Crypto Guides, Knowledge & Insights

‘44 Nations Meeting in El Salvador to Talk Bitcoin,’ Claims President Bukele

Thirty two central bankers and 12 financial chiefs representing 44 nations will meet in El Salvador later today, per the nations President Nayib Bukele, who claimed that – among other things – the group will discuss bitcoin (BTC).　　Developing economies around the world are thought to be closely monitoring events in El Salvador after the country gave BTC legal currency status in September last year. And, if Bukeles claims are true, their economic leaders, including representatives from central banks and finance ministries, will get the chance to see how BTC is being used in the economy firsthand at a summit to be held later today (UTC time).　　Little if anything is known about the meeting, which appears to have been kept under wraps by not only the Salvadoran authorities, but also the alleged participants. Cryptonews.com was unable to find any official news about official visits to El Salvador in media outlets from the respective nations, and the Salvadoran press also appears to be unaware of any such meeting.　　In fact, almost all that is known about the meeting comes from tweets made by Bukele himself, who wrote that the financial chiefs “will meet in El Salvador to discuss financial inclusion, digital economy, banking

2022-05-16Deep Dive

Veteran Investor Bill Miller Remains Bullish on Bitcoin — Confirms He Has a Lot of BTC

Bill Miller Shares His Bitcoin Outlook　　Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns “a lot” of bitcoin and hasnt sold any.　　Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firms Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.　　He explained that if bitcoin goes down to half its current price, he wouldnt be surprised due to its volatility. However, “I would be grim because I own a lot of it,” the fund manager said.　　Miller was asked, “Are you selling any [bitcoin], have you sold any？” He replied:　　The short answer is no.　　However, he clarified that he sometimes sells “stuff” to meet margin calls. “I‘ve sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,” he explained, without mentioning BTC specifically.　　At the time of writing, bitcoin is trading at $30,064, up 1.5% in the past 24 hours but down 15.5% in the last seven days and almost

2022-05-16Deep Dive

Nigerian SEC recognizes Bitcoin as Securities: Issues new rules to cryptocurrency exchanges

By: Damian Okonkwo　　The Nigerian Securities and Exchange Commission (SEC) has recognized Bitcoin and other cryptocurrencies as securities - which means they are a valid store of value for wealth. On this premise, the Nigerian SEC proceeded to publish new rules to regulate all cryptocurrency exchanges operating in the country on their website.　　The recent development comes after the central bank had previously banned all commercial banks operating in the country and other financial institutions from facilitating cryptocurrency transactions last year.　　Thus, the Nigerian SEC this time seems to be taking a different position from the CBN. While the CBN had taken a hostile attitude towards cryptocurrency transactions in Nigeria, the SEC this time seems to be revitalizing and promoting it again.　　As could be seen on the 54-paged document published on their website, the Nigerian SEC laid out the registration requirements for all digital assets exchanges providing crypto services in the country. According to these new “rules on issuance, offering platforms and custody of digital assets” for Bitcoin and other cryptocurrencies, “no digital assets exchange would be allowed to facilitate the trading of assets unless it had received a ”no objection“ ruling from the commission”.　　To obtain this “no objection” ruling, the SEC stated

2022-05-16Deep Dive

97% of Crypto Hacks Were Against DeFi Projects: Report

Blockchain analyst firm Chainalysis published a new report focused on the illicit activities occurring on blockchains, noting that DeFi protocols are the most popular target hackers tend to go after and that money laundering in the space has risen in the past two years.　　DeFi as Hackers Primary Target　　Since the DeFi Boom occurred in the summer of 2020, illicit DeFi transactions have risen steadily. Money laundering and DeFi hacking have been the two major criminal activities on such protocols, Chainalysis report shows.　　In total, $1.7 billion worth of digital assets were stolen by perpetrators in 2022, with 97% coming from DeFi protocols. The stash mainly came from two alarming thefts: the $600M Ronin bridge breach at the end of March and the $320 million Wormhole attack in February. The report outlined that, as of 2022, most stolen funds – over $840M – have gone to hackers with ties to North Korea.　　Besides hacking, money laundering conducted via DeFi has also grown consistently over the past years, with DeFi protocols taking in 69% of the crypto-based funds associated with criminal activities.　　The report attributed the nature of most such protocols – allowing users to trade one token for another – to the difficulty of tracking

2022-05-16Deep Dive

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

In recent months, investing in cryptocurrencies has been challenging. The emerging market has been shaken by radically shifting prices, collapsing assets, and a variety of economic challenges.　　Since November, as the price of bitcoin, the most popular cryptocurrency in the world, has declined, so have the values of currencies that were once considered safe and secure because they were pegged to the US dollar and regulated by exchanges.　　Digital asset proponents applauded the international and national authorities‘ efforts to better appreciate and monitor the sector’s viability.　　Also contributing to the growth was the senseless Russian invasion of Ukraine. In and out of the country, a large number of individuals used cryptocurrencies to transfer funds, demonstrating once again the currencys utility.　　Regardless of its shining moments, cryptocurrency is currently at a crucial juncture.　　It has lost almost fifty percent of its market value since November and is susceptible to frauds, manipulations, and sudden decreases.　　Tax Investigators Keeping Eye On Big-Time Fraud　　Now, regulators are investigating yet another fraud.　　More than 50 potential crypto tax offences have been uncovered by international tax inspectors, which may pave the way for an official probe in the coming weeks — including a possible $1 billion Ponzi scheme.　　According to reports released on Friday, the

