The governor of the Bank of Mexico, Alejandro Díaz de León, dismissed Bitcoin’s (BTC) position as a reliable legal tender, citing price volatility as a major roadblock towards full-fledged adoption. Governor Díaz de León said in a Reuters interview that Bitcoin’s position in today’s financial system resembles “a dimension of precious metals” when compared to
Regulation
The man behind a multi-million dollar cryptocurrency scam has pleaded guilty to fraud this week according to the U.S. Department of Justice. Ohio man Michael Ackerman could face up to 20 years inside following the guilty plea for defrauding investors in a crypto scam he orchestrated in 2017. The too good to be true scheme
Two Central American countries, Honduras and Guatemala, are taking a cue from their common neighbor’s adoption of Bitcoin (BTC), but they are taking a very different road. Instead of embracing an existing cryptocurrency as a legal tender, like what El Salvador did, the central banks of Honduras and Guatemala are currently studying central bank digital currencies
United States-based cryptocurrency exchange CrossTower is expanding operations to India despite the ongoing legal uncertainty over local crypto regulation. CrossTower has set up a local division in India and launched a cryptocurrency trading platform to capture the growing multi-billion-dollar market, Reuters reported Monday. CrossTower India has already onboarded 35 employees and is looking to expand its
A U.S. District Judge has dismissed amended racketeering allegations brought by traders against the parent company of derivatives exchange BitMEX, HDR Global trading, noting that many of the plaintiff’s accusations had been copy and pasted from a different lawsuit filed against the platform. On Sept. 7, Judge William Orrick dismissed the plaintiff’s claims that BitMEX
In Cointelegraph’s latest video report, we discussed the systemic risks posed by stablecoins to the stability of both crypto and traditional markets. Stablecoins have become the backbone of the crypto ecosystem, as they play a crucial role in the functioning of crypto trading and decentralized finance. Their market capitalization has grown fourfold since the start
Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that a lot more countries will eventually follow in the Latin American country’s footsteps. El Salvador’s Bitcoin acceptance further legitimizes the belief that people should be in control of their money, Hoskinson said in his “Congratulations Bitcoin”
In an interview with local media, Javier Argueta, the legal counsel to the Presidential House of El Salvador, clarified the obligations of businesses the day before the country’s controversial Bitcoin Law recognizing BTC as legal tender took effect. The legal counsel to the President of El Salvador has stated that businesses are mandated to accept
A senior executive for Hong Kong’s Securities and Futures Commission, or SFC, believes more needs to be done to tackle cryptocurrency fraud, offering clues about future guidance on digital asset trading in the special administrative region. Deputy chief executive Liang Fengyi said the SFC is obligated to expand the scope of cryptocurrency supervision in the
Amid El Salvador officially accepting Bitcoin (BTC) as legal tender on Tuesday, Sept. 7, the Russian government has reiterated its negative stance to a scenario where BTC could be accepted as an official currency. Dmitry Peskov, the official representative of Russian President Vladimir Putin, claimed that Russia has no reason to recognize Bitcoin as legal
Avanti Bank and Trust CEO Caitlin Long has posted a rebuttal to a recent New York Times article claiming that crypto and decentralized finance is “disrupting the banking industry” so fast regulators can’t keep up. Disrupting traditional finance is exactly what crypto and DeFi aspires to do, but the piece titled “Crypto’s Rapid Move Into
The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) surged above $51,000 for the first time since May. Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs in the country, local news agency VnExpress reported Sept. 6. Quang Thuan,
The United States National Football League (NFL) has reportedly barred all teams and members from crypto-related sponsorships and advertisements, as well as nonfungible token (NFT) sales. According to a report by The Athletic, the NFL has restricted the sale of sponsorships to cryptocurrency trading firms and NFTs until the league establishes a strategy “for sports
South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed phone-based Know Your Customer (KYC) verification. According to local coverage by Pulse, non-Koreans using the Bithumb crypto exchange will be subject to mandatory mobile verification. While the rule is reportedly set to go into effect this year, the exact
South Africa’s Financial Sector Conduct Authority (FSCA) has warned the country’s public against dealing with crypto exchange platform Binance. In a statement issued on Friday, the FSCA stated that Binance Group, an “international company” domiciled in Seychelles, was not authorized to render financial services in the country. Binance is indeed headquartered in The Cayman Islands
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Nigeria’s central bank partners with fintech firm Bitt Inc. for
