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China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level

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China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping…

SEC Orders Crypto Firm to Pay Harmed Investors $35 Million — Charges Influencer Ian Balina

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The U.S. Securities and Exchange Commission (SEC) has ordered crypto firm Sparkster and its CEO to pay $35 million into a fund for distribution to harmed investors. The securities regulator also charged crypto influencer Ian Balina for promoting crypto tokens without…

Colombia Plans to Launch Digital Currency to Reduce Tax Evasion

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The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also…

India Freezes Peter Thiel-Backed Vauld’s Crypto and Bank Assets Worth $46 Million

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India’s Enforcement Directorate (ED) has frozen crypto exchange Vauld’s crypto and bank assets worth about INR 370 crore ($46,439,181). Vauld halted deposits and withdrawals last month. The Indian law enforcement agency is reportedly investigating more than 10 cryptocurrency exchanges. Indian Authority…

Celsius Clients Beg Bankruptcy Court to Release Crypto, One Customer Needs Funds to ‘Put Food on the Table’

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After the crypto lender Celsius filed for bankruptcy protection on July 13, the company recently contacted customers and explained that an employee from one of the firm’s vendors accessed a list of Celsius client emails, and the email addresses were “transferred…

Why Migrants Are Turning to Crypto: The Key to Attaining the UN Goal to Reduce Remittance Costs to Less Than 3% by 2030

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The cost incurred by African migrants or expatriates when sending funds via the so-called formal corridors remains way above the UN target of less than three percent, the latest data from the World Bank has shown. On the other hand, the…

Report: Nigerian Central Bank Incentive Scheme Failed to Halt Naira Depreciation

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The Central Bank of Nigeria (CBN)’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme…

Wechat to Prohibit Accounts From Providing Some NFT and Crypto Services

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Tencent’s Wechat intends to impose penalties on public accounts facilitating secondary trading of NFTs, a press report has revealed. Accounts offering transaction channels and guidance for cryptocurrencies have also been targeted by the new rule. Popular Chinese App to Impose Restrictions…