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Financial sanctions imposed on Russia over its invasion of Ukraine may result in reduced dominance of the U.S. currency, according to a high-ranking official at the International Monetary Fund (IMF). The confrontation could lead to fragmentation of the world’s current monetary system, the top representative warned. New Currency Blocs May Emerge Amid Mounting Restrictions on Russia, IMF Says Russia’s decision to invade Ukraine has been met with waves of Western sanctions that have limited Moscow’s access to its foreign currency reserves and the global financial market. According to Gita Gopinath, first deputy managing director of the IMF, the unprecedented measures could gradually decrease the dominance of the U.S. dollar. Speaking to the Financial Times, the top IMF official also warned that the restrictions, including those on the Central Bank of Russia, could encourage the emergence of small currency blocs based on trade between groups of nations. Gopinath, nevertheless, predicte...

Koinly is a leading a cryptocurrency tax calculator and portfolio tracker for traders, investors and accountants. There are many features that make it stand out from the competition, and this article will present five key reasons why Koinly is actually the best crypto tax software in the world today. These include a wide range of exchange and wallet integrations, DeFi support, Cardano support, support for liquidity transactions, and compatibility with multiple countries. Wide Range of Integrations Whether someone is a taxpayer looking to get an accurate crypto tax report, a business looking to track their inventory or an accountant trying to work through a maze of transactions, Koinly is the go-to software. It is a crypto tax calculator that makes doing taxes enjoyable. It comes with a hoard of features and integrations that will make it extremely easy and convenient to satisfy all crypto tax needs. With Koinly , one can easily track crypto assets and taxes over time across all wal...

Boston-based Circle Internet Financial has announced the company has selected BNY Mellon to custody the firm’s usd coin (USDC) reserves. The company’s dollar-pegged crypto asset is currently the second-largest stablecoin with a current market capitalization of $51.6 billion. BNY Mellon to Become USDC’s Primary Custodian Circle has chosen America’s oldest investment bank to custody the firm’s usd coin (USDC) reserves, according to an announcement published on March 31. While BNY Mellon will become the primary custodian for USDC, Circle expects the partnership to further “facilitate an exchange of expertise on a range of topics across digital and traditional markets.” The announcement on Thursday says the benefits of the newly announced relationship between Circle and BNY Mellon include: Bridging of traditional and digital capital markets, investment management, digital asset custody, cash management for fiat and non-fiat payments, and the exploration of digital cash for purposes...

Citi has predicted that the total market for the metaverse economy could grow to between $8 trillion and $13 trillion by 2030. In addition, the global bank expects that the number of metaverse users could be as many as five billion. The Metaverse Is Potentially an $8 Trillion to $13 Trillion Opportunity, Says Citi Citi released a new Global Perspectives & Solutions (Citi GPS) report titled “Metaverse and Money: Decrypting the Future” Thursday. The leading global bank has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. The 184-page report explores various aspects of the metaverse in-depth. They include what a metaverse is; its infrastructure; digital assets including non-fungible tokens (NFTs) in the metaverse; money and defi (decentralized finance) in the metaverse; and regulatory developments applicable to the metaverse. Regarding the size of the metaverse economy, Citi described: “We believe the metaverse may be t...

The Securities and Exchange Commission (SEC) has listed crypto assets as an examination priority for market participants this year. “In this time of heightened market volatility, our priorities are tailored to focus on emerging issues, such as crypto assets,” said an official with the SEC Division of Examinations. Crypto Assets Among SEC Examination Priorities The Securities and Exchange Commission’s Division of Examinations published its annual examination priorities Wednesday. Crypto is among the top priorities highlighted in the report this year. The Division of Examinations conducts the SEC’s National Exam Program, its website details, adding that its “mission is to protect investors, ensure market integrity and support responsible capital formation through risk-focused strategies.” SEC Chairman Gary Gensler explained that the examination priorities identify key risk areas that the SEC expects registrants — including investment advisers, broker-dealers, self-regulatory organi...

Layerzero Labs, the firm behind the interoperability protocol Layerzero, has revealed the company has raised $135 million in a Series A+ finance round led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The new financing brings Layerzero Labs’ overall valuation to $1 billion and the funds will be leveraged to develop cross-chain decentralized applications (dapps) powered by Layerzero. Layerzero Raises $135 Million From Andreessen Horowitz, FTX Ventures, Sequoia Capital On March 30, 2022, the company Layerzero Labs announced it had secured $135 million in a Series A+ funding round. The funding round was led by Sequoia Capital, FTX Ventures, and a16z, and the funding also saw participation from Uniswap Labs, Paypal Ventures, Tiger Global, and Coinbase Ventures. The financing also pushes Layerzero Labs to unicorn status, as the latest capital injection brings the company’s overall valuation to $1 billion. “This round is a massive step forward for Layerzero Labs and t...

