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Messages - coinnews

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1
Zambia Tests Crypto
Before introducing cryptocurrencies, Zambia emphasizes the need to establish digital identities and other necessary digital infrastructures.
Zambia's Minister of Innovation, Science, and Technology, Felix Mutati, has stated that the country needs to establish digital identities and other necessary digital infrastructures before introducing cryptocurrency. Currently, cryptocurrency regulation tests are underway in Zambia to shape crypto laws, with plans to finish by June, according to a Reuters interview with Mutati on April 12.

The purpose of these tests is to simulate the real-world use of cryptocurrencies and help the government understand the potential impact and risks associated with crypto, in order to formulate appropriate regulations. Mutati emphasized the need to strike a balance between innovation and safety, given the volatile nature of cryptocurrencies.

Mutati also highlighted the importance of implementing digital identities and other digital infrastructures before introducing cryptocurrencies. He believes that through digital payment platforms, people will have greater access to digital financial services, and cryptocurrencies could be a driver for financial inclusion and contribute to Zambia's economy.

Zambia, which was the first African country to default during the COVID-19 pandemic in 2020, has been undergoing a debt restructuring process. However, Mutati stated that despite the challenges, there is an increased appetite to invest in Zambia.

Cryptocurrency adoption has been gaining momentum in many African countries. For instance, the Central African Republic made Bitcoin a legal tender in April 2022, along with establishing a regulatory framework for cryptocurrency use. In addition, despite banning crypto activity in 2021, the Nigerian government has plans to pass a new law recognizing cryptocurrencies and other digital funds as capital for investment.

In conclusion, Zambia is conducting cryptocurrency regulation tests and prioritizing the establishment of digital identities and digital infrastructures before introducing cryptocurrencies. The country aims to strike a balance between innovation and safety and sees potential in cryptocurrencies for financial inclusion and economic growth. Other African countries have also been making moves toward crypto adoption in recent times.

2
Crypto-friendly Representative Tom Emmer has criticized the United States Securities and Exchange Commission (SEC) Chair, Gary Gensler, over his cryptocurrency regulation approach.
Emmer went on the Unchained podcast, hosted by author and cryptocurrency journalist Laura Shin, on April 7 to question Gensler's supervision of the cryptocurrency sector. Emmer labeled Gensler a "bad faith regulator" and called into question his supposed 'open door policy,' suggesting that it was an "enter-at-your-own-risk-door."

In Emmer's view, Gensler has been indiscriminately using enforcement actions against the cryptocurrency community while ignoring the "truly bad actors." Emmer provided the example of Coinbase, which had been actively attempting to work with the SEC by seeking compliance feedback on staking products and other issues before the SEC issued a Wells Notice in March.

Emmer claimed that despite having several meetings over many months, the SEC refused to provide feedback to Coinbase. Instead, the SEC slapped the company with a Wells Notice on the very issues for which Coinbase was seeking feedback. Gensler has repeatedly claimed that the SEC has an amicable 'open door policy' since taking over as SEC Chair in April 2021. He has urged cryptocurrency companies to register with the SEC to comply with securities law, stating that all cryptocurrencies, with the exception of Bitcoin (BTC), are classified as securities and therefore fall under the SEC's primary regulation.

Many in the cryptocurrency community have raised concerns about the SEC's apparent 'regulation by enforcement' approach, which they believe is anti-crypto-focused. Coinbase CEO Brian Armstrong has highlighted the difficulties of dealing with the SEC on several occasions, while Kraken CEO Jesse Powell has expressed similar sentiments.

According to Emmer, this is not the way the government should be serving Americans. He believes it sends a clear message to the broader cryptocurrency community that Gensler is not regulating in good faith.

Cryptocurrency regulation in the US remains a topic of debate, with criticism towards SEC Chair Gary Gensler by Representative Tom Emmer. The industry's growth necessitates clear and consistent regulation that balances innovation with investor protection. It will be interesting to see how regulators navigate this emerging technology.

Also, Read - 24 Hrs Crypto Update, Apr 07: Bitcoin Dips 0.54%, Ethereum Down 1.01%

3
Bitcoin ATM Company Accused of Unlicensed Kiosks and Crypto Scams by Secret Service

During an investigation by the Cyber Crime and Money Laundering Task Group of the United States Secret Service, 52 bitcoin kiosks were seized. This operation was part of a larger effort to crack down on financial crimes and protect consumers from fraudulent activities.

