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Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
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🇪🇸Spain - 1.575x
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Report: South African Digital-Only Bank Launches Crypto Payments Gateway
A South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments to fiat currency. Cédric Jeannot, the CEO of the digital-only bank, said the “new gateway is a game-changer” that also helps small businesses “preserve wealth in unfavourable economic conditions.”
The digital-only bank Be Mobile Africa recently created a cryptocurrency gateway that allows South African businesses and merchants to accept digital currency payments, a report has said. It added that users of the new gateway have the option to convert incoming cryptocurrency into either the South African rand, the U.S. dollar, or the euro. Users also have the option to store their crypto with the digital bank.
According to a report by Itweb, the digital-only bank’s crypto gateway launch comes at a time when local banks have targeted accounts associated with cryptocurrencies. The report nevertheless quotes Cédric Jeannot, the CEO of the digital-only bank, explaining why the crypto gateway has been created. He said:
“International payments have always been a pain point for African SMEs small-to-medium enterprises. Sending or receiving money from customers outside of one’s country is expensive and often takes days. We are seeing an increase in the number of African SMEs transacting with clients outside of their own domestic market, including other African countries. This new payment gateway is a game-changer.”
The CEO added that SMEs using the gateway will also benefit by way of significantly lower fees incurred. He also argued that by exposing SMEs to crypto, his company is making available the means to “preserve wealth in unfavourable economic conditions.”
A South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments to fiat currency. Cédric Jeannot, the CEO of the digital-only bank, said the “new gateway is a game-changer” that also helps small businesses “preserve wealth in unfavourable economic conditions.”
The digital-only bank Be Mobile Africa recently created a cryptocurrency gateway that allows South African businesses and merchants to accept digital currency payments, a report has said. It added that users of the new gateway have the option to convert incoming cryptocurrency into either the South African rand, the U.S. dollar, or the euro. Users also have the option to store their crypto with the digital bank.
According to a report by Itweb, the digital-only bank’s crypto gateway launch comes at a time when local banks have targeted accounts associated with cryptocurrencies. The report nevertheless quotes Cédric Jeannot, the CEO of the digital-only bank, explaining why the crypto gateway has been created. He said:
“International payments have always been a pain point for African SMEs small-to-medium enterprises. Sending or receiving money from customers outside of one’s country is expensive and often takes days. We are seeing an increase in the number of African SMEs transacting with clients outside of their own domestic market, including other African countries. This new payment gateway is a game-changer.”
The CEO added that SMEs using the gateway will also benefit by way of significantly lower fees incurred. He also argued that by exposing SMEs to crypto, his company is making available the means to “preserve wealth in unfavourable economic conditions.”
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Argentina remains one of the favorites to lift the trophy, but could they fall short against the Dutch?
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Kevin O’Leary Reveals FTX Paid Him $15 Million to Become a Spokesperson for the Exchange
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said.
Shark Tank star Kevin O’Leary revealed in an interview with CNBC Thursday that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson.
Noting that he fell prey to “groupthink,” O’Leary detailed:
Total deal was just under $15 million, all in … I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.
The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees. He admitted:
It was not a good investment.
FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Despite stating that he lost millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme.
Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save FTX before it collapsed and had to file for bankruptcy.
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said.
Shark Tank star Kevin O’Leary revealed in an interview with CNBC Thursday that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson.
Noting that he fell prey to “groupthink,” O’Leary detailed:
Total deal was just under $15 million, all in … I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.
The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees. He admitted:
It was not a good investment.
FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Despite stating that he lost millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme.
Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save FTX before it collapsed and had to file for bankruptcy.
Constant Blackouts Have Ruined Cryptocurrency Mining Investments in Cuba
Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, leaving them unable to operate their rigs. The blackouts also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks.
Cryptocurrency has reached a notable level of functionality in Cuba, as citizens use it as an alternative to getting services that they would be unable to get otherwise, including international shopping, mobile and internet top-up services, and even sending and receiving remittances. However, cryptocurrency mining is facing problems to reach the same level of popularity.
While crypto mining was once considered a smart investment by Cubans, this idea has been demolished by the current state of the Cuban power grid, which puts mining operations in jeopardy due to the constant blackouts the country is facing. Raydel González, a small cryptocurrency miner that built his own rig, explained to the local news site Cubanet the difficulties that a miner faces in the country today. He stated:
I, like many others, had invested a lot of money in cryptocurrency mining equipment that is not cheap. With the advent of blackouts, cryptocurrency mining in Cuba is unsustainable.
Other miners like Eduardo Gomez purchased power plants in order to keep their operations ongoing, but the scarcity of gas has also made it difficult for these operations that run on off-grid power to be sustainable. Gonez explained that he is still unable to bring revenue from an investment of $5,000.
But even miners that have managed to run their operations off-grid having secured a constant flow of gas to ruin their plants are being affected by the issue. This is because these blackouts are also affecting the local telecom grid, which cannot be operated with the limited plants that Etectsa, the local Cuban Telecom company leverages.
This problem was reported in June when officers of the company were already facing similar issues. At the time, an anonymous Etecsa worker stated:
Etecsa’s generators are running out of fuel to support so many hours of blackouts. The plants are not capable of generating all the energy necessary to keep so much equipment on for so long and that is why everything works incorrectly.
Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, leaving them unable to operate their rigs. The blackouts also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks.
Cryptocurrency has reached a notable level of functionality in Cuba, as citizens use it as an alternative to getting services that they would be unable to get otherwise, including international shopping, mobile and internet top-up services, and even sending and receiving remittances. However, cryptocurrency mining is facing problems to reach the same level of popularity.
While crypto mining was once considered a smart investment by Cubans, this idea has been demolished by the current state of the Cuban power grid, which puts mining operations in jeopardy due to the constant blackouts the country is facing. Raydel González, a small cryptocurrency miner that built his own rig, explained to the local news site Cubanet the difficulties that a miner faces in the country today. He stated:
I, like many others, had invested a lot of money in cryptocurrency mining equipment that is not cheap. With the advent of blackouts, cryptocurrency mining in Cuba is unsustainable.
Other miners like Eduardo Gomez purchased power plants in order to keep their operations ongoing, but the scarcity of gas has also made it difficult for these operations that run on off-grid power to be sustainable. Gonez explained that he is still unable to bring revenue from an investment of $5,000.
But even miners that have managed to run their operations off-grid having secured a constant flow of gas to ruin their plants are being affected by the issue. This is because these blackouts are also affecting the local telecom grid, which cannot be operated with the limited plants that Etectsa, the local Cuban Telecom company leverages.
This problem was reported in June when officers of the company were already facing similar issues. At the time, an anonymous Etecsa worker stated:
Etecsa’s generators are running out of fuel to support so many hours of blackouts. The plants are not capable of generating all the energy necessary to keep so much equipment on for so long and that is why everything works incorrectly.
