It seems that everything Tornado Cash touched is tainted and during the last week, the project’s governance token tornado cash (TORN) has lost more than half of its USD value. TORN is an ERC20-based token that was launched in February 2021, and 5% of the supply was airdropped to users who had leveraged the mixing application before the snapshot. There’s approximately 1,511,065 TORN tokens and 500,000 TORN was airdropped to the Tornado Cash community. Since the U.S. government cracked down on Tornado Cash and banned the mixing application alongside associated ETH-based addresses, TORN has taken a severe market beating. TORN has seen $43.4 million in global trade volume and a lot of it stems from selling. Popular crypto exchanges that list TORN include Binance, Bingx, and Bitget. 69.93% of all TORN trades today are paired against USDT, which is followed by BUSD (24.73%), BTC (3.92%), WETH (1.18%), and USDC (0.24%). Additionally, 30% of the TORN stash was reserved for devs and contributors, and vested for a three-year linear vesting period with a one-year cliff. TORN is down 97.2% from the crypto asset’s all-time high on February 13, 2021. TORN tapped an all-time low hours ago on Saturday morning (EST) hitting 11.81 per unit on August 13. If the TORN market rout continues, vested stashes of the ERC20 will be worth less and less as time passes. The U.S. government’s sanctions against the mixer Tornado Cash may cause TORN investors to continue dumping after losing faith in the project. What do you think about the tornado cash (TORN) coin losing significant value this past week? Let us know what you think about this subject in the comments section below. View the full article

After recording more than $4 billion in all-time sales, Axie Infinity announced the game’s classic mode will no longer allow users to obtain smooth love potion (SLP), as SLP rewards have been added to the new Origin ranked gameplay mode. The team also introduced non-fungible token (NFT) runes and charms that can be minted on the Ronin network through the marketplace. As the Play-to-Earn Game Hits $4 Billion in Sales, Axie Infinity’s Classic Mode Will No Longer Collect SLP Axie Infinity is changing the rewards system and removing SLP from the classic gameplay, according to a blog post published on August 11. Axie Infinity is one of the most popular play-to-earn (P2E) games that incorporates NFTs. The game’s NFT collection so far has seen $4.24 billion in all-time sales, according to all-time statistics collected by dappradar.com. Cryptoslam.io data also shows that Axie Infinity has over $4 billion in all-time sales, but the metric is a touch less ($4.08B) compared to dappradar.com’s stats. The $4 billion in sales took place across 17,038,131 transactions to date and there’s 2,291,087 NFT owners. Axie Infinity is the top NFT collection on cryptoslam.io as Bored Ape Yacht Club (BAYC) follows behind Axie Infinity in sales with $2.36 billion, and Cryptopunks has $2.35 billion in all-time sales. In the latest blog post called “Origin Season 0: Phase 3 Is Here,” Axie Infinity details that some changes to the game will remove classic mode rewards. The game’s management plans to reward players using Origin’s ranked gameplay mode. NFT runes and charms have been introduced as well, and the team adjusted the game’s leaderboard rewards. “As planned, we will be moving SLP over from Axie Infinity Classic (V2) to Axie Infinity Origin (V3) as part of Phase 3,” Axie Infinity explained on Thursday. “This means that SLP emission will be completely turned off from V2 on August 12th at 9:30 AM GMT +7. One major benefit of transitioning to Origin from Classic is expanded abilities to balance the SLP economy. Thus, the design of the SLP rewards system with Origin is being tuned in a way to align with that goal.” Axie Infinity has two native tokens, smooth love potion (SLP) and axie infinity (AXS), that are integral to the P2E game. While SLP is used for rewards, AXS is the community’s governance token. AXS tapped an all-time high (ATH), four days before BTC reached its lifetime price high, when AXS hit $164 per unit on November 6, 2021. AXS is currently down more than 88% from its ATH, and SLP’s fall from its price high is even worse. On July 13, 2021, SLP reached a $0.399 price high, and today it’s down more than 98% from that point. What do you think about Axie Infinity changing the SLP rewards structure? Let us know what you think about this subject in the comments section below. View the full article

