Short news and events related to cryptocurrencies, from Changpeng Zhao’s resignation as CEO of Binance to Parliament members’ criticism of the Central Bank’s approach to cryptocurrencies.
Short News
Billionaire Investor Regrets Not Buying Bitcoin
Stanley Druckenmiller, whose fortune is estimated by Forbes to be around $6.2 billion, shared his views on Bitcoin, acknowledging its emerging role as a legitimate store of value, especially among the younger generation. He expressed regret for not investing in Bitcoin earlier. Although he currently owns no Bitcoin, he stated that he should. Druckenmiller also mentioned his ownership of gold, noting that both assets serve as stores of value, but it seems that younger investors prefer Bitcoin due to its ease of use.
Source: cryptoglobe.com
Hong Kong Seeking to Launch Cryptocurrency ETFs for Retail Investors
The Hong Kong Securities and Futures Commission is moving towards allowing the trading of cryptocurrency-based ETFs for retail investors. “Julia Leung,” the executive director of this securities regulator, said: “We welcome proposals that use innovative technologies to improve efficiency and customer experience. As long as there is a solution to the risks in this area, we are happy to try them out.”
Source: coindesk.com
U.S. SEC’s Challenge in Hiring Cryptocurrency Experts
The U.S. Securities and Exchange Commission (SEC) faces difficulties hiring digital asset experts. According to the Office of Inspector General (OIG) report, management and operational challenges have prevented the SEC from hiring cryptocurrency experts. The report states that strict conflict-of-interest rules, which mandate not owning digital assets, have disqualified many qualified professionals from working at the SEC; these individuals are unwilling to sell their digital assets to secure a job at the Commission.
Source: coinedition.com
Changpeng Zhao, CEO of Binance, Resigns
Changpeng Zhao, former CEO of the cryptocurrency exchange Binance, was forced to step down. Zhao faces several allegations, including money laundering, non-compliance with regulations, and aiding cryptocurrency fraud. Zhao has admitted guilt, and there is a possibility of him being imprisoned. These charges have been brought by the U.S. Securities and Exchange Commission (SEC), the FBI, and other government authorities. Previously, the SEC had sued Binance for selling unregistered securities.
Source: wsj.com
Solana’s Largest DeFi Protocol Exits the UK
Marinade Finance, the largest DeFi protocol on the Solana blockchain, has begun blocking access for users in the UK. Customers attempting to access Marinade’s website with a UK IP address are met with this message: “Due to compliance concerns raised by the UK Financial Conduct Authority, access to this site is not available in the UK.” Marinade Finance has about 75,000 users, and the total value of assets in this protocol exceeds $265 million. This figure accounts for approximately 70% of the total locked capital on the Solana blockchain.
Source: cointelegraph.com
Turkey to Finalize Cryptocurrency Regulations in 2024
Following the publication of Turkey’s annual presidential program on October 25, 2023, it appears that finalizing cryptocurrency regulations is one of the country’s set goals for 2024. According to Turkey’s Economy Minister Mehmet Şimşek, the country aims to regulate cryptocurrencies to exit the FATF’s grey list, and related laws are in the final stages of entering the Turkish Parliament. According to a 2022 study, Turkey is the second-highest country globally searching for cryptocurrency-related terms.
Source: cointelegraph.com
Younger Generations in the U.S. See the Future in Cryptocurrencies
A new report by Coinbase on cryptocurrencies reveals the frustration of younger generations (Gen Z and Millennials) with the traditional American dream and financial system. Instead of following conventional paths, they are building new models of work, ownership, and finance that are more flexible and not dependent on old intermediaries. Based on a survey of young Coinbase users, this new report states that about 38% of the younger generations view cryptocurrency and blockchain as economic opportunities beyond traditional finance. About 38% also see cryptocurrency as the future of finance. According to the report, 51% are willing to support presidential candidates who back cryptocurrencies in the 2024 elections.
Source: cointelegraph.com
Bloomberg Strategist: Bitcoin Could Replace Gold Bullion
Mike McGlone, senior strategist at Bloomberg, shared his view on why Bitcoin has grown more than gold and how Bitcoin might eventually “replace bullion.” In his post on X, he wrote that Bitcoin outperforms gold due to rising expectations for spot Bitcoin ETFs, while assets in gold-based exchange-traded funds are significantly declining. McGlone said this might signify that Bitcoin is gradually replacing gold bullion. However, he added that gold remains in an upward trend given the current economic and political situation.
