Bank of Russia Eyes Stablecoins for Cross-Border Transactions

August 27, 2024 Bitcoin.com

The Bank of Russia is exploring the use of stablecoins in cross-border transactions, considering them as digital financial assets (DFAs) under existing regulations if they have a responsible entity. The initiative may involve a limited group of qualified investors and would require testing for regulatory feasibility. Bank of Russia Explores Stablecoin Use for Cross-Border Transactions […]

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MiCA regulation poses ‘systemic risk’ to banking system, says Tether CEO

August 9, 2024 Coin Telegraph

bitcoin regulation

According to Tether CEO Paolo Ardoino, recently approved MiCA regulations threaten both banks and stablecoin issuers.

Tether CEO Paolo Ardoino has raised concerns that the European Union’s Markets in Crypto-Assets (MiCA) regulation poses a systemic risk not only to stablecoins but also to the broader banking system.

“The problem that I have with MiCA is that instead of making the system more secure, it’s actually creating an incredibly big systemic risk,” Ardoino told Cointelegraph in an exclusive interview.

The MiCA regulation, which took effect on June 30, imposes stringent limitations on stablecoin operations across the European Economic Area. Notably, it mandates that at least 60% of reserves backing stablecoins must be held in EU bank accounts.

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EU MiCA implementation is a “pivotal moment” for crypto regulations: compliance expert

August 2, 2024 Coin Telegraph

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The European Central Bank recently joined forces with Crystal Intelligence, as its blockchain analytics partner for the upcoming MiCA implementation.

The European Union is preparing to roll out the Markets in Crypto Assets (MiCA) bill, as the first comprehensive regulatory framework for the crypto industry.

This would make the European Union the first jurisdiction with a holistic regulatory framework on digital assets.

While it is a pivotal moment for crypto regulation, the actual implementation could present significant challenges, according to Hedi Navazan, the head of compliance and regulatory affairs at Crystal Intelligence.

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Can Bitcoin price break out after Bank of England interest rate cut?

August 1, 2024 Coin Telegraph

Bank of England

This marks the bank’s first interest rate cut in over four years, with the last rate cut occurring in March 2020.

Bitcoin price could see more upward momentum from the latest interest rate decision of the British central bank.

The Bank of England announced an interest rate cut of 0.25%, to the current 5% mark, on Aug. 1, bringing an end to one of the longest periods of heightened interest rates.

Bitcoin's (BTC) price could benefit from the surprise interest rate cut since economists were split on whether the bank will cut or hold its interest rates steady.

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Russia to Initiate Crypto Payments Internationally by Year-End, Central Bank Governor Says

July 31, 2024 Bitcoin.com

Bank of Russia

Russia plans to launch international cryptocurrency payments by the end of the year to counter Western sanctions, according to the governor of the Bank of Russia. The central bank is prepared to be flexible and is already discussing the conditions of this initiative with various ministries, agencies, and businesses. In addition, Russia’s State Duma, the […]

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Digital euro to be ‘most private electronic payment option’

July 30, 2024 Coin Telegraph

Banks

Since the inception of the digital euro, many critics have called the proposed digital currency a surveillance tool.

The digital euro will be one of the most private forms of electronic payment, according do a data protection official from the European Union.

On Oct. 2, 2020, the European Central Bank (ECB) released a report laying the groundwork for its central bank digital currency (CBDC), the digital euro.

The digital euro has been in its investigation phase since October 2021, during which ECB officials and bankers hypothesized about its possible design and purpose.

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Potential Trump victory and rising global liquidy may benefit crypto, analyst says

July 18, 2024 Coin Telegraph

Bitcoin Price

Macroeconomist Lyn Alden assesses the impact of the 2024 US presidential election outcome on Bitcoin and the broader crypto industry.

Macroeconomist Lyin Alden argues that a potential victory for Donald Trump in the upcoming US presidential elections could lead to the extension of corporate tax cuts, which in turn could favor the crypto markets.

These tax cuts, which were approved during Trump’s first presidential term, are due to expire soon but are likely to be prolonged if Trump is elected again.

“The market might be saying that a Trump victory increases the odds of those tax cuts remaining in effect or becoming permanent,” Alden pointed out in the latest interview with Cointelegraph.

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Bahamas to Mandate Banks to Distribute Central Bank Digital Currency

July 3, 2024 Bitcoin.com

bahamas

The Bahamas, the first country to issue a central bank digital currency (CBDC) called the Sand Dollar, is preparing regulations to mandate commercial banks to provide access to the e-money to boost adoption. Central Bank Governor John Rolle indicated that these regulations would be implemented within two years. “We’ve begun to signal that to our […]

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Bitcoin price hits $70K as spot and BTC ETF buying surges

May 20, 2024 Coin Telegraph

Bitcoin price hits K as spot and BTC ETF buying surges

bitcoin etf

Analysts believe Bitcoin price is en route to new highs now that the recent consolidation phase has come to an end.

Bitcoin (BTC) price rallied to the coveted $70,000 mark amid a noticeable surge in spot buying and spot BTC exchange-traded fund (ETF) purchasing, with the cryptocurrency community pondering whether the bull market is just beginning or nearing its peak.

Analyst “ELI5 of TLDR” suggested that the majority of on-chain indicators point to a nascent bull market, despite some showing topping patterns. The recent support bounce near $60,000 has sparked increased interest, with Farside Investors reporting approximately $950 million in inflows last week, a figure not seen since March.

Should this trend continue, BTC could potentially exceed expectations. Currently, BTC is trading within a few hundred dollars of $70,000, with the 20-day EMA at $64,371 and a positive RSI indicating that an upward breakout is more likely. Overcoming the $68,000 resistance suggests that BTC price is on the path to $73,777, though this level may trigger a strong bearish response.

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Gold Prices Break Record Highs, Silver Also Rallies

May 20, 2024 Bitcoin.com

bitcoin.com

Gold has continued rising in financial markets, hitting new all-time high (ATH) prices against the U.S. dollar. The precious metal’s price rose to levels close to $2,450 per ounce this Monday, fueled by geopolitical tensions and the expectations of a Federal Reserve dovish move on interest rates. Other motives propelling gold prices would be the […]

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