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.
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Survey: Almost Three out of Four Argentinians Are Willing to Purchase Crypto for Investing or Saving Purposes
A new survey, whose results were released earlier this week, has given more insight into how Argentinians view cryptocurrencies and how they might put them to use. The survey found out that eventually, almost three out of four citizens would purchase cryptocurrency to invest, or as a way of preserving buying power.
A survey whose results were released on May 4, offers a clear panorama of the popularity of crypto in Argentina, and how Argentinians might be capable of using crypto for different purposes. The survey, which was carried out by Opinaia y Muchnik, two consulting offices, asked several crypto-related questions to a sample of 2,400 Argentinian citizens from all around the country, living at different economic levels.
On the issue of crypto popularity, the survey found that 90% of the citizens consulted had heard about cryptocurrencies before the survey. However, this popularity does not lead to operating with crypto directly. The survey also reported that only 38% have knowledge about the operation and the inner workings of crypto assets.
However, Argentinians are willing to use crypto in different ways if they have to. 74% of the surveyed stated they would buy and use cryptocurrencies either as investment assets or just to save part of their purchasing power.
The study dwelled on how citizens trusted cryptocurrencies when compared to other investment assets, such as stocks and bonds. In this sense, cryptocurrencies fared in the middle, below classic instruments such as the dollar, but over other instruments. Guido Moscoso, public opinion manager at Opinaia, summarized:
Cryptocurrencies have an average level of trust, similar to that of an investment fund or shares, but below more classic or entrenched forms such as the dollar, the fixed term, or Mercado Pago. But yes, they are well above the confidence put on bonds.
The survey, according to Moscoco, is a sign of the times, when Argentinians are very worried about the economic climate in the country and are studying different ways of saving their money in a highly inflationary environment. But he also explained that this interest is blocked by the high knowledge barrier that the average citizen faces when trying to enter the cryptocurrency world. Of the 74% of Argentinians that would be willing to purchase crypto assets, 49% stated that they would purchase them, but they don’t know how to do it.
A new survey, whose results were released earlier this week, has given more insight into how Argentinians view cryptocurrencies and how they might put them to use. The survey found out that eventually, almost three out of four citizens would purchase cryptocurrency to invest, or as a way of preserving buying power.
A survey whose results were released on May 4, offers a clear panorama of the popularity of crypto in Argentina, and how Argentinians might be capable of using crypto for different purposes. The survey, which was carried out by Opinaia y Muchnik, two consulting offices, asked several crypto-related questions to a sample of 2,400 Argentinian citizens from all around the country, living at different economic levels.
On the issue of crypto popularity, the survey found that 90% of the citizens consulted had heard about cryptocurrencies before the survey. However, this popularity does not lead to operating with crypto directly. The survey also reported that only 38% have knowledge about the operation and the inner workings of crypto assets.
However, Argentinians are willing to use crypto in different ways if they have to. 74% of the surveyed stated they would buy and use cryptocurrencies either as investment assets or just to save part of their purchasing power.
The study dwelled on how citizens trusted cryptocurrencies when compared to other investment assets, such as stocks and bonds. In this sense, cryptocurrencies fared in the middle, below classic instruments such as the dollar, but over other instruments. Guido Moscoso, public opinion manager at Opinaia, summarized:
Cryptocurrencies have an average level of trust, similar to that of an investment fund or shares, but below more classic or entrenched forms such as the dollar, the fixed term, or Mercado Pago. But yes, they are well above the confidence put on bonds.
The survey, according to Moscoco, is a sign of the times, when Argentinians are very worried about the economic climate in the country and are studying different ways of saving their money in a highly inflationary environment. But he also explained that this interest is blocked by the high knowledge barrier that the average citizen faces when trying to enter the cryptocurrency world. Of the 74% of Argentinians that would be willing to purchase crypto assets, 49% stated that they would purchase them, but they don’t know how to do it.
Report: Nigerian Crypto Restrictions and Twitter Ban Have ‘Crippled Foreign Direct Investment in the Fintech Industry’
A new report has concluded that restrictions on cryptocurrency trading, as well as the banning of Twitter by Nigerian authorities, may have “crippled foreign direct investment in the fintech industry.”
A new report has found that restrictions imposed by Nigerian authorities on crypto trading may have contributed to the reduced foreign direct investment that goes to the fintech industry. The same restrictions, as well as the banning of Twitter, have also adversely affected young Nigerians who were earning money via crypto trading.
The report, which is noscriptd Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was jointly published by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).
“The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector,” the report concluded.
However, an excerpt from the report published by Business Insider Africa suggested some Nigerian youths may have found ways to “lawfully bypass these restrictions and continue the business.”
By switching to alternative yet legal ways of transacting, the report opined that traders were “effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”
A new report has concluded that restrictions on cryptocurrency trading, as well as the banning of Twitter by Nigerian authorities, may have “crippled foreign direct investment in the fintech industry.”
