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☀️South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency
✏️The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency.
♾Pandor said her country will “not shy away from discussions” that relate to her country’s national interests.
💲The minister also revealed that South Africa’s debt is primarily denominated in dollars, therefore the country cannot easily ditch the greenback.
🥇Central Bank’s Gold Purchases Make ‘Record Breaking Start’ in Q1 2023; 228.4 Tonnes Added to World Reserves
➡️Central banks have continued to consistently purchase gold during the first quarter of 2023, according to the latest report of the World Gold Council (WGC), the global gold statistics organization. Central banks added nearly 230 tonnes of gold to their national reserves, representing a 176% rise compared to the purchases made in Q1 2022.
Central banks have registered a strong demand for gold during the first quarter of the year, according to the latest report of the World Gold Council (WGC), which keeps global statistics on gold production and demand.
➡️However, when compared to the numbers from the last quarter, central banks and other institutions reduced their demand significantly, with these institutions purchasing 150.2 tonnes of gold less.
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👍Putin: US Policies Will Backfire, Russia to Expand Relations With Countries in Eurasia, Africa, Latin America
🟢Russia’s president, Vladimir Putin, has slammed the actions of the elites in the U.S. and Europe, stating that they do not always act in the best interest of their own people. “It will backfire on them,” he said. Putin also called for a cohesive response to the West’s economic aggression, emphasizing that Russia will strengthen its partnerships with friendly nations and collaborate with foreign partners.
Russian President Vladimir Putin slammed policies in the U.S. and Europe while calling for a cohesive response to the West’s economic aggression at a meeting with the Council of Legislators on Friday, Russian news outlet Tass reported.
🗣️We are not going to isolate ourselves. On the contrary, we will expand pragmatic, equitable, mutually beneficial relations that are nothing less than partnerships with friendly countries in Eurasia, Africa, Latin America, Putin said, adding:
🗣️In the United States, by the way, we have a lot of people that think along the same lines as we do. Same with Europe. The elites behave differently. But we know that the elites in these countries are far from always conducting the policies that benefit the interest of their own people. It will backfire on them.
The Russian president also expressed his government’s willingness to collaborate with foreign partners, including global companies and corporations that “value their business reputation and want to cooperate with Russia.”
Putin further stressed: “Amid the West’s economic aggression, the parliament, the government, and all regional and local authorities must act clearly and quickly and work as one cohesive, well-coordinated team.”
♾Crypto Has Evolved From Being Seen as an ‘Anti-Establishment Rebellion Asset’ Says FCA Executive Director
🟢From being seen as a small “anti-establishment rebellion asset” more than ten years ago, crypto has grown to “become more widespread,” says Sarah Pritchard, an executive director at the United Kingdom’s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has “always been open to innovation.”
👑According to Sarah Pritchard, an executive director of markets at the Financial Conduct Authority, crypto has evolved from being seen as “an anti-establishment rebellion asset” more than ten years ago, to one that “has become more widespread.” However, Pritchard insisted in her April 25 speech that just a few “consumers know what it is, how it works and what they are getting into.”
The executive director also suggested that as “this once alternative investment becomes more popular,” stakeholders will eventually be forced to sit down and “debate about risk, mitigation and the limits of regulation.”
Although the FCA has routinely issued warnings to individuals dealing with cryptocurrencies, according to Pritchard such a stance should not imply that the watchdog is against innovation.
🗣️While we have been relentless about warning that consumers need to be prepared to lose all their money if buying crypto-assets – and actually issued a warning a week before FTX collapsed about its unauthorised operation in the UK – we have always been open to innovation - the executive director said.
‼️China Warns of Global Financial Instability From US Economic Policies
China has urged the U.S. and other developed nations to assess the spillover effects of their economic and financial policies. “The economic and financial policies of the U.S. pose the biggest challenge to global financial stability,” according to the Chinese Ministry of Foreign Affairs.
Wang Wenbin, a spokesperson for China’s Ministry of Foreign Affairs, expressed concerns over the state of the global economy at a press conference Thursday.
Commenting on the recent International Monetary Fund (IMF) Global Financial Stability report pointing out that the turmoil in the U.S. banking sector has increased the risk of global financial stability.
