IMF acknowledges limitations of cryptocurrency ban
The International Monetary Fund (IMF) has acknowledged that banning cryptocurrencies may not be effective in the long term. Instead, the focus should be on meeting digital payment needs and improving transparency in the use of these assets. Countries in Latin America and the Caribbean are leading the way in adopting digital solutions, exploring Central Bank Digital Currencies (CBDCs) to promote financial inclusion and address currency switching. “ If well designed, CBDCs can strengthen the usability, resilience and efficiency of payment systems and increase financial inclusion in [Latin America and the Caribbean] ” the IMF commented.
JPMorgan expands use of JPM Coin for euro payments
Investment bank JPMorgan (NYSE:JPM) is expanding the use of JPM Coin, its blockchain-based payment system, to include euro-denominated payments for corporate clients. The system allows instant transfers of euros between JPMorgan accounts, 24 hours a day, improving on traditional banking transactions. JPM Coin was launched in 2019 and has already processed around $300 billion in transactions. This initiative aims to provide cost benefits and greater efficiency for customers.
Mitsubishi UFJ Financial Group plans to issue global stablecoins
Mitsubishi UFJ Financial Group (NYSE:MUFG), one of Japan’s leading banks, plans to issue global stablecoins pegged to various foreign currencies, including the US dollar. Based on new Japanese legislation allowing the legal issuance of these cryptocurrencies, Japan seeks to become a global hub for stablecoins by supporting the growth of decentralized web3 companies. This initiative promises lucrative opportunities and is in line with the country’s efforts to revitalize its economy and support the growth of Web3 companies.
Binance.US resolves withdrawal issues, but warns about future outages
Binance.US has successfully resolved the US Dollar withdrawal issues, but has warned of potential future outages. Banking partners may discontinue the service, and customers are advised to resubmit requests and consider using stablecoins for crypto-to-crypto trading. Binance.US is operating normally at the moment, but anticipates possible disruptions in the future.
US Supreme Court supports Coinbase in arbitration dispute
The US Supreme Court ruled in favor of Coinbase (NASDAQ:COIN) in a dispute over arbitration, solidifying it as a preferred method of dispute resolution for companies. The ruling suspended a pending lawsuit and moved another to arbitration, annulling previous rulings. Coinbase had been sued for a scam and false advertising. The win highlights the need for transparent terms of service for cryptocurrency companies and the importance of users understanding these terms before engaging.
FTX sues Michael Kives for recovery of $700 million
Bankrupt exchange FTX has filed a lawsuit to recover $700 million from Michael Kives and his co-owning company, K5 Global. FTX alleges that its founder, Sam Bankman-Fried, used the relationship with Kives to strengthen his political and social influence. The process also revealed a complex relationship between the entities involved, including investments and mutual advice. Bankman-Fried would have attended social events with public figures and billionaires organized by Kives. Questionable financial transactions were carried out without due diligence, enriching Kives and Baum. Additionally, Bankman-Fried has made a significant investment in a tequila brand.
SEC postpones $30.2 million fine to prioritize BlockFi investor redress
The U.S. Securities and Exchange Commission (SEC) has agreed to delay the collection of a $30.2 million fine from BlockFi, a defunct cryptocurrency company, to prioritize investor redress. BlockFi filed for bankruptcy after settling with the SEC, where it agreed to pay penalties for failing to register its lending product. The SEC will waive the fine until all investors are paid in full. BlockFi has claims valued at about $1.2 billion against FTX and Alameda.
Crypto.com obtains registration to offer crypto services in Spain
Cryptocurrency service provider Crypto.com has obtained registration as a virtual asset service provider by the Bank of Spain, allowing them to offer crypto services to customers in Spain. The company has undergone compliance reviews and achieved regulatory approval in several countries, including Singapore, France, the United Kingdom and Australia. Despite facing recent challenges, Crypto.com says it remains committed to compliance and expanding its services.
