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Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the country’s foreign exchange reserves.
Bank of Ghana to Use Cedi to Pay for Gold
Following the revelation that Ghana plans to buy oil products using gold, Samuel A. Jinapor, the country’s minister for lands and natural resources, announced on Nov. 25 that starting in 2023, large-scale mining companies “shall sell twenty per cent (20%) of all refined gold at their refineries to the Bank of Ghana.” Payments for the gold will be made using the local currency — the cedi — and will be “at spot price with no discounts.”
According to a Facebook post shared by Ghanaian vice president Mahamudu Bawumia, the Bank of Ghana (BOG) and the Precious Minerals Marketing Company (PMMC), will work with the mining companies to ensure their compliance with the directive. Concerning Ghana’s so-called community mining schemes (CMS), the government said these will be required to sell their “gold outputs to government through PMMC.”
To ensure compliance, Jinapor stipulated that “mining licenses for CMS shall include a clause mandating licensees to sell their gold output to government.” According to the directives issued by Jinapor, all licensed small-scale gold miners will be subjected to conditions that are similar to those imposed on community mining schemes.

Ghana’s Dwindling Foreign Exchange Reserves
Meanwhile, in an earlier post that revealed Ghana’s gold-for-oil plan, Vice President Bawumia insisted such a decision would help preserve the country’s depleting foreign exchange reserves. He added:
The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence. If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices.
By reducing or eliminating the use of U.S. dollars when importing oil products, Ghana will effectively tackle one of the key factors behind the cedi’s rapid depreciation, Bawumia argued. As reported by Bitcoin.com News, the Ghanaian currency’s rapid decline since the start of 2022 has seen it being named the world’s worst-performing currency.
While Jinapor’s directives to gold mining companies are being framed as a channel that helps “local gold refineries obtain gold supplies from PMMC to support their operations,” some of Bawumia’s followers on the social media platform have criticized the proposed gold-for-oil policy.
Reacting to the Ghanaian vice president’s post, Facebook user Naji Alhassan said: “These are not good measures. These are window-dressing to please the bourgeois class. The best way to go is to own at least 50% of our gold and also a gold refinery to refine our gold. Very soon, the bourgeois class will deplete all the gold that the Bank of Ghana will be buying. We want pragmatic measures.”
However, some of Bawumia’s followers, like Mohammed Hashiru, applauded the move which they claimed would stop “imperialists from using their worthless papers to control, manipulate and destroy our economies.”
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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin mining revenue lowest in two years, hash rate on the decline

The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month has allowed miners to recoup losses.The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500.While the current market price of around $16,500 suggests an obvious increase in mining revenue, factors including greater mining difficulty and rising energy prices contribute to lower income in dollar terms.Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of almost 37 trillion — forcing Bitcoin miners to spend more energy and computational power to stay competitive. However, over the past three months, the hash rate of the Bitcoin network witnessed a steady decline. The hash rate stands at 225.9 exahash per second (EH/s), which fell 28.6% from its all-time of 316,7 EH/s on Oct. 31, 2022.The hash rate is a security metric that helps protect the Bitcoin network from double-spending attacks. However, considering the grand scheme of things, temporary measures taken by the community include acquiring cheaper mining hardware and resettling in jurisdictions with low energy prices.Related: Bitcoin miners look to software to help balance the Texas gridNew York City mayor Eric Adams believes that goal to make New York a crypto hub can be combined with statewide efforts to curb environmental costs related to crypto mining.“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place,” said Adams while revealing that the city will work with legislators to find a balance between the crypto industry development and legislative needs.

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Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies

Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.
FSMA: Securities Laws Do Not Apply to Bitcoin and Other Decentralized Cryptocurrencies
In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority (FSMA) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments.
According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor.
However, the regulatory body pointed out that if these crypto assets have a payment or exchange function, if they are exchangeable or fungible, other regulations may be applicable to them as well as to the persons that are providing certain related services.
The FSMA further remarked that despite the lack of specific legislation, cryptocurrencies can be equated to securities if they are incorporated into financial instruments and have an issuer such as an individual or a legal entity.

