The Israeli singer and creator Rami Kleinstein and the Israeli company F5 have embarked on a new project that will include various assets based on Kleinstein as well as a complete performance.
The NFT phenomenon is expanding and is now reaching the Israeli music industry: Rami Kleinstein, one of the most successful and popular musicians in Israel, has joined the Israeli company 5F to create his own NFT project, which will include various tokens. The collaboration between Kleinstein and 5F is the first in Israel to take place in the Israeli music industry, hence its uniqueness.
For our article on what NFT is go into our articles category.
As part of the collaboration between 5F and Kleinstein, NFT buyers will purchase a $ 200 double entry ticket for Kleinstein's special and dedicated performance, which will be the first musical performance in Israel whose tickets have only been sold by NFT. The show will take place on April 2 at the Gabriel Hangar in the center of the country, and only NFT ticket buyers will be able to enter it. Some NFT buyers will also receive additional unique benefits such as one-on-one meetings held at Kleinstein's studio, an accompanying canopy song and other treats, worth tens of thousands of shekels.
El Salvador's pro-bitcoin president will offer citizenship to foreign investors
Salvador's president, Naive Bukla, wants to offer citizenship to those who invest in the small country of Central America.
President Buckle took to Twitter and informed the crypto community on Sunday that he was sending a list of 52 legal reforms to Congress. Among the most notable proposals, Bukla called for repealing various legislations, reducing bureaucracy, creating tax incentives, and most importantly, offering citizenship to foreigners interested in investing in the country.
The president has promised to make El Salvador one of the most freedom-focused countries at a time when the world is falling into "tyranny."
Bukla has become a flagship issue of Bitcoin adoption (BTC) but an equally controversial figure in international politics for the same reasons. Recently, an inter-party group of senators in the United States introduced new legislation, which seeks to reduce the risks involved in adopting El Salvador’s BTC as a legal move.
President Buckle rebuked the proposed new legislation in the U.S. and called the U.S. senators "boomerangs" while reminding them that they have zero jurisdiction over a sovereign and independent nation.
El Salvador is about to launch the "volcanic bitcoin" bonds that have so far been highly anticipated. The money raised from the sale of the bonds will be used to build the world's first bitcoin city.
El Salvador made history in September 2021, when it became the first country in the world to make bitcoin a legal move alongside the US dollar. While most international organizations, including the World Bank and the International Monetary Fund, have continued to issue warnings about the negative effects of using BTC as a legal move, the country has reportedly achieved an increase in gross domestic product of over 10%, the highest in its history.
Binance discontinued 'all focused activity in Israel' following a regulatory request
The Israel Capital Market Authority has never received a license application from the Binance Stock Exchange, which allows the stock exchange to do business in Israel.
The large crypto exchange Binance stopped the activity and marketing for Israelis following a request from the Capital Market Authority headed by Moshe Barkat.
According to a report by "Globes", the Capital Market, Insurance and Savings Authority has asked Binance to provide information on the services it provides to Israelis as well as on all the licenses under which it operates. The authority, which is responsible for handling licenses for crypto companies, according to reports, has never received an application from Binance that allows the stock exchange to do business in Israel.
"Following the intervention of the Capital Market Authority, Binance has at this stage stopped marketing to Israelis and all activity is focused on Israel until we examine the issue of licensing," the Capital Market Authority said.
Binance's website no longer lists the Israeli shekel as a payment option for the purchase of crypto, a feature introduced in February 2020. However, at the time of publication, the platform's job lists still include seven opportunities to work with the Israel Stock Exchange.
In July 2021, Changpeng Zhao CEO and founder of Binance (known as CZ) said he wanted the exchange to work with local regulators while setting up its offices in other countries. However, Binance is still facing regulatory scrutiny as authorities in Italy, Malaysia, Poland, Germany, UK , The Cayman Islands, Thailand, Canada, Japan, Singapore and other countries have issued statements alleging that the stock market has operated illegally, or other warnings to investors to act with caution.
