Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Here’s what happened in crypto today

Today in crypto, the project director for the Norweigan central bank’s central bank digital currency (CBDC) project told Cointelegraph in an interview that the bank has “not yet decided” if it will issue a CBDC and is assessing how to “mitigate regulatory gaps related to decentralized finance,” Bitcoin Fog founder Roman Sterlingov has been sentenced to 12 and a half years in prison, and Tether Investments announced it completed its first crude oil commodities transaction in October, facilitating the transportation of more than half a million barrels for more updaes Serialeturcesti.

Norway supports MiCA, considers CBDC for financial stability

Norges Bank, Norway’s central bank, has endorsed the European Union’s Markets in Crypto-Assets Regulation (MiCA) as the country evaluates the potential adoption of a CBDC.

Kjetil Watne, project director for Norges Bank’s CBDC project, said in an interview with Cointelegraph that Norway, as a member of the European Economic Area (EEA), welcomes MiCA’s framework. However, he noted that the bank is still considering “whether additional regulations are necessary to promote financial stability.”

Watne explained that Norges Bank has “not yet decided” if it will issue a CBDC and is assessing how to “mitigate regulatory gaps related to decentralized finance.”

As part of the EEA, Norway closely aligns with EU regulations, including MiCA, which Watne said is “under public review and currently being assessed by the Ministry of Finance.”

According to Watne, Norges Bank considers CBDCs potentially useful for cross-border payments but that “it remains to be seen how a CBDC-based cross-border payment system would look.”

Crypto mixer Bitcoin Fog founder receives 12.5-year prison sentence

Roman Sterlingov, the founder of the darknet’s oldest cryptocurrency mixer “Bitcoin Fog” has been sentenced to 12.5 years in prison as part of the United States government’s broader crackdown on crypto mixers.

It falls short of prosecutors’ earlier petitions for a 20- to 30-year sentence for Sterlingov following his March conviction by a jury on charges of money laundering, conspiracy to launder money, operating an unlicensed money-transmitting business, and transmitting money without a license.

The United States Department of Justice (DOJ) declared in a Nov. 8 statement that throughout the “decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals.”

Sterlingov must pay a “forfeiture money judgment” totaling $395,563,025.39. He is also required to forfeit seized crypto and funds worth approximately $1.76 million.

Sterlingov had argued throughout the trial that he was only a user of the service, and not its operator.

Tether expands into oil, eyes other commodities

Tether Investments completed its first transaction to “facilitate the loading and transporting of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million,” in October, according to company CEO Paolo Ardoino.