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Settlements With China — Russia Plans Next Step for Digital Ruble

Inery Token $INR goes Live On Huobi Following Successful VC raise

<img width="1200" height="675" src="https://coinjournal.net/wp-content/uploads/2022/09/Pr-1_1664379814WYvQVbJixy.jpg" class="feed-image wp-post-image" alt="" loading="lazy" data-attachmentid="76155" />Singapore, Singapore, 28th September, 2022, Chainwire
$INR is live on Huobi, after successful VC rounds and several strategic partnership announcements. Trading officially opened at 13:00 UTC today, September 28th and the project saw its token trending up from $0.22 to $0.44 within the first few hours. The listing is an important milestone for Inery on its journey to revolutionize how data is handled on the decentralized web.
<a href="https://inery.io/" target="_blank" rel="nofollow noopener">Inery</a>, a decentralized data system envisioned to enable a new paradigm for data management, has been listed on Huobi exchange, one of the world&rsquo;s leading crypto exchanges, supporting over 1000 trading pairs and more than 600 cryptocurrencies. This will help bring Inery&rsquo;s vision to the markets and onboard more people in its mission to reshape the world through the paradigm shift in data management.
<h2>Inery Decentralized Data System</h2>
Specifically designed to address database management by integrating blockchain functionalities and distributed database properties, this project aims to enable interoperability between different industries without compromising security, speed, or performance.
Inery Decentralized Data System will enable users to read, write, delete, and control their data, ushering in a new decentralized and secured internet era, where data loss and misuse will no longer be an issue. With a proprietary blockchain running on MEM (memory) nodes, Inery is able to ensure this, while adding a level of encryption guaranteeing data privacy.
Made to not only provide an upgrade to Web3, but also be more eco-friendly and cost-efficient, Inery is a project offering real-world use cases to individuals, enterprises, and governments in the space of healthcare, GameFi, finance, and more.
The $INR token is the network&rsquo;s native token, used to secure and empower the Inery ecosystem.
<h2>Successful VC round, partnerships, recognition</h2>
The listing comes after Inery carried out successful investment rounds, where it saw VCs like <a href="https://finance.yahoo.com/news/gem-digital-limited-commits-50m-123100230.html" target="_blank" rel="nofollow noopener">Global Emerging Markets (GEM)</a> invest $50 million. Other venture capital investors to join Inery include <a href="https://www.globenewswire.com/news-release/2022/09/13/2515333/0/en/Inery-Acquires-Investment-From-Metavest-at-128m-Valuation.html" target="_blank" rel="nofollow noopener">Metavest</a> who invested at a valuation of $128 million, Nebulous Holdings AG, Zazen, Menas Global, Cap Lion Point, and <a href="https://finance.yahoo.com/news/inery-blockchain-closes-strategic-partnership-112535230.html" target="_blank" rel="nofollow noopener">Truth Ventures</a>.
To develop use cases, Inery also announced strategic partnerships with Sadiqa, Crescotec, <a href="https://www.bloomberg.com/press-releases/2022-01-20/nexbloc-and-arcade-network-partner-to-bring-blockchain-domains" target="_blank" rel="nofollow noopener">NexBloc</a>, and the award-winning global marketing firm &ndash; <a href="https://finance.yahoo.com/news/inery-partners-leading-media-corporation-161600515.html" target="_blank" rel="nofollow noopener">Luna PR</a>.
In recognition of its achievements, Inery has already received prestigious awards in the blockchain space. It was recently <a href="https://www.globenewswire.com/en/news-release/2022/09/16/2517766/0/en/Inery-Named-Best-Emerging-Blockchain-Solution-of-the-Year-at-the-Leaders-in-Fintech-Awards.html" target="_blank" rel="nofollow noopener">accoladed</a> as the &ldquo;Best Emerging Blockchain Solution&rdquo; at the Leaders in Fintech 2022 Awards and its CEO Dr. Naveen Singh <a href="https://gulfbusiness.com/revealed-winners-of-the-first-edition-of-gb-tech-web3-awards/" target="_blank" rel="nofollow noopener">received</a> the &ldquo;Blockchain Leader of the Year&rdquo; award at the prestigious GB Tech Awards.
Inery is also one of the few projects to have a public testnet launch in August ahead of its listing. Its successful testnet release with over 160 nodes allowed developers to test the different functions and features of its blockchain. With the feedback received, it will move ahead with its mainnet expected to launch in Q1 2023.
INR is currently live on Huobi with the trading pair INR/USDT. The token has achieved a trading volume of 1.2 Million $INR. It launched at a price of $0.22 and is trading at $0.43. Withdrawals begin tomorrow, September 29, at 13:00 (UTC).
During the first month of trading $INR on Huobi, traders can provide liquidity in the staking pools for staking rewards and transaction fees. Traders can also benefit from INR trading competitions to win awards in prize pools during the same period. Besides staking campaigns and trading competitions, they will run KOL competitions. Follow Inery&rsquo;s announcements on <a href="https://twitter.com/IneryBlockchain" target="_blank" rel="nofollow noopener">Twitter</a> and <a href="https://discord.com/invite/inery" target="_blank" rel="nofollow noopener">Discord</a> to stay updated.
Inery is led by Dr. Naveen Singh, CEO and Founder; Ivan Vujic, CTO and Founder, and Simon Murray, founder of Orange Telecom &ndash; CBE and Chairman. Mr. Satjiv S. Chahil, former Vice President of Global Marketing at Apple, recently joined the Advisor board as the new Principal Advisor prior to the $INR listing to help drive mainstream adoption.
<h2>About Inery</h2>
Inery is a layer-1 blockchain solution that provides a decentralized, secure, and transparent foundation for decentralization of data and its management. Inery envisions a paradigm shift in data and database management by integrating blockchain technology and distributed database synergies.
<h2>Contact</h2>
Tijana D Gertner, Director of Marketing &amp; PR, INERY PTE. LTD., tg@inery.io

