Category Archives: Cryptocurrency News

IMF warned of the risks of accepting bitcoin as a legal tender in El Salvador

The IMF has once again warned that bitcoin poses too many systemic risks to be recognized as legal tender, as was done in El Salvador. A report from the International Monetary Fund (IMF) highlights that cryptocurrencies and digital payment systems like the Chivo wallet can make payments in El Salvador more efficient, expand financial services, and boost the economy. However, due to the high volatility of bitcoin, “BTC’s recognition as legal tender carries significant risks…

Celsius Network COO: Satoshi Nakamoto Wins Nobel Prize

Daniel Leon, co-founder and COO of cryptocurrency lending platform Celsius Network, has proposed to award Bitcoin’s creator Satoshi Nakamoto the Nobel Prize in Economics. Daniel Leon said that hundreds of thousands of people around the world were able to improve their financial situation precisely thanks to Bitcoin, and not to economists from academia. He stated this during a speech at the Mind the Tech NY 2021 conference in New York, organized by the Israeli edition…

Israeli bank did not accept cash from a pensioner from the sale of BTC

Esther Freeman invested 10,000 shekels ($ 3,000) in bitcoin eight years ago, during which time her bitcoins have risen to 900,000 shekels ($ 320,000). However, the local bank Hapoalim refused to accept the money from the sale. Freeman, 69, said she wanted to help one of her children buy an apartment in July 2020. The woman decided to convert bitcoins into fiat currency and found out that in 8 years her bitcoin deposit had grown…

Nvidia Q3 Report showed a decrease in sales of chips for mining

GPU maker Nvidia did not make the planned revenue from its line of cryptocurrency mining processors (CMPs) in Q3 2021, with sales of just $ 105 million. Sales of its line of cryptocurrency mining processors (CMPs) fell 60% in the last quarter, from $ 266 million to $ 105 million, with numbers expected to fall further in the fourth quarter. The report says that for the entire life of the product, revenue was $ 526…

Bitso and Circle Exchange will launch cross-border payments between Mexico and the United States

Major Latin American exchange Bitso, in collaboration with cryptocurrency payment company Circle, is launching Bitso Shift tool for cross-border payments in USD. Bitso co-founder and CEO Daniel Vogel noted that the integration with Circle’s payment solutions aims to provide Mexicans with a new way to send and receive payments in US dollars. The Bitso Shift tool will enable instant exchanges between Mexican pesos and USD-backed stalkcoins. Transfers in Bitso Shift are processed from 24 to…

Polygon launches zk-STARK protocol for decentralized application development

The Polygon network will run a Miden VM based on the zk-STARK protocol using zero knowledge proofs. The developers of the second-level network Polygon announced that the network will run a virtual machine Miden VM, running on the basis of the zk-STARK protocol, using public zero-knowledge probabilistically verifiable proofs. Zero knowledge technology allows one party to prove to the other that it owns confidential information without revealing the data itself. $ 1 million was allocated…

Ripple proposes an approach to regulating the cryptocurrency industry

Ripple has published a document titled “A Realistic Approach to Cryptocurrency Regulation”, which outlined possible approaches to developing a regulatory framework to control the industry. The Ripple document states that cryptocurrencies and blockchain are evolving rapidly, so these industries need to be regulated in a new way. When developing regulations and drafting laws on cryptocurrencies, regulators should think not only about protecting users, but also creating conditions for the development of innovations. This requires well-coordinated…

Israel introduces new anti-money laundering rules

Israeli regulators are already considering applications from several cryptocurrency companies for licenses under the new AML rules. The new Anti-Money Laundering and Terrorist Financing (AML) guidelines set out provisions for user identification and verification and customer recognition procedures. The regulations list the reporting obligations to the authorities that control the activities of users, including reports on standard work and unplanned events in a cryptocurrency company. The rules are accompanied by instructions for keeping records and…

US Department of Justice sold cryptocurrencies seized from BitConnect to recover losses to investors

The US Department of Justice and the Prosecutor’s Office of the Southern District of California sold cryptoassets confiscated from the “promoter” of the BitConnect pyramid in the amount of $ 56 million to compensate the victims. The US Department of Justice website states that last Friday, District Judge Todd Robinson granted a petition from the department and the prosecutor’s office to authorize the sale of cryptoassets seized from a BitConnect representative. The proceeds will be…

Circle will launch a stablecoin backed by the Japanese yen

As part of the Asian expansion, the USDC stablecoin issuer is about to open a venture capital unit focused on the Japanese currency and will launch a corresponding stablecoin. Circle CEO Jeremy Allaire told Bloomberg that the company is creating an investment arm of Circle Ventures. This will allow the VC division to focus on the Japanese yen-denominated stablecoin. Aller said the company sees significant opportunities in Asian markets, where he expects widespread adoption of…