Crypto buyers in emerging economies find themselves caught between a rock and a hard place
Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.
How the bear market could accelerate the Web2 to Web3 migration
The downturn is forcing Web3 firms into a reset — and opening opportunities for Web2 entrepreneurs to enter the playing field, writes Lily Z. King of Cobo.
Memo to Crypto World: Wall Street is here to stay
Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?
Governments pushing for CBDCs smell blood in Terra Classic’s struggles
Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.
Huobi acquires Bitex for Latin America expansion
The world’s third-largest cryptocurrency exchange in terms of trading volume Thursday said it acquired Latin American crypto exchange Bitex to expand its footprint in the region. See related article: Huobi Group poised to establish regional hub in Singapore Fast facts Though terms of the deal were not disclosed, Huobi said it plans to integrate Bitex’s […]
Are we heading for a post-Terra crypto winter?
Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?
Terra cofounder Do Kwon’s taxing questions; China’s underground mining
Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.
What’s the solution to Terra’s UST and LUNA crisis?
Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.
Terra halts network; Do Kwon security concerns
Terra shuts down its networks indefinitely. Meanwhile, TerraLabs founder Do Kwon’s whereabouts are in question as his wife requests police protection.
News of LUNA’s demise greatly exaggerated
LUNA, the collateral used by Terraform Labs to back its TerraUSD (UST), has been in a freefall. But experts tell Forkast the crisis is likely to make the pioneering stablecoin stronger, and the community behind stablecoins better.
Binance pulls the plug on TerraUSD (UST) trading pairs
The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week. See related article: Tether stabilizes after burning 3 billion tokens amid redemptions Fast facts Binance Friday said it will remove and cease the trading of several […]
Axie Infinity hack proceeds continue to be laundered despite US sanctions
The Lazarus Group, the North Korean hacking group linked to the US$600 million Axie Infinity hack in March, is still laundering funds stolen from the hack despite sanctions imposed by the U.S. See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts Despite U.S. sanctions, North Korean hackers have been freely laundering […]
Circle raises $400 mln, teams up with BlackRock to develop USDC
Circle, the issuer of the world’s second-largest stablecoin USDC, has raised US$400 million in its latest funding round with major investments from BlackRock and Fidelity Management and Research, as the stablecoin issuer looks to explore possibilities with the traditional financial world. See related article: Circle’s growth outpaces Tether as it doubles valuation Fast facts Circle […]
How Bitcoin could become the collateral layer for the digital asset economy
Bitcoin is now a reserve asset for Terra’s UST. What does this portend for the $186 billion stablecoins market?
Why are stablecoins overwhelmingly backed by the US dollar?
Stablecoins are taking the world by storm and it’s the US dollar that outweighs any other fiat-backed cryptocurrency. What are the reasons for the greenback’s dominance?
BNY Mellon to become custodian for USDC reserves
Circle has selected one of America’s oldest banks, BNY Mellon, as the primary custodian for the world’s second-largest stablecoin USDC’s reserves. See related article: USDC to be 100% backed by cash, US Treasuries Fast facts USDC issuer Circle chief Jeremy Allaire had claimed the stablecoin became 100% backed by cash and short-term treasury bills after […]
How DeFi can lift up the poor in emerging markets
Traditional banks are failing the nearly 2 billion people in the world without access to financial services, writes Khalid Howladar. But DeFi can be a lifeline.
Crypto is playing a prominent role in the Ukraine War — on both sides of the conflict
Amid Russia’s invasion of Ukraine, two divergent narratives about crypto are being told, writes Alex Tapscott. Which version is correct?
Bullish delays $9B SPAC merger, awaits SEC approval
Bullish has postponed its backdoor listing on the New York Stock Exchange (NYSE) through a planned special purpose acquisition company (SPAC) deal with Far Peak Acquisition Corp., as the merger still waits for approval from the U.S. Securities and Exchange Commission. See related article: Crypto exchange Bullish announces soft launch Fast facts Bullish, operator of […]
Russia faces crypto freeze as exchanges toe line on sanctions
Top blockchain and crypto news: Moscow faces crypto winter. DeFi doyen quits Fantom. China mulls metaverse moves.
