Category Archive : Russia

Veteran Investor Jim Rogers Optimistic About Future of Crypto Money – Bitcoin News

Renowned investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he has “optimism about the future of crypto money.” However, he is skeptical of central bank digital currencies and warned that the world is looking for something to replace or compete with the U.S. dollar.

Jim Rogers on Bitcoin, Crypto, and U.S. Dollar

Veteran investor Jim Rogers shared his outlook for cryptocurrency and the U.S. dollar in an interview published by the Economic Times Markets Sunday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.

Despite the Fed and other central banks stating that they would start normalizing, Rogers stressed, “There are still gigantic amounts of money printing all over the world.” He opined:

One should not listen to these guys. They rarely tell the truth … The U.S. Fed has more than doubled their balance sheet in the very short period of time.

He added: “Even if they cut back for a while, it is not going to be enough to make up for the gigantic money printing that has been going on.”

Commenting on the future outlook for the U.S. dollar, Rogers said: “I do not like saying it but the U.S. is the largest debtor nation in world history and the world is looking for something to replace it or compete with the dollar.”

He explained that after Russia began its invasion of Ukraine, the U.S. just blocked Russia’s assets. Reiterating that “America just took the Russian’s money away,” Rogers warned:

Well, people do not like that and so many countries in the world … are looking for something to compete with the U.S. dollar.

Rogers also discussed cryptocurrency during the interview. Replying to a question about whether he owns any bitcoin, the veteran investor revealed:

I do not own any cryptocurrency. I wish I had bought bitcoin at $1, at $5.

The Quantum Fund co-founder proceeded to talk about central bank digital currencies (CBDCs). He…

Read more at news.bitcoin.com

Russia may be mining crypto in a prison from the 18th century. Here’s how it works

The deputy warden at Russia’s Butyrskaya prison in central Moscow is allegedly under the scanner for setting up a crypto mining farm on the prison premises, Bitcoin.com reported.

Bitcoin and cryptocurrencies have the world divided. While the government in El Salvador has welcomed the Bitcoin, those in power in China are dead set against them and have ordered crackdowns against their mining. Russia has found the altcoin helpful to navigate sanctions imposed for its aggressive actions in Ukraine. While it has been considering it as a legal currency, an old prison has been reportedly found to be a crypto mining destination in the capital city. 

Cashing in on utilities paid for by the government

In the past, we reported on the unlikeliest of places being converted into crypto mining centers. Whether it be a Tesla or an entire power plant, crypto fans have found some innovative ways to keep their hunt for new coins going. 

The prison in Moscow, though, isn’t a dilapidated structure that fell into the rogue hands. Built in 1771, the prison is very much functional even today, and the mining operation was allegedly run in the psychiatric clinic set up by the Federal Penitentiary Service in the country. 

According to the report, the operation had not been on for very long. The equipment had been installed only in November last year, the peak of Bitcoin’s rally, and had remained operational till February when the price of a Bitcoin stabilized to about $40,000. We do not know why the operations at the mine ceased but in the short duration they were run, approximately 8,400 kW of electricity was used and the bill of 62,000 roubles (US$ 1,000) was footed by the government. 

The deputy warden is reportedly being investigated for this cause. However, his accomplices in this operation are yet to be identified. 

Crypto mining wreaks havoc on electricity grids

Based on the information available, the operation did not run for very long or consume too much power. However, crypto…

Read more at interestingengineering.com

Davos Russia House isn’t what it used to be- POLITICO

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Biden in Japan: Japanese Prime Minister Fumio Kishida has welcomed President Joe Biden for his first official visit to Japan, declaring solidarity with the U.S. in confronting Russia’s invasion of Ukraine, which he said “undermines the foundation of global order.”

Biden said that the U.S. remains committed to Japan’s defense, and unequivocally stated his administration would defend Taiwan if it were attacked.

Indo-Pacific Economic Framework launched: Don’t believe any hype you see about this being a trade agreement — it’s all intentions and no tariff reductions. “We will seek” is the key repeated phrase in the launch document, showing there’s a lot of work to do, but the framework does at least involve a stellar line-up of countries who prefer to dialogue with the U.S. over China.

Up next: A meeting of the Quad alliance takes place Tuesday in parallel to business leaders meeting in Davos.

Kishida announced plans for the 2023 G-7 leaders summit to take place in Hiroshima.

AUSTRALIA GOES GREEN

Australian voters on Saturday dumped their conservative Liberal-National Coalition government which has ruled for nine years.

