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400 cases involving cryptocurrencies are being looked into by Russia’s financial watchdog, the director informs Putin

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According to the agency’s head, Rosfinmonitoring is looking into hundreds of cases involving cryptocurrencies. The top regulator also informed the Russian president that hundreds of thousands of Russians participate in cryptocurrency transactions overseas.

400 cases involving cryptocurrencies are being looked into by Russia’s financial watchdog, the director informs Putin

According to the agency’s head, Rosfinmonitoring is looking into hundreds of cases involving cryptocurrencies. The top regulator also informed the Russian president that hundreds of thousands of Russians participate in cryptocurrency transactions overseas.

Russian Law Enforcement Agencies Open 20 Criminal Cases Associated with Crypto Assets
Around 400 cases involving cryptocurrencies are being investigated by Rosfinmonitoring, the Federal Financial Monitoring Service of the Russian Federation. Yury Chikhanchin, the agency’s director, disclosed the figure to President Vladimir Putin during their meeting.

The high-ranking official noted that the Federal Security Service (FSB), the Ministry of Internal Affairs (MVD), and the financial watchdog are all involved in these projects. legal action. He elaborated:

This phenomenon continues to exist. And only on two foreign sites, two exchanges, several hundred thousand Russian citizens participate in transactions worth tens of billions.

Quoted by the crypto outlet of Russian business news portal RBC, the regulator pointed out that these are not only settlements or investment deals. Yury Chikhanchin is convinced that some of these transfers are related to crime.

According to official data released earlier this year, the number of court cases relating to cryptocurrency or crypto mining in Russia has exceeded 1,500 in 2021. Of them, 62% were criminal cases, mostly related to drug trafficking. The numbers represent a 40-percent annual increase.

Russia is yet to fully regulate its crypto space with a law “On Digital Currency” that lawmakers are expected to review during the fall session of the State Duma, the lower house of parliament. While most intuitions in Moscow agree that the ruble should remain the only legal tender in the country, officials are exploring the option to allow crypto payments for small settlements in international trade.

400+ Crypto Advertisements in India Break the Rules — Some influencers discuss cryptocurrency without being familiar with it.

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According to reports, the Advertising Standards Council of India (ASCI) has found that more than 400 cryptocurrency advertisements have so far this year violated its rules. Influencers are the target of the vast majority of complaints the Ad Council has received. “Some influencers talk so confidently about cryptocurrencies even though they don’t fully grasp it.”

According to reports, the Advertising Standards Council of India (ASCI) received 453 complaints about cryptocurrency advertisements between January and May.

The council also noted that 419 cryptocurrency advertisements needed to be modified as a result of complaints, the Economic Times reported on Monday, noting that influencers are the subject of the majority of complaints.

Manisha Kapoor, CEO of ASCI, described:

Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it’s fine and a cool thing.

She explained that the council will continue to focus on adequate disclosures and risk disclaimers for payment-based promotions. The standards body is currently focusing on raising awareness with crypto exchanges.

“Some of these influencer ads don’t even talk about the risks, which is not right and against our guidelines. Technically, they are ads with no disclosures or disclaimers, which is mandatory,” Kapoor detailed, elaborating:

This is in violation of our guidelines. We will escalate it to the government in case of no compliance.

There are two sets of guidelines applicable to most crypto ads in India. One covers the promotion and advertisement of cryptocurrencies, crypto exchanges, and non-fungible tokens (NFTs). It was issued by the ASCI in February and went into effect in April.

The other set of guidelines, which entered into force in June last year, regulates the advertising and marketing activities of influencers.

Since the ASCI is a self-regulatory organization and its guidelines are not legally binding in India, when there is a breach of guidelines, it publishes the names of those in violation and escalates the case to relevant government regulators.

In May, the Securities and Exchange Board of India (SEBI) proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products and services. The securities watchdog also proposed that public figures be held liable for any legal violations when promoting crypto products.

Executives from China Blockchain Alliance: Virtual currency is the “largest Ponzi scheme in human history.”

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In a recently published op-ed, the chairman of China’s Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and a colleague insisted that cryptocurrencies are “unquestionably the largest Ponzi scheme in human history.” However, they have stated that “because of virtual currency, the value of blockchain technology should not be ignored.”

Virtual currency is “unquestionably the largest Ponzi scheme in human history,” according to executive director He Yifan and chairman Shan Zhiguang of the Chinese Blockchain Service Network (BSN) Development Alliance. Additionally, they asserted that this Ponzi scheme has changed over time and is “no longer just about cash.”

