Israel is accelerating the development of its central bank digital currency (CBDC), known as the digital shekel.
The Bank of Israel (BoI) plans to collaborate with various service providers to create an advanced digital payments ecosystem centered on this currency.
In a statement, the central bank announced the “Digital Shekel Challenge,” inspired by the “Project Rosalind” from the BIS Innovation Hub.
Project Rosalind is a joint effort between the Bank for International Settlements (BIS) and the Bank of England to develop prototypes for an application programming interface (API).
The BoI will provide a sandbox environment with a layer of APIs as part of the challenge. Participants will compete to develop real-time CBDC payment systems for the public.
Shauli Rejwan, managing partner at Masterkey Venture Capital, explained the initiative’s details to Cointelegraph.
The program consists of three phases: application and presentations, access to the new network for selected projects, and a final presentation to judges, including notable figures from recent crypto events.
Rejwan believes this initiative could bridge the gap between the Web3 industry and the government, despite the current exclusion of decentralized finance, zero knowledge, and permissionless solutions.
Israel has invited entities from private, public, and academic sectors to join the experiment. The central bank emphasized:
“Priority will be given to uses with original and innovative characteristics in the payments world, whether they are improvements to existing applications or completely new applications.”
READ MORE: Crypto Executives Say Nvidia Unlikely to Outperform Bitcoin Over Next Decade
While CBDCs are designed for universal use, participants in Israel’s experiment can also develop solutions for specific niches and scenarios.
On April 16, BoI deputy governor Andrew Abir expressed that competition between CBDCs and banks benefits the economy.
He believes public support for the digital shekel is strong.
“The digital shekel will not be developed by some anonymous Satoshi Nakamoto.
“Everyone will know who is behind the digital shekel and who is responsible for it — […] the same Bank of Israel that stands behind the cash we all know and trust.”
Abir noted that the digital shekel could also benefit the BoI by encouraging banks to offer higher interest rates.
A public consultation report from May 11 confirmed Abir’s views, showing broad support for CBDC research.
However, respondents unanimously expressed concerns about potential privacy breaches.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Hat on Trump (HATTRUMP) presents a similar opportunity for a limited time.
Hat on Trump (HATTRUMP), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
HATTRUMP will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Hat on Trump.
Currently, Hat on Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy HATTRUMP on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Hat on Trump by entering its contract address – BxJt15s4gypHswQjEu26jRxKaeo7btS7TvYqbyJxEzGZ – in the receiving field.
HATTRUMP currently has a market cap of just under $12,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Bitcoin investors are known for their bullish outlook, and despite multiple failed attempts to sustain prices above $71,000, derivatives betting on $80,000 and $90,000 continue to rise.
This is driven by expectations of high-volatility events such as geopolitical tensions, socio-political changes, U.S. presidential support, and increased corporate adoption of Bitcoin.
Bitcoin bulls were overly optimistic, betting on $72,000 or higher
Bitcoin’s $6.5 billion options expiry on May 31 is a prime example.
Bulls’ failure to break the $70,000 resistance over the past week suggests these optimistic call (buy) options may become worthless.
Notably, 91% of these instruments were placed at $72,000 or higher, indicating a reliance on a sustained rally before May 31.
As the deadline nears, it appears Bitcoin bears may avoid significant losses.
Contrary to Bitcoin-only investor beliefs, BTC’s price is influenced by external factors like monetary policies, economic trends, inflation, unemployment, and confidence in the government’s bond-issuing capability.
Regardless of Bitcoin’s temporary correlation with the stock market and gold, investors usually hold cash and short-term U.S. Treasury bonds when market fear prevails.
The Nasdaq Composite index hitting an all-time high above 17,000 points on May 28 shows investor confidence in the U.S. Federal Reserve’s soft landing plan.
This plan aims for inflation to return to its 2% target while maintaining favorable corporate earnings.
This scenario boosts the outlook for risk-on assets, including Bitcoin, as reduced interest rates are expected.
The optimistic bets for Bitcoin’s monthly options expiry at 8:00 am UTC on May 31 reflect the 25% gains as BTC soared from $56,883 to $71,417 in early May.
However, this rally was unsustainable, especially after the approval of the spot Ethereum exchange-traded fund (ETF) in the U.S., creating competition for institutional funds.
Aggregate data predicts a $270 million profit for bulls if BTC trades above $70,000
To understand the odds for each BTC expiry price level, analyzing the open interest of calls (buy) and puts (sell) is essential.
READ MORE: AI Project Worldcoin Faces Scrutiny Over Biometric Data Collection Amid Privacy Concerns
Call options dominate with a 70% higher notional value, but Deribit’s $4.62 billion open interest will likely be much lower if BTC trades below $70,000 on May 31.
Similarly, put option investors will be disappointed if Bitcoin remains near $67,800, as only 5% of those $1.7 billion contracts were placed at $68,000 or higher.
Deribit leads the options market with a 71% market share of Bitcoin’s monthly open interest in May. However, aggregate data from various exchanges show different investor profiles.
