Cryptocurrencies Archives | Page 88 of 170

Mark Carney criticises Bitcoin as Canada’s new prime minister

Mark Carney has been elected as Canada’s new prime minister, succeeding Justin Trudeau. Carney, a former central banker and long-time critic of Bitcoin, made headlines in 2018 when he called the digital currency’s fixed supply a ‘serious deficiency.’ He argued that recreating a global gold standard like Bitcoin would be a ‘criminal act of monetary amnesia,’ highlighting the speculative risks of the cryptocurrency market.

Carney’s stance on Bitcoin is at odds with some political figures, including former Prime Minister Trudeau, who also expressed scepticism about the crypto market. Carney has instead championed central bank digital currencies, seeing them as a tool to increase financial inclusion and combat economic crime. He also served as a board member for Stripe, a payments company that embraced crypto solutions between 2022 and 2024.

In his victory speech on 9 March, Carney also focused on addressing US tariffs, condemning President Donald Trump’s trade policies. Carney vowed that Canada would continue to retaliate with tariffs, asserting that the country would never be part of the US, no matter the circumstances.

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FIFA could create a FIFA token

FIFA President Gianni Infantino has suggested that the organisation may develop its cryptocurrency to engage with football fans worldwide. Speaking at President Trump’s White House Crypto Summit, Infantino shared FIFA’s interest in launching a digital token, emphasising its potential to connect with the sport’s five billion supporters.

While no official plans or timelines were revealed, the idea signals FIFA’s growing interest in blockchain technology as a tool for fan interaction and financial growth. Trump responded enthusiastically, joking that such a coin could one day be worth more than FIFA.

Following the announcement, a cryptocurrency unrelated to FIFA named ‘FIFA’ skyrocketed by 357,000% due to market confusion, briefly reaching a valuation of $8.2 million. Meanwhile, the summit introduced key crypto policies, including a US Strategic Bitcoin Reserve, indicating a shift in regulatory approach under Trump’s administration.

As FIFA prepares for the 2026 World Cup in North America, Infantino’s statement highlights the growing intersection of cryptocurrency and football, suggesting that digital assets could play a significant role in the sport’s future.

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Spanish bank BBVA gains approval for crypto trading

Spanish banking giant BBVA has received approval from the country’s financial regulator to offer Bitcoin and Ether trading to its clients.

The lengthy process, which began years ago, is now complete after the bank awaited clear regulations under the EU’s MiCA framework.

BBVA initially explored launching crypto services in Switzerland due to its established regulatory environment, but with MiCA now fully in effect, the bank has secured approval in Spain.

BBVA’s recent expansion into crypto trading in Turkey through a local subsidiary led to this development.

Other major European banks have also entered the crypto space, with Deutsche Bank developing an Ethereum rollup and Société Générale launching a euro stablecoin. BBVA’s move signals the growing institutional adoption of digital assets globally.

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Solana co-founder opposes Trump’s US crypto reserve plan

Anatoly Yakovenko, co-founder of Solana, has voiced strong opposition to President Trump’s idea of creating a US crypto reserve, arguing that the proposal undermines the very principles of decentralisation by placing control in the hands of the government.

Yakovenko believes that a true crypto reserve should be based on measurable and objective criteria to ensure fairness and decentralisation, rather than being managed by the government.

The US reserve, which is intended to include major cryptocurrencies like Bitcoin, Ethereum, and Solana, has sparked debate within the crypto community.

Yakovenko clarified that he had not been consulted about the inclusion of Solana in the reserve and that he did not support the idea of a national crypto reserve.

He instead advocated for state-run reserves, which he sees as a way to hedge against potential mistakes by the federal government.

While many in the crypto industry are preparing for the White House Crypto Summit, where several high-profile figures will attend, Yakovenko has not confirmed whether he will be joining the event.

Some sources suggest that Ripple CEO Brad Garlinghouse lobbied for Solana’s inclusion in the reserve to make the case for XRP stronger, though Yakovenko has denied this claim.

