BITCOIN

Palau, an insular nation in the Philippines Sea, has partnered with Ripple, announcing a limited pilot for its own U.S. dollar-pegged stablecoin issued using XRP technology. According to Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, the test started about three weeks ago to validate the design of the stablecoin system. Palau and Ripple Announce Test Pilot of U.S. Dollar-Pegged Stablecoin Palau, a country comprising more than 300 individual islands, is testing a U.S. dollar-pegged stablecoin on top of the Ripple network. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, stated that the pilot started in March and that the project has been distributing Palau’s Stablecoin (PSC) for three weeks. Hunter Anson was the first to make a purchase using PSC, dubbed the “kluk,” purchasing a Micronesian breakfast at a collaborating vendor on July 13. He explained that PSC was “a prototype digitization of the U.S. dolla

Economist Peter Schiff has warned that the Federal Reserve is wrong about its recession outlook, advising everyone to get out of the U.S. dollar. He stressed that the U.S. currency is being destroyed, emphasizing that it is losing purchasing power. “Rather than fighting inflation, the Fed fueled the fire,” Schiff claimed. Peter Schiff Warns U.S. Dollar Is Being Destroyed Economist and gold bug Peter Schiff issued multiple warnings on Wednesday following the Federal Reserve’s announcement of a 25 basis point interest rate hike. Responding to Fed Chair Jerome Powell’s statement that the Fed is no longer forecasting a recession for the U.S. economy, Schiff said on Fox Business Wednesday: The Fed is wrong on its recession outlook. We’re going to have a recession. In fact, it’s going to be a severe one … Inflation is going to get worse, not better. “The real rate of inflation, regardless of how the government wants to misreport it … is higher than five percent,” the economist ins

U.S. prosecutors have asked a federal judge to put crypto exchange FTX founder Sam Bankman-Fried in jail over alleged witness tampering before his trial starts in October. While requiring the prosecution to formalize the request and giving the defense enough time to make its case, the judge issued a temporary gag order restricting their public comments. Prosecutors Seek Sam Bankman-Fried’s Detention Over Witness-Tampering Allegations During a hearing on Wednesday, prosecutors in the case against Sam Bankman-Fried (SBF), founder and former chief executive of the failed digital asset exchange FTX, asked U.S. District Court Judge Lewis Kaplan to send the crypto entrepreneur to jail. SBF has been living under house arrest in his parents’ home in Palo Alto, California since December 2022 when he was released on a $250 million bond. His trial on criminal charges linked to the collapse of the crypto trading platform is scheduled to begin in October. The prosecution is seeking modificati