Wex Exchange Co-Owner Reportedly Detained in Russia
Authorities in Russia have arrested a crypto entrepreneur associated with an unidentified cryptocurrency exchange who is suspected of embezzling funds and property. According to a media report, the detained person is one of the owners of Wex, successor of the infamous BTC-e exchange.
Russian law enforcement agencies have detained a man accused of stealing financial and other assets from a cryptocurrency exchange, the Ministry of Internal Affairs (MVD) announced Tuesday. The suspect allegedly controlled large amounts in cryptocurrency and their movement between wallets.
Investigators believe he withdrew some of the funds and appropriated them. The person was handcuffed at the hotel of a private airfield in Serpukhov city district of Moscow region with two suitcases holding 190 million Russian rubles in cash ($1.7 million), the press release detailed.
Officials from MVD, the Federal Security Service (FSB), and Russia’s financial watchdog, Rosfinmonitoring, carried out 29 searches at the residences of the arrested and his accomplices in Moscow, St. Petersburg, Novosibirsk, and Yalta. Another 50 million rubles, $1 million, €70,000, computer equipment, hardware crypto wallets, luxury goods, and documents were seized.
While neither the detained person, nor the exchange were named by the authorities, the crypto news outlet Forklog quoted Indefibank CEO Sergey Mendeleev who claims the man is Aleksey Bilyuchenko, co-founder of Wex, once the largest crypto trading platform in Russia, which was launched in 2017 as a successor of BTC-e. The latter closed down earlier that year following the arrest in Greece of one of its alleged operators, Alexander Vinnik.
Bilyuchenko’s ownership of Wex was revealed by the BBC. Another Russian, Dmitry Vasiliev, was the official owner of the exchange. In September, the Polish press reported that Vasiliev had been arrested at the Warsaw airport on Aug. 11 and was awaiting extradition to Kazakhstan. In December, news came out that he had been released and had returned to Russia.
In 2018, Wex was sold to Dmitry Khavchenko, a former fighter for the breakaway Donetsk People’s Republic in Ukraine who then registered the operator of the exchange, the Singapore-based company World Exchange Services, under the name of his daughter, Daria. The exchange went bankrupt later that year. According to estimates by a group of Wex users, the total losses exceed $400 million.
Authorities in Russia have arrested a crypto entrepreneur associated with an unidentified cryptocurrency exchange who is suspected of embezzling funds and property. According to a media report, the detained person is one of the owners of Wex, successor of the infamous BTC-e exchange.
Russian law enforcement agencies have detained a man accused of stealing financial and other assets from a cryptocurrency exchange, the Ministry of Internal Affairs (MVD) announced Tuesday. The suspect allegedly controlled large amounts in cryptocurrency and their movement between wallets.
Investigators believe he withdrew some of the funds and appropriated them. The person was handcuffed at the hotel of a private airfield in Serpukhov city district of Moscow region with two suitcases holding 190 million Russian rubles in cash ($1.7 million), the press release detailed.
Officials from MVD, the Federal Security Service (FSB), and Russia’s financial watchdog, Rosfinmonitoring, carried out 29 searches at the residences of the arrested and his accomplices in Moscow, St. Petersburg, Novosibirsk, and Yalta. Another 50 million rubles, $1 million, €70,000, computer equipment, hardware crypto wallets, luxury goods, and documents were seized.
While neither the detained person, nor the exchange were named by the authorities, the crypto news outlet Forklog quoted Indefibank CEO Sergey Mendeleev who claims the man is Aleksey Bilyuchenko, co-founder of Wex, once the largest crypto trading platform in Russia, which was launched in 2017 as a successor of BTC-e. The latter closed down earlier that year following the arrest in Greece of one of its alleged operators, Alexander Vinnik.
Bilyuchenko’s ownership of Wex was revealed by the BBC. Another Russian, Dmitry Vasiliev, was the official owner of the exchange. In September, the Polish press reported that Vasiliev had been arrested at the Warsaw airport on Aug. 11 and was awaiting extradition to Kazakhstan. In December, news came out that he had been released and had returned to Russia.
In 2018, Wex was sold to Dmitry Khavchenko, a former fighter for the breakaway Donetsk People’s Republic in Ukraine who then registered the operator of the exchange, the Singapore-based company World Exchange Services, under the name of his daughter, Daria. The exchange went bankrupt later that year. According to estimates by a group of Wex users, the total losses exceed $400 million.
Venezuela’s Sunacrip Launches Petro-Based Gift Card Market and Exchange
Sunacrip, the Venezuelan cryptocurrency watchdog, has announced a set of improvements to its Petroapp wallet, allowing Venezuelans to use the petro (PTR) for new functions. The app now has an embedded cryptocurrency exchange that allows users to exchange petros for other currencies, and a series of gift card and payment options to increase adoption.
Sunacrip, the cryptocurrency regulation institution in Venezuela, has announced a series of changes to its petro (PTR) wallet app called Petroapp, which are directed to improve the usability of the cryptocurrency. Joselit Ramirez, head of Sunacrip, explained these changes and enumerated the new functions on social media.
Ramirez stated:
Having achieved the recovery of the market and the balance of the PTR conversion rates, we have updated the PetroApp where you have new services that strengthen the usability of our sovereign crypto asset.
Ramirez highlighted that the redesign of the Petroapp will allow users to pay for their phone plans with all of the national carriers. Also, the three leading cable operators in the country will be available in the app to accept payments in petros.
The new update also aims to make it easier for people to purchase petros directly from the app, with the possibility of using the national fiat currency to acquire these crypto assets. At the same time, these assets can be used in the app to be exchanged for other supported cryptocurrencies including bitcoin, litecoin, and dash, with the possibility of withdrawing them from the platform, too.
Ramirez explained that Petroapp is also including a payments gateway, allowing users to create payment invoices within the app. The head of Sunacrip stated that this turns “each mobile device into a point of sale and the PTR into a means of payment,” something that the Venezuelan government has pushed for since the launch of the cryptocurrency.
The launch of a gift card market, the last feature announced, seems to go in that direction. The market, according to Ramirez’s statements, will include the possibility of buying gift cards to pay for services like Netflix, which is hugely popular in the country, or making payments on platforms such as Apple Store and Amazon.
Sunacrip, the Venezuelan cryptocurrency watchdog, has announced a set of improvements to its Petroapp wallet, allowing Venezuelans to use the petro (PTR) for new functions. The app now has an embedded cryptocurrency exchange that allows users to exchange petros for other currencies, and a series of gift card and payment options to increase adoption.