Wenbin stressed:
🗣️Many in the international community shared the view that the economic and financial policies of the U.S. pose the biggest challenge to global financial stability. The massive interest rate hikes by the U.S. Federal Reserve since last year have significantly increased global financing costs and exacerbated disorderly international capital flows.
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🇪🇺Europeans to See More Interest Rate Hikes, Central Bank Governors Indicate
Further rate hikes are warranted by persisting inflation in the eurozone, according to members of its monetary authority’s decision-making body.
Two central bank governors, with different opinions about how aggressive the European Central Bank should be, nevertheless agree that more increases of key interest rates are yet to come.
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🔝Trustwave Spiderlabs Researchers Warn of New Strain of Malware That Drains Crypto Funds
According to researchers at Trustwave Spiderlabs, a strain of malware known as Rilide is believed to be helping cybercriminals steal funds from cryptocurrency exchanges. Although the steps being taken to tackle this malware are likely to make life more difficult for cybercriminals, two researchers — Pawel Knapczyk and Wojciech Cieslak — said this alone may not be enough to “solve the issue entirely.”
Researchers at Trustwave Spiderlabs recently said they discovered a new strain of malware which clandestinely draws funds from crypto wallets. According to the researchers, the malware, known as Rilide, is thought to disguise itself as a legitimate Google Drive extension. Besides giving cybercriminals the ability to monitor the browsing history of their targeted victims, Rilide enables the injection of “malicious scripts to steal funds from cryptocurrency exchanges.”
In their blog post published on April 4, the two researchers Pawel Knapczyk and Wojciech Cieslak concede that Rilide is not the first malware to use malicious browser extensions. However, the researchers said they have seen how the malware tricks users before it drains funds from their respective crypto wallets.
🗣️ “Where this malware differs is it has the effective and rarely used ability to utilize forged dialogs to deceive users into revealing their two-factor authentication (2FA) and then withdraw cryptocurrencies in the background,” the researchers argued.
While steps such as the pending enforcement of the so-called manifest v3 are expected to make life a little more difficult for cybercriminals, Knapczyk and Cieslak assert that this alone may not be enough “to solve the issue entirely as most of the functionalities leveraged by Rilide will still be available.”
🔔Bitcoin Profits Deemed Taxable by Denmark’s Supreme Court
Profits made from the sale of bitcoin are taxable in 🇩🇰Denmark, the country’s Supreme Court has decided in two separate rulings announced on Thursday.
The Supreme Court assumes that bitcoin is generally only acquired with a view to being sold and, to a limited extent, to be used as a means of payment.
The rulings that profits made from the sale of the cryptocurrency are taxable are likely to set a precedence for the tax treatment of crypto investments in the Scandinavian country.
National authorities in the 🇪🇺European Union have been taking steps to clarify the taxation of crypto holdings and related profits.
💲Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency
Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade.
Nieuwenhuijs states:
🗣️Central banks in aggregate have an unusual faith in foreign exchange, as gold’s percentage of total reserves accounted for 16% in 2022, against a historical average of 59%. These central banks, however, are starting to lose confidence in the currencies issued by their peers.
According to his model, if central banks stockpile 51% of their reserves in gold, the price of gold would reach $10,000 per troy ounce.
Central banks have been stockpiling gold in recent times. In 2022, central banks purchased a record amount of gold, with reserves going up by 1,136 tons, while reserves held in the form of foreign currencies went down by $950 billion. In Q3 2022 alone, close to 400 tons of gold were purchased by central banks, according to reports from the World Gold Council.
🇹🇷Turkey was the country that purchased the most gold, acquiring 23 tons.
Other personalities have also alerted about the rise of gold and other scarce assets, such as bitcoin. Robert Kiyosaki, author of the best-selling book Rich Dad, Poor Dad, predicted in February that gold could reach $5,000 by 2025, also signaling the possibility of bitcoin reaching $500,000.
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The Pokémon Company Might Be Preparing to Make Moves in the Metaverse
The Pokemon Company, a corporation in charge of the development of the Pokemon brand, might be preparing to make some moves regarding the franchise and the metaverse. The company has opened a job opportunity that includes experience and knowledge of fields like blockchain, Web3, and the metaverse as a requirement, including connections with investors in these areas.