Can crypto cushion Russia from the pain of sanctions?
War-mongering Russia is finding itself increasingly isolated. What if the rogue state tries to regain its financial footing via cryptocurrency?
Will the growing regulatory heat on stablecoins stifle innovation?
As stablecoins face pressure to adopt traditional safeguards, the industry’s efforts to self-regulate should not be overlooked, writes Charlie Martin of Gro.
AssangeDAO strikes crypto gold
WikiLeaks founder’s legal defense fundraising bonanza. Shiba Inu’s big new leap. NFT fever rises in China.
Crypto helps fund Ukraine defense against Russia
Ukrainian activists and volunteer groups are crowdsourcing significant money through crypto donations to fund the defense against a possible Russian invasion. Fast facts Ukrainian non-governmental organizations (NGOs) and volunteer groups have collectively received over US$570,000 in crypto, with the majority of funding coming in last year, data from blockchain analysis firm Elliptic shows. Come Back […]
What I learned from my role in digitizing the yuan
CBDCs are vulnerable to hacking and the powers of quantum computing, cybersecurity expert Amnon Samid writes. Central banks must heed the warning.
Crypto market briefly up, then falls as US Fed leaves interest rates unchanged
The global cryptocurrency market rose along with smaller gains in the broader equity and bond markets in the aftermath of a Federal Reserve Open Market Committee statement Wednesday afternoon that it would leave interest rates untouched at near zero but expects to raise them soon. As the market digested the latest report, prices began trending […]
Is the CFTC expanding its powers over crypto without authorization from Congress?
The CFTC is asserting greater regulatory powers over the crypto industry than ever before. But does the agency have the statutory backing to do so?
What lies ahead for crypto regulations in 2022
From China’s ban to FATF’s travel rule, crypto regulations have been top of mind this year. How might regulatory impulses and current trends play out?
Year in cryptocurrency: biggest surprises of 2021
While increasing crypto adoption was predictable, 2021 also saw much that was unexpected. Here are the events that shocked even crypto natives.
Will 2022 be the year of crypto regulation?
Global shifts are underway in crypto regulations, writes Huong Hauduc of Bequant. How might the political and market forces play out next year?
Why I got a Bitcoin wallet, and how it can be used for crypto gift-giving and receiving
Curious to use Bitcoin but don’t know where to start? Forkast.News explains how.
xSpend allows GameFi tokens, stablecoins to pay for real-world goods and services
Crypto finance platform XLD Finance wants to enable users to spend GameFi tokens and stablecoins to pay for real-world goods and services. Fast facts The company has launched its first project, xSpend, which allows users from Bangladesh, India, Indonesia, Malaysia and the Philippines to purchase mobile prepaid credits on the platform using GameFi tokens and stablecoins. Users may also pay Philippine-based […]
Regulators and the problem of unstable stablecoins
Federal regulators have turned their sights on stablecoins. But is the attempt to tame this digital currency too late?
Cryptocurrency prices take another hit in downward spiral
Macroeconomic factors and a spate of bad news override bullish outlook in crypto market as the year lurches toward its end.
Is Terra — whose LUNA coin is now at another all-time high — really where the smart money is?
LUNA is now the 12th largest crypto, and Terra’s platform has been called ‘Alipay on the blockchain.’ What are Terra’s investment risks? Forkast.News explains.
Metaverse picks up momentum; Binance tweet gets yellow card
Metaverse picks up momentum, on the other hand Binance tweet gets yellow card
US Senate Banking Committee sends inquiries to stablecoin issuers
The U.S. Senate Banking Committee has sent letters to several stablecoin issuers to inquire about their operational features. Fast facts In a Monday tweet, Ron Hammond, director of government relations at the Blockchain Association, said the stablecoin issuers include Coinbase, Gemini, Circle, Paxos, TrustToken, Centre, Binance U.S. and Tether. “This is likely a sign of […]
World Economic Forum launches digital currency info resource
More than 85 members of the WEF Digital Currency Governance Consortium contributed eight white papers on CBDC and stablecoins.