Sunacrip, the cryptocurrency regulation institution in Venezuela, has announced a series of changes to its petro (PTR) wallet app called Petroapp, which are directed to improve the usability of the cryptocurrency. Joselit Ramirez, head of Sunacrip, explained these changes and enumerated the new functions on social media.
Ramirez stated:
Having achieved the recovery of the market and the balance of the PTR conversion rates, we have updated the PetroApp where you have new services that strengthen the usability of our sovereign crypto asset.
Ramirez highlighted that the redesign of the Petroapp will allow users to pay for their phone plans with all of the national carriers. Also, the three leading cable operators in the country will be available in the app to accept payments in petros.
The new update also aims to make it easier for people to purchase petros directly from the app, with the possibility of using the national fiat currency to acquire these crypto assets. At the same time, these assets can be used in the app to be exchanged for other supported cryptocurrencies including bitcoin, litecoin, and dash, with the possibility of withdrawing them from the platform, too.
Ramirez explained that Petroapp is also including a payments gateway, allowing users to create payment invoices within the app. The head of Sunacrip stated that this turns “each mobile device into a point of sale and the PTR into a means of payment,” something that the Venezuelan government has pushed for since the launch of the cryptocurrency.
The launch of a gift card market, the last feature announced, seems to go in that direction. The market, according to Ramirez’s statements, will include the possibility of buying gift cards to pay for services like Netflix, which is hugely popular in the country, or making payments on platforms such as Apple Store and Amazon.
NFT of Nelson Mandela’s Arrest Warrant Raises $130,000
A South African museum, Liliesleaf Museum Heritage Site, recently raised $130,000 via the auction of a non-fungible token (NFT) created from an arrest warrant issued against Nelson Mandela in 1962.
A non-fungible token (NFT) minted from the former South African President Nelson Mandela’s warrant of arrest was recently auctioned for $130,000 (1.9 million rands), a report has said. The proceeds are expected to help bankroll Liliesleaf Museum Heritage Site, an organization that documents South Africa’s fight for freedom and democracy.
According to a Bloomberg report, Liliesleaf Museum Heritage Site had initially received the original document in 2004 as a donation. The warrant itself was issued in 1962 by South Africa’s then minority rulers after they accused Mandela of conspiring to overthrow the government.
After holding the document for nearly 18 years, Liliesleaf Museum Heritage Site has again raised funds using an NFT which depicts an object once associated with South Africa’s freedom fighters. Before the latest auction, the heritage site had previously received about $50,000 after it auctioned an NFT of a pen gun that was owned by another South African freedom fighter, Oliver Tambo. In both instances, Momint — a South African NFT marketplace — handled the auctions.
In addition to museums, conservancies like the Black Rock Rhino have used proceeds from NFTs to pay for some of the sanctuary’s day-to-day expenses. The pivot to NFTs by charitable organizations comes after one study suggested that more South Africans are buying or are interested in buying NFTs.
A South African museum, Liliesleaf Museum Heritage Site, recently raised $130,000 via the auction of a non-fungible token (NFT) created from an arrest warrant issued against Nelson Mandela in 1962.
A non-fungible token (NFT) minted from the former South African President Nelson Mandela’s warrant of arrest was recently auctioned for $130,000 (1.9 million rands), a report has said. The proceeds are expected to help bankroll Liliesleaf Museum Heritage Site, an organization that documents South Africa’s fight for freedom and democracy.
According to a Bloomberg report, Liliesleaf Museum Heritage Site had initially received the original document in 2004 as a donation. The warrant itself was issued in 1962 by South Africa’s then minority rulers after they accused Mandela of conspiring to overthrow the government.
After holding the document for nearly 18 years, Liliesleaf Museum Heritage Site has again raised funds using an NFT which depicts an object once associated with South Africa’s freedom fighters. Before the latest auction, the heritage site had previously received about $50,000 after it auctioned an NFT of a pen gun that was owned by another South African freedom fighter, Oliver Tambo. In both instances, Momint — a South African NFT marketplace — handled the auctions.
In addition to museums, conservancies like the Black Rock Rhino have used proceeds from NFTs to pay for some of the sanctuary’s day-to-day expenses. The pivot to NFTs by charitable organizations comes after one study suggested that more South Africans are buying or are interested in buying NFTs.
Law Project Presented in Argentinian Senate Proposes to Tax Undeclared Cryptocurrency Held Outside the Country
A new law project presented in the Argentinian Senate is seeking to start a fund to pay for part of the debt the country has with the International Monetary Fund (IMF). The project, which is being pushed by members of the ruling party, would establish that Argentinian citizens have to pay taxes for certain assets held outside the country, including cryptocurrencies.
A new law project presented in the Argentinian senate proposes a way of paying the debt of more than $44 billion that the country has with the International Monetary Fund (IMF). The law, called “National Fund For The Cancellation Of The Debt With The IMF,” implements a system that, if approved, will tax several key elements that Argentinians possess in foreign lands.
According to the project, all kinds of properties outside of the country would be taxed, including any amount of fiat currencies, properties, stocks, credits, and cryptocurrencies, constituting an emergency input coming from these undeclared goods outside of the country. The payment of these taxes will have to be in foreign currency (U.S. dollars), deposited directly to the accounts of the Argentinian tax authority (AFIP).
Argentinian citizens will have to pay a certain percentage of the value of these funds depending on the way and time periods in which they declare their properties and cryptocurrency to the tax authority. Article number nine in the law proposal declares:
The contribution to be paid by the taxpayers indicated in Article 6 will be the one that results from applying, on all the assets object of this law, the rate of twenty percent (20%).
This rate applies to all taxpayers declaring these assets voluntarily in the six months after the approval of the law. After this period ends, the rate applied by the law is increased to 35% of the value of the goods, stocks, and cryptocurrency held outside the country. In other circumstances, this rate can climb as high as 50%.
The penalties proposed for not complying with the duties declared in the law include prison time and fines. To have sufficient data for its application, the figure of a collaborator, which points to possible offenders with evidence, is also defined in the project. Collaborators receive a part of the funds collected by the tax authority, which can be as high as 30% depending on the importance of the case examined.
A new law project presented in the Argentinian Senate is seeking to start a fund to pay for part of the debt the country has with the International Monetary Fund (IMF). The project, which is being pushed by members of the ruling party, would establish that Argentinian citizens have to pay taxes for certain assets held outside the country, including cryptocurrencies.