For Yakovenko, decentralisation remains the core value of crypto, and any initiative that places power in the hands of a central authority risks undermining the entire ecosystem.

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Trump-backed World Liberty buys $20m worth of crypto before summit

World Liberty Financial, a decentralized finance (DeFi) project backed by the Trump family, has made a significant $20 million investment in digital assets ahead of the White House’s first-ever crypto summit on 7 March.

The purchase includes $10.1 million in Ether, $9.9 million in Wrapped Bitcoin, and $1.68 million in Movement Network’s MOVE token. The move has attracted attention due to its timing, with the summit set to explore the future of crypto policy and the potential creation of a Bitcoin reserve.

World Liberty, launched by President Trump’s family in September, aims to allow crypto holders to trade and earn interest on assets without relying on centralised intermediaries.

The project has raised some eyebrows due to a previous report alleging attempts to swap its forthcoming WLFI tokens with other projects, though the company has denied any wrongdoing, clarifying that asset reallocations are for regular business purposes.

The timing of this large acquisition has sparked curiosity, especially with discussions about establishing a US crypto reserve at the summit. Adding to the intrigue, David Sacks, the US crypto czar, criticised past sales of Bitcoin by the government, which resulted in significant losses for taxpayers.

With the summit expected to feature key figures in the crypto industry, it remains to be seen how these developments will shape US policy on digital assets in the future.

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UAE bank launches cryptocurrency trading

Dubai’s government-owned bank Emirates NBD has entered the cryptocurrency market through its digital banking arm, Liv. The bank has launched cryptocurrency trading services on its Liv X app, allowing users to buy, hold, and sell digital assets. The feature, introduced on 5 March, is powered by Aquanow, a licensed crypto asset service provider. At launch, the platform supports Bitcoin, Ethereum, Solana, XRP, and Cardano, with secure custody managed by Zodia Custody, a regulated crypto custodian which received strategic investment from Emirates NBD.

The UAE continues to emerge as a key player in global cryptocurrency adoption, supported by progressive regulations and rising interest from both institutions and retail investors. A survey found that one in ten UAE residents has invested in digital currencies, with Emiratis showing the highest level of interest. Between July 2023 and June 2024, the country received over $30 billion in cryptocurrency transactions, ranking it among the top 40 nations globally and the third-largest crypto economy in the MENA region.

Beyond cryptocurrency, Liv offers a range of digital banking products, including investment accounts, cashback rewards, and goal-based savings tools. Meanwhile, calls for a unified cryptocurrency regulatory framework in the Gulf are gaining momentum. Saudi economist Ihsan Buhulaiga has urged GCC nations to collaborate on crypto regulations, recognising the growing use of digital assets for payments. With the UAE already positioning itself as a haven for crypto businesses, the region is set to play a leading role in the future of digital finance.

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Trump orders creation of Strategic Bitcoin Reserve

President Trump has signed an executive order to establish a Strategic Bitcoin Reserve, aiming to safeguard seized Bitcoin as a national asset.

The reserve will be funded solely through Bitcoin obtained via asset forfeiture, ensuring no financial burden on taxpayers. White House AI and Crypto Czar David Sacks estimated that the government holds around 200,000 BTC, though an official audit is yet to be conducted.

The order mandates a full inventory of the government’s digital assets and bans the sale of Bitcoin from the reserve, likening it to a ‘digital Fort Knox’.

A separate Digital Asset Stockpile will be created to store non-Bitcoin cryptocurrencies seized in legal actions, but the government will not purchase additional crypto beyond this method.

Trump’s administration has also tasked the Treasury and Commerce Departments with exploring ways to expand the Bitcoin reserve without any extra cost to taxpayers.

Sacks criticised previous government Bitcoin sales, stating they cost the country over $17 billion in lost value. By halting these sell-offs, the new policy could reduce Bitcoin’s circulating supply, potentially reinforcing its status as a strategic asset similar to gold.

While the market has yet to react, the move signals a long-term shift in US crypto policy, supporting Trump’s vision of making the country the global leader in digital assets.

