Crypto Sale

2024-03-19 11:28:14 ​Brazil bank BTG Pactual to issue USD-pegged stablecoin

The new U.S. dollar-pegged stablecoin aims to help BTG Pactual’s customers interact between the traditional financial system and the digital economy.

Major Brazilian investment bank BTG Pactual continues onboarding new cryptocurrency services with the launch of its own stablecoin backed by the U.S. dollar.

BTG Pactual is preparing to launch the BTG Dol, a new stablecoin pegged to the U.S. dollar on a 1:1 ratio, using the bank’s custody services. Announcing the news on April 4, BTG Pactual said that the stablecoin would enable holders to “dollarize” a part of their equity, and help customers interact between the traditional financial system and the new digital economy. Open / Comment

2024-03-18 12:46:27 Metaverse to help tackle global warming: Study

A recent study suggests that the metaverse, a virtual 3D environment where the physical and digital worlds merge, has the potential to contribute to the reduction of global surface temperatures by up to 0.02 degrees Celsius by the end of the century.

Published in the journal Energy & Environmental Science, the study highlights the metaverse's ability to lower greenhouse gas emissions, decrease atmospheric carbon dioxide concentration.

The study emphasizes the potential benefits of metaverse-based remote working, distance learning, and virtual tourism in improving air quality.

By reducing transportation and commercial energy usage, the metaverse can also contribute to transforming energy distribution, with a greater energy supply directed towards the residential sector. Open / Comment

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2024-03-15 10:42:17 Seeks License to Reenter Japanese Crypto Market After Exiting 4 Years Ago

Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.

Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.

The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.

A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.” Open / Comment

2024-03-12 16:52:06 Embark on The MuziKoin Journey: Where Music and Innovation Converge
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2024-03-05 10:57:51 Iran moves to practical phase of testing state digital currency

A representative of the CBI's payment system oversight department said that the agency is ready to move into the practical application phase of the digital version of the Iranian rial. The digital currency issued by the CBI has been distributed to a limited number of state and commercial banks that have the necessary infrastructure and are ready to provide relevant services to the public.

"The rules governing the circulation of digital rials are the same as those for banknotes," said a CBI spokesman.

The Central Bank of Iran said it would start testing the digital rial in 2022. At the time, it was reported that CBI's digital currency was not intended to compete with global cryptocurrencies such as bitcoin or ether.

CBI's stated goal is to turn "cryptocurrency" into a digital version of the national fiat currency. Nevertheless, a number of industry experts suggested that the launch of the digital rial would allow Iran to take advantage of the new form of state currency to circumvent U.S. sanctions.

Earlier, the Central Bank of Iran announced its participation in a project to create a gold-backed Persian stabelcoin, which will be used in foreign trade settlements instead of the dollar, the ruble and the Iranian rial. Open / Comment

2024-02-27 11:51:56 Deltec Bank's Funds Seized by U.S. Secret Service in Money Laundering and Fraud Probe

The U.S. Secret Service seized multiple corporate accounts last month controlled by Deltec Bank, a Bahamian bank with ties to crypto-related firms.

New documents unsealed in a federal court on Monday reveal that the secret service seized several U.S bank accounts controlled by Deltec last month. As per the documents, the amount seized by the U.S authorities is above $58 million.

The seizures were made amid an investigation into organized, international criminal money laundering syndicates operating cryptocurrency investment and other wire fraud scams.

The bank accounts that were seized by the secret service were custodial accounts with Mitsubushi Bank UFJ Trust in New York, opened by Deltec on behalf of corporate clients.

U.S authorities linked certain Bahamian bank’s customers to shell firms involved in a cross border scheme. The scheme allegedly involves creating fake crypto websites to dupe victims into depositing their assets or cash. Open / Comment

2024-02-19 15:49:00 ​​US Inches Towards Bitcoin & Ethereum Accounting Clarity, Leaving NFTs and Stablecoins for Later

In a bid to develop transparent accounting rules for digital assets, the US Financial Accounting Standards Board (FASB) has revealed what assets the industry body will include in its crypto rule-making project, leaving NFTs and certain stablecoins outside its scope.

After years of being asked by businesses and investors to take a position on how to account for crypto holdings, the organization added the crypto project to its rule-making priority agenda last May. And on Wednesday, the FASB disclosed what assets are to be covered by a forthcoming rule, The Wall Street Journal reported.

While the leading cryptoassets such as bitcoin (BTC) and Ethereum (ETH) will be covered by the project, accounting for NFTs and certain (unspecified) stablecoins is likely to continue creating problems for companies who have invested in such assets. Until now, such investments have predominantly been accounted for based as indefinite-lived intangible assets, similar to website domains and trademarks, with the use of the non-binding guidelines issued by the Association of International Certified Professional Accountants (AICPA).

Under the plan, the FASB intends to finalize its initial discussions on the crypto project by the end of this year, when the industry body’s board could vote on whether to issue a proposal, according to a spokeswoman for the organization.

Susan Cosper, a board member at the FASB, defended the decision to exclude NFTs from the project, declaring they could slow it down. According to her, "it’s not pervasive or material at this juncture” and “it’s certainly something that we can focus on later if need be Open / Comment

2024-02-13 11:57:22 ​Kosovo Government Cracks Down on Crypto Mining in Mainly Serb North

Law enforcement in Kosovo has carried out raids against cryptocurrency mining in a northern municipality where Serbs form the majority of the population, the Turkish Anadolu Agency reported, quoting a member of the Albanian-led government in Pristina.

According to Economy Minister Artane Rizvanolli, police have seized 174 devices designed to mint digital currencies. Announcing the operation in Zubin Potok on social media, she insisted that the failure to pay electricity bills encourages such illegal activities.

Consumers in the predominantly Serb northern part of Kosovo have not paid for electric power in over two decades. Serbia does not recognize the unilaterally declared independence of the territory, the rest of which is mostly inhabited by ethnic Albanians. Open / Comment

2024-02-12 12:01:43 California regulators order MyConstant to cease crypto-lending services

The California Department of Financial Protection and Innovation (DFPI) has ordered crypto lending platform MyConstant to cease offering a number of its crypto-related products over alleged state securities law violations.

The DFPI stated in a press release on Dec. 21 that it has ordered MyConstant to “desist and refrain” from offering its peer-to-peer loan brokering service and interest-bearing crypto asset accounts, which it says are in violation of the California Securities Law and California Consumer Financial Protection Law.

The DPFI alleged that MyConstant’s offering and selling of its peer-to-peer lending service called “Loan Matching Service” violates one of the state’s financial codes.

It also alleged that MyConstant engaged in “unlicensed loan brokering,” as the platform induced lenders to lend without proper licenses.

The regulators also had a problem with the crypto lender’s fixed interest-beating crypto asset products, whereby a customer deposits crypto assets (such as stablecoins and fiat) and are promised a fixed annual percentage interest return.

It said that these were examples where MyConstant offered and sold unqualified, non-exempt securities. Open / Comment