A new law project presented in the Argentinian senate proposes a way of paying the debt of more than $44 billion that the country has with the International Monetary Fund (IMF). The law, called “National Fund For The Cancellation Of The Debt With The IMF,” implements a system that, if approved, will tax several key elements that Argentinians possess in foreign lands.
According to the project, all kinds of properties outside of the country would be taxed, including any amount of fiat currencies, properties, stocks, credits, and cryptocurrencies, constituting an emergency input coming from these undeclared goods outside of the country. The payment of these taxes will have to be in foreign currency (U.S. dollars), deposited directly to the accounts of the Argentinian tax authority (AFIP).
Argentinian citizens will have to pay a certain percentage of the value of these funds depending on the way and time periods in which they declare their properties and cryptocurrency to the tax authority. Article number nine in the law proposal declares:
The contribution to be paid by the taxpayers indicated in Article 6 will be the one that results from applying, on all the assets object of this law, the rate of twenty percent (20%).
This rate applies to all taxpayers declaring these assets voluntarily in the six months after the approval of the law. After this period ends, the rate applied by the law is increased to 35% of the value of the goods, stocks, and cryptocurrency held outside the country. In other circumstances, this rate can climb as high as 50%.
The penalties proposed for not complying with the duties declared in the law include prison time and fines. To have sufficient data for its application, the figure of a collaborator, which points to possible offenders with evidence, is also defined in the project. Collaborators receive a part of the funds collected by the tax authority, which can be as high as 30% depending on the importance of the case examined.
Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs
Wechat, the Chinese messaging app, has reportedly suspended accounts that are linked to non-fungible tokens (NFTs). The objective of the crackdown is to stop the use of the affected accounts in promoting NFTs.
The Chinese messaging app Wechat recently acknowledged it had suspended some accounts which are said to be linked to non-fungible tokens (NFTs). The suspension of the accounts, according to a BBC report, is aimed at stopping such blacklisted accounts from engaging in NFT market promotional activities that help to drive up prices.
The targeting of NFT-promoting accounts by Wechat appears to suggest that China, which currently does not have specific regulations against NFTs, is widening its crackdown on digital assets that began in 2021.
As explained by multiple reports published by News, Chinese authorities have been clamping down on bitcoin miners and cryptocurrency exchange platforms since mid-2021. The crackdown is believed to have forced some crypto miners and platforms to leave mainland China.
While it is not clear if the crackdown has succeeded in completely stopping Chinese citizens from trading or mining crypto, a BBC report suggests Chinese authorities are now eager to add NFTs to the list of outlawed activities. The same report also expanded on the reason, quoting an update from the Wechat team which said:
Wechat has recently standardized and rectified public accounts and small programs for speculation and secondary sales of digital collections.
Wechat also clarified that the action taken against the now “rectified” accounts was done in accordance with relevant national regulations.
Wechat, the Chinese messaging app, has reportedly suspended accounts that are linked to non-fungible tokens (NFTs). The objective of the crackdown is to stop the use of the affected accounts in promoting NFTs.
The Chinese messaging app Wechat recently acknowledged it had suspended some accounts which are said to be linked to non-fungible tokens (NFTs). The suspension of the accounts, according to a BBC report, is aimed at stopping such blacklisted accounts from engaging in NFT market promotional activities that help to drive up prices.
The targeting of NFT-promoting accounts by Wechat appears to suggest that China, which currently does not have specific regulations against NFTs, is widening its crackdown on digital assets that began in 2021.
As explained by multiple reports published by News, Chinese authorities have been clamping down on bitcoin miners and cryptocurrency exchange platforms since mid-2021. The crackdown is believed to have forced some crypto miners and platforms to leave mainland China.
While it is not clear if the crackdown has succeeded in completely stopping Chinese citizens from trading or mining crypto, a BBC report suggests Chinese authorities are now eager to add NFTs to the list of outlawed activities. The same report also expanded on the reason, quoting an update from the Wechat team which said:
Wechat has recently standardized and rectified public accounts and small programs for speculation and secondary sales of digital collections.
Wechat also clarified that the action taken against the now “rectified” accounts was done in accordance with relevant national regulations.
Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions
The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions.
Bank of Russia considers it impossible to use cryptocurrencies to circumvent financial restrictions imposed over the military conflict in Ukraine. That’s according to a statement by the central bank’s First Deputy Governor Ksenia Yudaeva, issued in a reply to a proposal by a member of the State Duma, the lower house of Russian parliament.
Anton Gorelkin, a lawmaker from the ruling United Russia party, had suggested that Russian companies and individual entrepreneurs should be allowed to make payments in digital currencies, including for settlements with foreign partners. He thinks the establishment of a Russian national crypto infrastructure in response to the sanctions introduced by the West is inevitable.
Central bank officials are convinced, however, that transfers of large amounts of money in cryptocurrency by Russian businesses would not be feasible. Quoted by the RIA Novosti news agency, Yudaeva pointed out that regulatory authorities in the EU, U.S., U.K., Japan, and Singapore have started to implement preventive measures.
Digital asset platforms such as crypto exchanges are also adopting restrictions amounting to denial of access to funds for Russian users, she added. And even in jurisdictions where crypto payments are not banned at the moment, authorities are setting ever higher standards for crypto service providers regarding compliance with customer identification rules.
The Central Bank of Russia (CBR) remains a strong opponent of the legalization of cryptocurrencies. In January, the financial authority proposed a blanket ban on crypto-related operations in the country. It maintains that decentralized digital currencies like bitcoin cannot be used in payments for goods and services.
With its hardline stance on the matter, the CBR has found itself in isolation among government institutions in Moscow. In February, the federal government approved a regulatory plan based on the Finance Ministry’s concept which favors regulation under strict oversight, over prohibition.
Days before the Russian army crossed the Ukrainian border, the ministry submitted a new bill “On Digital Currency” tailored to comprehensively regulate the country’s crypto market. In mid-March, another Russian lawmaker working on the upcoming crypto regulations, Alexander Yakubovsky, suggested that cryptocurrencies could help Russia restore its access to global finances.
The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions.
Bank of Russia considers it impossible to use cryptocurrencies to circumvent financial restrictions imposed over the military conflict in Ukraine. That’s according to a statement by the central bank’s First Deputy Governor Ksenia Yudaeva, issued in a reply to a proposal by a member of the State Duma, the lower house of Russian parliament.
Anton Gorelkin, a lawmaker from the ruling United Russia party, had suggested that Russian companies and individual entrepreneurs should be allowed to make payments in digital currencies, including for settlements with foreign partners. He thinks the establishment of a Russian national crypto infrastructure in response to the sanctions introduced by the West is inevitable.