The Pokemon franchise might be taking its brand to the metaverse. Fans of the franchise believe that the opening of a new job position involving metaverse and Web3 knowledge could hint at the company moving in this direction. The company is not directly responsible for developing Pokemon games, and is more involved in the development of the brand and the distribution of its products.
The company is currently seeking a “Corporate Development Principal,” that will be responsible for the construction of strategies and partnerships to grow the Pokemon Company, bringing new ideas and developments for the brand. However, the role also includes two requirements that hint at an approach of the company to the metaverse.
These requirements include having “deep knowledge and understanding of Web3, including blockchain technologies and NFT, and/or metaverse,” and being “deeply connected to a network of investors and entrepreneurs” in these industries.
This job opening has fans fearing that Nintendo might be planning to release a series of NFTs or to prepare a metaverse based on the franchise. Twitter user Rogue reacted negatively, rejecting the possible development, posting:
I think a lot of people boutta drop interest in pokemon. This, to me, as a 10-year player, scares me.
Although other companies like Niantic have already developed virtual reality-enhanced Pokemon games like Pokemon Go, Nintendo has been apprehensive when it comes to dealing with NFTs and the metaverse. In February 2022, Nintendo president Shuntaro Furukawa stated that while the metaverse had great potential, the company would have to be able to offer new and fresh experiences to experiment with it. Furukawa explained:
We might consider something if we can find a way to convey a ‘Nintendo approach’ to the metaverse that many people can readily understand.
This differentiates Nintendo from other game developers that have already included NFTs, Web3, and metaverse experiences as part of their business plans, like Square Enix, Bandai Namco, and even Sega.
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🇦🇷Argentine Foreign Minister Says a Latin American Common Currency Would Relieve Argentina’s Stress on the Dollar Issue
Argentine Foreign Minister Santiago Cafiero referred to the advantages the issuance of a Latin American common currency would give Argentina. Cafiero stated that the existence of such a currency would relieve the stress that the country is currently facing regarding the state of its foreign reserves and the devaluation of its fiat currency.
Cafiero showed his support for the creation of such a currency, stating:
🗣️It would be very good to have a common currency because it would avoid all the stress that Argentina has with the issue of dollars.
🟢Argentina has been battling a reduction of its foreign reserves in dollars, which have to be used to pay for imports due to the current structure of international trade.
🟢The initial reports pointed at this project being similar to the euro, a substitute for the fiat currencies of several countries of the region, with Argentina and Brazil being the first proponents of the idea.
👑Analysts Consider US National Security Policy a Pretext to Establish Trade Sanctions Against Other Countries
International analysts have called out the supposed use of the national security policy of the U.S. as a tool to justify the establishment of blockades and economic sanctions against countries like China and Russia.
While U.S. Treasury Secretary Janet Yellen has recognized that a decoupling of the economies of the U.S. and China would be “disastrous,” the U.S. government is said to be putting its security policies over this concern.
Several analysts have referred to the usage of the U.S. national security policy as a pretext to establish economic sanctions and take unjustified measures against other countries.
While on April 20, U.S. Treasury Secretary Janet Yellen stated that the U.S. was seeking a “constructive and fair economic relationship with China,” but that it would use its tools to protect its national security with no interest in gaining an economic advantage as a consequence, these policies are indeed hurting the global economy and disrupting supply chains, per the analysts statements.
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🔥African Blockchain Business Funding Rose 4️⃣2️⃣9️⃣🔤 in 2022 — Report
In 2022, African blockchain businesses raised a total of $474 million, a 429% increase from what was raised in the year earlier, the latest CVVC African blockchain funding report has revealed.
According to the latest CVVC Africa Blockchain funding report, blockchain businesses from the continent raised $474 million in 2022, a year-on-year funding increase of 429%.
➡️Regarding individual countries with the biggest share of the total funding, the report showed that South Africa (37.3%) and Seychelles (43.9%) alone received more than 80% of the total. Nigeria, which accounted for the second-highest share in 2021, had nine deals with a total value of nearly $16 million, just 3.4% of the total funding.
