Crypto Account Manager

Faced with cash shortages caused by the central bank’s currency policies, traders in the Nigerian state of Benue have reportedly resorted to barter trading. Traders from the state have implored the Nigerian government to consider rescinding the Central Bank of Nigeria’s naira redesign policy. The Nigerian Supreme Court has said it will pass its judgment on a suit challenging the naira redesign policy on March 3. Barter Trade Helping Businesses Stay Afloat The cash shortages sparked by the Central Bank of Nigeria (CBN)’s so-called naira redesign policy have seen traders in the Nigerian state of Benue resort to barter, a local report has said. The report added that some traders, especially those without bank accounts, began accepting payment in the form of goods or produce shortly after the passage of the old naira demonetization deadline. As previously reported by Bitcoin.com News, the CBN’s botched attempt to replace old naira banknotes with newly designed ones has sparked unrest...

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said. Crypto Survey Commissioned by Coinbase A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.” Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented: The vast majority...

Economist Peter Schiff has predicted that the U.S. Federal Reserve will ultimately throw in the towel on its inflation fight to confront “something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis.” He stressed, “The months of declining inflation are in the review mirror,” emphasizing that now “we’re going to see accelerating inflation.” Peter Schiff on Potential Economic Collapse Economist and gold bug Peter Schiff shared some dire warnings about where the U.S. economy is headed and the consequences of the Federal Reserve’s fight against inflation in an interview with Greg Hunter on the USAWatchdog show, published Saturday. Citing recent economic data, including the personal consumption expenditures price index which rose 0.6% in January, Schiff said: “The months of declining inflation are in the review mirror. And now we’re going to see accelerating inflation as measured by these government indexes.” Asserting that t...

PRESS RELEASE. GameSwift has announced the open alpha version of its all-in-one Platform for playing and building web3 games. It features the GameSwift ID – a revolutionary passwordless sign-on system with an in-built wallet that offers seamless web3 onboarding for games and players. In addition to this groundbreaking feature, the company has garnered attention for its strategic partnerships with Polygon and Casper Network, which aimed to accelerate the mass adoption of web3 games. The newly released GameSwift Platform and its Launcher and ID components create a comprehensive hub for gamers seeking an optimal web3 gaming experience. Thanks to this user-friendly and inclusive solution, even those without blockchain knowledge can enjoy playing web3 games. Web3 Gaming: Onboarding Players Proves to be the Biggest Challenge Web3 gaming is an exciting new frontier, but one of the industry’s biggest challenges is onboarding new players. This is mainly because the requirements for web3 g...

Israel’s public stock exchange is suggesting regulatory amendments that would permit some clients to trade crypto assets. The proposals, which have been put forward for public consultation, come at the backdrop of a growing number of regulated institutions getting involved in the digital asset market, the exchange noted. TASE Exchange Moves to Regulate Cryptocurrency Trading for Brokers The Tel Aviv Stock Exchange ( TASE ) has published a draft proposing to allow clients of non-banking institutions (NBMs) among its members to buy and sell cryptocurrencies. It intends to expand the list of authorized activities for such entities in order to add crypto trading. NBMs provide brokerage, investment and advisory services, and operate as intermediaries. While they can process various transactions such as the transfer of funds, they are not permitted by law to accept direct deposits from customers or act as custodians. Israel’s only public exchange is now seeking feedback on its regulator...

The Bitcoin blockchain has 40.49 gigabytes (GB) to go until it reaches half a terabyte (TB), and with the recent trend of Ordinal inscriptions, it’s likely to get there faster. The average block size reached a high of 2.52 megabytes (MB) on Feb. 12, 2023, but block sizes have subsided and dropped to an average of 1.634 MB by Feb. 27. Still, the blockchain grew at a rate of 0.288 GB per day, compared to the previous rate of 0.173 GB per day recorded before the Ordinal inscription trend began. The Impact of Ordinal Inscriptions on Bitcoin’s Network Metrics Ordinal inscriptions started on Dec. 16, 2022, but didn’t really gain steam until Feb. 2, 2023. That was the day a 3.96 MB block was mined , and since then, 214,028 inscriptions have been added to the Bitcoin blockchain. The trend of Ordinal inscriptions between Feb. 2 and Feb. 27, or roughly 26 days, increased Bitcoin’s average network fee and average block size. Both network fee and block size metrics peaked around Feb. 12 and ha...