The Marshall Islands officially recognize the DAO as legal entities
The Pacific island nation, which has long longed to adopt blockchain technology, recognizes decentralized autonomous organizations.
The Republic of the Marshall Islands has officially recognized decentralized autonomous organizations, better known as DAOs, as legal entities - a move that gives collective-owned blockchain projects official recognition on the global stage.
DAOs, which are blockchain-based entities controlled by self-organized communities, gained legal recognition in the Marshall Islands after the state passed an amendment to the Non-Profit Entities Act. The amendment allowed a cryptocurrency trading infrastructure platform called Shipyard Software to establish the island's first DAO - Admiralty LLC. The association was assisted by MIDAO Directory Services Inc., a local organization established to help DAOs register in the Marshall Islands.
As it stands today, the new legislation allows any DAO to register and establish operations in the Marshall Islands.
Bobby Müller, former chief secretary of the Republic of the Marshall Islands and co-founder of MIDAO, said his country recognizes that now is a "unique moment to lead" in the "blockchain revolution." He said DAOs would play an important role in creating "more efficient and less hierarchical" organizations.
Müller said the Marshall Islands seek to become a global center for DAOs, "both in registration and residency, but also in developing cases where DAOs will be useful, and the promotion of adoption by the masses."
He further explained:
"The strategy is to provide the lowest cost to incorporation, a supportive government that has internationally recognized courts, and an open environment for technological advancement."
In February 2018 the Marshall Islands had already approved the creation of a new cryptocurrency, known as the Sovereign (SOV). As might be expected until now, the International Monetary Fund, or International Monetary Fund, has criticized the program for fears that a sovereign digital currency fund would undermine the country's financial stability. The lending institution in Washington has drawn similar criticism towards El Salvador, which has become the first country to recognize Bitcoin (BTC) as a legal move.
However, Marshall Islands spokesman Mr David Paul stressed that state DAO legislation does not constitute the same complications as state-supported cryptocurrency. "Sovereign digital currency is financial and it raises a lot of concerns from a money laundering point of view. DAOs are another area, as it is more about providing legal recognition to make their claims to regulatory bodies, investors and consumers."
The U.S. Securities and Exchange Commission fines BlockFi $ 100 million
Today, February 14, the US Securities and Exchange Commission (SEC) announced sanctions against the crypto-lending company BlockFi due to its failure to record high-yield interest-bearing accounts that the agency considers securities.
The penalty comes after months of increased regulatory attention to crypto lending platforms.
BlockFi from New Jersey will pay $ 50 million in settlement to the SEC and another $ 50 million to 32 U.S. states that have filed similar indictments. These are some of the heaviest penalties ever imposed by a U.S. federal regulator on a cryptocurrency service provider. . The company also agreed to stop adding new customers to the unregistered service, BlockFi Interest Accounts, and try to comply with the law within the next 60 days.
BlockFi Interest Accounts, launched in March 2019, allowed investors to lend their crypto assets to the platform in exchange for monthly interest payments of up to 9.5% - rates significantly higher than what interest-bearing deposit accounts offer at most traditional financial institutions.
Despite widespread criticism that U.S. securities laws written in the 1930s and 1940s had limited applicability to digital asset-based products, SEC Chairman Gary Gansler praised the arrangement as an educating precedent for crypto-lending platforms.
Gensler said in a statement:
"The arrangement clarifies that crypto markets must comply with long - standing securities laws, such as the 1933 Securities Act and the Investment Companies Act of 1940. It further demonstrates the Authority's willingness to work with crypto platforms to determine how they can comply with these laws."
Cryptocurrency lending products began to provoke scrutiny by federal and state regulators last September. According to a January report, the SEC investigated products similar to the BlockFi interest rate accounts offered by Gemini, Celsius Network and Voyager Digital to determine if these issues were securities.
The McDonald's chain submits trademark applications for McMetaverse restaurants
The fast food company has adopted the meta-versa by applying for trademarks of its brand to the virtual world.
