RABIT Weekly news (W2 Mar 2022)

• People’s Bank of China vows to continue strict crackdown on cryptocurrency transactions
• Russia’s central bank still calls for banning crypto
• The U.S. and Germany’s review of Russian crude oil ban has led to soaring oil prices - volatility and risk-off of volatile assets intensifies due to Russian nuclear threats
• U.S. Fed Chairman Powell states situation with Russia underscores need for heightened measures against digital currency, as currently they are “vehicles of speculation”
• G7 Finance Ministers considering ways to prevent individuals or companies in Russia from converting their assets to cryptocurrency to avoid regulations
• U.S. Treasury Secretary Yellen states participants in the cryptocurrency space are subject to anti-money laundering and sanction rules - “We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them”
• Dollar strength continues to build
• SEC has eyes on NFTs, probing if some tokens are illegal securities
• Binance is taking action to fully comply with sanctions against Russia
• Billboard partners with Universal Music Group to release NFT Project ChartStars
• Bill Browder: crypto exchanges that do not comply with requests to freeze Russian accounts are accomplices to Russian sanctions evasions, a serious blow to world security, and should be shut down
• Jeremy Siegel, professor of Finance at Wharton School: “Bitcoins will pose a big threat to the dollar if the Fed fails to control inflation to prevent dollar depreciation”
• Mike McGlone, senior commodity strategist at Bloomberg Intelligence, suggests possibility of a $30,000 BTC retest
• Korean presidential candidate Yoon on crypto:
  • Unconditional taxation before a proper system overhaul is problematic
  • Therefore, prolonging taxation is inevitable
  • Vows to create a crypto institution to increase number of won exchanges
  • Three to four additional won exchange license may be approved
• Shake Shack to offer 15% cash-back reward in bitcoin for on all purchases made with Cash Card, Cash App’s debit card. Offer valid through March

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