Seeking to provide assistance to interested parties, that have been sending more and more questions about the financial rules concerning crypto assets, the authority has adopted a “stepwise plan” to offer a series of guidelines for their classification.
The Belgian financial watchdog emphasized that the plan is neutral regarding technology. “The qualification as security, financial instrument or investment instrument does not depend on the technology that is being used,” it elaborated, adding that it’s ready to update the plan in order to reflect regulatory changes in the future.
One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework, which was agreed upon by European institutions and member states at the end of June. In July, the FSMA launched a consultation on the classification of crypto assets. Earlier this year, the watchdog introduced registration requirements for crypto exchange and wallet service providers.

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Do you expect authorities in other European jurisdictions to issue similar clarifications regarding the status of cryptocurrencies? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Elon Musk Plans to Launch Alternative Phone if Apple, Google Boot Twitter off Their App Stores

Tesla CEO and Twitter boss Elon Musk says he will make an alternative phone if Apple and Google boot Twitter from their app stores. Many people want him to go ahead with a phone launch even if Apple and Google do not deplatform Twitter.
Elon Musk Could Launch Alternative Phone to Compete With Apple and Google
Elon Musk revealed Friday the possibility of him launching his own smartphone, which would compete with iPhone and Android, should Apple and Google deplatform his newly acquired social media company.
Twitter user Liz Wheeler suggested that Musk should produce his own smartphone if Apple and Google boot Twitter from their app stores, adding that “Half the country would happily ditch the biased, snooping iPhone & Android.” Musk replied: “I certainly hope it does not come to that, but, yes, if there is no other choice, I will make an alternative phone.”

Musk’s plans for Twitter as a free speech platform could put the social media company in conflict with Apple and Google and the two tech giants could remove Twitter from their app stores.
The Apple App Store, the Google Play Store, and even smaller app stores like the Amazon Appstore, have rules intended to protect users from discrimination, bullying, harassment, and any content they deem objectionable. They have delisted apps over inadequate content moderation practices as well as harmful content. Apple said in a letter to Congress last year that it had removed over 30,000 apps from its store over objectionable content in 2020.
In January last year, Apple and Google cut off Parler, a social media app focusing on free speech, following the U.S. Capital riot on Jan. 6. The two companies subsequently let the app back in their stores with some content excluded after substantial changes to the app’s content moderation practices.
Many People Want Musk to Launch Alternative Phone
Many people welcome the idea of Musk producing an alternative phone. “I’d buy this. Do it even if the app stays,” one Twitter user exclaimed. Another said: “Do it anyways. There’s a huge market for an alternative to Google and Apple.” A third user stressed:
If Apple attempted the kind of strike against Twitter that it successfully launched against Parler, I can assure you Elon Musk that millions of us would unhesitatingly ditch our Apple iPhones and switch to your alternative model.
Some people warned about the reality of Musk launching an alternative phone. One opined: “Even if it’s Elon Musk there are dominant 1st movers already in the space.” Another warned: “Even if he wanted to do this, it would be years before [a] single phone went on sale. Phones rely on components from dozens of vendors. Just to get fab space for a processor would take years, TSMC is booked for years and Samsung is far behind their node processes.”
A third user shared: “Prediction: A Twitter mobile phone connected to Starlink: Always on, always connected, anywhere in [the] world. Capable of encrypted commutations & payments all operated under Space Law. Imagine blockchain + comms hosted on microservers in space, beyond reach of terrestrial governments.”

In addition, the Tesla CEO also complained about the 15% to 30% cut Apple and Google take from purchases made inside apps, which could eat into the revenue from Musk’s plans for $8 per month from Twitter verification subscriptions. On Nov. 18, Musk tweeted:
App store fees are obviously too high due to the iOS/Android duopoly. It is a hidden 30% tax on the Internet.
Musk recently revealed plans to build X, the everything app. He said buying Twitter accelerates the creation of X by three to five years.

