Today in Crypto: NY Proposes 3-Year Mining Ban
The Bank of Israel has published draft regulations regarding the risks associated with virtual currency and money laundering and terrorist financing, according to a March 10 press release.
The bank said activity in virtual currencies has a “high potential risk” of helping these things, thanks to the anonymity of the currency itself and digital wallets, which can be opened without the customer noticing. be identified.
Separately, Nigerian blockchain payment startup Basqet began rolling out its crypto payment gateway on March 10, the company announced in a press release.
The gateway will allow businesses to accept bitcoin and other cryptocurrencies as payments, and Basqet will go live with 118 businesses already lined up to start accepting payments.
Meanwhile, the U.S. Securities and Exchange Commission has denied requests from NYDIG and Global X to list their exchange-traded funds (ETFs) in bitcoin, CoinDesk reported Friday, March 11.
The SEC had extended NYDIG’s review period, but ultimately ruled it did not meet the criteria, due to concerns about fraud, manipulation and valuation methodology.
In addition, Ukraine has revealed that he spent crypto donations on a number of things, including over 5,000 bulletproof jackets, hundreds of thousands of packed lunches, ballistic plates, thermal imagers and optics, helmets and medication , among other things, CoinDesk wrote on Friday.
Donations began arriving in the beleaguered country after Russia invaded in late February.
Related: FinTechs join the call of the Ukrainian fund
In addition, the White House and the Group of 7 (G-7) jointly announced on Friday that they had implemented new sanctions against Russia.
The G-7 includes the United States, Canada, Britain, Germany, France, Italy and Japan. The sanctions are intended to be crypto-specific, addressing concerns that the Russian government may be using cryptocurrencies to avoid previous sanctions imposed on more traditional financial institutions.
Additionally, Reuters wrote on Friday that UAE-based crypto firms have been inundated with liquidation demands for billions of dollars in crypto as Russians seek a safe haven.
According to the report, some clients have used crypto to invest in real estate there, while others want to use companies to turn virtual money into hard currency and hide it elsewhere.
Meanwhile, Ukrainian Deputy Prime Minister Mykhailo Fedorov has urged Commit to stop doing business with the Russians, CoinDesk wrote on Friday.
Tether didn’t respond directly, but said the company “performs constant market monitoring to ensure there are no irregular movements or actions that could violate international sanctions.”
See also: In expanded sanctions on Russia, EU suggests defining cryptocurrencies as securities
Meanwhile, CarNow, a digital retail company for the automotive industry, announced on Friday that it is partnering with Cion Digital to enable crypto payments to help buy and finance vehicles.
The Cion Digital platform gives businesses access to connectivity, infrastructure, and support to help use blockchain to pay for things.
Additionally, Socios CEO and founder Alexandre Dreyfus has been accused of withholding payments to keep the price of his Chiliz cryptocurrency at the same rate, The Verge reported on Saturday, March 12.
Socios is a fan token site. Fan tokens are linked to real entities like sports teams or artists. Dreyfus reportedly failed to pay some of his advisers the agreed share of Chiliz promised to them in order to endorse the coin.
Additionally, there has been more pressure recently to halt cryptocurrency and bitcoin mining in the United States, with the environment being the primary concern.
The New York State Senate recently submitted a bill to suspend crypto mining for three years across the state until there is more information on how this will work. affects the environment and the climate.
Finally, former Canadian government IT official Sebastien Vachon-Desjardins has been charged with conspiracy to commit computer and electronic fraud, Bitcoinist wrote on Sunday, March 13.
He was charged in Florida and his alleged crimes include using “NetWalker” ransomware to target businesses, municipalities, hospitals and law enforcement during the pandemic.