The Chicago Mercantile Exchange (CME) is the second-largest player with $745 million, followed by OKX with $600 million. Binance and Bybit totaled $315 million and $160 million, respectively.
If Bitcoin stays near $67,800 on May 31, the aggregate open interest for call options will be $135 million, while put options at $68,000 will amount to $145 million.
This level is fairly balanced, but both bulls and bears have incentives to influence the price before expiry.
For instance, a $65,900 price would favor put options by $95 million, while an expiry at $70,000 or higher would give call options a $270 million advantage.
With less than three days until expiry, it seems unlikely bulls will push Bitcoin’s price above $70,000 without short-term catalysts, favoring a neutral outcome near $68,000.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Degen Doge (DEGDOGE), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
Currently, Degen Doge can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Degen Doge could become the next viral memecoin.
In fact, many early Shiba Inu and Dogecoin investors have been pouring funds into this new Solana memecoin.
Degen Doge launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Degen Doge on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Degen Doge by entering its contract address – DiocRJAvYE9NfXFVfXcHShAwvauJLkSHDKyy8Nnu8evG – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like DEGDOGE.
Australia’s tax agency has notified the crypto exchanges operating in the country to submit personal details and transactions carried out by its citizens. The move was made after it was discovered that a portion of the 1.2 million Australians who are signed up on various digital currency exchanges fail to pay tax.
Cryptocurrency Use and Tax in Australia
Australia considers virtual currency assets that can be held for tax purposes. In essence, once a profit is made from a cryptocurrency sale, the trader is legally required to pay capital gains tax.
In April, the Australian Taxation Office (ATO) revealed that the details collected from these exchanges, such as user dates of birth, phone numbers, social media accounts, and transactional details, will help the agency track down users who evade taxes. Any user who exchanged their tokens for another coin or fiat currency and failed to report it would be penalised.
Many individuals use digital currency for various reasons in Australia, including investing in alternative assets, making e-commerce purchases, and gaming and gambling online at Australian Bitcoin casinos. Kane Pepi shares that crypto gambling has become very popular in Australia due to large bonuses and huge game selections.
Nevertheless, the investigation will affect crypto users across all sectors. Whether it’s a Bitcoin enthusiast who makes money through mining, trading, or merely receiving crypto as a payment option, the asset will be subject to taxes.
This move made by the ATO is set to improve tax revenue inflow to the government’s coffers. A treasury report in 2022 revealed that 800,000, or 3.9%, of 20.5 million Australian taxpayers used cryptocurrencies at least once in the past three years. Essentially, since an increasing number of Australians have begun to use cryptocurrency, there’s a potential for increased tax revenue.
The Ripple Effect on the Crypto Community
The steps taken by the Australian Tax Office (ATO) are bound to affect crypto users across all sectors of the economy. Digital currency enthusiasts have always revelled in the anonymity offered by blockchain technology, and this change could trigger uncertainty about using crypto.
For one, cryptocurrency traders in Australia will have to deal with increased scrutiny concerning their trading losses and gains. Since the tax agency will focus more on crypto investors, they’ll be bound to reevaluate their strategies and pay more attention to tax compliance.
The focus on tax evasion in the crypto community is certain to affect the average crypto enthusiast’s trust. Since everyone who turns a profit using crypto is required to pay tax, many investors could decrease their participation in the crypto market. Others who are willing to navigate the new landscape are likely to contact their accountants and lawyers for professional tax advice before dabbling in it willy-nilly.
In the crypto gambling space, casino gamers who have managed to evade taxes will most likely stop participating in gambling activities, which is seen by many as a win-win for both sides as it weans out the bad eggs. Gamblers on the opposite side of this spectrum are bound to support this move since it could legitimise the crypto-gambling industry in Australia.
Nevertheless, even gamblers supporting the move can leverage the increase in the number of no-KYC casinos to make a switch. These casinos give users a free hand in terms of anonymity. In essence, these no-ID casinos don’t require players to provide KYC information or any other extensive identity verification process, allowing them to maintain some level of anonymity despite the ATO ruling.
The ATO’s increased scrutiny will cascade over to e-commerce outlets accepting cryptocurrency. Many of them may have to reconsider their choice, especially if it was made with profits in mind, which may be eaten into when they start paying taxes. Their option then becomes to disallow crypto payments and consider alternative options or put all or some of the tax burden on their customers, which can lead to reduced adoption of crypto by the everyday shop-goer.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Pepe Whale (PEPEWHALE) presents a similar opportunity for a limited time.
Pepe Whale (PEPEWHALE), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
PEPEWHALE will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Pepe Whale.
Currently, Pepe Whale can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy PEPEWHALE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Pepe Whale by entering its contract address – GMbDJs1S666TurCdEcRAHJikcdM9BCZXLdb4x792tPUY – in the receiving field.
PEPEWHALE currently has a market cap of just under $10,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Technology company Nvidia‘s (NVDA) outperformance of Bitcoin over the past ten years is not expected to continue into the next decade, according to several crypto executives.
