Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Crypto issue requires immediate attention, says FM Sitharaman

<ul class="summary-list"><li>Binance is looking to new markets following an SEC lawsuit in June.</li><li>Tokens worth $90 billion were traded on Binance in China in May, The Wall Street Journal reported.</li></ul>Binance found itself all but shut out of the US after the Securities and Exchange Commission <a href="https://markets.businessinsider.com/news/currencies/sec-sues-binance-ceo-changpeng-zhao-crypto-securities-regulation-2023-6">filed a lawsuit</a> against the cryptocurrency exchange in June. Regulatory pressure became so intense that the embattled firm even considered shutting down its American operations entirely, <a href="https://affiliate.insider.com?h=3a76391cf3dbfa69f6eb9d761ef7cd2983b72240dae28cddac1982222fd2f0ca&amp;postID=64ca30b629ea7163e0d8380e&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fbinance-ceo-changpeng-zhao-pushed-to-shutter-u-s-exchange" target="_blank" rel="noopener">The Information reported</a>. However, Binance's prospects appear rosier in China – even though cryptocurrencies are illegal there. The People's Bank of China banned crypto trading in September 2021 due to their potential to facilitate money laundering and destabilize the country's financial system. Yet this doesn't appear to have deterred traders from using Binance through VPNs and foreign residency cards, <a href="https://www.wsj.com/articles/crypto-is-illegal-in-china-binance-does-90-billion-of-business-there-anyway-2a0af975?mod=hp_lead_pos2" target="_blank" rel="noopener">The Wall Street Journal reported.</a>According to documents obtained by the Journal, Chinese users traded crypto assets worth $90 billion in May this year, making it Binance's largest market by far.The exchange has 5.6 million accounts in China, with almost one million of those active, according to the internal report titled Mission Control. "The greatest challenge that Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China. At the same time, our opposition in the West bends over backward to paint us as a 'Chinese company,'" Binance CEO Changpeng Zhao wrote in a blog post last year.The SEC accused Binance of violating securities laws and operating an illegal exchange in what the SEC chair, Gary Gensler, called a "web of deception". Just 24 hours after the lawsuit was filed, <a href="https://markets.businessinsider.com/news/currencies/binance-sec-lawsuit-780-million-outflows-assets-safe-crypto-investors-2023-6">customers pulled almost $800 million from the exchange. </a>The customer flight is partly why Binance laid off more than 1,000 of its 8,000 employees worldwide last month, <a href="https://www.wsj.com/articles/binance-lays-off-over-1-000-employees-d59ff6ad" target="_blank" rel="noopener">the Journal reported.</a>Binance did not immediately respond to a request for comment from Insider, made outside normal working hours.A company representative told the Journal that the Binance.com website was "not accessible to China-based users" without elaborating.

China is Binance's biggest market despite its ban on cryptocurrency trading, report says

