Paolo Ardoino, the chief technology officer of Bitfinex, has dismissed claims that Bitfinex has been breached as “pure FUD [fear, uncertainty and doubt].” A report by Shinoji Research suggested that the ransomware group, Fsociety, might have access to every Know Your Customer (KYC) document since Bitfinex’s inception. A security researcher suggested that these claims might […]
Bitcoin News
Bank of Russia Dismisses US Asset Confiscation Effects on Russia’s Economic Stability
The Bank of Russia has dismissed the effect that a future confiscation of Russian assets in the U.S. might have on the nation’s economic stability. Elvira Nabiullina, governor of the bank, stated that Russia has been diversifying its asset portfolio for many years and that the assets to be seized weren’t in use anymore. Bank […]
Bitcoin News
Salvadoran Official Crypto Wallet Chivo Dismisses Alleged Hacking Event
Chivo wallet, the official cryptocurrency wallet of El Salvador, has dismissed an alleged hack of the source code of its software and the data of over 5 million users linked to the wallet’s KYC procedures. According to Chivo, the data of Salvadorans is protected, and the security of its data has never been breached. Chivo […]
Bitcoin News
Court Dismisses Custodia Bank’s Challenge Against Federal Reserve
In a significant ruling, a federal judge has dismissed Custodia Bank Inc.’s claim for entitlement to a Federal Reserve master account, marking a setback for the Wyoming-based depository institution. Custodia Bank argued that the Federal Reserve Bank of Kansas City (FRBKC) was legally obliged to grant its application for a master account, a critical financial […]
Bitcoin News
Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors
The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.”
No Shortage of Naira Banknotes Says the Central Bank
The Central Bank of Nigeria (CBN) has dispelled ongoing rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. The bank also rejected reports of cash shortages in major cities across Nigeria.
All Banknotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender. #NairaBankNotes pic.twitter.com/x8WotrLp54
— Central Bank of Nigeria (@cenbank) November 8, 2023
In a statement issued on Nov. 8 via X (formerly Twitter), the bank said the laws governing its operations clearly state that all banknotes issued by the CBN “should not be rejected by anyone.” It added that CBN branches across the country have been told to continue issuing different denominations of both the old and redesigned naira banknotes.
Spearheaded by the then governor Godwin Emefiele, the Nigerian central bank’s demonetization process was started to ostensibly counter activities of parallel market foreign exchange dealers and currency hoarders. However, several local media reports at the time claimed the exercise was intended to derail then-presidential aspirant Bola Tinubu’s campaign.
CBN Warns Against ‘Panic Withdrawals’
As previously reported by Bitcoin.com News, the CBN’s attempt to demonetize old naira banknotes without injecting sufficient supply of the redesigned banknotes is thought to have caused cash shortages. After it initially refused to give in to the public’s demand for an extension of the deadline, the CBN eventually relented and the demonetized banknotes were made legal tender again.
Meanwhile, in its latest warning to entities and individuals who are rejecting the old banknotes, the CBN said:
“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the naira as a means of payment.”
The bank also told the Nigerian public to guard against what it called panic withdrawals. It also encouraged the use of alternative modes of payment.
What are your thoughts on this story? Let us know what you think in the comments section below.
US Court Dismisses Former Celsius Network CEO’s Motion to Block New York Attorney General’s Lawsuit
Former Celsius Network Alex Mashinsky will now have to defend himself against a lawsuit filed by New York Attorney General Letitia James after a New York County Supreme Court Justice rejected his attempts to have the suit dismissed. The court’s decision blocks the attempt by Mashinsky to stop James from seeking to preclude him from issuing securities or serving as a company officer in the state.
Mashinsky Misstatements Induced Investors to Deposit Assets on Celsius
A United States judge has rejected former Celsius Network CEO Alex Mashinsky’s attempt to have the court dismiss a lawsuit filed by New York Attorney General (NYAG) Letitia James, a report has said. The court’s decision blocks the attempt by Mashinsky to stop James from seeking to preclude him from issuing securities or serving as a company officer in the state.
In her judgment, New York County Supreme Court Justice Margaret Chan reportedly argued that James’ lawsuit should be allowed to stand because there are enough accusations to sustain the case against Mashinsky.
“There are sufficient allegations to support a plausible inference that Mashinsky’s alleged misstatements induced or promoted new investors to deposit assets in Celsius’ earned-interest accounts,” Justice Chan said in her ruling.
Mashinsky’s Misrepresentation of Celsius’ Financial Condition
As reported by Bitcoin.com News in January, James is said to have filed the lawsuit against Mashinsky after it became of the former CEO’s false and misleading statements about Celsius Network’s financial well-being. In addition, the former boss of the collapsed crypto lender is also accused of encouraging thousands of investors to deposit onto the platform digital assets worth billions of dollars.
In response to the NYAG’s lawsuit, Mashinsky filed a motion to dismiss the lawsuit on the basis that the alleged misleading statements were in fact “nonactionable puffery” and immaterial. However, according to the Bloomberg report, Justice Chan did not agree with Mashinsky’s characterization of his interactions with the crypto lender’s investors.
