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🇬🇧UK Finance: Digital Pound Holdings Should Be Limited to £5,000 to Avoid Panic

👏 U.K. Finance, one of the largest finance membership organizations in the U.K., has issued its recommendations to the Bank of England regarding the issuance of a digital pound. The organization stated that individual holdings of the proposed central bank digital currency (CBDC) should be capped at £5,000 ($6350) to avoid panic and deposit flight.

❕ The proposal for issuing a digital pound, a UK-issued central bank digital currency (CBDC), is already being debated by financial organizations in the country. U.K. Finance, one of the largest financial membership organizations in the U.K., has issued its answer to a consultation of the Bank of England on the hypothetical launch of a digital pound.

⏳ While some central bank digital currencies are already in advanced stages of research and implementation, the digital pound was just announced back in January. The digital pound, dubbed “britcoin” by U.K. Prime Minister Rishi Sunak, is now in its initial design phases.

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👉

IMF Working Paper Urges Tax System Overhaul to Tackle Crypto’s Tax Collection Challenges

🔍 A research paper published by the International Monetary Fund (IMF) warns that tax collection is significantly more challenging with cryptocurrency assets, and current tax systems are not designed to handle them. The IMF’s working paper emphasizes that certain crypto assets may not persist in the future, while others that endure become “fundamental innovations in decentralized finance.” Consequently, the IMF asserts that tax systems must adapt to cryptocurrencies with “coherence, clarity, and effectiveness.”

⚡️ On July 5, 2023, the International Monetary Fund (IMF) released a working paper on taxation and cryptocurrency assets authored by Katherine Baer, Ruud de Mooij, Shafik Hebous, and Michael Keen.

🔩 The authors observe that the current taxation framework is inadequate in many regions worldwide due to the dual nature of crypto assets, which can serve both as a currency and an investment.

👍 The IMF researchers caution policymakers to promptly address these concerns and familiarize themselves with the necessary corrective measures.

➡️ Although the working paper acknowledges tax evasion as a pressing issue, page 18 specifically addresses the “revenue potential” that tax collectors overlook concerning cryptocurrencies.

🌟 The researchers further argue that although data is limited, “there is strong evidence that crypto wealth is highly concentrated, even more so than ownership of equities.”

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⚡️

SEC States Coinbase Misinteprets Howey Test, Misuses Major Questions Doctrine

🌟 The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase by shooting down the arguments presented by the exchange to throw out the ongoing lawsuit. The filing reaffirms the institution’s jurisdiction on securities laws, explaining that Coinbase misinterprets the Howey test and criticizing the “major questions doctrine” usage in the case.

💲 The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase regarding the exchange’s criticism of the regulator’s actions in the crypto environment.

✔️ In its response, the SEC reaffirms its jurisdiction over securities cases, stating that this legal action against Coinbase is part of the “exercise of its longstanding authority to enforce statutory requirements” after having been authorized by Congress in 1934 to exert these through civil law enforcement actions.

‼️ Furthermore, the institution explains that Coinbase now criticizes the validity of the Howey test after it used its criteria to make listing decisions before it became a public company.

➡️ However, the SEC failed to address the change of heart its chair Gary Gensler experienced since he acknowledged the agency .

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Get ready for the referral race! 🐾

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23.8K views15:00

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🪙

Binance US Reacts to Bitcoin Cash FUD, Assures Users Their Funds Are Safe

📣 Binance’s U.S. platform has rejected rumors regarding its bitcoin cash (BCH) reserves, reassuring customers that their funds are safe. On Sunday, the exchange restored BCH withdrawals after a brief suspension attributed to a technical issue with the automated system managing deposit flows.

⚫️The American subsidiary of the world’s largest cryptocurrency exchange, Binance US, addressed what it described as FUD (fear, uncertainty, and doubt) about users’ bitcoin cash holdings. “Binance US maintains 1:1 reserves, which means for every BCH you hold on our platform, we maintain a BCH in reserve,” the company said.

🐦 In statement posted Tuesday on Twitter, the exchange explained a pause in BCH withdrawals last week citing a technical issue in its deposit sweeping system.

⚠️ This led to a temporary halt of BCH withdrawals until Binance’s tech team implemented a fix to resume normal deposit, hot, and cold wallet flows. “BCH withdrawals on all networks have now been fully operational since late Sunday night,” the exchange said.