<ul class="summary-list"><li>A group of senators came together around a new bill to ban lawmakers from trading stocks.</li><li>It's the most significant development on the issue in years, but it's unclear if it will get a vote.</li></ul>On Wednesday, a key Senate panel approved a bill that would ban lawmakers from trading stocks.The Senate Homeland Security and Government Affairs Committee approved the legislation — known as the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act — by an 8-4 vote.Republican Sens. Rand Paul of Kentucky, Ron Johnson of Wisconsin, Mitt Romney of Utah, and James Lankford of Oklahoma voted against it."The public doesn't think we should profit from having information that they don't have, and we shouldn't" Democratic Sen. Jeff Merkley of Oregon, one of the key sponsors of the bill, told reporters in his office on Tuesday.Polling has shown for years that the idea of banning lawmakers from trading stocks in broadly popular among members of both parties. Several lawmakers have even campaigned on the issue. Yet a vote on legislation to address the public's concerns has remained elusive.Wednesday's Senate committee vote is the most significant progress on the effort in years. Here's what you should know about the bill.<h2 id="279fe08d-6f4d-4a11-9dd5-855290fe6783">It's a sweeping bill — but it wouldn't take full effect until 2027</h2>Under this bill, members of Congress — along with the President and Vice President — would be banned from purchasing stocks and cryptocurrencies beginning 90 days after the bill's signed into law.Then, on March 31, 2027 — two and a half years from now — a more complete ban takes place. Those same politicians, as well as their spouses and any dependent children, would have to sell off all of their stocks within 120 days after that.The reason for that delay is to give lawmakers, particularly those who have large stock portfolios and may not have contemplated a trading ban when they were running for office, plenty of time to comply with the rules. The bill also forbids lawmakers from buying stocks until 90 days after they've left office.The bill also comes with steep fines for politicians who break the law: Either one month's salary or 10% of the value of each stock, whichever is greater.Finally, the bill would create a searchable database of lawmakers' financial holdings more broadly, which are currently only accessible via individual online filings.The full text of the legislation can be found <a target="_blank" class="" href="https://s3.documentcloud.org/documents/24989856/lew24315.pdf">here.</a><h2 id="d6fab198-4aaf-4e97-ba55-ee71a5676485">Lawmakers wouldn't be able to keep blind trusts</h2>One key difference between this bill and previous proposals is that it doesn't allow for lawmakers to continue holding stocks <a target="_blank" class="" href="https://www.businessinsider.com/tom-malinowski-puts-stock-trades-blind-trust-congress-finances-transparency-2021-8">via "blind trusts,"</a> which some have criticized as insufficient."There's been a sense that they're not really blind," Merkley said. "It's just easier and more straightforward to say: If you want to serve in the Senate, serve the people, not your portfolio."There are still certain assets that lawmakers and their families could continue to hold, such as mutual funds, US Treasury bills, and municipal bonds.<h2 id="500fe928-3edd-4374-9ff6-fd4337f1eedd">This is the most significant progress on a stock trading ban in years</h2>The last time either chamber got close to passing a stock trading ban was in September 2022, when House Democrats proposed a sweeping bill that <a target="_blank" class="" href="https://www.businessinsider.com/nancy-pelosi-stock-trading-ban-blind-trust-loophole-ethics-experts-2022-9">included a major loophole</a> and had little time to be vetted by members.The bill was <a target="_blank" class="" href="https://www.businessinsider.com/no-stock-trade-ban-vote-before-midterms-bill-text-2022-9">ultimately yanked after opposition</a> quickly bubbled up. Many saw the effort as a sham designed to appease those who had been pushing for a stock trading ban.In the years since, Merkley — along with Democratic Sen. Jon Ossoff of Georgia and Josh Hawley of Missouri — worked together to create a new bipartisan bill that fused elements of different pieces of legislation that they had proposed over the years.The new bill was also sponsored by Democratic Sen. Gary Peters of Michigan, the chairman of the committee.<h2 id="41e1295f-cd67-41c7-892e-1073fb9e20e5">It's unclear when the bill would get a vote</h2>Despite the progress represented by Wednesday's committee vote, it's unclear when or if the bill will come up for a vote.Just a few weeks of session remain for the rest of this year, and Senate Majority Leader Chuck Schumer has historically been hesitant to bring up bills that don't already have enough votes to pass. It's unclear if that's the case with this bill.Merkley told reporters that the bill's best shot would be to attach it to another must-pass bill — such as government funding legislation — in the form of an amendment.But he warned that the path ahead would be difficult, given that individual senators can hold up legislation fairly easily in the upper chamber."One person out of 100 can stop us from getting a debate on this," Merkley said. "I am hoping we will have a bill where there's enough momentum for critical amendments to be heard, that I can force a vote on this."

The Senate has a new plan to ban congressional stock trading. Here's what's in it.

