Business

Cuban NFT artists face censorship due to US sanctions

Cuba’s art market shut down completely during the pandemic, leading the community to turn to digital markets for survival. However, artists say that they remain censored due to the United States sanctions against Cuba, with US based platforms like Open Sea going to the extremes of deleting content and accounts linked to the country itself.

Published

3 years ago

July 28, 2022

Crypto News Team

The censorship began in January with the sudden closing of the account of Fabrica de Arte Cubano — an art gallery that provided exposure to emerging artists.

As Cuban visual artist and founder of the project CryptoCubans, Gabriel Bianchini, explains: “The embargo’s sanctions are so vague that platforms just prefer to not take the risk and close our accounts.”

This type of censorship is a common occurrence for Cuban artists exposing their work on the Internet. Ernesto Cisneros, a musician and NFT artist, recounted his own experience as a tragic one after losing all his earnings on Patreon due to the embargo during the pandemic. This experience brought him to web3, unaware that the same story would repeat again.

Adding to the consequences of censorship, they believe that Cuban artists have an increased susceptibility to being victims of hacks. Such is the case for Avinro, an NFT artist from Havana. “There are antivirus programs that don’t function correctly because I’m in Cuba”, he says, alleging that the lack of proper digital protection allowed an attacker — passing for an interested buyer — to send him a virus via Zoom link which should otherwise have been detected by the software. Avinro claimed that this oversight allowed the attacker to take over his Metamask wallet, resulting in the theft of his earnings and the loss of his user profiles on various NFT marketplaces.

However, there is apparent progress on the technological side being made through official channels. Cuba’s government recently announced that it is open to the use of cryptocurrencies, which has fostered hopes of adoption at a rapid pace.

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Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

23 hours ago

April 2, 2025

Crypto News Team

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

1 day ago

April 2, 2025

Crypto News Team

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

1 day ago

April 2, 2025

Crypto News Team

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.