⚫️The company emphasized that “in an environment where FUD spreads like a virus, we want to reiterate that Binance US was established to serve U.S. consumers and structured to adhere to U.S. regulations”.

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✅

Blackrock CEO Larry Fink Says Crypto Will ‘Transcend Any One Currency’ — Sees Broad-Based Global Interest

➡️ Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says crypto is so international that it will transcend any one currency. Regarding Blackrock’s bitcoin exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC), the executive stressed: “We are working with our regulators because, as in any new market, if Blackrock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected.”

📣 Larry Fink, the CEO and chairman of Blackrock, the world’s largest asset manager, discussed cryptocurrency in an interview with CNBC on Friday. Blackrock filed to launch a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on June 15. While the SEC has rejected all bitcoin ETF applications so far, many are hopeful that the securities regulator will approve Blackrock’s filing.

💬 “Over the last five years, more and more global investors are asking us about the role of crypto,” the Blackrock CEO shared. “As I said, I do believe a lot of crypto is an international asset,” the executive continued, emphasizing:

💬 It has a differentiating value versus other asset classes, but more importantly, because it’s so international it’s going to transcend any one currency and currency valuation.

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22.1K views16:11

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🚨

BRICS Leaders to Talk Expansion at August Summit, Host Confirms

➡️ The leaders of the BRICS states will discuss the organization’s enlargement when they meet in South Africa, the country’s president indicated. The summit is set take place in August when over a dozen countries will hope to be given a path to membership.

⚫️ Leaders of the five BRICS members (Brazil, Russia, India, China, and South Africa) will talk about the group’s expansion at their summit scheduled for August, South Africa’s President Cyril Ramaphosa has confirmed.

➡️ Media reports and official statements in the past few months have unveiled that a number of countries are seeking to become BRICS members.

⚫️ BRICS is likely to accept five new members at its summit, India’s Business Standard daily revealed at the end of June, the Russian Tass news agency reminded in a report.

⚫️ According to the publication, Russia has turned down a South African request to send Foreign Minister Sergei Lavrov, instead of Putin, to the summit.

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🔗

NY Couple to Forfeit Billions in Crypto and Cash in Plea Deal Over Bitfinex Hack Laundering Case

➡️ Ilya Lichtenstein and Heather Morgan, the New York-based couple implicated in the alleged laundering of $4.5 billion in bitcoin pilfered from the 2016 Bitfinex cyber-attack, have reached a plea bargain, as revealed by recent court records. The pair is scheduled to appear before U.S. judge Colleen Kollar-Kotelly on August 3, 2023, and will be mandated to surrender all cryptocurrency assets and funds they possessed prior to their apprehension.

💲 Court documents filed on July 20 and 21, 2023 indicate that Lichtenstein and Morgan are due to appear before U.S. judge Colleen Kollar-Kotelly on August 3. Furthermore, they must relinquish about 94,643.29837084 BTC valued at $2.8 billion based on July 21 exchange rates.

⚠️ Other coins to be surrendered include 117,376.52651940 bitcoin cash (BCH) and an equal amount of bitcoinsv (BSV). The couple is also required to relinquish 118,102.03258447 bitcoin gold (BTG), 29,016.98 monero (XMR), a collection of USDC held across multiple blockchains, .879544 curve dao (CRV) tokens, and 7,389,269.171 tether (USDT).

💵 The government also plans to confiscate various U.S. and Canadian gold coins held by the duo.

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21.2K views17:13

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🇦🇷 Latam Insights — Argentina Reaches IMF Agreement, Bitfarms to Open New Mining Operations in Paraguay

🆕 Argentina has reached a new agreement with the International Monetary Fund (IMF) to accelerate the delivery of resources during this year.

🏦 Also, Massa declared this agreement reinforces the ability of the Central Bank of Argentina to intervene and balance its internal exchange system. The bank had been reducing foreign currency sales to importers as its reserves touched historic lows.

🪙 Bitfarms, a Nasdaq-listed Bitcoin mining company, announced that it had secured two power purchasing agreements in Paraguay to build two new Bitcoin mining operations in the country.

⚫️ Villarrica’s site construction is slated to start in Q3 2023, while a construction timeline for Iguazu hasn’t been determined yet.

🇷🇺 Russian Ambassador to Caracas Sergey Melik-Bagdasarov informed that Venezuela was already processing payments from Russian MIR cards. The pioneer spot for this adoption move is located on the eastern island of Margarita, a tourist location.