The American restaurant chain McDonald's looks as if it is preparing to make a move into the metavors by listing 10 trademarks in cyberspace.
Josh Graben, a trademark attorney, tweeted Wednesday that McDonald's filed a trademark application Friday, which includes plans for a "virtual restaurant that includes virtual and virtual goods" and "running a virtual restaurant that includes (real) home delivery."
Based on the app, the restaurant network will be able to provide "downloadable multimedia files" for artwork, audio and video files and NFTs.
McDonald's also included its McCafe brand in the Metaverse trademark application. The "venue" will offer entertainment services "that is, the provision of online virtual concerts and other virtual events." Can McCafe become the brand new virtual destination to catch a sponsored concert from one of your favorite shows?
McDonald's will compete with new virtual concert organizers like Animal Concerts. Such concerts eliminate geographical barriers that have prevented fans from seeing their favorite shows and also significantly reduce the cost of tour appearances.
The golden arches join the Panera Bread bakery and cafe chain in an effort to move its brand to the Meta-Verse. Panera Bread filed a similar trademark application on February 3 for a chain of virtual restaurants and cafes called Paneraverse.
Its programs also include downloadable content, NFTs, virtual food and beverage items and virtual structures where users can congregate.
Greben told Forbes magazine on Wednesday, "I think we're going to see every brand you can think of going to make such trademark requests over the next 12 months," adding: "I do not think anyone who wants to be the next big thing is going to completely ignore a new technology that is coming." .
Bitcoin worth $ 3.6 billion was stolen, and money launderers were caught
The U.S. Department of Justice said it executed a search warrant last week and seized 94,636 bitcoins from the online wallets of two alleged money launderers, Heather Morgan, 31, and her husband, Ilya Lichtenstein, 34.
The bitcoin seized, allegedly, accounted for the majority of some 120,000 bitcoins stolen in 2016 from the Bitfinex crypto exchange in the hack.
According to the federal government's complaint, the couple transferred the stolen funds through sites like AlphaBay, which exist in the so-called dark web - part of the Internet accessible only through special browsers designed to hide identities - and services called "mixers" used to distribute large cryptocurrencies. Followed by.
The suspects set up fictitious accounts on about 10 virtual currency exchanges, using multiple email addresses, according to law enforcement.
The couple have not been charged with the original theft from the Bitfinex exchange and no one else has been charged so far. Attempts to obtain a response from Mr. Lichtenstein and Ms. Morgan were unsuccessful.
In July 2017, the Ministry of Justice seized and closed AlphaBay which according to the government 200,000 users traded in stolen identification documents, counterfeit products, malware, weapons and other illegal goods.
Prosecutors did not detail in the complaint this week exactly how they initially linked Ms. Morgan and Mr. Lichtenstein to the stolen bitcoins. The government likely identified the two through the AlphaBay website.
The complaint includes flow charts showing how the stolen funds were transferred from Bitfine via AlphaBay, to other Bitcoin wallets that the couple allegedly set up.
Eventually the bitcoin transfers came to accounts on the exchanges that the two alleged whiters had in their real names. In one case, according to the complaint, two accounts had access from the same location in New York.
About $ 2.9 million was transferred from these accounts to bank accounts held by Mr. Lichtenstein and Ms. Morgan, the plaintiffs claimed. Authorities located some of the funds through two exchanges and various accounts to purchase transactions made in 2020 with a gift card, for which the account was registered in Mr. Lichtenstein's real name, according to the complaint.
Mr. Lichtenstein and Ms. Morgan allegedly exchanged some of the bitcoin for other cryptocurrencies, according to the complaint, took out some of the ATMs from Bitcoin and used the stolen funds to purchase NFTs.
On Jan. 31 and Feb. 1, agents from the U.S. Department of Justice executed a search warrant and seized the coins from the online wallets, according to the complaint.
Binance invests $ 200 million in Forbes magazine
The Binance Stock Exchange is investing $ 200 million in Forbes Magazine to increase consumer knowledge about Bitcoin.