Following the recent Curve Finance attack, Binance CEO Changpeng Zhao announced that the exchange had recovered $450 million from hackers. The decentralized finance (defi) platform Curve saw roughly $570 million siphoned from the application on August 9. Binance Boss Says Exchange Froze 83% of the Curve Finance Hack Funds, Domain Provider Says Exploit Was DNS Cache Poisoning Four days ago, the crypto community was made aware that the Curve Finance front end was exploited. Curve fixed the situation but $570 million was removed from the defi protocol. The attackers, however, decided to send the funds to crypto exchanges. Binance CEO Changpeng Zhao (CZ) tweeted about the exploit the day it happened. “Curve Finance had their DNS hijacked in the past hour,” CZ wrote. “Hacker put a malicious contract on the home page. When the victim approved the contract, it would drain the wallet. Damage is around $570K so far. We are monitoring.” In addition to Binance monitoring the situation, the exchange Fixedfloat managed to freeze some funds. “Our security department has frozen part of the funds in the amount of 112 [ether]. In order for our security department to be able to sort out what happened as soon as possible, please email us,” Fixedfloat wrote the day of the hack. Then three days after the hack, on August 12, CZ explained at 1:07 a.m. (EST) that Binance recovered roughly 83% of the funds. “Binance froze/recovered $450K of the Curve stolen funds, representing 83%+ of the hack,” CZ tweeted on Friday. “We are working with [law enforcement] to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it,” CZ added. Curve Finance retweeted CZ’s statement and noted earlier in the day that the team has a brief report from the domain provider [iwantmyname.com] and said: “In brief: DNS cache poisoning, not nameserver compromise,” Curve Finance explained while sharing the report. “No one on the web is 100% safe from these attacks. What has happened STRONGLY suggests to start moving to ENS instead of DNS.” The domain provider iwantmyname.com’s report confirms Curve’s statements. “It appears that one customer’s domain was targeted,” iwantmyname.com’s disclosure report details. “Our external provider’s hosted DNS infrastructure was apparently compromised and the DNS records for this domain were changed to point to a cloned web server. Further investigation together with the external provider indicates that it was DNS Cache poisoning rather than any nameservers compromised.” What do you think about Binance recovering $450 million from the Curve Finance hack? Let us know what you think about this subject in the comments section below. View the full article

While a great number of crypto asset values have improved over the last month, meme-based crypto assets have also advanced against the U.S. dollar. 53 days ago on June 21, the top meme coins by market valuation were once worth $14.5 billion and since then, the meme coin economy has grown by 24.82%, tapping $18.1 billion on August 13. Meme Coins Advance Against the US Dollar, Hoge Finance and Baby Doge Lead the Pack Meme-based tokens have seen an increase in value since the crypto economy’s recent downturn. While the rise has been beneficial, meme-based crypto tokens have not seen the bounce back in value a great majority of cryptocurrencies have experienced over the last few weeks. For comparison, dogecoin (DOGE) increased by 17.9% during the last 30 days while bitcoin (BTC) increased by 20.7% and ethereum (ETH) jumped 78.5%. Dogecoin is still the king of all the meme coins with the largest market capitalization, which is roughly $9.7 billion today. DOGE has increased 5% against the U.S. dollar and 1% against BTC during the last 24 hours. In terms of global trade volume, $450 million worth of DOGE swaps took place during the last day. The top five pairs traded against DOGE include USDT, USD, BUSD, BTC, and KRW, while tether (USDT) commands more than 57% of all dogecoin trades. The second-largest meme coin by market cap is shiba inu (SHIB) as it has a $7.42 billion valuation on August 13. SHIB has seen better gains than DOGE during the last month, as 30 days stats show SHIB has swelled by 19.4%. Year-to-date, SHIB has gained 64% in value compared to the prices recorded in August 2021. SHIB has a touch less volume than DOGE with $446 million traded during the past 24 hours. SHIB’s top five trading pairs include USDT, USD, BUSD, TRY, and USDC, with tether (USDT) capturing over 66% of all SHIB swaps. Meanwhile, the third-largest meme coin asset, baby doge coin (BABYDOGE) has seen larger gains than DOGE and SHIB during the last month. BABYDOGE has increased 21.4% against the U.S. dollar during the last 30 days. The BABYDOGE market capitalization today is much smaller than the top two meme coin asset leaders as it is coasting along at $245 million on August 13. 24-hour BABYDOGE trade volume is also lower, at $5.1 million in trades during the last day. USDT dominates BABYDOGE trading pairs by 77.38% while USDC, BUSD, and TRX follow. Five meme coin assets have risen above 45% during the last week including hoge finance (HOGE), hot doge (HOTDOGE), dogebonk (DOBO), spooky shiba (SPKY), and moon cat (CAT). The biggest meme coin losers this past week includes chihuahua chain (HUAHUA), kitty coin solana (KITTY), catecoin (CATE), litedoge (LDOGE), and puli (PULI). Those five meme coin assets have lost between 13.6% and 33.9% during the last seven days. HOGE was this week’s leader, increasing by 71.2%, while the biggest meme coin loser HUAHUA shed 33.9% in value. What do you think about the top meme coin market performance? Let us know what you think about this subject in the comments section below. View the full article