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Would you buy Elon Musk’s alternative smartphone to iPhone and Android? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Robert Kiyosaki: I’m Still Bullish on Bitcoin — Crypto Cannot Be Blamed for FTX Collapse

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, is still bullish on bitcoin despite the collapse of crypto exchange FTX. He stressed that the cryptocurrency cannot be blamed for the actions of former FTX CEO Sam Bankman-Fried.
Robert Kiyosaki Still Bullish on Bitcoin
The author of Rich Dad Poor Dad, Robert Kiyosaki, discussed the FTX collapse and bitcoin with guest Mark Moss on the Rich Dad Radio Show which aired earlier this week.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Moss is a radio host and the author of “Uncommunist Manifesto.”
After listening to Moss outlining the problems at FTX and numerous fraudulent actions allegedly conducted by its former CEO Sam Bankman-Fried (SBF), Kiyosaki emphasized:
I’m still bullish on bitcoin … Bitcoin is not the same as Sam Bankman-Fried. It’s not bitcoin, it’s FTX that’s the problem.
Kiyosaki noted that bitcoin cannot be blamed for the fall of FTX and Bankman-Fried in the same way one cannot blame silver if silver exchange-traded funds (ETFs) are mismanaged. He revealed that he owns a lot of silver and gold but does not have any silver or gold ETFs.
The famous author called FTX “one of the biggest scams in history.” He additionally described: “FTX is a Ponzi scheme where they depended upon the funds from the next stupid investors to finance it.” Despite the FTX fiasco and the subsequent crypto market sell-offs, Kiyosaki reiterated:
Once again, ladies and gentlemen, I’m still in favor of bitcoin. I’m not against it as many people in my age group are because I think bitcoin is solid.

Kiyosaki has also been warning about the U.S. economy. On Friday, he tweeted: “The world economy is not a ‘market.’ I believe [the] economy is the biggest bubble in world history.”
The renowned author has cautioned on several occasions that stock, bond, and real estate markets are all crashing. He has urged investors to buy cryptocurrency now before the biggest crash in world history happens.
Last week, Kiyosaki similarly said that bitcoin isn’t the problem in the meltdown of FTX. He called Bankman-Fried the Bernie Madoff of crypto. He also recently clarified that he’s a bitcoin investor, not a trader, and he gets excited when BTC hits a new bottom.

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What do you think about the comments by Robert Kiyosaki? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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It’s time for crypto fans to stop supporting cults of personality

Many of the centralized cryptocurrency platforms that collapsed this year had something in common: a young, outspoken and cocky leader. Each gained outsized influence not by virtue of outsized intellect or talent but because of their piles of money and large Twitter followings. And each time, misplaced trust in their abilities resulted in disastrous consequences. If crypto wants to avoid similar catastrophes in the future, it’s time for us to rearrange our leadership priorities. We need to ditch the cults of personality.The theater of crypto on TwitterBefore FTX collapsed, founder Sam Bankman-Fried (SBF) had garnered a reputation as one of the loudest voices in the industry. He was active in the political world and frequently commented on what was happening in Web3.Related: Disaster looms for Digital Currency Group thanks to regulators and whalesBut perhaps most notable was his active involvement in a myriad of Twitter feuds and spectacles. SBF first stepped into the spotlight as the successor of SushiSwap after Chef Nomi abruptly abandoned the project — a drama that played out almost entirely on Twitter’s public stage. His ensuing Twitter antics, combined with the image of unstoppable success that FTX was broadcasting far and wide, gained him more than a million followers. But even as SBF’s influence grew, it seemed he just couldn’t resist shitposting, regularly engaging with other Twitter users who threw stones. Indeed, SBF’s penchant for Twitter drama played an important role in exposing FTX’s insolvency. It was his recent spat with CZ that ultimately led to the run on FTX’s deposits. His attention-grabbing antics carried on through the current ordeal, culminating in a bizarre series of cryptic tweets. The loudest voices in the roomWhile SBF is the latest example of an industry figure whose highly public Twitter presence led to a highly public downfall, he certainly isn’t the first. Do Kwon and Su Zu, who were both at the center of monumental collapses earlier this year, were also notorious trolls. Do Kwon infamously sent an arrogant series of tweets just before Terra’s downfall, while Su Zhu’s infamously elusive comments during the 2021 bull run didn’t age well, either.At our company offsite this week with all the drama happening. Debating who is the bigger villain in crypto: a) Do Kwon – $58b loss from UST & LUNAb) SBF – $10b missing deposits in FTXc) Su Zhu – $3.5b loss from borrowersd) Alex Mashinsky – $2.8b missing deposits in Celsius— Bobby Ong (@bobbyong) November 10, 2022But, the leaders of failed platforms aren’t the only ones guilty of social media braggadocio. Binance’s CZ, after all, was just as guilty as SBF of engaging in their public Twitter feud earlier this month. Digital Currency Group’s Barry Silbert, who has been at the center of alarm related to the FTX fallout, has also garnered a reputation as a shitposter. There are many, many more tweeters who have used online spectacle and trolling as a means of controlling the industry conversation. Think Ben Armstrong (aka “Bitboy”) and Jim Cramer, to name just a couple more. There’s a small army of them. And, even though many are purged in each bear market, their successors are increasingly turning into powerhouses too vocal and influential to ignore in the space.Jim Cramer said that he sold all of his crypto. Then he blamed @APompliano for “putting him in” BlockFi. So he… lied?Now he’s on a crusade to blame anyone he can find for his own bad decisions, even “digital finance people,” which is literally a made up term. https://t.co/NTojFohvFQ— The Wolf Of All Streets (@scottmelker) November 18, 2022