A Bitcoin (BTC) technology firm and its executives have been indicted for allegedly running an illegal crypto kiosk network in Ohio, which knowingly profited from victims of cryptocurrency scams.

Source -

4
News related to Crypto / Will Validators Threaten Terra Classic (LUNC)?
« on: February 28, 2023, 10:18:10 AM »
The $60 billion-plus implosion of the Terra ecosystem in May of last year exposed weaknesses in the cryptocurrency industry's structure and set off a year of spiralling financial disasters that haven't yet subsided. Despite many flaws and shortcomings, the Cosmos-based network created after the Terra ecosystem collapsed has managed to thrive and support itself in the larger crypto market.

Source - https://www.coingabbar.com/en/crypto-currency-news/will-validators-threaten-terra-classic-lunc

5
News related to Crypto / Investors are suing Do Kwon again for $57 million.
« on: November 03, 2022, 11:11:30 AM »
Following South Korea, the US, and Interpol, Do Kwon is now facing charges in Singapore for a $57 million lawsuit brought by his investors.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/investors-suing-kwon-dollar-million]

6
On Tuesday, Dogecoin reached a one-week high as the meme coin recovered from previous losses.

Earlier in session, the token increased by as much as 3%, departing from a recent point of support. Bulls drove Monero into a crucial resistance level, which led to it rising as well.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/biggest-movers-doge-rebounds-week-high-tuesday]

7
The cryptocurrency market is now on a sharp upswing. While the altcoins have also shown strength, Bitcoin has burst beyond the $20k price threshold.

The cryptocurrency market is currently enjoying a very powerful rise. The price of bitcoin has officially surpassed $20K and is continuing rising.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/ethereum-explodes-price-bitcoin-breaks-dollark-crypto-rally]

8
Crypto Market in Dark Green.

Crypto market rally after a long time consolidating in range. Today, Bitcoin jumps high with a strong volume and tears MA21 and MA50 and claims $20,000 mark. Bitcoin had taken resistance from $20,400. The global crypto market cap breaks the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) – turned Green.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/crypto-market-hrs-update-news-oct-cypto-market-jumps-ethereum-percent]

9
The operator of a bitcoin mixing business who was the object of a 2020 law enforcement investigation, Larry Harmon, was recently hit with a $60 million fine, which the US Department of Justice is suing to recover.

Authorities in the United States claim that Harmon ran an illegal money-transfer operation.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/us-department-justice-sues-bitcoin-mixer-operator-dollar-million]

10
News related to Crypto / Whales Added 200 Mln XRP Despite Price Drop
« on: November 01, 2022, 08:06:33 AM »
The tracker's largest transaction was the addition of $25.8 million worth of XRP from the cryptocurrency exchange Bitstamp.
One of those top cryptocurrencies that have managed to rise over the previous 90 days despite the collapsing digital asset market is Ripple's native coin, XRP.


Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/whales-added-mln-xrp-despite-price-drop]

11
Crypto Market in Green.

Crypto market moved in tight range with low volume due to weekend. Yesterday, Bitcoin bounce from its support of $19,000 and crossed MA21 in day TF. Bitcoin had taken resistance from MA50 at $19,500. The global crypto market cap continues down to the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) – turned Green.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/crypto-hrs-update-news-oct-bitcoin-ethereum-bnb-bounce-matic-pump-huge]

12
Sam Bankman-Fried, the CEO of FTX, made it clear that this is a one-time payment in response to a phishing assault and that the company won't be "creating a habit" of it.


Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/ftx-chief-issues-warning-announcing-huge-compensation-phishing-attack-victims]

13
With $85 million in NFT sales over the course of seven days, non-fungible token (NFT) sales volume managed to increase 1.9% over the previous week.

On October 23, 2022, however, there were 12.63% fewer NFT buyers and 19.19% fewer NFT transactions.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/nft-sales-increased-percent-despite-decline-buyers-transactions]

14
In the past, Rishi Sunak mentioned that the UK might foster a crypto-friendly climate to entice more businesses to establish their operations there.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/will-crypto-get-place-rishi-sunak-assures-fix-uks-failing-economy]

15
The National Consumer Commission claims that approximately 4,000 South Africans who invested in Obelisk, a provider of bitcoin mining equipment, may have taken part in a pyramid scheme.

According to the commission, victims of the pyramid scam may have lost as much as $6 million.

Read more...

[https://www.coingabbar.com/en/crypto-currency-news-english/south-african-consumer-watchdog-declares-btc-mining-investment-platform-pyramid-scheme]

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