The BSN chairman and his colleague attacked virtual currency and bitcoin in a recent opinion piece that was published by the People Daily Online newspaper by pointing out that at least 90% of the 100 richest people in the world have “badmouthed” it. The pair also explains the factors that led them to share a negative opinion of bitcoin or other cryptocurrencies. They wrote:

This type of Ponzi scheme can be classified as ‘equity-type,’ and it has three main characteristics: first, it is based on equity that can be denominated; second, the equity can be traded and circulated; finally, and most importantly, this equity is not Associated with any asset, productive labour, or social value, but is entirely fictional.

According to the duo, the equity in virtual currency equity Ponzi schemes is not linked to any real asset or labor hence the risk is “close to infinity.” When looking at the characteristics of virtual currency, Zhiguang and Yifan said it is apparent that these are consistent with those of a so-called equity Ponzi scheme.

The BSN chairman and Yifan use dogecoin as an example elsewhere in the article to demonstrate how just one powerful person can manipulate or control the value of a virtual currency.

Therefore, it is simple to comprehend how Musk can transform his hands into a cloud to represent Dogecoin and a downpour to represent rain. The pair asserted that the price of virtual currency can be made to fall with just a tweet.

Zhiguang and Yifan argued in their opinion piece that blockchain technology, which underpins the majority of cryptocurrencies, “should not be ignored,” despite their position on virtual currency. To ensure that the blockchain plays “a huge role in various application fields,” the duo suggested that regulation technology is still needed.

FBI Arrests 2 Men Planning ‘Violent’ Robbery of Bitcoin Worth Millions of Dollars

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According to the U.S. Department of Justice, the Federal Bureau of Investigation (FBI) has detained two men who took part in “a violent plan to break into a family’s home in the middle of the night to steal bitcoin worth tens of millions of dollars.” They risk a 20-year prison sentence.

A charge of “plan to commit home invasion robbery for tens of millions of dollars in bitcoin” was laid against Dominic Pineda and Shon Morgan in an indictment that the U.S. Department of Justice (DOJ) unsealed on Friday.

The two were taken into custody by the Federal Bureau of Investigation (FBI) on Thursday in Virginia.

U.S. Attorney Damian Williams detailed:

The defendants participated in a violent plan to break into a family’s home in the middle of the night and force its residents to provide the code to what the defendants believed was tens of millions of dollars in bitcoin currency.

According to the court document, the defendants participated in the plan from May 18 to May 24, 2020, “to break into a home in Irvington, New York and rob its residents of cash and cryptocurrency.”

Around the time of the planned home invasion, bitcoin was trading at about $10,000 per coin. BTC peaked at an all-time high price of $68,892 in November 2021. It has since dropped in value and is currently trading at $20,892. The Justice Department described:

Pineda, 21, of Manassas, Virginia, and Morgan, 21, of Centreville, Virginia, are each charged with conspiracy to commit Hobbs Act robbery, in violation of 18 U.S.C. § 1951, which carries a maximum term of 20 years in prison.

The Hobbs Act defines robbery as unlawfully taking another person’s property “by means of actual or threatened force.”

Bitcoin Is a Commodity, According to SEC Chair Gensler — “That’s the Only One I’m Going to Say”

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Bitcoin, according to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), is a commodity. He emphasized that the SEC, the CFTC, and banking regulators will work together to oversee the cryptocurrency industry.

In an interview with Mad Money host Jim Cramer on CNBC on Monday, SEC Chairman Gary Gensler clarified his views on cryptocurrencies, in particular bitcoin.

“This asset class is very speculative. When asked about cryptocurrencies, Gensler said, “We’ve known this for a long time. He explained that when people invest in “bitcoin and hundreds of other crypto tokens,” they hope for a return, “just like when they invest in other financial assets” that are securities, citing the “ups and downs of this speculative asset class.”

Chair Gensler stressed that many of these “crypto financial assets” have “the key attributes of a security.” He added: “Some of them … are under the Securities and Exchange Commission.” In contrast, citing what his “predecessors and others have said,” he described:

Some, like bitcoin, and that’s the only one I’m going to say … are commodities.

The SEC chief noted that besides BTC, he is not going to discuss other crypto tokens specifically.

Gensler’s statement agrees with the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, who said last month that bitcoin (BTC) is a commodity. However, Behnam further said ether (ETH) is also a commodity.

