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Bitcoin & Altcoin NEWS

CoinDesk
Chainalysis Investigations Lead Is ‘Unaware’ of Scientific Evidence the Surveillance Software Works

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Bitcoin News
Crypto’s Newest Sector: Telegram Bot Coin Economy Swells to $138 Million

https://static.news.bitcoin.com/wp-content/uploads/2023/07/tbceconomy-768x432.jpg A new player has emerged in the constantly evolving cryptocurrency market: Telegram bot coins. These crypto assets, used within Telegram’s ecosystem, are leveraged to facilitate automated trades for users on decentralized exchange (dex) platforms. These distinctive crypto assets have turned into a growing economy worth $138 million.

Telegram Bot Coins Enter the Crypto Marketplace

The evolution of the cryptocurrency landscape is a spectacle, consistently enriched by an array of inventive projects. Notably, Telegram bot coins have created interest among crypto investors. They are a type of cryptocurrency used within the Telegram ecosystem, serving as automated programs that facilitate trades for users on decentralized exchanges (dexs) and can implement yield farming strategies.

Fundamentally, these coins empower users by facilitating token trades through Telegram, all in an uncomplicated, chat-like environment. The leading Telegram bot coin in terms of market valuation today is unibot (UNIBOT), boasting a market cap of $117 million. Unibot’s market cap represents more than 84% of the total Telegram bot coin economy. Below unibot, seven additional Telegram bot coins each hold a market cap of $1 million or more.

The second largest, mevfree (MEVFREE), has a valuation of around $5.7 million. Of the 36 Telegram bot tokens listed on coingecko.com, the crypto assets have tallied $32.40 million in global trade volume in the past 24 hours. On coingecko.com, the unibot (UNIBOT) listing carries two warnings. One indicates the project’s migration to a new contract while the second cautions about a variable tax function on the smart contract. “Do your own research and be careful if you are trading this token,” the warning on coingecko.com advises.

With a circulating supply of 1 million unibot tokens, etherscan.io shows a count of 4,122 token holders. The top ten unibot wallet holders control 16.40% of the total supply. The top 50 holders possess 42.58% of the 1 million unibot coins, and the top 100 addresses control 56.55% of the supply. In comparison, the second-largest Telegram bot coin, mevfree, has fewer holders with 961 wallets as of July 24.

The top ten mevfree holders govern 43.58% of the total supply, amounting to 52,689,548 mevfree. The coin’s top 100 wallets encompass 80.52% of the supply. Alongside the inherent volatility of Telegram bot tokens, they feature a pronounced concentration among sizable holders.

What do you think about the Telegram bot coin economy? Share your thoughts and opinions about this subject in the comments section below.

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CoinDesk
I Had My Iris Scanned by the Worldcoin Orb, and It Wasn't as Scary as I Expected

Sam Altman’s identity-verifying Worldcoin Orb is available worldwide as the network launched on Monday.

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Bitcoin News
Biggest Movers: MATIC Moves to 5-Week High, as LTC Climbs Above $100.00

https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2224768715-768x432.jpg Polygon jumped to a five-week high on Thursday, as founders of the token proposed an upgrade that will create a new coin, POL. If approved, MATIC will be replaced with the new token that will function on all Polygon networks. Litecoin also rallied, hitting a one-month high.

Polygon (MATIC)

Polygon (MATIC) jumped to a multi-week high on Thursday, as traders reacted to the news that some of the project’s founders have proposed replacing the network’s MATIC token.

If successful, POL will be the new official token of Polygon, and this news has been boosting the price of MATIC/USD to a peak of $0.7668 today.

As a result of this, MATIC moved to its highest point since June 9, when price reached a high at $0.7890.

Looking at the chart, the surge in price came after the relative strength index (RSI) broke out of a ceiling at 60.00.

At the time of writing, the index is tracking at 62.34, with the next visible point of resistance at the 70.00 level.

In the event this ceiling is hit, MATIC will likely be trading above $0.8000.

Litecoin (LTC)

Litecoin (LTC) also surged higher in today’s session, as traders pushed price above the $100.00 mark.