Federal Reserve Hikes Rate by 50bps, FOMC Signals Rate to Rise to 5.1% Next Year
The U.S. central bank’s Federal Open Market Committee (FOMC) convened on Wednesday and raised the federal funds rate by 50 basis points (bps). The 0.5 percentage point rise follows the four consecutive three-quarters of a point increases codified during the last few months. The FOMC’s rate hike follows the recent U.S. inflation report which indicated that consumer prices fell to 7.1%, which was lower than expectations.
Following the consumer price index (CPI) report published on Tuesday, members of the U.S. Federal Reserve met on Wednesday and announced a 50bps rate hike. The December increase is smaller than the last four three-quarters of a point (75bps) rate increases.
“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.” The Fed is projecting an additional 75bps hike in the federal funds rate by the end of next year.
The news follows Tuesday’s CPI data that rose less than expected as metrics show the inflation rate in November was up 7.1% from a year ago. Core CPI jumped 0.2% on the month, the U.S. Bureau of Labor Statistics (BLS) noted. “Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment,” the BLS CPI report details. The FOMC report notes that the Fed will continue to monitor “incoming information for the economic outlook.”
“In addition, the committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May,” the FOMC members disclosed. “The committee is strongly committed to returning inflation to its 2 percent objective,” the FOMC added. After the rate hike and the bank signaled more increases will be enacted, equity markets and precious metal prices tumbled.
Crypto prices dropped too, and the price of bitcoin (BTC) fell beneath the $18K zone after the FOMC statement. The Fed has codified a number of rate hikes this year with one half percentage point jump and four three-quarters of a point hikes, making it a grand total of five federal funds rate increases in 2022.
At the end of November, Federal Reserve chairman Jerome Powell hinted during a speech at the Brookings Institution in Washington that easing up on the rate hikes very well could happen in December. Powell has faced political pressure in regard to the rate hikes and Tesla’s Elon Musk has warned against the aggressive hikes in recent times.
“We have more work to do,” Powell told reporters on Wednesday afternoon, and he further noted that “inflation risks are to the upside.”
The U.S. central bank’s Federal Open Market Committee (FOMC) convened on Wednesday and raised the federal funds rate by 50 basis points (bps). The 0.5 percentage point rise follows the four consecutive three-quarters of a point increases codified during the last few months. The FOMC’s rate hike follows the recent U.S. inflation report which indicated that consumer prices fell to 7.1%, which was lower than expectations.
Following the consumer price index (CPI) report published on Tuesday, members of the U.S. Federal Reserve met on Wednesday and announced a 50bps rate hike. The December increase is smaller than the last four three-quarters of a point (75bps) rate increases.
“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.” The Fed is projecting an additional 75bps hike in the federal funds rate by the end of next year.
The news follows Tuesday’s CPI data that rose less than expected as metrics show the inflation rate in November was up 7.1% from a year ago. Core CPI jumped 0.2% on the month, the U.S. Bureau of Labor Statistics (BLS) noted. “Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment,” the BLS CPI report details. The FOMC report notes that the Fed will continue to monitor “incoming information for the economic outlook.”
“In addition, the committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May,” the FOMC members disclosed. “The committee is strongly committed to returning inflation to its 2 percent objective,” the FOMC added. After the rate hike and the bank signaled more increases will be enacted, equity markets and precious metal prices tumbled.
Crypto prices dropped too, and the price of bitcoin (BTC) fell beneath the $18K zone after the FOMC statement. The Fed has codified a number of rate hikes this year with one half percentage point jump and four three-quarters of a point hikes, making it a grand total of five federal funds rate increases in 2022.
At the end of November, Federal Reserve chairman Jerome Powell hinted during a speech at the Brookings Institution in Washington that easing up on the rate hikes very well could happen in December. Powell has faced political pressure in regard to the rate hikes and Tesla’s Elon Musk has warned against the aggressive hikes in recent times.
“We have more work to do,” Powell told reporters on Wednesday afternoon, and he further noted that “inflation risks are to the upside.”
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The day has come. Two football giants made it to the Final match of the World Cup 2022. The probability of the victory of each team is high.
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Hi guys! 👋
Let's remember a few basic elements of the rules: 📖
🔹 The game has 10 levels that open gradually, according to the schedule. As you play, levels open from the lowest (cheapest) to the highest. Each level is a separate structure.
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Let's remember a few basic elements of the rules: 📖
🔹 The game has 10 levels that open gradually, according to the schedule. As you play, levels open from the lowest (cheapest) to the highest. Each level is a separate structure.
🔹The two players behind you will pay you 74% each. For participation in the level, YOU WILL RECEIVE 148% 🌠
🔹Payouts can be endless, but after each payout you need to activate the level again
🔹By missing the time to buy a level you will lose the pace of the game ☝️
🔹Your 100% deposit goes to higher players. 74% goes as main income to players above and 25% goes to their referrals.
For more information on the rules of the game, follow our web 🌐 and learn in detail in full.
Web | Channel | Chat | Twitter
National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge
The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy.
The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on the need for the new version of the national fiat, the tenge, have been presented in a whitepaper published by the regulator.
The first phase of the pilot was conducted between July and December, 2021, when a prototype was developed to examine the viability of the CBDC concept, detailed an announcement, quoted by RBC Crypto. During the second stage, from January to December, 2022, the platform was fine-tuned and trials started with financial market players and users.
According to the bank, the research has confirmed that the digital tenge is a feasible project. Once introduced, the CBDC can increase the availability of financial services, including through a feature allowing offline transactions as well as the offering of new products and services. A survey among consumers indicated the majority would use the coin.
The third phase of implementation of the digital national currency will commence in January and continue throughout 2023. Next year, developers plan to introduce a solution for commercial use. During the fourth stage, which is scheduled to end in December 2025, the NBK will invite more participants and launch additional services.
In October, Binance founder and CEO Changpeng Zhao announced on Twitter that the NBK plans to use the Bnb Chain for the deployment of the digital tenge. The world’s largest crypto trading platform was granted license to operate as a provider of exchange and custody services for digital assets out of the Astana International Financial Center (AIFC), the country’s financial hub.
Authorities in Kazakhstan, which became a major mining hub since China cracked down on the industry in 2021, have been also working to more comprehensively regulate crypto-related activities. Earlier in December, the lower house of parliament, the Mazhilis, passed a dedicated bill which, besides mining, addresses crypto trading and taxation.
The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy.
The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on the need for the new version of the national fiat, the tenge, have been presented in a whitepaper published by the regulator.
The first phase of the pilot was conducted between July and December, 2021, when a prototype was developed to examine the viability of the CBDC concept, detailed an announcement, quoted by RBC Crypto. During the second stage, from January to December, 2022, the platform was fine-tuned and trials started with financial market players and users.
According to the bank, the research has confirmed that the digital tenge is a feasible project. Once introduced, the CBDC can increase the availability of financial services, including through a feature allowing offline transactions as well as the offering of new products and services. A survey among consumers indicated the majority would use the coin.
The third phase of implementation of the digital national currency will commence in January and continue throughout 2023. Next year, developers plan to introduce a solution for commercial use. During the fourth stage, which is scheduled to end in December 2025, the NBK will invite more participants and launch additional services.