Instead, she suggested in her ruling that the allegations against Mashinsky depict an “individual actively misrepresenting the financial condition of his company to keep it afloat.”
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Ran Neuner Believes Blackrock’s Bitcoin ETF Could Double Price Next Year, Dismisses ‘Malicious Intent’ Speculations
Following Blackrock, the largest asset manager globally, filing for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), Ran Neuner, host of Crypto Banter, stated during an interview with Michelle Makori, lead anchor for Kitco News, that he believes the asset manager has “no malicious intent.” Neuner additionally expressed his view that the price of bitcoin could potentially double next year, stating that this is on the “conservative” side.
Crypto Banter Host Ran Neuner Bullish About Blackrock Spot Bitcoin ETF Filing
Many members of the crypto community have been engaged in discussions regarding institutional interest in the crypto economy, which has increased following Blackrock’s filing for a spot bitcoin ETF. While the filing has sparked institutional interest and led to a rise in crypto prices, there are speculations suggesting that the firm’s move might be a “coordinated attack.” Some individuals have presumed that the filing strangely occurred shortly after the initial wave of enforcement actions known as “Chokepoint 2.0” targeting influential entities within the crypto industry.
During a recent interview with Michelle Makori, lead anchor and editor-in-chief for Kitco News, Ran Neuner, the host of Crypto Banter, expressed his belief that Blackrock’s intentions are not malicious, despite the rumors and criticism circulating on social media. Some crypto enthusiasts have scrutinized the details of Blackrock’s ETF filing, noting a mention of a hard fork, leading to speculation that Blackrock could take control of development and split the network. “That is not a theory I’m concerned about, to be honest,” Neuner emphasized to Makori.
“Whether or not one party owns all the bitcoin won’t make bitcoin centralized,” Neuner insisted to the show host. “The only way that that can change is if the majority of the miners, over 50 percent of the miners around the world, agree that the rules need to change … Regardless of who owns the bitcoin, the mining still remains decentralized.”
Neuner expressed his viewpoint that Blackrock’s spot bitcoin ETF, combined with the upcoming halving scheduled for April 20, 2024, will drive the price upwards. Neuner stated his belief that the price could potentially reach “much higher” levels, doubling its current value. “I’m just being conservative,” he told the Kitco News show host. “I think [the Blackrock ETF] could be a game changer,” Neuner stated. “If you get a bitcoin spot ETF, you now really open all of this money coming into crypto with an easy way to access this asset.”
Although Neuner’s theory is plausible, there were complaints following the approval of a spot gold ETF by the U.S. in 2004, as it faced accusations of price manipulation and suppression. In the interview, Neuner also discussed U.S. presidential candidates who have expressed support for Bitcoin (BTC), such as Francis Suarez, Ron DeSantis, Robert F. Kennedy Jr., and Vivek Ramaswamy. Neuner views the increasing number of candidates endorsing BTC as a positive development that brings the topic into the spotlight.
“Most of the candidates that have put their hats in the ring … have taken a favorable position on bitcoin and crypto,” Neuner explained. “The market is telling you, and the politicians are telling you, that bitcoin is an election issue.”
What are your thoughts on Ran Neuner’s optimism toward the Blackrock Spot Bitcoin ETF filing? Share your thoughts and opinions about this subject in the comments section below.
Musk on ‘Massive Incentive’ to Get Money Out of Banks, Dave Ramsey Dismisses De-Dollarization Fears, BTC Network Congestion Eases, and More — Week in Review
Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance coach and author Dave Ramsey, for his part, thinks that de-dollarization fears are overblown. In crypto news, Bitcoin’s network congestion issues began to ease this week. All this and more just below, in the latest Bitcoin.com News Week in Review.
Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’
Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned.
Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US Dollar
Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed.
Fed Reveals 722 Banks Reported Unrealized Losses Over 50% of Capital as Concerns Over US Banking Crisis Grow
The U.S. Federal Reserve has revealed that 722 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” according to the Fed’s Division of Supervision and Regulation.
Bitcoin Network Starts to Clear Congestion, Onchain Fees Drop by 90%
On May 7, 2023, the Bitcoin network was plagued with an overwhelming 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that the congestion has been clearing, resulting in a significant reduction in onchain fees.
What are your views on this week’s stories? Be sure to let us know in the comments section below.
Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US Dollar
Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed.
Dave Ramsey on De-Dollarization and Challenges From Alternative Currencies
Personal finance guru and Ramsey Solutions CEO Dave Ramsey answered a question about de-dollarization in an episode of “The Dave Ramsey Show,” aired last week. Ramsey is an eight-time national best-selling author who sold more than 11 million copies. A self-proclaimed personal money management expert, he calls himself “America’s trusted voice on money.”
Zack from Alabama asked him:
I’m reading more and more about de-dollarization and countries moving away from the U.S. dollar as their basis of international trade. Will this affect the strength of the dollar, and should I be concerned about how I’m saving and investing as a result of this?