Besides Nigeria and Egypt — the only countries from the continent to have recorded a decrease in the value of funds raised — the report data indicates that the rest of the tracked countries recorded significant funding increases.
CBDC Debate Heats Up: BIG Project Sparks Controversy Among Critics; Lynette Zang Warns of Dangers of CBDCs
During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will
🗣️“take the world into a full surveillance economy that can be controlled directly by the central bank.”
During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will “take the world into a full surveillance economy that can be controlled directly by the central bank.”
✔️Strategist Expects US Recession by Year-End, Fed Tightening to Drag Down Economy
Investment bank MPS Capital Services has warned that the U.S. economy will be in a recession by year-end.
MPS Capital Services is an Italian corporate and investment bank, part of the banking group that includes Banca Monte dei Paschi di Siena SpA. The strategist was quoted as saying:
🗣️We expect the recession in the U.S. by year-end … The tightening of the monetary policy will drag down on the economy.
Mannucci predicts that the Federal Reserve will raise interest rates by an additional 25 basis points, while the European Central Bank (ECB) is expected to increase rates by at least two quarter-points.
The MPS strategist further warned that the failure of several regional U.S. banks, along with the issues faced by Credit Suisse, could result in tighter credit conditions and hurt the economy.
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‼️ECB Member Fabio Panetta Claims Rising Profit Margins Could Be Fueling Inflation
Fabio Panetta, a member of the executive board of the European Central Bank (ECB), has stated that companies increasing their profit margins could be helping to fuel inflation.
The current headwinds the world economy is facing could lead companies to raise their profit margins if they are expecting a rise in their costs, which can come from different sources, according to Panetta. He stated:
🗣️“We are probably paying insufficient attention to the other component of income — that is, profits. The situation which prevails in the economy, there could be ideal conditions for firms to increase their prices and profits.”
However, Panetta explained that his statements did not imply that the European bloc would act to control these prices.
Preliminary numbers issued by the European Union indicate that March finished with a 6.9% inflation rate, cooling down from the 8.5% reached in February.
📌This means that the ECB will likely keep raising interest rates in the foreseeable future, as it embraces its data-dependent approach.
On March 16, the ECB raised interest rates by 0.5%, with President Christine Lagarde stating that inflation was “projected to remain too high for too long,” with levels being still very far from the 2% goal proposed by the institution.
🟢Crypto Exchange By bit Partners With Innovation Growth Hub to Launch Blockchain Education Program
By bit has said it is inviting African youths that wish to attend a blockchain education training program to submit their applications.
The training program is expected to help young people learn and understand the fundamentals of blockchain, as well as how this creates new opportunities.
According to a local report, experts in the blockchain field are expected to lead or oversee the interactive discussions and online lectures. An unnamed spokesperson for Bybit is quoted in the report highlighting the importance of the training program.
🗣️“Our goal is to give young people the knowledge and skills they need to understand and engage with blockchain technology. Hence, we will work together with Innovation Growth Hub to create a unique learning experience for participants,” the spokesperson said.
💲💲💲Nigerian Digital Currency Transactions up 63% Says Central Bank Boss💲💲
📈According to the 🇳🇪Nigerian central bank governor, central bank digital currency or e-naira transactions have gone up 63% to $47.7 million, while the number of downloaded wallets since Oct. 2022 is around 13 million.
The value of Nigeria’s central bank digital currency (CBDC) transactions surged by 📈 63% to $47.7 million (₦22 billion) while about 13 million e-naira wallets have been downloaded since Oct. 2022, the Nigerian central bank governor has said.
After the Nigerian Supreme Court ruled against the demonetization process, the CBN relented and now has said the previously demonetized banknotes will remain legal tender until the end of the year.
Emefiele claimed that more than 4 million e-naira wallets had been opened as a result.
🗣“The e-naira has emerged as the electronic payment channel of choice for financial inclusion and executing social interventions,” Emefiele added.
➡️Although the CBN is thought to have minted more than ₦10 billion of the digital currency, according to the governor only ₦3.4 billion of the CBDC is in circulation.
