Bitcoin News

2022-06-07 14:13:30 ​​Survey: More Than 70% of Salvadorans Believe the Bitcoin Law Has Not Improved Their Personal Finances

A recent survey has offered some insight into the real opinions Salvadorans have about the implementation of the Bitcoin Law in the country. The survey, carried out by the University Institute of Public Opinion of the José Simeón Cañas Central American University, found that most Salvadorans believe the inclusion of bitcoin as legal tender, through the approval of the Bitcoin Law last year, has not improved their personal economic situation.

The inclusion of bitcoin as legal tender in their country and all the changes that the Bitcoin Law has brought about are still not seen as beneficial by most Salvadorans according to a recent survey. The study, carried out by the Institute of Public Opinion of the José Simeón Cañas Central American University, published on July 2, has revealed some facts about the negative vision that citizens of the country have on this subject.

When asked about which benefits the Bitcoin Law, which approved the use of bitcoin as legal tender in the country, had brought to the familiar economy of Salvadorans, 71.1% of the 1,272 citizens surveyed answered that it had brought no benefits at all for them. 12.8% believed that this measure had brought few benefits to their economic situation, while 8.9% are sure that the Bitcoin Law brought at least some benefits to their personal finances.

Only 6.1% answered that bitcoin had brought a lot of benefits to them.

The survey also delved into the opinion that the Salvadoran people have about the relationship between the management of President Nayib Bukele and bitcoin in the country. The appreciation of Bukele in the country is still very good, with 68 of each 100 Salvadorans stating that the government has been managing things well in the third year of its mandate.

While most Salvadorans did not identify any failure in the government of Bukele, the approval of the Bitcoin Law and the investments that President Bukele has made purchasing bitcoin were second in the items identified as failures, with 3.9% of the surveyed identifying them negatively.

Another completely different survey carried out by the Center for Citizen Studies of the Francisco Gavidia University reported similar results last month, with more than half of the Salvadorans surveyed disagreeing with the approval of bitcoin as legal tender and having a preference for the dollar. Открыть/Комментировать

2022-06-06 12:32:30 ​​Warner Bros. and Nifty’s to Launch Looney Tunes Story Bolstered by NFTs

On Thursday, Warner Bros. announced it was collaborating with the non-fungible token (NFT) focused social media platform Nifty’s and at the end of June, the two firms will launch a story-driven NFT collection called “Looney Tunes: What’s Up Block?” The upcoming NFTs will tell a unique Looney Tunes storyline and will also celebrate the character Tweety’s 80th anniversary.

A unique Looney Tunes-based blockchain program will leverage non-fungible tokens (NFTs) to tell a story, according to the American film and entertainment company Warner Bros. and the NFT-centric social media firm Nifty’s. Warner Bros. says that it is collaborating with Nifty’s again in order to release an NFT compilation called “Looney Tunes: What’s Up Block?” According to the announcement the NFTs will be used to create a “fresh narrative for the Looney Tunes franchise” via a storytelling experience.

Looney Tunes is an animated short film series that was launched by Warner Bros. in 1930. The cartoons featured well known animated characters like Bugs Bunny, Porky Pig, Daffy Duck, Wile E. Coyote, Road Runner, Sylvester, Tweety, Foghorn Leghorn, Marvin the Martian, and Tasmanian Devil. Warner Bros. details that the NFT program will allow Looney Tunes fans to “participate in fun activities and games as the story unfolds, both digital and ‘in real life,’ while earning rewards and benefits along the way.”

Rewards and benefits include special access to Looney Tunes merchandise, access to virtual meet and greets, alongside never-before-been-seen content, and new NFT drops. Warner Bros. has been dropping a number of NFT projects in recent times including “Space Jam: A New Legacy” NFTs, Matrix-themed NFT avatars, and hybrid physical and digital DC Comics-themed NFT trading cards. The upcoming “Looney Tunes: What’s Up Block?” NFTs will also celebrate Tweety’s 80th anniversary and the popular yellow canary will be the first character featured in the NFT collection.

“Looney Tunes is a pop culture sensation, representing the golden era of animation with 80+ years of storytelling and laughs,” Josh Hackbarth, the head of NFT commercial development at Warner Bros. detailed in a statement sent to Bitcoin News. “From the recent success of ‘Space Jam: A New Legacy’ to the classic cartoons from the 1940s and ’50s, these beloved characters continue to spark nostalgia and excitement across all generations.” The Warner Bros. executive added:

Today, as digital engagement and technology evolves, the Looney Tunes collection will further expand the reach of the franchise, bringing fans together from around the world, offering unique experiences, community building, storytelling, and a whole new way for them to engage. And what better way to kick things off with Tweety as his 80th birthday celebrations continue.