Bitcoin proponents welcome Gensler’s clarification. Digital assets manager Eric Weiss tweeted: “Gensler is the 2nd consecutive SEC Chair to declare that bitcoin is a commodity, making it all but impossible for this classification to be altered in the future. Very significant indeed.”

The pro-bitcoin CEO of Microstrategy, Michael Saylor, opined: “Bitcoin is a commodity, which is essential for any treasury reserve asset. This allows politicians, agencies, governments, and institutions to support bitcoin as a technology and digital asset to grow the economy and extend property rights and freedom to all.” The Nasdaq-listed software company has amassed 129,218 bitcoins for its corporate treasury.

Legendary Portuguese Footballer Cristiano Ronaldo Teams Up With Binance for NFT

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One of the highest-paid athletes in the world, Cristiano Ronaldo, has partnered with Binance to allow his fans to participate in the Web3 community. Ronaldo claims that his collaboration with Binance will “change the non-fungible token (NFT) game and elevate football to a new level.”

Cristiano Ronaldo, a well-known football player from Portugal, has revealed a multi-year non-fungible token (NFT) partnership with cryptocurrency exchange Binance. The cryptocurrency exchange said in a statement that through the partnership arrangement, fans of the successful footballer will have the chance to “own an iconic piece of sports history.”

The 37-year-old footballer’s Web3 community will also be open to fans of Ronaldo, a.k.a. CR7. Ronaldo, who currently holds the record for most goals scored (117) while playing for a national team, discussed his decision to partner with the cryptocurrency exchange in a video posted on Binance’s Twitter account.

I’m excited to share that Binance and I have partnered. Ronaldo, one of the highest-paid athletes in the world, declared, “Together, we are going to change the NFT game and take football to the next level, and this is just the beginning.

Deal between Binance and the Another attempt by the exchange to entice football fans to NFTs and Web3 involves Ronaldo, who, according to Forbes, has more than 690 million social media followers. In November 2021, Andreas Iniesta, a Spanish football legend with 25.2 million Twitter and 38.1 million Instagram followers, had been hired by Binance before joining forces with CR7.

Russia has proposed a law that would impose fines for the unauthorized issuance and exchange of digital assets.

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The Russian parliament has received a bill that would impose monetary fines on those who erroneously issue or exchange digital currency. The legislation was proposed by the author of another bill that would have prohibited using them as a form of payment.

A bill that was recently submitted to the State Duma, the lower house of the Russian parliament, would impose heavy fines on individuals and organizations that issued digital financial assets (DFAs), the term used to define cryptocurrencies in Russia, illegally.

If the legislation is passed, businesses that operate exchanges or investment platforms but are not registered with the state will be subject to penalties, according to a report from the document published on Thursday by the cryptocurrency news site Forklog.

According to the report, the fines range from 5,000 Russian rubles (about $90) for individuals and 30,000 rubles (about $550) for officials to between 700,000 and 1,000,000 rubles (more than $18,000) for legal entities. Businesses that disregard the rules governing digital rights (tokens) could be penalized similarly, up to 700,000 rubles (almost $13,000).

Anatoly Aksakov, the head of the parliamentary Financial Market Committee, is the sponsor of the proposed law. The senior deputy has contributed to ongoing efforts to adopt a thorough legal framework for Russia’s cryptocurrency industry. The law “On Digital Financial Assets,” which took effect in January 2021, only partially regulates the sector at the moment.

Aksakov is also the author of another cryptocurrency-related bill that was filed earlier this month and seeks to outlaw DFA payments in Russia. The ruble should continue to be the only legal tender in the nation, despite the fact that institutions in Moscow are still debating numerous future regulations for cryptocurrencies.

At the same time, an idea to allow crypto payments in small business transactions abroad, in the face of mounting financial sanctions, has gained support, even from the Central Bank of Russia which has consistently opposed the legalization of bitcoin and the like as a means of payment.

Another draft law, the bill “On Digital Currency,” which was proposed by the Ministry of Finance in February and has undergone multiple revisions since then, is supposed to regulate these matters. Delayed by ongoing discussions on its provisions, it is expected to be reviewed by Russian lawmakers during the fall session of the Duma.

