▌U.S. Urges Cryptocurrency Exchanges to Curb Russia's Circumvention of Sanctions

March 1 (Bloomberg) — The Biden administration is asking cryptocurrency exchanges to help ensure that Russian individuals and organizations do not use virtual currencies to circumvent sanctions imposed on them by Washington, according to people familiar with the matter. The White House National Security Council and the Treasury Department have sought help from operators of some of the world's largest trading platforms to block any attempts to bypass strict restrictions imposed on Russia by the United States and its allies. The move comes as the Biden administration grapples with how to regulate the asset class, with concerns that cryptocurrencies could be used to circumvent the heavily regulated traditional financial system. A White House official said cryptocurrencies are not a substitute for the U.S. dollar, which is heavily used in Russia, but that U.S. authorities are actively continuing to crack down on any misuse of digital assets to avoid their circumvention of sanctions.

Market Conditions

As of press time, according to Huobi global data.

BTC recently traded at $43,186.8, up or down +5.81% intraday.

ETH recently traded at $2922.01, up or down +3.79% during the day.

SOL last traded at $99.83, up or down +4.44% intraday.

MATIC recently traded at $1.63, up or down +4.76% during the day.

NEAR recently traded at $9.75, up or down +7.51% intraday.

ENS recently traded at $15.44, up or down +7.48% intraday.

DOGE recently traded at $0.1335, up or down +3.61% during the day.


▌After Shanghai and Beijing, Chengdu-Chongqing Financial Court will be established

February 28 news, after Shanghai and Beijing, the third financial court in the country is to be located in the Chengdu-Chongqing region. According to today's news from the Chinese People's Congress, the 33rd meeting of the Standing Committee of the 13th National People's Congress adopted the Decision on the Establishment of the Financial Court of Chengdu and Chongqing. The decision shall come into effect on March 1, 2022. It is understood that the setting of the trial division of the Chengdu-Chongqing Financial Court shall be decided by the Supreme People's Court according to the type and number of financial cases. The appeal cases of the first judgment and ruling of the Chengdu-Chongqing Financial Court shall be heard by the Chongqing High People's Court.

▌Chengdu Development and Reform Commission: engaging in virtual currency mining activities face loan disconnection, power disconnection, network disconnection and credit risk and bear legal responsibility

Feb. 28 – The Chengdu Development and Reform Commission is currently raising awareness of virtual currency mining to the public through SMS messages and other means, according to a report by Caixin's Blockchain Daily. According to the content of the relevant SMS, according to the relevant state regulations, virtual currency mining belongs to the national elimination category of backward production process equipment, the relevant business activities are illegal financial activities, facing the loss of credit, electricity, network and credit risk and bear legal responsibility, the relevant personnel will be investigated together with the party discipline and political discipline responsibility. Investment in virtual currencies and related derivatives, the relevant civil legal acts are invalid, and the resulting losses are borne by themselves.

▌Russian Central Bank claims its SWIFT alternative is ready

With the West and its allies imposing a SWIFT ban on Russian banks following an initial boycott by Germany and others, TASS reports that Central Bank Governor Elvira Nabiullina sees its so-called System for the Transmission of Financial Information (SPFS ) as a direct replacement for SWIFT, Golden Finance reports. She claims that while the system's membership currently " mainly includes Russian and Belarusian banks," some banks from Kyrgyzstan, Armenia, Tajikistan, Cuba and Kazakhstan have already joined. TASS noted that the first SPFS pilot was conducted in 2014, and while the network can interoperate with SWIFT, it can be used completely independently of the latter. The media outlet added that "subsidiaries of large Russian banks in Germany and Switzerland" could also use SPFS, and that "negotiations are underway" to achieve a "settlement with China" for SPFS. SPFS settlements "with China.

▌ Indian Supreme Court Questions Government on Cryptocurrency Issues

Golden Finance reports that for the first time since the Indian government proposed a tax regime for cryptocurrencies, the country's Supreme Court has asked a senior government lawyer to clarify the legality of cryptocurrencies. But the question was posed during a bail hearing in a criminal case and may not be answered. In an oral question, Supreme Court Justice Surya Kant asked India's Solicitor General Aishwarya Bhati to explain the government's position after India's finance minister announced proposals in February that included a 30 percent tax on cryptocurrency transactions, which sparked confusion about the legal status of cryptocurrencies.


▌Ukrainian English-language newspaper launches cryptocurrency donation

Golden Finance reports that Kyiv Independent, one of Ukraine's leading English-language news outlets, has begun promoting its new digital currency packs, the newspaper's latest way to raise money. These wallets complement Kyiv Independent's old GoFundMe and Patreon accounts. All of these fundraising methods became active during the Russian invasion of Ukraine, and Kyiv Independent's digital currency packs are just the latest in a growing number of reasons why Ukraine is using cryptocurrencies to raise money, including the Ukrainian government itself.

▌InvestAnswers: Agencies are showing strong interest in bitcoin this year

Golden Finance reports that cryptocurrency analysis and market reviews show InvestAnswers says that the sharp rise in institutional filings with the U.S. Securities and Exchange Commission (SEC) this year indicates a strong interest in bitcoin. By the first two months of 2022, the number of SEC 13F filings mentioning bitcoin had increased to nearly 160, compared to a total of 60 in the last quarter of last year. the SEC Form 13F is a quarterly report that all institutional investment managers with at least $100 million in assets under management are required to file. Despite bitcoin's poor price performance in the first two months of 2022, InvestAnswers says the arrival of institutional money will lead to a price spike. He cites the prediction of popular investor and Shark Tank star Kevin O'Leary, who says institutional money will be a "complete game changer" for cryptocurrencies.