Bitcoin ETFs beckon as SEC spurns sweet spot
Top blockchain and crypto news: Spot ETFs stymied as SEC stands firm. Is Bitcoin’s Taproot upgrade worth the wait? China’s crypto mining goes underground.
Circle contributes to $4.3M Series A funding round for yen-backed stablecoin
As Circle expands into Asia as part of a global expansion plan, what does the investment in a yen-back stablecoin mean for the market?
A crypto trader is rescued after being kidnapped by local gang for six days
A crypto investor in Hong Kong was rescued six days after being kidnapped earlier this month when he tried to meet a buyer offline who promised to purchase his Tether tokens.
Taproot goes live; Hong Kong crypto kidnap
Taproot goes live, meanwhile Hong Kong crypto kidnap
Ethereum’s Web 3.0 ecosystem expands, 3.4 million now into DeFi
Ethereum’s sprawling Web 3.0 ecosystem — which includes the majority of the decentralized finance (DeFi), stablecoins, non-fungible tokens (NFTs) and blockchain gaming worlds — continues to expand and draw users, with 3.4 million Ethereum addresses interacting with DeFi protocols, according to ConsenSys’ Web 3 Q3 2021 report published this week. Led by Ethereum co-founder Joseph […]
What Solana prices will be at the end of 2021 and beyond
As Solana surges to new all-time highs, 50 fintech experts surveyed by Finder offer predictions on SOL’s price outlook for the end of the year and longer-term.
What is the Solana ecosystem and how is it fueling SOL’s stratospheric rise?
Solana prices keep cresting to new heights, making SOL a top-five cryptocurrency by size. What makes Solana and its ecosystem stand out? Forkast.News explains.
Stablecoin toss to US Congress as regulators circle
Top blockchain and crypto news: Stablecoins at regulatory crossroads. Squid Game crypto players suffer shocking fate. Are metaverses China’s new national insecurity?
Biden administration report on stablecoins calls for laws to mitigate risks
The highly awaited report outlines recommendations for stablecoin regulation and asks regulatory bodies to combat risks until Congress introduces new laws.
CFTC wants to be the primary crypto regulator
The Commodity Futures Trading Commission is ready to be the “primary cop on the beat” for digital assets, CFTC acting chair Rostin Behnam said at his confirmation hearing on Wednesday. Fast facts As of Tuesday, “the total size of the digital asset market was US$2.7 trillion and among that $2.7 trillion, nearly 60% were commodities. […]
SEC set to receive formal authority to regulate stablecoins
U.S. Securities and Exchange Commission chair Gary Gensler has reiterated over time that most stablecoins are securities and should, therefore, fall under the purview of the securities watchdog. Now, Gensler is one step closer to achieving his aim of regulating stablecoins. Fast facts The U.S. Treasury Department and other agencies are putting together a report […]
N.Y. Attorney General to shut down two ‘unregistered’ crypto lending platforms
New York state Attorney General Letitia James has ordered two “unregistered crypto lending platforms” — one of which has appeared to be Nexo — to cease operations in New York, and requested another three platforms to provide information about their activities. Fast facts James said in a press release published on Monday: “Cryptocurrency platforms must […]
As regulators circle above, how should the DeFi industry respond?
Traditional finance evolved over centuries while DeFi is coming into its own in a few years, writes Adi Ben-Ari of Applied Blockchain. Are its risks inevitable?
Ripple joins Digital Pound Foundation as it looks to expand its CBDC business
Ripple, a San Francisco-based blockchain payments company, has joined the Digital Pound Foundation, a non-profit organization supporting the implementation of a digital pound in the United Kingdom, according to a Ripple blog post. Fast facts As a foundation member, Ripple will be represented on the board by Susan Friedman, Ripple’s head of policy. Other foundation […]
Public blockchain Nervos launches cross-chain ‘Force Bridge’ on mainnet
Nervos, a public blockchain backed by China Merchants Bank International and Sequoia China, today announced the mainnet launch of its cross-chain “Force Bridge,” according to a company statement shared with Forkast.News. Fast facts The Force Bridge enables cross-chain transactions between Nervos and Ethereum, with support for ETH and whitelisted ERC-20 tokens, including Dai (DAI), Tether […]
Why global regulations for stablecoins can help catalyze crypto adoption
In this special Q&A, industry leaders tell Forkast.News why global stablecoin regulations can help catalyze crypto adoption.