2022-05-16Deep Dive

Authorities Seize Over 1,500 Crypto Mining Rigs in Dagestan Crackdown

Law enforcement and other authorities in Dagestan have closed down two illegal crypto farms, confiscating more than 1,500 mining machines. Government agencies in the republic, considered one of Russias capitals of underground coin minting, carry out regular raids against such facilities.　　Cryptocurrency Miners in Dagestan Accused of ‘Illegal Entrepreneurship’　　Officers from the Ministry of Internal Affairs of Dagestan and the Federal Security Service have uncovered a large crypto mining farm in the Russian republics capital city, Makhachkala, Tass news agency reported, quoting the ministry. The law enforcement agents have seized 1,476 devices producing digital currencies, a press release detailed.　　The department added that the owners of the illegal facility have been also providing services to other miners including installing mining rigs, connecting them to the power grid and providing security. Experts are now working to establish the market value of the confiscated mining equipment as well as the amount of consumed electricity.　　The law enforcement officials who raided the crypto farm further noted they are collecting evidence to charge the operators under Part 2 of Art. 171 of the Criminal Code of the Russian Federation, “Illegal entrepreneurship,” and part 2 of Art. 165, “Causing property damage by deception or abuse of trust.”　　In the past

2022-05-16Deep Dive

RBI officials issue warning on economy ‘dollarisation’ threat by cryptocurrencies

Officials from the Reserve Bank of India (RBI) have warned that with most cryptocurrencies denominated by the dollar, it could lead to the dollarisation of the countrys economy.　　The officials stressed that dollarisation is against the country‘s sovereign interest while maintaining that digital assets pose a threat to India’s financial stability, Free Press Journal reports.　　The officials comprising RBI governor Shaktikanta Das and former minister of state for finance Jayant Sinha, while briefing the Parliamentary Standing Committee on Finance, noted that dollarisation would hamper the banks ability to enact a monetary policy.　　“it will seriously undermine the RBI‘s capacity to determine monetary policy and regulate the monetary system of the country … Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarisation of a part of our economy which will be against the country’s sovereign interest,” the officials told the members.　　Sources close to the matter indicated that the officials acknowledged that various digital currencies could act as a medium of exchange and replace the rupee. However, they stated that with the potential to replace a part of the monetary system, it would become challenging to regulate money flow.　　Additionally, they cited other related crypto shortcomings such as

2022-05-16Deep Dive

U.K. Treasury to Push Forward With Stablecoin Regulation

IN BRIEF　　The U.K Treasury is setting its sights on stablecoin payment regulation.　　The regulation will exclude algorithmic stablecoins such as TerraUSD.　　The government wants to promote crypto innovation, but not at the expense of safety.　　Her Majesty‘s Treasury (Exchequer) will push forward with a plan to regulate stablecoins based on financial regulation outlined in the Queen’s speech on May 10, 2022.　　The U.K. Treasury announced that it is open to stablecoin regulation for the purpose of payments but doesn‘t plan to include algorithmic stablecoins since they do not provide stability. They will only consider stablecoins pegged to a fiat currency. This announcement keeps in step with fiscal elements of the queen’s speech made by her son Prince Charles on Tuesday.　　“Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill, which was announced in the Queens Speech,” said a spokesperson from the Exchequer. “The Government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets. We will continue to monitor the wider crypto asset market and stand ready to take further regulatory action if required.”　　The Queens speech also addressed the cost-of-living crisis facing many

2022-05-16Deep Dive

Nigeria’s SEC Issues New Guidance for Crypto, Classifies Them as Securities

Nigerias Securities and Exchange Commission has released new rules to guide the issuance, custody, and exchange of digital assets, while also classifying them as securities.　　According to the rules, entities seeking to offer crypto services or products in the country will have to get a virtual assets service provider (VASP) license. But they may also require other licenses based on the category or industry they operate in.　　VASP license has several obligations, including employing anti-money laundering and combating financing terrorism standards. Itll also include disclaimers and require users to sign a risk acknowledgment form before using.　　The rules also require exchanges providing services to Nigerians to secure a permit. The exchanges will also have to provide reports regularly about their trading and submit periodic compliance reports.　　Exchanges also need the permission of the SEC to list any asset. Thus, theyll have to apply for the listing, and the Commission must have no objection to such assets.　　The SEC also provided for initial coin offerings and token issuance in general. Companies operating in the country or servicing Nigerians will need first to register their intent to issue a token. Then, its up to the Commission to issue approval. For tokens deemed as securities, the issuer must

2022-05-16Deep Dive

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‘44 Nations Meeting in El Salvador to Talk Bitcoin,’ Claims President Bukele

Top Video Game Artists Adopt NFTs to Help Ukraine, Collection to Release on Official MetaHistory Mus

Veteran Investor Bill Miller Remains Bullish on Bitcoin — Confirms He Has a Lot of BTC

Nigerian SEC recognizes Bitcoin as Securities: Issues new rules to cryptocurrency exchanges

97% of Crypto Hacks Were Against DeFi Projects: Report

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

Authorities Seize Over 1,500 Crypto Mining Rigs in Dagestan Crackdown

RBI officials issue warning on economy ‘dollarisation’ threat by cryptocurrencies

U.K. Treasury to Push Forward With Stablecoin Regulation

Nigeria’s SEC Issues New Guidance for Crypto, Classifies Them as Securities