<ul class="summary-list"><li>Airbnb host Ashley Class said she had to ban crypto mining at her North Carolina property.</li><li>She said guests ran up a $1,500 electricity bill after bringing many computer rigs into the home.</li></ul>Some Airbnb hosts have long <a target="_blank" class="" href="https://www.businessinsider.com/travelers-slam-airbnb-chore-lists-mow-lawn-laundry-cleaning-fees-2022-9">lists of house rules</a>, which can range from no pets to instructions on how to change the linens before you leave.One North Carolina host has had to add another: no cryptocurrency mining.On July 30, <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-hosts-competition-summer-travel-direct-bookings-influencers-boost-revenue-2024-5">Airbnb host</a> Ashley Class said in a video posted to TikTok that she had banned crypto mining in her short-term rentals after a bizarre guest experience. At first, guests who checked into one of Class's rentals in Charlotte, North Carolina, presented no red flags. They were "five stars all the way," Class said, with no issues or hiccups during their stay.That is, until the electric bill came. During their three-week stay, the guests ran up $1,500 in utility charges.Class went back and looked at footage from her outdoor camera, and saw that the guests had <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/bitcoin-mining">hauled in at least 10 computer rigs</a>, which she later figured out were for crypto mining. Cryptocurrency mining requires individuals to <a target="_blank" href="https://www.businessinsider.com/how-to-mine-bitcoin-ether-doge-crypto-earnings-costs-rigs-setup-advice">solve complex mathematical equations</a> to receive shares of digital cash. Many crypto "miners" <a target="_blank" href="https://www.businessinsider.com/researcher-bitcoin-supercomputers-2014-6">employ supercomputers</a> — which use tons of electricity — to solve these problems as quickly as possible. Environmental and financial concerns over the rise of crypto mining have led <a target="_blank" href="https://markets.businessinsider.com/news/cryptocurrencies/bitcoin-crypto-mining-china-crackdown-difficulty-2021-07?miRedirects=1">some provinces in China to outlaw the practice</a>."It was cheaper for them to rent a house than to pay for that electricity," Class said in her video. When reached by Business Insider by phone, Class declined to share further details of the incident.Class also said in the video that she messaged the guests and explained she would be charging them for the exorbitant electric bill. According to comments she posted on the TikTok video, the guests fought her <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-hosts-fed-up-policy-favors-guests-strike-snooze-listings-2022-4">until she got Airbnb involved</a> and shared documentation of the incident.The guest apparently had the funds to repay her, as Class shared in the comments that <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-cryptocurrency">they made $100,000 during their three-week stay</a>.Some commenters on TikTok, who appeared to be Airbnb hosts, mentioned they have also explicitly banned crypto in their listings."I also have in my rules no crypto mining. It's ridiculous we have to do this," TikTok user @Momma2Macy wrote.At least one other host said they were running to update their own rules."I've never heard of this, but thanks for the heads up! Heading to update my listing," user @blanket1_1 commented.

An Airbnb host had to ban crypto mining after guests racked up a $1,500 electric bill

<ul class="summary-list"><li>The chair of the Senate Banking Committee broached potentially banning cryptocurrencies in the US. </li><li>Senator Sherrod Brown told 'Meet the Press' on Sunday that cryptos remain "dangerous."</li></ul>The chair of the US Senate Banking Committee suggested banning cryptocurrencies on Sunday, highlighting the collapse of FTX and the threat of tokens. In an interview with "Meet the Press," Senator Sherrod Brown said he wants both the Securities and Exchange Commission and the Commodity Futures Trading Commission "to do what they need to do at the same time, maybe banning it," before cautioning that such a measure would bring a separate set of difficulties. He added that a ban would be difficult because crypto would then "go offshore, and who knows how that would work."Brown warned that cryptos are dangerous and a national security threat, saying they worsen problems like North Korean hacks, drug trafficking, human trafficking and terrorism financing.He pointed to the collapse of Sam Bankman-Fried's FTX as a basis for supporting a ban on cryptos, and said the fall of the world's second-largest crypto exchange "is only one huge part of this problem."Brown is a longtime crypto skeptic and lauded the Justice Department for filing criminal charges against Bankman-Fried on December 13. FTX filed for bankruptcy protection on November 11, with Bankman-Fried also stepping down as chief executive. SBF was arrested by authorities in the Bahamas on December 12 and is expected to be extradited to the US.