According to the Looney Tunes NFT Twitter account, the pre-sale begins June 20 and the public sale will start the following day. The NFT platform Nifty’s features the drop on the web portal which explains a snapshot will be taken on June 15, and the reveal will take place on June 23. Warner Bros. announcement notes that the NFTs will be minted on the Palm blockchain network.

The Looney Tunes collection is the third collaboration with the NFT-centric social media platform Nifty’s. The NFT company Nifty’s worked with Warner Bros. on the Matrix NFTs and the Space Jam NFTs as well. The redeemable DC Comics-themed NFTs Warner Bros. released stemmed from a collaboration with the Ethereum-based layer two (L2) protocol Immutable X. Открыть/Комментировать

2022-06-02 20:51:30 ​​Kazakhstan Makes $1.5 Million From Crypto Mining Sector in Q1

The government of Kazakhstan has collected $1.5 million from crypto miners in the first quarter of this year, official data shows. The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January.

Kazakhstan has received 652 million tenge (almost $1.5 million) from the crypto mining industry in the first three months of the year, the government announced this week. The funds have been collected through a surcharge on the electricity used by mining farms operating legally in the country.

The fee, which was imposed on Jan. 1, 2022, is calculated at a rate of 1 tenge per kilowatt-hour of electrical energy burned for the extraction of cryptocurrencies. Entities operating mining facilities are expected to pay it no later than the 20th day of the month following the respective quarter.

The surcharge is not yet part of Kazakhstan’s tax code. Authorities now plan to introduce differentiated rates depending on the cost of the power utilized, and the necessary amendments were recently approved on first reading in the Mazhilis, the lower house of parliament.

On one hand, the move is expected to further increase budget receipts, and on the other, limit electricity consumption for the energy-intensive production of digital currencies. The Central Asian nation became a major mining hotspot after China cracked down on the industry in May last year.

The influx of miners has been largely blamed for the country’s growing power deficit, leading to the temporary shutdown of dozens of mining farms. The electricity shortages have already forced some companies to leave the country.

During a government meeting in February, President Kassym-Jomart Tokayev tasked officials to “multiply” the tax levy on crypto mining. He also ordered the nation’s financial watchdog to identify all mining farms in the country and check their tax and customs documents.

In early May, Kazakhstan expanded the registration rules and reporting requirements for miners, obliging businesses to submit a wide range of information including the energy needs of their mining equipment, planned investments, and number of employees. Meanwhile, government auditors have been trying to close tax loopholes exploited by some miners. Открыть/Комментировать

2022-05-21 23:19:30 ​​Bank of America CEO: We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto

The CEO of Bank of America says that his bank has hundreds of blockchain patents but regulations will not allow it to engage in crypto. “The reality is that we can’t do it by regulation,” he said.

Bank of America (BOA) CEO Brian Moynihan talked about cryptocurrency in an interview with Yahoo Finance Live at the recent World Economic Forum event in Davos, published Saturday.

He was asked about his bank’s plans for cryptocurrencies. “The reality is that we run a payments business across our platform. It’s trillions of dollars a day, and almost all of it is digital,” the executive replied, adding:

If you think about the blockchain, we have hundreds of patents on blockchain as a process and as a tool and as a technology.

However, with regard to cryptocurrency, he revealed: “We’re not engaging in accounts for people in cryptocurrency … we’re not allowed to, frankly.”

The Bank of America chief explained: “Because we’re regulated and they regulators have said you can’t. They’ve said, ‘you have to ask us before you do it and, by the way, don’t ask’ — was basically the tone.” He emphasized:

The reality is that we can’t do it by regulation. We’re not really allowed to engage.

However, Moynihan clarified: “On the trading side, we could do it. Our research team writes on it.”

Bank of America’s research team has been actively publishing reports on cryptocurrencies. The bank formally established a cryptocurrency research team in July last year. In October, the research team debuted a lengthy report stating that digital assets are “too large to ignore.” The bank also sees a massive opportunity in the metaverse for the entire crypto ecosystem.

The Bank of America CEO was also asked if he feels like he is missing out on the next big thing. “No,” Moynihan simply replied. Открыть/Комментировать

2022-05-17 14:05:37 ​​Russia Considers Using Cryptocurrencies for International Settlements

Authorities in Russia are mulling over the possible use of digital currencies for international payments, a high-ranking official from the finance ministry has indicated. If recognized as property, he noted, cryptocurrency can be utilized in barter deals with foreign partners.

The possibility of using cryptocurrencies in international settlements is under consideration at the Ministry of Finance of Russia since the country’s access to the traditional payment channels is limited, Ivan Chebeskov, director of the ministry’s Financial Policy Department announced, quoted by the Interfax news agency.