Polygon rallied to its highest point in nearly four months on Saturday, as the token climbed to the $1.00 mark to start the weekend. Solana was also trading at a multi-month high, as it rose by over 10% earlier in today’s session. As of writing, the global crypto market cap is trading nearly 3% higher. Polygon (MATIC) Polygon (MATIC) was a notable gainer on Saturday, as the token rose to its highest point since May. Less than 24 hours after trading at a low of $0.9141, MATIC/USD climbed to a peak of $1.02 to start the weekend. This is the strongest point that the token has traded at since May 7, and comes after prices rallied past a key resistance level. Looking at the chart, this resistance was at the $0.9500 region, which was last breached on July 31. However, the move eventually turned into a false breakout. As of writing, another resistance level was hit, with the 14-day relative strength index (RSI) now tracking at a ceiling of its own. This is the 66 point on the index, which has been in place since July 17, when the RSI moved to a high above the 80 level. Following earlier highs, MATIC is once again trading below $1.00, as bulls retreated from their previous positions. Solana (SOL) In addition to MATIC, solana (SOL) was another big mover in today’s session, with it also climbing to its highest point since May. SOL/USD raced to an intraday high of $48.18 to start the weekend’s session, as bulls attempted to recapture the $50.00 point. The move sees solana hit its highest point since May 25, and comes as the 10-day (red) moving average (MA), crossed above the 25-day (blue) MA. This is the first time since mid-July that such a cross has occurred, with prices rising from a floor of $32, to a ceiling of $47 on that occasion. In addition to this, the 14-day RSI has also broken its ceiling, surging above the 59.20 resistance for the first time since July 18. Register your email here to get weekly price analysis updates sent to your inbox: Can solana hit $50.00 in August? Let us know your thoughts in the comments. View the full article

Ethereum was trading above $2,000 to start the weekend, as the token hit its highest point since May. Crypto markets were back in the green, after marginally consolidating in Friday’s session. Bitcoin moved closer to $25,000 on Saturday, however has still yet to breach this ceiling. Bitcoin Bitcoin (BTC) was marginally higher on Saturday, as the token once again attempted to climb above the $25,000 level. Following a low of $23,657.27 on Friday, BTC/USD hit an intraday high of $24,860.05 to start the weekend. The move saw bitcoin briefly break out of its resistance level of $24,600, and near a two-month high above $24,900 in the process. Looking at the chart, today’s gains come as the 14-day relative strength index (RSI) finally broke out of its long-term resistance point at the 60.32 level. As of writing, the index is currently tracking at 61.60, which is slightly below another point of uncertainty, at 61.80. Overall, earlier gains have somewhat eased, with BTC currently trading at $24,407.29, as bulls seemed to have abandoned previous positions in order to secure profits. Ethereum Whilst BTC was struggling to break out of a key point at $25,000, ethereum (ETH) raced past its own ceiling in today’s session. On Saturday, prices of the world’s second-largest token moved above $2,000 for the first time since May. Following a low of $1,868.42 on Friday, ETH/USD moved to a peak of $2,013.76 earlier in today’s session. This is the highest point ethereum has traded at since May 23, and comes as price strength also surged past a ceiling of its own. Looking at the chart, the RSI also raced past its resistance level at 68, and is currently tracking at 71.55, which is its strongest reading since April 4. As of writing, ethereum is now overbought, which could see bears gradually look to position themselves for entries back into the market. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum climb to further highs this weekend? Leave your thoughts in the comments below. View the full article