The US Senate Banking Committee chair suggests banning cryptocurrencies and says they are a threat to national security

<ul class="summary-list"><li>Russia's central bank is looking to prohibit investment in cryptocurrencies, Reuters reported Thursday. </li><li>The Bank of Russia is talking with market players and experts about the possible ban. </li><li>The ban could be applied to new cryptocurrency transactions but not prior ones. </li></ul>Russian central bank officials are working on prohibiting cryptocurrency investment to tame financial stability risks that it sees from an increase in crypto transactions, <a href="https://www.reuters.com/markets/currencies/russian-cenbank-seek-ban-investment-cryptocurrencies-sources-say-2021-12-16/">Reuters reported Thursday</a>. The Bank of Russia is talking with market players and experts about the possible ban, the report said, citing two unnamed financial market sources close to the central bank.One source said the ban may apply to new purchases of crypto assets but not prior transactions. Another source close to the central bank said its current position is a "complete rejection" of all cryptocurrencies. The Bank of Russia, in reply to a Reuters request for comment, said it was preparing an advisory report to voice its stance on the issue. It didn't mention any specifics. The increasing popularity of cryptocurrencies has raised concerns about financial stability, Central Bank First Deputy Governor Ksenia Yudaeva said earlier this month. The annual volume of crypto transactions carried out by Russians is about $5 billion, the central bank says, according to the report. Russia for years has spoken against cryptocurrencies, saying the digital assets could be used to launder money or finance terrorism. The country in 2020 gave them legal status but banned them from being used as a means of payment, the report said.A Russian crypto ban would follow China's. In September, Beijing declared all cryptocurrency transactions illegal amid an escalating crackdown on the sector. Still, the crypto market has boomed this year as more institutional and retail investors jump in. Its valuation had risen to $3 trillion for the first time but has since pulled back about $2.3 trillion.

The Russian central bank is gearing up to ban investment in cryptocurrencies, report says

<ul class="summary-list"><li>The Bank of <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> has voiced concern over <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> regulation and instead wants to ban it, but Russia's finance ministry disagrees.</li><li>Banning crypto would be like "banning the internet," says Finance Minister Anton Siluanov.</li></ul>Russian Finance Minister Anton Siluanov said Wednesday that banning crypto in Russia would be like "banning the internet."The warning comes as Russian policymakers debate crypto regulations, with the <keyword id="11964297" type="UNKNOWN" weightage="60" keywordseo="central-bank" source="Orion">central bank</keyword> calling for tight restrictions and the finance ministry seeking a looser approach."The Central Bank wants to put an outright ban on crypto assets, arguing that this creates risks, primarily for citizens and can 'infect' financial institutions, banks as well as create an opaque settlement market," Siluanov said at a briefing, per <a href="https://www.forbes.ru/investicii/455787-to-ze-samoe-cto-zapresat-internet-siluanov-vpervye-otvetil-na-mnenie-cb-o-kripte">Forbes Russia</a>. "This is the same as banning the internet, which is impossible."He has said more accommodative crypto rules would allow the government to track the market and expand the nation's economy. Meanwhile, the Bank of Russia wants a ban on crypto issuance, trading and information on those services, according to Forbes. Financial firms also would be allowed to own cryptocurrencies.Last week, the finance ministry proposed a set of regulations that would distinguish between qualified and unqualified crypto traders, with investment limits set on the latter. The government could also tax gains made on crypto investments.But Bank of Russia Governor Elvira Nabiullina said the central bank <a href="https://cointelegraph.com/news/russian-ministry-wants-to-legalize-bitcoin-mining-in-specific-areas">did not support</a> the proposal and would oppose it. The central bank has also pointed to the potential for money laundering and fraud as reasons not to allow <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>. Instead, it is pushing for a digital currency of its own.On Tuesday, the Bank of Russia <a href="https://www.cbr.ru/press/event/?id=12685">announced</a> successfully completing digital ruble transfers in a trial program. Olga Skorobogatova, the bank's deputy governor, said the digital ruble presents a "new opportunity for citizens, businesses, and the state." President Vladimir Putin has called on both sides to find a consensus. On Friday, the finance ministry and the central bank are set to report a joint bill, according to Russian news outlet <a href="https://www.rbc.ru/finances/08/02/2022/62026f5b9a7947818692d273">RBC</a>.

