BTCNews

U.S. lawmakers have introduced a bill to prohibit the Federal Reserve from “establishing, carrying out, or approving a program intended to test the practicability of issuing” a central bank digital currency (CBDC). “CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent,” said Congressman Alex Mooney. Digital Dollar Pilot Prevention Act U.S. Congressman Alex Mooney (R-WV) announced last week that he has introduced the Digital Dollar Pilot Prevention Act (H.R. 3712) “to close the Federal Reserve’s central bank digital currency (CBDC) pilot program loophole.” The lawmaker clarified: Specifically, this bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC. The bill is co-sponsored by 14 House Republicans: Pete Sessions, Bill Posey, Ralph Norman, Byron Donalds, John Rose, Andy Ogles, Jeff Duncan, Greg St...

The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of Central Banks and Public Policy. Central Banks’ Confidence in US Dollar Drops The World Gold Council (WGC) published the results of its 2023 Central Bank Gold Reserves Survey Tuesday. “Following a historical high level of central bank gold buying, gold continues to be viewed favorably by central banks,” the gold industry body described, adding that 24% of central banks surveyed intend to increase their gold reserves holdings in the next 12 months. Last year, central banks bought a record 1,136 tons of gold. In contrast, the council noted: Central banks’ views towards the future role of the U.S. dollar were more pessimistic than in previous surveys. According to the su...

The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.” ‘We Will See More Local Currencies Used to Settle Trade’ The New Development Bank (NDB), formerly known as the BRICS Development Bank, is seeking to finance more projects in local currencies. The NDB was founded by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. Besides the five founding members, Bangladesh, the United Arab Emirates (UAE), and Egypt have also joined. In addition, Uruguay is currently a prospective member, and recent reports suggest that Saudi Arabia is engaged in discussions to potentially become a member. NDB President Dil...

Russia is actively shifting to settlements in national currencies with its partners, Foreign Minister Sergey Lavrov has affirmed. He expects the transition away from the U.S. dollar to only gain momentum. “This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China,” the top Russian official stressed, noting that the USD’s share is “steadily declining.” De-Dollarization Trend Gaining Momentum Russian Foreign Minister Sergey Lavrov said Monday that the utilization of national currencies in settlements between Russia and its partner countries will continue to gain traction, Tass reported. Responding to a question regarding Kenya’s intention to pay for oil exports in local currency, Lavrov remarked: Of course, as trade turnover grows, the transition to payments in national currencies will become more practical — this is the future. This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, ...

Following the U.S. bankruptcy court judge’s rejection of the U.S. Trustee’s plea to designate an impartial investigator for the FTX bankruptcy case, the government is now appealing this verdict. In essence, the U.S. Trustee’s appeal has been forwarded to the U.S. Third Circuit Court of Appeals, and chief judge Colm F. Connolly acknowledged that he is compelled to comply with the Trustee’s request. U.S. Trustee Drives for Independent Examiner in FTX Bankruptcy Proceedings With Third Circuit Appeals Motion The U.S. government, particularly the Department of Justice-appointed U.S. Trustee designated to the FTX bankruptcy case wants an independent examiner assigned to the proceedings. Last December, an attorney for the U.S. Trustee submitted a written letter to the court insisting that an impartial examiner is needed. Additionally, a small group of bipartisan U.S. senators have also stressed that an independent investigator should be assigned to the FTX case. The U.S. senators who wro...

TradingView, the globally renowned charting platform and social network for traders and investors, has announced the integration of $VERSE token and Verse DEX within its platform. This milestone in the adoption of Verse is a clear signal that Verse as the gateway to DeFi resonates with a great many people. TradingView, used by over 50 million traders and investors worldwide, ranks as the #1 website in the Investing category according to Similarweb rankings. With a 4.9 rating from over 500,000 reviews, TradingView is now the highest-rated finance app on the Apple App Store. The addition of VERSE and Verse DEX to its platform underscores the impressive growth the Verse ecosystem has experienced in a short time. Bitcoin.com ‘s decentralized exchange, Verse DEX, has surged in Total Value Locked (TVL). Since March, Verse DEX’s TVL has increased by more than 290%, surpassing $16 million, placing it among the top 20 DEXs on Ethereum. Verse DEX’s boosted pools offer enticing rewards, with A...