"Media is an essential component for building a broad understanding and education of consumers," said CZ, CEO of Binance.
Binance, the world's largest cryptocurrency exchange in terms of trading volumes, is investing strategically in Forbes Magazine's 104-year-old to improve consumer understanding of cryptocurrencies and blockchain.
Forbes and Magnum Opus Acquisition Limited, a publicly traded acquisition company (SPAC), officially announced on Thursday a $ 200 million strategic investment guarantee from Binance.
As part of the deal, Binance's chief communications officer Patrick Hillman and Binance Labs chief Bill Chin will join Forbes' board of directors.
According to Forbes CEO Mike Federal, the investment from Binance will help the company gain "the experience, network and resources of the world's leading crypto exchange and one of the most successful blockchain innovators in the world."
"Forbes Magazine feels committed to taking the complexity out of mystery and providing helpful information on blockchain technologies and all evolving digital assets," he noted.
Changpeng Zhao (CZ), founder and CEO of Binance, stressed the importance of media support in the crypto industry as part of the company's commitment to increasing consumer knowledge and adopting crypto, in a statement:
"As the crypto market matures, we know media is an essential component in building a broad understanding and education of consumers. We look forward to strengthening Forbes' digital initiatives as they evolve into a platform for higher-level investment insights."
The Russian government and the central bank agree to treat Bitcoin as a currency
Russia's government and central bank have reached an agreement on how to regulate cryptocurrencies, according to a statement issued Tuesday.
The Russian government and the Central Bank of Russia are currently working on a draft law that would define crypto as a "currency equivalent." Cryptocurrencies can only be used legally if they have been fully identified through the banking system or authorized brokers.
The Russian business newspaper noted that Bitcoin transactions (BTC) and the holding of cryptocurrencies in Russia are not prohibited; However, they must be done through a "digital currency exchange organizer" (bank) or a state-licensed stock exchange.
The report also emphasizes that they will have to declare cryptocurrency transactions of more than 600,000 rubles (about $ 8,000); otherwise, it could be considered a criminal act. Anyone who receives cryptocurrencies illegally will be fined.
This news comes after months of speculation about how the Russian government will regulate digital currencies.
In January, Russia's central bank called for a ban on nationwide crypto in a report that warned of the speculative nature of the industry. The bank also stated that financial companies should not allow crypto transactions.
However, the proposal provoked opposition from the Russian Ministry of Finance. A few days after the central bank called for a ban, Ivan Chebskov, a ministry official, said the government should regulate the crypto instead of banning it altogether. He warned that a total ban could lead to Russia's lag in technology.
Large crypto investors are converting their investments into real estate
Brian Amsterdam, CEO of Coinbase, one of the world's largest licensed crypto exchanges in the United States, bought a Bel Air estate in the Beverly Hills neighborhood of Los Angeles for $ 133 million.
Moonpay founder Ivan Soto-Wright bought a mansion in Miami for $ 38 million.
Gwyn Wood, founder of the well-known Ethereum project, was interested in a $ 66 million real estate deal.
This was reported by the Wall Street Journal (WSJ).
Enormous volumes of virtual currency holders convert their holdings in crypto for tangible assets. These are of course the people known to the public - those who are at the forefront; Those who run businesses in the field and are regularly exposed in the media. In addition to these there are multi-millionaires whom no one knows and who maintain their privacy. Their transactions are not covered by the news, and are subject to a veil of secrecy by virtue of the right to privacy.
It seems that those who became very rich from the virtual currencies, began to exchange the coins for "walls", that is, for real estate - real assets.
This practice is accepted in every field, and it does not stem from a lack of faith in virtual currencies, but is based on the principle of "investment diversity": when an investor's investments are concentrated in one asset that is too specific, such as one company only, one country real estate only, Or virtual currencies only, it is advisable to diversify the investment portfolio and convert some of the successful investment into another investment.
India legalizes crypto, introduces a new 30% tax on the sale of digital assets
India has announced plans to launch an income tax on digital assets, while also launching plans to launch its digital currency.
