Argentine President Javier Milei has denied endorsing the LIBRA meme coin, which recently surged in value before collapsing, leaving investors with heavy losses. He stated that he merely shared information about the token and never encouraged people to buy in. According to Milei, only a few Argentine investors were affected, with most traders coming from China and the US. He disputed reports that 44,000 people lost money, insisting the real number was closer to 5,000, primarily experienced traders who understood the risks.
Milei explained that Hayden Davis, one of LIBRA’s backers, had proposed a financial structure to support entrepreneurs struggling to secure funding. Seeing potential in the idea, he simply helped spread awareness. However, after facing political backlash, Milei admitted he must be more cautious about his public statements, acknowledging that he still acts as he did before becoming president and needs to be less accessible.
The controversy has rattled Argentina’s political and financial landscape, with opposition leaders accusing Milei of misleading the public and calling for his removal. The anti-corruption office has launched an investigation, alongside a legal probe led by Federal Judge María Servini. Meanwhile, Argentina’s financial markets took a hit, with the S&P Merval stock index dropping by 5%. Despite Milei’s insistence that he acted in good faith, scrutiny of his administration continues to intensify.
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Tether has signed an agreement with the government of Guinea to support economic growth and digital transformation through blockchain and peer-to-peer technology. The memorandum of understanding focuses on education, innovation, and sustainable technology, with Tether aiming to promote blockchain adoption in both public and private sectors. The partnership may also involve the City of Science and Innovation in Guinea.
Paolo Ardoino, CEO of Tether, stated that the initiative reflects the company’s commitment to helping nations build strong digital economies. He emphasised that blockchain solutions could play a key role in Guinea’s technological development, paving the way for economic progress.
Tether has been actively expanding its global presence through similar partnerships. It recently relocated its headquarters to El Salvador, the first country to adopt Bitcoin as legal tender, and has also collaborated with governments and organisations in Switzerland, Turkey, Uzbekistan, and Georgia. Additionally, the company has launched educational programmes in several countries to encourage broader blockchain adoption.
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Germany’s central bank chief, Joachim Nagel, has reinforced his scepticism towards Bitcoin, dismissing it as unsuitable for central bank reserves. Speaking at an event hosted by the London School of Economics, Nagel argued that Bitcoin is not a genuine currency but rather an asset class lacking liquidity and security. He also criticised the pro-crypto stance of former US President Donald Trump, particularly proposals to establish a strategic Bitcoin reserve. Comparing Bitcoin to the Dutch Tulip Mania of the 17th century, he warned of its speculative nature and volatility.
In contrast, Nagel is a strong advocate for the digital euro, highlighting its potential to strengthen Europe’s financial sovereignty. He cautioned that reliance on private sector payment solutions, particularly from US firms, could expose Europe to geopolitical risks. While the long-term effects of central bank digital currencies (CBDCs) on interest rates remain uncertain, he emphasised their importance in ensuring a resilient financial system.
Meanwhile, the US is shifting its regulatory approach to cryptocurrency. Under Acting SEC Chair Mark Uyeda, new policies have allowed banks to re-enter the crypto custody sector. The SEC recently replaced its restrictive guidance, paving the way for regulated financial institutions to hold digital assets. As these developments unfold, Bitcoin is currently trading at $96,318, marking a slight decline over the past week.
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CEX.IO has expanded its services in the United Kingdom, launching spot trading for UK-based customers. The move provides local users with access to over 100 cryptocurrencies, including Bitcoin, top altcoins, and popular meme coins such as Dogecoin and PEPE. The new feature brings UK customers in line with CEX.IO’s offerings for European Union users.
The addition of spot trading aims to improve liquidity in the UK market, allowing traders to execute transactions without significantly impacting prices. This will lead to a more cost-effective and healthier trading environment, according to Rich Evans, managing director of CEX.IO in the UK.
The launch follows the exchange’s reentry into the UK market in September 2024 after a brief exit due to regulatory pressures. CEX.IO had paused its operations in October 2023 while complying with new regulations set by UK authorities. The introduction of spot trading further demonstrates CEX.IO’s commitment to adhering to the Financial Conduct Authority’s anti-money laundering standards.
The expansion of services in the UK comes as exchanges across Europe work to meet evolving regulatory requirements, such as the Markets in Crypto Assets (MiCA) regulation, which allows providers to offer services across EU jurisdictions once approved.
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Russian brokerage Finam is set to launch structured notes linked to BlackRock’s iShares Bitcoin Trust ETF (IBIT), providing qualified investors in Russia with exposure to Bitcoin ETFs. The new investment product, available from 17 February, will be one of the first IBIT-based structured notes with a six-month maturity period.
The IBIT bond will be denominated in Russian roubles, with returns calculated in dollar equivalents based on the Bank of Russia’s exchange rate. Investors stand to earn up to 20% in returns if the ETF price at maturity exceeds the initial launch price by at least one basis point. The minimum investment is 200,000 roubles ($2,200), and the brokerage will charge a 1% commission.
