Uncategorized Archives - Page 20 of 139

MondaySep 09, 2024 9:00 am

Largest Bank in Russia to Start Offering CBDC Next Year

Russia’s leading bank, Sberbank, is gearing up to introduce operations with the nation’s central bank digital currency (CBDC), commonly referred to as the digital ruble, for its clients. The bank is looking to have the operations in place by the beginning of 2025, according to the bank’s deputy CEO Anatoly Popov. Sberbank is one of several Russian banks that are set to participate in the second phase of testing the CBDC, alongside roughly 20 other institutions. The digital ruble prototype was designed by Russia’s central bank in December 2021 and testing started in 2022. Test transactions involving employees and customers…

FridaySep 06, 2024 9:00 am

Traders Lose Millions as Hackers Use Mbappe Account to Publicize Scam

Crypto traders reportedly lost millions after the X account of soccer player Kylian Mbappé was hacked on late last night. According to multiple reports, the hacker took control of the player’s account to promote a phony crypto token with promises to double any tokens sent to a particular address. As a result, the market capitalization of the Kylian Mbappé (MBAPPE) coin skyrocketed to $460 million. But this value later dropped sharply to below $100,000. One particular trader reportedly lost more than $1 million in the scheme. According to information released by on-chain intelligence company Lookonchain, the person purchased the phony…

WednesdaySep 04, 2024 9:00 am

Report Shows Russia Plan to Begin Crypto Payment Pilot Project

Russia is preparing to initiate trials for crypto exchanges and the use of digital tokens in cross-border payments, with the trials scheduled to begin on Sept. 1, 2024, according to Bloomberg. The trials are intended to help Russian businesses overcome payment challenges caused by international sanctions. The trials will utilize the National Payment Card System to enable the conversion between crypto and rubles, as well as evaluate exchange and payment platforms. The Russian central bank set up the system in 2014, and it presently controls the Mir card network and monitors domestic interbank transfers. Before now, the central bank has…

FridayAug 30, 2024 9:00 am

How Futures, Spot Crypto ETFs Differ

The U.S. Securities and Exchange Commission (SEC) approved 12 and 9 Bitcoin and Ether spot exchange-traded funds (ETFs), respectively, this year. Understanding the distinctions between futures and spot cryptocurrency exchange-traded products (ETPs) is crucial for investors to navigate the ever-evolving world of crypto investments. In traditional finance, often called “tradefi,” a crypto spot ETF is designed to directly hold the underlying digital currency, such as Ether or Bitcoin. When investors buy shares in a spot ETF, they are essentially purchasing a stake in the actual cryptocurrency. This framework replicates the real-time pricing of the crypto without requiring investors to handle…

WednesdayAug 28, 2024 9:00 am

Why Cryptocurrency Market Rallied After Powell’s Speech

Bitcoin experienced a nearly 5% boost as last week ended, reflecting a broader rally in the cryptocurrency market. The surge follows remarks from the Federal Reserve chair, Jerome Powell, on Friday, where hints of potential interest rate cuts sparked excitement among investors. In his address, Powell highlighted that the job market has begun to show signs of easing, remarking that the conditions are currently less tight than they were prior to the pandemic. He added that the shift indicates it’s time for a policy adjustment. Historically, lower interest rates have been favorable for Bitcoin and the broader crypto market. For…

MondayAug 26, 2024 12:45 pm

AI Innovations at Blockchain Futurist Conference: Experts Discuss the Future of Artificial Intelligence

The Blockchain Futurist Conference, held August 13-14 in Toronto, is Canada’s largest crypto, Web3 and blockchain conference. This year’s highlights included: 10,000+ attendees 250+ speakers 300+ sponsors and partners 130+ press and media 78 events for CanadaCryptoWeek 2 hackathons Key to the event are panel discussions, which spotlight areas of interest and allow attendees to hear and meet with topic experts. These moderated discussions offer ideas and answers from business and technology leaders who are directly involved in rapidly developing subjects of vital interest. In particular, this year’s conference offered interested attendees a special panel discussion centering around one of…

MondayAug 26, 2024 9:00 am

New Partnership Allows State Street to Expand Crypto Services

Leading American financial services provider State Street is teaming up with Swiss crypto company Taurus to roll out new digital asset services. The collaboration aims to cater to the rising demand among institutional investors for opportunities in the digital asset space, including the ability to transform physical assets into tradeable digital tokens. Institutional interest in cryptocurrencies has increased as they become more prevalent in the financial system, especially through regulated products such as exchange-traded funds (ETFs) and futures. With these new asset classes, many of these investors are trying to find strategies to diversify their portfolios and protect themselves from…

FridayAug 23, 2024 9:00 am

The GOP Feels Betrayed After Crypto PAC Endorses Democrats

A major procrypto political organization has injected substantial funding into major senate races in Arizona and Michigan, supporting Democratic candidates in opposition to those endorsed by Republican presidential candidate Donald Trump. This move has frustrated key Republicans, who have traditionally seen the crypto industry as an ally rather than an adversary. The Fairshake PAC, along with its associated super PACs, is spending millions on advertising in an attempt to sway the results of three senate contests this election year. The groups recently announced plans to commit approximately $3 million each to support Democratic candidates Ruben Gallego and Elissa Slotkin in…

WednesdayAug 21, 2024 9:00 am

Financial Disclosure Reveals Trump Owns Crypto Worth at Least $1M

Former President Donald Trump holds more than $1 million in crypto assets and has profited $300,000 from selling branded Bibles, according to a recent personal financial disclosure. The branded Bible, named the Greenwood Bible, is priced at $59.99. According to the product’s website, it includes a handwritten chorus from the patriotic hymn “God Bless the U.S.” performed by country musician Lee Greenwood. There is also a limited edition available for $1,000 with Trump’s signature. In addition to a cryptocurrency wallet, Trump owns virtual Ether key holdings worth $1 million to $5 million according to the disclosure. His position on cryptocurrencies…

MondayAug 19, 2024 9:00 am

Russia Authorizes BTC and Crypto Mining

Russian president Vladimir Putin has given the green light to a new law aimed at reducing the country's dependency on the U.S. dollar (USD) in global trade. The legislation, which will come into effect on Nov. 1, 2024, permits approved mining companies to register via a state-managed database to legally mine cryptocurrencies. In addition, individual crypto miners will have the option to mine without the need for official registration provided their energy consumption remains under a specified limit. The oversight of the sector will be shared among various entities within the Russian government, including the Finance Ministry, the Bank of…