In October, Binance founder and CEO Changpeng Zhao announced on Twitter that the NBK plans to use the Bnb Chain for the deployment of the digital tenge. The world’s largest crypto trading platform was granted license to operate as a provider of exchange and custody services for digital assets out of the Astana International Financial Center (AIFC), the country’s financial hub.
Authorities in Kazakhstan, which became a major mining hub since China cracked down on the industry in 2021, have been also working to more comprehensively regulate crypto-related activities. Earlier in December, the lower house of parliament, the Mazhilis, passed a dedicated bill which, besides mining, addresses crypto trading and taxation.
Payments Giant Visa Proposes Using Ethereum L2 Starknet to Bolster Auto Payments for Self-Custodial Wallets
Visa, the financial services corporation headquartered in San Francisco, California, published a blog post that talks about leveraging ethereum and the layer two (L2) scaling solution Starknet so people with self-custodial wallets can pay their bills. The blog post notes that while Ethereum doesnt support account abstraction or delegable accounts, the financial services company implemented a delegable accounts solution on Starknet, the L2 blockchain network.
On Dec. 19, 2022, Visa’s Crypto Thought Leadership blog published a post written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s subject brief is about “auto payments for self-custodial wallets,” and Visa shows that it is possible to leverage Ethereum to execute auto-payments from a self-custodial wallet solution. However, the concept utilizes account abstraction, a feature that Ethereum core developers are currently debating.
“Account abstraction (AA) is a proposal that attempts to combine user accounts and smart contracts into just one Ethereum account type by making user accounts function like smart contracts,” the Visa blog post details.
In order to bypass the issue that AA is currently not feasible using Ethereum’s layer one (L1), Visa crypto researchers have summarized how they can accomplish auto payments for self-custodial wallets with AA via the L2 scaling solution Starknet. “With Starknet’s account model, we were able to implement our delegable accounts solution thus enabling auto payments for self-custodial wallets,” Visa explained. The company’s blog post adds:
We see auto payments as a core functionality that existing blockchain infrastructure lacks.
The Visa blog post on the subject originally stems from a research paper that was published in Aug. 2022. The news follows Visa filing trademark applications at the end of Oct. 2022 and the trademarks covered a broad range of crypto products including a wallet. Being one of the world’s largest payment networks, Visa said the firm wants to help “make money and payments programmable.”
In addition to Visa, the second-largest payment-processing corporation worldwide and Visa’s competitor, Mastercard, is also working to make cryptocurrency solutions more accessible. During the first week of Nov. 2022, Mastercard said: “We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies.”
Visa’s statements are akin to the same ideas and the auto-payments from a self-custodial wallet solution could provide a myriad of concepts. “We shared a novel solution that leverages the concept of account abstraction to provide self-custodial wallets with automatic recurring payments capability,” Visa’s blog post concludes. “Using the approach we have introduced, other real-world applications beyond recurring payments could be brought to the blockchain.”
Visa, the financial services corporation headquartered in San Francisco, California, published a blog post that talks about leveraging ethereum and the layer two (L2) scaling solution Starknet so people with self-custodial wallets can pay their bills. The blog post notes that while Ethereum doesnt support account abstraction or delegable accounts, the financial services company implemented a delegable accounts solution on Starknet, the L2 blockchain network.
On Dec. 19, 2022, Visa’s Crypto Thought Leadership blog published a post written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s subject brief is about “auto payments for self-custodial wallets,” and Visa shows that it is possible to leverage Ethereum to execute auto-payments from a self-custodial wallet solution. However, the concept utilizes account abstraction, a feature that Ethereum core developers are currently debating.
“Account abstraction (AA) is a proposal that attempts to combine user accounts and smart contracts into just one Ethereum account type by making user accounts function like smart contracts,” the Visa blog post details.
In order to bypass the issue that AA is currently not feasible using Ethereum’s layer one (L1), Visa crypto researchers have summarized how they can accomplish auto payments for self-custodial wallets with AA via the L2 scaling solution Starknet. “With Starknet’s account model, we were able to implement our delegable accounts solution thus enabling auto payments for self-custodial wallets,” Visa explained. The company’s blog post adds:
We see auto payments as a core functionality that existing blockchain infrastructure lacks.
The Visa blog post on the subject originally stems from a research paper that was published in Aug. 2022. The news follows Visa filing trademark applications at the end of Oct. 2022 and the trademarks covered a broad range of crypto products including a wallet. Being one of the world’s largest payment networks, Visa said the firm wants to help “make money and payments programmable.”
In addition to Visa, the second-largest payment-processing corporation worldwide and Visa’s competitor, Mastercard, is also working to make cryptocurrency solutions more accessible. During the first week of Nov. 2022, Mastercard said: “We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies.”
Visa’s statements are akin to the same ideas and the auto-payments from a self-custodial wallet solution could provide a myriad of concepts. “We shared a novel solution that leverages the concept of account abstraction to provide self-custodial wallets with automatic recurring payments capability,” Visa’s blog post concludes. “Using the approach we have introduced, other real-world applications beyond recurring payments could be brought to the blockchain.”
Russian Parliament Postpones Adoption of Crypto Mining Bill
Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting the country’s access to global finances and markets.
Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC.
The high-ranking lawmaker, who has been closely involved in efforts to regulate Russia’s crypto space, explained that the proposed legislation needs additional approvals. He was likely referring to the reconciliation of the positions of the various regulators involved in the process.
The bill, which was submitted to the lower house of Russian parliament in November, introduces amendments to the existing law “On Digital Financial Assets.” The latter went into force in January of 2021 and only partially regulated crypto-related activities.
Mining, for which Russia has certain competitive advantages like low-cost power and a cool climate, has been expanding as an industry and spreading as an additional income source for many amateur miners, especially in the country’s energy-rich regions.
Throughout this year, Russian government institutions have been mulling over how to expand the current regulatory framework to cover operations with cryptocurrencies. While most officials remain opposed to allowing the free circulation of bitcoin and the like inside Russia, their use in cross-border payments amid financial restrictions imposed over the war in Ukraine has gained significant support. Sanctions have affected the mining sector, too.
The mining law was initially rejected by the legal department of the Duma which insisted that the draft should first be coordinated with the Bank of Russia. The central bank, which has maintained a hardline stance on crypto, later supported the document under the condition that the minted coins will either be sold abroad or exchanged to fiat only under special legal regimes in Russia.
In mid-December, Aksakov’s committee considered the bill and proposed its adoption on first reading before the end of the fall session. The establishment of the “experimental legal regimes” proposed by the Bank of Russia should be regulated with a separate bill which also had to be filed with the Duma this year. Aksakov added that this piece of legislation needs to be approved as well.
Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting the country’s access to global finances and markets.
Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC.
The high-ranking lawmaker, who has been closely involved in efforts to regulate Russia’s crypto space, explained that the proposed legislation needs additional approvals. He was likely referring to the reconciliation of the positions of the various regulators involved in the process.