Speaking at a forum organized by the ruling United Russia party, Chebeskov revealed that the Minfin is actively discussing the employment of digital currency in barter transactions, if it is recognized as property in the Russian Federation.

The topic deserves attention, the official emphasized, as Russia is restricted in its ability to use the traditional payment infrastructure for settlements in its international economic activity. His comments come as Russian authorities are preparing to adopt a new law “On Digital Currency” that may legalize this type of cross-border payment and other crypto transactions.

Russian Prime Minister Mikhail Mishustin stated earlier that the federal government is considering transitioning to settlements in national currencies with “friendly countries.” Interfax also quotes the Head of the Russian Republic of Buryatia, Alexey Tsydenov, who unveiled that Russia will soon offer Mongolia the option to switch to payments in rubles and tugriks.

Moscow has been dealing with mounting western sanctions over its military intervention in Ukraine that have seriously restricted its access to global finances and has been seeking to replace U.S. dollars and euros in international payments, even before it launched the latest invasion in February.

In mid-April, the President of the Russian Chamber of Commerce Sergey Katyrin suggested using cryptocurrencies in settlements with African nations and in late March, the head of the parliamentary Energy Committee Pavel Zavalny said that Russia may start accepting bitcoin for its gas exports in the future. Открыть/Комментировать

2022-05-14 20:59:06 ​​ECB Survey Finds 10% of Eurozone Households Own Crypto Assets

One in every 10 households in six eurozone countries has acquired cryptocurrencies, the European Central Bank (ECB) has found with a new survey. While the richest are most likely to own crypto assets, poor families are not far behind, the poll indicates.

Every tenth eurozone household has purchased bitcoin or other cryptocurrencies, according to the latest Consumer Expectations Survey conducted by the European Central Bank (ECB). Europe’s financial authorities are now trying to establish if the crypto market downturn could affect household budgets, Reuters reported.

The results from the latest edition of the monthly poll were announced Tuesday. The study reveals that an average of 10% of the households in six participating eurozone countries hold crypto assets. Among them, the Netherlands had the largest proportion of crypto owners at 14% while France ranked last with just 6%.

Some 37% of the respondents said they were holding up to 999 euros worth of cryptocurrency (approx. $1,070 at the time of writing), the monetary authority detailed, and 29% had between 1,000 euros and 4,999 euros. Another 13% owned between 5,000 euros and 9,999 euros. The balance had invested more than that, the report unveils.

Across these nations – Belgium, France, Germany, Italy, the Netherlands, and Spain – the richest 20% of the polled were most likely to own cryptocurrencies. At the same time, a greater proportion of lower-income households hold digital assets than the segment between the two groups.

The authors of the survey have also noted that young adult males and highly educated people were more inclined to invest in crypto. “With regard to financial literacy, respondents who scored either at the top level or the bottom level in terms of financial literacy scores were highly likely to hold crypto assets,” the ECB pointed out.

The eurozone’s central bank didn’t miss the opportunity to reiterate its stance that cryptocurrencies are unsuitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for crypto assets in the 27-member bloc. The data has been published as part of ECB’s Financial Stability Review as European legislators are working to finalize the Markets in Crypto Assets (MiCA) legislation. Открыть/Комментировать

2022-04-26 16:26:11 ​​Bill Gates: Crypto Has No Valuable Output — It’s Not Adding to Society Like Other Investments

Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding to society like other investments.”

Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session Thursday.

One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies?” Gates replied:

I don’t own any. I like investing in things that have valuable output.

He added: “The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.”

Gates’ stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha explained in detail why he would not invest in bitcoin or cryptocurrency earlier this month.

“It doesn’t produce anything,” Buffett described BTC, noting that he wouldn’t pay $25 for all of the bitcoin in the world. “What would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything,” he opined.

The Microsoft co-founder and co-chair of the Bill and Melinda Gates Foundation has long been a critic of bitcoin and cryptocurrency.

In February last year, he said he didn’t own bitcoin, adding that he has taken “a neutral view.” However, he also said crypto was one tech innovation the world would be better off without. Gates noted: “The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that.”

Gates also commented on Tesla CEO Elon Musk owning bitcoin in February last year. “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his bitcoin will randomly go up or down,” Microsoft co-founder said. “If you have less money than Elon, you should probably watch out,” he warned. Открыть/Комментировать

2022-04-02 22:34:29 ​​Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

The first digital financial assets based on Russian blockchains may be issued as early as this year, a high-ranking parliamentarian announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament.

Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russia’s financial sector, Anatoly Aksakov.

Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.