The Bank of Russia wants to ban crypto but top finance minister thinks that would be like 'banning the internet'

<ul class="summary-list"><li>The central bank of Russia is calling for a sweeping ban on <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> activity from mining to trading.</li><li>The bank released a report highlighting the risky and speculative nature of digital assets.</li><li>To mitigate these threats, the bank proposed three amendments to Russia's existing regulations.</li></ul>The central bank of Russia is calling for a sweeping ban on cryptocurrency activity from mining to trading, according to a report released Thursday.In a <a href="https://www.cbr.ru/Content/Document/File/132242/Consultation_Paper_20012022_eng.pdf">report</a> entitled "Cryptocurrencies: trends, risks, measures," the central bank laid out the threats posed by digital assets."Potential financial stability risks associated with cryptocurrencies are much higher for emerging <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, including in Russia," the report said. "This is due to the traditionally higher propensity for saving in foreign currency and an insufficient level of financial literacy."The report pointed to the speculative nature of digital assets, which it said has led to the formation of a bubble. Such assets also exhibit traits similar to a financial pyramid as their prices are largely dictated by demand driven by new market participants, the report added."Just as dollarization, cryptoization limits monetary policy sovereignty, which might force central bank to permanently maintain a higher key rate in order to contain inflation," the report said. "This will reduce the affordability of credit to both households and businesses."To mitigate these threats, the bank proposed three amendments to Russia's existing regulations:<ul><li>Ban crypto as a means of payment for goods, work, and services</li><li>Ban the organization and issuance of crypto, including by crypto exchanges, over-the-counter trading desks, and peer-to-peer platforms</li><li>Ban financial institutions from investing in crypto and conducting crypto transactions</li></ul>The report also tackled <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword>, saying that it jeopardizes the green agenda of Russia. The country is the third-biggest crypto mining nation in the world. Mining, according to the report, endangers the country's financial stability in several ways, the bank said. It creates unproductive consumption of electric power, which threatens the power supply of residents and businesses.It also said crypto mining creates the demand for infrastructure and machinery and exacerbates the "negative effects" of the spread of crypto due to fresh supply.Russia rose to become the third-largest for crypto miner in the world after China in 2021 <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">clamped down</a> on crypto activities, according to <a href="https://www.jbs.cam.ac.uk/insight/2021/geographic-shift/" target="_blank" rel="noopener">data</a> from the Cambridge Centre for Alternative Finance. The largest miners in Russia are concentrated in the country's northern region, where power is cheap and temperatures are low. The recent report comes as Russia attempts to rein in crypto-related activities over the the past few months. The country has already banned crypto as payment and prohibited mutual funds from investing in digital assets. Crypto transactions in Russia have reached $5 billion per year, according to estimates cited in the report. But the push to eliminate crypto activities may not come as much of a surprise given the political climate in the country. The Federal Security Service already advocated for a blanket ban since payments that are difficult to trace are increasingly used by Russians to make political donations, <a href="https://www.bloomberg.com/news/articles/2022-01-20/russia-s-fsb-tells-nabiullina-to-ban-crypto-to-defund-opposition?srnd=cryptocurrencies-v2">Bloomberg</a> reported.In February 2021, multiple media outlets reported that jailed Kremlin critic Alexei Navalny received nearly $300,000 worth of <a href="https://www.reuters.com/article/us-russia-politics-navalny-crypto-curren-idUSKBN2AB2GR">bitcoin donations</a>.

Russia's central bank is calling for a sweeping ban on crypto activity from mining to trading