While unemployment is at its lowest level in 50 years, voters cared more about inflation pressures and climate change. The pro-coal government suffered massive defections with large chunks of their wealthy voter base shifting to the Greens and a group of so-called Teal Independents backed by the Climate 200 organization, which won a combined 15 seats in the 150-seat parliament.

Center-left Labor Party leader Anthony Albanese — known Down Under as “Albo” — is now Australia’s 31st prime minister, succeeding Scott Morrison. In his victory speech, Albanese promised to make Australia a “renewable energy superpower.”

Albo in a paragraph: Raised by a single mother in government housing, the 59-year-old is only the fourth Labor leader since World War II to…

Read more at www.politico.com

Crypto comes to Washington. Will the millions buy influence? – The North State Journal

FILE – In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah. (AP Photo/Rick Bowmer)

WASHINGTON, D.C. — Erin Houchin braced for the worst when a mysterious group started buying television ads last month in her highly competitive southern Indiana congressional race. 

Houchin assumed she would face a negative blitz, like the one that crushed her in 2016 when she ran for the same seat. But, in fact, the opposite happened. 

American Dream Federal Action, a super political action committee financed by a cryptocurrency CEO, saturated the district with ads promoting Houchin as a “Trump Tough” conservative who would “stop the socialists in Washington.” That push helped secure her victory last week in a Republican primary. 

“All you can do is hold your breath,” Houchin’s longtime consultant, Cam Savage, said of when they learned about the ad buy. “It could help you, but the fear is it will end you.” 

The impact of the unsolicited helps shows how cryptocurrency tycoons are emerging as the new political power players. They are pouring millions of dollars into primary elections as they try to gain influence over members of Congress and other government officials who are crafting regulations. 

This year, for the first time, industry executives have spent nearly $20 million so far, according to records and interviews. 

It’s a delicate but deliberate march by companies that make money based in part on evading government attention. 

More than $100 million also has been spent lobbying since 2018 by crypto companies, as well as those who potentially stand to lose if the industry goes mainstream, records show. 

The push comes as the Biden administration and Congress consider new regulations and set funding levels for agencies that will oversee crypto. 

“What do they want? They want no regulation, or they want to help write the regulation. What else is new?” asked Sen….

Read more at nsjonline.com

Davos day one: Zelenskiy calls for maximum sanctions against Russia; recession fears on the rise – business live | Davos 2022

That is probably all for today…. here’s our news story on the main news event of the day, president Zelenskiy’s speech:

And some background reading about how Davos isn’t quite the same this year.

We’ll be back tomorrow. GW

Finishing on a positive note, David Rubenstein argues that the current crisis is a less serious economic shock than the Covid-19 crisis, the financial crisis, or the dot-com bust.

It’ll be a mild recession, if it’s a recession, he says. [actually, he’s been using ‘banana’ for ‘recession’, echoing an advisor to President Carter who didn’t want to scare the electorate].

Onto the crypto crash, and David Rubenstein makes a salient point:

And on the turmoil in stablecoins, Georgieva says that when a stablecoin is backed 1-to-1 with its underlying asset, then it’s stable. If not, then it’s a pyramid – and pyramids eventually collapse.

Regulating the stablecoins, ensuring interoperability of CBDC’s (central bank digital currencies) is something we need to work on, she adds.

Here’s a video clip of IMF chief Kristaline Georgieva warning a few minutes ago that 2022 will be a tough year (as it has been already!).

She also points out that the oil price dipped in the last week on signs of economic slowdown, but food kept rising.

That’s because you can shrink petrol use when growth slows, but people still have to eat every day.

International Monetary Fund Managing Director Kristalina Georgieva on Monday said she does not expect a recession for the world’s major economies but also cannot rule one out, Reuters reported. pic.twitter.com/hcioyiQDk1

— CGTN Africa (@cgtnafrica) May 23, 2022

Billionaire businessman David Rubenstein tells the Global Economic Outlook panel that the markets have overreacted this year, with Wall Street tumbling to around bear market territory.

And he denies that the slump in technology stocks this year is a repeat of the dot-com crash in 2000.

Back then, companies with little more than a…

Read more at www.theguardian.com

NFTs losing luster as cryptocurrencies crash – Arab News

NFTs losing luster as cryptocurrencies crash  Arab News
Read more at www.arabnews.com

Crypto is ‘Worth Nothing,’ Lagarde Declares

European Central Bank President Christine Lagarde came down on the side of regulating digital currencies, saying crypto is “based on nothing,” Bloomberg reported Friday (May 20).

