Cryptocurrency news
Singapore Will Crack Down on Bad Crypto Behavior
Singapore's central bank will be "brutal and unrelentingly hard" on bad behavior in the crypto industry, the chief fintech officer at the Monetary Authority of Singapore told the Financial Times. In an interview with the newspaper, Sopnendu Mohanty said Singapore has enforced...
Meta set to begin testing NFTs on Instagram Stories with Spark AR
Instagram's parent company, Meta, announced Wednesday that it will begin testing NFTs on Instagram Stories using its augmented reality platform Spark AR. CEO Mark Zuckerberg said of the news, “We're expanding our test so more creators around the world can display t...
BIS compares projects to transfer central bank digital currencies across borders
The Bank of International Settlements (BIS) Innovation Hub released a report Tuesday looking at four projects that examined wholesale central bank digital currency (CBDC) transfers across borders. The projects demonstrated the technical feasibility of the transfers, the BIS found...
Iranian government to cut power supply for the country's legal crypto mining rigs
According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran's Ministry of Energy, said that the entity would be cutting the power supply to all of the country's licensed crypto mining firms by the beginning of July. Citing an antic...
Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit
Not even a $258 billion class-action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE). On Thursday, a New York district court received a class action complaint against the world’s riche...
US Treasury Secretary Talks Crypto With Bank Chiefs
U.S. Treasury Secretary Janet Yellen is meeting with the CEOs of Wall Street banks Thursday to discuss the global economy and U.S. inflation, while also raising “the need for responsible innovation in digital assets,” according to the Treasury Department. That discus...
Vitalik Buterin shares his thoughts on non-financial use-cases for blockchain
Vitalik Buterin, co-founder of both Ethereum & Bitcoin Magazine, took to Twitter to share his thoughts on non-financial use-cases for blockchain technology. In a paper titled “Where to use a blockchain in non-financial applications?”, Buterin expressed a...
Brazilian proposal would make crypto payments legal and protect private keys
A proposed addition to an existing Brazilian law would grant Brazilians the right to use cryptocurrency as a means of payment while protecting their private keys from being taken by the courts. Federal Deputy Paulo Martins issued the proposal to the country’s legis...
Bank of England Chief Takes Victory Lap as Crypto Crumbles
Bank of England Governor Andrew Bailey reiterated his stance on cryptocurrencies, stating that the asset class has "no intrinsic value." The longtime crypto skeptic was testifying in the U.K. Parliament the day after lending platform Celsius suspended transfers and withdrawals...
Coin Center Sues US Treasury Over 'Unconstitutional' Tax Reporting Rule
AUSTIN, Texas — Crypto think tank Coin Center filed a lawsuit against the U.S. Treasury Department and Internal Revenue Service on Friday, claiming a crypto tax reporting requirement enshrined in last year's infrastructure law is "unconstitutional." The requirement, which...