The post <a rel="nofollow" href="https://coinjournal.net/news/inery-token-inr-goes-live-on-huobi-following-successful-vc-raise/">Inery Token $INR goes Live On Huobi Following Successful VC raise</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

Swan Bitcoin Acquires BTC Custody Provider Specter Solutions

The acquisition enables Swan Bitcoin to service its users from the point of initial education all the way through to self-sovereignty while keeping Specter open-source.

Binance Froze $1.5 Million Ties To Money Laundering Scheme, India Authorities Say

India’s law enforcement agency Directorate of Enforcement (ED) froze over $1,5 million deposited in crypto exchange Binance. The funds were deposited in Bitcoin via a transaction tie to crypto exchange WazirX and the Mobile Gaming App called E-Nuggets.

According to a <a href="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press%20release%20E-NUGGETS%20Crypto%2027-09-2022.pdf" target="_blank" rel="noopener">press release from the Directorate of Enforcement</a>, the Mobile app has been linked to Aamir Khan, and a Money Launder investigation was launched in July. This individual and others were accused of allegedly violating the Money Laundering Act by a complaint filed by the Federal Bank authorities.
The related entities with these alleged illegal activities are the mobile gaming app E-Nuggets, crypto exchange WazirX, its parent company Zanmai Labs, and crypto exchange Binance. As Bitcoinist <a href="https://bitcoinist.com/binance-clarifies-wazirx-as-india-raids-director/" target="_blank" rel="noopener">reported</a>, Changpeng “CZ” Zhao, CEO of Binance, has denied the allegations.
Two months ago, when the initial investigation was launched, CZ took to Twitter to clarify its involvement with WazirX, and state that there are no financial ties between the exchange platforms. At that time, the ED accused these entities of operating with “loose” regulatory control and no Know Your Customer (KYC) policy. The law enforcement agency stated:
<blockquote>By encouraging obscurity and having lax AML norms, it has actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route.</blockquote>
Now, the ED claims that the individual behind E-Nuggets, Aamir Khan, created the app with the “purpose of defrauding the public”. Once a “sizeable amount of money” was collected from E-Nuggets, the suspect proceeded to halt transactions and withdrew the funds.
Later, the bad actor “wiped off” the users’ data from the app servers. The ED claims the stolen funds were transferred using crypto exchanges. The bad actors were able to open “dummy accounts” in crypto exchange WazirX, deposit the funds, and then proceeded to transfer the funds to Binance. The release claims:
<blockquote>The balance of said transferred crypto currencies i.e., 77.62710139 Bitcoins equivalent to USD 1573466 (Rs 12.83 Crore approximately) at Binance crypto exchange has been freezed.</blockquote>
Binance Increases Cooperation With Law Enforcement Agencies?
Binance has been accused by the ED and other entities of allegedly enabling money launder, and other criminal activities. Company representatives, including its CEO, have denied any allegations, defending the platform’s KYC and anti-money laundering (AML) policies.
In a recent post shared by CZ, the exchange <a href="https://www.binance.com/en/blog/markets/amid-growing-demand-binance-boosts-its-global-law-enforcement-training-program-4745079635127044663" target="_blank" rel="noopener">announced </a>a “Global Law Enforcement Training Program”. According to Binance, the initiative was created to “help law enforcement detect financial and cyber crimes and assist in the prosecution of bad actors who exploit digital assets”.
In 2021, the crypto exchange launched an Investigations division. Data provided by the exchange claims that this team has participated in several activities across the world and worked with law enforcement agencies in several countries.

