United States President Joe Biden authorized the bill that extends the budget and prevents an administrative closure, commonly known as a “shutdown.” The signing took place in San Francisco, where the president was participating in the leaders’ summit of the Asia-Pacific Economic Cooperation Forum (APEC).

Congress approved this bill in the last few hours, allowing the functioning of the public administration to continue until February 2 of next year.

Biden’s signing of this extension avoids a government shutdown that would have left approximately two million employees without pay, including those in critical roles such as the military, who would be forced to work even days before Thanksgiving. .

The risk of lack of funds would also have generated various effects, from the closure of museums and national parks to the suspension of food health inspections and the interruption of scientific research programs.

It should be remembered that the most recent closure of this type took place during the presidency of Republican Donald Trump (2017-2021), extending for 35 days, from December 22, 2018, to January 29, 2019, marking the longest in history during the Christmas festivities.

K. Tovar

Source: Infobae

(Referential image source: X, @SandraAdriana65)

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La entrada Joe Biden signs project to avoid government shutdown due to lack of funds apareció primero en Bitfinance.

Over the past few months, the flight of investment capital from crypto funds has been a growing concern in the sector. Indeed, in the last nine weeks, it is estimated that around $500 million has been withdrawn.

According to data provided by CoinShares, a specialized analysis site, this trend of massive withdrawals has continued for five consecutive weeks. In the past week alone, there was an outflow of funds worth $54 million, of which 85 % is attributed to Bitcoin.

These numbers contrast with the recent legal successes achieved by several crypto companies and projects in the face of accusations from the United States Securities and Exchange Commission (SEC).

Despite these legal achievements, the general sentiment among cryptocurrency investors remains predominantly pessimistic regarding the digital asset market.

K. Tovar

Source: Criptotendencia

(Referential image source: Aleksi Räisä, Unsplash)

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La entrada Withdrawals in cryptocurrencies amount to about $500 million apareció primero en Bitfinance.

The Federal Court ruled that Binance.US funds will not be frozen, thus dismissing the request filed by the SEC. The judge in charge of the case considered that this measure was not necessary, since no evidence was found that the CEO of Binance or any member of the organization had transferred assets from the platform outside the United States.

The judge, Amy Berman Jackson, argued that the parties involved can enter into negotiations and collaborate while the investigations are carried out. Furthermore, no evidence was found that Changpeng Zhao or any Binance.US member transferred assets out of the country.

During the process, there was also a debate about whether certain cryptocurrencies should be classified as securities. The judge expressed her uncertainty as to whether these cryptocurrencies fit into the category of securities or whether they are considered commodities.

The Federal Court in Washington, DC, officially rejected the United States Securities and Exchange Commission (SEC) request to freeze the assets of Binance.US. This decision allows the exchange to continue operating in the country.

Judge Berman asked Binance.US to file a balance sheet of its trading assets and expenses with the court, also urging both the exchange and the regulator to continue negotiating to establish fair terms. According to reports, it is expected that there will be more details about this resolution next Thursday, June 15.

Judge Berman disagreed with her request to freeze the funds, criticizing SEC lawyers for trying to apply this measure without solid evidence that Binance CEO Changpeng Zhao or a member of the organization moved the funds. assets. She even directly questioned whether the SEC had determined movements of Binance.US funds out of the United States.

K. Tovar

Source: Diariobitcoin

(Reference image source: Vadim Artyukhin, Unsplash)

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La entrada Binance.US assets will not be blocked apareció primero en Bitfinance.

Binance, the cryptocurrency exchange, has strongly denied the allegations of mismanaging its clients’ funds. The company responded to a Reuters report that claimed it had mixed customer funds with corporate income.

The Reuters report alleged that Binance had violated United States banking regulations, which require client money to be kept separate. According to the report, this mixing of funds occurred on a daily basis during 2020 and 2021, primarily in accounts held at the now bankrupt Silvergate Bank, and the amount involved was estimated to be in the billions of dollars.

Three people with knowledge of Binance’s finances were cited by Reuters as sources, and it was claimed that most of the fund mixing was done in accounts associated with the Binance CEO’s Cayman company. In addition, another account on Silvergate was mentioned to be linked to the conversion of money into the dollar-pegged token Binance USD (BUSD).

However, the Reuters report also noted that there was no evidence that money from Binance clients had been lost or taken.