Source: u.today
Bitcoin Advocate Wins Argentine Presidential Election
Javier Milei, a libertarian and Bitcoin supporter, won the second round of the Argentine presidential election by defeating his rival, Sergio Massa. Milei is a vocal critic of the central bank, describing it as a mechanism through which politicians defraud the public using inflationary taxes. He views Bitcoin as a step toward returning money to its original creator, the private sector.
Source: cointelegraph.com
German MP Pushes to Make Bitcoin Legal Tender
Joana Cotar, a member of Germany’s federal parliament, has supported recognizing Bitcoin as legal tender. She is a staunch opponent of the digital euro and believes that Bitcoin’s decentralized nature makes it a more suitable asset for Germany, enhancing financial freedom and privacy. Cotar is working to establish a preliminary review process for a legal framework that would recognize Bitcoin as legal tender in Germany. She said the digital euro could grant central banks more power over ownership and payments and challenge individual freedoms.
Source: cointelegraph.com
IMF Chief: CBDCs Could Replace Cash
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), said during her speech at the Singapore Fintech Festival: “Central Bank Digital Currencies (CBDCs) could replace physical money, especially in economies where cash distribution is costly.” She added: “Governments around the world view these currencies as tools that can help digitalize payments, improve cross-border payment efficiency, and foster financial inclusion by providing services to the unbanked.”
Source: coindesk.com
Sam Bankman-Fried Found Guilty on All 7 Fraud Charges
A jury has found Sam Bankman-Fried, founder of FTX, guilty of all seven counts of fraud. He was convicted of defrauding FTX customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. Bankman-Fried had pleaded not guilty to these charges, which stemmed from the collapse of FTX and Alameda Research last year. With this verdict, Bankman-Fried faces a maximum sentence of 115 years in prison, though legal experts are analyzing how long he might serve. Former federal prosecutor Renato Mariotti told CNBC that Bankman-Fried is likely to spend the next 20 to 25 years in prison.
Source: cnbc.com
Kazakhstan Launches Its Central Bank Digital Currency
Binur Zhalenov, head of Kazakhstan’s National Payment Corporation, announced the official launch of the digital tenge, the country’s central bank digital currency (CBDC), for the retail market. According to local media reports, Zhalenov made the first transaction using the CBDC and promised to develop a massive platform in 2024. He also noted that Kazakhstan is collaborating with Visa, Mastercard, and local banks to integrate its CBDC into bank cards. This collaboration will enable payments with the digital tenge globally using Apple Pay, Samsung Pay, and other platforms.
Source: cointelegraph.com
Capital Gains Tax Proposal to Be Reconsidered in Parliament
Mohammad Reza Pour-Ebrahimi, head of the Economic Commission of the Parliament, stated that the commission’s report to address the Guardian Council’s objections to the capital gains tax proposal is ready and will soon be discussed in the public session of the Parliament. He said, “The Economic Commission’s report addressing the Guardian Council’s objections regarding the capital gains tax proposal is a top priority, and we hope that if approved by the Guardian Council, the law will be enacted in December.” It is worth mentioning that in the initial version of the proposal, which the Guardian Council had objections to, “various cryptocurrencies and digital assets” were included in the list of assets subject to capital gains tax upon transfer.
Source: khaneh-mellat.ir
U.S. Lawmakers Call for Revisions to Cryptocurrency Tax Laws
A bipartisan group of U.S. Congress members has asked the Treasury Department to review the proposed digital asset tax plan. These lawmakers support attorneys who describe the proposed tax plan as dangerous and unlawful. In a letter to the U.S. Treasury Assistant Secretary, the group wrote: “The overly broad definition of ‘digital asset broker’ and the vague definition of ‘digital asset’ in the proposed regulations pose a threat to the continued existence of a large portion of the U.S. cryptocurrency ecosystem.”
Source: coindesk.com
Cryptocurrencies, Second Most Popular Investment Asset in France
According to a survey by the Organization for Economic Cooperation and Development (OECD), published by France’s financial market regulator, 9.4% of French people hold cryptocurrencies, which is only 1.3% less than real estate funds, the country’s most popular investment category. Additionally, 2.8% of respondents reported owning NFTs.
Source: cointelegraph.com
Bitcoin Outperforms Gold in 2023
According to Glassnode’s weekly report, Bitcoin (BTC) and Ethereum (ETH) have outperformed both gold and the U.S. dollar index (USD) in returns and price growth. The report states that Bitcoin has increased by 93% and Ethereum by 39% compared to gold in 2023. This strong performance comes amid rising global uncertainty, likely catching the attention of many traditional investors.
