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Zimbabwe to Introduce Gold-Backed Digital Currency, US Treasury Proposes Tighter Non-Bank Rules, & More



Zimbabwe’s Central Bank has announced plans to introduce a gold-backed digital currency that will serve as legal tender in the country. The move aims to stabilize the local currency, which has been continuously depreciating against the US dollar. According to reports, small amounts of Zimbabwean dollars will be exchanged for digital gold, allowing more Zimbabweans to hedge against currency volatility. The Reserve Bank of Zimbabwe Governor John Magundir has stated that the plan aims to leave no one and no place behind.

Meanwhile, in the United States, the Treasury and several top financial regulators have proposed new rules to make it easier for the Federal Reserve to designate non-bank institutions as systematically important. This move will make it easier for regulators to supervise and regulate such institutions. U.S. Treasury Secretary Janet Yellen has expressed concerns over the lack of supervision of non-bank financial institutions and the potential for wider financial contagion when these firms suffer through periods of distress.

The recent hacking of the KuCoin official Twitter account has resulted in users losing their funds in a fake giveaway event. The exchange has promised to reimburse the funds lost from the incident and confirmed that its Twitter account was compromised for almost an hour on the 24th of April. The company has identified 22 transactions involved in the incident and pledged to reimburse the victims. The exchange has urged victims to contact them for assistance and promised to implement better security measures to prevent similar incidents in the future.

In other news, the CEO of Open Exchange (OPNX), Leslie Lam, has blasted a number of supposed OPNX investors who publicly distanced themselves from the project. Lam tweeted that the behavior of the firms was disgusting and disappointing, saying that they won all the upside with little to no risk. OPNX is a bankruptcy claims firm established by Kyle Davis and Su zhu, the founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital.

Finally, a seven-month-long lawsuit between the Securities and Exchange Commission (SEC) and the firm alleged to have manipulated the price of cryptocurrencies has come to a close. On the 20th of April, a New York District Court Judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane, ordering them to pay $2.8 million in remedies and civil penalties. The sum comprises approximately $1.5 million in disgorged profits, referring to gains made from unlawful conduct, as well as a penalty of more than $1 million. Additionally, Hydrogen CEO Michael Kane agreed to pay an individual fine of approximately $260,000.

From Zimbabwe’s gold-backed digital currency to the U.S. Treasury’s proposed rules on non-bank institutions, the cryptocurrency market continues to experience significant developments and changes. Stay up to date on the blockchain and cryptocurrency industry by following CryptoTvplus.

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