Over the past week, Litecoin has experienced a sustained increase in daily confirmed transactions. Following a record-breaking peak of 585,415 daily confirmed transactions on May 10, the blockchain has consistently handled a range of 172,000 to 532,000 transactions per day. Litecoin’s Daily Transaction Rise Continues Since May 2, 2023, the Litecoin ( LTC ) network has been witnessing an unprecedented surge in daily transactions . Bitcoin.com News first reported this development 11 days ago on May 18, and the momentum of LTC transactions has shown no signs of slowing down. To put it in perspective, the previous highest number of confirmed daily transactions for Litecoin was on September 26, 2022, with a total of 211,014 transactions recorded on that day. Before that, the previous record was set on June 24, 2021, reaching 196,191 transactions. Throughout the majority of 2022 and the initial months of 2023, Litecoin’s daily transaction volume ranged between 90,000 to 130,000 transac...

U.S. presidential candidate Robert F. Kennedy Jr. says he does not want anti-crypto people on the Securities and Exchange Commission (SEC). He also slammed the securities regulator for protecting banks rather than the American people. “What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system,” said the presidential hopeful. RFK Jr on SEC, Bitcoin, Crypto Regulation U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) expressed admiration for bitcoin while criticizing the regulatory approach of the Securities and Exchange Commission (SEC) towards the cryptocurrency industry in an interview with Thestreet, published Friday. RFK Jr. is a nephew of former U.S. President John F. Kennedy and a son of former U.S. Attorney General Robert F. Kennedy. Sharing his intention to nominate crypto-friendly individuals to the SEC should he be elected president, Kennedy stated: I don’t want people on the SEC commission who are anti-crypto. At mos...

Bkex, a crypto exchange based in the British Virgin Islands, has suspended withdrawals due to an allegation that a user’s “funds were involved in money laundering.” In order to assist law enforcement with their investigation and gather evidence, Bkex said it has decided to halt withdrawal activity for the time being. British Virgin Islands-Based Digital Currency Platform Bkex Pauses Withdrawals At 7:56 a.m. Eastern Time on March 29, the digital currency trading platform Bkex took to Twitter to share important news about the suspension of withdrawals. In an announcement on Monday, Bkex revealed that a user’s funds were linked to a money laundering incident. To facilitate the collection of evidence, the crypto exchange will temporarily halt all withdrawals and collaborate closely with the police. “[The] Bkex team will fully cooperate with the regulatory investigation and do its best to restore the normal operation of the exchange,” the announcement details. “The team will actively ...

Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange. Binance Has Created New Crypto Trading Platform for Japan Users Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote: We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations. “The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued. The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be...

Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.” Belarus Prioritizes Building Economic Union With ‘No Barriers and No Restrictions at All’ Belarusian President Alexander Lukashenko outlined his country’s priorities and response to sanctions during the Supreme Eurasian Economic Council meeting in Moscow on Thursday. The meeting was chaired by Russian President Vladimir Putin. Lukashenko explained that Belarus’ response to sanctions is to strengthen cooperation within major multinational organizations, such as the BRICS, the Shanghai Cooperation Organization (SCO), and the As...

Russia’s second-largest bank’s chairman says there is every reason to expect the Chinese yuan to replace the U.S. dollar as the world’s main reserve currency. He highlighted that the central bank of Russia has already begun investing its reserves in yuan, and over 70% of the trade turnover between Russia and China is settled in yuan along with the ruble. VTB Bank President Expects Chinese Yuan to Replace US Dollar as World’s Reserve Currency Russia’s VTB Bank Chairman Andrey Kostin reportedly said at a Russian-Chinese business forum in Shanghai last week that the Chinese yuan will replace the U.S. dollar as the world’s reserve and settlement currency in the next 10 years. “China is now the world’s second-largest economy and will soon become the first,” he was quoted by Sputnik as saying. The executive added: There is every reason to expect that the Chinese yuan will replace the U.S. dollar as the world’s main reserve and settlement currency as early as the next decade. “In fact...

