The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank’s longstanding belief that cryptocurrencies like bitcoin are not currencies. According to Kganyago, crypto-assets, as he prefers to call them, are not currencies because they fail to meet the standard of what constitutes a currency. Crypto and the Currency Test…
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European Central Bank (ECB) Vice President Luis De Guindos has stated he wants cryptocurrencies to be subject to the same rules that other assets are. The statements were offered in a presentation given as part of the summer courses offered by the European Parliament, where De Guindos declared his opinion about cryptocurrency regulation.
ECB…
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A commissioner with the U.S. Commodity Futures Trading Commission (CFTC) has detailed how crypto assets are regulated in the U.S. and whether they fall under the jurisdiction of the CFTC or the Securities and Exchange Commission (SEC). “There has often been a grossly inaccurate oversimplification” of how crypto assets are regulated in the United States,…
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The International Monetary Fund (IMF) says that crypto assets, like bitcoin, are privately issued with substantial risks, and “Making them equivalent to a national currency is an inadvisable shortcut.” The crypto community disagrees. IMF Claims Bitcoin Is Privately Issued Crypto With Substantial Risks, Inadvisable for Use as Legal Tender The International Monetary Fund tweeted about…
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The United States government through the FBI recently helped to run a training exercise whose goal is to enhance the capacity of Nigerian cryptocurrency crime investigators, the U.S. Mission Nigeria (USMN) has said. The exercise saw over 50 Nigerian investigators and prosecutors participate. Understanding the Trends In its August 25 tweet, the USMN reveals that…
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The International Monetary Fund (IMF) has warned of “a number of macroeconomic, financial and legal issues” surrounding El Salvador making bitcoin legal tender. “Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them,” an IMF spokesperson cautioned. IMF Sees Issues With Bitcoin Being Legal Tender in El Salvador…
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The International Monetary Fund has previously spoken out against smaller nations like the Marshall Islands recognizing a digital currency as legal tender. The International Monetary Fund has said El Salvador’s recent decision to make Bitcoin legal tender in the country may raise legal and financial concerns. In a Thursday press briefing from the International Monetary…
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Threats from China’s central government appear to have done little to quash local demand for crypto assets. As Beijing attempts to regulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using over-the-counter, or OTC trading desks. According to a May 31 report published by Bloomberg, there has been a significant uptick…
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Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infancy. On a day in which Bitcoin crashed briefly to $30,000 in a rampant bear market, the leading cryptocurrency never got anywhere close to that on Korean exchanges. The so-called “kimchi…
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This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency. Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets. In an announcement from Emmer on…
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