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We post useful materials on a free basis in the world of cryptocurrencies. 👉 Admin: @jonnesnow
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⚡️ Yellow Card’s Partnership With Moonpay Set to Enhance Nigerian Users’ Crypto Trading Experience
🟡 Yellow Card, the Africa-focused crypto exchange, recently said it had joined forces with Moonpay in an arrangement which is expected to help “enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” According to Uzoma James, Yellow Card’s West Africa regional manager, the partnership is expected to “make crypto trading easy, intuitive, and available to all.”
➡️ The Africa-focused crypto exchange Yellow Card recently said it had established a working arrangement with Moonpay whose objective is to “streamline and enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” Yellow Card and Moonpay believe the partnership will help transform Nigeria’s cryptocurrency accessibility landscape which in turn would make it more user-friendly.
⏳ In its Sept. 12 press release, Yellow Card said the arrangement will allow Nigerian users “to engage in peer-to-peer crypto transactions with unprecedented ease.” The exchange added that by leveraging local bank transfers, users are able to overcome obstacles which complicate the purchase of cryptocurrencies via banks.
🟡 For his part, Ivan Soto-Wright, the co-founder and CEO of Moonpay, claimed that by supporting local bank transfers his firm and Yellow would help to unlock “immense opportunities for crypto users.”
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💸 US Court Orders Collapsed BTC Investment Firm to Pay Over $1.7 Billion in Restitution for Forex Fraud
🌟 A United States Federal Court Judge has ordered the collapsed bitcoin investment platform Mirror Trading International to pay over $1.7 billion in restitution. Commodity Futures Trading Commission director of enforcement Ian McGinley said the CFTC will not hesitate to go after fraudsters who target U.S. citizens. The Commission again warned that court rulings are not a guarantee that victims will recover all their funds.
💲 United States Federal Court Judge David A. Ezra recently ordered the now-defunct South African bitcoin investment platform Mirror Trading International (MTI) to pay over $1.7 billion in restitution. The order, which stems from the Commodity Futures Trading Commission’s (CFTC) June 2022 complaint, was issued after the judge determined that MTI had committed forex fraud.
➡️ According to the Commission’s Sept. 7 press statement, MTI, which is presently in liquidation, was also found liable for “registration violations and failure to comply with CPO [commodity pool operator] regulations.” Meanwhile, the statement further revealed that Judge Ezra’s order had resolved the CFTC’s case against MTI.
How to set up a self-custody crypto wallet ❓
❗️Step 1: Know the different types of self-custody wallets
Before you choose a self-custody wallet, you should know the different types. The biggest distinction is software versus hardware wallets.
❗️Step 2: Choose a wallet
There’s no right or wrong choice between a software or hardware wallet - it all depends on your own preference and risk tolerance. Personally, we use SAVL but there are a lot of different trusted wallets, DYOR.
❗️Step 3: Generate a recovery phrase (or import an existing one)
If you’re creating a new wallet, you’ll first create and safely store your “recovery phrase” (or “seed phrase”). This phrase consists of a sequence of words (usually 12 or 24) in a specific order.
❗️Step 4: Create new crypto addresses (or import existing ones)
Crypto addresses (and their private keys) are automatically created when you set up a crypto wallet. You can use your wallet to generate additional crypto addresses, but you can’t generate a crypto address without a wallet.
❗️Step 5: Transfer crypto to your self-custody wallet, or purchase directly
The last step is to add crypto to your wallet, either by transferring crypto from a CEX, or by purchasing crypto directly with fiat currency (if your wallet supports it).
📊 Bloomberg Analysts Boost Spot Bitcoin ETF Approval Odds After Grayscale’s Court Victory
⬆️ In early August 2023, Bloomberg ETF specialists Eric Balchunas and James Seyffart estimated a 65% probability for the approval of a spot bitcoin ETF. However, as August draws to its conclusion, and in light of a U.S. court siding with Grayscale over a legal tussle against the U.S. Securities and Exchange Commission (SEC), the pair have revised their prediction, now pegging the likelihood at 75%.