PRESS RELEASE. NovaTerra is a Metaverse MMORPG featuring a play-to-earn model. The game is set in a post-apocalyptic future, where humanity has turned the planet into a barren wasteland. Following the planet-wide devastation, massive drought has made water an extremely scarce and valuable resource. The player character is a survivor who is helping to rebuild society and terraform this post-apocalyptic wasteland. The gameplay revolves around farming, building and cooperation between players. Successfully farming crops and cooperating with other players will reward the player with the game’s main currency — $CCO2 tokens . Coorest’s fruit-bearing NFTrees are also featured in the game. If a player owns a certain number of NFTrees, they will be able to plant them on their farm to reap extra benefits. Player cooperation and trading will be a prominent feature of NovaTerra. Initially, players will only have the option to buy land which can be used to grow their crops, trees or animals,...

Bitcoin miner Cleanspark has revealed the company is expanding operations in Texas with up to 500 megawatts (MW) of renewable power. The firm has inked a deal with the Houston-based Lancium to initially secure 200 MW of Lancium’s renewable power and has the option to obtain 300 MW more going forward. Cleanspark Reveals Plans to Expand to the Lone Star State, Firm Partners With Texas Energy Firm Lancium On Thursday, the Nevada-based Cleanspark revealed plans to add up to 500 MW of renewable power to fuel its bitcoin mining operations after partnering with the Texas energy firm Lancium. The announcement’s details explain that Cleanspark will obtain an initial 200 MW from Lancium’s data centers in West Texas and in the future, Cleanspark has the option to acquire 300 MW more from Lancium. Cleanspark expects 50 MW of bitcoin mining will be operational by the year’s end and by spring 2023, it expects the remaining 150 MW to come online. “After completely using this capacity with the lat...

On March 26, the Luna Foundation Guard (LFG) held 24,954.95 bitcoin and during the last five days, LFG’s bitcoin wallet accumulated 5,773.02 bitcoin. At the time of writing, LFG’s wallet now holds 30,727.97 bitcoin worth more than $1.4 billion using today’s exchange rates. In a relatively short period of time, LFG’s bitcoin wallet is up there with some of the largest crypto treasuries on record. LFG Wallet Accumulates 5,773 Bitcoin in 5 Days During the last two weeks, the Luna Foundation Guard (LFG), has been on a bitcoin buying spree in order to accumulate bitcoin ( BTC ) for the organization’s reserve pool. LFG is a non-profit based out of Singapore that is dedicated to the Terra (LUNA) ecosystem and aims to advance the “sustainability and stability of Terra’s algorithmic stablecoins.” On March 21, Bitcoin.com News reported on Terra’s founder Do Kwon hinting at purchasing $3 billion in BTC . Following that report, LFG’s first purchase was caught by onchain observers and after...

Billionaire Mike Novogratz says he is much more optimistic about the crypto market now than he was a month ago. He explained that bond sell-offs and increased crypto adoption have boosted the prices of cryptocurrencies, particularly bitcoin. “I think you are going to see the Democrats taking a softer stance,” he added. Mike Novogratz Expects Lawmakers to Take a Softer Stance on Crypto Galaxy Digital CEO Mike Novogratz talked about why he is more optimistic about the crypto market now than he was six or seven weeks ago in an interview with CNBC Tuesday. The executive explained: Maybe what I got wrong was with all this selling in fixed income that money has got to go somewhere. The billionaire predicted earlier this month when BTC was struggling to break the $40,000 level that bitcoin’s price would range between $30,000 and $50,000 throughout the year. At the time of writing, bitcoin is trading at $47,327 based on data from Bitcoin.com Markets. Novogratz continued, “We certainly...

Nifty Gateway, the non-fungible token (NFT) marketplace has announced that the company has partnered with the electronics giant Samsung. The two firms have been working on the “first-ever smart TV NFT platform” and Nifty Gateway is already integrated into Samsung’s 2022 premium TV product lines. NFT Marketplace Nifty Gateway Partners With the Electronics Giant Samsung During the first week of January, the electronics company Samsung revealed it was getting into non-fungible token (NFT) technology and NFTs would be introduced into the company’s TV products. At the time, Samsung didn’t get into too many details except that it would offer the first smart television product line with NFT capabilities. Now just over two months later, the Gemini-owned Nifty Gateway NFT marketplace announced that it has partnered with Samsung . The partnership is meant to “develop the first-ever smart TV NFT platform for exploring, purchasing, and trading digital art and collectibles.” According to the ...