Central bank officials are convinced, however, that transfers of large amounts of money in cryptocurrency by Russian businesses would not be feasible. Quoted by the RIA Novosti news agency, Yudaeva pointed out that regulatory authorities in the EU, U.S., U.K., Japan, and Singapore have started to implement preventive measures.
Digital asset platforms such as crypto exchanges are also adopting restrictions amounting to denial of access to funds for Russian users, she added. And even in jurisdictions where crypto payments are not banned at the moment, authorities are setting ever higher standards for crypto service providers regarding compliance with customer identification rules.
The Central Bank of Russia (CBR) remains a strong opponent of the legalization of cryptocurrencies. In January, the financial authority proposed a blanket ban on crypto-related operations in the country. It maintains that decentralized digital currencies like bitcoin cannot be used in payments for goods and services.
With its hardline stance on the matter, the CBR has found itself in isolation among government institutions in Moscow. In February, the federal government approved a regulatory plan based on the Finance Ministry’s concept which favors regulation under strict oversight, over prohibition.
Days before the Russian army crossed the Ukrainian border, the ministry submitted a new bill “On Digital Currency” tailored to comprehensively regulate the country’s crypto market. In mid-March, another Russian lawmaker working on the upcoming crypto regulations, Alexander Yakubovsky, suggested that cryptocurrencies could help Russia restore its access to global finances.
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Advertising Agency Launches Campaign to Free Jailed Egyptian Women With NFT Sales
An advertising agency from the United Arab Emirates (UAE) and a non-governmental organization have launched a campaign that seeks to raise funds for jailed Egyptian women via the sale of non-fungible tokens (NFTs). The funds raised are already being used to pay off their debts, allowing the imprisoned women to leave jail.
The UAE-based advertising agency, Horizon FCB, has launched a non-fungible token (NFT) campaign that seeks to raise funds to free Egyptian women that were jailed for failing to pay off their debts. In this campaign, Horizon FCB has partnered with the non-governmental organization Children of Female Prisoners Association (CFPA).
According to a report published by Unlock Media, the imprisoned women were unable to pay off relatively small loans taken out to pay for medicine, emergencies, and other needs of their families, so they ended up in jail. The advertising agency’s general manager, Reham Mufleh, explained the rationale behind Horizon FCB’s decision to help. Mufleh said:
We created and launched a humane initiative, Breakchains with Blockchain, inspired by the reasons for their imprisonment, we created in collaboration with artists from around the world, NFTs. Each is designed to tell a woman’s story, the story of why she was sentenced. Each NFT is priced at the amount it will cost to free them from their sentence and give them a second chance at life.
As explained in the report, every year over 10,000 Egyptian women are sent to prison. Their only crime, according to the report, is failing to repay their loans. CEO of Horizon FCB Mazen Jawad says it is the heartbreaking stories of the jailed women and the plight of their families that prompted the advertising agency to start the campaign.
In addition to raising funds, Horizon FCB and its partner CFPA are also using the novelty of NFTs to raise awareness about the plight of jailed women and their families. On March 21, when the campaign was launched, three Egyptian mothers were reunited with their families after their debts were paid using funds raised from the sale of NFTs.
An advertising agency from the United Arab Emirates (UAE) and a non-governmental organization have launched a campaign that seeks to raise funds for jailed Egyptian women via the sale of non-fungible tokens (NFTs). The funds raised are already being used to pay off their debts, allowing the imprisoned women to leave jail.
The UAE-based advertising agency, Horizon FCB, has launched a non-fungible token (NFT) campaign that seeks to raise funds to free Egyptian women that were jailed for failing to pay off their debts. In this campaign, Horizon FCB has partnered with the non-governmental organization Children of Female Prisoners Association (CFPA).
According to a report published by Unlock Media, the imprisoned women were unable to pay off relatively small loans taken out to pay for medicine, emergencies, and other needs of their families, so they ended up in jail. The advertising agency’s general manager, Reham Mufleh, explained the rationale behind Horizon FCB’s decision to help. Mufleh said:
We created and launched a humane initiative, Breakchains with Blockchain, inspired by the reasons for their imprisonment, we created in collaboration with artists from around the world, NFTs. Each is designed to tell a woman’s story, the story of why she was sentenced. Each NFT is priced at the amount it will cost to free them from their sentence and give them a second chance at life.
As explained in the report, every year over 10,000 Egyptian women are sent to prison. Their only crime, according to the report, is failing to repay their loans. CEO of Horizon FCB Mazen Jawad says it is the heartbreaking stories of the jailed women and the plight of their families that prompted the advertising agency to start the campaign.
In addition to raising funds, Horizon FCB and its partner CFPA are also using the novelty of NFTs to raise awareness about the plight of jailed women and their families. On March 21, when the campaign was launched, three Egyptian mothers were reunited with their families after their debts were paid using funds raised from the sale of NFTs.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Mainly Unchanged to Start the Weekend
Prices of ETH and BTC were mainly unchanged to start the weekend, as market activity slowed, mainly due to the Easter holiday. Price consolidation comes after a week of bearish pressure that sent the world’s two largest cryptocurrencies towards key support levels.
Bitcoin was once again trading marginally above the $40,000 level on Saturday, as markets remained quiet as a result of the Easter break.
BTC/USD rose to an intraday peak of $40,618.84 to start the weekend, following a low of $40,009.09 earlier in the session.
Recent price consolidation comes following a two-week streak which saw bitcoin lose close to $10,000 from its value.
Typically, following a bullish or bearish trend within a relatively short span of time, markets will consolidate, as they prepare for either an extension of the initial move, or a change of direction.
Looking at the chart, the 14-day RSI continues to track below a key resistance level at 44, which seems to be the main hurdle preventing a resurgence of BTC bulls.
If recent sentiment continues, we may see some further declines back towards $39,600 prior to any upcoming extended gains.
ETH was also mainly unmoved during Saturday’s session, as the world’s second-largest cryptocurrency was tracking close to its price support.
Following an earlier low of $3,001.12, ETH/USD only marginally rose, hitting a peak of $3,046.20 as of writing.
This peak is around 0.49% higher than yesterday’s low, and sees price once again fail to make any significant gains following losses during the week.
Since the beginning of the year, the price of ETH traded close to this $3,000 support level on four occasions, with bulls typically pushing prices higher.
On the occasions when price has traded around current level, we typically see no more than two days of consolidation, prior to a rally.
