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India’s central bank, the Reserve Bank of India (RBI), is launching its first digital rupee pilot on Nov. 1. with the participation of nine banks. “Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” said the central bank. RBI’s First CBDC Pilot Starts Nov. 1 India’s central bank, the Reserve Bank of India (RBI), announced Monday that “The first pilot in the digital rupee — wholesale segment (e₹-W) shall commence on November 1, 2022.” The announcement adds: Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot. “The use case for this pilot is settlement of secondary market transactions in government securities,” the RBI described. “Use of e₹-W is expected to make the inter-bank market more efficient. Settl

India’s tax authority has reportedly asked major cryptocurrency exchanges in the country to provide information pertaining to the coins traded on their platforms. The tax authority is also evaluating the taxability of crypto transactions to determine if the goods and services tax (GST) can be applied to them. Indian Crypto Exchanges to Provide Details of Coins Traded on Their Platforms to Tax Authority India’s Central Board of Indirect Taxes and Customs (CBIC) has asked major Indian crypto exchanges to provide details about the cryptocurrencies traded on their platforms, Business Standard reported Friday. A senior official was quoted as saying: We had meetings with crypto exchanges on wide-ranging issues relating to the asset class. We have sought a detailed report on different crypto products being traded and their respective transaction fees and how they are getting calculated. In addition, the CBIC is reportedly evaluating the taxability of crypto transactions to determine if

Whitelisted Individuals for the Sale Will Be Able to Purchase VERSE Tokens Using BTC , BCH , ETH and USDT /USDC. November 1, 2022 – Bitcoin.com , a digital ecosystem and secure self-custody platform where users can safely and easily interact with cryptocurrencies and digital assets, has announced that the public sale of the VERSE utility token is now live. VERSE will reward participants for buying, selling, storing, using, and learning about cryptocurrency, while supporting those who are seeking accessible onboarding into Bitcoin and DeFi. VERSE will fuel the growth and expansion of Bitcoin.com ’s ecosystem, which includes over 35 million self-custody wallets created in its multi-chain DeFi-ready mobile app, and an award-winning news portal with over 2.5 million monthly readers. VERSE will provide access to exclusive platform services and act as the cornerstone for new initiatives, ultimately expanding access to decentralized technologies and finance. By interacting with the Ve

The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which is in the overall interest of every citizen of the country.” President Muhammadu Buhari’s Written Approval The Central Bank of Nigeria (CBN) has insisted its recently announced plan to issue newly designed naira banknotes is above board and “12 years overdue.” In an apparent rebuke of Nigerian Finance Minister Zainab Ahmad, who has publicly questioned the plan, the central bank said it had “obtained the approval of President Muhammadu Buhari in writing to redesign.” Addressing lawmakers a day after the CBN’s surprise announcement, Ahmad reportedly said she had not been consulted and therefore could not comment “on it as regards merits or otherwise.” As recently reported

According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company’s exposure to the Terra ecosystem and allegedly lost $190 million from the incident. Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse More than 1,000 deleted documents from the crypto lender Hodlnaut’s Google workspace have shown discrepancies, according to a judicial report discovered by Bloomberg on Oct. 31. The judicial report confirms the court filings published at the end of August that said Hodlnaut suffered a significant financial shortfall from the Terra collapse. Bloomberg’s Suvashree Ghosh and Sidhartha Shukla explain that the judicial report shows the crypto lender “suffered a near $190 million loss from the wipeout.” The newly discovered deleted documents show Hodlnaut executives allegedly downplayed the exposure to Terra. Hodlnaut also tweeted on May 11 that it was n

Approximately 14 years ago today, on Halloween, Satoshi Nakamoto introduced Bitcoin to the world by sharing the renowned white paper. Satoshi’s invention, shared on metzdowd.com’s Cryptography Mailing List, not only solved a problem that had plagued computer scientists for years, but the invention also redefined how people look at money. Furthermore, as a side effect, Satoshi’s creation spawned a new digital economy with more than 13,000 cryptocurrency assets, worth just over $1 trillion today. Celebrating the 14th Anniversary of Satoshi’s Bitcoin White Paper Presently, cryptocurrency and Bitcoin supporters are celebrating the 14th anniversary of Satoshi Nakamoto ’s Bitcoin white paper . Bitcoin’s mysterious creator first introduced the white paper on metzdowd.com’s Cryptography Mailing List on Oct. 31, 2008, at approximately 2:10 p.m. (ET). The date marks the first time Satoshi shared the inventor’s vision and the first sentence Bitcoin’s inventor said was: I’ve been working on

A member of the defense team of the alleged BTC-e operator Alexander Vinnik has called on the head of the Russian Orthodox Church to intervene in support of his client. The Russian national may be sentenced to over 50 years in prison for his role in the infamous cryptocurrency exchange. Prisoner Swap for Americans in Russian Custody Is Vinnik’s Only Chance to Return Home, Lawyer Says Frederic Belot, the French lawyer who has been representing Russian crypto entrepreneur and alleged money launderer Alexander Vinnik in courts for years, has written to Patriarch Kirill of Moscow and All Russia with a request to help for his client’s return to the homeland. “The Vinnik case for the United States is not a legal, but a political trial,” the attorney said in the letter, quoted by the Russian Tass news agency. In the U.S., he may face imprisonment for more than 50 years, Belot warned and emphasized: Now the only thing that can save Alexander is his exchange, among other Russians, for Ame

