Internationalbyronsociety

IMF and FSB to Develop ‚Synthesis Paper‘ to Help Formulate Crypto Policy

• India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop a technical paper on crypto assets.
• The paper would be presented at the G20 meeting of finance ministers and central bank governors, aiming to help in formulating a coordinated and comprehensive policy approach to crypto assets.
• The FSB is expected to provide high-level recommendations on the regulation, supervision and oversight of global stablecoins, as well as on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.

India Asks IMF and FSB for Joint Paper

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop „a synthesis paper“ on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. „This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,“ said India’s finance ministry.

Synthesis Paper Aimed at Formulating Crypto Policy

India released its „G20 Chair’s Summary and Outcome Document“ following the two-day G20 meeting that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed during a panel discussion on cryptocurrency regulation as part of this event. During this meeting, India requested that IMF and FSB collaborate on a technical paper with an aim to help formulate a coordinated policy approach towards cryptocurrencies.

High Level Recommendations from FSB by July 2023

The document states that IMF and FSB will submit their synthesis paper in September 2023 while FSB is expected to provide its high-level recommendations by July 2023 concerning regulatory oversight over global stablecoins as well as crypto asset markets & activities. Additionally, Bank of International Settlements (BIS) will submit its report concerning analytical & conceptual issues related with cryptocurrencies along with risk mitigation strategies by March 2024.

Statement from Indian Ministry of Finance

Indian ministry of finance released a statement post G20 meeting emphasizing their proposal for joint technical paper by IMF & FSB which will consider macroeconomic perspectives while formulating comprehensive policies towards cryptocurrencies. They also stated their aim to expand scope of discussion within G20 not only covering financial integrity but also adoption & implications in macroeconomic context throughout economy .

Conclusion

India has taken several steps towards developing policies for regulating cryptocurrencies within its jurisdiction . With detailed reports from IMF , BIS & High level recommendation from FSB , we can expect further clarity regarding long term plans around Cryptocurrency regulations especially within Indian economy .

Democrats to Return 2.2% of $45.2M Donated by Disgraced FTX Co-Founder

• In 2020, FTX co-founder Sam Bankman-Fried (SBF) donated $45.2 million to Democrats leading up to the U.S. midterm election cycle, including a $5.2 million contribution to Joe Biden’s campaign.
• After SBF’s arrest and the bankruptcy of his company, three major Democratic organizations plan to return 2.2% of these funds, or $1 million, to the now-defunct crypto exchange.
• The Democratic National Committee (DNC), Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee will each contribute a portion of the total sum back to the bankrupt estate.

FTX Co-Founder Donates Millions To Democrats

Sam Bankman-Fried (SBF), co-founder of FTX, donated $45.2 million to Democrats leading up to the U.S. midterm election cycle in 2020, with a $5.2 million contribution going directly to Joe Biden’s campaign for president.

Democrats Return Portion Of Funds To Now Defunct Crypto Exchange

Following SBF’s arrest and the bankruptcy of his company, three major Democratic organizations plan on returning 2.2% of these funds—$1 million—to the now defunct crypto exchange as part of its bankruptcy settlement agreement with creditors owed money by SBF and his company FTX..

Democratic Organizations Contribute To Repayment

The DNC plans on contributing $815,000 out of the total amount while both the Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee will return $353,000 each as part of their repayment obligation towards FTX’s creditors owed money by SBF and his company FTX..

White House Refuses To Comment On Repayment

When asked about possible repayment from the White House during a press briefing on Dec 13th 2022 Karine Jean Pierre declined comment citing The Hatch Act which prohibits federal employees from engaging in political activities while at work..

Tesla CEO Elon Musk Suggests Contributions Exceed 1 Billion Dollars

Elon Musk has suggested that SBF may have given significantly more than just 45 million dollars towards Democrats over years possibly even reaching into 1 billion dollars according FEC records & data from opensecrets org..

Ethereum Hits 1-Month Low, Falls Below $1,500 as Bitcoin Steadies

Summery of the Article

• Ethereum fell to a one month low trading below $1,500 due to Paxos ending minting BUSD.
• Bitcoin edged lower as prices remain near a three and a half week low.
• The 14-day relative strength index for both Bitcoin and Ethereum is tracking close to 44.00.

Bitcoin Technical Analysis

Bitcoin (BTC) continued to trade close to a multi-week low on Monday, as market sentiment remained bearish ahead of the upcoming U.S. inflation report. Following a high of $22,060.99 on Sunday, BTC/USD dropped to an intraday low of $21,539.50 to start the week. As a result of the decline, bitcoin remains close to its lowest point since January 20, which is the last time prices were under $21,000. Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) maintains its proximity to a support point at 44.00. At the time of writing, the index is currently tracking at 45.80 with a resistance level of 50.00 an ideal target for remaining bulls should this target be captured; bulls could extend this rally and move to regain market momentum.