A new report has found that restrictions imposed by Nigerian authorities on crypto trading may have contributed to the reduced foreign direct investment that goes to the fintech industry. The same restrictions, as well as the banning of Twitter, have also adversely affected young Nigerians who were earning money via crypto trading.
The report, which is noscriptd Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was jointly published by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).
“The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector,” the report concluded.
However, an excerpt from the report published by Business Insider Africa suggested some Nigerian youths may have found ways to “lawfully bypass these restrictions and continue the business.”
By switching to alternative yet legal ways of transacting, the report opined that traders were “effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”
Russian Crypto Mining Giant Bitriver Considers Challenging US Sanctions
Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions.
Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine.
In comments to the RIA Novosti news agency, Bitriver stated that the actions of the department are damaging its reputation and international business since the accusations are unfounded. The company is also convinced there are no legal grounds for the restrictions and intends to demand that American authorities remove it from the blacklist. It also emphasized:
Bitriver is not a government agency, but a 100% private company that in no way helps the Russian Federation to circumvent sanctions.
The Russian group also accuses the Treasury of unfair competition practices and lobbying for the U.S. mining industry, thus violating the rules of the World Trade Organization. Bitriver CEO Igor Runets describes the department’s move as “an attempt to change the global balance of power in favor of U.S. companies and remove the largest Russian player from the market.”
Bitriver claims that despite the restrictions, all its production facilities and offices in the Russian Federation are operating normally. The company also continues to provide services to its international clients who, it says, have confirmed their intentions to further cooperate with the Russian bitcoin mining operator.
Western allies have introduced several sanctions packages against Russia that have limited its access to global finances and foreign reserves. Concerns have been raised that the Russian government and citizens may use cryptocurrencies to evade the restrictions. Officials in Moscow have highlighted Russia’s competitive advantages for mining in terms of cheap energy resources and cool climate. A draft law tailored to regulate the sector was submitted to the parliament in April.
Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions.
Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine.
In comments to the RIA Novosti news agency, Bitriver stated that the actions of the department are damaging its reputation and international business since the accusations are unfounded. The company is also convinced there are no legal grounds for the restrictions and intends to demand that American authorities remove it from the blacklist. It also emphasized:
Bitriver is not a government agency, but a 100% private company that in no way helps the Russian Federation to circumvent sanctions.
The Russian group also accuses the Treasury of unfair competition practices and lobbying for the U.S. mining industry, thus violating the rules of the World Trade Organization. Bitriver CEO Igor Runets describes the department’s move as “an attempt to change the global balance of power in favor of U.S. companies and remove the largest Russian player from the market.”
Bitriver claims that despite the restrictions, all its production facilities and offices in the Russian Federation are operating normally. The company also continues to provide services to its international clients who, it says, have confirmed their intentions to further cooperate with the Russian bitcoin mining operator.
Western allies have introduced several sanctions packages against Russia that have limited its access to global finances and foreign reserves. Concerns have been raised that the Russian government and citizens may use cryptocurrencies to evade the restrictions. Officials in Moscow have highlighted Russia’s competitive advantages for mining in terms of cheap energy resources and cool climate. A draft law tailored to regulate the sector was submitted to the parliament in April.
Onchain Analysis Report Says Terra’s Bitcoin Reserves Were Sent to Binance and Gemini
After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, according to the firm’s network surveillance tools.
While reflecting on the recent crypto market chaos and the Terra stablecoin implosion, a great number of people on forums and social media asked the question: “Where is LFG’s Bitcoin reserve?” For instance, this weekend on Twitter one individual wrote:
Luna Foundation Guard (LFG) had a bitcoin reserve that was worth over $3B before the UST and Luna crisis began. But the LFG reserve wallet is now empty but it was reported that Bitcoins weren’t used to calm the crisis. Then where did the Bitcoins go to? People need answers.
Furthermore, on May 13, Terra’s founder Do Kwon told the public that the team was planning to update the crypto community on the subject of the bitcoin (BTC) reserves.
“We are currently working on documenting the use of the LFG BTC reserves during the de-pegging event,” Kwon said. “Please be patient with us as our teams are juggling multiple tasks at the same time.” Following Kwon’s Twitter thread, the blockchain analytics company Elliptic published a blog post that explains the LFG’s BTC moves in more detail.
When the nonprofit organization LFG decided to move the bitcoin on May 9, Elliptic’s blockchain analytics software monitored the situation. After LFG revealed it would loan $750 million in BTC to market makers, Elliptic’s blog post details that Kwon clarified LFG would use the BTC “to trade.” Then Elliptic’s software caught two transactions worth 52,189 BTC sent to a new address tied to the LFG stash.
In addition to the 52,189 BTC, LFG held another wallet with 28,205 BTC, and LFG’s entire bitcoin reserve added up to approximately 80,394 bitcoin (BTC) total. According to Elliptic, all the funds were sent to Binance and Gemini amid the market chaos.