⏺ Barring any delays, the U.S. Securities and Exchange Commission (SEC) is poised to either greenlight or turn down seven distinct proposals for a spot bitcoin ETF.
💬 “James Seyffart [and] I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of ’24),” Balchunas posted to the social media platform X (formally Twitter). “While we factored Grayscale win into our prev 65% odds, the unanimity [and] decisiveness of ruling was beyond expectations and leaves SEC w ‘very little wiggle room’ via [Elliott Z. Stein].”
➡️ The ETF experts’ opinions follow a D.C. court’s decision siding with Grayscale, the largest crypto asset manager, in its legal battle against the SEC’s refusal to transition GBTC to a spot bitcoin ETF.
Taking Control Of Your Crypto In 2023 ─ The Advantages Of Self-Custody Wallets
A self-custody wallet is a type of storage wallet that allows you to store your cryptocurrencies securely and privately. By using it, you are able to keep your funds away from the prying eyes of other individuals or institutions. This means that you can avoid the risks associated with exchanges – such as hacks or theft – and still enjoy the benefits of accessing your funds conveniently.
Advantages Of Self-Custody Wallets
If you’re like most people, you probably have a few different wallets for your various digital assets. But what if you could combine all of them into one place? That’s the idea behind self-custody wallets – and they’re becoming increasingly popular among cryptocurrency enthusiasts.
❗️ They allow users to have increased control of their digital assets.
❗️ They offer a high level of security for your crypto holdings.
❗️ Opportunity to earn interest on their crypto holdings.
If you’re considering a self-custody wallet, it’s essential to educate yourself on the benefits and risks and make an informed decision that aligns with your investment goals.
✅ Use only verified self-custody wallets, for example, our team uses SAVL.
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Self-Custody in Web3
👉 The Web3 infrastructure will almost certainly give birth to more technologies that will improve self-custody in the coming years. Self-custody solutions will vastly improve users’ privacy and give them even more control and ownership over their data.
👉 With the growing importance of digital identity in the modern world, it is essential to take measures to minimize the risk of data breaches or hacks. Projects like SAVL, Sovrin, Verida, and ShareRing are paving the way for users to gain control over their digital identities. These projects are working to ensure that users retain control over their data as the self-custody era of Web3 takes hold.
👉 However, for this vision to become a reality, other key players in the industry must join forces and work together to overcome any challenges that may arise in achieving full control. Only then can the ownership and accessibility of digital assets be truly decentralized for all in the Web3 community.
☀️ BRICS Bank Issues First ZAR Bonds as It Looks to Use Local Currencies
🏦 The New Development Bank (NDB), established by the BRICS bloc of emerging economies, has issued its first bonds denominated in South African rand (ZAR). The auction, which was closed on Tuesday, is part of the bank’s efforts to increase both fundraising and lending in local currencies.
✔️ The auction comes as the bank finds itself under pressure to boost its local currency fundraising and lending, Reuters noted in a report. According to Russia’s Tass news agency, this is NDB’s first issue of bonds in local currency outside China, where it’s based.
📔 The NDB’s Vice-President and Chief Financial Officer, Leslie Maasdorp, pointed out that the bank “is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans.”
💬 The executive also emphasized that “proceeds will be used to fund infrastructure and sustainable development projects in South Africa and the successful outcome sets the benchmark for future issuances by NDB.”
➡️ Goldman Sachs Expects Fed to Start Cutting Interest Rates in Q2 Next Year
⚡️ Global investment bank Goldman Sachs has predicted that the Federal Reserve will start cutting interest rates in Q2 next year. Goldman economists, including Jan Hatzius and David Mericle, detailed in a note Sunday:
💬 The cuts in our forecast are driven by this desire to normalize the funds rate from a restrictive level once inflation is closer to target, not by a recession.