The bill, which was submitted to the lower house of Russian parliament in November, introduces amendments to the existing law “On Digital Financial Assets.” The latter went into force in January of 2021 and only partially regulated crypto-related activities.
Mining, for which Russia has certain competitive advantages like low-cost power and a cool climate, has been expanding as an industry and spreading as an additional income source for many amateur miners, especially in the country’s energy-rich regions.
Throughout this year, Russian government institutions have been mulling over how to expand the current regulatory framework to cover operations with cryptocurrencies. While most officials remain opposed to allowing the free circulation of bitcoin and the like inside Russia, their use in cross-border payments amid financial restrictions imposed over the war in Ukraine has gained significant support. Sanctions have affected the mining sector, too.
The mining law was initially rejected by the legal department of the Duma which insisted that the draft should first be coordinated with the Bank of Russia. The central bank, which has maintained a hardline stance on crypto, later supported the document under the condition that the minted coins will either be sold abroad or exchanged to fiat only under special legal regimes in Russia.
In mid-December, Aksakov’s committee considered the bill and proposed its adoption on first reading before the end of the fall session. The establishment of the “experimental legal regimes” proposed by the Bank of Russia should be regulated with a separate bill which also had to be filed with the Duma this year. Aksakov added that this piece of legislation needs to be approved as well.
Craig Wright Calls XRP ‘Useless Pump And Dump Scheme’, Ripple CTO Hits back
David Schwartz, Ripple CTO and Craig Wright, self proclaimed Bitcoin creator got into a war of words over BTC adoption by institutional investors.
However, this heated conversation took a wrong turn toward the XRP token and its utility.
https://coingape.com/xrp-news-craig-wright-calls-xrp-useless-pump-dump-scheme-ripple-cto-hits-back/?sd
David Schwartz, Ripple CTO and Craig Wright, self proclaimed Bitcoin creator got into a war of words over BTC adoption by institutional investors.
However, this heated conversation took a wrong turn toward the XRP token and its utility.
https://coingape.com/xrp-news-craig-wright-calls-xrp-useless-pump-dump-scheme-ripple-cto-hits-back/?sd
Report: R&B Artist Akon Denies Claims His Crypto City Dream Is Crumbling
Senegalese-American artist, Akon, reportedly reassured participants in his so-called token of appreciation (TOA) that they will be reimbursed for donations. To back this promise, the singer reportedly claimed he is even willing to do “a world tour just to pay them all back.” Akon, however, conceded during an interview that he should “have gotten more things in place before promoting it [Akon City].”
Rhythm and blues (R&B) singer and music producer, Akon, reportedly promised to reimburse disillusioned supporters who have been waiting for refunds from his token of appreciation (TOA) campaign. The Senegalese-American artist also told TOA holders that he is prepared to use his own funds to ensure this promise is honored.
“I’m dead serious. I would do a world tour just to pay them all back,” the award-winning artist reportedly said.
Launched in 2019, Akon’s TOA was given to his early financial backers. The TOA was not only a precursor to the akoin cryptocurrency but it also reportedly gave supporters an opportunity to acquire the crypto. However, after more than two years of waiting, some early backers have lost faith and are now asking for refunds.
Although he seemingly acknowledged that some supporters have lost faith in the project, Akon suggested during an interview with the BBC that his ambitious but much-delayed mega-construction project — Akon City — is still on track. As reported by Bitcoin News, construction of the initial phase of the singer’s “futuristic cryptocurrency-themed city” was expected to commence sometime in the second half of 2020.
Following the announcement of the singer’s reported multibillion-dollar project, Akon’s team revealed that the initial phase, which included the construction of hotels, a school, a waste facility, and a solar power plant, would be complete by the end of 2023. However, according to the BBC report, the site of Akon’s mega city has now become grazing land for goats.
During the interview, Akon — who blames the Covid-19 pandemic for causing the delay — conceded that he should “have gotten more things in place before promoting it.” The singer is nevertheless adamant that his project, which has been “co-signed by the current [Senegalese] president” is still alive.
“I plan to retire in that city. I don’t like to use the word the king of the city. But that’s what it will turn out to be,” Akon reportedly said.
During the interview, the R&B singer was also asked to respond to investor concerns about the legality of using a cryptocurrency in a jurisdiction regulated by the Central Bank of West African States (BCEAO). He said.
I want to make sure that however we involve crypto within the city is in a way that it lines up with all the rules and regulations.
As explained in the BBC report, the BCEAO has not only warned of the dangers of using crypto but has reportedly called it illegal.
Meanwhile, when asked if the akoin cryptocurrency is still the preferred medium of exchange in the envisaged city, Akon promised to have this “figured out by the time the city’s up, that’s for sure.”
Senegalese-American artist, Akon, reportedly reassured participants in his so-called token of appreciation (TOA) that they will be reimbursed for donations. To back this promise, the singer reportedly claimed he is even willing to do “a world tour just to pay them all back.” Akon, however, conceded during an interview that he should “have gotten more things in place before promoting it [Akon City].”
Rhythm and blues (R&B) singer and music producer, Akon, reportedly promised to reimburse disillusioned supporters who have been waiting for refunds from his token of appreciation (TOA) campaign. The Senegalese-American artist also told TOA holders that he is prepared to use his own funds to ensure this promise is honored.
“I’m dead serious. I would do a world tour just to pay them all back,” the award-winning artist reportedly said.
Launched in 2019, Akon’s TOA was given to his early financial backers. The TOA was not only a precursor to the akoin cryptocurrency but it also reportedly gave supporters an opportunity to acquire the crypto. However, after more than two years of waiting, some early backers have lost faith and are now asking for refunds.
Although he seemingly acknowledged that some supporters have lost faith in the project, Akon suggested during an interview with the BBC that his ambitious but much-delayed mega-construction project — Akon City — is still on track. As reported by Bitcoin News, construction of the initial phase of the singer’s “futuristic cryptocurrency-themed city” was expected to commence sometime in the second half of 2020.
Following the announcement of the singer’s reported multibillion-dollar project, Akon’s team revealed that the initial phase, which included the construction of hotels, a school, a waste facility, and a solar power plant, would be complete by the end of 2023. However, according to the BBC report, the site of Akon’s mega city has now become grazing land for goats.
During the interview, Akon — who blames the Covid-19 pandemic for causing the delay — conceded that he should “have gotten more things in place before promoting it.” The singer is nevertheless adamant that his project, which has been “co-signed by the current [Senegalese] president” is still alive.
“I plan to retire in that city. I don’t like to use the word the king of the city. But that’s what it will turn out to be,” Akon reportedly said.
During the interview, the R&B singer was also asked to respond to investor concerns about the legality of using a cryptocurrency in a jurisdiction regulated by the Central Bank of West African States (BCEAO). He said.
I want to make sure that however we involve crypto within the city is in a way that it lines up with all the rules and regulations.
As explained in the BBC report, the BCEAO has not only warned of the dangers of using crypto but has reportedly called it illegal.
Meanwhile, when asked if the akoin cryptocurrency is still the preferred medium of exchange in the envisaged city, Akon promised to have this “figured out by the time the city’s up, that’s for sure.”
