#fiat

"Simply put, no. Bitcoin raises concerns among both local and European regulators. Our primary business demands our focus, and it wouldn't be rational to jeopardize it by engaging with a high-risk asset like Bitcoin," says Mykhailo Rohalskyi. He believes that cryptocurrency lacks advantages over fiat money, apart from the potential to sidestep local currency regulations. Speaking on Ukraine's crypto landscape, the Monobank co-founder added: "I'm skeptical about the widespread acceptance of cryptocurrencies in our country. The approach of the National Bank of Ukraine to crypto regulation remains uncertain."

In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam's elucidation is notable for the legal status of digital assets. It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company's coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange.

Silvergate is the second-largest bank in the US that deals with cryptocurrency companies, ranking only after Signature. It acts as a crucial link between the crypto world and traditional fiat currencies. Recently, Silvergate has decided that the best course of action, given the regulatory changes in the industry, is to gradually wind down its operations and voluntarily liquidate. The closure plan guarantees full repayment of all deposits. In early March, Silvergate had already announced that it would discontinue the Silvergate Exchange Network (SEN). Several crypto exchanges have already confirmed that they have not been affected by their association with Silvergate and that their clients' funds are safe.

Brazil's Central Bank has officially christened its digital currency as 'Drex', moving away from its previous moniker, the digital real. The visual identity of Drex has also been released, featuring two arrows, with one integrated into the uppercase 'D', illustrating the transition of Brazil's conventional fiat currency to its digitalized form. Does the green hue symbolize perpetual growth?

Payouts will begin on March 10 and will be made in both BTC and fiat. As of now, the applicants will receive about a fifth of the claim amount. For 2019, the exchange balance was 142 thousand BTC ($3.3 billion), 143 thousand BCH ($19 million) and $510 million in Japanese yen. It must be said that the situation with Mt.Gox was so hopeless that many investors perceived the receipt of their coins as a gift from the gods. In addition, bitcoins were lost at a completely different price. Adam Beck, CEO of lending company Blockstream, says: “I pretty much wrote off the bitcoins I had on Mt.Gox as a loss. So philosophically, whatever I get now is a cold storage bonus.”