Ethereum Technical Analysis

Etheruem (ETH) fell to a one-month low to start the week with prices moving below the $1,500 mark less than 24 hours after trading at peak of $1,545.55 ETH/USD bottomed out at a low of $1,477.73 earlier today Monday’s plunge has seen world’s second largest cryptocurrency hit its weakest point since January 14th This latest slippage in price comes as RSI failed stay above long term floor at 44 level as of writing price strength currently tracking 42 which lowest reading since December 28 Should downward trend continue it highly likely that ethereum could collide with support 1 450

Paxos Ending Minting BUSD

It was reported that Paxos will no longer mint BUSD this has led depegging stablecoin and comes ahead upcoming U S inflation report also adding today volatility

U S Inflation Report

The upcoming US inflation report is also adding today’s volatility in crypto markets

Analysis
The 14 day relative strength index RSI both Bitcoin Ethereum tracking close 44 00 At time writing index currently 45 80 resistance level 50 00 ideal target remaining bulls capture bulls extend rally regain market momentum

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Published on:14. Februar 2023 Category: Allgemein

Craig Wright’s Tulip Trading Case Revived, Gavin Andresen: Mistake to Trust

• The U.K. Court of Appeal overturned a March 2022 dismissal in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers, allowing it to proceed to trial.
• Former Bitcoin core developer Gavin Andresen revised a 2016 blog post, insisting that it was a „mistake to trust Craig Wright as much as I did.“
• Andresen now refuses to play the „who is Satoshi“ game anymore and wants to leave his original post up as an acknowledgement of his mistake.

Court of Appeal Overturns Dismissal in Tulip Trading Case

The United Kingdom Court of Appeal overturned a High Court decision from March 2022 in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers, allowing the case to proceed to trial. TTL is seeking roughly $3 billion in alleged stolen digital assets and asserts that fiduciary and tortious duties require open-source blockchain developers to encode a digital asset recovery tool. Meanwhile, the Bitcoinsv (BSV) network has already implemented a digital asset recovery tool on its chain.

Gavin Andresen Revises 2016 Blog Post

After winning the appeal, former Bitcoin core developer Gavin Andresen revised a blog post he wrote in May 2016 which detailed his meeting with Craig Wright and claimed that he believed him to be Satoshi Nakamoto. In his updated post, Andresen acknowledges that trusting Wright was mistake and insists he will no longer play the „who is Satoshi“ game anymore.

Craig Wright ‚Delighted‘ With Decision

Craig Wright expressed delight after winning the appeals motion, stating that permission had been granted for TTL pursue its claim for breach of fiduciary duties and/or duty of care against the developers of blockchain linked digital assets including bitcoin.

Andresen Refuses To Play ‚Who Is Satoshi‘ Game

In light of recent events surrounding Craig Wright, Andresen chose not rewrite history but instead acknowledged his mistake in trusting Craig and stated he will no longer take part in playing “who is Satoshi” game anymore.

Implications Of The Case

If successful at trial, this case could have implications for open-source blockchain developers who may be held liable for coding certain tools into their networks or who may be put under pressure by claimants like TLS seeking damages related to stolen digital assets on their networks.

Panamanian Crypto Bill Project Awaits Supreme Court Decision

• The fate of the Panamanian crypto bill project, which was approved by the National Assembly last year, now depends on the decision of the supreme court of the country.
• President Laurentino Cortizo vetoed the bill and Congress rejected the veto measure, leaving the bill in the hands of the court to decide.
• If the Supreme Court decides to approve the bill, it will have the chance to become a regulatory framework for cryptocurrencies in Panama.

The Panamanian crypto bill, which was approved by the Panamanian National Assembly last year, is now in the hands of the Supreme Court of the country. The bill, which was introduced in 2021 to the National Assembly, has the potential to become a regulatory framework for cryptocurrencies in Panama. But in order for this to happen, the court must decide to approve the bill.

The bill has been a source of contention between President Laurentino Cortizo and the National Assembly since May. President Cortizo expressed his objections to the bill in its current form, citing issues with articles 34 and 36 of the document. The President vetoed the bill and Congress rejected the veto measure, thus leaving the decision of the future of the document in the hands of the Supreme Court.

The Supreme Court is now tasked with weighing the arguments both for and against the sanction of the bill. Should the court choose to approve the bill, it will have the chance to become a regulatory framework for the cryptocurrency industry in Panama. This would bring the country in line with other jurisdictions that have already developed laws and regulations governing the use and trading of cryptocurrencies.

The decision of the Supreme Court is eagerly awaited by the cryptocurrency industry, as it could be a major step forward in legitimizing digital assets in the country. Whatever the outcome, it is clear that the future of the Panamanian crypto bill project now rests in the hands of the court.