The exchange claims that its KYC and AML policies and its cooperation with international law enforcement agencies have allowed them to receive licenses to operate in France, Italy, Spain, and others. At the time of writing, Binance Coin (BNB) trades at $279 with a 3% profit on low timeframes.
BNB&#8217;s price with minor gains on the 4-hour chart. Source:<a href="https://www.tradingview.com/chart/UJ6TlxFV/?symbol=BINANCE%3ABNBUSD" target="_blank" rel="noopener"> BNBUSDT Tradingview</a>

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Don’t Fight The Fed: FOMC Meeting Is Most Volatile For Bitcoin Ever

The FOMC meeting has been done and dusted, but its impact on the price of bitcoin has left a lasting market. Where the market had expected volatility following such an important meeting for the financial market, it was steeper than expected. Looking back, it has been one of the most volatile that the market has been and a new record for the FOMC meeting.
Most Volatile FOMC For Bitcoin
Right before the FOMC meeting had begun last week, there was already some volatility being recorded in the market. However, it would pick up quickly once the meeting was in full swing and the results from the meeting were announced.

When the statement was released that the Federal Reserve (Fed) was increasing interest rates by another 75 basis points (bps), bitcoin had dumped hard in the market. In the space of one minute, the price had declined more than 5%, and then made another recovery of 2.7% in the minute that followed. Even with this recovery, the volatility did not slow down. Price would continue to fluctuate wildly in the one hour that followed the announcement. 

FOMC triggers massive volatility | Source: <a href="https://arcane.no/research" rel="noopener">Arcane Research</a>
By the time the one hour following the announcement was over, the volatility levels had reached 0.8%. This is arguably the most volatile of all the FOMC meetings in the history of bitcoin, and it comes as no surprise given the inflation trend in the last few months.
The Fed is still expected to raise interest rates even after this. This is because it has reiterated that it plans to get the economy back to a 2% inflation rate, and since it remains far off from this target, more volatility is expected for bitcoin.
The Aftermath
Mostly, the days after the FOMC meeting had seen the price of bitcoin return back to mostly normal. The only difference, in this case, was the fact that there was more bearish sentiment in the market. This bearish sentiment has led to a decline in the price of the cryptocurrency.

BTC goes back into the green | Source: <a href="http://TradingView.com" rel="noopener">BTCUSD on TradingView.com</a>
Before the FOMC meeting had taken place, the bitcoin prices had been trending just below $20,000. However, the price has nosedived below $19,000 multiple times since then. However, the price had recovered once more, above $19,000 at the time of this writing.

The cryptocurrency also continues to trade in a highly correlated state to the macro markets. This has meant that most activity in the stock market has been mirrored by bitcoin over the last couple of months. This high correlation is also expected to continue for the foreseeable future. 
Featured image from Coingape, charts from Arcane Research and TradingView.com
Follow <a href="https://twitter.com/BestOwie" rel="noopener">Best Owie on Twitter</a> for market insights, updates, and the occasional funny tweet…

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China Discovers Major Crypto Laundering Scam, Police On Arrest Spree

The Chinese government has never supported crypto activities since the emergence of the industry. The People&#8217;s Bank of China took further actions against the digital industry and banned all local digital assets operations.
Since the crypto ban in China, the government never stopped ringing a reminder that no digital activity can thrive in the country.