Report: Nigerian Central Bank Spent Over $1.8 Billion Managing Local Currency
During her appearance before Nigerian lawmakers, Aisha Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), told lawmakers that out of the nearly $1.8 billion used to manage the local currency, over 90% of this total was reportedly used to fund expenses associated with the production of banknotes.
According to Aisha Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), between the years 2017 and 2021, the apex bank spent an equivalent of nearly $1.8 billion, or 800 billion naira, managing the local currency. The production of new banknotes alone accounted for more than 90% of this figure.
As per remarks published by the Punch, Ahmad, in her recent appearance before Nigerian lawmakers, also claimed that the cost of maintaining the local currency has been increasing by over $22 million annually. Before Ahmad’s disclosure, Kingsley Moghalu, a former CBN deputy governor, had also told lawmakers that the central bank uses approximately $336 million to manage the currency.
In addition to incurring high costs associated with managing the naira currency, the CBN has to contend with the increased risk of counterfeiting, the report said.
Meanwhile, in her testimony, Ahmad partly blamed the spiraling costs on what she characterized as wholesale hoarding of the naira by the Nigerian public.
“An observation supported by statistics shows that cash outside banks consists of over 80 per cent of the currency in circulation; worsening [the] shortage of fit banknotes in circulation. This portends [a] negative public perception of the bank and increases [the] threat to financial system stability,” Ahmad is quoted as saying.
To help the central bank overcome some of the challenges identified by Ahmad, the CBN introduced into circulation newly designed naira banknotes on Dec. 15. At the same time, the bank said Nigerian residents in possession of the old banknotes should return these before or by Jan. 1, 2023.
The central bank has also restricted the amount of cash that individuals and corporate organizations can withdraw. However, some Nigerian commentators have accused the CBN of using the so-called naira redesign policy to target politicians. Responding to these allegations, Ahmad reportedly told lawmakers that the bank’s decision to limit cash withdrawals was based on research.
“I have to make it very clear that the CBN is an independent institution and our decisions are taken based on research — it is the work of many teams working together across the different directories,” Ahmad reportedly said.
During her appearance before Nigerian lawmakers, Aisha Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), told lawmakers that out of the nearly $1.8 billion used to manage the local currency, over 90% of this total was reportedly used to fund expenses associated with the production of banknotes.
According to Aisha Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), between the years 2017 and 2021, the apex bank spent an equivalent of nearly $1.8 billion, or 800 billion naira, managing the local currency. The production of new banknotes alone accounted for more than 90% of this figure.
As per remarks published by the Punch, Ahmad, in her recent appearance before Nigerian lawmakers, also claimed that the cost of maintaining the local currency has been increasing by over $22 million annually. Before Ahmad’s disclosure, Kingsley Moghalu, a former CBN deputy governor, had also told lawmakers that the central bank uses approximately $336 million to manage the currency.
In addition to incurring high costs associated with managing the naira currency, the CBN has to contend with the increased risk of counterfeiting, the report said.
Meanwhile, in her testimony, Ahmad partly blamed the spiraling costs on what she characterized as wholesale hoarding of the naira by the Nigerian public.
“An observation supported by statistics shows that cash outside banks consists of over 80 per cent of the currency in circulation; worsening [the] shortage of fit banknotes in circulation. This portends [a] negative public perception of the bank and increases [the] threat to financial system stability,” Ahmad is quoted as saying.
To help the central bank overcome some of the challenges identified by Ahmad, the CBN introduced into circulation newly designed naira banknotes on Dec. 15. At the same time, the bank said Nigerian residents in possession of the old banknotes should return these before or by Jan. 1, 2023.
The central bank has also restricted the amount of cash that individuals and corporate organizations can withdraw. However, some Nigerian commentators have accused the CBN of using the so-called naira redesign policy to target politicians. Responding to these allegations, Ahmad reportedly told lawmakers that the bank’s decision to limit cash withdrawals was based on research.
“I have to make it very clear that the CBN is an independent institution and our decisions are taken based on research — it is the work of many teams working together across the different directories,” Ahmad reportedly said.
IMF Warns of Tough Year Ahead for World Economy Citing Slowdown in US, EU, China
The International Monetary Fund (IMF) has warned that 2023 will be a tougher year for most of the world economy because the U.S., EU, and Chinese economies are all slowing down simultaneously. “We expect one-third of the world economy to be in recession … Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” said IMF chief Kristalina Georgieva.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva shared the IMF’s predictions on the U.S., the EU, China, and the world economy in an interview with CBS, aired Sunday. She detailed:
This is what we see in 2023. For most of the world economy, this is going to be a tough year, tougher than the year we leave behind. Why? Because the three big economies, U.S., EU, China, are all slowing down simultaneously.
“The U.S. is most resilient. The U.S. may avoid recession. We see the labor market remaining quite strong. This is, however, a mixed blessing because if the labor market is very strong, the Fed may have to keep interest rates tighter for longer to bring inflation down,” the IMF chief continued.
“The EU was very severely hit by the war in Ukraine. Half of the European Union will be in recession next year. China is going to slow down this year further,” she added.
Moreover, the IMF boss said:
Next year will be a tough year for China. And that translates into negative trends globally.
“When we look at the emerging markets in developing economies, there, the picture is even direr. Why? Because on top of everything else, they get hit by high interest rates and by the appreciation of the dollar. For those economies that have high level of that, this is a devastation,” she cautioned.
Regarding China specifically, Georgieva described: “In the short term, bad news. China has slowed down dramatically in 2022 because of this tight zero Covid policy. For the first time in 40 years, China’s growth in 2022 is likely to be at or below global growth. That has never happened before.”
Emphasizing that she hopes the U.S. economy “is not going to slip into recession despite all these risks,” the IMF managing director shared:
We expect one third of the world economy to be in recession … Even countries that are not in recession, it would feel like recession for hundreds of millions of people.
Georgieva added that “the world has changed dramatically,” noting that “it is a more shock-prone world.” She explained that these shocks include Covid, the Russia-Ukraine war, and the cost of living crisis.
“My message [is] don’t think that we are going to go back to pre-Covid predictability. More uncertainty, more overlap of crises wait for us … We have to buckle up and act in that more agile, precautionary manner,” she concluded.
The International Monetary Fund (IMF) has warned that 2023 will be a tougher year for most of the world economy because the U.S., EU, and Chinese economies are all slowing down simultaneously. “We expect one-third of the world economy to be in recession … Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” said IMF chief Kristalina Georgieva.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva shared the IMF’s predictions on the U.S., the EU, China, and the world economy in an interview with CBS, aired Sunday. She detailed:
This is what we see in 2023. For most of the world economy, this is going to be a tough year, tougher than the year we leave behind. Why? Because the three big economies, U.S., EU, China, are all slowing down simultaneously.
“The U.S. is most resilient. The U.S. may avoid recession. We see the labor market remaining quite strong. This is, however, a mixed blessing because if the labor market is very strong, the Fed may have to keep interest rates tighter for longer to bring inflation down,” the IMF chief continued.
