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2022-05-29 14:58:37 From a desperate investor’s ill-advised visit to Terra co-founder Do Kwon’s house resulting in an arrest, the announcement of a new Terra network, and blockchain talk at Davos, to predictions of U.S. economic collapse if inflation isn’t reigned in quickly, there’s no shortage of action-packed crypto stories this past week. Without further ado, this is the Bitcoin.com News Week in Review.

LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash
A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investme...

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2022-05-29 11:22:02 China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn, to exclude users from the mainland starting on July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is reported to have briefly dropped by 38%.

Stepn Adheres to Local Regulations
China mainland users of the NFT gaming app Stepn will not be able to access the app starting on July 15, the developers have said. The blockade on users from this region is set to become effective when Stepn stops providing GPS and IP location services.

Despite revealing the plans to stop serving users from the mainland, the dev team insisted in a tweet that they had not engaged in any business with players from the region. The team tweeted:

We apologize for the...

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2022-05-29 09:52:18 The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned.

CBR to Launch Transactions, Smart Contracts With Digital Ruble as Early as Next Year
Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble, the Russian-language edition of Forbes reported, quoting CBR’s First Deputy Chairman Olga Skorobogatova. She revealed this during a meeting organized by the Association of Banks of Russia.

The high-ranking official remarked that Russia’s central bank had initially scheduled the digital ruble pilot with real transactions and users for...

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2022-05-29 08:28:41 The new installment of Ni No Kuni, an RPG franchise brought by independent gaming studio Level 5 and animated by Studio Ghibli, has launched with blockchain elements present. The game, which has been designed for mobile and PC platforms, introduces a token system that lets players use their earnings outside of the game, and will feature support for NFTs in the future.

‘Ni No Kuni: Cross Worlds’ Goes Blockchain
More and more game developers are now including blockchain and play-to-earn elements in their games as a means of innovation and empowering players. “Ni No Kuni: Cross Worlds,” the new sequel to the acclaimed RPG franchise, developed by independent Japanese studio Level 5, has announced it will make use of NFTs and tokens to establish its own game economy.

The game, which features studio Ghibli animations and fi...

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2022-05-29 06:37:59 India’s central bank, the Reserve Bank of India (RBI), has proposed to adopt a “graded approach” to launching the country’s central bank digital currency (CBDC). The RBI also said it is exploring the pros and cons of introducing a digital rupee in India.

RBI on the Upcoming Digital Rupee Launch
The Reserve Bank of India released its annual report for 2021-22 Friday. India’s central bank digital currency (CBDC) is among the many topics discussed in the report.

“The design of CBDC needs to be in conformity monetary policy, financial stability and efficient operations of currency and payment systems,” the report details, elaborating:

The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going st...

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2022-05-29 03:07:05 Tesla CEO Elon Musk believes the U.S. economy is approaching a recession but he explained why it is “actually a good thing.” Musk has estimated that the upcoming recession will last 12 to 18 months.

Elon Musk Discusses U.S. Recession
Tesla and Spacex CEO Elon Musk shared his thoughts on the U.S. economy and the upcoming recession in a series of tweets Thursday.

Responding to a question about whether “we’re approaching a recession,” he answered: “Yes.” However, Musk noted, “this is actually a good thing.”

The Tesla boss explained that “It has been raining money on fools for too long,” stressing that “some bankruptcies need to happen.” He elaborated: “All the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard. Rude awakening inbound!”

His recession tweet followed a statement he made last...

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2022-05-29 01:46:09 Billionaire and FTX co-founder Sam Bankman-Fried said the leading crypto asset exchange aims to make a number of acquisitions and could spend up to $2 billion on such efforts. The FTX chief executive officer highlighted in a recent interview that a fraction of the funds raised by the company were “explicitly viewed from a potential acquisition angle.”

FTX Executive Sam Bankman-Fried Says Funds Raised Could Be Leveraged for Acquisitions
Sam Bankman-Fried spoke in an interview with Bloomberg’s Allyson Versprille and Yueqi Yang on Friday and explained that FTX is thinking about expansion moves and a...

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2022-05-23 09:23:26 Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that residents of Qatar can now buy and sell cryptocurrencies on its platform. The cryptocurrency exchange claimed it is the first regulated digital asset exchange to open its platform to Qatari residents.

Residents Can Now Connect Bank Accounts to Their Crypto Wallets
The Bahrain headquartered cryptocurrency exchange, Coinmena, has become the first regulated digital asset exchange to offer its services in Qatar. According to a statement released by the exchange on May 19, Coinmena’s foray into Qatar means the country’s residents can now connect their bank accounts to their crypto wallets. This enables them to “deposit and withdraw funds directly and safely.”...

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2022-05-23 07:14:53 Luxury watch manufacturer TAG Heuer announced it’s introducing online cryptocurrency payments for customers in the United States. The Swiss company provides the new payment option through a partnership with crypto payment processor Bitpay.

Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments
Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques d’Avant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release:

With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a...

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2022-05-23 07:14:51 Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million.

Bitmex’s Arthur Hayes Sentenced
The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.

The DOJ states:

Hayes, 36, of Miami, Florida,...

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