The Makerdao collective is currently immersed in a discussion about the potential rise of the DAI stablecoin’s savings rate to 3.3%. This suggestion was introduced by Block Analitica and revealed to the community on May 26 under the title “Stability Scope Parameter Changes #2.” Block Analitica Proposes Raising DSR to 3.3% Risk and intelligence firm Block Analitica has recommended boosting Makerdao’s DAI Savings Rate (DSR) to 3.3%, as per a recent proposal submitted on Friday. Makerdao’s DSR is a function that enables users to accrue interest on their DAI holdings by securing their DAI within DSR smart contracts. “Brace yourself, DAI holders, for a DSR at 3.33%,” declared Makerdao’s official Twitter account. “An upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved. This change was put forth by [Block Analitica] and submitted via the latest Stability Scope Parameter Changes,” the Makerdao team further elaborated. At present, DAI ranks as the fourth-l...

The European Securities and Markets Authority (ESMA) has issued a warning regarding investments in assets like cryptocurrencies. They will remain unregulated in most countries until the EU’s Markets in Crypto Assets (MiCA) law is enforced across the Union, the regulator pointed out. ESMA Highlights Risks Related to Unregulated Products and Services for Crypto and Other Assets The European Union’s securities watchdog, ESMA, has issued a statement warning investors of risks arising from investment firms providing both regulated and unregulated products and services for crypto and gold, among other assets, as well as some non-transferable securities. These usually fall outside the scope of the EU’s existing financial services regulation but are offered as alternatives to financial instruments. ESMA remarked that retail investors often rely on the reputation of a provider and advised companies on how they should act in such cases. #ESMA warns investors of risks that arise when inv...

Rich Dad Poor Dad author Robert Kiyosaki says America is bankrupt as lawmakers engage in lengthy negotiations over the debt ceiling. “Unfunded liabilities as Social Security are over $250 trillion,” he said as the U.S. faces a potential debt default. Robert Kiyosaki on U.S. Debt Crisis The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his perspective on the U.S. debt crisis and the lengthy negotiations surrounding the debt ceiling. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. “Politicians debating raising $30 trillion U.S. debt limit bad comedy, ‘Kabuki theater,’” Kiyosaki tweeted Wednesday, adding: Facts are: U.S. bankrupt. Unfunded liabilities as Social Security are over $250 trillion. Financial market ‘derivative assets’ measured in quadrillions … thousands o...

U.S. Treasury Secretary Janet Yellen has updated her projection regarding the date the U.S. government could default on its debt obligations. She warned that the Treasury “will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.” Yellen Warns US Could Default on June 5 U.S. Treasury Secretary Janet Yellen has revised her estimate for the potential date of a U.S. default. In a letter she sent to all congressional leaders Friday regarding the debt limit, Yellen wrote: Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5. “We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level o...

Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should develop a new payment system with its own bank cards. BRICS, SCO, and EAEU May Launch Common Payment Card System BRICS (Brazil, Russia, India, China, and South Africa), the Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union (EAEU) can issue a common payment card, the Chairman of the Board of the Eurasian Economic Commission, Mikhail Myasnikovich, has stated and elaborated: We invite our colleagues from the SCO and BRICS to pool our resources. I am talking about the joint approaches to the use of digital currencies and the launch of the common payment card system. We already have appropriate solutions. Myasnikovich was speaking during the second edition of the Eurasian Economic Forum in Moscow on Wednesday and was qu...