“The EU was very severely hit by the war in Ukraine. Half of the European Union will be in recession next year. China is going to slow down this year further,” she added.
Moreover, the IMF boss said:
Next year will be a tough year for China. And that translates into negative trends globally.
“When we look at the emerging markets in developing economies, there, the picture is even direr. Why? Because on top of everything else, they get hit by high interest rates and by the appreciation of the dollar. For those economies that have high level of that, this is a devastation,” she cautioned.
Regarding China specifically, Georgieva described: “In the short term, bad news. China has slowed down dramatically in 2022 because of this tight zero Covid policy. For the first time in 40 years, China’s growth in 2022 is likely to be at or below global growth. That has never happened before.”
Emphasizing that she hopes the U.S. economy “is not going to slip into recession despite all these risks,” the IMF managing director shared:
We expect one third of the world economy to be in recession … Even countries that are not in recession, it would feel like recession for hundreds of millions of people.
Georgieva added that “the world has changed dramatically,” noting that “it is a more shock-prone world.” She explained that these shocks include Covid, the Russia-Ukraine war, and the cost of living crisis.
“My message [is] don’t think that we are going to go back to pre-Covid predictability. More uncertainty, more overlap of crises wait for us … We have to buckle up and act in that more agile, precautionary manner,” she concluded.
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Crypto Exchange Upbit Logo to Appear on Italian Soccer Club Napoli’s Jerseys
Shirts worn by the players of the Italian soccer team Napoli will display the logo of cryptocurrency exchange Upbit. The arrangement is part of a sponsorship deal with Dunamu, the company that operates the coin trading platform, which is one of the largest in South Korea.
SSC Napoli, the current leaders in the Italian professional soccer league, Serie A, and Dunamu Inc. announced a partnership that will make the Korean fintech firm the official back-of-shirt and crypto-exchange partner of the soccer team for the current and the next season.
The deal, which covers all of Napoli’s Serie A, Coppa Italia and friendly matches, will place the logo of Dunamu’s crypto exchange, Upbit, below the number on the back of their jerseys. The company’s logo will also appear on billboards around Stadio Diego Armando Maradona in Naples.
“This will come into play for the team’s next Serie A fixture on Wednesday, Jan. 4, against Inter,” Napoli unveiled in a press release on the first day of the week. The club emphasized the importance of the agreement with Dunamu in light of Napoli’s intention to expand its fan base in South Korea.
At the heart of the Napoli lineup is Kim Min-jae, the Korea Joongang Daily noted in a report. The Korean center-back, who signed for Napoli in late July, made his debut in August and was named Lega Serie A Player of the Month for September.
Kim scored two goals in his first few weeks with Napoli, which made him the second-highest scoring Korean to ever play in Serie A. His team currently tops the league’s table and has remained undefeated at home throughout the 2022-23 season.
“We’re thrilled to have reached this agreement with the South Korean company Dunamu, a leader in its sector,” said Tommaso Bianchini, chief international development officer of Napoli. “We’d like to warmly welcome Upbit to our family and we look forward to working together and enlarging our presence in South Korea,” he added.
“Dunamu is excited about our new partnership with SSC Napoli, one of the biggest and most prestigious football clubs in the world. We’re thankful for the warmest welcome and are thrilled to be a part of the journey together with SSC Napoli, including star defender Kim Min-jae,” Dunamu CEO Sirgoo Lee was quoted as stating.
Napoli is not the only leading Italian football club with a crypto sponsor. In August, 2021, soccer giant AC Milan sealed a deal with Bitmex to make the crypto exchange its ‘official sleeve and crypto trading partner’ under a multi-year sponsorship agreement. In September of that year, crypto derivatives exchange Bitget announced a partnership with Juventus and Inter secured a $100 million sponsorship with blockchain company Zytara Labs.
Shirts worn by the players of the Italian soccer team Napoli will display the logo of cryptocurrency exchange Upbit. The arrangement is part of a sponsorship deal with Dunamu, the company that operates the coin trading platform, which is one of the largest in South Korea.
SSC Napoli, the current leaders in the Italian professional soccer league, Serie A, and Dunamu Inc. announced a partnership that will make the Korean fintech firm the official back-of-shirt and crypto-exchange partner of the soccer team for the current and the next season.
The deal, which covers all of Napoli’s Serie A, Coppa Italia and friendly matches, will place the logo of Dunamu’s crypto exchange, Upbit, below the number on the back of their jerseys. The company’s logo will also appear on billboards around Stadio Diego Armando Maradona in Naples.
“This will come into play for the team’s next Serie A fixture on Wednesday, Jan. 4, against Inter,” Napoli unveiled in a press release on the first day of the week. The club emphasized the importance of the agreement with Dunamu in light of Napoli’s intention to expand its fan base in South Korea.
At the heart of the Napoli lineup is Kim Min-jae, the Korea Joongang Daily noted in a report. The Korean center-back, who signed for Napoli in late July, made his debut in August and was named Lega Serie A Player of the Month for September.
Kim scored two goals in his first few weeks with Napoli, which made him the second-highest scoring Korean to ever play in Serie A. His team currently tops the league’s table and has remained undefeated at home throughout the 2022-23 season.
“We’re thrilled to have reached this agreement with the South Korean company Dunamu, a leader in its sector,” said Tommaso Bianchini, chief international development officer of Napoli. “We’d like to warmly welcome Upbit to our family and we look forward to working together and enlarging our presence in South Korea,” he added.
“Dunamu is excited about our new partnership with SSC Napoli, one of the biggest and most prestigious football clubs in the world. We’re thankful for the warmest welcome and are thrilled to be a part of the journey together with SSC Napoli, including star defender Kim Min-jae,” Dunamu CEO Sirgoo Lee was quoted as stating.
Napoli is not the only leading Italian football club with a crypto sponsor. In August, 2021, soccer giant AC Milan sealed a deal with Bitmex to make the crypto exchange its ‘official sleeve and crypto trading partner’ under a multi-year sponsorship agreement. In September of that year, crypto derivatives exchange Bitget announced a partnership with Juventus and Inter secured a $100 million sponsorship with blockchain company Zytara Labs.
Bank of France Governor Calls for Mandatory Licensing for Crypto Companies
France has to adopt a licensing regime for crypto service providers, the head of the country’s central bank has suggested. According to the executive, the need to tighten regulatory oversight stems from the “disorder” in the industry throughout the past year.
Banque de France Governor Francois Villeroy de Galhau has urged for subjecting crypto businesses to stricter regulatory requirements. Licensing must be introduced instead of the current registration in response to the recent volatility in the sector, he insisted.
De Galhau also thinks that Paris should not hesitate but act even before the upcoming EU regulations take effect and make it obligatory for Digital Asset Service Providers (DASPs) to obtain licenses from the French government, Bloomberg reported.
Around 60 platforms working with cryptocurrencies have so far registered with the Autorité des Marchés Financiers (AMF), France’s financial markets authority, including global players such as Binance, the world’s largest crypto exchange.