💬 “Normalization is not a particularly urgent motivation for cutting, and for that reason, we also see a significant risk that the FOMC will instead hold steady,” the economists described. They noted:
💬 We are penciling in 25 basis points of cuts per quarter but are uncertain about the pace … We expect the funds rate to eventually stabilize at 3%-3.25%.
❌ Goldman Sachs is not the only one forecasting a rate cut in the second quarter of 2024. Bank of America, for example, said in June that it expects the Fed to begin cutting interest rates in May next year.
🪖 SEC Chair Warns AI Poised to Drive Future Financial Crises
⚠️ U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that artificial intelligence (AI) technology will be at the center of future financial crises. The securities regulator has put out a specific proposal to address some of the issues that could be embedded in AI models.
➡️ The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, outlined some of his biggest concerns regarding artificial intelligence (AI) in an interview with Dealbook’s Ephrat Livni on Monday. The rise of generative AI tools like Chatgpt indicates that the technology is poised to transform business and society.
❔ Gensler expressed concern that certain AI models may prioritize the interests of companies over those of investors, leading to potential conflicts of interest.
👺The SEC chairman is also concerned about generative AI giving faulty financial advice.
⚫️ Gensler believes that it is reasonable to request that companies establish secure mechanisms ensuring that chatbot users do not delegate responsibility to the AI technology.
⚫️ Nonetheless, Gensler said that “AI is going to continue significantly transforming science, technology, and commerce.” He believes that the securities regulator “could benefit from staff making greater use of AI in their market surveillance, disclosure review, exams, enforcement, and economic analysis.”
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🇨🇦 Canadian Regulator Proposes Changes to Its ‘Capital and Liquidity Approach to Crypto-Assets’
🟢 The regulator of financial institutions in Canada said on July 26 that it had started the process of gathering the public’s view on proposals to change its “capital and liquidity approach to crypto-assets.” The draft guidelines are a response to the Basel Committee on Banking Supervision’s new banking standards for crypto-asset exposures.
📣 As per the statement, the Canadian regulator kickstarted the process to gather the public’s view by unveiling two draft guidelines.
➡️ The draft guidelines, which are now open for public consultation until September 20, 2023, are in response to new banking standards for crypto-asset exposures which were unveiled in Dec. 2022 by the Basel Committee on Banking Supervision.
2️⃣ According to the statement, the new guidelines propose two approaches, a simplified and a more comprehensive one.
⏳ However, according to OSFI, the Aug. 2022 interim advisory will remain in effect between now and when new guidelines become effective.
💬 ‘The State Destroys Wealth’ — Javier Milei on Argentina’s Inflation Crisis
🔴 Argentina faces hyperinflation, with the annual inflation rate at its highest since the early ’90s. The country’s general election is set for next month, and economist Javier Milei is projected to win by a wide margin. In a recent interview with Tucker Carlson, Milei attributed Argentina’s hyperinflation to the failures of socialism.
📣 On September 14, 2023, Carlson posted an interview on the social media platform X with Argentine economist, businessman, and politician Javier Milei. The La Libertad Avanza political coalition leader discussed inflation and other topics, including abortion and climate change, with the former Fox News anchor. Milei pointed to socialism and the state for the country’s economic woes.
⚫️ Milei said that while socialism initially seemed appealing in Argentina, it’s a flawed economic system. He described a socialist system as: “If there’s a need, there’s a right.”
✅ The conflict is easy to resolve, through economic freedom and private property. This is a natural mechanism to resolve this tension in society. But socialists don’t much like the invisible hand; they prefer the claws of the state.
Argentina’s general election is set for October 22, 2023, and a major political shift is anticipated.
💬 In his conversation with Carlson, Milei stressed, “The state does not create wealth, the state destroys it.” The politician ardently champions the virtues of free markets, asserting that the non-aggression principle is the optimal path for the well-being of Argentine citizens.
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🌟 Decentralized Exchange Sushi Ventures Beyond Ethereum by Expanding to Aptos
⚡️The decentralized crypto exchange Sushi is expanding to the Aptos blockchain. The team noted that the move marks Sushi’s first expansion onto a non-EVM blockchain.