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Singapore minister warns against crypto investments amid rising fraud

Singapore’s Minister of State for Home Affairs, Sun Xueling, has issued a strong warning about the risks of investing in cryptocurrency, citing an alarming rise in fraud cases.

During a parliamentary debate on 4 March, she explained that the anonymous nature of digital assets makes them easy targets for criminals, contributing to a sharp increase in financial losses. Fraud linked to cryptocurrency scams now accounts for a quarter of the $1.1 billion in fraud cases reported in the country.

Scammers increasingly use digital assets to evade traditional banking security checks, often instructing victims to convert their money into cryptocurrency.

Hacking, phishing, and fraudulent investment schemes have become more common, with one of the largest scams last year resulting in a loss of $125 million. Sun urged the public to avoid cryptocurrencies, stressing the high risk and slim chances of recovering stolen funds.

Despite the rise in scams, Singapore’s regulatory landscape continues to evolve. The Monetary Authority of Singapore oversees local cryptocurrency operations under the Payment Services Act, but many foreign exchanges remain outside its jurisdiction.

To combat rising fraud, the country recently passed the Anti-Fraud Protection Bill, which allows authorities to block transactions from suspected victims who ignore warnings.

As Singapore balances crypto adoption and consumer protection, businesses are increasingly embracing digital payments, particularly stablecoins. The entry of major players, such as Robinhood, into Singapore’s crypto market is set to boost the adoption of blockchain-based transactions.

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Cryptocurrency adoption surges with over 824 million people owning digital assets

A new report from venture capital firm Epoch reveals that over 824 million people globally now own some form of cryptocurrency, marking a significant surge in adoption.

Rapid growth is largely fuelled by strong price performance, increasing institutional interest, and the rise of accessible investment options such as Bitcoin ETFs. Bitcoin continues to lead the charge, with an estimated 422 to 455 million owners, or roughly 5% of the world’s population.

While cryptocurrency ownership has traditionally been dominated by younger men, the study notes a shift in demographics, with more women now entering the space.

Approximately 13% of women aged 26 to 45 report owning Bitcoin, a figure influenced by ‘ownership by association’ through spouses or partners. The shift highlights the growing legitimacy and accessibility of digital assets, especially with traditional financial institutions backing crypto ETFs.

Institutional and corporate investments are further accelerating crypto adoption. The launch of Bitcoin ETFs has provided a regulated pathway for large investors, while corporations like Microsoft and Amazon are exploring Bitcoin as a reserve asset.

The report predicts that if the top ten US companies allocated just 5% of their cash reserves to Bitcoin, it would result in a $40 billion inflow into the market.

Looking ahead, the study suggests that nation-states are also considering Bitcoin as part of their reserves. With Bitcoin’s unique characteristics, such as liquidity, scarcity, and independent custody, it could potentially surpass gold as a sovereign reserve asset in the coming decade.

The continued growth in adoption signals a promising future for cryptocurrencies, bolstered by increasing awareness and new use cases.

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New Hampshire moves closer to allowing Bitcoin investments

New Hampshire’s Bitcoin bill has cleared a major hurdle, passing the House Commerce and Consumer Affairs Committee with a 16-1 vote. The bill now moves to the House floor, where lawmakers will decide whether to allow the state treasurer to invest up to 5% of certain state funds in Bitcoin. While the bill does not mention Bitcoin by name, it limits investments to digital assets with a $500 billion market cap, making Bitcoin the only eligible cryptocurrency.

Introduced by Republican Keith Ammon and co-sponsored by Democrats Chris McAleer and Carry Spier, the bill originally proposed a 10% allocation but was later amended to 5%. It also permits investments in gold, silver, and platinum while removing provisions for stablecoins and staking. Treasurer Monica Mezzapelle has expressed interest in using the bill’s framework if it becomes law.

New Hampshire joins several US states, including North Carolina, Oklahoma, and Texas, in advancing Bitcoin-related legislation. Meanwhile, at the federal level, former President Donald Trump has proposed a Crypto Strategic Reserve, which is expected to be composed primarily of Bitcoin.

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