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FameEX Afternoon Crypto News Recap | March 10, 2023

2023-03-10 18:00:20

Creators of Multi-Million Dollar Airbit Club Crypto Ponzi Scheme Admit Guilt
Six individuals involved in Airbit Club, a cryptocurrency Ponzi scheme that presented itself as a mining and trading company, have pleaded guilty, according to an announcement by the US Department of Justice. The scheme is believed to have defrauded investors of millions of dollars.

Russian Crypto Mining Bill Requires Income Reporting or Risk Imprisonment
Russia has implemented a new law requiring cryptocurrency miners to report their earnings or risk imprisonment and forced labor. The move aims to combat tax evasion and money laundering. In contrast, Russia has recently subsidized a mining facility in Siberia as part of its efforts to promote cryptocurrency mining.

US Federal Reserve Establishes New Crypto Team in Response to Unregulated Stablecoins Concerns
The Vice Chair for Supervision at the US Federal Reserve has stated that the central bank does not aim to stifle innovation within the financial sector. Instead, the priority is to establish regulations that protect households and the wider financial system.

Iran Advances CBDC Development Following Completion of Pre-Pilot Phase
Iran's central bank has reported that its CBDC has made substantial strides, having now concluded the pre-pilot stage. The central bank intends to proceed with advanced studies as it continues to develop the digital currency.

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