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,

Veteran trader Peter Brandt says the dogecoin bear market that began in May last year has ended. His comment came after the price of dogecoin soared following Tesla CEO Elon Musk’s acquisition of the social media platform Twitter. Peter Brandt on Dogecoin Outlook Veteran trader Peter Brandt shared his analysis of dogecoin (DOGE) Sunday. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar. Tweeting a chart of DOGE, Brandt wrote: “This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high.” However, Brandt followed up with another tweet, warning traders not to fall for the common mistake of assuming that the end of a bear market automatically means a bull market has begun. He cautioned: A common mistake made by novice and wanna-be tra

Amid the chaotic economy, plagued with central bank tinkering, supply chain issues, and red-hot inflation, the professor of applied economics at Johns Hopkins University, Steve Hanke believes a “pretty big recession” will take place in 2023. Speaking in an interview on Oct. 28, Hanke said that he updated the probability of a U.S. recession to a 90% chance, as he believes the money supply has tightened at an “unprecedented” rate. Economics Professor Steve Hanke Says Probability of a U.S. Recession is Now 90% Professor Steve Hanke has been critical of the central banks worldwide and on Friday, he said the chances of a recession is very likely. Hanke spoke with the news anchor for Kitco News David Lin, and explained that he upped his prediction to a 90% chance a U.S. recession will occur. “Where we’re going is determined by where the money supply is going,” Hanke told Lin on Friday. “The Quantity Theory of Money is a way to determine national income determination.” The professor of

After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange that opened a bank account with the institution was Buda, a local exchange, which satisfied the requirements of the bank in the mentioned protocol. Cryptocurrency Exchanges Can Now Open Bank Accounts in Chile On Oct. 28, Bci, a bank in Chile, announced that it had developed a protocol to allow cryptocurrency exchanges to open checking accounts with the institution. This marks a milestone for cryptocurrency exchanges in the country, which had been fighting for the right to use traditional banking services for years. The protocol developed includes a series of requirements inspired by recommendations issued by the Financial Action Task Force (FATF), which include the fulfillment of compliance processes, traceability of transactions, prevention of money laundering, financing of terr

After Huobi Global announced that it would be delisting the stablecoin HUSD and auto-converting customer balances 1:1 with tether tokens, the stablecoin asset has dropped significantly in value sliding to a low of $0.72 per unit. HUSD Remains Below the $1 Peg Another stablecoin is struggling to maintain parity with the U.S. dollar as HUSD has slipped from the $1 peg to $0.746 per unit on Oct. 30, 2022. At the time of writing, the stablecoin token is exchanging hands for $0.765 per unit and there’s only $59,790 in global trade volume during the past 24 hours. Two days ago, Bitcoin.com News reported on Huobi Global announcing that it would delist HUSD, a stablecoin asset issued by Stable Universal. While Huobi and the stablecoin shared the same name, and Huobi introduced HUSD on Oct. 19, 2018, the exchange disassociated itself from the stablecoin token this year. HUSD depegged earlier this year, when it dropped to a low of $0.82 per HUSD on Aug. 18. HUSD also slipped below the $1

Hong Kong is relaxing its crypto regulation to allow retail investors to trade digital assets directly. A licensing regime for crypto platforms that allows retail crypto trading is reportedly set to be enforced in March next year. Hong Kong Nears Allowing Retail Crypto Trading Hong Kong is reportedly relaxing its strict cryptocurrency regulation with a plan to allow retail crypto trading, Bloomberg reported Thursday, citing people familiar with the matter. A mandatory licensing regime for cryptocurrency platforms that allows retail crypto trading is set to be enforced in March next year, the publication conveyed, elaborating: Hong Kong plans to legalize retail trading for crypto starting in March after years of skepticism — a stark contrast to mainland China’s ban. Moreover, regulators are seeking to allow retail exchanges to list large cryptocurrencies, like bitcoin ( BTC ) and ether ( ETH ), the news outlet added. The listing rules are likely to include criteria such as the

U.S. lawmakers have raised concerns about the revolving door between financial regulators and the crypto industry. “Over 200 government officials have moved between public service and crypto firms,” the lawmakers said, adding that they include 31 Treasury Department officials and 28 Securities and Exchange Commission (SEC) officials. Revolving Door Between Financial Regulators, Like SEC, and Crypto Industry Five U.S. lawmakers have sent a letter to seven financial regulators inquiring about measures they are taking to prevent the revolving door between their agencies and the crypto industry. The letters, dated Oct. 24, were signed by Sen. Elizabeth Warren (D-MA), Sen. Sheldon Whitehouse (D-RI), Rep. Rashida Tlaib (D-MI), Rep. Alexandria Ocasio-Cortez (D-NY), and Rep. Jesús G. “Chuy” García (D-IL). The letters were sent to Securities Exchange Commission (SEC) Chair Gary Gensler, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, Treasury Secretary Janet Yellen, Federal