The Government of India has unveiled a 30% tax on the sale of virtual assets in a move that brings more clarity to the regulatory treatment and taxation of cryptocurrencies following months of uncertainty about their legal status in the country.
"There has been a phenomenal increase in transactions in virtual digital assets," Finance Minister Nirmela Sitterman said in her annual budget speech on Tuesday. "The scope and frequency of these transactions have forced the establishment of a specific tax regime."
Among the rules for the taxation of virtual currencies can be noted that losses from the sale of crypto assets can not be offset from any other income, and digital asset gifts will be taxed by the recipient.
Sitterman also announced plans for an Indian Central Bank (CBDC) digital currency to be launched in April. The country's central bank - the Central Bank of India (RBI) - has been working on a CBDC implementation strategy in stages.
Paypal examines the possibility of issuing a stable coin
PayPal confirmed on January 8 that it is "investigating a stable coin" that could be called PayPal Coin after a developer found evidence of such a stablecoin in the source code of the company's iPhone app.
PayPal's senior vice president of cryptocurrencies and digital, Jose Fernandez de Ponte, said at the time that if the company planned to move forward with the stablecoin, it would do so while working closely with relevant regulators - an approach that could help Fintech avoid angry U.S. senators. The fate of Meta's cryptocurrency project.
It is difficult to assess the potential impact of PayPal stablecoin on payments in general and the cryptocurrency industry in particular.
Can PayPal Coin Normalize Crypto Payments?
It is clear that a traditional financing company moving into the cryptocurrency sector and launching its own stablecoin is different from a native crypto company launching a virtual currency. Traditional finance companies serve users who do not necessarily already have cryptocurrencies or are dealing with the volatility of virtual currencies in the field.
PayPal itself has more than 350 million active users and already allows users in the US and UK to buy, sell and hold Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) while enabling payments on crypto assets Although it is not clear how many PayPal users paid using cryptocurrencies, it is known that stable coins are mainly a tool used for trading and taking advantage of opportunities in the field of Defi (distributed financial).
If PayPal goes further into the cryptocurrency industry through the launch of stablecoin, we may see banking and other traditional payments companies further exploring blockchain technology, according to Marwan Forsley, CEO of the online payment platform Veem. Global payments ", since transferring money in a secure environment with launch and exit routes with different applications" is a major need of small businesses. "Foresley added:
"PayPal's currency can spark general interest in payments overall. Consumers and small businesses alike are looking for a safe and reliable alternative to traditional currencies and payment networks."
If PayPal launches its own stablecoin currency, it's something that will definitely open up cryptocurrencies to more people who have not had a tendency to really understand this niche space.
Right now, there are not so many established and trusted organizations in this space where trust is such a critical component. PayPal will be one of the first major financial companies to adopt crypto.
It would be very natural for PayPal to develop a stable currency, as the move would clearly put the company on the map as a cryptocurrency company, which may increase what it has more to offer in the field. In addition, the trust that people in a company have can cause a PayPal currency to serve many more purposes than traditional stable currencies can offer by using that trust as the basis for payments between them.
It is interesting to see that PayPal is interested in using crypto as a positive public relations move, which implies that the public now sees cryptocurrencies as something positive, rather than negative.
Overcoming regulatory challenges
While PayPal has made it clear that it will work with the relevant regulators on its stablecoin if and when it progresses with the project, it will still have to overcome regulatory challenges because of the scale of its business. If PayPal succeeds in reconciling the minds of regulators, it will affect other institutions, which "will see this as a sign of a path to compliance with global regulation."
How PayPal benefits from stablecoin
Ultimately, the fact that PayPal will issue its own stablecoin is actually an improvement in its net profit line. Caleb Silver, editor-in-chief of the financial information portal Investopedia, noted that in the third quarter of 2021, transaction-related expenses cost PayPal $ 2.7 billion, according to its latest quarterly report.
Using a blockchain with high transaction capacity can cause PayPal to save a very significant amount on expenses associated with each and every transaction.