Gemini launches Ethereum staking service in the UK
Cryptocurrency exchange Gemini, owned by the Winklevoss brothers, has launched its Ethereum (COIN:ETHUSD) staking service in the UK. Gemini Staking Pro allows institutions and individuals to become Ethereum validators by locking up at least 32 ETH. The service is available in the UK and other countries but is not regulated by the UK Financial Conduct Authority. Gemini promises to reimburse stakeholders for any penalties and seeks to simplify the staking process for users.
Haru Invest lays off more than 100 Employees
South Korean cryptocurrency platform Haru Invest has laid off more than 100 employees due to the damage caused by the difficulties faced by the company. The pause in withdrawals and issues with service partners led to the decision. Haru Invest is also facing legal action and is committed to resolving the situation and providing support to affected team members.
SAP previews Digital Currency Hub for cross-border payments with stablecoins
German business software company SAP (NYSE:SAP) has released a preview of its Digital Currency Hub (DCH) system, which enables cross-border payments using USDC and EUROC stablecoins. This solution aims to facilitate and speed up cross-border payments, replacing the traditional banking system. During the preview phase, the platform will only use Ethereum, but USDC is available on other blockchains. SAP hopes that the use of digital money through blockchain technology will make cross-border payments faster and more efficient.
Tesla facilitates payments with Dogecoin in new page
Tesla (NASDAQ:TSLA) now has a dedicated page on its website to facilitate Dogecoin (COIN:DOGEUSD) payments. The page provides information on DOGE transactions, products available for purchase with DOGE, and step-by-step guidance for successful transactions. This move by Tesla recognizes the legitimacy of DOGE as a payment option and could drive its demand and adoption. Elon Musk, CEO of Tesla, continues to support Dogecoin, increasing its popularity and influencing its market value.
TrueUSD not affected by Prime Trust issues, claims on Twitter
TrueUSD (COIN:TUSDUSD) confirmed on Twitter on June 22 that it is unaffected by the issues faced by cryptocurrency custodian Prime Trust. Prime Trust was forced to suspend all fiat and digital asset deposits by Nevada financial regulators on June 21. TUSD has stated that it maintains multiple conduits of US dollars for the creation and redemption of its stablecoins, reiterating that it has no exposure to the struggling custodian. However, the TUSD faced some imbalance in the Curve Pool and slightly deviated from its USD peg.
Brooklyn Spa uses Bitcoin mining for heat, sparking controversy
A Brooklyn bathhouse has sparked controversy after revealing it uses Bitcoin (COIN:BTCUSD) mining rigs to heat its spa. While some Instagram users expressed environmental concerns and questioned the transparency of the process, others expressed enthusiasm for the idea. While reusing the heat from Bitcoin mining is a well-known practice, the environmental impact of mining is still a matter of concern.
Netizen and Arthera team up to drive Web3 adoption through gamification
Netizen and Arthera announced a partnership to drive Web3 adoption through gamification. Netizen offers a gamified experience, rewarding users for their contributions online and on the blockchain, while Arthera is an innovative blockchain platform with scalability and DAG-based Proof-of-Stake consensus. The partnership aims to overcome obstacles such as gas fees and UX, providing an engaging and rewarding experience. The combination of Netizen’s gamification abilities and Arthera’s robust infrastructure seeks to normalize Web3 adoption.
El Salvador begins construction of airport for Bitcoin City project
El Salvador has started construction on an airport for its Bitcoin City project. The airport, known as Pacific Airport or Bitcoin City Airport, will be built alongside the development of Bitcoin City. The city will be built at the foot of a volcano, using geothermal energy to power the city and Bitcoin mining. The government aims to create a tax-free business environment within Bitcoin City. Despite earlier doubts about the project, the construction of the airport confirms President Nayib Bukele’s commitment to the Bitcoin initiative. Local community members have expressed concerns about the environmental impact and displacement of families in the area. The government plans to fund the projects with the expected issuance of Bitcoin bonds.