The Argentinian Tax Agency (AFIP) is watching the movements of cryptocurrency traders and holders, to tighten its control over their transactions. The institution is now sending emails to Argentinian citizens asking for a series of data regarding supposed cryptocurrency operations made in their names. The agency requires the public keys of the citizen and a list of transactions made during a certain time period. Argentinian Tax Agency to Scrutinize Crypto Users The AFIP, the Argentinian tax watchdog, has decided to take the battle against cryptocurrency tax evasion directly to users of these currencies. While the agency had required information from exchanges before, the responsibility is now directed to certain users that have received a requirement to answer a series of questions regarding their history with digital assets. The requirement compels users to deliver data like the public keys of the wallets they are currently managing, and a list of digital asset movements that mus...

Activists and lawmakers in Kyiv are urging the EU to accept Ukraine as a member of the European Blockchain Partnership. They believe the recently adopted law “On Virtual Assets” opens the way for the country to become a blockchain leader on the Old Continent. Kyiv Officials Hope Blockchain Technology Can Help Post-War Reconstruction of Ukraine Members of the “Virtual Assets of Ukraine” public union and Blockchain4Ukraine, an inter-factional association of Ukrainian lawmakers, are lobbying for Ukraine’s full membership in the European Blockchain Partnership ( EBP ). Representatives of the two organizations have urged EU institutions to allow their country to participate in the initiative. Letters with the appeal have been sent to President of the European Commission Ursula von der Leyen, the head of her cabinet, Bjoern Seibert, and Anthony Whelan, who works as a digital policy adviser to the executive body in Brussels, the crypto news outlet Forklog reported. The authors of the cor...

The central bank in crisis-stricken Sudan has warned residents dealing with cryptocurrencies that they face numerous risks including loss of value. The warning comes as Sudan is grappling with an economic crisis that worsened after the civilian government was deposed by the military. Sudan’s Worsening Economic Crisis As Sudan’s currency continues to plummet, the country’s central bank has warned citizens against using or trading cryptocurrencies, a report has said. It warned those dealing with crypto assets that they face risks such as loss of value, financial crimes, and electronic piracy. The warning by the Central Bank of Sudan (CBOS) comes amidst a worsening economic crisis that has seen Sudan’s exports plummet by 85% in January. The warning also comes as reports suggest the country’s currency, the pound, is losing further ground against the U.S. dollar on the black market. The deteriorating economic conditions are believed to be key factors behind the increased interest in cr...

On Tuesday, the fund manager Wisdomtree announced the launch of three crypto asset exchange-traded products (ETPs). The ETPs are associated with the cryptocurrency networks Solana, Cardano, and Polkadot and the new crypto investment products are currently listed on Börse Xetra, SIX, and the Swiss Stock Exchange. Wisdomtree Launches Cardano, Solana, and Polkadot Exchange-Traded Products Wisdomtree has announced the launch of three new digital currency exchange traded products (ETPs) and the products are physically-backed by cryptocurrency. Wisdomtree revealed on Tuesday that the new funds will include Wisdomtree Solana (SOLW), Wisdomtree Cardano (ADAW) and Wisdomtree Polkadot (DOTW). All three of these digital currencies are currently positioned in the top 20 list of the largest crypto market capitalizations today. The fund manager further disclosed that the three crypto ETPs will list on Euronext exchanges in Amsterdam and Paris on March 31. “The ETPs have a total expense ratio (T...

Nasdaq-listed Microstrategy has obtained a $205 million bitcoin-collateralized loan from Silvergate Bank through a subsidiary to buy more bitcoin. “The interest-only term loan is secured by certain bitcoin held in Macrostrategy’s collateral account.” Company to Use $205M Bitcoin-Backed Loan to Purchase Bitcoin The Nasdaq-listed pro-bitcoin software company Microstrategy announced Tuesday that one of its subsidiaries has obtained a bitcoin-backed loan to purchase additional BTC . Microstrategy CEO Michael Saylor tweeted Tuesday: Macrostrategy, a subsidiary of Microstrategy, has closed a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase bitcoin. Silvergate Bank “has issued a $205 million term loan under its Silvergate Exchange Network (SEN) Leverage program to Macrostrategy LLC,” Microstrategy detailed. “The interest-only term loan is secured by certain bitcoin held in Macrostrategy’s collateral account with a custodian mutually authorized by Silvergate a...