But residents of China are still very interested in digital assets despite the government&#8217;s negative stance. Research from <a href="https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/" target="_blank" rel="noopener">Chainalysis reported</a> that China is among the global top 10 highest crypto adoption. Moreover, from recent reports, some crypto operations still happen underground without the government&#8217;s knowledge.
Chinese Authorities Freeze $42 Million
A <a href="https://mp.weixin.qq.com/s/1EHyqkKRd5HxPYXSaj19rg" target="_blank" rel="noopener">local Chinese media</a> recently reported the arrest of 93 individuals involved in crypto-related money laundering.
According to the report, law enforcement agents in Hengyang city discovered a criminal group that laundered 40 billion yuan using digital assets. The illegal fund is approximately $5.6 billion if converted to the US dollar.
The police raided ten sites, arrested 93 suspects, and seized over 100 electronic devices. In addition, the authorities froze about $42 million in an illegal operation called the Hundred-day Action.
In the report, gangs of the Hundred-day Action allegedly bought cryptocurrency with illegal funds and converted them to USD for profits. The Chinese police claimed the source of the funds is telecom scams and gambling.
In the last months, Chinese authorities have hunted and terminated many similar operations and arrested many individuals.
Chinese Public Security Investigates Crypto Pyramid Schemes
In June 2021, the police arrested about 1,100 persons who allegedly used cryptocurrency to launder funds from telecom fraud. Additionally, 170 criminal groups connected to the scheme got terminated.
The Ministry of Public Security said it was the fifth round of investigation targeted at crypto-related money laundering activities.
The Yangpu and Shanghai Public Security Bureau investigated some pyramid Schemes allegedly operating with digital assets in March 2022. After the investigations, <a href="https://mp.weixin.qq.com/s/zo6wgZ5bK5o7FSS_2h2z9Q" target="_blank" rel="noopener">they terminated an online scheme</a> that duped $16 million from investors.
The police said the operation was the first digital asset pyramid scheme it cracked in the history of Shanghai. The authorities advised the public to raise risk prevention awareness and fight against pyramid schemes.
Also, the Shanghai Public Economic Investigation Department said it would continue to track down economic crimes that put the citizens&#8217; rights and interests at risk.

On its part, the Chinese government continued to rain bullets on the digital coins industry. The government blocked the Weibo accounts of many digital asset influencers and banned Bitcoin mining activities in the country.
Cryptocurrency market rises on the chart | Source: <a href="https://www.tradingview.com/chart/UG2tjOD6/" rel="noopener">Crypto Total Market Cap on TradingView.com</a>
These governments&#8217; actions against digital assets caused banks to freeze cards linked to transactions. In addition, Chinese government action in 2020 <a href="https://twitter.com/WuBlockchain/status/1328188103685619712" target="_blank" rel="noopener">reportedly</a> affected 74% of Bitcoin miners in the country.


Featured image from Pexels, Charts from TradingView.com

Developers Can Now Issue Assets Like Stablecoins On Bitcoin

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STEPN Partners With The Giving Block To Enable Crypto Donations For Nonprofits

STEPN, a crypto web3 app that enables people to earn rewards for exercising, announced a partnership with The Giving Block. According to a press release shared with Bitcoinist, the partners have enabled donations in the app&#8217;s native token GMT.

The cooperation will focus on non-profit organizations that will be able to receive<a href="https://thegivingblock.com/resources/cryptocurrency/stepn-gmt/" target="_blank" rel="noopener"> GMT via The Giving Block platform</a>. Crypto donors will have access to thousands of non-profit organizations and other tools to donate GMT and have an impact on several causes, such as The Giving Block’s Impact Index Funds.
This donation tool allows people to contribute to multiple nonprofits focused on specific goals. In that sense, the Impact Index Funds have been created to allow donors to support many charities with a single donation and remove friction from the process of transferring funds to several entities, selecting multiple organizations, and more.
The Giving Block allows crypto donors to support nonprofits with the goal to positively impact economic development, arts and culture, children and youth, education, environment, health and medicine, mental health, military, technology and science, and much more. Yawn Rong, CEO, and Co-Founder of STEPN said:
<blockquote>At STEPN, we emphasize bettering the global community, and acted on this by gamifying a healthy lifestyle through STEPN’s move and earn model. We are dedicated to supporting and fostering growth within our community and partnering with The Giving Block allows our users to impact a larger group of people, expanding our scope beyond the digital asset ecosystem. STEPN is excited to partner with The Giving Block and we look forward to leveraging crypto to support those in need through this philanthropic collaboration.</blockquote>
<blockquote class="twitter-tweet">
STEPN x The Giving Block 
In line with our efforts to give back to the community, we are pleased to announce a major partnership with <a href="https://twitter.com/TheGivingBlock?ref_src=twsrc%5Etfw" rel="noopener">@TheGivingBlock</a>, a notable philanthropic platform that pairs Non-Profit Organisations (NPOs) with crypto donors. [1/4] <a href="https://t.co/PqPv6DCOXn">pic.twitter.com/PqPv6DCOXn</a>
— STEPN | Public Beta Phase V (@Stepnofficial) <a href="https://twitter.com/Stepnofficial/status/1575123209426378752?ref_src=twsrc%5Etfw" rel="noopener">September 28, 2022</a> </blockquote>
STEPN Gains Traction, GMT Promotes Healthy Lifestyle?
According to the release, the partnership has the dual purpose of providing GMT holders with an additional use case to have a real impact on the world while promoting an “active lifestyle”. The cooperation will be promoted under a campaign called “Caring with Crypto”.
In addition, The Giving Block announced that any donations made to its Impact Index Funds from the users will be matched in a 1:1 parity by its parent company Shift4. The company will contribute to The Giving Block’s Impact Index Funds with GMT. Alex Wilson, Co-Founder of The Giving Block added:
<blockquote>Over the last year, STEPN has changed the way that people think about active living. We’re excited to give people the opportunity to take the tokens they have earned and donate them to the causes they care about.</blockquote>