“Near zero chance of Nvidia outperforming Bitcoin over the next 10 years,” argued Swan Bitcoin CEO Cory Klippsten in a May 24 X post.
“I’d pick Bitcoin over Nvidia for the next ten years, personally,” investment strategist Lyn Alden stated, after pointing out on X that NVDA “is one of the few assets that has outperformed Bitcoin over a 10-year time period.”
From May 23, 2014, to May 23, 2024, Nvidia — known for producing chips used to train and deploy artificial intelligence (AI) models — achieved a return of 21,558%, while Bitcoin returned 13,048%, as per Statmuse data.
Over the last three months, following the approval of spot Bitcoin exchange-traded funds (ETFs) on January 10, Bitcoin has slightly outperformed Nvidia with returns of 31.7% compared to Nvidia’s 30.2%.
The Kobeissi Letter highlighted that a $10,000 investment in Nvidia stock in 1999 would be worth $25.3 million today, as mentioned in a May 24 X post.
READ MORE: Bitcoin and Ether Dip 3.5% Amid Institutional ETF Approval and Market Uncertainty
Daniel Sempere Pico speculated whether Nvidia was seen as an even riskier investment back in 2014 when both Bitcoin and AI were less mainstream.
“Don’t know if the whole AI thing could have been predicted by anyone back in 2014, but there were some people who could already see Bitcoin’s potential,” Pico explained.
“If we were to go back to 2014, I wonder which one we’d think is more risky and less obvious to achieve such incredible returns,” he added.
However, the co-founder of 21st.capital, known as “Sina” on X, argued that financial assets generally have broader network effects than AI as more people begin to use them.
“There are no network effects in AI. There are multiple layers of network effects in money,” Sina argued in a May 24 post.
While there are optimistic predictions for Bitcoin’s performance over the next 24 months, some experts also warn of potential significant corrections.
On March 4, Cointelegraph reported that former physics professor Giovanni Santostasi, using his “Power Law” model, predicts that Bitcoin could peak at $210,000 in January 2026 before falling to as low as $60,000 afterward.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Hat on Trump (HATTRUMP) presents a similar opportunity for a limited time.
Hat on Trump (HATTRUMP), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
HATTRUMP will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Hat on Trump.
Currently, Hat on Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy HATTRUMP on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Hat on Trump by entering its contract address – BxJt15s4gypHswQjEu26jRxKaeo7btS7TvYqbyJxEzGZ – in the receiving field.
HATTRUMP currently has a market cap of just under $12,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
This summer, crypto scammers are aggressively targeting Canadians on dating apps and websites.
Unfortunately, many people looking for love are suffering significant financial losses.
The Canadian Anti-Fraud Centre (CAFC) has identified a surge in two specific types of crypto scams targeting Canadians: romance scams, also known as pig butchering, and investment scams.
In response, the CAFC and the Canadian Investment Regulatory Organization (CIRO) issued a joint warning about these sophisticated scams, “particularly those involving extended online communication.”
Scammers typically approach potential victims on dating platforms, convincing them to switch to private messaging services.
Authorities caution Canadians to be suspicious of individuals who discuss crypto trading or investments.
“Fraudsters may try to befriend the victim, develop an online romance, or pose as legitimate investment advisers.
“Over time, the scammer will suggest investing in an opportunity, often involving crypto assets,” the warning states.
Victims are often lured into crypto investment schemes promising unrealistic returns.
They are directed to sign up on fraudulent investment platforms created by scammers.
Initially, victims can withdraw small amounts to make the scheme appear legitimate, but eventually, their funds are locked out once their identity is compromised.
READ MORE: AI Project Worldcoin Faces Scrutiny Over Biometric Data Collection Amid Privacy Concerns
Canadians are encouraged to report such fraud incidents to the CIRO, CAFC, and local police.
In 2023, Canadians lost $309.4 million to known investment frauds, with $172 million stemming from social media-related scams alone.
Canada is preparing to implement the international Crypto-Asset Reporting Framework (CARF) for taxation by 2026, as outlined in a supplement to the 2024 annual budget.
The CARF will introduce new reporting requirements for crypto asset service providers (CASPs), such as cryptocurrency exchanges, brokers, dealers, and automated teller machine operators, whether they are individuals or business entities.
The report lists “stablecoins, derivatives issued in the form of a crypto-asset, and certain nonfungible tokens” as examples of crypto assets.
“Crypto-asset service providers would be required to obtain and report information on each of their customers, including name, address, date of birth, jurisdiction(s) of residence, and taxpayer identification numbers for each jurisdiction of residence,” the report states.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Trump Meow (TRUMPMEO) presents a similar opportunity for a limited time.
Trump Meow (TRUMPMEO), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
TRUMPMEO will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Trump Meow.
Currently, Trump Meow can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy TRUMPMEO on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump Meow by entering its contract address – 5qRmBHnwHKdmbqWz6mPajjSHMgg4Yy1enxhjRJSMtnyF – in the receiving field.
TRUMPMEO currently has a market cap of just under $13,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.