On March 29, blockchain parsers caught a sequence of 11 transactions totaling 11,325 bitcoin moving from unknown wallets created in 2014, to a great number of recipient addresses. Furthermore, the stash of bitcoin worth $540 million today is possibly linked to the Cryptsy theft, according to onchain analytics. 11,325 Bitcoins Move From Dormant 2014 Addresses, Assets May Be Linked to Cryptsy Theft A whole lot of bitcoin stemming from wallets created in 2014 moved on Tuesday and the funds may be tied to the Cryptsy theft . The now-defunct cryptocurrency exchange led by Paul Vernon lost millions of dollars worth of digital assets years ago at the end of 2015. More recently at the end of January 2022, the U.S. Department of Justice (DOJ) announced it had indicted Vernon for allegedly stealing over $1 million from digital currency wallets. The DOJ said Vernon, otherwise known as ‘Big Vern,’ stole from accounts between May 2013 and May 2015 and proceeded to deposit the stolen funds int...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the U.S. dollar is “about to implode.” Among the investments he suggested are cryptocurrencies bitcoin, ethereum, and solana. Robert Kiyosaki Foresees Dollar Imploding, Blames Biden for Inflation The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more warnings about the imminent collapse of the U.S. dollar. He also suggested investors buy some cryptocurrencies, naming three in particular: bitcoin, ether, and solana. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Monday warning that the world is in trouble. “National debt to go through the roof,” he wrote, emphasizing that the dollar is “about to implode.” The famous author insisted that President Joe Bid...

As inflation continues to wreak havoc on American wallets, the U.S. dollar’s lack of purchasing power has been affecting nearly every U.S. resident’s spending decisions. On Monday, U.S. president Biden and his administration predicted lower inflation forecasts as officials announced Biden’s proposed budget for the 2023 fiscal year. According to marketwatch.com author Victor Reklaitis, the Biden administration’s inflation forecast “doesn’t look realistic.” Biden Administration Expects ‘Inflation Will Ease Over the Coming Year’ The Biden administration and White House economist, Cecilia Rouse, are predicting very low estimates as far as future inflation rates are concerned. This is despite the inflation rate in February skyrocketing to 7.9%, and rising at the fastest pace since 1982. Prices across the nation have been growing across the board and reports show that inflation is causing people to make different spending decisions. While the inflation rate jumped close to 4x higher than...

The media and entertainment company World Wrestling Entertainment, Inc., otherwise known as WWE, has inked a long-term partnership with the global digital sports platform Fanatics. According to the deal, Fanatics will work with WWE across various ventures such as officially licensed merchandise, trading cards, and non-fungible tokens (NFTs). WWE Partners With Fanatics, Wrestling Entertainment Firm Will Work With Candy Digital WWE has its eyes on non-fungible token (NFT) sales and on March 28, the company signed a long-term deal with the digital sports platform Fanatics. The company is led by Michael Rubin and it offers licensed sports merchandise via Fanatics Commerce, collectibles, trading cards, and NFTs through the company’s NFT platform Candy Digital. The wrestling entertainment firm WWE will work with the company’s offerings Fanatics Commerce, Fanatics Collectibles, and Candy Digital. “Fanatics is the industry leader and Michael Rubin is a visionary,” said Vince McMahon, WWE’...

The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them. 11 Crypto Exchanges Investigated for Tax Evasion The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament. Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and services tax (GST) and it was also detected that other cryptocurrency exchanges and major investors in digital currencies are under investigation by the government.” In addition, the parliament member asked the finance minister about “the action taken or proposed to be taken by the government against those cryptocurrency exchanges that were detected in GST evasion.” The minister of state in the ministry of finance, Pankaj Chaudhary, repli...

Vietnam is creating a legal framework for cryptocurrency. The country’s deputy prime minister has instructed the Ministries of Finance, Justice, and Information & Communications to work with the central bank, the State Bank of Vietnam, on the framework. Vietnam Creating Legal Framework for Crypto Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, the State Bank of Vietnam, and other relevant bodies to build a legal framework for cryptocurrencies. The three ministries are Finance, Justice, and Information & Communications. The deputy prime minister has tasked the Ministry of Finance with the prime responsibility of reaching an agreement with other regulatory bodies and the central bank to identify specific pieces of legislation that need to be amended, supplemented, and promulgated as well as recommending a specific time frame for implementation. The legal framework for crypto will be...