The “Caring with Crypto” initiative will be live until December 31st, 2022, or until donations reached $10 million. At the time of writing, GMT’s price trades at $0.6 with a 6% loss over the last 24 hours. The cryptocurrency has managed to trade against the general sentiment in the crypto market recording an 11% profit over the last week.
GMT&#8217;s price sees gains on the 4-hour chart following the announcement of a partnership with The Giving Block. Source: <a href="https://www.tradingview.com/chart/ZVir7J9T/?symbol=BINANCE%3AGMTUSD" target="_blank" rel="noopener">GMTUSDT Tradingview</a>

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Russia Plans To Roll-Out Its First Ever CBDC Soon

As more expansions and innovations in cryptocurrency emerge, many nations are utilizing its unlimited possibilities hence, the development and exploration of central bank digital currency (CBDC) are increasing in several countries.
Many problems are associated with traditional banking in the global system today. These issues have spiked the need and demand for an alternative in payments and settlement of bills. The crypto industry is becoming the best option now through diverse assets.

The latest development is that Russia is planning to launch its CBDC. Anatoly Aksakov <a href="https://www.reuters.com/markets/currencies/russia-plans-use-digital-rouble-settlements-with-china-says-lawmaker-2022-09-26/" target="_blank" rel="noopener">disclosed</a> their objectives for CBDC during an interview with a Russian parliamentary newspaper. Aksakov is the head of the finance committee in the country&#8217;s lower house of parliament.
Aim Of The Russian CBDC
According to Aksakov, Russia&#8217;s launch of CBDC was born out of the limiting sanctions and issues associated with bank transfers and international settlement in Western countries. Hence, their desire for an alternative formed the concept of the CBDC.
Aksakov noted that Russia&#8217;s launch of a CNDC will attract other countries to use the currency actively. Also, the asset will inhibit America&#8217;s control over the global financial system.
There have been some developmental works on the Russian CBDC, also known as the digital ruble. The primary target for the CBDC is to sync the country&#8217;s financial system with the modern flow of digitalization.
Also, the country plans to leverage payments and transfers speedily using the currency. The current sanctions on the country have triggered its speedy implementation as the local banks are reportedly testing it.
The central bank and Finance Ministry settled on using crypto assets in international payment earlier in the year. The aim is to support trading between Russia and other countries.
Recall that Russian President Vladimir Putin endorsed a bill into law in June against cryptocurrency use. As a result, using crypto assets for domestic payments in the country became illegal.
However, the president is now interested in crypto mining, pointing out the usefulness of the spare electricity and the conducive climate for the mining industry.
Russia To Initiate Crypto Regulation
Further in his speech, the Russian lawmaker, Aksakov, reported that the country might launch a new crypto regulation before the year ends. Before now, there had been a lot of issues around crypto regulation in the country.

The Bank of Russia was solely focused on banning crypto assets. As a result, the country had earlier focused on dismissing crypto assets. Moreover, the plan for the CBDC was mainly to counter the threat of leading assets such as Bitcoin.
Bitcoin trades above $19,000 on the chart l <a href="http://Tradingview.com" rel="noopener">BTCUSDT on Tradingview.com</a>
But things have changed. The Bank of Russia has now changed its stance from banning to supporting and is even pushing to introduce digital asset trading in the official Moscow Exchange.
Featured image from Pexels, Charts from TradingView.com

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