News updates January 29, 2022
1. All Winter Olympics Merchants Now Accept Digital Yuan,’ Say Chinese Banks
The Chinese central bank, the People’s Bank of China (PBoC), is gearing up for what will be the biggest week yet for its digital yuan. And while the token remains officially in its pilot phase, it will be showcased to the world next week as the Winter Olympics begin. Domestic adoption plans will also go into overdrive – as the nation celebrates the Lunar New Year.
As reported, Beijing, which hosts the games (running from February 4 to February 20), has indicated that international athletes and their coaches will be invited to use the token in the Olympic Village and sites nearby – with special ATMs that can convert foreign banknotes into digital CNY holdings, wristbands, and smartphone apps.
2. Bitcoin and Ethereum Face Strong Resistance, LUNA, ATOM Dive
Bitcoin price is facing strong resistance near USD 37,500.
Ethereum failed to surpass USD 2,500, XRP is struggling to stay above USD 0.60.
ATOM and LUNA dropped at least 10%.
Bitcoin price climbed above the USD 37,000 level but there was no upside continuation. BTC trimmed gains and traded below USD 36,500. It is currently (11:56 UTC) consolidating near this level.
Similarly, most major altcoins are consolidating below resistance. ETH failed to surpass the USD 2,500 resistance and moved lower. XRP could continue lower if there is a daily close below USD 0.580. ADA failed to clear the key USD 1.08 resistance zone.
3. Nigerian Users Tell Binance 'Stop Scamming' — Exchange Platform Rejects Accusation
Some disgruntled Nigerian users of the cryptocurrency exchange Binance have launched a campaign to boycott the platform, which they accuse of freezing client accounts without valid reason.
Accounts Blocked
Cryptocurrency exchange platform Binance recently became the target of a boycott campaign initiated by disgruntled users in Nigeria. Using the hashtag #Binancestopscamming, the campaigners are urging other Binance users around the African continent to join them in registering their displeasure with the exchange.
According to a report in the Premium Times newspaper, the users’ anger towards Binance stems from apparent changes made to the platform’s terms of use which have resulted in certain users losing access to their funds. Similarly, on Twitter, frustrated users shared their experiences with the exchange and how efforts to get their issues resolved have proved to be in vain so far.
For instance, one user named Brown-Mi alleges that Binance blocked his account and therefore his access to his portfolio’s altcoins. He tweeted:
is enough, I am a victim. My account has been frozen for about 4 months now with over $500k, mostly comprised of alts coins. Is it a crime to be an African?
4. Belgian MP to Receive Entire Salary in Bitcoin — Says Crypto Adoption Will Be 'Exponential'
A member of the Brussels Parliament, Christophe De Beukelaer, says he will receive his entire salary in bitcoin this year. He believes that the technology will disrupt all industries and crypto adoption is going to be “exponential.”
Belgian MP Says He Will Receive Entire Salary in Bitcoin — ‘We Can No Longer Remain Ignorant of This New World’
Christophe De Beukelaer, a member of the Brussels Parliament, said in a blog post on his personal website that he will receive his 2022 salary in bitcoin.
The lawmaker explained that “with the blockchain, we are at the dawn of a revolution of the same order as what we experienced with the internet 30 years ago.” He believes that all sectors “will be disrupted,” adding that in other countries, “large institutions are beginning to invest massively in crypto assets in order not to miss this gigantic opportunity.”
Noting that “it is the role of politicians to make the population aware of these societal changes that are coming,” he stressed
We can no longer remain ignorant of this new world. It’s a bit like clinging to the carriage or the candle as cars and light bulbs appear. Adoption is going to be exponential.
5. American Express Sees Crypto as Asset Class — Says It's Not a Near-Term Business Threat
American Express (Amex) sees cryptocurrency as an asset class, according to CEO Steve Squeri. He added that right now, the firm does not see crypto as an immediate or medium-term threat to its business.
American Express CEO Discusses Crypto Strategy
The chairman and CEO of American Express (Amex), Steve Squeri, answered some questions regarding cryptocurrency during the company’s Q4 earnings call Tuesday.
Squeri said: “As far as cryptocurrency goes, we watch cryptocurrencies … We think about the spectrum of digital currencies. We think about crypto. We think about stablecoins. We think about central bank digital currency [CBDC].” The CEO continued:
At this particular point in time, we view cryptocurrency more as an asset class.
6. Cryptsy CEO Indicted for Defrauding Crypto Investors, Destroying Evidence
The CEO of cryptocurrency exchange Cryptsy has been indicted in the U.S. The 17-count indictment charges the crypto exchange executive with “tax evasion, wire fraud, money laundering, computer fraud, tampering with records, documents, and other objects, and destruction of records in a federal investigation,” the DOJ said.
Cryptsy’s CEO Faces 17-Count Indictment
The U.S. Department of Justice (DOJ) announced Wednesday that Paul E. Vernon, the founder, operator, and chief executive officer (CEO) of Project Investors Inc., doing business as Cryptsy, has been indicted.
A 17-count indictment was unsealed charging Vernon, 48, “with criminal violations for his involvement in a sophisticated theft scheme involving his cryptocurrency exchange,” the announcement details, adding:
The charges include tax evasion, wire fraud, money laundering, computer fraud, tampering with records, documents, and other objects, and destruction of records in a federal investigation.
7. Ministries Queried About Missing 200,000 Bitcoins as Bulgaria Explores Crypto Payments
The recently elected government of Bulgaria has found itself in the position of answering questions about the fate of billions of dollars’ worth of cryptocurrency reportedly confiscated by the country’s law enforcement five years ago. Meanwhile, the new finance minister has revealed that authorities in Sofia are now exploring options to implement a crypto payment mechanism.
Finance Ministry of Bulgaria Has No Information About Alleged Bitcoin Stash
The mystery surrounding the 213,576 bitcoins believed to have been seized by Bulgaria has entertained the global crypto community for years and raised questions in the Southeast European nation. Club Z, a local news and analysis outlet, and a member of the parliament, have recently asked three Bulgarian ministries to account for the country’s missing crypto fortune.
In May 2017, the Southeast European Law Enforcement Center (SELEC) announced that Bulgarian authorities had captured the staggering amount of cryptocurrency in bitcoin wallets owned by suspects targeted in a joint cybercrime investigation in several countries on the Balkans. The operation codenamed “Pratka/Virus” dismantled a scheme to compromise the customs’ computer systems for tax evasion purposes.
8. Pandemic Has Accelerated Crypto Market’s Transformation Into Commodity Market - Research
The cryptocurrency market is beginning to consolidate and is increasingly similar to a commodity market, with an increased correlation between cryptos coinciding with the early stages of the COVID-19 pandemic, according to researchers from the Institute of Nuclear Physics of the Polish Academy of Sciences (IFJ PAN).
Statistical analyses carried out by these researchers suggest that the global market is maturing. From the point of view of statistical analysis, it is becoming more and more evident that the crypto market can be an alternative to investments in other financial markets, the scientific institution said in a statement that summarizes the findings presented in the paper