The Russian deputy revealed that three platforms — developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank — are already registered as DFA issuers. Another two will be approved in the near future. Aksakov was quoted by Russian media as stating:

We expect that, maybe even this year, the first digital financial assets will be issued, and they will gradually become the basis for financial settlements on the blockchain.

The lawmaker believes that these DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries. “This is, to a certain extent, an alternative to those financial settlements that today exist on the basis of the dollar or the euro or other currencies,” he elaborated.

Anatoly Aksakov emphasized that the Russian government supports the legalization of the digital assets market through strict regulation and has prepared a new bill to achieve that. He was referring to the law “On Digital Currency” drafted by the Ministry of Finance, which is yet to be submitted to the State Duma.

Russia has been stepping up efforts to adopt rules for its digital assets space and this bill should expand the legal framework for the sector, which was only partially regulated with the law “On Digital Financial Assets.” While the finance ministry favors regulating cryptocurrencies along with other digital assets, the Central Bank of Russia remains opposed to their legalization in the country. Открыть/Комментировать

2022-03-18 11:19:47 ​​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 Russia’s capitals of underground coin minting, carry out regular raids against such facilities.

Officers from the Ministry of Internal Affairs of Dagestan and the Federal Security Service have uncovered a large crypto mining farm in the Russian republic’s 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 few years, Dagestan has become a hotspot for illegal and home crypto mining, along with Russian regions such as Krasnoyarsk Krai and Irkutsk Oblast that have maintained low electricity rates. As a result, they have suffered blackouts due to breakdowns, especially in residential areas where the electrical networks are not designed to handle the excessive loads.

In another case, the local power grid operator and distributor, Rosseti Severniy Kavkaz, recently found 95 rigs minting cryptocurrency at a facility of the republic’s water supply utility, Мahachkala Vodokanal. The hardware was installed in a metal container at the Vuzovskoe Ozero pumping station.

The crypto farm had a power capacity of 260 kW and its illegal electricity consumption exceeded 4.5 million kWh, worth more than 26 million rubles (over $400,000). According to an announcement by Rosseti, the farm was set up by a resident of the Dagestan capital who worked in collusion with employees of the water utility.

Authorities in Moscow have been taking steps to regulate crypto mining as a business activity for which Russia has certain advantages like its cheap energy sources and favorable climatic conditions. Lawmakers at the State Duma are currently reviewing a new bill tailored to achieve that. Meanwhile, in an effort to curb mining with household electricity, the Russian anti-monopoly agency has suggested introducing higher electricity rates for those mining at their homes. Открыть/Комментировать

2022-01-25 15:33:01 ​​Masterminds Behind South African Bitcoin Ponzi Scheme Told to Pay Back Over $291 Million

Masterminds of one of South Africa’s biggest bitcoin Ponzi schemes, Mirror Trading International (MTI), have been asked by the scheme’s liquidators to pay back over $291 million to cover the scam operation’s debts.

Liquidators of the South African bitcoin Ponzi scheme, Mirror Trading International (MTI), have issued summonses against eighteen individuals believed to be the masterminds behind the now-defunct scheme. The liquidators want the named individuals to pay back more than $291 million (4,666,077,528 rand) to cover the scheme’s debts, a report has said.

The move to summon the alleged MTI masterminds comes just a few months after liquidators unsuccessfully tried to have the online bitcoin trading platform declared an unlawful business by a South African court.

Investors were reportedly worried that the liquidators’ motion would give the latter excessive powers which may jeopardize their chances of recovering their funds. Following this intervention by investors, a South African judge subsequently postponed the hearing to a later date.

Meanwhile, a report by Mybroadband suggests that the liquidators have since asked the Pretoria High Court to hold MTI masterminds liable as per the dictates of the Companies Act. In their submission, the liquidators reportedly argued that summonsed individuals including the co-owners of MTI, Johann Steynberg and Clynton Marks, were aware the bitcoin trading platform was insolvent.

“The defendants were at all relevant times aware of the fact that MTI was trading in insolvent circumstances as well as of the actions perpetrated and constituting fraud upon MTI’s creditors,” the liquidators reportedly said in their summons.

Consequently, the liquidators assert that all the summonsed individuals must be held to account for their part in perpetuating MTI’s fraudulent business. Named the biggest crypto scam in 2020, MTI collapsed soon after its CEO Johann Steynberg disappeared with investor funds in late 2020. He was later arrested by Brazilian law enforcement in late 2021.

Following the online trading platform’s collapse, court-appointed liquidators have waged an ongoing battle against a group of investors opposed to the liquidation process. The group, which insists MTI is still solvent and thus should not be liquidated, wants the court to stop this process. Открыть/Комментировать