📝 Sushi is a decentralized exchange (dex) and automated market maker (AMM) built on the Ethereum blockchain. It allows users to trade crypto assets and provide liquidity in return for rewards. Launched on August 28, 2020, The dex also has a native governance token called SUSHI.
💬 According to the announcement, “This expansion to Aptos not only unlocks a new level of deep liquidity across major blockchain networks but also significantly elevates the cross-chain trading experience.” Sushi’s team insists the decision will strengthen its leading cross-chain position by spreading to Aptos.
➡️ Sushi was once a top dex but volume has dropped considerably over the past few years. Defillama statistics show that the dex platform has $347.23 million total value locked across various protocols. Sushi’s TVL has also lost a great deal of value since November 2021, after holding more than $8 billion.
👮♂️ Martin Shkreli Details Sam Bankman-Fried’s Life in Prison
⚡️ Martin Shkreli, the former CEO of several hedge funds and pharmaceutical companies, offered updates about the life of Sam Bankman-Fried in prison. Jeremy Lorenzo (aka Flacco Poops), Shkreli’s source on MDC Brooklyn, the center in which Bankman-Fried is being held, stated that he has been facing some troubles due to inmates believing he was a “chomo” (prison slang for child molester) and that he was now moved to another area with Asian inmates.
⚫️ Shkreli, also known for telling former Terra CEO Do Kwon that jail was “not that bad,” hosted an X space with Jeremy Lorenzo (Flacco Poops), his alleged source on MDC, who stated that Sam Bankman-Fried initially faced complications with other inmates.
☠️ Shkreli and Lorenzo said that Sam was set to face even more problems after he got convicted. They analyzed two possible scenarios: the first one being Bankman-Fried being convicted to serve a lengthy sentence in a federal penitentiary. In this case, they believe Bankman-Fried would die in a few days without paid protection.
⚫️ Shkreli pointed out that another problem that aggravated Bankman-Fried’s situation is his Jewish origin, as there is a large amount of antisemitism in federal prisons.
💎 Robert Kennedy Jr: China Doesn’t Want War With US — They Want to ‘Bury’ Us Economically
⚡️ U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has explained that China does not want a war with the U.S. However, he warned that China wants to “bury” the U.S. economically. “I’m not afraid of the United States competing with China head to head and countries around the world. I think that’s good for us. I think we win that competition,” the presidential hopeful stated.
✔️ Among the topics RFK Jr. delved into were China’s global influence and the expansion of the BRICS alliance, which currently consists of Brazil, Russia, India, China, and South Africa. The group recently held its annual summit and invited six countries to join as new members.
➡️ “Nobody wanted to start BRICS. Nobody wanted an alternative to the U.S. dollar. This happened because of our weaponization of the U.S. dollar and the weaponization of our foreign policy, unilateral weaponization, and the weaponization of our control of the world currency,” Kennedy opined. “We were pounding people’s, you know, their personal assets if the government misbehaves.”
🟢 However, the presidential candidate clarified: “They want to compete with us. They want to bury us but they want to do it on an economic playing field. And they need us. You know, they cannot survive without us.”
👉 Regarding the U.S. competing with China economically, Kennedy said: “I’m not afraid of the United States competing with China head to head and countries around the world. I think that’s good for us. I think we win that competition.”
➡️ Earlier this month, Kennedy warned about the severe consequences of a nuclear war between the U.S. and Russia.
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🔶 Binance Removes Sanctioned Russian Banks From P2P Platform
❌ Crypto exchange Binance has dropped Russian banks under sanctions from the payment options on its peer-to-peer (P2P) platform. Russian traders can no longer use cards issued by these banks to make payments while transactions in foreign fiat currencies are also restricted for them.
💳 A few days ago, Russian crypto media revealed that Binance has renamed bank cards issued by Russia’s largest bank, Sberbank, and the neobank Tinkoff to “green local card” and “yellow local card” after the publishing of an earlier WSJ article alleging that the exchange is helping Russians move money abroad in circumvention of sanctions.