▌AMC Theaters to Accept DOGE and SHIB Payments via BitPay

Golden Finance reports that AMC Theatres customers will be able to pay next month using memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) via BitPay. AMC CEO Adam Aron tweeted a short time ago that "BitPay will be available on March 19 for AMC online payments on our website by March 19 and on our mobile app by April 16, possibly a few days earlier," said the company, which began accepting bitcoin, ethereum, bitcoin cash and litecoin for payments last November and has promised that dogcoin will launch soon.

▌Canadian Healthcare Foundation GRHF Accepting Donations of Bitcoin, Ether, Dogcoin and SHIB

Golden Finance reports that according to local news outlet Global News, the Glenrose Rehabilitation Hospital Foundation (GRHF), a Canadian healthcare foundation, has announced that it is accepting donations in dozens of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogcoin (DOGE) and SHIB, in an effort to counter the COVID-19's impact on the Foundation's revenue. Once funds are sent to GRHF, they are converted to fiat currency and used for innovative health technology development for the benefit of patients with injuries or chronic illnesses, according to GRHF in a press release.

▌ Israeli Authorities Seize 30 Digital Currency Packages Linked to Terrorist Financing

Feb. 28 (Bloomberg) — Israeli Defense Minister Benny Gantz has ordered the seizure of 30 digital currency packages and 12 accounts linked to the financing of terrorism. The digital currency packages are reportedly linked to the Al Mutahadun exchange company, which is owned by the Gaza-based Shamlach family. The Al Mutahadun cryptocurrency exchange was previously listed as a terrorist organization by Israel's National Bureau for Counter Terror Financing (NBCTF) in 2021.

▌Polkadot Founder Under Fire for Ukrainian DOT Donation Proposal

Golden Finance reports that Polkadot (DOT) creator Gavin Wood has come under fire from various cryptocurrency industry observers after pledging that he would donate $5 million worth of cryptocurrency to Ukraine's fight against Russian military aggression. Noted cryptocurrency industry reviewer "grublés" denounced it as "the lowest form of crap. Meanwhile, on Reddit, a user named Aldi Westside said they were ashamed to have someone like Gavin Wood in the cryptocurrency space. "If Gavin really cared about helping Ukraine, he could easily exchange his DOT for BTC, USD, EUR or one of the many currencies Ukraine accepts donations in"

▌KPMG Canada Buys World of Women NFT to Enter Digital Collectibles

KPMG Canada announced Monday that it has purchased an irreplaceable token (NFT) from the World of Women collection, marking the global accounting firm's entry into the digital collectibles space, Golden Finance reports. A spokesperson said , Women #2681 was purchased on Feb. 13 for 25 ETH and then transferred to a separate wallet. The firm also revealed that it owns the kpmgca.eth ethernet name service (ENS) domain. The move comes after the company announced that it had added ETH and BTC to its balance sheet in early February.

▌ CEO of the U.S. logistics company Flexport: the company holds bitcoin

Feb. 28 (Xinhua) — Ryan Petersen, CEO of U.S. logistics company Flexport, said in response to a question from a user about whether the company holds bitcoin, "We're not going to disclose that, but it's not zero."

Important Economic Trends

▌U.S. Expands Sanctions on Russian Central Bank, Banning Any Transactions with the U.S.

Feb. 28 (Xinhua) — The United States is expanding sanctions against the Central Bank of Russia that will prevent Americans from doing any transactions with it and freeze any of its assets in the United States, NBC reported. The decision will apply to the Central Bank of Russia, the Russian Ministry of Finance, and the Russian State Wealth Fund, according to a statement issued by the U.S. Treasury Department on Feb. 28, according to the report.

▌Canadian Prime Minister: Canada to Ban Transactions with Russian Central Bank

Feb. 28 (Xinhua) — Canada will ban transactions with the Russian central bank, Prime Minister Justin Trudeau said.

▌Putin signs decree on special economic measures against the United States and its allies

Feb. 28 – Vladimir Putin signed a decree on special economic measures against the United States and its allies, which requires that, starting March 1, Russian residents be banned from transferring foreign currency to their accounts or deposits in foreign banks and from providing foreign currency to non-residents under loan agreements. In addition. The decree requires Russian exporters to sell 80% of their foreign currency earnings from January 1, 2022.

▌ Fed's Bostick: Supports 25 basis point increase at March's meeting

March 1 (Xinhua) — The Federal Reserve's Bostic said it currently supports a 25 basis point increase at the March meeting; the need to retrieve the Fed's excess liquidity "as much as possible"; the elimination of excess liquidity will not damage the economy; and the Fed needs to take a strong and firm stance on controlling inflation.

▌UK Foreign Secretary: looking at ways (Russia) can use to undermine sanctions

March 1 (Reuters) – British Foreign Secretary Tony Truss: We are looking at avenues (Russia) can use to undermine sanctions, including cryptocurrencies.

Decentralization, security and high performance constitute the "Impossible Triangle" of blockchain, and it is impossible to achieve all three features at the same time in the design, only two of them can be met. Decentralization is the presence of a large number of nodes involved in the production and verification of blocks. Security is the cost required to gain control of the network, and is usually anchored to real-world assets in the design of consensus mechanisms, such as proof-of-work (PoW) mechanisms anchored to arithmetic power. Transaction performance is the number of transactions processed per second (TPS). The main reason for the low performance of blockchain is that each transaction has to be agreed on all nodes.

Disclaimer: As a blockchain information platform, the content of the articles published by Golden Finance is for informational purposes only and is not intended as actual investment advice. Please establish the correct investment concept and make sure to raise your risk awareness.