08.09.[News of the day] • Panama is introducing legislation that will make BTC legal tender and other articles

Welcome to today’s overview of crypto news:

MARKETS

The BTC celebrations did not last long, as markets turned red in several violent hour-long candles, when BTC alone lost more than $ 7,000 in less than two hours. As a result, total daily losses climbed to more than $ 10,000, making it the worst day since May 19.

It is also worth noting that the cryptocurrency has recovered somewhat, although it is currently trading at around $ 45,000 – a huge loss from yesterday’s highs of around $ 53,000.

On the daily and weekly charts, every altcoin in the top ten is currently in the red, with the exception of Solana, who has fallen in the last 24 hours, but is still significantly up in the last week.

BTC analysis – the price fell by up to 19% in a single trading day!

Cryptocurrencies

Russia has confirmed that it will not make BTC legal tender

Kreml has confirmed that BTC will not be legal tender in the country. According to local media, spokesman Dmitry Peskov said that Russia was not ready for it and that there was no reason to do so. Peskov also said that legalizing BTC would damage the financial system, and called BTC a quasi-currency. He did not comment in more detail.

This announcement follows the official acceptance of BTC as legal tender in El Salvador on September 7. The launch coincided with the introduction of the Chivo wallet, although there seem to be some problems with the whole situation.

Panama is introducing legislation that will make BTC legal tender

Panamanian Congressman Gabriel Silva has introduced a bill to regulate the use of digital currency in the country. The proposed law would recognize BTC as a national alternative payment method in Panama. The announcement was made via Twitter.

The proposed law is entitled: “Cryptocurrency Law:” To make Panama compatible with the digital economy. ” The document states that the new legislation is to recognize digital assets as an alternative global payment method. If the bill is approved, it will allow the use of crypto assets for all civil or commercial operations that are not otherwise allowed.

Salvador “buys a dip” because the price of BTC falls the day after its adoption

Just one day after the highly anticipated adoption of BTC as legal tender in El Salvador, their recently purchased 400 BTC lost about $ 2.5 million in value, as the entire cryptocurrency market lost 10 to 15% in 24 hours.

In the run-up to adoption, BTC traded around a four-month high of $ 52,850, but quickly lost 15% of its value overnight in Asia before recovering slightly. It has stabilized since then and traded at $ 46,557 at the time of printing.

President Nayib Bukele, who was trying to make the most of the start of the reception, said on Twitter that his government had “bought a dip” and added 150 BTC overnight to its position, bringing the country’s total holdings to 550 BTC.

Banks, crypto exchanges, companies

Ripple insists that the SEC clarify whether its employees were allowed to trade in XRP

Renowned Connecticut-based Filan LLC, James Ren Filan, a renowned in-house lawyer and commercial litigation expert, shared more news on Twitter about the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC). in which both sides from time to time attribute small victories to each other.

Filan wrote on Twitter that Ripple had filed another motion to force the SEC to share documents showing whether or not the agency’s employees were allowed to trade in cryptocurrencies: BTC, ETH, and the criticized XRP.

Ripple Labs filed the first motion to persuade the SEC to file the XRP documents in question on August 27. The SEC then replied to the judge that providing these documents would infringe on the privacy of the agency’s employees and fall under the Privacy Act.

CBDC, Regulation

Hong Kong regulator: Supervision of virtual assets needs to be stepped up

An official from the Hong Kong Securities and Futures Commission said on Tuesday that the regulator wanted to increase supervision of virtual assets because of related fraud, the local media report etnet said.

Julia Leung, Deputy CEO of SFC, said on Tuesday at a webinar hosted by the Association of Asian Securities and Financial Markets Industry that the regulator is likely to extend the relevant licensing regulations to oversee virtual assets.

Leung said the need to combat unlicensed cryptocurrency trading as well as efforts to strengthen investor education. Hong Kong has proposed legislation requiring virtual asset service (VASP) platforms to be licensed for its operations.

The SEC wants to sue Coinbase over a planned lending service

Coinbase CEO Brian Armstrong commented on the US Securities and Exchange Commission’s tough approach to its planned DeFi lending service. On September 8, Brian Armstrong decided on Twitter to defend his company’s position from the latest onslaught of a cumbersome financial regulator.

In a blog post entitled “The Securities and Exchange Commission, told us they wanted to sue us for Lend. We don’t know why. ”Paul Grewal, Coinbase’s legal director, explained the situation further.

It states that the company received a “Wells notification” from the SEC, and explains that this is the official way for the regulator to inform the company that it intends to sue it in court. Outraged, Armstrong said millions of people have been borrowing crypto assets for several years to make money. He added that Coinbase, which had record Q2 revenue of $ 2 billion, contacted the SEC to inform it of the planned Coinbase Lend program.