Following a low of $94.79 on Wednesday, LTC/USD raced to an intraday peak at $101.45 earlier in the day.

Overall, this is the strongest level the token has hit since last Thursday, when it peaked at $105.95.

The jump comes after bulls rebounded following a breakout below a support point at $95.00, with the RSI hitting a floor of its own at 53.00.

Currently, price strength is at a reading of 57.88, with LTC continuing to record higher highs as the day progresses.

A ceiling of $102.00 is now the obvious target, and should the price push past this point, there is a good chance LTC hits $105.00 in the coming days.

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Do you expect momentum in litecoin to remain bullish in the coming days? Let us know your thoughts in the comments.

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Bitcoin & Altcoin NEWS

CoinDesk
Argentina's First Bitcoin Futures Contract Officially Goes Live

The product was approved by the South American country’s National Securities Commission in April.

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Bitcoin & Altcoin NEWS

CoinDesk
Coinbase CEO Brian Armstrong Asks Twitter Followers if Their BofA Accounts Were Closed Because of Crypto Transactions

The Coinbase CEO created a Twitter poll posing the question, and a whopping 9% of respondents said “yes.”

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Bitcoin & Altcoin NEWS

CoinDesk
Crypto Markets ‘Highly Dependent’ on Stablecoins Lacking Transparency, TUSD Poses Risk: Kaiko

The rapidly growing TUSD, favored by crypto exchange Binance, poses risk to the market, according to the crypto research firm.

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Bitcoin & Altcoin NEWS

tions, minting, and burning fees, which can be claimed by AurusX token holders. AurusX poses as a unique portfolio diversifier, providing passive rewards regardless of the direction of the market. As ecosystem activity grows, so do the rewards generated. https://static.news.bitcoin.com/wp-content/uploads/2023/07/unnamed-2023-07-12t182908-936-768x432.png AurusX derives its value from the transactional volume of precious metals. Specifically, every time a tGOLD token is transferred or traded, a transaction fee of 0.18% is evenly distributed among the holders of AurusX. Users claim their rewards monthly on the Aurus mobile app. In the future, AurusX will also offer its holders the right of governance voting, enabling the Aurus community to create and vote on ecosystem proposals.

The ecosystem’s foundations are designed to align the interests of all its participants. In addition to AurusX holders, providers of precious metals to the Aurus ecosystem also receive a proportional share of the ecosystem rewards for their contribution. The fee distribution model works as follows: https://static.news.bitcoin.com/wp-content/uploads/2023/07/unnamed-2023-07-12t183026-544-768x432.png AurusX plays a crucial role within the Aurus ecosystem, ensuring its scalability and self-sufficiency. It provides an opportunity for individuals to reap the benefits of Aurus’ growth and receive a share of the rewards, fostering organic motivation for ecosystem participants whilst promoting further decentralization of the system. The Future Potential of Tokenized Precious MetalsIt is clear that, from a macro perspective, the innovation of combining precious metals and blockchain technology unlocks a huge market of untapped potential. By making gold and silver easily accessible, instantly transferable, and convenient to use, tokenization massively reduces barriers to ownership, especially among the younger generation.

Aurus is on a mission to unleash the full potential of precious metals and enhance their use cases. Through collaboration with ingenious companies, new use cases will enter the sphere of payments, DeFi, gaming, and NFTs. Aurus’ revolutionary potential is undeniable since, in perspective, the traditional physical gold bar gathering dust can now be tokenized to become a versatile asset and productive yield-bearing digital asset in DeFi when used as DEX exchange liquidity.

Another massively exciting use case for tokenized precious metals is payments. Aurus is set to launch Aurus Vault Card V2 soon, which will allow users to spend gold, silver, and platinum via the Mastercard network as effortlessly as fiat currency. This implementation is especially interesting in today’s economic climate with the influx of inflation on the horizon.

