Italy Moves to Regulate the Crypto Industry
The Bank of Italy and Consob (Italy’s equivalent of the Polish KNF) are in discussions with crypto industry players on how to regulate the digital asset market. The goal is to reduce risks such as cyber threats and money laundering.
The Bank of Italy has expressed concerns that the differences between EU and U.S. legal frameworks could increase risks associated with cryptocurrency usage. This regulatory push aims to mitigate such threats.
Source: investing.com
Argentina Scandal Could End the Memecoin Craze
On February 14, Argentine President Javier Milei posted on X promoting the LIBRA memecoin, which was supposed to support the country’s economy. However, it turned out to be a scam. Just hours after launch, a rug pull occurred—LIBRA’s issuers, who controlled over 80% of the token’s supply, dumped their holdings, causing the memecoin’s price to plummet by over 90%.
Now, Argentina’s political opposition is accusing Milei of being involved in the LIBRA project and taking part in the fraud. There are calls for his impeachment, and investors are preparing to sue the president.
One silver lining of this fiasco is that the crypto market may finally recognize the dangers of memecoins and the risks of investing in projects with no intrinsic value. Social media sentiment around memecoins is already shifting, and SOL’s price is declining (especially relative to ETH).
Source: parkiet.pl
Japanese Gaming Giant Invests in Bitcoin
Japanese gaming company Gumi Inc., listed on the Tokyo Stock Exchange, has started investing in Bitcoin. So far, the firm has purchased $6.6 million worth of BTC.
The investment aims to diversify its assets and utilize Bitcoin for staking in the Babylon protocol. Essentially, this provides an alternative to traditional savings accounts in banks.
Source: tradersunion.com
North Carolina Considers Bitcoin Investments
The State of North Carolina is exploring Bitcoin investments. Destin Hall, the Speaker of the State House of Representatives, has introduced a bill that, if passed, would allow investments in “qualified digital assets.”
The bill defines these assets as “exchange-traded products” with an average annual market capitalization of at least $750 billion.
Source: carolinajournal.com