As of writing, prices are currently seeing the second day of consolidation, which could potentially tempt bulls to look at entries on Sunday.
Prices of ETH and BTC were mainly unchanged to start the weekend, as market activity slowed, mainly due to the Easter holiday. Price consolidation comes after a week of bearish pressure that sent the world’s two largest cryptocurrencies towards key support levels.
Bitcoin was once again trading marginally above the $40,000 level on Saturday, as markets remained quiet as a result of the Easter break.
BTC/USD rose to an intraday peak of $40,618.84 to start the weekend, following a low of $40,009.09 earlier in the session.
Recent price consolidation comes following a two-week streak which saw bitcoin lose close to $10,000 from its value.
Typically, following a bullish or bearish trend within a relatively short span of time, markets will consolidate, as they prepare for either an extension of the initial move, or a change of direction.
Looking at the chart, the 14-day RSI continues to track below a key resistance level at 44, which seems to be the main hurdle preventing a resurgence of BTC bulls.
If recent sentiment continues, we may see some further declines back towards $39,600 prior to any upcoming extended gains.
ETH was also mainly unmoved during Saturday’s session, as the world’s second-largest cryptocurrency was tracking close to its price support.
Following an earlier low of $3,001.12, ETH/USD only marginally rose, hitting a peak of $3,046.20 as of writing.
This peak is around 0.49% higher than yesterday’s low, and sees price once again fail to make any significant gains following losses during the week.
Since the beginning of the year, the price of ETH traded close to this $3,000 support level on four occasions, with bulls typically pushing prices higher.
On the occasions when price has traded around current level, we typically see no more than two days of consolidation, prior to a rally.
As of writing, prices are currently seeing the second day of consolidation, which could potentially tempt bulls to look at entries on Sunday.
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0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
#DYOR
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchange , next listing is Hotcoin Global.
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads,They Launched their own NFT MARKETPLACE
With World Famous MUSIC ARTISTS
On the Occasion of their NFT platform they 2nd time burned 10% of their supply
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
This is something that we've been waiting for.
Wait for more announcement coming in, should be epic in upcoming months
JOIN
@KunciGlobalOfficial
Contract address
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
#DYOR
Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method
Real estate investments are booming in Spain and Europe, as investors are exiting riskier investment avenues in favor of safer options. According to sources from the real estate world, the interest in these instruments has grown 400% since November, with people purchasing homes without even having set foot in them. Some are even using crypto as a payment method.
The real estate market has been growing since last year in Spain and Europe, due to the rising inflation costs and war, which has changed the predictions some had about an economic recovery. According to numbers from Europa Press, the interest in the real estate market has increased by 400% since November, with many investors running toward buying properties without even having seen them.
Some investors have even taken funds from other investments considered riskier, like stocks and cryptocurrencies, to take refuge in the properties market. Rebeca Pérez, founder and CEO of Inviertis, a company that allows users to invest in rented properties in Spain, gave its take on what is happening in the real estate market. She stated:
Investors are withdrawing everything they had on the stock market and are investing in real estate to preserve their assets, a situation that has worsened since the Russian military invasion of Ukraine.
Pérez believes that crypto and stock investors value real estate properties as a more stable investment that offers less fluctuation than stock or crypto markets, and also gives them the opportunity of getting in and out of the market easily due to the high demand.
This high interest has also driven some crypto investors to purchase properties directly with cryptocurrencies, not having to exchange them for fiat money using banks. This can be pretty attractive to some investors, according to Perez. She explained:
You turn a risky investment into a conservative one and, if you were lucky enough to enter the crypto world in 2012, for example, you can buy a house for 200 euros back then.
However, there are still hurdles that need to be simplified when doing this kind of transaction with cryptocurrencies. These include the calculation of the taxes associated with the purchase and setting the price in bitcoin or another cryptocurrency due to their volatility.
These operations are much more common in Latam, where several properties have already been sold for crypto, and there is a more general acceptance of the assets as payment methods.
Real estate investments are booming in Spain and Europe, as investors are exiting riskier investment avenues in favor of safer options. According to sources from the real estate world, the interest in these instruments has grown 400% since November, with people purchasing homes without even having set foot in them. Some are even using crypto as a payment method.
The real estate market has been growing since last year in Spain and Europe, due to the rising inflation costs and war, which has changed the predictions some had about an economic recovery. According to numbers from Europa Press, the interest in the real estate market has increased by 400% since November, with many investors running toward buying properties without even having seen them.
Some investors have even taken funds from other investments considered riskier, like stocks and cryptocurrencies, to take refuge in the properties market. Rebeca Pérez, founder and CEO of Inviertis, a company that allows users to invest in rented properties in Spain, gave its take on what is happening in the real estate market. She stated:
Investors are withdrawing everything they had on the stock market and are investing in real estate to preserve their assets, a situation that has worsened since the Russian military invasion of Ukraine.
Pérez believes that crypto and stock investors value real estate properties as a more stable investment that offers less fluctuation than stock or crypto markets, and also gives them the opportunity of getting in and out of the market easily due to the high demand.
This high interest has also driven some crypto investors to purchase properties directly with cryptocurrencies, not having to exchange them for fiat money using banks. This can be pretty attractive to some investors, according to Perez. She explained:
You turn a risky investment into a conservative one and, if you were lucky enough to enter the crypto world in 2012, for example, you can buy a house for 200 euros back then.
However, there are still hurdles that need to be simplified when doing this kind of transaction with cryptocurrencies. These include the calculation of the taxes associated with the purchase and setting the price in bitcoin or another cryptocurrency due to their volatility.
These operations are much more common in Latam, where several properties have already been sold for crypto, and there is a more general acceptance of the assets as payment methods.
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Report: South African University to Issue Blockchain-Based Certificates to Graduating Students
A South African university has said starting this year it will issue blockchain-based certificates to students graduating from the learning institution. University administrators argued that a blockchain-based certification system will help prevent fraud and end the production of fake documents.
A South African learning institution, the University of Johannesburg (UJ), has said it will issue blockchain-based certificates to its graduates starting this year, a report has said. According to the report, each qualification document issued by the university will have a QR code which will be used to verify its authenticity.
As explained in the Mybroadband report, the university is adopting the blockchain-based certification system as part of an attempt to prevent fraud and the counterfeiting of UJ-issued certificates.
Tinus van Zyl, the university’s senior director of central academic administration, is quoted in the report explaining why the blockchain-based system is an improvement from the digital certificate system which UJ introduced some time ago. According to Van Zyl, the university’s graduates had been using the digital certificate system to digitally access or share their certificates with prospective employers.