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22.1K views17:42

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🇨🇦 Canadian Regulator Proposes Changes to Its ‘Capital and Liquidity Approach to Crypto-Assets’

🟢 The regulator of financial institutions in Canada said on July 26 that it had started the process of gathering the public’s view on proposals to change its “capital and liquidity approach to crypto-assets.” The draft guidelines are a response to the Basel Committee on Banking Supervision’s new banking standards for crypto-asset exposures.

📣 As per the statement, the Canadian regulator kickstarted the process to gather the public’s view by unveiling two draft guidelines.

➡️ The draft guidelines, which are now open for public consultation until September 20, 2023, are in response to new banking standards for crypto-asset exposures which were unveiled in Dec. 2022 by the Basel Committee on Banking Supervision.

2️⃣ According to the statement, the new guidelines propose two approaches, a simplified and a more comprehensive one.

⏳ However, according to OSFI, the Aug. 2022 interim advisory will remain in effect between now and when new guidelines become effective.

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🆕

Eritrean President Isaias Afwerki: ‘We Need a New Financial Architecture Not Controlled by the Dollar or the Euro

➡️ Isaias Afwerki, president of Eritrea, reinforced the need for building a new economic system away from the traditional centers of power. At the second Russia-Africa Summit, Afwerki told Russian President Vladimir Putin that the current world order, on top of dollar hegemony, was printing money and weaponizing its position using sanctions, trying to contain the emergence of China and Russia.

⚠️ In a meeting held on July 28 with Russian President Vladimir Putin as part of the second Russia-Africa Summit held Saint Petersburg, Afwerki explained that Western nations are weaponizing traditional financial systems without manufacturing anything for the world economies.

Western nations, Afwerki says, will use “defamation, demonization, psychological warfare, sanctions” to achieve this objective.

⚫️The U.S. enacted economic sanctions against Eritrea in November 2021, when the country was banned from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system, crippling its means to complete international transactions in dollars.

On the situation of sanctions against Eritrea, Afwerki declared:

💬 We have to be punished because we are not bowing to their conditionalities. We are a very small threat; we are not even a threat to them. But they have to contain us: sanctions, sanctions, sanctions, conflict here, conflict there.

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20.8K views11:00

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🇰🇪 Kenyan Government Says It Has ‘Suspended’ Worldcoin Activities

📣 The Kenyan interior ministry said on Aug.2 that Worldcoin’s activities in the country have been “suspended” in order to give government agencies an opportunity to assess the cryptocurrency project’s potential risks to public safety. The country’s interior minister Kithure Kindiki reportedly warned of unspecified consequences for those violating the country’s laws.

❌ Just days after Kenya’s data regulator warned residents against scanning their eyeballs via Worldcoin’s orbs, the country’s interior ministry announced on Aug. 2 that it had “suspended” activities of the Sam Altman-backed crypto project.

⚫️Meanwhile, in a statement which seemingly dovetails with the ODPC’s warning, Kithure Kindiki, Kenya’s interior minister, said:

💬 Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities.

❕ Kindiki also warned of unspecified consequences for anyone who engages in activities which violate the country’s laws.

➡️ Kenya’s suspension of Worldcoin activities in the East African nation is one of the most direct actions taken by a government or regulator so far.

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22.6K views10:01

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❌

JPMorgan Economists Discard Prior Recession Prediction, Foresee US Economic Resilience

🆕 JPMorgan’s economists have jettisoned previous predictions of an impending U.S. recession. Their chief U.S. economist, Michael Feroli, is confident that the American economy will maintain a modest but steady growth trajectory throughout the remainder of the current year and well into 2024.

💬 “While a recession is no longer our modal scenario, risk of a downturn is still very elevated,” Feroli wrote on Friday. “One way this risk could materialize is if the Fed is not done hiking rates. Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.”

🕯 Feroli, alongside his cohort of economists at JPMorgan, now foresees an economic resurgence in 2023, followed by a period of “modest, sub-par growth” in the subsequent year. This projection defies the widespread dissenting opinion that a recession, or even a depression, within the U.S., is inevitable.

⚫️Moreover, JPMorgan’s perspective comes on the heels of Fitch Ratings’ decision to lower the credit rating of the United States.