<ul class="summary-list"><li>Greenpeace and others have launched a campaign to encourage <keyword id="11930891" type="UNKNOWN" weightage="60" keywordseo="bitcoin-miners" source="Orion">bitcoin miners</keyword> to change how new coins are created. </li><li>Bitcoin uses a "proof-of-work" mining process that uses excessive amounts of energy, campaigners said Tuesday.</li></ul>Greenpeace and other climate groups launched a campaign Tuesday to tackle the excessive energy use in bitcoin mining by encouraging a change in how new coins are created. The goal of the "Change the Code Not The Climate" campaign is to remake the code underpinning bitcoin mining, moving it away from a proof-of-work process or reinventing this method to make it less energy intensive. "Bitcoin uses an outdated technology called proof-of-work to validate transactions. This proof-of-work method, at least as it currently operates, uses massive amounts of energy, and thus is a huge source of climate pollution," campaigners said in <a href="https://www.cleanupbitcoin.com/">a statement</a>.They believe that as bitcoin's price rises, so too will the amount of energy consumed, as the two are intrinsically linked at present. Chris Larsen, the co-founder of Ripple, has pledged $5 million to finance the campaign. Meanwhile, climate activist groups including Greenpeace USA and the Environmental Working Group will coordinate the effort with local organizations.China banned <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> in May, and the bulk of the world's <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> mining now takes place in the US, where fossil fuels are used to power the industry. Proof-of-work requires high-powered computers to compete to solve puzzles in order to create new coins, and that competition can result in excessive energy use. The campaign argues that a simple code change could potentially reduce bitcoin's energy use by 99.9%."If only 30 people — the key miners, exchanges, and core developers who build and contribute to bitcoin's code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, bitcoin would stop polluting the planet," campaigners said.Ripple's Larsen said on Twitter he is supporting the campaign because the time for change is now, as institutional investors flood into the crypto market.But moving to proof-of-stake from a proof-of-work process is not easy, going by the example of ethereum. Bitcoin's closest rival has been battling with the shift, but has been hit with delays.While Vitalik Buterin <a href="https://markets.businessinsider.com/news/currencies/ethereum-blockchain-technology-crypto-cryptocurrency-ether-eth-vitalik-buterin-markets-2022-3">announced</a> last month that the merge — which will see ethereum move to a proof-of-stake consensus mechanism — is only months away, it has been seven years in the making. Change the Code Note the Climate faces a tough road in its mission to address some of the climate issues surrounding bitcoin and proof-of-work mining, not least the fact that bitcoin mining is a $15 billion dollar industry, according to The Block Research. The organizers plan to take legal action against proposed mining sites, and to lobby bitcoin proponents to call for a code change."In this world, with all these smart people, there has got to be a better solution," Larsen said.Read more: <a href="https://www.businessinsider.com/investing-strategy-how-to-play-the-yield-curve-inversion-goldman-2022-3" target="_blank" rel="noopener noreferrer">Goldman Sachs warns 'yield curve inversion' is on the way but this time it could be different — We lay out what this means, why it can be a threat to your investments and what you can buy to profit from it</a>

Campaigners call for bitcoin miners to drop 'proof of work' to reduce their excessive use of energy

