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Russian Ministry of Defense: Russian troops have occupied the Roknia region in eastern Ukraine.According to the New York Times: Documents show that the U.S. Environmental Protection Agency wants to lift restrictions on greenhouse gas emissions from power plants.On May 24, the European Union is considering removing more than 20 banks from the international payment system SWIFT, while lowering the price cap on Russian oil and banning the Nord Stream gas pipeline project as part of a new sanctions package. According to people familiar with the matter, the European Commission is seeking the opinions of member states on these plans. The EU is also weighing additional transaction bans on about 20 banks and new trade restrictions worth about 2.5 billion euros to further cut Russias revenue and ability to obtain technology needed to manufacture weapons. As part of the package under discussion, the groups executive body also plans to propose a reduction in the G7 oil price cap to about $45. This move is likely to require the support of the United States. The Group of Seven prohibits service providers from transporting and handling crude oil above the cap, which is currently $60.On May 24, Larry Johnson, a former CIA analyst, said in a program on the YouTube channel "Dialogue Works" that Russia will force Kiev to sign a surrender document, despite attempts to force Russia to make certain concessions in resolving the Ukrainian issue. "Some say Russia will have to make concessions. No. Not only do they not owe anyone, they will not do so. They will win, and Ukraine will be forced to surrender unconditionally." He said. The expert also reminded that all the talk about Moscow having to make concessions is just an attempt to somehow weaken the stronger party that has the upper hand both at the negotiating table and on the battlefield.Market news: The EU sanctions are aimed at increasing pressure on Russia to force it to end the conflict in Ukraine.

Stablecoin Tether hires BDO Italia for monthly proof-of-reserve reports

Alice Wang

Aug 19, 2022 14:59

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he biggest stablecoin in the world, Tether, said on Thursday that it has hired the accounting company BDO Italia to attest for its asset reserves. By the end of the year, it plans to publish its reports monthly rather than quarterly.


A stablecoin is a form of cryptocurrency with a fixed value, such as a 1:1 peg to the dollar. They are often used to transfer money into conventional currency or between other cryptocurrencies.


According to Tether, the currency maintains its value by maintaining dollar-denominated reserves that are equal to or greater than the value of Tether coins currently in circulation. These reserves have long been the focus of investigation, which intensified in May when the collapse of the stablecoin TerraUSD caused a sell-off in the cryptocurrency markets.


The British Virgin Islands-based corporation Tether has recently issued papers in which accounting firms vouch for the extent of its cash holdings. As of March 31, the reserves were at $82.4 billion, of which $39 billion was held in US Treasury bonds and $20 billion in commercial paper.


The latter two studies were produced by MHA Cayman, a company from the Cayman Islands.


According to its website, Tether has previously worked with Moore Cayman, a different Cayman Islands company.


BDO Italia is an independent member firm of BDO International Limited and an Italian-based audit and assurance business. At least two of Tether's executives are from Italy. According to Chief Technology Officer Paolo Ardoino, the majority of the team's personnel are headquartered in Europe and the Bahamas, where the majority of the reserves are held.


The partnership between Tether and BDO Italia, the business stated in a statement, is "the next stage in the firm's route towards a thorough audit."


According to Ardoino, "Our community has requested over time to enhance the auditing company that we are utilizing because they thought they needed something greater."


According to Ardoino, Tether would reduce its holdings of commercial paper from $8.4 billion on July 1 to $200 million by the end of August. He omitted to say which assets these monies had been invested in.

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