Neal Stephenson, ostensibly the first to coin the term “metaverse,” issued his opinion about the future of the adoption of virtual worlds. The sci-fi writer and co-founder of Lamina1, a blockchain metaverse company, believes that building experiences that millions of people consider worth having in virtual worlds is quite difficult, hampering the adoption process of the tech. Neal Stephenson on the Future of Metaverse Adoption Neal Stephenson, believed to be the creator of the general concept and term “metaverse” — popularized recently by Meta — believes that mainstream adoption of this tech might be very far away. The writer, who coined the term as part of his novel Snow Crash, published in 1992, stated that the growth of the metaverse will depend on the quality of the experiences offered in the virtual world. As part of an interview offered to the Financial Times , Stephenson stated: There won’t be a metaverse that is used by millions of people until it contains experiences th...

On Monday, Wasabi Wallet and the open-source bitcoin payment processor Btcpay announced a new plugin for the Btcpay server. The plugin implements Wasabi’s Wabisabi coinjoin coordination protocol, allowing merchants to benefit from privacy enhancement. By activating the newly launched plugin, all the funds that merchants receive and send will be coinjoined, or mixed together with other bitcoin transactions. New Btcpay Server Plugin Aims to Bolster Bitcoin Privacy According to an announcement from the privacy-centric bitcoin wallet platform Wasabi Wallet and the bitcoin payment processor Btcpay , merchants now have the ability to obfuscate their incoming and outgoing bitcoin (BTC) transactions. The technology comes in the form of a new plugin for Btcpay, which was developed by Andrew Camilleri and based on Wasabi Wallet’s Wabisabi coinjoin coordination protocol. The Btcpay plugin’s scheme “protects the privacy of all their incoming and outgoing transactions by preventing sensitive...

The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over the weekend. G20 Agrees Crypto Poses Major Risks to Financial Stability, Says RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das talked about cryptocurrency during a media briefing Saturday following the G20 meeting of finance ministers and central bank governors in Bengaluru. According to India’s state-owned media agency News On Air: Das told the media that there is now wide recognition and acceptance of the fact that crypto currencies or assets are major risks to financial stability, monetary systems, and cyber security. Das also noted that G20 delegates expressed interest in central bank digital currency (CBDC) pilot projects in India and other countries, the publication con...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has detailed why he considers all crypto tokens other than bitcoin as securities. While acknowledging that crypto tokens may have different setups, he stressed that “at the core, these tokens are securities.” SEC Chair Believes All Crypto Tokens Other Than Bitcoin Are Securities The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained why he believes all crypto tokens other than bitcoin are securities in an interview published Thursday by New York Magazine’s Intelligencer . Gensler believes that the securities watchdog has all of the legal tools needed to oversee the crypto sector, the publication conveyed, adding that the SEC boss explained that pretty much every sort of crypto transaction already falls under the SEC’s jurisdiction except spot transactions in bitcoin itself and the actual purchase or sale of goods or services with cryptocurrencies. The SEC chairman was quoted as ...

Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023, Coinbase announced that it will suspend trading of binance usd (BUSD) following a recent regulatory crackdown on the stablecoin by the New York State Department of Financial Services (NYDFS) on February 13. Reports indicated that the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells Notice regarding BUSD on that day. Paxos confirmed in a press release that the NYDFS directed the regulated firm to stop issuing the stablecoin. “We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for [binance usd] (BUSD) on March 13, 2023, o...

Trezor, the manufacturer of crypto hardware wallets, has announced that it will take control of its wallet chip production process by producing its own silicon chips. The company states that the newly designed “chip wrapper” will enhance device security and considerably shorten lead times for mass production. Trezor ‘Unpacks Process’ and Produces Its Own Silicon Chip On Feb. 27, 2023, the Prague-based cryptocurrency hardware wallet company Trezor announced that it is now responsible for its own silicon chip-making process. According to Trezor CFO Štěpán Uherik, the new “chip wrapper” enables the company to have more design freedom for future products. Last year, Trezor’s parent company Satoshi Labs revealed its support for a startup called Tropic Square to produce an open-source silicon chip called “ TROPIC01 ” for use in crypto hardware wallets. The new chip-making process enhances security significantly by eliminating third-party chipmakers and associated vulnerabilities. Trezo...

Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes, a handful of companies are also harnessing it in this way. Companies Are Reportedly Using USDT to Avoid Being Hurt by Sanctions in Venezuela While the use of dollar-pegged stablecoins, like Tether’s USDT , in countries like Venezuela is mainly related to inflation and devaluation according to Chainalysis, a second use case has also been discovered recently. Reports from local analysts state that a handful of companies are using USDT as a payment method for foreign customers and providers, which are afraid of using traditional payment means due to the risk of receiving sanctions. According to Juan Blanco, director of local consulting firm Bitdata consultants, many unidentified companies are s...