Aurus’ ultimate ambition is to establish itself as a Decentralized Autonomous Organization (DAO), as outlined in the Aurus Roadmap, to become the most decentralized asset tokenization platform in the world. Other notable initiatives include:

* Gold-backed NFTs: NFT minting platform. Users can mint and burn their own NFTs backed by tGOLD & tSILVER.
* Gold in Gaming (P2E): tGOLD and tSILVER as in-game currencies; gaming publisher partnership
* Auto-Accumulation: A Precious Metals auto-invest scheme powered by OnRamper.
* Aurus Vault Card V2: Metal Mastercard payment card linked to Uniswap DEX Pools

Additionally, as Aurus continues to forge ahead, global expansion remains a key focus. With specific attention on Latin America, the UK, Cambodia, Azerbaijan, Turkey, and other regions, Aurus aims to establish itself as a transformative force, offering individuals and businesses the opportunity to participate in the digital precious metals market and benefit from its inherent value. Aurus’ Unique Strength: Decentralized Robust InfrastructureAurus’ transparency and its fully decentralized system set the company apart from any competition. Unlike centralized gold-backed tokens, Aurus’ decentralization eliminates the risk of single points of fa[...]

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Bitcoin & Altcoin NEWS

Bitcoin News
Aurus: The Future of Precious Metals and Blockchain – Exclusive Hypergrowth Benefits

https://static.news.bitcoin.com/wp-content/uploads/2023/07/unnamed-2023-07-12t182421-552-768x432.png Aurus brings precious metals to crypto, enabling users to easily buy, trade, spend and earn gold, silver & platinum via blockchain technology. Join the community hypergrowth and benefit today.Imagine a world where gold can be exchanged as effortlessly as sending a tweet, and silver can be used for everyday purchases, such as paying for groceries. Aurus emerges as a revolutionary solution striving to make this vision a reality, unlocking the true potential of precious metals using blockchain technology. Step into a world where the age-old allure of precious metals meets the cutting-edge technology of blockchain. Unlocking the True Potential of Precious MetalsFounded in 2019, Aurus is taking the lead in revolutionizing the precious metals market through the power of tokenization. With a firm commitment to efficiency and inclusivity, Aurus is on a mission to democratize access to these valuable assets. Now, Aurus is taking its vision to new heights with a Hypergrowth Funding Raise, an initiative that will propel the company into its next phase of groundbreaking innovation and global expansion while offering exclusive benefits and opportunities to earn gold, silver, and platinum. The benefits of Tokenized Gold, Silver and Platinum Although impractical in today’s digital economy, precious metals have provided stability to civilizations for thousands of years for their unmatched ability to preserve wealth. Through its innovative decentralized approach to tokenization, Aurus strives to bring precious metals to the modern era to democratize access and enhance the usability of the most reliable form of wealth.

Aurus Tokenized precious metals, tGOLD, tSILVER, and tPLATINUM are 1:1 backed and redeemable for 1 gram of physical LBMA-accredited gold, silver, and platinum respectively. Aurus offers a convenient and cost-effective alternative to traditional physical bullions and coins, with the additional benefits of instant settlements, 24/7 real-time trading, and reduced intermediaries. https://static.news.bitcoin.com/wp-content/uploads/2023/07/unnamed-2023-07-12t182546-372-768x520.png Hypergrowth Phase: Join now for unique benefitsToday, the company stands as a pioneering force in the industry, boasting an impressive inventory of over $8 million worth of metals, collaborations with 26 esteemed partners, and a growing user base of 30k mobile app downloads worldwide. Led by a team of precious metal and crypto industry veterans, Aurus embarks on its next stage to accelerate its expansion plans and solidify its position as an industry leader: hypergrowth.

The Aurus Hypergrowth offers investors exclusive benefits as part of the tiered community raise. Phase 1 participants receive a 30% bonus in tGOLD, tSILVER & tPLATINUM among other benefits. Additionally, Aurus will launch various major developments upon the closing of each phase including, DEX pool deployment, an Aurus Mastercard payment card, and MultiversX (layer-1) interoperability. https://static.news.bitcoin.com/wp-content/uploads/2023/07/unnamed-2023-07-12t182744-983-768x584.png This strategic move poses an exciting opportunity for early adopters to contribute to Aurus’ growth objectives and vision while benefiting from passive rewards in precious metals. Participation in the Hypergrowth consists of a purchase in AurusX, the Aurus ecosystem token, which grants holders passive rewards in tGOLD, tSILVER and tPLATINUM.

