Morning Post - November 22

headlines

▌Genesis Warns Without Funds May File for Bankruptcy

Genesis is struggling to raise cash for its lending arm, Bloomberg reported, citing people familiar with the matter, warning potential investors that if it can't do so, it could file for bankruptcy. The firms have been facing a liquidity squeeze since FTX filed for bankruptcy protection earlier this month and have been trying to raise at least $1 billion, including money from Binance, according to Bloomberg.Bloomberg cited a statement from Genesis saying it had no "immediate" plans to file for bankruptcy and was working to resolve the current situation.

policy

▌Sub-Saharan African Central Bank Governors Discuss Cross-Border CBDC

The Central Bank of Kenya chairs the Sub-Saharan Africa Advisory Group of the Financial Stability Board (FSB). Several of the 13 central banks in attendance are working on or have launched central bank digital currencies (CBDCs). But the topic of discussion is not the use of domestic CBDC, but how to use CBDC for cross-border payments. Improving the efficiency of cross-border payments is an important initiative of the FSB. The FSB statement said the group discussed initiatives to strengthen cross-border payments in the region, including the possible use of central bank digital currencies, while noting the importance of complying with Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) standards. Among the countries present, the South African Reserve Bank was amongthose openly engaged in cross-border CBDC initiatives,namely Singapore, Malaysia and Australia’s Central Bank’s Project Dunbar. Most other CBDC research in South Africahas focused on wholesale or interbank use of CBDC.

cryptocurrency

▌Kenya proposes to tax cryptocurrencies

Amendments to the Capital Markets Act imposing income tax on cryptocurrency traders in Kenya have been tabled in Parliament. “The income tax law applies to cryptocurrencies held for less than 12 months, and the capital gains tax law applies to cryptocurrencies held for more than 12 months,” the bill said. The bill also plans to charge all fees from cryptocurrency transactions. The 20% excise tax is deducted from the tax and requires cryptocurrency holders to submit information to the Capital Markets Authority (CMA), including the date of purchase and sale of cryptocurrencies. The Capital Markets (Amendment) Act 2022 aims to tax cryptocurrency exchanges and digital wallets and impose a transaction tax similar to the excise tax on bank transactions.According to a June report bythe United Nations Conference on Trade and Development (UNCTAD) , 8.5 percent of Kenya’s population, or 4.25 million people, own cryptocurrencies.

▌Coinbase confirms that it is safe to hold approximately 635,000 BTC on behalf of Grayscale

Coinbase confirmed that it is safe to hold approximately 635,000 BTC on behalf of the Grayscale Bitcoin Trust. Coinbase periodically performs "verification on chain" to confirm the existence and security of a certain amount of BTC.

▌BTC fell below $16,000

Jinse Finance reports that the market shows that BTC has fallen below $16,000 and is now at $15,998.5, with an intraday drop of 3.38%. The market fluctuates greatly, so please do a good job in risk control.