Licenses are still optional and there are no licensees yet among the digital asset service providers registered in France. Speaking to representatives of the financial sector on said Thursday, Villeroy de Galhau stated:
All the disorder in 2022 feeds a simple belief: it is desirable for France to move to an obligatory licensing of DASP as soon as possible, rather than just registration.
Digital asset service providers which want to be granted a license are required by the AMF to comply with certain standards in terms of organization, available financial resources and business conduct, the report notes.
The governor’s proposal comes after last summer key EU institutions and member states reached an agreement on the new Markets in Crypto Assets (MiCA) legislation and achieved consensus on a set of new anti-money laundering rules for the industry.
The regulatory package is expected to enter into force in 2023 but businesses will have another 12 to 18 months to comply with it. Brussels also wants to oblige platforms processing crypto transactions for EU residents to report to tax authorities in the Union.
France has to adopt a licensing regime for crypto service providers, the head of the country’s central bank has suggested. According to the executive, the need to tighten regulatory oversight stems from the “disorder” in the industry throughout the past year.
Banque de France Governor Francois Villeroy de Galhau has urged for subjecting crypto businesses to stricter regulatory requirements. Licensing must be introduced instead of the current registration in response to the recent volatility in the sector, he insisted.
De Galhau also thinks that Paris should not hesitate but act even before the upcoming EU regulations take effect and make it obligatory for Digital Asset Service Providers (DASPs) to obtain licenses from the French government, Bloomberg reported.
Around 60 platforms working with cryptocurrencies have so far registered with the Autorité des Marchés Financiers (AMF), France’s financial markets authority, including global players such as Binance, the world’s largest crypto exchange.
Licenses are still optional and there are no licensees yet among the digital asset service providers registered in France. Speaking to representatives of the financial sector on said Thursday, Villeroy de Galhau stated:
All the disorder in 2022 feeds a simple belief: it is desirable for France to move to an obligatory licensing of DASP as soon as possible, rather than just registration.
Digital asset service providers which want to be granted a license are required by the AMF to comply with certain standards in terms of organization, available financial resources and business conduct, the report notes.
The governor’s proposal comes after last summer key EU institutions and member states reached an agreement on the new Markets in Crypto Assets (MiCA) legislation and achieved consensus on a set of new anti-money laundering rules for the industry.
The regulatory package is expected to enter into force in 2023 but businesses will have another 12 to 18 months to comply with it. Brussels also wants to oblige platforms processing crypto transactions for EU residents to report to tax authorities in the Union.
World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’
On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession.
The World Bank, the financial organization with 174 member countries, released its Global Economic Prospects report on Tuesday. The report envisions a “sharp, long-lasting slowdown to hit developing countries hard.” The World Bank cites numerous issues plaguing the global economy, including the Covid-19 pandemic and “escalating geopolitical tensions,” as reasons why the world’s economy could spiral into a recession. The report also mentions interest rate hikes by central banks and “higher-than-expected inflation” as contributing factors to the “adverse developments.”
The World Bank’s report further detailed that inflation has dropped to some degree at the end of 2022. It also noted that skyrocketing commodity and energy prices have subsided for the time being. The World Bank warns, however, that global economies will likely still see inflation persist, and supply disruptions could stem from adversities such as the Covid-19 pandemic and the Ukraine-Russia war in Europe. If inflation persists, the World Bank warns that benchmark bank rates could continue to climb in order to curb inflationary pressures.
“Growth in advanced economies is projected to slow from 2.5% in 2022 to 0.5% in 2023. Over the past two decades, slowdowns of this scale have foreshadowed a global recession,” the World Bank’s Global Economic Prospects report details. “In the United States, growth is forecast to fall to 0.5% in 2023—1.9 percentage points below previous forecasts and the weakest performance outside of official recessions since 1970. In 2023, euro-area growth is expected at zero percent—a downward revision of 1.9 percentage points. In China, growth is projected at 4.3% in 2023—0.9 percentage point below previous forecasts.”
The report’s summary concludes that one thing that can help the global economy is by improving “long-term growth prospects by bolstering resilience to climate change.” The World Bank insists that policymakers need to “address climate change and support people affected by crises and hunger.” In order to “offset the long-term damage from the adverse shocks of the past three years,” emerging markets and developing economies will need to “substantially increase investment,” according to the World Bank’s report.
On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession.
The World Bank, the financial organization with 174 member countries, released its Global Economic Prospects report on Tuesday. The report envisions a “sharp, long-lasting slowdown to hit developing countries hard.” The World Bank cites numerous issues plaguing the global economy, including the Covid-19 pandemic and “escalating geopolitical tensions,” as reasons why the world’s economy could spiral into a recession. The report also mentions interest rate hikes by central banks and “higher-than-expected inflation” as contributing factors to the “adverse developments.”
The World Bank’s report further detailed that inflation has dropped to some degree at the end of 2022. It also noted that skyrocketing commodity and energy prices have subsided for the time being. The World Bank warns, however, that global economies will likely still see inflation persist, and supply disruptions could stem from adversities such as the Covid-19 pandemic and the Ukraine-Russia war in Europe. If inflation persists, the World Bank warns that benchmark bank rates could continue to climb in order to curb inflationary pressures.
“Growth in advanced economies is projected to slow from 2.5% in 2022 to 0.5% in 2023. Over the past two decades, slowdowns of this scale have foreshadowed a global recession,” the World Bank’s Global Economic Prospects report details. “In the United States, growth is forecast to fall to 0.5% in 2023—1.9 percentage points below previous forecasts and the weakest performance outside of official recessions since 1970. In 2023, euro-area growth is expected at zero percent—a downward revision of 1.9 percentage points. In China, growth is projected at 4.3% in 2023—0.9 percentage point below previous forecasts.”
The report’s summary concludes that one thing that can help the global economy is by improving “long-term growth prospects by bolstering resilience to climate change.” The World Bank insists that policymakers need to “address climate change and support people affected by crises and hunger.” In order to “offset the long-term damage from the adverse shocks of the past three years,” emerging markets and developing economies will need to “substantially increase investment,” according to the World Bank’s report.
Bitconnect Victims to Receive Over $17 Million in Restitution From Ponzi Scheme
More than $17 million in restitution will be distributed among investors in the pyramid scheme Bitconnect under a court order in the United States. The notorious crypto investment scheme defrauded thousands of people around the world.
A total of over $17 million in restitution will be returned to around 800 victims from more than 40 countries who lost money to Bitconnect, the U.S. Department of Justice (DOJ) announced Thursday, quoting an order issued by a federal district court in San Diego. The large-scale crypto investment scheme defrauded thousands of investors globally.
The ruling comes after on Sept. 16, 2021, the top U.S.-based promoter of Bitconnect, 44-year-old Glenn Arcaro, pleaded guilty to conspiracy to commit wire fraud. He admitted to marketing Bitconnect’s initial coin offering and digital currency exchange as a lucrative investment with the goal to exploit investor interest in cryptocurrency.
