IMF Division Chief and Deputy Managing Director Call for Swift Regulatory Action for Legacy Finance to Avoid Crypto Contagion
The head and deputy directors of the International Monetary Fund are calling for more action in the regulatory aspect to avoid crypto market volatility affecting banks and traditional financial institutions. Nobuyasu Sugimoto, deputy head of the department’s financial supervisory and regulatory division, and Bo Li, deputy managing director, recognize that the growing relationship between legacy finance and farms could bring risks to the system for the current volatility of cryptocurrencies. . According to the IMF blog post, even the best of economies are sensitive to the risks of crypto, and investors have significantly increased stablecoin holdings, attracted by the high returns in a previously low-interest environment.
According to the UAE, no virtual assets service provider has been given an operating permit.
The UAE virtual assets regulator maintains that no crypto entity has yet been licensed to be a full market product. According to Omar Sultan Al Olama, the country’s Minister of State for Artificial Intelligence and Digital Economy, no crypto institution has been able to onboard any customers “even last week.”
Switzerland less affected by crypto crisis, says report.
While industries are currently hit and many are unemployed and the industry is in the grip of a severe recession since last year, Switzerland is weathering the storm well as researchers claim and say That during the last year most of the crypto companies settled in this country and definitely we can not say that business flourished well here and latest branches are opened and people got employment. Those who had given up business or had decided not to make up their mind to do business have also settled in Switzerland.
Nothing is crypto in India if legal procedures are followed, says government official
India’s Minister of Information Technology and Electronics and Skill Development and Entrepreneurship Rajeev Chandrasekhar said in an event in Bengaluru that if all kinds of laws are followed and all kinds of acts are done under the supervision of the government then crypto currency No arrangement is difficult for. He said that there is nothing like we are thinking if we get crypto currency under legal procedures. He highlighted that crypto currency is not legal in India. Apart from this, the Finance Minister had said that he would talk about it to everyone in the G-20 conference, while the RBI governor has a negative position on crypto currency.
Victims Often Pay Less as Ransomware Revenue Drops, Chainalysis Reports
According to Chainalysis, there has been no significant decrease in the number of ransomware hits and the revenue from such attacks has decreased sharply in the last year. According to Blockchain Forensics Farms, this does not mean that attacks have reduced, but can be largely attributed to organizations refusing to pay criminals and not paying attention to them.
Davos 2023: CBDCs Are the Future of Central Bank Money But They’re Not Ready Yet
The World Economic Forum (WEF), which includes central banks and global technology providers, has presented central bank digital currencies as the future of central bank money as a solution to the limitations in the payments sector today. does and also stated that there are currently a number of limitations that need to be addressed.
Wrapped bitcoin project sees 18% redemption of circulating supply in 54 days
According to the data, the number of Wrapped Bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156 over a span of 54 days, equivalent to the redemption of over 18% of the circulating supply of WBTC since November 27, 2022.
Former FTX Chairman Launches New Crypto Venture, Raises $5M From Major Investors
A thread was published by Brett Harrison, former president of FTX US, describing his story about SBF where he revealed that his new firm, Architect, has raised $5 million from investors such as Circle Ventures, Coinbase Ventures, and SALT Fund. million dollars and further says that Architect will build institutional-grade trading technology that streamlines the structure of the crypto market, making it easy for firms and large traders to access decentralized protocols and centralized exchangers alike and its products will embody our commitment to security, self-preservation, extensibility and open source design.
FTX debtors’ asset list omits mention of Alameda’s ownership of a large swath of NFT and ENS names.
A press release by FTX debtors stated that bankruptcy filings had unearthed $5.5 billion in liquidated assets. The document details that investigators discovered fiat currencies, crypto assets and securities as part of FTX and Alameda Research’s cash, while in declassification in front of a secured creditor, one of the NFT tokens the company had acquired over the years. Huge reserves have not been disclosed.
Coindesk ready for sale? Investors Circle crypto news publication Genesis amid bankruptcy
Investors are Interested In Buying CryptoCurrency News Publication CoinDesk. On January 18, Wang Feng, the founder of Marsbit, a news publication based in China, announced his intention to buy it, along with other members of the cryptocurrency industry, and the news also cites a report by semaphore at the end of November 2022, the states that CoinDesk had received an explicit takeover demand from a number of investors.
Biggest Movers: SOL rebounds from recent losses, ATOM up 5% on Friday
Cosmos just bounced back higher for the second consecutive session after breaking their recent 4-day losing streak. Friday’s move saw the token move closer to a key representative level of $12.50 while Solana also moved to its high earlier in the day and then did so as the price moved above a key support point.
Crypto lender Origin files for bankruptcy after SEC lawsuit
Crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy, and the filing followed a lawsuit brought by the USA Securities and Exchange Commission that claims it is violating ongoing business operations. This is sufficient liquidity to support and facilitate the restructuring process. Further, the plan envisages a dual track process for sale and raising capital and exploring an equity transaction that would enable the business to emerge under new ownership.
Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy
Bitcoin withdrew to the high of $21000 on Friday and with this the volatility in the cryptocurrency market remains. It was up 1.14% in terms of global market cap writing on Thursday after falling nearly 4% in this session. It goes to the news that crypto lender Genesis has recently filed for its bankruptcy. Ethereum was also in the green as it rebounded from Thursday’s lows.
Report: Somalia to fight inflation and counterfeiting with new banknotes
According to the deputy governor of Somalia’s central bank, Ali Yasin Wardheere, the institution plans to fight and eliminate inflation and counterfeiting with the newly issued currency notes, while the bank reportedly says it will replace the old and older ones in 2024. Expected to undertake the entire process of replacing denominational shilling bills with banknotes with the new design.
Davos 2023: Banking Panel Reaffirms Need for Crypto Regulation Does it
A group of global banking experts, organized by the World Economic Forum (WEF), talked about the need for global crypto regulation, including stablecoins and unbacked crypto assets. The Panel agrees that there should be at least some form of base regulation for these assets and that bank equivalent regulation is needed for blockchain applications offering products similar to traditional banking offerings.
Silvergate Capital to post $1 billion loss in Q4 2022
Silvergate Capital Corporation, the parent company of crypto-based bank Silvergate Bank, has attributed a billion dollar loss to the global crisis raging across the crypto ecosystem in the fourth quarter of 2022, while also asking investors to navigate the current environment. have taken a number of steps to help. According to CEO Alan Lane, the firm is “focused on providing value-added services for [its] core institutional clients.”
JP Morgan CEO Jamie Dimon Calls Bitcoin a ‘Hyped-Up Fraud’ – Satoshi Nakamoto Expects to Increase BTC Supply Cap
Bitcoin has been called “a publicized fraud” by JPMorgan Chase CEO Jamie Dimon. The executive questioned the cryptocurrency’s 21 million supply and suggested that Satoshi Nakamoto, the hidden creator of bitcoin, could remove the cryptocurrency’s supply limit. The executive claims that bitcoin itself is a hide-up fraud.