Ramsey began by telling the Alabama man that he is “spending too much time on the internet” and has gotten into a conspiracy theory about the demise of the U.S. dollar. Regarding countries moving away from the USD for international trade, Ramsey said China, Russia, and Brazil “are the three main players in this.”
He stressed, “They already don’t use the U.S. dollar as their basis of international trade,” emphasizing that all three countries have their own currencies and “there’s a conversion rate” between each of those currencies and the U.S. dollar. The self-proclaimed personal finance guru opined: “The three largest countries … are talking about bringing in some of the oil countries in the Middle East … they’re trying to come up with one currency that they all use.” The BRICS nations (Brazil, Russia, India, China, and South Africa) are working to create a common currency that will reduce their reliance on the USD.
Ramsey noted that the new, common currency they come up with would be used for international trade and “converted back and forth to dollars much like Europe did with the euro which, by the way, kind of didn’t work.” He added: “These countries — if they did all agree to use one currency, it would be much like when Europe went to the euro and then that’s going to exchange for the dollar back and forth.”
He continued:
Are those countries going to be able to devalue the dollar by doing that? No. Because while they do take up a lot of land mass, they do not take up a lot of the gross domestic product (GDP) of the world.
“The United States still is the vast majority of the gross domestic product of the world, still. China’s is big, Russia is basically horrible, and Brazil is in a failed economy, like times 10, and it’s tiny as far as economics go,” he continued. “When you put them all together, they don’t have the muscle to take down the dollar. They just don’t, mathematically. It’s arithmetic. They just don’t have it.”
Ramsey further said: “Now, what they are going to do if they all do put it together, it’s not a de-dollarization. It’s not doing away with the dollar. They’ve created their own currency. They’re still going to have to trade with the 800-pound gorilla which be us, and you’re going to have to trade with us in dollars, so whatever little currency you create over there in your little fantasy world that you live in, you still going to have to trade it for dollars, so it’s not going to take down the dollar.”
Mocking the size of Brazil, Ramsey said: “When you look at the math, it’s humorous.” As for Russia, he said that it’s “a huge land mass” but “their economic production is pitiful.” In conclusion, Ramsey said:
Am I worried about this? Absolutely not. Absolutely zero, because Russia is pitiful and China has no labor force.
Noting that China’s “labor force is aging out because they stopped having babies legally,” Ramsey stressed: “They have no young labor force coming on.”
Many people do not share Ramsey’s view, warning that a common BRICS currency could erode the U.S. dollar’s dominance. Among them is a former White House economist, who recently said that if the BRICS uses only its common currency for international trade, “they would remove an impediment that now thwarts their efforts to escape dollar hegemony.” A Swedish university professor has cautioned that Saudi Arabia joining the BRICS group would accelerate the use of the Chinese yuan as a trading currency. A former Morgan Stanley economist expects the world to evolve from a unipolar reserve currency world to a tripolar world — with the U.S. dollar, the Chinese yuan, and the euro as dominant currencies.
Do you agree with Dave Ramsey about de-dollarization and that a BRICS currency or the Chinese yuan cannot erode the U.S. dollar’s dominance? Let us know in the comments section below.
Court Dismisses Former Monero Developer’s Bid to Have His Extradition to South Africa Declared Illegal
The Supreme Court of Appeal (SCA) in South Africa has rejected former Monero lead maintainer Riccardo Spagni’s bid to have it declare his extradition from the United States to South Africa illegal. In its ruling, the Supreme Court of Appeal insisted that Spagni did not sufficiently argue for the voiding of the extradition process.
Spagni Challenges Extradition Process
A South African court has dismissed former Monero lead developer Riccardo Spagni’s attempt to have his extradition from the United States to South Africa ruled illegal, a local report has said. In its ruling, the court argued that Spagni had legal representation when he voluntarily waived his rights during an extradition hearing, hence he cannot question the validity of the extradition process.
As previously reported by Bitcoin.com News in July 2022, Spagni, who initially resisted the extradition attempts, eventually agreed to return to South Africa on the condition that his “release on warning had not been cancelled and the state had to cancel it.” This then paved the way for Spagni’s transfer from U.S. custody to South African law enforcement.
However, according to a News 24 report, Spagni had, prior to his departure for South Africa, filed a suit with the SCA which challenged the Western Cape High Court’s handling of the extradition hearing. In the suit, which was initially dismissed, the former Monero developer argued that the extradition request should not have been submitted by the director of public prosecutions.
Spagni’s Moot Argument
In response, the director of public prosecutions reportedly suggested that Spagni’s argument became moot after he was transferred to South African authorities.
“It found that the appellant had failed to make out a case for this court to determine the validity of his extradition process as that would have no practical effect. The appeal was thus dismissed on mootness alone,” a summary of the SCA’s judgment reportedly stated.
Meanwhile, the report suggested also that Spagni’s trial will now continue at Cape Town’s regional magistrate court.
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