Tag Archives: AA News

The Federal Reserve has raised interest rates for the first time since 2018 after months of promising to address inflationary pressure in the United States. The hike – a moderate 25 basis point increase – was immediately followed by Bitcoin falling under $40,000 again. At the Federal Open Markets Committee meeting on Wednesday, the Fed cited rising concern over inflation in the context of supply chain difficulties and the new war in Ukraine as justification for its move. In...

The cryptocurrency exchange FTX collaborated with the fintech company AZA Finance to expand the adoption of cryptocurrencies throughout Africa. Additionally, the two entities will aim to connect the Web3 economy with the countries from the continent. FTX’s Latest Partnership One of the largest digital asset trading venues – FTX – continues to strike important deals to popularize its global presence. According to a recent press release, its latest partnership is with the...

Richard Turrin – Financial Technology Consultant at CNBC – argued that the Chinese central bank digital currency could challenge the dominance of the American dollar this decade. Specifically, he believes the e-yuan might replace its rival as the currency of choice in international trade settlements. Digital Yuan to Reduce the Dollar’s Usage? The Chinese government is known for having one of the most hostile stances on private cryptocurrencies. Last year, the authorities...

The Shanghai Public Security Bureau and the Yangpu Public Security Bureau conducted a joint investigation on pyramid schemes using cryptocurrencies. Shortly after, the authorities busted an online platform, which drained nearly $16 million in digital assets from its victims over the years. Shanghai’s First Cracked Crypto Pyramid Scheme According to a local report, the organization started its illegal activities in June 2020, and its leader was a criminal suspect named Mou....

The popular ecosystem for non-fungible tokens – Enjin – launched the first NFT parachain on Polkadot. Following the initiative, the former vowed to support CryptoBlades and its more than one million users. The First NFT Parachain Launched on Polkadot At the end of 2021, Enjin’s NFT project – Efinity – won Polkadot’s last parachain auction for the year with a fundraiser of over $214 million worth of DOT. Back then, the blockchain protocol noted that Efinity will go live in...

Mark Zuckerberg – CEO of Meta (formerly Facebook; owner of Instagram) revealed today that Instagram will be integrating NFTs into its platform. Speaking at SXSW, the billionaire confirmed that the digital collectibles would come to Instagram “in the near term”. He shared little detail about what role NFTs would play on the platform, but suggested that people could both show off their current NFTs, and even mint new ones. “I’m not ready to kind of announce exactly what that’s...

Lack of expertise in blockchain and digital currencies is making investigations into fraud cases not only tricky but also susceptible to new scams. In one such case, the police in Indian city Pune have arrested two persons who were hired to help the probe into a crypto fraud case registered in 2018. What is the Case? According to the Pune police, it hired Ravindra Patil and Pankaj Ghode to assist in the investigation of a fraud case involving digital currencies. Ravindra...

Elliptic – a blockchain forensics firm – has reportedly given authorities information about a digital wallet that could possibly be linked to sanctioned Russian entities. It apparently stores “significant asset holdings,” amounting to millions of dollars worth of crypto. Caught Using Crypto? In an interview with Bloomberg on Monday, Elliptic co-founder Tom Robinson noted that cryptocurrencies can be used to evade sanctions. This has been a growing concern among officials...

The Japanese authorities reportedly urged local cryptocurrency platforms to stop facilitating digital asset transactions subject to sanctions against Russia and Belarus. The Asian nation is among the superpowers that imposed financial penalties on the largest country by landmass. Previously, Japan froze the assets of nearly 50 Russian and Belarusian oligarchs alleged to be part of Putin’s inner circle. Japan’s Way to Oppose the War Russia’s “special military operation” in...

Deloitte believes Bitcoin and cryptocurrencies can help deliver a payment system that is fast, secure, effective, can facilitate efficient cross-border transactions, but there are challenges to overcome first. In the latest study called ‘State-sponsored cryptocurrency,’ Deloitte provided a fresh perspective of a central bank’s digital currency by revamping the traditional fiat system and adapting Bitcoin’s innovation. Win-Win Game According to Deloitte, combining the best...