• May 27, 2022

Crypto summary: “Swiss National Bank opposes having Bitcoin as a reserve currency”

Crypto summary: “Swiss National Bank opposes having Bitcoin as a reserve currency”

We know that in the crypto world, everything could change in the blink of an eye. We present to you, the crypto summary, a brief review of what were the most outstanding crypto news of the week, so that you do not miss any details. By the way, the most prominent one: “Swiss National Bank opposes having Bitcoin as a reserve currency.”

As usual, for this crypto summary, the 7 most important news of the crypto week are selected. These are the headlines:

  1. Swiss National Bank is opposed to having Bitcoin as a reserve currency.
  2. Charlie Munger criticizes Robinhood.
  3. Binance blocks the accounts of relatives of Russian government officials.
  4. Cuba is taking a new direction with cryptocurrencies.
  5. This is what the Panama crypto law proposes.
  6. Elon Musk bought Twitter for $44 billion.
  7. Janet Yellen let slip her plan to regulate cryptocurrencies.

Swiss National Bank opposes having Bitcoin as a reserve currency

For starters, the Swiss National Bank (SNB) is against buying and holding Bitcoin as a reserve currency, Thomas Jordan said at the annual general meeting of the central bank.

In this regard, Thomas Jordan, chairman of the governing board of the Swiss National Bank, stated that the institution is currently not interested in holding Bitcoin. However, he could make such a move at some point.

«Buying Bitcoin is not a problem for us, we can do it directly or we can buy investment products based on Bitcoin. We can fix the technical and operational conditions relatively quickly, when we are convinced that we should have Bitcoin on our balance sheet».

Charlie Munger criticizes Robinhood

With tens of thousands of shareholders meeting in person in Omaha, Nebraska for the first time since 2019, Berkshire Hathaway vice chairman Charlie Munger couldn’t help but feel some chagrin now that Robinhood’s stock is down 70% since its initial public offering. Referring to his payment for order flow business as “hidden bribes”.

«Look at what happened to Robinhood from its heyday to its depression. Wasn’t it pretty obvious that something like this was going to happen? That was disgusting. Now it’s coming undone. God is becoming righteous».

Binance blocks accounts of relatives of Russian government officials

Next, according to Bloomberg, Binance has closed several accounts linked to relatives of senior Kremlin officials in the last two months.

For example, among the affected people are Elizaveta Peskova, the daughter of Russian President Vladimir Putin’s Press Secretary Dmitry Peskov, and Polina Kovaleva, the stepdaughter of Foreign Minister Sergei Lavrov.

In this regard, Chagri Poyraz, global head of sanctions at Binance, expressed: “Proud to be part of this team that makes a real difference».

Cuba takes a new direction with cryptocurrencies

Now, the Central Bank of Cuba will give cryptocurrency service providers a one-year license. Which may be renewed if there is mutual agreement of both parties.

Under, Reuters, while Cuba has approved the use of cryptocurrencies for its citizens since 2021, the Central Bank of Cuba delivered “new directives for service providers operating in the country to increase regulation of the industry».

This is what Panama’s crypto law proposes

Indeed, the National Assembly of Panama approved in the third discussion the legislation that regulates the use of Bitcoin (BTC) and other cryptoassets as a means of payment in that territory.

Among his first articles he indicates the objectives he pursues and the legal provisions. It begins by indicating that only nine cryptocurrencies will be able to be used in that country. Of course, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), among others.

Elon Musk bought Twitter for $44 billion

Billionaire Elon Musk formally announced his purchase of Twitter, with a 100% shareholding. This fact comes to fruition after he mentioned the idea for several weeks, including the offer of an estimated capital of $ 44,000 million.

On behalf of the company’s representatives, Bret Taylor, independent chairman of the Board of Directors, spoke about it. «Twitter’s Board of Directors has conducted a thoughtful and thorough process to evaluate Elon’s proposal, deliberately focusing on value, certainty and funding».

Janet Yellen let slip her plan to regulate cryptocurrencies

Finally, Treasury Secretary Janet Yellen gave her first speech on cryptocurrencies and their regulation. Calling for a stricter regulatory stance.

«Consumers should be protected from fraud, regardless of whether the assets are stored on a balance sheet or on a distributed ledger. Money laundering and other illicit activities should be considered illegal, and it doesn’t matter if you use checks, transfers or cryptocurrencies».

To conclude, if you want to expand on these and other news from the crypto summary, go to our main page.

I end this crypto summary with this sentence from Warren Buffett: “The risk comes from not knowing what you’re doing».