<ul class="summary-list"><li><keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> said users in Singapore will no longer be permitted to buy and sell <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> from its main platform beginning October 26.</li><li>This includes fiat deposit services, spot trading of crypto, purchase of crypto through fiat channels, and liquid swap.</li><li>The move comes after Singapore's central bank on September 2 said Binance could be breaching local laws.</li></ul>Binance announced Monday that users of its main platform in Singapore will no longer be permitted to buy and sell cryptocurrencies beginning October 26, amid the country's tightening clampdown on digital asset platforms.The announcement comes as the <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange also said it's <a href="https://markets.businessinsider.com/news/currencies/china-crypto-ban-binance-huobi-cut-ties-mainland-users-reactions-2021-9" target="_blank" rel="noopener noreferrer">no longer accepting registrations from Chinese mobile numbers</a> after Beijing banned crypto transactions.In Singapore, <a href="http://binance.com/" target="_blank" rel="noopener noreferrer">binance.com</a> users <a href="https://www.binance.com/en/support/announcement/34c6c158d03a4877a4e13cf0927468bc" target="_blank" rel="noopener noreferrer">will not be allowed</a> to access certain functions such as fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels, and liquid swap.Users, Binance said, are encouraged to "cease all related trades, withdraw fiat assets and redeem tokens ... to avoid potential trading disputes."<a href="http://binance.com/" target="_blank" rel="noopener noreferrer">Binance.com</a> is separate from Binance Asia Services, a separate entity that operates Binance Singapore (<a href="http://binance.sg/" target="_blank" rel="noopener noreferrer">binance.sg</a>). BAS has submitted a license application to Singapore's central bank.The move followed a <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-trading-singapore-dollars-crackdown-monetary-authority-bans-warnings-2021-9">September 6</a> restriction when Binance said it will not offer products in Singapore dollars and will stop all online communication operations in the country. Binance also said it will remove its app from the country's Apple and Google pay stores and stop all online communication, including its Telegram channel. The successive announcements came after Singapore's central bank, the Monetary Authority of Singapore, on September 2 said Binance could be breaching local laws.MAS then put Binance.com on its <a href="https://www.mas.gov.sg/investor-alert-list">investor alert list</a>, which alerts residents to any unregulated platforms that have " been wrongly perceived as being licensed or regulated" by the central bank.Binance has been under intense scrutiny from global regulators over numerous concerns, such as cryptocurrencies being used in money laundering. Its decentralized operations, having no formal headquarters since its founding in 2017, have also had authorities from various countries scratching their heads.But in September, Binance finally admitted it needed a <a href="https://markets.businessinsider.com/news/currencies/binance-changpeng-zhao-cryptocurrency-regulators-warnings-bans-headquarters-2021-9?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">centralized headquarters</a> to work well with regulators all over the world, after being <a href="https://markets.businessinsider.com/news/currencies/binance-uk-fca-risk-financial-regulation-crypt-exchange-changpeng-zhao-2021-8?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">slapped with multiple warnings</a>, and in some jurisdictions, banned from operating due to its failure to register with local regulators.Most recently, Binance on <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-derivatives-futures-australia-regulator-options-leveraged-stop-close-2021-9">September 23</a>, said it is shutting down cryptocurrency derivative products for existing customers in Australia by the end of the year to appease regulators.Singapore has joined the <a href="https://www.businessinsider.com/britain-bans-cryptocurrency-exchange-binance-from-operating-in-uk-2021-6?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">UK,</a> <a href="https://www.theblockcrypto.com/linked/109736/binance-blocks-ontario-canada-users?utm_source=feedly&amp;utm_medium=rss=rss=rss=rss=rss=rss=rss" target="_blank" rel="noopener">Canada</a>, <a href="https://www.theblockcrypto.com/linked/109623/japan-fsa-another-warning-binance-unregistered-operations" target="_blank" rel="noopener">Japan</a>, <a href="https://www.reuters.com/technology/germanys-financial-watchdog-warns-crypto-exchange-binance-over-stock-tokens-2021-04-29/" target="_blank" rel="noopener">Germany</a>, <a href="https://markets.businessinsider.com/news/currencies/binance-thailand-sec-criminal-complaint-cryptocurrency-exchange-license-approve-2021-7?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Thailand</a>, and Italy, among others, who have issued bans and warnings to the exchange.

Binance bans users in Singapore from trading crypto as the country tightens its clampdown on the exchange

