IMF recommends El Salvador not use bitcoin as legal tender
The International Monetary Fund (IMF) on Monday said El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency. The IMF statement came just after El Salvador announced that he was planning to build Bitcoin city.
Cryptocurrencies fade on news that Powell will be renominated as Fed Chairman
Bitcoin traded lower on Monday after buyers failed to sustain a weekend rally toward $60,000. The cryptocurrency was trading at around $56,000 at press time and is down about 5% over the past 24 hours. Equities and cryptocurrencies initially ticked higher earlier during New York trading hours after U.S. President Joe Biden said he will renominate Federal Reserve Chairman Jerome Powell, following some speculation that Fed Governor Lael Brainard could replace Powell to lead the central bank for the next four years.
Binance Registers Fourth Entity in Ireland
After years of decentralized operations, Binance is set to settle down on a global head office to ease compliance woes. Changpeng Zhao, founder and CEO of the world’s largest crypto exchange, said that Binance had picked a location for its HQ. Ireland has been a favoured location for European offices among U.S. big tech firms like Apple and Google, in part thanks to low taxes. However, Dublin will increase taxes for large multinational firms to 15% from 12.5%, the government decided in October.
Shiba Inu team issues scam alert to SHIB investors
The team behind meme cryptocurrency Shiba Inu (SHIB) has issued a public warning against ongoing online scams that primarily target altcoin investors interested in SHIB tokens. The proactive scam alert came in the form of a tweet detailing the various methods used to dupe unsuspecting victims from the Shiba Inu community.
Commonwealth Bank of Australia recognizes risks in missing out on crypto
Matt Comyn, the CEO of the Commonwealth Bank of Australia (CBA), said that the bank is more concerned about the risks of missing out on crypto than those associated with its adoption. The CBA is set to become the first of the “big four” banks in Australia to provide crypto based services, after the company announced that it will support the trading of 10 digital assets directly via its banking app.