From the impact of cryptocurrencies on the 2024 presidential elections to the emphasis by the secretary of the National Crypto Task Force on the involvement of 20 organizations in the country with digital currencies.
Brief News
Impact of Cryptocurrencies on the 2024 Presidential Election
Brian Armstrong, CEO of Coinbase, stated that adopting an anti-crypto stance would be a “politically bad strategy” for candidates aiming to succeed in the 2024 U.S. elections. Armstrong’s remarks came in response to U.S. Senator Roger Marshall’s claim that the American Bankers Association (ABA) helped draft the Digital Asset Anti-Money Laundering Act, often called the “crypto ban” bill. Armstrong highlighted that 52 million Americans currently own cryptocurrencies, and 38% of young people believe cryptocurrencies have the potential to enhance economic opportunities. With these statistics, an anti-crypto stance would be one of the worst strategies for garnering votes.
Source: en.bitcoinsistemi.com
Trump: No Central Bank Digital Currency in the U.S.
Donald Trump, former U.S. president and current presidential candidate, pledged to block the Federal Reserve’s creation or launch of a central bank digital currency (CBDC). During a campaign rally, Trump assured supporters: “I promise to protect Americans from government tyranny. I will never allow a CBDC to come into existence.” He emphasized that such a currency would grant the federal government absolute control over individual finances, posing a severe threat to freedom.
Source: cointelegraph.com
Pro-Bitcoin Candidate Halts Campaign
Vivek Ramaswamy, a pro-Bitcoin Republican candidate for the U.S. presidential elections, suspended his campaign after finishing fourth in the Iowa primaries and endorsed Donald Trump. Earlier, Ramaswamy stated he aimed to turn the 2024 election into a referendum on fiat currencies.
Source: coindesk.com
Venezuela Abandons its Central Bank Digital Currency
The Venezuelan government announced the suspension of its central bank digital currency (Petro) starting January 15, 2024. Launched in 2018 to counter U.S. sanctions, Petro was backed by oil but failed to gain widespread adoption despite government efforts to promote its use.
Source: cointelegraph.com
BlackRock CEO: Bitcoin is an Asset, Not a Currency
Larry Fink, CEO of BlackRock, recently launched a Bitcoin spot ETF and commented on CNBC that Bitcoin is unlikely to become a currency. He views it as an asset class and stated that the goal of the ETF is to provide a tool for value storage, not to speculate on Bitcoin prices.
Source: cointelegraph.com
Elon Musk Considers Bitcoin Usage on Mars
Elon Musk, CEO of Tesla and founder of SpaceX, discussed the possibility of using Bitcoin as currency on Mars. However, he acknowledged challenges such as transaction speed due to the planet’s 20-minute light travel delay. Musk suggested a local Martian currency may be necessary, while Bitcoin developer Matt Corallo noted that solutions like a localized Lightning Network could address transaction issues.
Source: cointelegraph.com
U.S. Senators Call for SEC Investigation
Following a hack of the SEC’s account, which led to false news about the approval of Bitcoin spot ETFs, U.S. senators demanded investigations into the agency. Senator Bill Hagerty stated that just as public companies are accountable to the SEC for major errors, Congress must scrutinize what went wrong. Senator Cynthia Lummis also urged transparency regarding the incident.
Source: cointelegraph.com
National Crypto Task Force Secretary: 20 Organizations Engaged with Digital Currencies
Mohsen Rezaei Sadrabadi, Secretary of the National Crypto Task Force, noted that over 20 organizations in Iran, including the Central Bank, Ministry of Economy, and Ministry of Petroleum, are involved with cryptocurrencies. He emphasized the need for systematic governance, pointing out contradictions in current policies. Rezaei argued for transparency and warned that failure to address crypto issues could turn potential threats into realities.
Source: Daneshjoo News Agency
Jim Cramer: Bitcoin Cannot Be Killed
Jim Cramer, a television personality and financial analyst, stated on his show that Bitcoin “cannot be killed” and is here to stay. He described the digital asset as a “reality” that many must accept and called it a “technological marvel.” Previously a critic of cryptocurrencies, Cramer has shifted his stance following Bitcoin’s rise to its highest level in 21 months.
Source: thestreet.com
European Banking Authority Acts to Deepen Ties Between Banks and Crypto Firms
The European Banking Authority (EBA), which conducts stress tests on EU banks, is enhancing its efforts to foresee risks in non-bank financial institutions, including crypto firms. José Manuel Campa, the EBA’s head, emphasized the need to explore the interconnections between banks and other financial entities. Non-bank institutions reportedly manage about $219 trillion, approximately half of the world’s financial assets.
Source: coindesk.com
Over 50% Drop in Crypto Hacks in 2023
Hackers stole about $1.85 billion in 2023, a significant reduction from the $4 billion in 2022, marking a 54% decline. However, the number of attacks remained steady at around 160 incidents. On average, hackers stole approximately $30 million per attack. The largest heists involved Euler Finance, Multichain, Mixin Network, and Poloniex, with each incident resulting in over $100 million in losses.
Source: cryptoslate.com
Changpeng Zhao’s Wealth Surges by Over $25 Billion in 2023
According to Bloomberg’s Billionaires Index, Changpeng Zhao (CZ), the founder of Binance, saw his net worth increase by over $25 billion in 2023. Financial expert Campbell Harvey attributed such growth to Zhao’s resilience and long-term belief in digital assets. His current wealth is estimated at over $37 billion, despite Binance paying a $4.3 billion fine to U.S. regulators.
Source: theedgemalaysia.com
Worldcoin Launches in Singapore
Worldcoin has resumed operations in Singapore, offering identity verification services through iris scanners at five locations. The project, now active in 11 countries, faced regulatory challenges in some regions, such as Kenya, due to privacy concerns. To date, over 5 million people—approximately 0.06% of the global population—have created Worldcoin accounts.
Source: cointelegraph.com
Japan Eliminates Corporate Tax on Unrealized Crypto Gains
The Japanese government introduced new tax reforms in December 2023, effective April 2024. Previously, corporations were taxed on the unrealized gains of their crypto assets. The reform now limits taxation to realized profits, aligning corporate crypto taxation with that for individual investors.
Source: cryptobriefing.com
Central Bank of Nigeria Lifts Ban on Crypto Transactions
The Central Bank of Nigeria, which banned crypto transactions for local banks in 2021, recently lifted this restriction. A new directive sets minimum standards for crypto-related service providers to establish accounts and collaborate with financial institutions.
Source: dailycoin.com
Digital Ruble Integrated into Russian Tax Laws
The Digital Ruble was officially incorporated into Russian tax laws with the signature of Vladimir Putin. Designed to circumvent financial sanctions, the digital ruble allows authorities to reclaim funds from taxpayers’ accounts when needed. It also enables suspension of digital ruble transactions and mandates operators to provide transaction records.
Source: coindesk.com
U.S. Voters Seek Tech-Savvy Presidential Candidates
A Grayscale survey found that 73% of participants believe U.S. presidential candidates in the 2024 elections should be knowledgeable about innovative technologies like artificial intelligence and cryptocurrencies.
Source: cointelegraph.com
First $14M Cross-Border Gold Purchase with Digital Yuan
The Bank of China’s Shanghai branch processed a $14 million cross-border gold purchase using the Digital Yuan via the Shanghai International Energy Exchange. This marks a significant milestone in China’s Digital Yuan pilot program, which also facilitates imports like iron ore. Xi Jinping has highlighted central bank digital currencies’ importance for international trade.
Source: cointelegraph.com