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that stock, bond, and real estate markets will crash as the Federal Reserve continues to raise interest rates. Noting that the Fed will pivot, he advises investors to buy bitcoin. Robert Kiyosaki Recommends Buying Bitcoin Before Fed Pivot The author of Rich Dad Poor Dad, Robert Kiyosaki, has advised investors to buy bitcoin before the Fed pivots, reiterating that the Federal Reserve’s interest rate hikes will destroy the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted early Saturday morning that the prices of gold and silver are plunging as the Federal Reserve continues to raise interest rates. He warned that rate hikes will kill the U.S. economy, cautioning

One of the largest publicly listed bitcoin miners, Core Scientific, has shaken investors with a recent filing with the U.S. Securities and Exchange Commission that raises the possibility the company may apply for bankruptcy protection. The filing notes that Core Scientific will be unable to pay down debt payments due for Oct. and early Nov. 2022. SEC Filing Shakes Core Scientific Investors, CORZ Slides 97% in 12 Months Bitcoin miners are having issues after the price of bitcoin ( BTC ) has slid roughly 70% against the U.S. dollar since Nov. 10, 2021. Moreover, the network’s mining difficulty is currently at an all-time high, making it harder than ever before to find a block subsidy. At the end of September, Bitcoin.com News reported on Compute North filing for bankruptcy and how it led to Marathon Digital’s shares getting downgraded. Now Core Scientific (Nasdaq: CORZ ) seems to be leaning in the direction of filing for bankruptcy protection or some sort of restructuring process. T

A committee of unsecured creditors stemming from the Celsius bankruptcy case has filed a motion with the court to stop the now-defunct crypto lender from selling the company’s stablecoin holdings. The written protest by the group of creditors against the sale follows objections from a slew of securities regulators filed on Sept. 29. Creditors Object to Celsius Selling $23 Million in Stablecoins On Sept. 15, the embattled cryptocurrency lending firm Celsius filed a motion with the bankruptcy court to get permission to sell $23 million in stablecoins. The court filing attempting to gain access to the stablecoin stash followed a leaked all-hands meeting recording that indicated Celsius wanted to attempt a revival plan. Then, two weeks after the Sept. 15 court request for the stablecoins, state securities officials from Vermont and Texas filed motions that object to Celsius acquiring the stablecoin stash. The Texas State Securities Board (TSSB) said that Celsius’ request for the stab

A draft law designed to regulate the mining of digital coins in Russia is also legalizing the use of cryptocurrencies in international settlements. It has been submitted to the Russian parliament after the rejection of an earlier bill which was aiming to allow domestic crypto payments as well. Draft Legislation on Crypto Mining Allows Russian Residents and Businesses to Pay With Crypto Abroad Russian lawmakers will review a new legislative proposal for the legalization of cryptocurrency mining, which has seen significant growth over the past few years. Announcing the filing of the bill on Sputnik radio, the Chair of the parliamentary Financial Market Committee Anatoly Aksakov pointed out that the document authorizes the use of cryptocurrencies as a means of payment outside the country. “We have introduced a bill that legalizes mining, that is the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be employed as a means of payment outside of our country, in

Payments giant Visa has filed two trademark applications covering a wide range of cryptocurrency products and services, including its own crypto wallet. The filings also mention crypto transaction management and non-fungible tokens (NFTs). Visa’s New Trademark Applications Visa has filed two trademark applications with the United States Patent and Trademark Office (USPTO). Mike Kondoudis, a USPTO-licensed trademark attorney, tweeted Thursday: Visa has filed 2 trademark applications claiming plans for managing digital, virtual, and cryptocurrency transactions, digital currency + cryptocurrency wallets, NFTs + virtual goods, providing virtual environments … and more. Filed on Oct. 22, the applications’ serial numbers are 97643605 and 97643607. Visa International Service Association, a subsidiary of Visa Inc., is listed as the owner of the trademarks. An excerpt of one of the trademark applications reads: “online non-downloadable software for management of digital transactions; n

Tesla and Spacex CEO Elon Musk has completed the acquisition of Twitter Inc. and reportedly fired the company’s CEO and CFO. “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square,” he said. “There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.” Elon Musk Takes Over Twitter Tesla CEO Elon Musk has completed his $44 billion acquisition of Twitter Inc. and has changed his Twitter profile description to “Chief Twit.” On Thursday night, he tweeted: The bird is freed. Immediately after the deal closed, Musk reportedly fired Twitter CEO Parag Agrawal, CFO Ned Segal, and Vijaya Gadde, the social media platform’s head of legal affairs and chief content moderator. Gadde headed up the team at Twitter that made the decision to ban former U.S. President Donald Trump after the Capitol riot in 2021. On Thursday, M