A look at how global stablecoin regulations are evolving
As international regulators seek to implement oversight, crypto industry players say it is a positive sign that regulators are now considering including stablecoins in banking regulations.
How should the world tackle crypto criminals and digital dangers?
Top blockchain and crypto news: US leads charge in ramping up cybersecurity. Crypto fans crow as Facebook flops. China bears down on metaverses.
Global bodies propose regulatory standards and greater oversight for stablecoins
The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published a joint report proposing that international standards for payment, clearing and settlement systems should be applied to “systemically important stablecoin arrangements.” Fast facts The BIS, CPMI and IOSCO report comes amid the […]
What is Hong Kong’s future as a crypto hub?
Hong Kong, a hotbed for crypto startups and exchanges, is at a crossroads, writes Jeremy Ng of Gemini. Here’s how the industry can better secure its future.
What are stablecoins, and why are some governments so afraid of them?
Stablecoins combine the portability of crypto with the price stability of fiat currencies. But are they all that stable?
How will China’s new dictates affect Hong Kong’s future as a crypto hub?
Mainland China’s recent clampdowns on crypto are reverberating beyond its borders. In a special Q&A, former regulator and crypto industry leader Angelina Kwan discusses what this means for Hong Kong.
How China’s crypto clampdowns could reshape the rest of the world
Against the global tide of digital asset adoption, China’s harshest crypto ban yet heralds golden opportunities, writes Richard Byworth of EQONEX. Other governments should take note.
Crypto markets shrug off China’s latest saber-rattling
Is China’s influence over Bitcoin and the global crypto market waning? Chinese exchanges get a thrashing as decentralized exchanges get happy on clampdown news.
Crypto market is shaken as China declares all crypto transactions illegal
Bitcoin and Ethereum prices fall after Beijing intensifies crackdown on crypto trading, mining.
Bhutan to adopt Ripple’s XRP technology for CBDC pilot
Ripple’s win in Bhutan comes as it suffers a setback in a US court as judge rebuffs Ripple’s request for SEC’s internal trading decisions over XRP.
Crypto investors brush off Evergrande
The cryptocurrency market has rebounded in the past 24 hours as news broke that China Evergrande Group, the second largest property developer in the world’s most populous nation, has taken a step back from falling off a potential debt cliff today. Fast facts While the overall cryptocurrency market is still down for the week, all […]
Crypto markets plunge as roof falls in on Evergrande
Top blockchain and crypto news: Evergrande end-game roils crypto markets. SEC takes aim at stablecoins. How close is China’s digital yuan to the finish line?
Banks blocking transactions? No problem. Indians find ways to continue trading crypto
As major banks distance themselves from crypto business, alternative trading methods like peer-to-peer transfers are gaining popularity among investors
Evergrande’s uncertainty rocks crypto market
Crypto investors and industry watchers are following closely the potential collapse of Chinese property giant Evergrande.
Boba network announces mainnet launch of layer 2 optimistic rollup
ETH 2.0 is expected to address transaction speeds and gas fees on the world’s number two blockchain, but a growing number of layer-2 protocols are looking to solve those issues today.
Black Friday in South Korea as crypto exchanges announce shutdown
All but four platforms in South Korea obligated to announce the suspension of their services by today.
U.S. Treasury prepares to recommend stricter regulation on stablecoins
The U.S. Treasury is preparing a raft of recommendations for stricter oversight of Tether and other stablecoins, as unnamed insiders say the department has identified the greatest risks posed by the tokens, according to a recent Bloomberg report. Fast facts Making sure investors are able to transfer money in and out of tokens is a […]
SEC pushes back on Ripple’s legal questions over XRP
Ripple wants to know how SEC regards Bitcoin, Ether and XRP, but SEC says Ripple is repeating the same questions as ‘they do not like the answers they received.’