We need to end the cults of personalitySo what’s the solution? How can we better identify this personality type and use this recognition to avoid future pain?Related: 5 reasons 2023 will be a tough year for global markets Instead of focusing on building cults of personality, the crypto community needs to focus on platforms and leaders building products that use web3 primitives to solve problems in a manner that’s orders of magnitude better than anything we’ve experienced before. The crypto community needs to stop listening to the loudest voices in the room and start listening to the wiser, more experienced ones — even if they are sometimes quieter. And by the same token, we need builders with experience in creating real value for users to speak up more.Ultimately, the answer lies with us and with the people that we, as an industry, choose to lionize. We need to learn how to identify and support builders building transparent, secure, high-quality applications and decentralized applications — regardless of how many followers they have.Corey Wilton is the co-founder and CEO of Mirai Labs, the international gaming studio behind Pegaxy. A renowned speaker and play-to-earn thought leader, he began his first company within crypto in 2018, a customer support service designed to assist cryptocurrency companies with their customer service.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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After More Than 380 Days, Crypto Supporters Celebrate Surviving the Second-Longest Bitcoin Bear Market

On Saturday, members of the forum r/cryptocurrency discussed how the current bear market is now the second-longest bear market in the history of bitcoin prices. According to the forum post, the current crypto winter has lasted more than 380 days, just below the longest bitcoin downturn that took place during the 2013-2015 bear market, which lasted 415 days in length.
‘Surviving a Bear Is a Rite of Passage’ — Redditors Discuss Surviving the Second-Longest Bitcoin Bear Run
During the last few months people have been curious about how long the crypto winter will last and on Saturday, Nov. 26, 2022, the Redditor u/partymsl published a forum post on r/cryptocurrency declaring the current downturn as “the second-longest bear market ever for crypto.”
The post’s author notes that this crypto bear market is “likely to be the longest” and stressed that “surviving this [bear market] is no joke.” Moreover, u/partymsl also summarized how the author defines a bear market, and explained that it’s “basically a long period where the price remains significantly below the recent [all-time high].
Bitcoin LOG chart via Tradingview and the Redditor u/partymsl.
“With another black swan in crypto and another leg down, this time due to FTX, we are now officially in the second-longest bear market ever, an achievement I do not know whether we should be proud of,” the r/cryptocurrency post’s author notes. “Especially as with the current sentiment globally, this could very well be the most brutal and longest bear market.”
According to the author, the 2018-2019 bitcoin bear market lasted 365 days, and the current downturn is now over 380 days. The Redditor u/partymsl also noted that its “highly unlikely” crypto prices have hit the bottom. Moreover, with 380 days under the belt, the author highlights that the current crypto bear market is getting awfully close to eclipsing bitcoin’s 2013-2015 bear run.
“To become the greatest crypto bear market we are not too far off either, the 2013-2015 bear market took 415 days, which would put us in early January which is very likely to still be in a bear market,” u/partymsl explained on Saturday. The Redditor’s post was a popular one on r/cryptocurrency with 89% upvotes and 514 of them at the time of writing. The author’s two cents also received many comments from fellow Redditors who also discussed the chart u/partymsl shared with the post.

“​​Surviving a bear is a rite of passage. Turns rookies into veterans,” one individual said. “40 thousand people used to post here, now it’s a ghost town,” another person replied referring to r/cryptocurrency’s decline in posts since the bull run. “Quitters never win,” another Redditor snarked. The post’s author reminded crypto bear market survivors that they should be pleased with their determination and making it this far.
“You can soon call yourself a survivor of the most brutal and [longest] crypto bear market in history and that is not easy,” the Redditor u/partymsl concluded. “Millions of people left the markets and we are truly the last ones standing. For coming this far and possibly even further, you all deserve a pat on your back. Well Done.”