📌Argentine Tax Authority AFIP Detects Irregularities in 184 Digital Wallet Tax Statements
💎The Argentine tax authority (AFIP) is increasing its scrutiny when it comes to digital wallets. The institution recently revealed it found irregularities in at least 184 tax statements that include digital wallets and cryptocurrencies. These taxpayers did not include their wallet holdings as part of their 2021 tax statements, leaving close to $7.6 million in such assets undeclared.
✖️The Argentine tax authority has ramped up its vigilance for digital and cryptocurrency taxes. Recently, the institution announced that it had discovered a series of irregularities that involved at least 184 taxpayers, who failed to refer to their digital and cryptocurrency holdings in their tax statements.
➡️The scrutinized tax statements, corresponding to fiscal year 2021, involve a difference of close to $7.6 million in assets undeclared, which will have to be paid according to rules for existing estate taxes.
➡️The AFIP explained this was the result of cross-referencing the data provided by taxpayers with the information available in the databases of the institution, which let it know some individuals underreported their holdings in crypto and digital wallets, while others did not report their holdings in their entirety.
🟢The findings of the Argentine tax authority are possible due to the information that both digital wallet providers and cryptocurrency exchanges must deliver to the institution in order to comply with national laws. Part of this information delivered includes the ID data of the owners of the accounts, their account balances, and a detailed list of movements, including the destination of the transacted funds.
🟢While some users have moved their transactions to P2P exchanges, the common movement of funds, and the amounts moved can also bring the attention of the AFIP to them, according to national analysts. Roberto Sanchez, of PWC Argentina, told Iproup about the rise in this kind of transaction. He stated:
🇷🇺Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners
The organization representing Russia’s crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who fail to report their income to the state and share information about their digital assets.
🟢The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has asked Finance Minister Anton Siluanov to explain a proposal made by his department to introduce penalties for cryptocurrency miners violating the law.
🟢In a letter addressed to Siluanov, the industry organization requests an opportunity to get acquainted with the respective draft amendments to the Criminal Code put forward by the Ministry of Finance, which provide for the prosecution of miners for tax evasion, for example.
Racib is referring to a package of texts sent by Deputy Finance Minister Alexey Moiseev to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank of Russia, and other government institutions in February.
The provisions oblige mining companies in Russia to report their income and provide tax authorities with detailed information about their digital asset holdings, including wallet addresses, in order to avoid criminal liability. Penalties for failure to do so include hefty fines and even prison time. Quoted by RBC Crypto, Racib’s letter states:
This document has caused a lot of confusion and questions in the digital economy business community.
The association is asking Anton Siluanov to share the proposals with it so that its experts can study them. Furthermore, Racib insists that the minister includes its representatives in the working group drafting the legislation that will regulate cryptocurrencies in Russia. A bill devoted to crypto mining is to be resubmitted to the State Duma along with the amendments to the Criminal Code.
Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin
Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed.
The turnover of crypto assets in Russia is growing, according to Yury Chikhanchin, director of the Federal Financial Monitoring Service of the Russian Federation, who reported to President Vladimir Putin about the agency’s current operations.
The watchdog is monitoring the activities of over 25,000 participants in crypto transactions, the executive revealed at a meeting with the head of state. The service has also identified around a dozen financial organizations that provide assistance to them.
Quoted by the business news portal RBC, Putin remarked that wherever money or new financial instruments appear, “swindlers” appear as well. Chikhanchin admitted that the use of cryptocurrency is increasing in Russia in the absence of comprehensive regulation.
“We believe that the cryptocurrency turnover today is more than 630,000 bitcoins,” he detailed without elaborating. At current rates, that amount of BTC nears $13 billion in fiat equivalent. According to an estimate quoted by the Bank of Russia in 2021, the annual volume of crypto transactions made by Russians at the time was around $5 billion.
Rosfinmonitoring has carried out about 120 crypto-related investigations and initiated over 60 criminal cases. Chikhanchin pointed out that this was possible thanks to the launch of Russia’s new ‘Transparent Blockchain’ platform.
“A year ago, the service could only track bitcoin, but using this system allows you to see the movements of more than 20 different crypto assets,” the official explained. The crypto analytics tool is currently undergoing tests at the Ministry of Internal Affairs, the Federal Security Service, and the Investigative Committee.