According to Central African Republic President Faustin-Archange Touadéra, his country’s launch of the “Sango coin” currency, as well as the call for the creation of a common digital currency by the regional central bank, represent two key achievements for his country and all of Africa. President Touadéra also said “Sango is the future of our country” and that his government supports “bitcoin and blockchain adoption at a national level.” ‘Not an Easy Road’ The Central African Republic’s (CAR) president, Faustin-Archange Touadéra, recently claimed that the launch of the sango coin, as well as the call for the issuance of a common digital currency by a regional central bank, are two critical milestones for his country and the continent. While admitting that his government knew the decision to launch the sango coin and declare bitcoin legal tender “would not be an easy road,” the CAR leader insisted in his latest Twitter thread that the coin sale “represents our country’s opening to the world: attracting global talent, investment and resources.” Indeed, following an announcement that the CAR had become the second country to declare bitcoin legal tender after El Salvador, the decision was criticized by The Bank of Central African States (BCAS) and the International Monetary Fund (IMF). Nevertheless, the criticism did not stop Touadéra’s government from proceeding with the process to adopt bitcoin and the eventual launch of the sango coin. Explaining why his country has pressed ahead with the sango coin project, Touadéra said: Sango is not any regular cryptocurrency, it is the first attempt to have a sovereign National Digital Currency. Sango is the future of our country. Our vision. Our past. Our future. We support bitcoin and blockchain adoption at a national level. The CAR leader also seemingly attempted to assuage some of his followers’ concerns who felt his government’s decision to launch the sango coin was ill-advised. In the thread, he insisted the sango coin is backed by bitcoin which he equates to “digital gold.” Wealth Distribution via Tokenization While noting that his country is endowed with natural resources like gold, iron, lithium and uranium, Touadéra, however, said his government is “not looking to give away this wealth.” Instead, the government’s objective is to share this wealth equitably via “tokenization.” Just shortly after the announcement of the CAR’s bitcoin adoption, some experts immediately cast doubt on the Touadéra administration’s ability to make this a success. In a response seemingly aimed at these experts and other naysayers, Touadéra spoke of the motivation behind his government’s insistence on seeing this through. “Our vision is ambitious. We are ambitious. Digital currencies are the solution for Africa. We want to build for the future. Establishing our own National Digital Currency on top of Bitcoin. Our connection with Bitcoin helps us enable worldwide financial inclusion,” explained the CAR President. Touadéra ends the thread by imploring his followers to support his country in building “a better future for our nation, for Africa and for the world.” 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

Attackers are taking advantage of certain SEO techniques to direct users to phishing sites for wallet apps like Metamask and exchanges such as Coinbase and Kraken. These sites, created in Google Sites and Microsoft Azure, fool users into introducing their personal information, allowing malevolent entities to siphon their funds from these services, according to Netskope. Cryptocurrency Phishing Scheme Uses SEO, Google Sites, and Microsoft Azure, According to Netskope A new kind of cryptocurrency phishing scam scheme has been detected by Netskope, an online security company, that involves SEO techniques and copycat pages. According to a report from the company, throughout 2022, it has been detected that attackers are using blogs as tools to distribute links to phishing sites. In these blogs, the attackers post links with SEO content that allows them to rank high in search engine queries. This means that the links will be reviewed by many people, which can then open them to believing these are linking to real crypto sites. However, the links are directing the users to phishing sites that are very similar to crypto-based sites, such as the website for Metamask. Other sites also mimic exchanges such as Coinbase, Gemini, and Kraken. Phishing Mechanism These phishing sites, which are hosted either on Google Sites or use Microsoft Azure, are designed to fool the users and take their personal information in two different ways. The first one has to do with acquiring the private seeds of the wallets of the users directly by prompting them to import this data. This is the method that the Metamask phishing site is currently using. The second one has to do with obtaining the info of the users’ accounts in any of the exchanges being phished. When the users input their info, the sites return an error and prompt them to contact a support operator that will try to obtain more info about the users to successfully acquire their funds. Netskope stated: Netskope strongly recommends users never enter credentials after clicking on a link. Instead, always navigate directly to the site you are trying to log in to. For organizations, we also recommend using a secure web gateway, capable of detecting and blocking phishing in real-time. Phishing scams are not new in the cryptocurrency world. Binance detected and warned about a massive phishing scam involving SMS in February. What do you think about the new phishing scheme involving SEO, Google Sites, and Microsoft Azure-hosted webpages? Tell us in the comments section below. View the full article