Arcaro and his co-conspirators misled investors about Bitconnect’s “Lending Program” and its purported proprietary “Bitconnect Trading Bot” and “Volatility Software” technologies which, as they claimed, could generate guaranteed returns on investors’ money used to trade on crypto exchange markets.
“In truth, however, Bitconnect operated a textbook Ponzi scheme by paying earlier Bitconnect investors with money from later investors. Arcaro and his co-conspirators ensured that up to 15% of the money invested into Bitconnect went directly into a slush fund to be used for the benefit of its owner and promoters,” the DOJ explained.
Glenn Arcaro, a resident of Los Angeles, was sentenced to 38 months in U.S. federal prison in September of 2022. He admitted to earning at least $24 million from the scam. At the time, the DOJ pointed out that all of that money will be repaid to investors or forfeited to the government. In November, the previous year, the Justice department had offered for sale $56 million worth of crypto assets seized from Bitconnect.
The crypto pyramid’s founder, Indian national Satish Kumbhani, was indicted on Feb. 25, 2022 for his key role in organizing the $3.4 billion fraud scheme. In August, police in India launched an investigation into Bitconnect and a search for its mastermind. If convicted in the U.S., he would face a maximum of 70 years in prison.
More than $17 million in restitution will be distributed among investors in the pyramid scheme Bitconnect under a court order in the United States. The notorious crypto investment scheme defrauded thousands of people around the world.
A total of over $17 million in restitution will be returned to around 800 victims from more than 40 countries who lost money to Bitconnect, the U.S. Department of Justice (DOJ) announced Thursday, quoting an order issued by a federal district court in San Diego. The large-scale crypto investment scheme defrauded thousands of investors globally.
The ruling comes after on Sept. 16, 2021, the top U.S.-based promoter of Bitconnect, 44-year-old Glenn Arcaro, pleaded guilty to conspiracy to commit wire fraud. He admitted to marketing Bitconnect’s initial coin offering and digital currency exchange as a lucrative investment with the goal to exploit investor interest in cryptocurrency.
Arcaro and his co-conspirators misled investors about Bitconnect’s “Lending Program” and its purported proprietary “Bitconnect Trading Bot” and “Volatility Software” technologies which, as they claimed, could generate guaranteed returns on investors’ money used to trade on crypto exchange markets.
“In truth, however, Bitconnect operated a textbook Ponzi scheme by paying earlier Bitconnect investors with money from later investors. Arcaro and his co-conspirators ensured that up to 15% of the money invested into Bitconnect went directly into a slush fund to be used for the benefit of its owner and promoters,” the DOJ explained.
Glenn Arcaro, a resident of Los Angeles, was sentenced to 38 months in U.S. federal prison in September of 2022. He admitted to earning at least $24 million from the scam. At the time, the DOJ pointed out that all of that money will be repaid to investors or forfeited to the government. In November, the previous year, the Justice department had offered for sale $56 million worth of crypto assets seized from Bitconnect.
The crypto pyramid’s founder, Indian national Satish Kumbhani, was indicted on Feb. 25, 2022 for his key role in organizing the $3.4 billion fraud scheme. In August, police in India launched an investigation into Bitconnect and a search for its mastermind. If convicted in the U.S., he would face a maximum of 70 years in prison.
Spanish Airline Vueling to Accept Cryptocurrency as Means of Payment
Vueling, a low-cost Spanish airline, has announced it is exploring the functionality of blockchain and NFT (non-fungible token) technology to accept cryptocurrency as a means of payment for its services. The company enlisted the aid of Criptan, a registered Spanish cryptocurrency exchange, and aims to open this payment option for users by Q3 2023.
Vueling, one of the Spanish budget airlines that has grown after the Covid-19 travel restrictions ended, is taking its first steps to accepting crypto as payment for its services. The company announced on Jan. 14 it was examining the usage of blockchain and NFT technology in order to allow customers to acquire plane tickets with crypto.
For this task, Vueling has partnered with Criptan, a national exchange that has already registered with the Bank of Spain, to serve as a payments company, processing and completing customers’ orders using crypto.
Vueling states this move will turn it into the first low-cost airline to accept crypto as a means of payment in Europe. On this, Jesus Monzo, Vueling’s alliances and distribution manager, stated:
This agreement places us at the forefront of new technologies and innovation, further reinforcing our commitment to our customers and offering the best and most advanced tools and solutions on our website.
Jorge Soriano, Criptan’s CEO, stated the company is convinced that the introduction of crypto payments could improve user experience by showing customers the potential there is behind the implementation of such solutions.
The functionality is expected to be available on the website of the airline by Q3 2023, and it will be using UATP tech, the global payments network for airlines, although the company has not indicated which cryptocurrencies will be accepted.
Other airlines have already introduced crypto and even NFTs as part of their retail operations. One of these is Flybondi, an Argentine airline, that announced it would be issuing plane tickets as NFTs in September 2022, allowing users to sell them on secondary markets. As part of that alliance, the company would also accept payments in stablecoins like USDC, using Binance Pay as a payment processing partner.
But even prior to that, the Venezuelan government reported it would be accepting several cryptocurrencies as payment for plane tickets in Oct. 2021, including among these the national token, the petro.
Vueling, a low-cost Spanish airline, has announced it is exploring the functionality of blockchain and NFT (non-fungible token) technology to accept cryptocurrency as a means of payment for its services. The company enlisted the aid of Criptan, a registered Spanish cryptocurrency exchange, and aims to open this payment option for users by Q3 2023.
Vueling, one of the Spanish budget airlines that has grown after the Covid-19 travel restrictions ended, is taking its first steps to accepting crypto as payment for its services. The company announced on Jan. 14 it was examining the usage of blockchain and NFT technology in order to allow customers to acquire plane tickets with crypto.
For this task, Vueling has partnered with Criptan, a national exchange that has already registered with the Bank of Spain, to serve as a payments company, processing and completing customers’ orders using crypto.
Vueling states this move will turn it into the first low-cost airline to accept crypto as a means of payment in Europe. On this, Jesus Monzo, Vueling’s alliances and distribution manager, stated:
This agreement places us at the forefront of new technologies and innovation, further reinforcing our commitment to our customers and offering the best and most advanced tools and solutions on our website.
Jorge Soriano, Criptan’s CEO, stated the company is convinced that the introduction of crypto payments could improve user experience by showing customers the potential there is behind the implementation of such solutions.
The functionality is expected to be available on the website of the airline by Q3 2023, and it will be using UATP tech, the global payments network for airlines, although the company has not indicated which cryptocurrencies will be accepted.
Other airlines have already introduced crypto and even NFTs as part of their retail operations. One of these is Flybondi, an Argentine airline, that announced it would be issuing plane tickets as NFTs in September 2022, allowing users to sell them on secondary markets. As part of that alliance, the company would also accept payments in stablecoins like USDC, using Binance Pay as a payment processing partner.
But even prior to that, the Venezuelan government reported it would be accepting several cryptocurrencies as payment for plane tickets in Oct. 2021, including among these the national token, the petro.