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🪖

SEC Chair Warns AI Poised to Drive Future Financial Crises

⚠️ U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that artificial intelligence (AI) technology will be at the center of future financial crises. The securities regulator has put out a specific proposal to address some of the issues that could be embedded in AI models.

➡️ The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, outlined some of his biggest concerns regarding artificial intelligence (AI) in an interview with Dealbook’s Ephrat Livni on Monday. The rise of generative AI tools like Chatgpt indicates that the technology is poised to transform business and society.

❔ Gensler expressed concern that certain AI models may prioritize the interests of companies over those of investors, leading to potential conflicts of interest.

👺The SEC chairman is also concerned about generative AI giving faulty financial advice.

⚫️ Gensler believes that it is reasonable to request that companies establish secure mechanisms ensuring that chatbot users do not delegate responsibility to the AI technology.

⚫️ Nonetheless, Gensler said that “AI is going to continue significantly transforming science, technology, and commerce.” He believes that the securities regulator “could benefit from staff making greater use of AI in their market surveillance, disclosure review, exams, enforcement, and economic analysis.”

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🇷🇺

Russia to Test Digital Ruble in 11 Cities, Moscow Subway

💰 Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August.

➡️ Around 600 people and 30 companies will participate in the initial stage of the pilot, First Deputy Chair of the Central Bank of Russia, Olga Skorobogatova.

⏯ After verifying all operations conducted by the first group, the number of participants will be increased, she added. The tests will be carried out in 11 Russian cities, including Moscow where digital ruble transactions will be launched in the public transportation system.

⚫️ The capital city’s subway has been a testing site for innovations, noted Maxim Liksutov, deputy mayor for transport.

🏦 Earlier this week, Skorobogatova revealed that 13 Russian banks will join the digital ruble pilot.

⚫️ Khotimsky emphasized that Russian banking institutions would like the bank account to remain Russians’ main account. Officials have previously made it clear that the digital ruble, as the third form of Russian fiat, is meant to complement, not replace, paper cash or electronic bank money.

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➡️

Goldman Sachs Expects Fed to Start Cutting Interest Rates in Q2 Next Year

⚡️ Global investment bank Goldman Sachs has predicted that the Federal Reserve will start cutting interest rates in Q2 next year. Goldman economists, including Jan Hatzius and David Mericle, detailed in a note Sunday:

💬 The cuts in our forecast are driven by this desire to normalize the funds rate from a restrictive level once inflation is closer to target, not by a recession.

💬 “Normalization is not a particularly urgent motivation for cutting, and for that reason, we also see a significant risk that the FOMC will instead hold steady,” the economists described. They noted:

💬 We are penciling in 25 basis points of cuts per quarter but are uncertain about the pace … We expect the funds rate to eventually stabilize at 3%-3.25%.

❌ Goldman Sachs is not the only one forecasting a rate cut in the second quarter of 2024. Bank of America, for example, said in June that it expects the Fed to begin cutting interest rates in May next year.

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Why do you still keep your money on the exchanges ❓

😱 Did you ever consider about the fact that one day the exchange where all your funds are stored may close, as it happened hundreds of times before?

Nowadays there are the two most secure ways to store your cryptocurrency:

🧊 Cold wallet
👝 Self-custodial wallet

But cold wallet costs money, in the case of the self-custodial wallet you don't need to pay anything and it's still safe 🆓

🔐 Self-custodial crypto wallet give users complete control of their crypto assets and private keys.

📢 There are a lot of such wallets, but I would recommend the SAVL wallet as they have a very good reputation and more than 700 thousand generated wallets.

21K viewsedited 12:00

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☀️

BRICS Bank Issues First ZAR Bonds as It Looks to Use Local Currencies

🏦 The New Development Bank (NDB), established by the BRICS bloc of emerging economies, has issued its first bonds denominated in South African rand (ZAR). The auction, which was closed on Tuesday, is part of the bank’s efforts to increase both fundraising and lending in local currencies.

✔️ The auction comes as the bank finds itself under pressure to boost its local currency fundraising and lending, Reuters noted in a report. According to Russia’s Tass news agency, this is NDB’s first issue of bonds in local currency outside China, where it’s based.

📔 The NDB’s Vice-President and Chief Financial Officer, Leslie Maasdorp, pointed out that the bank “is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans.”

💬 The executive also emphasized that “proceeds will be used to fund infrastructure and sustainable development projects in South Africa and the successful outcome sets the benchmark for future issuances by NDB.”

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