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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

A major cryptocurrency exchange in the UAE, Bitoasis, has obtained provisional approval from Dubai’s new cryptocurrency regulator. Binance and FTX have also been green-lighted by the regulator. Bitoasis Pursuing License From Dubai’s New Crypto Regulator Bitoasis, a major crypto exchange founded and headquartered in Dubai, announced Wednesday that it has received “provisional approval” from Dubai’s new crypto regulator, the Virtual Assets Regulatory Authority (VARA). Dubai adopted its first law to regulate the crypto sector earlier this month and established the VARA to oversee the sector. The provisional license allows Bitoasis to continue its business operations in Dubai while undergoing an in-depth process to obtain a full license. Bitoasis is the first virtual asset service provider (VASP) to operate from Dubai. The platform serves customers in the Gulf and Middle East. The company explained that it is registered with the central bank and is reporting anti-money laundering (A

The deputy governor of the Bank of Spain, Margarita Delgado, gave her opinion about cryptocurrencies and how they are increasing the risks in today’s economy. At an event hosted by PWC called “A climate of change,” Delgado explained that the continued and extended use of cryptocurrencies might bring different kinds of risks to the 12% of the population currently holding crypto. Deputy Governor of Bank of Spain Examines Crypto Risks The deputy governor of the Bank of Spain, Margarita Delgado, has issued her opinion about the use of cryptocurrencies and how they might affect the country’s economy. The statements were offered in a speech given at an event hosted by the multinational professional services network PWC, called “a climate of change,” which centered its focus on the changing nature of the financial world. The deputy governor stated that the extended use of cryptocurrencies brings a series of risks to the system, including the general lack of knowledge that the people usi

On March 30, Gumi Cryptos Capital (GCC), announced the blockchain-focused venture capital firm’s second fund that will invest $110 million in early-stage blockchain startups. The second fund follows GCC’s initial $21 million fund that backed seed stage founders. Gumi Cryptos Capital Reveals Fund II — Firm Will Invest $110 Million Into early-Stage Blockchain Startups The blockchain-focused venture capital firm Gumi Cryptos Capital (GCC) has announced the launch of a $100 million fund that will be focused on blockchain concepts like decentralized finance (defi), game finance (gamefi), Web3, and other types of ideas being created by early-stage blockchain startups. In a statement sent to Bitcoin.com News, GCC’s managing partner Rui Zhang said: “Think of us as blockchain’s experienced, high-conviction, high trust, hands-on value adding, long time preference, unicorn to megacorn, builder-focused all-in venture society.” GCC’s announcement further details that Fund II will target soft

PRESS RELEASE. Yield App, one of the rising and most trusted digital wealth platforms, recently underwent a thorough ‘proof of reserves’ audit. The inspection was conducted by Armanino LLC, the firm responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world. Yield App passed the audit with flying colors, bolstering its stance on safety and accountability of the assets deployed by customers into portfolios available on its platform. What is ‘proof of reserves’ ? A proof of reserves is an independent audit of a company’s balance sheet conducted by a third party, such as Armanino LLP. These cryptographically reconciled public reports empower customers to verify that the digital asset service providers they use do indeed hold enough assets on their balance sheets to offset their customers’ liabilities. The first report was completed on 24 January 2022, using a ‘point in time’ methodology to determine the results, and can be read here

CME Group, one of the world’s largest derivatives marketplaces, has launched micro-sized bitcoin and ether options. “The launch of these micro-sized options builds on the significant growth and liquidity we have seen in our micro bitcoin and micro ether futures,” said a CME executive. CME Now Offers Micro Bitcoin, Ether Options CME Group announced Monday that it is now offering options on micro bitcoin and micro ether futures. CME’s Micro Bitcoin futures (MBT) is 1/10 the size of one bitcoin ( BTC ) and Micro Ether futures (MET) is similarly sized at 1/10 of one ether ( ETH ). Tim McCourt, CME Group’s global head of equity and FX products, commented: The launch of these micro-sized options builds on the significant growth and liquidity we have seen in our micro bitcoin and micro ether futures. “Sized at one-tenth of their respective underlying tokens in size, these contracts will offer a wide range of market participants — from institutions to sophisticated, active, individual