Using the blockchain-based system, on the other hand, means prospective employers and third parties can now also verify a graduate’s certificate.
“The public is now able to validate the awarded qualifications for UJ graduates without having to contact the University or having to go through a verification agency, just by scanning the QR code on the certificate and best of all, at no cost,” Van Zyl stated.
Meanwhile, another UJ employee, Kinta Burger, is quoted in the report suggesting that the implementation of the blockchain-based certificate system will safeguard the university’s reputation and that of the certificates it issues.
A South African university has said starting this year it will issue blockchain-based certificates to students graduating from the learning institution. University administrators argued that a blockchain-based certification system will help prevent fraud and end the production of fake documents.
A South African learning institution, the University of Johannesburg (UJ), has said it will issue blockchain-based certificates to its graduates starting this year, a report has said. According to the report, each qualification document issued by the university will have a QR code which will be used to verify its authenticity.
As explained in the Mybroadband report, the university is adopting the blockchain-based certification system as part of an attempt to prevent fraud and the counterfeiting of UJ-issued certificates.
Tinus van Zyl, the university’s senior director of central academic administration, is quoted in the report explaining why the blockchain-based system is an improvement from the digital certificate system which UJ introduced some time ago. According to Van Zyl, the university’s graduates had been using the digital certificate system to digitally access or share their certificates with prospective employers.
Using the blockchain-based system, on the other hand, means prospective employers and third parties can now also verify a graduate’s certificate.
“The public is now able to validate the awarded qualifications for UJ graduates without having to contact the University or having to go through a verification agency, just by scanning the QR code on the certificate and best of all, at no cost,” Van Zyl stated.
Meanwhile, another UJ employee, Kinta Burger, is quoted in the report suggesting that the implementation of the blockchain-based certificate system will safeguard the university’s reputation and that of the certificates it issues.
KunciCoin (BSC) || 🟨⬜️
Thrilled to announce our staking feature for KunciCoin will open soon You can get up to 15% APY, by staking you $KUNCI on doyanrebahan.com
KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are going to be listed on
3 Big Exchanges
SOON THEY ARE RELEASING THEIR 2ND BATCH OF NFT ARTISTS AND MUSIC ALBUMS FROM BAND IFAN SEVENTEEN AS THEIR FIRST NFT RELEASE SOLD IN 7 MINUTES On
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They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchanges
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Thrilled to announce our staking feature for KunciCoin will open soon You can get up to 15% APY, by staking you $KUNCI on doyanrebahan.com
KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are going to be listed on
3 Big Exchanges
SOON THEY ARE RELEASING THEIR 2ND BATCH OF NFT ARTISTS AND MUSIC ALBUMS FROM BAND IFAN SEVENTEEN AS THEIR FIRST NFT RELEASE SOLD IN 7 MINUTES On
http://kuncinft.com
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchanges
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Georgians Sell Russian Regions as NFTs to Raise Money for Ukraine
A tech innovations firm based in Georgia’s capital Tbilisi is now “selling Russia piece by piece” in the form of NFTs. The money from the collectibles, representing almost 2,500 Russian regions, will be used to help rebuild Ukraine, which was invaded by the Russian army two months ago.
Leavingstone, a digital creative agency from Georgia, has joined efforts to raise funds for Ukraine, which has been defending against Russian military aggression for eight weeks. The company is now selling non-fungible tokens (NFTs) representing parts of Russian territory.
In the first of three planned phases of the ‘Russia for Sale’ initiative, Leavingstone is auctioning off 2,443 regions of the Russian Federation depicted on playing cards with name, size, and a “weirdly authentic coat of arms.” An interactive map offers the parcels to potential buyers and with 34 already sold, over $19,000 worth of ether has been accumulated so far.
“We saw a huge potential in it,” Leavingstone co-founder Levan Lefsveridze told the Georgian service of Radio Free Europe. “The majority of people would want to be involved in Russia’s partition,” he added, in a clear attempt to troll Russian President Vladimir Putin and his government who have threatened to punish any calls for violating Russia’s territorial integrity.
During the next stage of the sale, the Georgian agency will offer NFTs of Russian landmarks like the Kremlin, the Ostankino TV Tower in Moscow, Putin’s winter palace and home, a property worth close to an estimated $1 billion, and a bunker. “If you’re into the post-soviet aesthetic of Khrushchyovka architecture, you’ll like it,” the organizers tease investors.
The third sale, they promise, is going to be a big one. “We’ll be auctioning Lenin himself. Yep. Stuffed granddaddy of the red revolution will be up for sale!” the project’s website pledges. Its operators emphasize that all the proceeds will be devoted to supporting Ukraine.
The main beneficiary is the Ministry of Digital Transformation in Kyiv and all collected funds will be transferred to its wallet. Among other responsibilities, the department has been taking care of Ukraine’s defense in the cyberspace, another battleground in the conflict with Russia.
Ukrainian government institutions and volunteer groups have received tens of millions of dollars’ worth of cryptocurrency donations since Moscow launched its military assault in the early hours of Feb. 24. The money is used to fund Ukraine’s defense efforts and solve mounting humanitarian problems.
Moscow’s invasion of Ukraine came eight years after Russia annexed Crimea and gave support for the pro-Russian separatists in the Donbas region. Georgia has had its own problems with the same neighbor. Russia backed separatists in Abkhazia in 1992 and then prevented the Georgian government from retaking the territory of another breakaway republic, South Ossetia.
A tech innovations firm based in Georgia’s capital Tbilisi is now “selling Russia piece by piece” in the form of NFTs. The money from the collectibles, representing almost 2,500 Russian regions, will be used to help rebuild Ukraine, which was invaded by the Russian army two months ago.
Leavingstone, a digital creative agency from Georgia, has joined efforts to raise funds for Ukraine, which has been defending against Russian military aggression for eight weeks. The company is now selling non-fungible tokens (NFTs) representing parts of Russian territory.
In the first of three planned phases of the ‘Russia for Sale’ initiative, Leavingstone is auctioning off 2,443 regions of the Russian Federation depicted on playing cards with name, size, and a “weirdly authentic coat of arms.” An interactive map offers the parcels to potential buyers and with 34 already sold, over $19,000 worth of ether has been accumulated so far.
“We saw a huge potential in it,” Leavingstone co-founder Levan Lefsveridze told the Georgian service of Radio Free Europe. “The majority of people would want to be involved in Russia’s partition,” he added, in a clear attempt to troll Russian President Vladimir Putin and his government who have threatened to punish any calls for violating Russia’s territorial integrity.