<ul class="summary-list"><li>China's crypto transaction volumes have stayed strong, despite a ban on digital assets.</li><li>Investors are turning towards cryptocurrencies as China's stocks have floundered. </li></ul>The massive slide in Chinese equity markets is emboldening domestic traders to turn towards cryptocurrency, despite Beijing's strict disapproval of the asset class.In the face of heavy regulation, mainland China still witnessed an estimated $86.4 billion raw transaction volume between July 2022 and June 2023, outpacing its industry-friendly counterpart in Hong Kong, a <a href="https://go.chainalysis.com/rs/503-FAP-074/images/The%202023%20Geography%20of%20Cryptocurrency%20Report.pdf?version=0" target="_blank" rel="noopener">Chainalysis</a> report found. That's as Chinese stocks have been dragged down in the last three years, witnessing a <a href="https://www.businessinsider.com/china-hong-kong-stock-market-slump-confused-beijing-economy-signals-2024-1">$6 trillion valuation</a> decline in that period. The downturn hasn't abated, with the country's <a href="https://markets.businessinsider.com/index/csi-300?utm_medium=ingest&amp;utm_source=markets">CSI 300</a> index already down 4% this year.Against this, both retail investors and brokerages in China are finding refuge in cryptocurrencies, sources told <a href="https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/" target="_blank" rel="noopener">Reuters</a>. One finance executive told the outlet that half of his portfolio is now made up of digital assets, which are up 45%."If you are a Chinese brokerage, facing a sluggish stock market, weak demand for IPOs, and shrinkage in other businesses, you need a growth story to tell your shareholders and the board," an anonymous crypto exchange executive said.Technically, Beijing implemented a <a href="https://markets.businessinsider.com/news/currencies/china-crypto-crackdown-timeline-regulatory-bitcoin-ether-solana-dogecoin-bans-2021-9">ban on crypto transactions in 2021</a>, adding onto earlier curbs that suspended crypto exchanges and restricted banks from participating in the industry.But investors have been finding ways around these barriers, Reuters reported. One strategy is to use over-the-counter channels, which are privately conducted transactions, or to go through international exchanges such as Binance. Otherwise, investors have also been using offshore bank accounts to purchase cryptocurrency, or turning to Hong Kong, which has endorsed use of the asset class. Even Chinese bank and brokerage subsidiaries in the territory are eyeing crypto opportunities.In recent days, Beijing has demonstrated a renewed desire to attract investors back into its equity markets, with a <a href="https://markets.businessinsider.com/news/stocks/china-stock-market-crash-beijing-intervention-hang-seng-xi-jinping-2024-1?utm_medium=ingest&amp;utm_source=markets">$280 billion support scheme</a> in the works.Alongside crypto, Chinese investors have been rushing to buy into foreign securities, as stocks in the US, Japan, and India have offered massive gains. To limit outflows, authorities have recently <a href="https://markets.businessinsider.com/news/stocks/china-stocks-rout-restrictions-foreign-investing-economy-outlook-downturn-2024-1?_gl=1*1t6ys2r*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwNjE5MzA2OS40NC4xLjE3MDYxOTQ3MTYuNjAuMC4w">instructed domestic funds to curb access to overseas markets</a>.

China's stock rout has spurred a mad dash into banned bitcoin

<ul><li><keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe.</li><li>Das called for a ban on cryptos, saying there is no underlying value in it.</li><li>To counter the growth of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, the central bank recently launched in pilot mode, its own e-rupee or <keyword id="6472011" type="General" weightage="20" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> (CBDC).</li><li>He said that <keyword id="6335399" type="General" weightage="20" keywordseo="cbdcs" source="Orion">CBDCs</keyword> are the future of money and its adoption can help save on logistic and printing costs.</li></ul>Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe. Addressing a media event here, Das called for a ban on cryptos, saying there is no underlying value in it. Those supporting it call it an asset or a financial product, but there is no underlying value in it, he added. To counter the growth of cryptocurrencies, the central bank recently launched in pilot mode, its own e-rupee or central bank digital currency (CBDC). "Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying value. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling," he said. "Since we don't allow gambling in our country, and if you want to allow gambling, treat it as gambling and lay down the rules for gambling. But crypto is not a financial product," Das added. He said that CBDCs are the future of money and its adoption can help save on logistic and printing costs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-inc-expects-budget-fy24-to-cushion-economy-from-global-risks-deloitte-survey/articleshow/96967472.cms">Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey</a>

You Searched For "banning cryptocurrencies" and got 12 results

Crypto issue requires immediate attention, says FM Sitharaman

PTI

China is Binance's biggest market despite its ban on cryptocurrency trading, report says

Joseph Wilkins

The Senate has a new plan to ban congressional stock trading. Here's what's in it.

Bryan Metzger

An Airbnb host had to ban crypto mining after guests racked up a $1,500 electric bill

Dan Latu

The US Senate Banking Committee chair suggests banning cryptocurrencies and says they are a threat to national security

Brian Evans

The Russian central bank is gearing up to ban investment in cryptocurrencies, report says

Carla Mozée

The Bank of Russia wants to ban crypto but top finance minister thinks that would be like 'banning the internet'

Phil Rosen

Russia's central bank is calling for a sweeping ban on crypto activity from mining to trading

Isabelle Lee

Campaigners call for bitcoin miners to drop 'proof of work' to reduce their excessive use of energy

Adam Morgan McCarthy

Binance bans users in Singapore from trading crypto as the country tightens its clampdown on the exchange

Isabelle Lee

China's stock rout has spurred a mad dash into banned bitcoin

Filip De Mott

Cryptocurrencies equivalent to gambling: RBI Governor

IANS

Popular Keywords

Buying Guides