She said regulators should pass new rules to make sure people are less likely to speculate on cryptocurrencies with their life savings. Lagarde said she’s been concerned about people losing their money when they have “no understanding of the risks.”

Crypto has been facing some tough times, as amid the collapse of the UST stablecoin, most cryptocurrencies are down sharply from peaks from the end of 2021, including big names like bitcoin and ether.

And the asset class is also, at the same time, seeing more opposition from regulators globally, who are worried about the impact on the financial system.

Lagarde has said she’s “skeptical” of the value of crypto. “It is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said. She contrasted it with the possible debut of the European Central Bank (ECB)’s digital euro, which might come in the next few years.

“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will be behind it and I think it’s vastly different than many of those things,” Lagarde said.

See also: EU Eyes Tougher Measures to Block Crypto Use to Circumvent Sanctions

PYMNTS wrote recently that the EU would be looking into ways to make sure digital assets won’t be used to dodge sanctions against Russia.

The bloc wants to put financial penalties on Russia for its invasion of Ukraine. Bruno Le Maire, French finance minister, said things were being talked about in videoconferences to make the sanctions more effective.

At the time, Lagarde was quoted saying legislation would be a plus, so that firms issuing crypto assets wouldn’t deal with Russian clients.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE…

Read more at www.pymnts.com

BRICS Countries Told to Consider Countering the Dollar’s Global Hegemony – Economics Bitcoin News

Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.

BRICS Countries’ Dependence on the US-Dominated Global Financial System

Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.

As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.

In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:

The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.

US Dollar Neutrality

The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in…

Read more at news.bitcoin.com

Lagarde Says Crypto Is ‘Worth Nothing’ and Should Be Regulated

(Bloomberg) — European Central Bank President Christine Lagarde said crypto-currencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings.

Most Read from Bloomberg

Lagarde told Dutch television that she’s concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.”

The comments come amid choppy times for crypto markets, with digital currencies Bitcoin and Ether down 50% from last year’s peak. At the same time, the asset class is facing tougher scrutiny from regulators worried about the dangers it may pose to the broader financial system.

Lagarde said she’s skeptical of crypto’s value, contrasting it with the ECB’s digital euro — a project that may come to fruition in the next four years.

“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said.

“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will behind it and I think it’s vastly different than many of those things,” Lagarde said.

Other ECB officials have already voiced concerns. One is Executive Board member Fabio Panetta, who said in April that crypto-assets “are creating a new Wild West,” and drew parallels with the 2008 subprime mortgage crisis.

Lagarde said she doesn’t hold any crypto assets herself because “I want to practice what I preach.” But she follows them “very carefully” as one of her sons invested — against her advice. “He’s a free man,” she said.

Most Read from Bloomberg Businessweek

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Read more at ca.finance.yahoo.com

Anonymous Allegedly Hacks Sberbank, Russia’s Largest Bank – Bitcoin News

Hacktivist collective Anonymous has allegedly breached the systems of one of the largest financial institutions in Russia, Sberbank. The attackers announced on social media they have published thousands of emails, phone numbers, and addresses.

Anonymous Hackers Reportedly Gain Access to Sberbank Database

Decentralized hacking group Anonymous claims to have hacked Sberbank. A Twitter account associated with the collective, @YourAnonOne, announced the attack earlier this week, noting the institution is the largest bank in the Russian Federation and the region of Eastern Europe.

Moscow-headquartered Sberbank, currently called Sber, is a majority state-owned banking and financial services company with a presence in several European nations, mostly in the post-Soviet space. Western sanctions imposed over Russia’s invasion of Ukraine have affected its operations. At the end of February, Sberbank Europe said it was leaving the European market.

A tweet from another account linked to Anonymous detailed that the hackers have acquired and leaked 5,030 emails, addresses, and phone numbers from the compromised database. Sberbank, which reportedly accounts for around a third of all bank assets in Russia, has not yet commented on these claims.

The post redirects to an archive with five Excel files, crypto news outlet Forklog reported on Friday. They contain information about the bank’s free safe deposit boxes as of June 14, 2016, a register of property and partner appraisers, a list of the types of traded futures contracts, and a blank template of a certificate of property status and current obligations.

Shortly after the Russian armed forces crossed the Ukrainian border in late February, Anonymous declared a cyberwar on Russia, vowing to disrupt the country’s internet. It has since targeted the websites of the Kremlin, the…

Read more at news.bitcoin.com