PayPal is in a unique position to adopt cryptocurrencies due to their captive customer base and because this potential offering is an improvement to the commercial activity that constitutes their core business.
By combining the efficiency of blockchain technology with their existing business model, they can help instill and establish the trust of individuals and small businesses in the digital assets industry.
It seems that if people are going to adopt digital assets one day, they will do so through a trusted third party, just like PayPal.
The real impact that PayPal currency will have depends on the company's stablecoin application. While it has the potential to embed crypto in traditional payment systems, it also has the potential to be "just another" stable coin. The best-case scenario is apparently the one that crypto lovers have been dreaming about for years, before Bitcoin was traded in five-digit terms, which shows how far we have come in just a few years.
Bitcoin-backed bonds will be issued on the Tel Aviv Stock Exchange
The Porto Group will offer Bitcoin-backed bonds on the Tel Aviv Stock Exchange.
The bond will be linked to the Bitcoin exchange rate. The bond will be issued to the Israeli public with a repayment date of two years. On the maturity date the investor will receive the face value of the bond, plus the positive return or minus the negative return that Bitcoin has made from the date of purchase of the bond by the public on the stock exchange.
The Company will use the issue proceeds to purchase Bitcoin, which will be used as collateral for the bonds. At the maturity of the bonds, the Company will sell the Bitcoin and use the proceeds of the sale to repay the bond sold to the public.
In the absence of an effective way to write these lines through which investors can trade Bitcoin directly, this way, actively, is a method by which interested Israeli investors can be exposed to the increase in value of Bitcoin directly, without holding Bitcoin directly.
Another method of exposure to Bitcoin from 2018 is a futures contract on the price of bitcoin, and in 2021 the US Securities and Exchange Commission, the SEC, approved an ETF which actually holds rolling futures contracts on the price of bitcoin.
Bulgaria: The Ministry of Finance is considering accepting payments via crypto
Assen Vasilev, Bulgaria's finance minister, said the EU member state was exploring options for operating a crypto payment mechanism.
According to a Bloomberg report on Friday, Vasylev said the government is in talks with the Bulgarian National Bank as well as with industry players to examine crypto payments "in the short to medium term". However, he added that Bulgaria is unlikely to become a major hub for crypto miners, as many are reportedly considering leaving Kazakhstan amid a political storm and internet disruptions.
The Bulgarian government may even be one of the world's largest HODLers following the seizure of 213,519 Bitcoin (BTC) from an underground criminal network before the 2017 bullfight - at a value of about $ 3.5 billion at the time, but more than $ 8.2 billion at the time of publication. Publication time. It is unclear whether officials sold or held the crypto auction at the time, or continue to hold the digital assets.
Russia: Central Bank proposes total ban on bitcoin mining and bitcoin trading
The Central Bank of Russia has called for a sweeping ban on trading and mining of cryptocurrencies in the country.
In a report published entitled "Cryptocurrencies: Trends, Risks, Measures", he compares cryptocurrencies to the Ponzi scheme and calls for a total ban on their use throughout Russia. The authors claim that cryptocurrencies are highly volatile in nature and are used as a tool for illegal activities. Also warned that crypto could pose a risk to financial sovereignty and could help people withdraw money from the national economy. The report reads:
"Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including Russia."
The Russian central bank has demanded a total ban on over-the-counter (OTC) trading, crypto exchanges, as well as peer-to-peer exchanges, ie distributed exchanges (DEX). The report also called for strengthening the ban on payment in crypto and instituting strict punishment for any breach.
The central bank report further proposes imposing a total ban on crypto mining in the country, arguing that mining activities create a new supply of crypto, leading to demand for other crypto services such as stock exchanges. Russia's energy supply The official newspaper said:
"Crypto mining creates unproductive electricity expenditure, which undermines the energy supply of residential buildings, public infrastructure and industrial items, as well as the environmental agenda of the Russian Federation."
Russia has become the third largest bitcoin (BTC) mining center, following China's crypto mining ban in May. If implemented, the latest proposal for a sweeping ban on crypto mining in the country could lead to a further rearrangement of the world crypto mining map.
