DeFI News by Thebittimes.Com

Hong Kong-based OTCs say the region has become a safe harbor not only for crypto multimillionaires but for ordinary people, too. As the ongoing international conflict between Russia and Ukraine keeps unfolding, many citizens of both countries turned to Hong Kong, seeking safety for their money in crypto. Chainalysis, a New York-based blockchain forensic firm, citing Hong Kong-based over-the-counter (OTC) firms, revealed that “many Russians and Ukrainians are coming to Hong Kong to get their money to safety using crypto .” In a commentary to Chainalysis, Merton Lam, founder of one of the largest crypto OTCs in Hong Kong called CryptoHK, said that for high net worth individuals crypto has become a “part of their investment portfolio.” “They mostly want Bitcoin and Ether, though some have shown interest in smaller altcoins recently, which is interesting.” Merton Lam Merton did not go into details but noted that “ordinary people” al...

El Salvador has recorded a notable drop in remittances posted in Bitcoin and other cryptocurrencies in H1 2023. Recent data from Banco Central de Reserva (BCR), El Salvador’s central bank, indicates the country’s crypto remittance program saw a 26.5% drop in usage, even as remittances grew by more than 5%. You might also like: El Salvador’s international bonds offer 60% return in H1 2023 A snippet of the data shared by journalist and university professor Edwin Segura on July 22 via Twitter shows that Salvadorans living abroad sent back nearly $4 billion into the country in the first half of 2023. Remittance in crypto decreased 26.5% during the first 2023 semester compared to a year ago. Traditional remittance went up 5%. In El Salvador, #Bitcoin is in a coma; Salvi people salivate for US fiat$$$ https://t.co/OCP2tSmrX5 — Dr. Ricardo J. Valencia in 🫓 (@ricardovalp) July 22, 2023 In what many may see as an indictment of Salvadoran President Nayib Bukele’s law that...

Join Our Telegram channel to stay up to date on breaking news coverage Sen. Elizabeth Warren is attempting to get a bipartisan crackdown on money laundering in the cryptocurrency industry passed through Congress as federal prosecutors work to put Sam Bankman-Fried, a former crypto darling, behind bars. According to Warren’s office, the Massachusetts Democrat will partner with Kansas Republican Sen. Roger Marshall to introduce new legislation on Wednesday that aims to close financial system flaws that put the nation’s security at risk by allowing the use of digital assets for money laundering. The Warren-Marshall crypto legislation is unlikely to pass this Congress due to time constraints. When the new Congress is seated, the bill will need to be reintroduced. By requiring cryptocurrency companies to follow the same rules that apply to banks and traditional businesses, the effort seeks to level the playing field. In an exclusive statement to CNN, Warren said, I...