During the next stage of the sale, the Georgian agency will offer NFTs of Russian landmarks like the Kremlin, the Ostankino TV Tower in Moscow, Putin’s winter palace and home, a property worth close to an estimated $1 billion, and a bunker. “If you’re into the post-soviet aesthetic of Khrushchyovka architecture, you’ll like it,” the organizers tease investors.
The third sale, they promise, is going to be a big one. “We’ll be auctioning Lenin himself. Yep. Stuffed granddaddy of the red revolution will be up for sale!” the project’s website pledges. Its operators emphasize that all the proceeds will be devoted to supporting Ukraine.
The main beneficiary is the Ministry of Digital Transformation in Kyiv and all collected funds will be transferred to its wallet. Among other responsibilities, the department has been taking care of Ukraine’s defense in the cyberspace, another battleground in the conflict with Russia.
Ukrainian government institutions and volunteer groups have received tens of millions of dollars’ worth of cryptocurrency donations since Moscow launched its military assault in the early hours of Feb. 24. The money is used to fund Ukraine’s defense efforts and solve mounting humanitarian problems.
Moscow’s invasion of Ukraine came eight years after Russia annexed Crimea and gave support for the pro-Russian separatists in the Donbas region. Georgia has had its own problems with the same neighbor. Russia backed separatists in Abkhazia in 1992 and then prevented the Georgian government from retaking the territory of another breakaway republic, South Ossetia.
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Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets
The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment.
Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia (CBR) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain.
Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersant reported. The discussions were focused on the new plan to organize the trading of DFAs and utilitarian digital rights (UDRs) drafted by the CBR.
Some crypto-related activities in Russia were regulated with the law “On Digital Financial Assets,” which went into force in January 2021, including issuance of digital coins (digital financial assets) and fundraising through tokens (digital rights). However, other operations such as mining and trading, as well as the circulation of cryptocurrencies, remained unregulated. A new law “On Digital Currency,” authored by the finance ministry, aims to change that.
A source from Russia’s financial sector, who took part in the meeting, told the business daily that the exchanges and the brokers supported the idea to trade digital assets, which would expand the array of financial instruments available to them. At the same time, the information system operators were skeptical about the proposal.
They fear that admitting stock exchanges into this market will jeopardize the business of digital asset platforms which have not had enough time to develop yet. Their representatives also warn about various challenges, including those related to the implementation of blockchain technologies and the slower pace of operation of traditional exchange platforms.
On the other hand, officials from the Moscow Exchange welcomed the initiative, stating they were ready to discuss it further. “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets,” they noted during the talks.
According to Pavel Utkin, a lead lawyer at Parthenon United Legal Center, Bank of Russia seeks to gain control over the circulation of DFAs and turn their trading into something similar to the regular stock market. “Since the regulator has lost the battle with the Ministry of Finance to block the circulation of cryptocurrencies in the country, it is necessary to create a platform that will make it possible to control the circulation of these assets,” the expert elaborated.
The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment.
Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia (CBR) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain.
Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersant reported. The discussions were focused on the new plan to organize the trading of DFAs and utilitarian digital rights (UDRs) drafted by the CBR.
Some crypto-related activities in Russia were regulated with the law “On Digital Financial Assets,” which went into force in January 2021, including issuance of digital coins (digital financial assets) and fundraising through tokens (digital rights). However, other operations such as mining and trading, as well as the circulation of cryptocurrencies, remained unregulated. A new law “On Digital Currency,” authored by the finance ministry, aims to change that.
A source from Russia’s financial sector, who took part in the meeting, told the business daily that the exchanges and the brokers supported the idea to trade digital assets, which would expand the array of financial instruments available to them. At the same time, the information system operators were skeptical about the proposal.
They fear that admitting stock exchanges into this market will jeopardize the business of digital asset platforms which have not had enough time to develop yet. Their representatives also warn about various challenges, including those related to the implementation of blockchain technologies and the slower pace of operation of traditional exchange platforms.
On the other hand, officials from the Moscow Exchange welcomed the initiative, stating they were ready to discuss it further. “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets,” they noted during the talks.
According to Pavel Utkin, a lead lawyer at Parthenon United Legal Center, Bank of Russia seeks to gain control over the circulation of DFAs and turn their trading into something similar to the regular stock market. “Since the regulator has lost the battle with the Ministry of Finance to block the circulation of cryptocurrencies in the country, it is necessary to create a platform that will make it possible to control the circulation of these assets,” the expert elaborated.
KunciCoin(BSC)🟨⬜️
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
Twitter
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
With an ‘Aggressive’ Fed Rate Hike Expected Next Week, Stocks and Crypto Markets Lose Billions
Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion.
A number of financial institutions, analysts, and economists expect the Federal Open Market Committee (FOMC) will raise interest rates next week in an aggressive manner. Reuters’ authors Lindsay Dunsmuir and Ann Saphir reported on Friday that there may be “big Fed rate hikes ahead” and the authors also cite two reports that claim “hot inflation is peaking.”
“U.S. Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with hot inflation and surging labor costs, even as two reports Friday showed tentative signs both may be cresting,” the report explains.
In addition to the Reuters report, the Dutch multinational banking and financial services corporation ING Group believes a big hike will come this Wednesday. In the report, ING expects the FOMC and Fed Chair Jerome Powell to announce a 50 basis point rise. ING’s report says that “inflation worries outweigh temporary GDP dip.”
“The Federal Reserve is widely expected to raise its policy rate by 50 basis points next Wednesday as 8%+ inflation and a tight labour market trump the surprise 1Q GDP contraction attributed to temporary trade and inventory challenges,” ING Group’s report published on April 28 notes. While 50bp is a large raise, ING also believes the Fed will reveal a tightening plan when it comes to the central bank’s monthly bond purchases.
“We will also be looking for the Fed to formally announce quantitative tightening on Wednesday,” ING’s report details.
Meanwhile, when Wall Street closed the day on Friday, all the major U.S. stock indexes had suffered from a blood bath during the intraday trading sessions. Nasdaq, the Dow Jones Industrial Average, S&P 500, and NYSE all dropped significantly before the start of the weekend. Reports show that the Nasdaq composite saw its worst four-month start in over 50 years and S&P 500 dropped like a rock on Friday as well.
“By the end of trading on Friday, the selloff had gotten worse and we were staring at the worst start to a year since the Great Depression,” Barron’s author Ben Levisohn wrote.
