Bali to crack down on foreign tourists using crypto as payment
The provincial government of Bali has announced that it will take strict action against foreign tourists who use cryptocurrency as a means of payment in hotels, restaurants, shopping centers and other places.
French Lawmakers Ease Restrictions on Crypto Influencer Marketing
French lawmakers have agreed to ease restrictions in a crypto bill aimed at controlling the impact of social influencers on digital assets. The bill, which was previously drafted to allow only licensed digital asset firms to participate in influencer marketing, will now permit digital asset firms registered with France's Financial Markets Authority to engage in such marketing. The lawmakers have stipulated that influencer marketers can only promote financial products and digital assets from firms registered with the AMF, and that non-compliance with the laws could result in penalties including imprisonment, fines and a possible ban on influencer activity. The move comes as social media platforms and influencer marketing become increasingly popular means of promoting businesses, including crypto firms.
Russian Central Bank Warns Crypto Could Infect Economy, Urges Restrictions
The Central Bank of Russia has warned that cryptoassets have the potential to infect the country's economy. The bank's First Deputy Chairwoman, Ksenia Yudaeva, stated that while it was necessary for Russian firms to use cryptocurrencies in cross-border settlements, it was important to ensure that they were restricted to the fringes of economic activity. The bank is concerned that the creation of trading networks using crypto could lead to the spread of cryptocurrencies throughout the Russian financial system. Despite this, many Russian firms are already using crypto in trade deals, believing that they are operating within the law.
Mastercard EVP Believes Crypto and Blockchain Technology Can Bring More Value to Financial Industries Once Key Security and Simplicity Issues Are Solved
During a blockchain-focused panel at Mastercard’s North America Innovation Day, the company’s EVP and head of crypto and blockchain, Raj Dhamodharan, stated that crypto and blockchain technology can bring more value to financial industries if they can solve the issues of security and simplicity. Dhamodharan believes that instilling trust in the blockchain ecosystem is a critical step in realizing its full potential. Once these issues are resolved, brands and companies would become more confident about engaging with the web3 industry. Mastercard has been steadily expanding its repertoire of crypto services by partnering with various industry players over the years and is heavily involved in helping governments figure out central bank digital currencies and the underlying payments infrastructure.
South Korean Lawmakers and Officials To Declare Crypto Holdings Under New Bill
A new bill requiring South Korean lawmakers and high-ranking government officials to disclose their cryptocurrency holdings is expected to be implemented within the next two months. The People Power Party's Representative Yun Jae-ok has stated that the scheduled date for introducing the new crypto declaration rules, which is currently set for December, is not prompt enough. Yun Jae-ok has also called for a new clause to bring the date of enforcement forward before it is voted upon. The new bill was proposed following a major scandal involving government official Kim Nam-kuk, who was accused of liquidating more than $4 million worth of crypto assets before the country began enforcing its "Travel Rule" in March.
Elon Musk Advises Investors Not to Put All Their Money on Crypto or Dogecoin
During a virtual conference hosted by the Wall Street Journal, Elon Musk, CEO of Tesla and Twitter, advised investors against putting all their money on crypto or Dogecoin, while still expressing his love for the meme coin. Musk's recent support for Dogecoin has caused controversy, including a $258 billion racketeering lawsuit accusing him of running a pyramid scheme. Despite this, Dogecoin's market capitalization has reached $10 billion, making it one of the top 10 cryptocurrencies.
Crypto Markets Suffer Fifth Consecutive Weekly Outflow
According to CoinShares, the crypto market has experienced its fifth consecutive week of outflows, resulting in a loss of $32.1 million. The data was sourced from investment providers such as Grayscale and ProShares, which cater to institutional and accredited investors. The Head of Research at CoinShares, James Butterfill, attributed this trend to poor sentiment focused on BTC. Germany was responsible for the most significant outflows, accounting for 75% of the weekly drain.
Weekly Meme Tokens May 15 - May 21
Check the most secured trending meme tokens from last week. Are you holding one of these?
Crypto Prices Stagnant as Conflict with U.S. Regulators Continues
This week, there were no significant developments in the ongoing battle between the SEC and the blockchain industry, resulting in stagnant crypto prices. While SEC Chairman Gary Gensler reiterated his agency's willingness to assist crypto companies in registering, opponents, including SEC Commissioner Hester Pierce, are challenging the SEC's position that existing securities laws provide clear enough guidelines for the industry.
Biden rejects deal friendly to "crypto traders" in effort to avoid U.S. default on debt obligations
During the final day of G7 talks in Japan, U.S. President Joe Biden expressed his desire to reach a deal with lawmakers that would prevent the government from defaulting on its debt obligations. However, he made it clear that he would not agree to a deal that favors "crypto traders" and wealthy tax cheats at the expense of food assistance for Americans. Biden has previously criticized cryptocurrency investors and proposed changing tax policies related to digital assets, including a 30% tax on energy used in crypto mining operations. Without a new budget deal, the U.S. could run out of cash as early as June 1.