Russian marketplaces on the dark web have continued to operate despite Western sanctions and efforts to shut them down, according to a report accessing the illicit blockchain space amid the world’s “first crypto war.” Ransomware actors and high-risk crypto exchanges have also remained active. Underground Russian Crypto Platforms Adapting to Disruptions Caused by Ukraine War Before Russia invaded Ukraine a year ago, cryptocurrency exchanges linked to the two countries accounted for over half of the international volumes of illicit crypto funds. Cybercrime organizations were full of Russian-speaking members and Russian-language darknet markets (DNMs) dominated the global drugs trade in cryptocurrency, TRM Labs noted in a new report . Over the past year, the blockchain intelligence firm analyzed changes in the illicit crypto ecosystem to find out how cybercriminals are adjusting to the financial, political, and logistical disruptions caused by the conflict. The company describes the l...

The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the YouTuber-turned-boxer Jake Paul would beat Tommy Fury by knockout. Drake could have potentially raked in a $1.44 million bitcoin payout, but Fury won the fight in a split-decision victory. Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout On Feb. 26, 2023, in Diriyah, Saudi Arabia, YouTuber-turned-boxer Jake Paul’s winning streak was stopped by Tommy Fury, the half-brother of Mike Tyson. The fight was a close bout, with Fury winning by split decision (74-75, 76-73, 76-73), despite Paul knocking Fury down in the eighth round. Paul had six straight wins under his belt before losing to Fury on Sunday. Before the fight, the rap star and actor Drake placed a $400,000 bitcoin wager, or roughly 17 BTC , on Paul winning the fight by knockout (KO). Drake took to Instagram and showed off his bet, which was placed on the crypto betting platform Stake. “Knock knock,” Drake said, with a door emoji. The screen...

U.S. Treasury Secretary Janet Yellen says “it is critical to put in place a strong regulatory framework” for crypto on the sidelines of the G20 meeting for finance ministers and central bank governors. “We haven’t suggested outright banning of crypto activities,” Yellen added. Janet Yellen on ‘Strong’ Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru. Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban. The treasury secretary said: We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework … We’re working with other governments. Crypto regulation was among the key topics discussed by the G20 finance ministers ...

Billionaire Jeffrey Gundlach, aka the “Bond King,” has warned of “painful outcomes that are coming in the next recession.” Commenting on the Federal Reserve’s attempt to curb inflation, he cautioned: “The more you try to reduce the severity of problems, you’re going to end up ultimately having a very high severity problem.” ‘Bond King’ Jeffrey Gundlach on the Next Recession Jeffrey Gundlach, chief executive officer and chief investment officer of investment management firm Doubleline, shared his outlook on the U.S. economy in an interview with Yahoo Finance last week. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. According to Forbes, his net worth is currently $2.2 billion. “It doesn’t matter if it’s a soft landing or a hard landing,” he began. “People are always asking me this question: ‘How bad is the recession going to be?’ It doesn’t matter, as long as we’re going into a recession, you have to have a certain deg...

The two sides in the bitter conflict in Ukraine have been relying on crypto assets and technology to support their military and humanitarian activities, Elliptic says in a report. According to the blockchain forensics company, the targeted nation has attracted more digital asset donations than the invading power. Ukraine Supporters Sent Over $212 Million in Cryptocurrency Both Russia and Ukraine have employed blockchain technology to secure funding for their war efforts since Russian forces attacked on Feb. 24, 2022, Elliptic revealed in a report exploring the evolving role of cryptocurrencies in the conflict. The study is based on data compiled by the crypto analytics firm over the past year. On the anniversary of the invasion, the company said that “many campaigns have sought to harness core developments in the crypto ecosystem to aid their fundraising – from decentralized finance (defi) to crypto pre-paid cards.” The digital cash was used for various purposes, from humanitarian...

The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliament which will postpone its adoption, one of its sponsors announced. Members of the lower house are also working on a separate bill that will introduce liability for those who mint digital coins illegally. Adoption of Russian Crypto Mining Legislation Postponed Again A bill designed to legalize the mining of cryptocurrencies, which was first filed with the State Duma in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy. The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog. Russian parliamentarians and other offici...

Major crypto exchanges have failed to prevent sanctioned Russian banks and traders from transacting, according to a blockchain forensics report. At least two established coin trading platforms continue to allow Russians to use their bank cards in peer-to-peer deals, the analysis shows. It also highlights an increased Russian interest in tether. Russian Traders Still Using Leading Cryptocurrency Exchanges to Bypass Restrictions Some of the world’s largest digital asset exchanges have been failing with measures to prevent Russian banking institutions under sanctions from operating through their platforms, reveals a report by the blockchain analytics firm Inca Digital, announced on the first anniversary of Moscow’s invasion of neighboring Ukraine. According to the research, quoted by Bloomberg and Politico, traders can still use debit cards issued by Russian banks sanctioned by the U.S., Canada, U.K., and the European Union among others, including the state-owned Sberbank, to trade o...