Gold reaped the benefits from the storm at the end of the week and the precious metal saw a steady increase against the U.S. dollar heading into the weekend as well. On Saturday, an ounce of fine gold is up 0.08% and 6.47% over the last six months. Presently, an ounce of fine gold is exchanging hands for $1,896 per unit. Trends forecaster Gerald Celente believes as long as inflation rises, precious metals will follow.
“The higher inflation rises, the higher safe-haven assets gold and silver rise. And, when the Banksters raise interest rates, it will bring down Wall Street and Main Street very hard… and the harder they fall, the higher precious metal prices will rise,” Celente tweeted on Saturday.
Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion.
A number of financial institutions, analysts, and economists expect the Federal Open Market Committee (FOMC) will raise interest rates next week in an aggressive manner. Reuters’ authors Lindsay Dunsmuir and Ann Saphir reported on Friday that there may be “big Fed rate hikes ahead” and the authors also cite two reports that claim “hot inflation is peaking.”
“U.S. Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with hot inflation and surging labor costs, even as two reports Friday showed tentative signs both may be cresting,” the report explains.
In addition to the Reuters report, the Dutch multinational banking and financial services corporation ING Group believes a big hike will come this Wednesday. In the report, ING expects the FOMC and Fed Chair Jerome Powell to announce a 50 basis point rise. ING’s report says that “inflation worries outweigh temporary GDP dip.”
“The Federal Reserve is widely expected to raise its policy rate by 50 basis points next Wednesday as 8%+ inflation and a tight labour market trump the surprise 1Q GDP contraction attributed to temporary trade and inventory challenges,” ING Group’s report published on April 28 notes. While 50bp is a large raise, ING also believes the Fed will reveal a tightening plan when it comes to the central bank’s monthly bond purchases.
“We will also be looking for the Fed to formally announce quantitative tightening on Wednesday,” ING’s report details.
Meanwhile, when Wall Street closed the day on Friday, all the major U.S. stock indexes had suffered from a blood bath during the intraday trading sessions. Nasdaq, the Dow Jones Industrial Average, S&P 500, and NYSE all dropped significantly before the start of the weekend. Reports show that the Nasdaq composite saw its worst four-month start in over 50 years and S&P 500 dropped like a rock on Friday as well.
“By the end of trading on Friday, the selloff had gotten worse and we were staring at the worst start to a year since the Great Depression,” Barron’s author Ben Levisohn wrote.
Gold reaped the benefits from the storm at the end of the week and the precious metal saw a steady increase against the U.S. dollar heading into the weekend as well. On Saturday, an ounce of fine gold is up 0.08% and 6.47% over the last six months. Presently, an ounce of fine gold is exchanging hands for $1,896 per unit. Trends forecaster Gerald Celente believes as long as inflation rises, precious metals will follow.
“The higher inflation rises, the higher safe-haven assets gold and silver rise. And, when the Banksters raise interest rates, it will bring down Wall Street and Main Street very hard… and the harder they fall, the higher precious metal prices will rise,” Celente tweeted on Saturday.
Anonymous Hackers Claim to Have Breached Russian Payment Service Provider Qiwi
A hacking group linked to the Anonymous collective has allegedly hit the popular Russian payment processor Qiwi. Network Battalion 65 announced on social media it had managed to gain access to the platform’s databases — a claim the company has denied.
Hackers from Network Battalion 65 (NB65), a group linked to the decentralized hacktivist collective Anonymous, revealed in a recent tweet they had hacked Qiwi, which is a major provider of payment and financial services in the Russian Federation and other countries in the post-Soviet space.
A message posted by the xxNB65 Twitter account notes that the group, which includes the Qiwi payment system, Qiwi Bank, the Contact money transfer system, and other platforms, also offers the most widely used payment app in Russia — that being the main reason why it was targeted.
The alleged perpetrators of the attack say they have encrypted Qiwi’s networks with a ransomware kit. NB65 also claims it has the credit card data of around 12.5 million of the company’s clients, as well as about 30 million payment records.
“We will release 1 million records each day after your 3 day contract period has expired. You should probably reach out to us soon if you want your business to survive,” the hackers have warned, adding that if there’s someone to blame for the situation, that’s Russian President Vladimir Putin.
Moscow launched a military assault on neighboring Ukraine in late February and Anonymous vowed to disrupt Russia’s internet space in response to the invasion. The group has since targeted the websites of the Kremlin, the State Duma, and the Defense Ministry, attacked Russian TV channels, and released millions of emails. In March, the collective said it had published 28GB of Bank of Russia documents.
The authors of the NB65 tweet remark that Qiwi said in a recent press release the sanctions aimed at Russia’s financial system had not affected its business. Following the news of the Anonymous attack, Qiwi was quoted by Tass as stating that its payment services are operating normally and insisting its customers’ personal information was safe.
A hacking group linked to the Anonymous collective has allegedly hit the popular Russian payment processor Qiwi. Network Battalion 65 announced on social media it had managed to gain access to the platform’s databases — a claim the company has denied.
Hackers from Network Battalion 65 (NB65), a group linked to the decentralized hacktivist collective Anonymous, revealed in a recent tweet they had hacked Qiwi, which is a major provider of payment and financial services in the Russian Federation and other countries in the post-Soviet space.
A message posted by the xxNB65 Twitter account notes that the group, which includes the Qiwi payment system, Qiwi Bank, the Contact money transfer system, and other platforms, also offers the most widely used payment app in Russia — that being the main reason why it was targeted.
The alleged perpetrators of the attack say they have encrypted Qiwi’s networks with a ransomware kit. NB65 also claims it has the credit card data of around 12.5 million of the company’s clients, as well as about 30 million payment records.
“We will release 1 million records each day after your 3 day contract period has expired. You should probably reach out to us soon if you want your business to survive,” the hackers have warned, adding that if there’s someone to blame for the situation, that’s Russian President Vladimir Putin.
Moscow launched a military assault on neighboring Ukraine in late February and Anonymous vowed to disrupt Russia’s internet space in response to the invasion. The group has since targeted the websites of the Kremlin, the State Duma, and the Defense Ministry, attacked Russian TV channels, and released millions of emails. In March, the collective said it had published 28GB of Bank of Russia documents.
The authors of the NB65 tweet remark that Qiwi said in a recent press release the sanctions aimed at Russia’s financial system had not affected its business. Following the news of the Anonymous attack, Qiwi was quoted by Tass as stating that its payment services are operating normally and insisting its customers’ personal information was safe.