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Faced with cash shortages caused by the central bank’s currency policies, traders in the Nigerian state of Benue have reportedly resorted to barter trading. Traders from the state have implored the Nigerian government to consider rescinding the Central Bank of Nigeria’s naira redesign policy. The Nigerian Supreme Court has said it will pass its judgment on a suit challenging the naira redesign policy on March 3. Barter Trade Helping Businesses Stay Afloat The cash shortages sparked by the Central Bank of Nigeria (CBN)’s so-called naira redesign policy have seen traders in the Nigerian state of Benue resort to barter, a local report has said. The report added that some traders, especially those without bank accounts, began accepting payment in the form of goods or produce shortly after the passage of the old naira demonetization deadline. As previously reported by Bitcoin.com News, the CBN’s botched attempt to replace old naira banknotes with newly designed ones has sparked unrest

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said. Crypto Survey Commissioned by Coinbase A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.” Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented: The vast majority

According to a recent report from sources familiar with the matter, Mastercard and Visa, the credit card and payment services giants, are halting new partnerships with cryptocurrency firms. This news comes after the collapse of several cryptocurrency ventures that offered crypto debit cards and failed due to financial difficulties last year. After the report published, Visa’s head of crypto, Cuy Sheffield, criticized the story as “inaccurate as it pertains to Visa.” Visa and Mastercard Clarify Their Stance on Cryptocurrency Despite Alleged Partnership Halt A report published by Reuters on Tuesday states that Visa and Mastercard, two payments firms, are suspending their involvement in cryptocurrency ventures, according to unnamed sources. The sources cited “high-profile collapses” as the reason for the companies’ decision, and noted that discussions about the subject had taken place. Manya Saini, a Reuters reporter, spoke with a spokesperson for both Visa and Mastercard, and each p

Web3 gaming platform Iskra breaks into the Top 10 Games ranking list on DappRadar , the world’s leading directory for decentralized apps or dApps, in a promising start for the project in 2023. Iskra also reached another milestone as the #1 app on the Klaytn blockchain after seeing an impressive increase in their user activity that reached a new high of 19.49K UAW (unique active wallets) per day. The successful launch of several highly anticipated platform features earlier this year contributed to Iskra’s rise through the ranks and placed it on the map as one of the most promising projects in the Web3 gaming space. “We are very excited to see the engagement from our community with the launch of our most recent platform features,” Iskra’s Chief Operating Officer Spike Ryu explained. “We hope that this momentum continues as we launch our games and offer early access to them in the second quarter. This is a promising start to 2023.” Iskra started 2023 by unveiling its multi-year Plat

Several Japanese tech and finance giants have signed a document to create the Japan Metaverse Economic Zone, a multipurpose virtual universe that will have its base in a platform called Ryugukoku. The virtual world will allow these companies to share their technology with users as it lets them roam this role-playing-game-like world as online avatars. Japan Goes Big on Metaverse With Japan Metaverse Economic Zone Several Japanese tech and finance companies have kickstarted the launch of one of the biggest metaverse initiatives in Japan. On Feb. 16, JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, and TBT Lab signed an agreement to create what they called the Japan Metaverse Economic Zone, an open multipurpose metaverse platform in a virtual world called Ryugukoku, which will be operated by JP Games, the company that will be in charge of the design of the experience. The idea behin

Neal Stephenson, ostensibly the first to coin the term “metaverse,” issued his opinion about the future of the adoption of virtual worlds. The sci-fi writer and co-founder of Lamina1, a blockchain metaverse company, believes that building experiences that millions of people consider worth having in virtual worlds is quite difficult, hampering the adoption process of the tech. Neal Stephenson on the Future of Metaverse Adoption Neal Stephenson, believed to be the creator of the general concept and term “metaverse” — popularized recently by Meta — believes that mainstream adoption of this tech might be very far away. The writer, who coined the term as part of his novel Snow Crash, published in 1992, stated that the growth of the metaverse will depend on the quality of the experiences offered in the virtual world. As part of an interview offered to the Financial Times , Stephenson stated: There won’t be a metaverse that is used by millions of people until it contains experiences th