“The entirety of this 52,189 BTC was subsequently moved to a single account at Gemini, the US-based cryptocurrency exchange – across several bitcoin transactions,” Elliptic said on Friday. “It is not possible to trace the assets further or identify whether they were sold to support the UST price.” The blog post adds:
This left 28,205 BTC in Terra’s reserves. At 1 a.m. UTC on May 10th, this was moved in its entirety, in a single transaction, to an account at the cryptocurrency exchange Binance. Again it is not possible to identify whether these assets were sold or subsequently moved to other wallets.
After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, according to the firm’s network surveillance tools.
While reflecting on the recent crypto market chaos and the Terra stablecoin implosion, a great number of people on forums and social media asked the question: “Where is LFG’s Bitcoin reserve?” For instance, this weekend on Twitter one individual wrote:
Luna Foundation Guard (LFG) had a bitcoin reserve that was worth over $3B before the UST and Luna crisis began. But the LFG reserve wallet is now empty but it was reported that Bitcoins weren’t used to calm the crisis. Then where did the Bitcoins go to? People need answers.
Furthermore, on May 13, Terra’s founder Do Kwon told the public that the team was planning to update the crypto community on the subject of the bitcoin (BTC) reserves.
“We are currently working on documenting the use of the LFG BTC reserves during the de-pegging event,” Kwon said. “Please be patient with us as our teams are juggling multiple tasks at the same time.” Following Kwon’s Twitter thread, the blockchain analytics company Elliptic published a blog post that explains the LFG’s BTC moves in more detail.
When the nonprofit organization LFG decided to move the bitcoin on May 9, Elliptic’s blockchain analytics software monitored the situation. After LFG revealed it would loan $750 million in BTC to market makers, Elliptic’s blog post details that Kwon clarified LFG would use the BTC “to trade.” Then Elliptic’s software caught two transactions worth 52,189 BTC sent to a new address tied to the LFG stash.
In addition to the 52,189 BTC, LFG held another wallet with 28,205 BTC, and LFG’s entire bitcoin reserve added up to approximately 80,394 bitcoin (BTC) total. According to Elliptic, all the funds were sent to Binance and Gemini amid the market chaos.
“The entirety of this 52,189 BTC was subsequently moved to a single account at Gemini, the US-based cryptocurrency exchange – across several bitcoin transactions,” Elliptic said on Friday. “It is not possible to trace the assets further or identify whether they were sold to support the UST price.” The blog post adds:
This left 28,205 BTC in Terra’s reserves. At 1 a.m. UTC on May 10th, this was moved in its entirety, in a single transaction, to an account at the cryptocurrency exchange Binance. Again it is not possible to identify whether these assets were sold or subsequently moved to other wallets.
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Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses the Terra LUNA and UST Fallout
On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”
Just recently, reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”
Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.
“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and decentralized finance. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”
Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:
UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.
Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.
“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”
The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.
On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”
Just recently, reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”
Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.
“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and decentralized finance. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”
Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:
UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.
Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.
“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”
The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.
Report: BRICS Countries Told to Consider Countering the Dollar’s Global Hegemony
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.
Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.
Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs
Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:
Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.
Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.
Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:
Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.
Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.
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Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.
The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.
Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:
When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”
An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:
We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.
The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.
The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.
Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:
When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”
An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:
We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.
The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.
Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks: Report
Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions.
Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
Moreover, the government is also considering imposing a symbolic levy on crypto purchases, the publication added.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
There have also been reports that crypto ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. According to reports, the Turkish lira has lost half of its value in the past 12 months while annual inflation reached a 20-year-high of nearly 70% in April.
Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions.
Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
Moreover, the government is also considering imposing a symbolic levy on crypto purchases, the publication added.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
There have also been reports that crypto ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. According to reports, the Turkish lira has lost half of its value in the past 12 months while annual inflation reached a 20-year-high of nearly 70% in April.
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Singapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.
Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.
The central bank said in April that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” the MAS explained.
In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.
Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.
The central bank said in April that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” the MAS explained.
In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.
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Central Bank of Armenia Urged to Regulate Cryptocurrencies
Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Speaking in the Armenian parliament, the head of the agency, Rustam Badasyan, elaborated:
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
In March 2021, Armenia and the other members of the Eurasian Economic Union (EAEU) failed to agree on a common approach towards the adoption of rules for the crypto economy in their jurisdictions, the crypto news outlet Forklog noted in a report. The calls for crypto regulation in Armenia come as ongoing discussions on the matter in Russia are delaying its regulatory framework.
Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Speaking in the Armenian parliament, the head of the agency, Rustam Badasyan, elaborated:
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
In March 2021, Armenia and the other members of the Eurasian Economic Union (EAEU) failed to agree on a common approach towards the adoption of rules for the crypto economy in their jurisdictions, the crypto news outlet Forklog noted in a report. The calls for crypto regulation in Armenia come as ongoing discussions on the matter in Russia are delaying its regulatory framework.
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