According to a Bloomberg report, Russia's Federal Security Service (FSB) has been a key factor in advancing the ban, after pressuring central bank governor Elvira Neviolina to continue on that path. The report claims that the FSB is concerned about the growing number of undetectable funding for opposition parties and the media, using crypto.
The report is drafted as an invitation to a public hearing, with the deadline for comments and suggestions from stakeholders set for March 1, 2022.
The state of Tonga (island) is adopting Bitcoin as an official legal process in the country
Another domino is queuing up to fall into the path of bitcoinization. On Wednesday, a former legislator for the Pacific island nation of Tonga expressed support for adopting Bitcoin (BTC) as a legal move. Tonga is a remote island nation.
In a series of tweets, Lord Fusitu'a, a former Tonga MP, posted an expectation for Bitcoin to become a legal move in Tonga. In copying the law of the state of El Salvador, the move could put more than 100,000 Tongans into the Bitcoin network. Positoa said the bill "is almost identical to El Salvador's bill."
The former MP wrote that the deadline for making BTC legal could happen as early as November or December this year (2022).
By 2021, there was widespread speculation that Tonga would become one of the next countries to adopt BTC as a legal move. Speculation has flared up following a podcast hosted by Posito.
During the conversation, the then MP said that adopting Bitcoin as a legal move would result in "a 30% increase in disposable income. With that additional 30%, people will save money instead of putting it back into the economy."
When the islands' Internet infrastructure was questioned, Positoa claimed that the penetration rates of the Internet and smartphones exceeded 90%.
Legal Protection Fund for Bitcoin Developers
Jack Dorsey, the former CEO of Twitter, announced plans to create a "Bitcoin Legal Protection Fund" with a co-founder of Chaincode Labs, Alex Murkus and Martin White, who appears to be an academic at the University of Sussex.
The message was sent in a mailing list to bitcoin developers, bitcoin-dev, at 13:45 UTC on Wednesday from an email address that appears to belong to Dorsey.
The announcement said the fund would help provide legal protection to Bitcoin developers, who are "currently the subject of multi-faceted litigation." "Litigation and ongoing threats affect them; individual defendants have chosen to surrender in the absence of legal support," the email said, referring to open source developers who are often independent and therefore subject to legal pressure.
"We offer a coordinated and formal response to help protect developers."
The announcement went on to describe the Bitcoin Legal Defense Fund as a "non-profit entity that aims to minimize legal headaches that deter software developers from actively developing Bitcoin and related projects."
"The main purpose of this fund is to protect developers from lawsuits regarding their activities in the Bitcoin ecosystem, including locating and retaining an attorney, developing a litigation strategy and paying legal bills," it said.
Initially, the fund will include volunteers and part-time attorneys for developers "to use, if they wish," though the email also states that "the fund's board will be responsible for determining which lawsuits and defendants it will help defend."
Elizabeth Holmes, entrepreneur of the startup company Thernos, has been convicted of criminal fraud by investors
Elizabeth Holmes, owner of Thernos, was convicted today, 4/1/22 of a series of offenses related to investor fraud.
Thernus, a startup company that at the time had a value of billions of dollars, was supposed to develop a device that would make blood tests simple and easy. Instead of pumping blood from the patient's arm and filling it with an entire test tube or several test tubes, the Ternus device was supposed to settle for a tiny drop of blood that would be taken from the finger only.
The development efforts of the device required from the company financial resources which the investors provided. Of course, a startup company like Elizabeth Holmes' Tharnos could not guarantee that the device's development would be successful, but Elizabeth Holmes reiterated to the public that the company had succeeded in developing the device that was its vision, and that the device worked and was efficient.
In retrospect, it was discovered that the device that Thernus had developed did not work at all, and in order to provide medical results it was necessary to take more blood from the patient, or use other devices that were not developed by Thernus.
It was also found that the company beautified the financial statements presented to the public and included “deferred profits” as profits received.