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

The International Monetary Fund (IMF) says a lot more work needs to be done on crypto regulation. “We’ve certainly seen an increase in the use of cryptocurrencies before this war, and we’ve seen it happen more in emerging markets than in others,” said the deputy managing director of the IMF. IMF Chief Kristalina Georgieva Pushes for Harmonized Crypto Framework The top two leaders at the International Monetary Fund (IMF) discussed crypto regulation on the Foreign Policy Live podcast, published last week. IMF Managing Director Kristalina Georgieva and Deputy Managing Director Gita Gopinath were asked how governments should respond to the growing number of challenges facing the global economy, including cryptocurrency. Georgieva explained that the IMF separates digital assets into three types: “crypto assets like bitcoin,” stablecoins, and central bank digital currencies (CBDCs). Regarding crypto assets, she said: Time has passed to have regulatory frameworks that are as much as pos

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

A South African museum, Liliesleaf Museum Heritage Site, recently raised $130,000 via the auction of a non-fungible token (NFT) created from an arrest warrant issued against Nelson Mandela in 1962. Proceeds From NFT Sale to Fund Museum Activities A non-fungible token (NFT) minted from the former South African President Nelson Mandela’s warrant of arrest was recently auctioned for $130,000 (1.9 million rands), a report has said. The proceeds are expected to help bankroll Liliesleaf Museum Heritage Site, an organization that documents South Africa’s fight for freedom and democracy. According to a Bloomberg report , Liliesleaf Museum Heritage Site had initially received the original document in 2004 as a donation. The warrant itself was issued in 1962 by South Africa’s then minority rulers after they accused Mandela of conspiring to overthrow the government. After holding the document for nearly 18 years, Liliesleaf Museum Heritage Site has again raised funds using an NFT which depic

Meta is bringing interactive 3D ads to Facebook and Instagram feeds, inspired by the metaverse pivot the company has begun to execute since its name change. This is possible due to a new integration in Meta’s AR (Augmented Reality) publishing library with a development from a company called Vntana. Vntana Integrates 3D Ads in Meta’s Apps Publishers will now be able to include 3D models in their ads on platforms like Facebook and Instagram, that belong to Meta. This innovation will allow any publisher to include these metaverse-inspired ads in the feeds the platforms, with users being able to interact with the objects. The innovation was presented by a company called Vntana, which acts as a service provider so other companies can include their 3D assets in social feeds. According to a press release issued by the company, Vntana has exclusive access to Meta’s AR API to integrate their services to be able to achieve this goal. “Just like regular ads, 3D ads appear in users’ Facebook

On March 28, the non-fungible token (NFT) marketplace Blur announced the company has raised $11 million in a seed round led by Paradigm. The NFT marketplace Blur says the startup is focused on building an institutional-grade NFT market that’s made “for pro traders.” Blur Raises $11 Million to Craft the Startup’s Institutional-Grade Products The NFT marketplace Blur announced the firm has raised $11 million in a seed funding round led by Paradigm. According to Blur, the round also saw participation from Egirl Capital, Keyboard Monkey, Ledgerstatus, 0xmaki, Santiago Santos, Zeneca, Deeze, and Andy (Fractional). Blur explains that the marketplace will be crafted for pro traders and the startup believes that most offerings today are focused on retail traders. “Current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders,” Blur’s announcement on Monday details. “Infrastructure has failed to keep up as monthly trading volumes hit billions,

An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto. Indian Parliament Member Wants to Tax Crypto Income More Than 30% India’s Finance Bill 2022 containing the proposed 30% tax on crypto income is now being considered in Rajya Sabha, the upper house of India’s parliament. Parliament member Sushil Kumar Modi reportedly asked the government Monday to increase the tax on cryptocurrency income from the current rate of 30%. He said: I would like to request the finance minister that the 30% tax that you have imposed on crypto, please consider in the coming days if this tax can be further increased. Parliament member Modi argued that cryptocurrency is not a commodity, an asset, goods, or a service, emphasizing that it does not have intrinsic valu

Over the past six months, the Everscale network has gone through a complete metamorphosis. Originally called FreeTON, the network has made great strides in improving its technical capabilities as well as developing a robust ecosystem of DeFi platforms. The scale of these changes led the coчафmmunity to call for a rebranding to reflect how the project has come into its own as a mainstay of the DeFi industry, distinct from its origin as a continuation of the no-longer active Telegram TON project. Under the hood, the main technical changes to the network consisted in a revamping of the programming language complete with a node switch from C++ to more stable and efficient Rust nodes. The changes have made the network’s scaling capabilities virtually limitless and have improved its already top-of-the-line speed. Following the changes that were introduced to the network and subsequent rebranding, platforms that have been constructed around the network and helped its ecosystem crystallize

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