Join the Aurus Hypergrowth for exclusive benefits AurusX: Passive Rewards in Gold, Silver & PlatinumAurusX (AX) is the Aurus ecosystem token that earns its holders passive rewards in tGOLD, tSILVER, and tPLATINUM. Rewards are generated from token transac[...]

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Bitcoin & Altcoin NEWS

Bitcoin News
Bitcoin, Ethereum Technical Analysis: Bitcoin Consolidates Below $31,000, as Traders Digest Recent Economic Data

https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1945704373-768x432.jpg Bitcoin retreated from recent gains on Thursday, as traders were unable to sustain a breakout of a key resistance level. Market volatility has risen following yesterday’s U.S. inflation report, which dropped to a two-year low. Ethereum was marginally lower, slipping below $1,900.

Bitcoin

Bitcoin (BTC) consolidated below the $31,000 level in today’s session, as traders continued to digest the latest inflation report.

BTC/USD dropped to an intraday low of $30,228.84 earlier in today’s session, a day after peaking at $30,959.97.

The drop came as bulls were unable to sustain a breakout above a key resistance level at the $30,800 zone.

From the chart, this coincided with the 14-day relative strength index (RSI) failing to break out of its own ceiling at 61.00.

At the time of writing, the index is tracking at 59.30, with a floor of 55.00 a possible target should momentum continue to slip.

Should this occur, there is a good chance that bitcoin will move below $30,000.

Ethereum

After a brief stint above $1,900, ethereum (ETH) also moved lower on Thursday, with a moving average crossover close to occurring.

Following a high of $1,901.15 on Wednesday, ETH/USD fell to a bottom at $1,864.50 earlier in today’s session.

Similar to BTC, this drop came as ethereum fell below a recent resistance level of $1,890, and towards a floor at $1,850.

One of the reasons for this was due to the RSI failing to move past a ceiling at 53.00. It is currently hovering at 52.56.

Overall, momentum seems to be bearish, with the 10-day (red) moving average likely to race past the 25-day (blue) trend line momentarily.

In the event this takes place, bears could target exits at $1,795.

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Will ethereum end the week above $1,800? Leave your thoughts in the comments below.

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Bitcoin & Altcoin NEWS

CoinDesk
Coinbase Lawyers Argue Biden Student Loans Ruling Aids Defense Against SEC

Asserting powers over the $1 trillion crypto industry is of major significance, just like canceling student debt, the exchange’s lawyers argue.

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CoinDesk
UK's New Online Safety Bill Applies to the Metaverse, Lawmakers Agree

The bill, nearing approval, has measures to prevent children from experiencing harm online.

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CoinDesk
Telegram Merchants Gain Access to In-App Crypto Payments for First Time

Wallet, which is built on the TON blockchain, is allowing merchants to integrate cryptocurrency into the bots they use to accept payments in the messaging app.

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Bitcoin & Altcoin NEWS

CoinDesk
Early Shiba Inu Holder With 10% of Supply Moves $30M in SHIB Tokens

Data shows most SHIB market depth is under $1 million on various crypto exchanges, and a sell order of that value could move token prices by 2% immediately.

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Bitcoin & Altcoin NEWS

CoinDesk
First Mover Americas: Crypto AI Tokens Rally After Musk Unveils New Company

The latest price moves in bitcoin (BTC) and crypto markets in context for July 13, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

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Bitcoin & Altcoin NEWS

CoinDesk
Crypto Catalysts: Likely Rate Hike on the Menu as FOMC Begins Latest Monetary Policy Deliberations

The U.S. central bank has been telegraphing its intent in the weeks after halting rate increases last month for the first time in over a year. ThePersonal Consumption Expenditures report arrives Friday, but cryptos and other risk-on assets have been largely immune to macro events.