For digital asset custody, Citibank selects the Swiss company Metaco

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The world’s largest bank, Citibank (C), has chosen the Swiss cryptocurrency custody company Metaco to expand its ability to store digital assets.
According to a statement released on Wednesday by the two companies, Citi, which is in charge of roughly $27 trillion in assets, plans to fully integrate Metaco’s “Harmonize” crypto custody platform.
A bank representative pointed out via email that the announcement concerns Citi’s Securities Services team, so for the time being, the emphasis will be on things like tokenized securities: representations of stocks and bonds moved around and settled using blockchain technology.
Citi offers trading in bitcoin (BTC) futures, similar to Goldman Sachs (GS) and JPMorgan (JPM), and in November of last year, the bank disclosed plans to hire 100 staffers to strengthen a digital assets division for institutional clients.

“We are witnessing the increasing digitization of traditional investment assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients,” said Okan Pekin, Global Head of Securities Services at Citi in a statement.

Metaco has provided crypto custody plumbing for a number of banks, including Spain’s BBVA (BME) and GazpromBank (Switzerland). The Swiss technology firm is also working with the digital asset division of IBM, a favorite infrastructure provider for most of the world’s banks.

On Bitcoin volatility, the president of the Central African Republic said: “Mathematics Don’t Account for Human Emotions.”

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The president of the Central African Republic, Faustin-Archange Touadéra, recently argued that it is crucial to comprehend the disruptive power of cryptocurrencies and that “mathematics doesn’t account for human emotions” in an apparent message to opponents of the country’s decision to use bitcoin. Touadéra asserts that his government will be praised by the nation’s future generations for “choosing the right path during hard times.”

President Faustin-Archange Touadéra recently reaffirmed his nation’s unwavering faith in the leading cryptocurrency in remarks that appear to be directed at detractors of the Central African Republic’s (CAR) decision to adopt bitcoin as its currency of reference. He told his supporters that the CAR’s adoption of bitcoin would be advantageous for coming generations.

Central African Republic President on BTC Volatility: 'Mathematics Don't Account for Human Emotions'

These latest remarks by Touadéra came as the crypto market continued with its downward momentum, initially sparked by the Terra Luna crash but later exacerbated by the speculation surrounding the U.S. Federal Reserve’s interest rate policy.

During this period, bitcoin and other top cryptocurrencies have lost more than a third of their value. Using the crypto market’s recent crash to drive home their point, critics have pilloried El Salvador and the CAR over their supposedly ill-advised decision to designate bitcoin as legal tender. However, in a tweet that appears to rebuke the country’s critics, Touadéra explained why he is unfazed by BTC’s recent fall. He said:

Understanding bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity. Mathematics don’t account for human emotions. Future generations will look behind at these very moments to our strength & unity in choosing the right path during hard times.

While some have argued that the decision to make bitcoin legal tender was ill-advised due to the nation’s underdeveloped telecommunications infrastructure, the CAR president’s position indicates that his government is unlikely to be persuaded. Touadéra’s position is also in line with that of El Salvador’s president, Nayib Bukele, whose administration is facing criticism for making bitcoin legal tender.

According to Bitcoin.com News, Bukele recently assured Salvadorans who were concerned about the Bitcoin investments that they were secure and advised them to “stop looking at the graph and enjoy life.”

The value of Bitcoin, like the value of a fiat currency, is solely determined by human emotions, which are “fickle,” a user by the name of Richard Penner claimed in response to the CAR president’s tweet.

 

Elon Musk, CEO of Tesla, confirms that he will continue to buy and support Dogecoin.

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Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his commitment to dogecoin (DOGE). He states that he will continue to buy and support the meme cryptocurrency. During a crypto market downturn, the price of dogecoin increased as a result of his comments.

esla CEO Elon Musk reaffirmed his support for the meme cryptocurrency dogecoin a few times this weekend. On Sunday, Musk tweeted that he will keep supporting DOGE. He also indicated that he will keep buying the meme coin.

On Saturday, the Tesla boss also mentioned DOGE on Twitter in response to a tweet by Dogecoin co-creator Billy Markus stating his “desire” for people to use DOGE “for something beyond pump and dump … so it has a reason to exist.”

Musk tweeted that dogecoin can be used to purchase merchandise at his companies, Tesla and Spacex, hinting that more could be offered “down the road.”

Tesla began accepting dogecoin for some merchandise in January. Last month, Musk said Spacex will soon accept DOGE for merchandise and Starlink subscriptions could soon follow suit.

DOGE is trading at $0.062662 at the time of writing, up 25% in the last 24 hours but down 30% in the last 30 days.

Musk has long been a supporter of the dogecoin cryptocurrency. In the crypto community, he is known as the Dogefather. DOGE, he believes, is the people’s crypto and has currency potential. Bitcoin, on the other hand, he believes, is better suited as a store of value.

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