On Monday, Wasabi Wallet and the open-source bitcoin payment processor Btcpay announced a new plugin for the Btcpay server. The plugin implements Wasabi’s Wabisabi coinjoin coordination protocol, allowing merchants to benefit from privacy enhancement. By activating the newly launched plugin, all the funds that merchants receive and send will be coinjoined, or mixed together with other bitcoin transactions. New Btcpay Server Plugin Aims to Bolster Bitcoin Privacy According to an announcement from the privacy-centric bitcoin wallet platform Wasabi Wallet and the bitcoin payment processor Btcpay , merchants now have the ability to obfuscate their incoming and outgoing bitcoin (BTC) transactions. The technology comes in the form of a new plugin for Btcpay, which was developed by Andrew Camilleri and based on Wasabi Wallet’s Wabisabi coinjoin coordination protocol. The Btcpay plugin’s scheme “protects the privacy of all their incoming and outgoing transactions by preventing sensitive

The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over the weekend. G20 Agrees Crypto Poses Major Risks to Financial Stability, Says RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das talked about cryptocurrency during a media briefing Saturday following the G20 meeting of finance ministers and central bank governors in Bengaluru. According to India’s state-owned media agency News On Air: Das told the media that there is now wide recognition and acceptance of the fact that crypto currencies or assets are major risks to financial stability, monetary systems, and cyber security. Das also noted that G20 delegates expressed interest in central bank digital currency (CBDC) pilot projects in India and other countries, the publication con

Following a brief downturn in mid-February 2023, artificial intelligence (AI) crypto assets have continued to see gains over the last 30 days. Currently, out of 74 listed AI-focused cryptocurrencies, the net value of all these tokens has risen to more than $4 billion, which accounts for 0.37% of the entire crypto economy’s value. Majority of Listed AI Cryptocurrencies See Positive Gains Over Last Month Artificial intelligence (AI) has been a dominant theme in 2023, resulting in a significant surge in the value of AI-focused tokens this year. Bitcoin.com News reported on the rise of these cryptocurrencies at the end of January, and despite a brief pullback in mid-February, AI crypto assets have continued to see gains throughout the month. According to data from cryptoslate.com, 74 AI-centric digital currencies are now worth $4.03 billion, accounting for 0.37% of the overall crypto market and 1.19% of the smart contract token market. Moreover, the majority of the 74 listed cryptocu

Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI. Liquidators’ Fees Liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent approximately $4.9 million (90.2 million rands) on lawyers and consultants since assuming control, a report has said. According to a Mybroadband report , a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators’ fees. In April 2021, a Bitcoin.com News report said more than $70 million was raised from selling 1,281 bitcoins belonging to MTI. A few months later, another report said more than 8,000 BTC belonging to MTI had been “traced” and that investigators were on track to finding

Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes, a handful of companies are also harnessing it in this way. Companies Are Reportedly Using USDT to Avoid Being Hurt by Sanctions in Venezuela While the use of dollar-pegged stablecoins, like Tether’s USDT , in countries like Venezuela is mainly related to inflation and devaluation according to Chainalysis, a second use case has also been discovered recently. Reports from local analysts state that a handful of companies are using USDT as a payment method for foreign customers and providers, which are afraid of using traditional payment means due to the risk of receiving sanctions. According to Juan Blanco, director of local consulting firm Bitdata consultants, many unidentified companies are s

