Zim Inflation, Russian Crypto, ChatGPT

Crypto News: We give you an overview of what has happened in crypto this week. ChatGPT suggests Bitcoin’s founder may be Nick Szabowhile crypto becomes an inflation hedge, but not in the way you think.

Given EU Sanctions, Is Binance Relaxing Russian Crypto Buying Rules A Wise Move?

ChatGPT’s latest revelation

As artificial intelligence tools become more advanced, they may crack the identity of Bitcoin’s pseudonymous founder Satoshi Nakamoto.

ChatGPT suggests that Bitcoin’s founder could be cryptographer Nick Szabo, one of the first people Nakamoto allegedly sent his famous email to, Hal Finney, or retired physicist Dorian Nakamoto.

Greater accuracy may come as language models learn from broader and new datasets, with GPT-4, the latest model from ChatGPT creator OpenAI, scoring 40% higher on the company’s internal fact benchmark.

That said, it would be difficult to verify the fine’s assessment without further investigation.

News about crypto coins

The biggest crypto gainers this week were Render Token (RNDR), which jumped nearly 37%. Cronos (CRO) was up just under 19%, and Injective (INJ) was up nearly 15%. At the other end of the charts, PancakeSwap (CAKE) price fell 21%, Optimism (OP) fell just over 10%, and OKB price fell 9.77%

Zimbabwe Crypto Inflation Hedging Not What Bitcoin’s Founder Envisioned

On Sunday, the Central Bank of Zimbabwe announced a new gold-backed digital crypto-inflation hedge.

After the 2008 financial crisis, the country has suffered from ongoing inflation that has rarely fallen below an annual rate of 90% this year.

The Zimbabwe dollar has also rapidly devalued against major currencies. On Wednesday, the interbank rate for USD was 1,100 Zim dollars.

Now it wants to remove money from circulation by using gold reserves. An analyst suggested on Wednesday that Zimbabwe’s gold-backed tokens could specifically help farmers avoid inflation.

However, as crypto exchange Litebit argued, citizens cannot know if the bank has enough gold to support the crypto inflation hedge, making Bitcoin a better option.

But adopting the token can help accelerate the adoption of digital assets by introducing citizens to custody and purchase processes. Gold-backed crypto like Gold Coin (GLC) and Meld Gold by Algorand (MCAU) allow investing in gold without having to hold it.

Crypto News – Socially

Binance Backtracks in Russian Ban

On Sunday, Russian Telegram chats suggested that Binance had raised its €10,000 Russian crypto trading limit.

The center had previously blocked transactions with Russian cards. It also banned users with €10,000 in crypto from trading in response to EU sanctions. The exchange has not officially withdrawn the limit, although BeInCrypto’s investigation suggests that the Telegram chats were genuine.

On Sunday, Russian news and blog site Durov’s Code said new card transactions are limited to between 4,300 and 200,000 rubles.

Binance may need the money from Russian trading if it decides to settle its multi-billion lawsuit with the US Commodity and Futures Commission. A Commodity Futures Trading Commission (CFTC) official said this week that talks with Binance had reached an impasse.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.