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Bitcoin News
Algeria Readies $1.5B BRICS Bid: Major Move for Membership in the Cards?

https://static.news.bitcoin.com/wp-content/uploads/2023/07/algeria-768x432.jpg As quoted by Ennahar TV, Algerian president Abdelmadjid Tebboune has signaled that Algeria — Africa’s largest nation — is eager to align itself with the BRICS coalition. He conveyed that this significant alignment with the five major emerging economies could potentially unlock unprecedented economic prospects for all the nations.

Algeria Sets Sights on BRICS

In anticipation of the forthcoming BRICS Summit, there might be less emphasis on the oft-debated BRICS reserve currency, yet over 40 nations exhibit a keen interest in becoming part of this influential bloc.

Ambassador Anil Sooklal, South Africa’s envoy to BRICS, subtly hinted at an imminent expansion of the group this year. According to a Reuters report via Ennahar TV, Algerian president Abdelmadjid Tebboune has announced that Algeria has officially sought to join the BRICS group, currently made up of Brazil, Russia, India, China, and South Africa.

“We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank … Algeria’s first contribution in the bank will be $1.5 billion,” Tebboune told Ennahar in a statement.

Algeria boasts a wealth of resources, ready to enrich the BRICS collective with petroleum gas, crude petroleum, nitrogenous fertilizers, and ammonia. Additionally, the country is a trove of mineral wealth, much of it still ripe for exploration and development. This includes bountiful reserves of iron ore, phosphate, and precious metals like gold.

Eager to steer its economy towards diversification, Algeria is now setting its sights on maximizing its untapped gold resources. At present, Algeria’s economy largely depends on the ever-fluctuating global hydrocarbon prices. However, a potential surge is in sight as the World Bank projects a 2.3% growth in Algeria’s GDP this year.

The much-awaited 15th BRICS Summit is scheduled to be held in Johannesburg, South Africa, from August 22-24, 2023. This summit will signify the first in-person meeting since the start of the Covid-19 pandemic. Notably, Russian president Vladimir Putin has reportedly opted not to attend this year. While it remains uncertain if new countries will be welcomed into the BRICS alliance, speculation surrounding this topic has reached unprecedented levels.

What implications could new members joining BRICS potentially have for the global economic landscape? Share your thoughts and opinions about this subject in the comments section below.

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Bitcoin & Altcoin NEWS

CoinDesk
EU Stablecoin Issuers With Bank Assets in Reserve Will Get Extra Regulation, EBA Draft Says

The EU agency is consulting on new MiCA rules that mean “significant” tokens are centrally supervised with extra capital requirements

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Bitcoin & Altcoin NEWS

Bitcoin News
US Judge Rules XRP ‘Not Necessarily a Security on Its Face,’ Sending XRP Supporters Into Celebration

https://static.news.bitcoin.com/wp-content/uploads/2023/07/xrp-768x432.jpg According to a recent ruling handed down by U.S. judge Analisa Torres, the crypto asset XRP is not “necessarily a security on its face.” In the ruling, both parties, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs’ motions for summary judgment were granted in part and denied in part. The order states that the court cannot conclude that XRP is a security as a matter of law. Uncertainty Remains: Judge Grants Partial Summary Judgment in XRP Security CaseThe judge presiding over the SEC lawsuit against Ripple Labs and executives Chris Larsen and Brad Garlinghouse has detailed that the court cannot classify XRP as a security.

The order details that the plain words of the Howey test make it clear, but as for XRP the “subject of a contract, transaction, or scheme is not necessarily a security on its face.” The judge also granted in part and denied in part the SEC and Ripple Labs’ summary judgments.

“Accordingly, the SEC’s motion for summary judgment on the aiding and abetting claim against Larsen and Garlinghouse is denied,” the order from judge Torres details. The order states that the court cannot conclude that XRP is a security as a matter of law, and that there are genuine disputes of material fact regarding whether XRP is a security.

The court also noted that the Howey test must be applied to the specific context of XRP transactions, and that the parties have presented conflicting evidence on the relevant factors. The judge acknowledged the distinction between programmatic sales and institutional sales.

