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Another BRICS country cracks down on virtual currencies

Brazil has joined fellow BRICS members China and India in taking a tough line on cryptocurrencies by banning them from the country’s financial markets. Read more The South American country’s securities regulator has prohibited local investment funds from buying digital cash, Reuters reports. Cryptocurrencies cannot be considered financial assets, the regulator ruled. Earlier in December, Brazilian authorities published a warning ...

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Bitcoin crashes to 6-week low as regulator crackdown escalates

The price of top digital currency bitcoin dipped below $ 12,000 on Tuesday for the first time since December 5, following reports of a further crackdown on the cryptocurrency market. Bitcoin slumped by almost 15 percent, trading at $ 11,816 as of 10:30am GMT. The cryptocurrency’s market capitalization currently stands at around $ 198 billion. Read more Other virtual currencies ...

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Cryptocurrency meltdown continues as overheated market cools down

Top cryptocurrencies slipped by 13 to 25 percent on Tuesday, as investors appeared to abandon digital assets. Leading cryptocurrency bitcoin has fallen to just under $ 12,000, representing a 40-percent drop from its record highs. Read more Bitcoin was trading at more than 13 percent down at $ 11,957 per token. Ethereum plunged 18 percent, ripple crashed 24 percent, while ...

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Beijing wants to kick bitcoin out of China

Chinese authorities are reportedly aiming to completely ban centralized trading of virtual currencies as well as individuals and businesses that provide related services. Read more According to an internal memo from a government meeting seen by Reuters, Beijing will continue to apply pressure to the virtual currency trade and prevent the growth of risks in that market. National and local ...

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Bitcoin bubble could burst & it would be no big deal – report

The surge of bitcoin has been raising fears that it could be approaching bubble territory. Analysis from Capital Economics, however, says its crash wouldn’t be that big of a deal for the broader financial markets. Read more “Unlike the bubbles in the tech sector in the late 1990s and in US residential property a few years later, a bursting of ...

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From Ritz Carlton to high-security prison: Saudi prince reportedly moved after refusing to pay $6bn

Billionaire Saudi Prince Alwaleed bin Talal has reportedly been transferred to a maximum-security prison after refusing to pay $ 6 billion as part of a government anti-corruption purge. The prince was among 60 detainees who were being kept under arrest at the Ritz Carlton Hotel. However, these were moved by Saudi authorities to Al-Ha’ir Prison, according to sources quoted by ...

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French group demands Russia repay €53bn imperial debt

A group of French citizens holding eurobonds issued by the Russian Empire in the 19th century is demanding the Kremlin repay the debt, says a report by Radio France Internationale (RFI). Read more In 1867, Russian Railways launched government bonds guaranteed by gold. They were worth a total of 15 billion francs, the equivalent of €53 billion (US$ 65 billion) ...

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With 80% of bitcoin mined, fears rise it will become another fiat currency

As bitcoin gets closer to its 21-million-unit limit, enthusiasts say buying the cryptocurrency will gradually become much harder, making it more valuable. Others say it will stop being decentralized. Over 16,800,000 BTC have been mined as of January 13. It is impossible to predict when all the 21 million will have been mined. Some are saying that it can be ...

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Germany to include Chinese yuan in currency reserves

Germany’s central bank has decided to add the Chinese currency to its foreign exchange reserves, according to Bundesbank board member Andreas Dombret. The move could further boost the international status of the yuan. Read more Speaking at a finance forum on Monday, he said the decision was taken last year after the European Central Bank (ECB) switched €500 million ($ ...

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Apple facing legal battle in Russia over slowing down older iPhones

A group of plaintiffs in Russia is reportedly planning to take Apple to court after the company admitted it had been reducing the processing speed of aging iPhones. The first lawsuits from Russian consumers are set to be filed this week, according to consulting lawyers at National Legal Finance Group (NLF) and Lex Borealis, as quoted by Russian business daily ...

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