A recent study by Dappradar discloses the May loan volumes for non-fungible tokens (NFTs) reached a high of $375 million. The findings emphasize the significant influence of Blur within the NFT lending market, as the NFT marketplace platform constitutes 82% of the entire value settled in the NFT lending sector. Blur Emerges as NFT Lending Giant, Capturing 82% of Market Share Not long ago, Blur proclaimed its entry into the NFT lending arena, and since then, it has logged $308 million in NFT loan volume. This information stems from a May 25, 2023, study published by dappradar.com, indicating that 46.2% of the NFT marketplace’s transactions now involve loan activities. The dappradar.com report accentuates how Blur unveiled its lending initiatives on May 1. On the same day, it registered 4,200 ether and has since escalated to 169,000 ether following its inception. Dappradar’s analyst notes that Blur’s weekly loan volume “outperformed other centralized platforms by approximately 2.93...

Chinese President Xi Jinping and Russian President Vladimir Putin engaged in phone conversations with Brazilian President Luiz Inácio Lula da Silva regarding their joint work within the BRICS group ahead of the economic bloc’s leaders’ summit. Lula has been a vocal advocate of ditching the U.S. dollar in favor of national currencies and a proposed common BRICS currency. Putin and Lula Discuss Various Topics, Including Ukraine War and BRICS Cooperation Brazil’s president, Luiz Inácio Lula da Silva, engaged in a phone conversation with Russian President Vladimir Putin on Friday, following his discussion with Chinese President Xi Jinping earlier this week. Among the topics the leaders discussed was cooperation across major multinational organizations, such as the BRICS. The BRICS economic bloc comprises Brazil, Russia, India, China, and South Africa. In a tweet Friday, Lula wrote (translated from Portuguese by Google): I just spoke by phone with the president of Russia, Vladimir Pu...

The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will improve cooperation with its African counterpart. Brazil Wants the New Development Bank Under BRICS to Strengthen as Financing Instrument Authorities in Brasilia consider the New Development Bank ( NDB ), created by the BRICS nations (Brazil, Russia, India, China, and South Africa), as a promising alternative to traditional financial institutions, Brazilian President Luiz Inacio Lula da Silva was quoted as saying by the Tass news agency. Lula made the statement during a meeting with ambassadors from African countries. “We want the BRICS bank to strengthen as an alternative instrument for financing, and we will reinforce our cooperation with the African Development Bank,” he emphasized. Current international financial and banking institution...

Russian President Vladimir Putin says Russia is actively cooperating with major international organizations, including the BRICS group, the Shanghai Cooperation Organization (SCO), the Association of Southeast Asian Nations (ASEAN), the Gulf Cooperation Council (GCC), and multilateral organizations in Latin America and Africa. Putin also rejected predictions about the “total collapse” of the Russian economy. Russia ‘Actively’ Cooperating With BRICS, SCO, ASEAN Russian President Vladimir Putin spoke at the plenary session of the Eurasian Economic Forum on Wednesday. Among the topics he discussed were the state of Russia’s economy, the effects of Western sanctions, and cooperation with major international organizations, including the BRICS bloc and the Shanghai Cooperation Organization ( SCO ). The BRICS group comprises Brazil, Russia, India, China, and South Africa. “I consider the theme of the forum ‘Eurasian integration in a multipolar world,'” Putin described the annual forum...

The International Monetary Fund (IMF) does not expect a “rapid shift” in the U.S. dollar reserves despite a rising de-dollarization trend and a looming U.S. debt default. “Don’t kiss your dollars goodbye just yet,” said IMF Managing Director Kristalina Georgieva. The IMF chief does not expect the U.S. to default on its debt obligations. US Dollar’s Reserve Currency Status Not at Risk, According to IMF The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, expressed her confidence Wednesday at the Qatar Economic Forum in Doha, organized by Bloomberg, that the U.S. dollar will maintain its world’s reserve currency status. Georgieva explained that despite growing de-dollarization discussions by various countries to decrease their dependence on the USD: We don’t expect a rapid shift in (dollar) reserves because the reason the dollar is a reserve currency is because of the strength of the U.S. economy and the depth of its capital markets … Don’t kiss you...