❌ The Russian-language crypto news portal Forklog noted that Russian residents are not allowed to use any fiat currencies other than the ruble. When they try to buy or sell foreign fiat, they are prompted to “Choose your local currency for P2P trading.”
⏺ “This is required in accordance with the Binance rules for the country you specified during verification,” the message further reads. Access to P2P transactions in U.S. dollars and euros on were restricted for Russians in compliance with the 10th package of EU sanctions on their country.
❌ Ministry of Economic Development of Russia Pessimistic About Quickly Advancing BRICS Common Currency Proposal
➡️ The Ministry of Economic Development of Russia does not expect the rapid development of a common currency for the BRICS bloc. Deputy Economic Development Minister Vladimir Ilyichev stated that “quick breakthroughs” on this issue are unlikely to happen during the ongoing BRICS summit, citing the process the European Union underwent to create the euro.
Vladimir Ilyichev stated:
💬 The BRICS group’s economy accounts for about 25% of global GDP. In our view, it needs an independent payment tool. Discussions of a BRICS currency are relevant. However, the creation of new currencies and payment tools is never a quick process.
⏳ Ilyichev explained that these processes take time, noting that the European Union debated the idea of the euro for years before its issuance.
❌ Ilyichev said that, in the current geopolitical situation, payment systems were affected by political circumstances, with Western countries exerting their influence on them according to their objectives and goals. This is another issue worrying BRICS countries and other nations, including Arab and Southeast Asian countries, Ilyichev stressed.
🇦🇷 Javier Milei’s Victory Divides Argentina; Bitso Launches Cross-Border Institutional Payment Service
✅ The victory of Javier Milei in the Argentine preliminary elections, qualified as a far-right outsider by mainstream media, has sparked a series of consequences in the country’s economy that has caused citizens to take refuge in cryptocurrency and stablecoins.
🪙 U.S. dollar-pegged stablecoins, especially USDT, were in high demand last week, with trading volumes rising by 300% and even up to 500% in some instances, according to local reports.
💲 This dollarization plan has supporters and detractors, with the latter indicating that embracing the dollar would leave Argentina without the means to control its monetary policy and the former stating that dollarization is one of the resources that can stop devaluation and inflation.
🔗 This devaluation escalation is affecting the inflation predictions of private firms, which are now anticipating inflation numbers of up to 200% for 2023. This might limit or condition the economic policies of the next government that must also deal with the debt owed to the International Monetary Fund (IMF).
➡️ Bitso, a Mexico-based, Latam-focused cryptocurrency exchange, has announced the launch of a new product to ease the process of making and receiving cross-border settlements from and to Latam. Santiago Alvarado, Bitso’s Senior VP of Institutional Products, stated:
💬 With this launch, we seek to boost the economies of our region, by facilitating operations between countries and opening trade corridors that increase the development and prosperity of Latin America.
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🇷🇺 Russia to Test Digital Ruble in 11 Cities, Moscow Subway
💰 Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August.
➡️ Around 600 people and 30 companies will participate in the initial stage of the pilot, First Deputy Chair of the Central Bank of Russia, Olga Skorobogatova.
⏯ After verifying all operations conducted by the first group, the number of participants will be increased, she added. The tests will be carried out in 11 Russian cities, including Moscow where digital ruble transactions will be launched in the public transportation system.
⚫️ The capital city’s subway has been a testing site for innovations, noted Maxim Liksutov, deputy mayor for transport.
🏦 Earlier this week, Skorobogatova revealed that 13 Russian banks will join the digital ruble pilot.
⚫️ Khotimsky emphasized that Russian banking institutions would like the bank account to remain Russians’ main account. Officials have previously made it clear that the digital ruble, as the third form of Russian fiat, is meant to complement, not replace, paper cash or electronic bank money.
❌ JPMorgan Economists Discard Prior Recession Prediction, Foresee US Economic Resilience
🆕 JPMorgan’s economists have jettisoned previous predictions of an impending U.S. recession. Their chief U.S. economist, Michael Feroli, is confident that the American economy will maintain a modest but steady growth trajectory throughout the remainder of the current year and well into 2024.