“Since 2017, Ripple’s Programmatic Sales represented less than 1% of the global XRP trading volume,” the order states. “Therefore, the vast majority of individuals who purchased XRP from digital asset exchanges did not invest their money in Ripple at all. An Institutional Buyer knowingly purchased XRP directly from Ripple pursuant to a contract, but the economic reality is that a Programmatic Buyer stood in the same shoes as a secondary market purchaser who did not know to whom or what it was paying its money.”

Torres’s order added:

Therefore, having considered the economic reality and totality of circumstances, the court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts.

Following the court’s judgement, XRP supporters celebrated the decision and XRP’s price jumped nearly 30% higher against the U.S. dollar after the announcement. While Torres judgement was celebrated, the court granted and denied the parties’ cross-motions for summary judgment because there were genuine disputes of material fact regarding whether XRP is a security.

The court announced that it will issue a separate order at a later date to set a trial date and related pre-trial deadlines. While XRP supporters celebrate, this case is likely to continue.

What are your thoughts on the judge’s ruling regarding XRP’s security classification? Share your thoughts and opinions about this subject in the comments section below.

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Bitcoin & Altcoin NEWS

CoinDesk
Sale of XRP on Exchanges Not Investment Contracts, Court Rules in SEC Case Against Ripple

The institutional sale of the XRP tokens did violate federal securities laws, a court ruled as it granted a motion for summary judgment in part on Thursday.

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Bitcoin & Altcoin NEWS

CoinDesk
Ripple’s XRP Token Surges 28% After Court Rules XRP Sales Aren’t Investment Contracts

XRP climbed as high as 64 cents at one point, its highest level since May.

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Bitcoin & Altcoin NEWS

ilure, ensuring a transparent and dependable platform.

The company has developed a robust infrastructure that guarantees the integrity of its tokenized metals. The precious metal reserves supporting tGOLD, tSILVER, and tPLATINUM are securely stored in globally distributed vaults operated by reputable entities like Brinks, Loomis, and Malca-Amit. These vaults undergo regular third-party audits to verify their holdings, and tri-party agreements between the precious metals provider, vault, and Aurus ensure a 1:1 backing for the tokens.

Aurus is also collaborating with Chainlink Oracle to implement Proof-of-Reserves (PoR), a real-time auditing system that verifies asset reserves and token supply consistency. The Chainlink Proof of Reserve seal is one of the most recognized certifications a stablecoin can acquire, serving as an additional layer of transparency. Global Sustainability & Positive ImpactAurus also addresses environmental challenges while striving to provide a secure environment for your precious metal investments. That is because the company actively reduces CO2 emissions by minimizing the need for the transportation of physical gold. Additionally, Aurus only partners with LBMA-accredited companies that ensure that gold is mined and processed in adherence to stringent environmental and social standards. By supporting LBMA bullion standards, Aurus stands for sustainability, transparency, and fair labor practices in the gold industry.

Joining Aurus’ community extends beyond personal benefits, as users have the opportunity to create a positive impact on Web 3.0 and the world. Involvement in this ecosystem promotes responsible and ethical practices, contributes to democratizing access to real-world assets, and empowers individuals to take control of their finances and achieve financial sovereignty. Join The Future of Precious MetalsBe part of the revolution that’s reshaping the world of digital precious metals into a realm that’s fair, accessible, and sustainable. Aurus is not just sculpting the future – it’s goldsmithing it, hand in hand with a community. Join now to benefit from the future success of Aurus and start earning passive rewards in gold, silver & platinum.

Join the Aurus Hypergrowth for exclusive benefits

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Bitcoin News
Russian State Duma Passes Digital Ruble Law

https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2188858807-768x432.jpg The State Duma, the lower house of the Russian Federal Assembly, discussed and passed the Digital Ruble law in its second and third discussion on July 11. The law will allow the Central Bank of Russia, as the sole regulator of the proposed digital currency, to organize a pilot test slated for August.