Russian marketplaces on the dark web have continued to operate despite Western sanctions and efforts to shut them down, according to a report accessing the illicit blockchain space amid the world’s “first crypto war.” Ransomware actors and high-risk crypto exchanges have also remained active. Underground Russian Crypto Platforms Adapting to Disruptions Caused by Ukraine War Before Russia invaded Ukraine a year ago, cryptocurrency exchanges linked to the two countries accounted for over half of the international volumes of illicit crypto funds. Cybercrime organizations were full of Russian-speaking members and Russian-language darknet markets (DNMs) dominated the global drugs trade in cryptocurrency, TRM Labs noted in a new report . Over the past year, the blockchain intelligence firm analyzed changes in the illicit crypto ecosystem to find out how cybercriminals are adjusting to the financial, political, and logistical disruptions caused by the conflict. The company describes the l

The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the YouTuber-turned-boxer Jake Paul would beat Tommy Fury by knockout. Drake could have potentially raked in a $1.44 million bitcoin payout, but Fury won the fight in a split-decision victory. Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout On Feb. 26, 2023, in Diriyah, Saudi Arabia, YouTuber-turned-boxer Jake Paul’s winning streak was stopped by Tommy Fury, the half-brother of Mike Tyson. The fight was a close bout, with Fury winning by split decision (74-75, 76-73, 76-73), despite Paul knocking Fury down in the eighth round. Paul had six straight wins under his belt before losing to Fury on Sunday. Before the fight, the rap star and actor Drake placed a $400,000 bitcoin wager, or roughly 17 BTC , on Paul winning the fight by knockout (KO). Drake took to Instagram and showed off his bet, which was placed on the crypto betting platform Stake. “Knock knock,” Drake said, with a door emoji. The screen

U.S. Treasury Secretary Janet Yellen says “it is critical to put in place a strong regulatory framework” for crypto on the sidelines of the G20 meeting for finance ministers and central bank governors. “We haven’t suggested outright banning of crypto activities,” Yellen added. Janet Yellen on ‘Strong’ Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru. Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban. The treasury secretary said: We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework … We’re working with other governments. Crypto regulation was among the key topics discussed by the G20 finance ministers

In spite of turbulence in traditional global finance, with BRICS nations said to be pushing for de-dollarization and major banks like Bank of America and Goldman Sachs predicting further interest rate hikes from the U.S. Federal Reserve, creativity in crypto has found a new boon in the form of controversial inscriptions, called Ordinals, on the Bitcoin blockchain. All this and more, just below, in the latest Bitcoin.com News Week in Review. Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies — Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations — are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.” Read More Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes

In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks. A Setback for South Africa The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list. As reported by Bitcoin.com News, a South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation of s

The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliament which will postpone its adoption, one of its sponsors announced. Members of the lower house are also working on a separate bill that will introduce liability for those who mint digital coins illegally. Adoption of Russian Crypto Mining Legislation Postponed Again A bill designed to legalize the mining of cryptocurrencies, which was first filed with the State Duma in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy. The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog. Russian parliamentarians and other offici

Major crypto exchanges have failed to prevent sanctioned Russian banks and traders from transacting, according to a blockchain forensics report. At least two established coin trading platforms continue to allow Russians to use their bank cards in peer-to-peer deals, the analysis shows. It also highlights an increased Russian interest in tether. Russian Traders Still Using Leading Cryptocurrency Exchanges to Bypass Restrictions Some of the world’s largest digital asset exchanges have been failing with measures to prevent Russian banking institutions under sanctions from operating through their platforms, reveals a report by the blockchain analytics firm Inca Digital, announced on the first anniversary of Moscow’s invasion of neighboring Ukraine. According to the research, quoted by Bloomberg and Politico, traders can still use debit cards issued by Russian banks sanctioned by the U.S., Canada, U.K., and the European Union among others, including the state-owned Sberbank, to trade o

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry. India Asks IMF and FSB for Technical Paper on Crypto The Indian government released on Saturday its “G20 Chair’s Summary and Outcome Document” following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed. During a panel discussion on cryptocurrency regulation as part of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate on a technical paper on crypto assets. According to the summary document: IMF and the FSB to jointly su

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. “Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said. A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating: Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed cr