Union Bank of the Philippines, commonly known as Unionbank, has announced the upcoming launch of another crypto service for its clients. The financial institution will offer select users of its mobile app the option to exchange bitcoin and other digital currencies without a separate wallet. Unionbank to Add In-app Crypto Exchange Feature, Reportedly a First in the Philippines The Union Bank of the Philippines (Unionbank) is working to become the first universal bank in the country to facilitate cryptocurrency exchange within its mobile application. Users will be able to buy and sell cryptocurrencies such as bitcoin directly from the banking app, the lender said, doing away with the need to have a third-party wallet. In a statement quoted by the ABS-CBN broadcasting network, Unionbank shared its view that blockchain is a technology that will power the future of banking. “At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and this demand was accelerated by the pandemic,” commented Cathy Casas, head of digital asset markets, blockchain and application programming. Unionbank, which is one of the top 10 banks by assets under management in the Philippines, has already established itself as a crypto-friendly institution. About a year ago, it announced preparations to pilot a custody service for cryptocurrencies, and in January of this year, the bank unveiled a plan to facilitate crypto trading. The new exchange functionality will initially be offered to randomly pre-selected users of the banking app, Unionbank explained, but emphasized it will aim for a wider rollout in the near future. Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda has been quoted as saying: Not only does this help us ensure that the bank is more future-ready, we are also able to serve the needs of our customers who use cryptocurrencies. The top executive added that the in-app crypto exchange feature is among the projects the bank is working on as it prepares to enter the metaverse. Another initiative in the same direction is the partnership with NFT game Art of Dreams which was announced in April. The bank also intends to launch a Metaverse Center of Excellence in the coming months. While the platforms of some digital banks in the Philippines, like Maya, are already offering exchange options for crypto assets, Unionbank will be the first major traditional lender to implement one. The bank is a licensed cryptocurrency exchange. Bangko Sentral ng Pilipinas, the country’s central bank, is the authority that issues licenses to crypto trading platforms and service providers in the Philippines. Do you expect other banks in the Philippines to offer crypto-related features in their mobile apps? Tell us in the comments section below. View the full article

BBVA, a private bank based in Spain, released an article that states Latam users are very interested in their crypto-powered solutions. The institution informed that close to 20% of the users of their New Gen accounts, which are available from Switzerland, are Colombians who are attracted by the crypto services offered by these accounts. Colombians Attracted by Crypto Services, According to BBVA Cryptocurrency solutions and their associated services are being embraced more and more by Latam users due to the characteristics of their economies. According to BBVA, a Spanish bank that offers services worldwide, Latam users are a big part of the customers attracted by the company’s crypto solutions. In an article, BBVA revealed that close to 20% of the users of its New Gen accounts, which allow customers to invest in cryptocurrencies directly from their bank accounts, are Colombians. This means that citizens of this country are especially attracted to this kind of account, which offers bitcoin and ethereum trading associated with the possibility of exchanging these currencies with other fiat currencies from a digital wallet. According to data offered by BBVA, 37% of the Colombians that visit the account web page are interested in the services. The services are Switzerland-based due to the clear cryptocurrency legal framework that is available in the country. In an interview offered to The Banker in June, BBVA CEO for Switzerland, Alfonso Gomez, referred to what prompted the company offer crypto services from the country. He declared: Switzerland is proactive. Finma, for example, is always willing to help. And the regulators are quite comfortable when traditional banks such as BBVA approach them and say that we are thinking about this kind of technology. Crypto Catches On in Colombia The interest that Colombian users have in cryptocurrency-based solutions has been steadily growing, catching the interest of several exchanges that have taken their platforms to Colombians. Bitso and Ripio, both Latam-based crypto trading companies, have expanded to offer their services in the nation this year. The government of the country has also moved to start regulating cryptocurrency assets and exchanges, with the Financial Superintendence of the country proposing to establish rules to govern the relationship that virtual asset service providers (VASPs) have with banks. In the same vein, in June, the Colombian congress approved a bill directed to regulate the actions of cryptocurrency exchanges in its first discussion. What do you think about the interest that Colombians have in crypto-based solutions? Tell us in the comments section below. View the full article