💬 “While a recession is no longer our modal scenario, risk of a downturn is still very elevated,” Feroli wrote on Friday. “One way this risk could materialize is if the Fed is not done hiking rates. Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.”
🕯 Feroli, alongside his cohort of economists at JPMorgan, now foresees an economic resurgence in 2023, followed by a period of “modest, sub-par growth” in the subsequent year. This projection defies the widespread dissenting opinion that a recession, or even a depression, within the U.S., is inevitable.
⚫️Moreover, JPMorgan’s perspective comes on the heels of Fitch Ratings’ decision to lower the credit rating of the United States.
🇰🇪 Kenyan Government Says It Has ‘Suspended’ Worldcoin Activities
📣 The Kenyan interior ministry said on Aug.2 that Worldcoin’s activities in the country have been “suspended” in order to give government agencies an opportunity to assess the cryptocurrency project’s potential risks to public safety. The country’s interior minister Kithure Kindiki reportedly warned of unspecified consequences for those violating the country’s laws.
❌ Just days after Kenya’s data regulator warned residents against scanning their eyeballs via Worldcoin’s orbs, the country’s interior ministry announced on Aug. 2 that it had “suspended” activities of the Sam Altman-backed crypto project.
⚫️Meanwhile, in a statement which seemingly dovetails with the ODPC’s warning, Kithure Kindiki, Kenya’s interior minister, said:
💬 Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities.
❕ Kindiki also warned of unspecified consequences for anyone who engages in activities which violate the country’s laws.
➡️ Kenya’s suspension of Worldcoin activities in the East African nation is one of the most direct actions taken by a government or regulator so far.
🆕 Eritrean President Isaias Afwerki: ‘We Need a New Financial Architecture Not Controlled by the Dollar or the Euro
➡️ Isaias Afwerki, president of Eritrea, reinforced the need for building a new economic system away from the traditional centers of power. At the second Russia-Africa Summit, Afwerki told Russian President Vladimir Putin that the current world order, on top of dollar hegemony, was printing money and weaponizing its position using sanctions, trying to contain the emergence of China and Russia.
⚠️ In a meeting held on July 28 with Russian President Vladimir Putin as part of the second Russia-Africa Summit held Saint Petersburg, Afwerki explained that Western nations are weaponizing traditional financial systems without manufacturing anything for the world economies.
Western nations, Afwerki says, will use “defamation, demonization, psychological warfare, sanctions” to achieve this objective.
⚫️The U.S. enacted economic sanctions against Eritrea in November 2021, when the country was banned from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system, crippling its means to complete international transactions in dollars.
On the situation of sanctions against Eritrea, Afwerki declared:
💬 We have to be punished because we are not bowing to their conditionalities. We are a very small threat; we are not even a threat to them. But they have to contain us: sanctions, sanctions, sanctions, conflict here, conflict there.
🇦🇷 Latam Insights — Argentina Reaches IMF Agreement, Bitfarms to Open New Mining Operations in Paraguay
🆕 Argentina has reached a new agreement with the International Monetary Fund (IMF) to accelerate the delivery of resources during this year.
🏦 Also, Massa declared this agreement reinforces the ability of the Central Bank of Argentina to intervene and balance its internal exchange system. The bank had been reducing foreign currency sales to importers as its reserves touched historic lows.
🪙 Bitfarms, a Nasdaq-listed Bitcoin mining company, announced that it had secured two power purchasing agreements in Paraguay to build two new Bitcoin mining operations in the country.
⚫️ Villarrica’s site construction is slated to start in Q3 2023, while a construction timeline for Iguazu hasn’t been determined yet.
🇷🇺 Russian Ambassador to Caracas Sergey Melik-Bagdasarov informed that Venezuela was already processing payments from Russian MIR cards. The pioneer spot for this adoption move is located on the eastern island of Margarita, a tourist location.