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What do you think about the current bear run becoming the second-longest downturn and how it could surpass the longest bear run? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Yuga Labs Faces Another Investigation

With success comes scrutiny. Yuga Labs, the prolific NFT project, is already under investigation by the Securities and Exchange Commission. But that is not all that Yuga Labs has to worry about, as Scott+Scott, a consumer’s rights firm has also announced a new investigation into them.According to the November 23, 2022, press release, the law firm wants to determine whether Yuga Labs “or certain of its officers, directors, promoters and corporate insiders violated federal securities laws.”In light of this, the law firm has encouraged anyone who bought a Yuga Labs asset and suffered a heavy loss to come forward. Some popular Yuga Lab assets include the Bored Ape Yacht Club, Mutant Ape Yacht Club or ApeCoin NFTs, etc. From all indications, the law firm is gearing up for a potential class action lawsuit against the company.In the press release, the fall in the market value of Yuga Labs assets appears to be part of the basis for the lawsuit.There has always been some conflict about whether or not NFTs and other blockchain assets are securities, and the argument might be put forward in a court of law.Learn more > > The Ultimate NFT GuideWant more? Connect with NFT PlazasJoin the Weekly NewsletterJoin our DiscordFollow us on TwitterLike us on FacebookFollow us on InstagramImage credit via: Twitter*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.

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Binance CEO: Most Governments Understand Crypto Adoption Will Happen Regardless

Binance CEO Changpeng Zhao (CZ) says that most governments know that crypto adoption will happen regardless of what they do. “It’s better to regulate the industry instead of trying to fight against it,” the Binance executive emphasized.
Binance’s CEO on Crypto Regulation After FTX Collapse
The CEO of Binance, Changpeng Zhao (CZ), talked about cryptocurrency regulation following the collapse of crypto exchange FTX Friday at a Binance event in Athens, Greece.
I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it.
FTX, a major cryptocurrency trading platform, collapsed and filed for bankruptcy on Nov. 11. An estimated 1 million creditors are facing losses totaling billions of dollars.
Zhao has compared the FTX meltdown to the 2008 financial crisis. He also warned of cascading effects. Nonetheless, he said he expects the crypto industry to recover.
CZ said that this year “was a very nasty year,” elaborating:
The last two months too much has happened. I think now we see the industry is healthier … just because FTX happened it does not mean that every other business is bad.

To restore confidence in the crypto industry, Binance has committed two billion dollars to a crypto industry recovery fund. The exchange provided details of the initiative this week.
Responding to a question about how he sees countries adding cryptocurrencies, such as bitcoin, to their reserves in the future, Zhao said he expects countries without their own currency to lead the trend. He opined, “The smaller countries will start first, I think.”
In September last year, El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar. Since then, the country has bought thousands of BTC for its Treasury. El Salvador is now buying one bitcoin daily, Salvadoran president Nayib Bukele announced last week.

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What do you think about the comments by Binance’s CEO? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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New York’s mayor seeks balance with regulators after PoW mining moratorium

New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill. With the bill signed into law, the city will work with legislators to find a balance between the crypto industry development and legislative needs, Adams told The NY Daily News:“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state, as reported by Cointelegraph. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.Related: New York governor signs PoW mining moratorium into lawThe United States leads Bitcoin mining hash rate share by country, with 37.8% of Bitcoin network hash rate coming from the country. PoW mining’s two-year moratorium could prove costly and even set a domino effect for other states to follow.“We must become a welcoming place for all technology. And crypto is part of the overall technology we’re looking at,” Adams said. “The question is: how do we make smart choices so that New York City — and America — is a leader in this new technology?”, stated Adams. Following his election, the politician said on Twitter that he would take his first three paychecks in cryptocurrency and announced his intention to make NYC the “center of the cryptocurrency industry”.New York has some of the strictest crypto exchange rules in the United States. In June 2015, the state introduced the BitLicense regulatory regime, which has been criticized for being hostile to crypto. The BitLicense applies to crypto organizations involved in transferring, buying, selling, exchanging or issuing crypto.

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