Finam’s move comes amid regulatory uncertainty in Russia. While there is no explicit ban on crypto ETFs as underlying assets for structured bonds, the legal framework remains ambiguous. The country has, however, been warming to Bitcoin, with the Finance Minister confirming in December 2024 that Russian legislation permits foreign trade using Bitcoin and other digital financial assets.
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South Korea is set to gradually lift its ban on corporate cryptocurrency trading, according to the latest announcement from the Financial Services Commission. The phased approach will begin with law enforcement agencies, non-profits, universities and school corporations being permitted to sell Bitcoin and Ethereum for the purpose of cashing out in the first half of the year.
In the second phase, listed companies and corporations will be allowed to buy and sell digital assets under a pilot programme. The expansion, expected in the latter half of the year, will be regulated under South Korea’s Capital Markets Act, providing a structured framework for professional investors.
The ban, imposed in 2017 to tackle speculation and financial crime, is being eased following the implementation of the Virtual Asset User Protection Act. Authorities argue that stronger safeguards now allow for regulated institutional participation, aligning with global trends where businesses are increasingly integrating digital assets.
To ensure a smooth transition, the Financial Services Commission will form a task force in collaboration with banks, regulators and crypto exchanges. The group will develop internal control standards and trading guidelines, ensuring South Korea’s corporate sector can engage in digital assets securely and transparently.
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Michigan has introduced a bill to create a strategic cryptocurrency reserve, joining 19 other US states exploring similar initiatives. The proposal, put forward by Representatives Bryan Posthumus and Ron Robinson, would allow up to 10% of the state’s general and economic stabilisation funds to be invested in digital assets.
The bill grants the state treasurer authority to manage crypto holdings using secure custody solutions or regulated investment products. It also permits lending cryptocurrency to generate additional returns, provided it does not increase financial risk. Additionally, any crypto tax payments must be converted into fiat currency before being allocated to state funds.
Michigan’s proposal follows a similar bill in Texas and reflects a growing trend amongst states to embrace digital assets. The move builds on Michigan’s previous crypto investments, including its significant holdings in Bitcoin and Ethereum exchange-traded funds.
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Coinbase is making fresh efforts to relaunch its services in India after its failed attempt in 2022. The US-based crypto exchange is reportedly in discussions with Indian regulators, including the Financial Intelligence Unit, in a bid to secure approval for its operations.
The exchange first launched in India in April 2022, introducing support for the UPI payment system. However, within days, the National Payments Corporation of India declined to back its services, and regulatory pressures forced Coinbase to halt operations. In 2023, the company further restricted access by disabling new user sign-ups for Indian customers.
Despite past obstacles, Coinbase is now looking to return under proper regulatory oversight. Its comeback could provide an alternative for traders following the collapse of WazirX, while its investments in local platforms like CoinSwitch and CoinDCX may also support its efforts.
India’s crypto market faces challenges, including a 30% tax on digital asset earnings and a 1% levy on transactions, which have slowed growth. However, with Coinbase preparing for a fresh push, the exchange could play a key role in reviving trading activity in the country.
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Federal Reserve Governor Christopher Waller has called for a regulatory framework allowing both banks and non-banks to issue stablecoins. Speaking at a conference in San Francisco, he stressed that a well-defined approach is essential for stablecoins to reach their full potential and expand the global influence of the US dollar.
Waller highlighted the need for regulations that directly and fully address stablecoin risks, ensuring they can be integrated into the financial system. His views align with those of Fed Chair Jerome Powell, who previously voiced strong support for developing a stablecoin framework in the US.
Efforts to regulate stablecoins are gaining momentum in Congress, with both Republican and Democratic lawmakers proposing oversight measures. Recent bills from Rep. Maxine Waters and Rep. French Hill take different approaches to stablecoin supervision, reflecting an ongoing debate over whether the Federal Reserve or the Office of the Comptroller of the Currency should take the lead.
As stablecoins continue to grow in importance, clear regulations could shape their role in the broader financial system. With policymakers actively working on proposals, the future of stablecoin oversight remains a key issue in Washington.
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A New York senator has introduced a bill to create a task force dedicated to studying the impact of cryptocurrencies in the state. The proposed legislation, known as the New York State Cryptocurrency and Blockchain Study Act, aims to assess how digital currencies affect tax revenues, energy consumption, and regulatory policies.
If approved, the task force will consist of 17 members and will analyse key aspects of the crypto industry, including the number of digital currencies traded, the exchanges operating in New York, and how the state’s regulations compare to other jurisdictions. The group will also evaluate the environmental impact of cryptocurrency mining and recommend measures to enhance transparency and consumer protection.
The bill is still in its early stages and must pass committee review before moving to a full vote. New York has long been a major hub for crypto, but its strict BitLicense requirements have faced criticism for being too restrictive. As more US states explore crypto regulations, the outcome of this bill could shape the future of digital assets in New York.
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