State Duma Committee on Financial Markets Chair Anatoly Aksakov has confirmed that Russia’s new digital asset legislation is being delayed due to the ongoing Covid-19 pandemic, according to Russian media reports. In a recent interview, Aksakov said that the legislation has been finalized, but likely won’t be passed until late spring, as the legislature has turned its attention to measures needed to fight the coronavirus.
Russian police this week arrested ten people suspected of operating an illicit cryptocurrency mining operation that stole some 15 million rubles worth of electricity each month. Authorities also seized about 2 million rubles, 1,500 mining devices, smartphones, and 100 electrical meters that the suspects allegedly altered.
After successfully completing a bitcoin fundraising effort to finance a pre-triage post to aid in the fight against Covid-19, the Italian Red Cross has now set a new fundraising goal. This time, the charity is seeking roughly $26,000 in donations to fund its purchase of vital equipment for its coronavirus battle.
In a recent interview with Russian news agency Interfax, Bank of Russia legal department director Alexei Guznov addressed his nation’s efforts to complete legislation on digital financial assets. According to him, officials have largely reached a consensus that could result in a ban on cryptocurrency issuance and transactions inside Russia.
Bakkt announced the completion of a $300 million Series B funding round, in a blog post on Monday. Investors include Intercontinental Exchange, Boston Consulting Group, PayU, Pantera Capital, CMT Digital, Goldfinch Partners, and Microsoft’s M12.
Organizers for the TEAMZ Blockchain Summit have officially announced that they are postponing the event until September 28, due to concerns about the coronavirus. The event is the largest blockchain-related gathering in Japan and was originally scheduled to begin in April.
The Italian Red Cross recently completed a Bitcoin donation campaign designed to raise money for a new pre-triage advanced medical post to help in the battle against the coronavirus. The Red Cross set up the campaign in partnership with the Colli Albani Committee, using the Helperbit donation platform for natural disaster management.
On March 10, the New York State Department of Financial Services issued guidance directing digital currency firms to provide the government with their coronavirus (COVID-19) preparedness plans. According to DFS, the move was necessary to ensure that companies have plans in place to deal with any financial or operational risks related to the virus outbreak.
Cryptocurrency markets continued to slide lower on Thursday, with Bitcoin’s price falling to roughly $5,705 before recovering to a little over $6,100 in the early afternoon, Bloomberg reports. That drop of about 23% took place amid a continuing slide in global stock markets, and just one day after the World Health Organization declared the coronavirus a global pandemic.
After Russia’s announcement that it would not join other oil producers’ proposed output reduction, the markets tumbled into a freefall on Monday. Crude oil futures, stocks, and bond yields all fell dramatically, Business Insider reports. As that widespread sell-off was occurring, the cryptocurrency market responded by dropping $23 billion in value.
Earlier this week, India’s Supreme Court struck down the central bank’s ban preventing banks from doing business with cryptocurrency exchanges, businesses, and users. The Reserve Bank of India has reportedly confirmed that it will seek a review of that high court decision, in an attempt to appeal the ruling.
Consumers around the world conducted more than one trillion dollars in cryptocurrency transactions last year, according to new research from Chainanalysis. As FxStreet reports, however, only one percent of those transactions involved illegal activities.
The Supreme Court of India overturned a central bank ban on digital currency trading on Wednesday in a decision that struck down RBI’s 2018 decision barring the country’s banks from doing business with cryptocurrency exchanges. As CNN reports, the ruling is a victory for the digital currency exchanges that had challenged the central bank’s action, many of whom celebrated the high court’s decision.
Warren Buffett, the billionaire CEO and Chairman of Berkshire Hathaway, vowed today that he will never own any cryptocurrency. He made that promise during a CNBC Squawk Box interview in which he reaffirmed his longtime disdain for digital currency.
It has long been said that crime never pays, and that was certainly true in the case of one Irish drug dealer whose stint in jail resulted in him losing account access information for cryptocurrency wallets containing some 53.6 million euros worth of btcoin. According to the Irish Times, the once-wealthy criminal had hidden the codes inside a fishing rod case that later disappeared when he was jailed in 2017.
The Internal Revenue Service has apparently invited a number of cryptocurrency groups to participate in a summit on March 3, Bloomberg Tax reports. The agency summit is designed to foster a dialogue with industry leaders, companies, and other advocates to help the agency better understand how it can create a balance between regulatory enforcement and effective taxpayer service.
Switzerland’s Financial Market Supervisory Authority (FINMA) has proposed new rules for cryptocurrency transactions, in response to what it called “heightened money-laundering risks.” The proposed change would lower the client identification threshold for cryptocurrency transactions on digital currency exchanges from 5,000 to 1,000 Swiss francs.
Gemini today announced that it has integrated its services with the popular TradingView platform. According to the company, its institutional customers will now be able to directly trade or invest using the TradingView trading interface.
The Swiss municipality of Zermatt will now officially accept Bitcoin payments for tax and other official transactions, according to a January 29 press release from Bitcoin Suisse, which is providing the POS solution Zermatt needs to manage digital asset payments at the city’s offices.
The Monetary Authority of Singapore issued a press release today announcing that the Payment Services Act (PS Act) is now in effect. The law, designed to provide a more effective regulatory framework for Singapore’s payment systems, extends the central bank’s regulatory authority to cover emerging payment systems like digital asset services.