In the face of these allegations, Binance has strenuously denied any wrongdoing. Patrick Hillmann, Binance’s head of communication, responded to the allegations via Twitter, calling the Reuters report “1,000 words of conspiracy theory”.

Hillmann explained that the basis of the Reuters story was based on the acquisition of BUSD (Paxos) by Binance users, where the term “deposit” was used on the transaction page. However, Hillmann claimed that users were buying a stablecoin redeemable for Paxos, which was clearly stated on the page.

Despite these accusations, the company maintained that it keeps the funds of its users and companies completely separate. Hillmann stated that there is no benefit in responding to these types of sensational stories and that the sources behind the accusations will be known.

It is important to mention that these accusations are added to a lawsuit previously filed by the Commodity Futures Trading Commission against Binance, related to alleged violations of US banking legislation.

K. Tovar

Source: Cointelegraph

(Reference image source: Vadim Artyukhin, Unsplash)

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La entrada Binance denied that it has mismanagement of its funds apareció primero en Bitfinance.

Joe Biden signed the Inflation Reduction Act on Tuesday, which he described as one of the most important in history. It is a key law that contemplates more funds to combat climate change, increases taxes on companies and expands medical coverage.

For Democrats, this law is a milestone in a legislature marked by divisions. “One of the most significant laws in our history,” Biden has defended, who has interrupted his vacation and has worn a mask due to his wife’s positive for Covid-19.

The satisfaction of the ruling party has become palpable in the event at the White House, interrupted on several occasions by applause. The initiative has gone ahead despite the outright rejection of the Republican opposition, both in the House of Representatives and in the Senate.

Biden has emphasized that “each and every one of the Republicans” said ‘no’ to a law that, in his own words, gives rise to a “historic moment” for the United States.

“With this law, the American people win, and the special interests lose,” said Biden, who has clarified that he does not intend to “tear down” but “build up. Today is yet another proof that America’s soul is vibrant and its future bright,” he added, aware of the importance of the moment.

Democrats anticipate a larger celebration on September 6 and the White House has already anticipated that Biden will make several trips in the coming weeks to try to explain to the public the importance of the new law, with an eye toward the mid-term elections. or ‘midterms’ of November.

The Inflation Reduction Act is not as ambitious as Biden initially dreamed of, but it is expected to help raise more than $700 billion while laying the groundwork for some $400 billion in clean energy spending and health aid.

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Source: dpa

La entrada Biden signs Inflation Reduction Act apareció primero en Bitfinance.

The Uphold platform reported, through a statement, its decision to withdraw from the Venezuelan market due to the complexity of complying with the sanctions established by the United States and asked its clients to withdraw funds from its platform as quickly as possible.

According to what was expressed in the statement, the platform will not accept more deposits from people residing in Venezuela and will close all accounts that have a zero balance.

The statement states the following: “We are very sorry to inform you that Uphold has decided to withdraw from Venezuela due to the increasing complexity of complying with United States sanctions. Venezuela was one of the first countries to welcome Uphold, and we love serving our customers.”

Venezuelans must withdraw funds by the end of July

The London-based company advised its clients in Venezuela to withdraw their capital from the platform as quickly as possible. The trading service will be offered until July 31 and from September 30 the accounts will be totally restricted.

As expressed by the company, it is important to speed up the withdrawal of funds by Venezuelan clients since after September 30 the process will be slower because it must go through the company’s customer service team for approval.

At the time of withdrawing the funds, the company may request that the client answer a questionnaire that will allow the withdrawal to be managed in accordance with the regulations established by the United States.

In order to withdraw the funds, clients must convert the balance into a “level 1 asset (USD, GBP, EUR) to withdraw them through an existing bank account linked to their name, or into a level 3 asset to withdraw them to an external crypto wallet explained the company in its statement.

M. Rodríguez

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Source: analitica.com

La entrada Crypto trading platform Uphold is leaving Venezuela apareció primero en Bitfinance.

Coinbase CEO Brian Armstrong recently assured that customer funds on the platform are lly protected “as they always have been.”

This clarification comes in the midst of a revelation made on social networks, where it was suggested that users do not have any type of protection against a bankruptcy case.

The disclosure also mentioned that users will be treated as “unsecured creditors” when this happens. This led to speculation that if Coinbase went bankrupt, the coins they own would be owned by the company.

Given this, Armstrong assured that there is no risk of bankruptcy, and that the funds of all clients will always be kept safe. Despite this, he did say that should the company go bankrupt it is “unlikely” that a court will decide to consider consumers’ assets as part of the company in the process “even if it harms customers.”