State Duma Adopts Digital Ruble Bill

The Russian State Duma, the lower house of the Russian Federal Assembly, discussed and approved the digital ruble law, establishing clear rules about issuing a Russian central bank digital currency (CBDC) and its status in the country’s financial system.

The resolution passed on July 11 and identified as “4351-8 GD” introduces the concepts of “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” Also, the law specifies the payment function of the digital ruble, establishing it as an element of the national payments system.

The Russian CBDC will become the third form of accepted money in Russia, behind cash and non-cash digital money stored in bank accounts.

Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, and other Russian lawmakers introduced the digital ruble bill in January. Aksakov expected to pass the bill in June, but the discussion process was delayed.

Central Bank of Russia Develops Digital Ruble Platform Rules

Following the approval of the law, the Central Bank of Russia (CBR) quickly published a draft of the digital ruble platform’s rules on its website, a 44-page document that lists the “basic rules by which the Bank of Russia, as the operator of the platform, will interact with its participants and users, and the requirements for them.”

These rules describe how the CBDC can be used, the procedures for opening and closing digital ruble accounts, and how its platform will carry out compliance procedures. Also, the document describes how disputes and complaints related to digital ruble payments will be dealt with.

The CBR stated:

The platform will work around the clock, including weekends and holidays. Operations on it will be carried out online.

The central bank will receive feedback on this draft until June 19 and is expected to proceed with a pilot test of the system in August after suspending it in April due to regulatory issues. Before, CBR First Deputy Chairman Olga Skorobogatova had stated that the digital ruble project was likely to be launched as soon as 2025, allowing Russians to make payments with this new form of money.

What do you think about the future of the Russian digital ruble? Tell us in the comments section below.

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Bitcoin & Altcoin NEWS

Bitcoin News
US Authorities Accuse Former Security Engineer of Siphoning $9 Million From Defi Platform

https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2259962347-768x432.jpg Authorities in the United States recently revealed that law enforcement has arrested Shakeeb Ahmed for “wire fraud and money laundering in connection with his attack on a decentralized cryptocurrency exchange.” The U.S. Attorney for the Southern District of New York suggested that the money laundering charges against the security engineer stem from his alleged attempts to obfuscate the movement of the stolen funds.

Money Laundering Charges

The United States Department of Justice (DOJ) announced on July 11 that Shakeeb Ahmed, a former senior security engineer at a tech firm, had been arrested for “wire fraud and money laundering in connection with his attack on a decentralized cryptocurrency exchange.” According to U.S. Attorney for the Southern District of New York Damian Williams, Ahmed stole approximately $9 million in cryptocurrency from the decentralized crypto exchange.

As explained in the DOJ’s statement, the former security engineer’s arrest followed the unsealing of an indictment charging Ahmed for his role in the cyber theft. Meanwhile, the U.S. attorney also revealed that the money laundering charges against the security engineer stem from his alleged attempts to obfuscate the movement of the stolen funds.

“We also allege that he then laundered the stolen funds through a series of complex transfers on the blockchain where he swapped cryptocurrencies, hopped across different crypto blockchains, and used overseas crypto exchanges. But none of those actions covered the defendant’s tracks or fooled law enforcement, and they certainly didn’t stop my Office or our law enforcement partners from following the money,” Williams said.
DOJ and IRS Tracking Fraudsters Everywhere

For his part, Homeland Security Investigations (HSI) special agent in charge, Chad Plantz, highlighted the role played by Ahmed’s indictment and arrest in preserving “consumer confidence in our financial system.” Tyler Hatcher, a special agent at the Internal Revenue Service (IRS), said his organization along with the DOJ will continue to be at the “forefront of cyber investigations and will track these fraudsters anywhere they try to hide and hold them accountable.”

According to the DOJ, Ahmed is said to have executed the attack by “exploiting a vulnerability in one of the Crypto Exchange’s smart contracts.” Exploiting the vulnerability allegedly allowed the former security engineer to generate “approximately $9 million worth of inflated fees that Ahmed did not legitimately earn.”