Source: zycrypto.com
Pour-Ebrahimi Criticizes Central Bank: Cryptocurrencies Should Not Be Entirely Rejected
Mohammad Reza Pour-Ebrahimi, head of the Parliament’s Economic Commission, criticized the Central Bank’s stance on cryptocurrencies, arguing that the country must utilize the potential of cryptocurrencies in the economy. He stated: “We cannot ignore the cryptocurrency space, and we must use this domain to mitigate the effects of sanctions. It’s a mistake for the Central Bank to outline a crypto roadmap that fundamentally rejects cryptocurrencies. We have not restricted the government, and under existing laws, the government can define suitable executive regulations for cryptocurrencies.” Pour-Ebrahimi also expressed hope that cryptocurrency regulations will be implemented before the end of the current Parliament’s term if an agreement is reached with the government. Notably, the Central Bank has recently referenced a policy of not promoting digital currencies in its fintech roadmap.
Source: fardayeeghtesad.com
Cryptocurrencies Rank Among Top Investment Choices for Iranians
In a survey conducted by ISPA involving 12,000 Iranians over 15 through face-to-face interviews, participants were asked, “If your financial situation allows you to save, how would you prefer to manage your savings?” According to the survey, 33.3% of Iranians said they would prefer to invest in land and real estate; 20.7% favored buying gold and coins; 15.5% would invest in entrepreneurship; 15.2% would save in banks; 2.7% would buy dollars and foreign currency; 2.7% would invest in the automotive market; 1.3% would invest in the stock market, and 1.3% would invest in cryptocurrencies and global markets.
Source: ISPA
Taheri: We Oppose Uninformed Restrictions in the Cryptocurrency Space
The Vice-Chairman of the Industries and Mines Commission of the Islamic Consultative Assembly stated that the Parliament opposes any uninformed decisions that lead to the outflow of national capital and endanger people’s assets. Mostafa Taheri said: “The public in our country uses cryptocurrencies extensively, and now this sector has become a unique opportunity in Iran that should be utilized for development.” He continued: “Given the widespread usage of cryptocurrencies among people, making uninformed and hasty restrictions will harm the country, which has raised concerns in Parliament about the consequences.” The MP emphasized the importance of cryptocurrencies in the country: “Negative attitudes and the creation of restrictions by certain institutions against cryptocurrency users, especially during economic warfare, are akin to self-sabotage. The blockchain and cryptocurrency space is at the cutting edge of technology, and neglecting it will set the country behind compared to the UAE, Saudi Arabia, and Turkey.” Taheri also pointed out public concerns about restrictions: “Any limitation will push users toward unsafe foreign platforms, which will have dangerous consequences for both the people and the country.”
Source: Borna News
Zare: Cryptocurrencies Can Be Our Winning Card in the Digital Economy
The head of the Resistance Economy Committee in Parliament stated that a series of corrupt decisions should not squander the exceptional capacities of the cryptocurrency sector; the development of this sector can bring the country to success in the digital economy. Rahim Zare highlighted the rapid development of cryptocurrency-related services and technologies in neighboring countries compared to Iran, saying: “Restrictions such as the 25 million tomans daily deposit limit for individuals are viewed as uninformed decisions by the sector’s professionals.” Zare added that such prohibitive actions weaken domestic platforms. In the future, this will lead to the outflow of financial and intellectual capital from the country, which not only undermines domestic tech businesses but also takes control out of our hands and threatens the security of people’s data and assets due to the lack of oversight.
Source: IRNA
Ghaderi: The Importance of Cryptocurrencies is Clear to Parliament
A Program and Budget Commission of Parliament member stated that many young people and professionals in the field have repeatedly asked us, the MPs, during various meetings to prevent institutions like the Central Bank from obstructing their work with strange decisions. Jafar Ghaderi said: “The importance of the cryptocurrency sector in Iran is clear to Parliament; there are valuable capacities in this area that must be properly utilized.” He added: “The Parliament’s view on financial technologies and cryptocurrencies is forward-looking, and we cannot handle a field that is receiving increased attention from governments worldwide with careless or uninformed behavior.” He also emphasized: “The widespread use of cryptocurrencies and domestic platforms by the public shows the unique capacity in this area within the country, and the government should not damage such capacities.” Ghaderi concluded that the expert opinions of all specialists in Iran’s blockchain and cryptocurrency ecosystem are crucial for Parliament, and it is the people who should meet their needs under the protection of laws and regulations.
Source: Tasnim