Coinbase CEO remains optimistic. Armstrong said that as a company, Coinbase has survived many cryptocurrency cycles, including some of the biggest crashes, and this makes them “well suited to operating” within these rough waters.

K. Tovar

Source: Cointelegraph

La entrada Coinbase CEO Ensures Protection of Business Funds apareció primero en Bitfinance.

John Kerry, US special representative for climate, announced that his country plans to increase its economic support for the month of June to help Egypt harness solar energy and reduce its dependence on fossil fuels, an important source of energy in the country of 100 million people.

The statements were made by the former US senator and former Secretary of State, in the Egyptian capital, also highlighting that “the United States was also working with Egypt on its own transition to a clean energy future.”

Kerry held a meeting with Egyptian Foreign Minister Sameh Shoukry in Cairo, where they discussed the priorities and goals of the 2022 United Nations Climate Change Conference, commonly known as COP27, as well as the availability of funds for that “developing countries implement the Paris Agreement on climate change reached in 2015”.

Egypt climate summit

The US representative, together with the Egyptian Foreign Minister, implemented a working group with the purpose of organizing the activities of the COP27 conference, scheduled in the Egyptian resort of Sharm el-Sheikh for next November.

Kerry said that the war situation between Russia and Ukraine does not affect the development of the COP27 conference because these events “will not change the reality of what is happening every day regarding our climate.”

The climate situation has become “an international threat to all of us”, Kerry pointed out, and emphasized that there is “no politics in this. There is no ideology in this.”

M. Rodríguez

Source: vozdeamerica.com

La entrada The US will support Egypt to develop its solar energy apareció primero en Bitfinance.

The International Monetary Fund (IMF) and Ecuador reached an agreement at the technical staff level on the second and third review of the economic program of the Latin American country within the framework of the Expanded Service (SAF), as reported in a statement.

Once the reviews are completed, Ecuador would have access to financing for some 800 million dollars, which the country’s authorities would use for budgetary needs. Ecuador’s SAF-supported economic program aims to underpin the recovery from the pandemic, restore fiscal sustainability, and generate sustainable growth with high-quality jobs.

The representative of the Fund who headed the agency’s mission in Ecuador, Ceyda Oner, reported that the agreement is subject to the approval of the IMF’s Executive Board in the coming weeks, conditional on the implementation by the authorities of prior actions and compliance of all relevant policies of the Fund.

“The economic program of the authorities supported by the IMF aims to support Ecuador’s recovery from the pandemic, expand social assistance to protect vulnerable families, promote transparent management of public resources, restore fiscal sustainability with equity and promote sustainable growth with high-quality jobs,” said Oner.

K. Tovar

Source: FMI

La entrada Ecuador and the IMF reach an agreement to review the economic program apareció primero en Bitfinance.

The state financial institutions China Construction Bank (CCB) and Bank of Communications (Bocom), leaders in the banking sector, are increasing their efforts to expand their pilot programs on the Central Bank Digital Currency, CBDC, of ​​China: the digital yuan or e-CNY.

The goal of banking institutions is to enable owners of digital yuan to obtain investment funds and insurance products using the new currency. For which the institutions partner with fund managers and insurers to explore the use of the digital yuan.

According to the South China Morning Post publication, the cooperation will “facilitate the use of the digital yuan for the purchase of mutual funds and insurance products, and the participants hope that this will become another use case for e-CNY beyond low-value daily retail payments.”

Financial activities

The CCB bank recently established an alliance with Shanghai Tiantian Fund Distribution in order to provide clients with the ability to make fund investments online with digital yuan. Zhang Min, Executive Vice President of the bank said: “Since 2017 we have been participating in the research and development of the central bank digital currency, which we consider important to our payment system due to its ability to improve the efficiency of payments.”

While China Construction Bank, until June, had opened “8.4 million digital wallets for individuals and companies”, making a total of “28.5 million yuan digital transactions, for 18.9 billion yuan”, equivalent to 2.9 billion dollars.

On the other hand, China has been carrying out different tests with the digital yuan in sectors such as the Beijing subway, in ATMs. In addition, some provinces are cancelling the wages of workers with the digital currency, which shows that the Asian giant is advancing energetically with its digital currency.

M. Rodríguez

Source: diariobicoin.com

La entrada Chinese banking to use digital yuan in investments and insurance apareció primero en Bitfinance.