Shortly after siphoning the millions of dollars, Ahmed is alleged to have agreed to return most of the stolen funds if the crypto exchange refrained from referring the matter to law enforcement. Besides using the privacy coin Monero to hide his tracks, the 34-year-old engineer is said to have resorted to using overseas crypto exchanges.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Bitcoin & Altcoin NEWS

Bitcoin News
BIS Report Cites ‘Inherent Limitations’ of Cryptocurrencies; Questions Their Role in Global Economy

https://static.news.bitcoin.com/wp-content/uploads/2023/07/bis-768x432.jpg The Bank of International Settlements (BIS) has published a report on cryptocurrencies and explains that the technology has serious “flaws.” BIS researchers insist that permissionless blockchains have “inherent limitations” that lead to network congestion and high fees.

BIS Report: ‘Crypto Has So Far Failed to Harness Innovation to the Benefit of Society’

In its latest report, the Bank of International Settlements (BIS) claims that cryptocurrencies in their present form are not suited to work with the global economy. BIS researchers stress that while the industry “operates under the banner of decentralization,” in practice “centralized intermediaries have played a key role in channeling funds into the crypto universe and intermediating within it.”

The BIS report details that the splintered landscape of the crypto sector sharply counters the unifying, ripple-like impact observed in conventional networks. The crypto industry, leaning heavily on decentralized validation methods, fosters a fragmentation that nullifies the function of money as a synchronizing tool, thus rendering crypto an ill-fit for a monetary system, BIS researchers argue. The BIS report adds:

Crypto proponents argue that decentralisation guarantees the safety of the system. However, there is often a de facto concentration of decision-making power. While centralisation is not a structural flaw per se, it introduces new risks and invalidates arguments made by proponents of crypto and defi that stress its purportedly decentralised nature.

In a brisk span of little more than a decade, crypto has vaulted from a peripheral interest to an influential player in the mainstream financial arena, the report notes. The industry has drawn the attention of millions of everyday consumers and an escalating number of institutional investors, who’ve gravitated towards the crypto sector in recent years. The report does assert that crypto assets do offer bona fide innovation, such as programmability and composability.

The banking organization acknowledges that the capabilities of cryptocurrencies offer a level of automation in financial transaction sequences and facilitate their fluid integration. Paired with the concept of tokenization, these attributes could potentially minimize the requirement for manual oversight that presently hampers transaction speed and amplifies costs, the BIS report submitted to the G20 finance ministers and central bank governors explains.

“That said, crypto has so far failed to harness innovation to the benefit of society,” the BIS report concludes. “Crypto remains largely self-referential and does not finance real economic activity. It suffers from inherent shortcomings related to stability and efficiency, as well as accountability and integrity. These structural flaws result from the underlying economics of incentives rather than technological limitations.”

Do you concur with the BIS report’s findings concerning blockchain and cryptocurrency shortcomings? Share your thoughts and opinions about this subject in the comments section below.

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Bitcoin & Altcoin NEWS

CoinDesk
Polygon Proposes Token Switch From MATIC to POL for More Utility

If approved by the community, POL will work as a multipurpose token that can be used to validate multiple Polygon-based networks.

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Bitcoin & Altcoin NEWS

CoinDesk
Ethereum Tops New Crypto ESG Ranking, Bitcoin Slammed for Heavy Energy Usage

Crypto data firm CCData released the first institutional-grade scoring system that evaluates digital assets focusing on environmental, social and governance aspects.

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Bitcoin & Altcoin NEWS

CoinDesk
Bitcoin Options Traders Shrug Off Post-CPI Choppy Price Action

The mood in the options market remains positive even as the cryptocurrency struggles to build upside momentum on the back of a bullish U.S. inflation report.

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Bitcoin & Altcoin NEWS

CoinDesk
Coinbase Cut to Underweight Ahead of Earnings by Barclays

The bank said it sees few positive drivers for the crypto exchange’s share price in the near term.

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Bitcoin & Altcoin NEWS

CoinDesk
Celsius Network's Alex Mashinsky Arrested, Firm Sued by SEC, CFTC, FTC

U.S. commodities regulator CFTC could also bring a case against the crypto lender, Bloomberg reported earlier this month.

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