Holmes is expected to receive a sentence of up to 20 years in prison.
The BitMEX Exchange will pay fines of $ 100 million to the Financial Crimes Enforcement Authority FinCEN and the CFTC Futures Trading Authority
Former CEO Arthur Hayes and other executives at the firm are still expected to receive an indictment for alleged violations of the Banks' Secrecy Act.
The crypto-derivatives exchange BitMEX has agreed to pay up to $ 100 million to close a portfolio of the CFTC futures trading authority, and of the Financial Crimes Enforcement Authority FinCEN.
As part of the settlement with CFTC and FinCEN, the BitMEX exchange will pay a civil fine of $ 100 million "for illegal operation of a crypto trading platform and violations of the anti-money laundering ban".
"This case reinforces the expectation that the digital assets industry will take seriously its responsibilities in the supervised financial industry and its obligations to develop and adhere to a culture of compliance with the law," said CFTC chairman Rustin Bahnam.
"BitMEX has allowed customers to access its platform and trade in derivatives without checking customer due diligence - collecting only an email address and not verifying the customer's identity," the financial crime enforcement network said. "Although BitMEX has publicly stated that its platform does not conduct business with Americans, FinCEN Found that BitMEX failed to implement appropriate policies, procedures and internal controls to filter out VPN customers to browse the trading platform and bypass the IP monitoring system. ”
According to FinCEN, BitMEX has failed to maintain adequate anti-money laundering safeguards and to report 588 cases of suspicious activity for more than six years. FinCEN claimed that the stock exchange made transactions of at least $ 209 million with "known Darknet markets or businesses of unregistered money exchanges that provide mixing services". (Simply put, mixing means blurring virtual currency ownership through brokerage services)
Following allegations first filed in October 2020, the BitMEX Exchange announced plans to strengthen its anti-money laundering protocols and covert surveillance of trading operations. As of January, the TASE said it had improved its "Customer Knowledge" ("KYC") procedures, and reported that all previously opened positions by unverified accounts had been closed.
"We are very pleased to put this behind us," said Alexander Hoftner, CEO of BitMEX. .
The Bank of Jamaica is minting the first series of the national digital currency
Jamaica's central bank plans to issue a $ 1.5 million CBDC (Central Bank's digital legal transaction) to authorized financial services institutions and providers as part of a pilot to be completed this coming December.
The BOJ (Central Bank of Jamaica) has officially announced that its dedicated CBDC division demonstrated the digital coin minting process at the ceremony last Monday.
The process of issuing a digital version of the Jamaican dollar (JMD) was carried out with the participation of Jamaican Finance Minister Nigel Clark, BOJ Governor Richard Bills and a group of BOJ executives, as well as a management team from the Irish technology company eCurrency Mint.
According to the announcement, the BOJ plans to issue a total of 230 million JMD ($ 1.47 million) in the form of CBDC to institutions accepting deposits and authorized financial services providers as part of the digital currency pilot, which will end this coming December.
Minister Clark noted that the Jamaican government has seen rapid progress in the development of the country's digital currency project, and has emphasized its crucial role in creating a digital economy in the island country. The senior also said local lawmakers are working on amending legislation to provide a legal basis for the Jamaican CBDC by the end of 2021.
According to the BOJ Bills Governor, the next CBDC adoption step in Jamaica will be to ensure widespread access and consensus by bringing the CBDC to users.
The announcement states that the Jamaican CBDC aims to provide a number of benefits to users, including "more convenient means of efficient and secure payments." "For the institutions receiving the deposits and for the BOJ itself, the CBDC presents an opportunity to improve management processes and costs," the central bank added.
The CBDC in the country is designed to add to Jamaica's banknotes, and will allow financial institutions to issue the currency to private and business account holders when any digital currency is linked to the legal process in the country, namely the JMD in a 1: 1 ratio.
The news comes against the backdrop of a growing number of countries aggressively trying out national CBDC initiatives, with Venezuela planning to launch CBDC in October.
