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Australia’s Crypto Laws Lag Behind Emerging Markets, Risking Competitive Disadvantage

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Australia’s crypto laws are at risk of being left behind by emerging markets such as Bermuda and Nigeria, according to Loretta Joseph, the chair of the Australian Digital Financial Standards Advisory Council (ADFSAC). Joseph emphasized the need for Australia to accelerate the development of crypto regulations to keep up with other countries.

While Australia’s Treasury conducted consultations earlier this year for its “token mapping” exercise to classify various crypto assets,

Joseph argued that the pace of regulatory development in the country remains too slow. She expressed her disappointment in seeing countries like Bermuda, Mauritius, and Nigeria moving faster in developing regulations, recognizing the positive impact of decentralized technology on global welfare.

To address the situation, Joseph stressed the importance of updating or adopting new laws to cover the evolving crypto ecosystem and foster innovation.

She cited her involvement in writing crypto policies and legislation for Bermuda as an example of successful collaboration between industry, academia, policymakers, and the government.

Establishing think tanks like ADFSAC, which brings stakeholders together, is crucial to facilitating dialogue and creating effective regulations.

In addition to regulatory frameworks, Joseph emphasized the significance of education in the crypto space. The ADFSAC aims to provide education on cryptocurrencies by demonstrating their ease of use and addressing concerns directly with individuals.

Regarding policy direction, Joseph recommended that Australia align with global standard setters such as the International Organization of Securities Commissions, the Financial Action Task Force, and the Financial Stability Board.

She anticipated that the governmental G7 and G20 forums would soon enforce crypto rules, making it essential for companies to operate in jurisdictions with legal clarity to ensure their survival.

Joseph called for Australia to speed up the development of crypto regulations, highlighting the risk of being left behind by other countries.

By updating or adopting new laws, collaborating with stakeholders, and aligning with global standards, Australia can establish a conducive environment for crypto innovation while providing legal clarity to businesses in the sector.

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BNB Chain Introduces Layer-2 Testnet Powered by Optimism

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Binance’s BNB Chain has introduced a new layer-2 chain called opBNB, aimed at addressing the scalability challenge faced by the blockchain.

The layer-2 scaling solution is built on the Optimism OP Stack, providing enhanced security and scalability to the Binance blockchain network. opBNB is an Ethereum Virtual Machine (EVM) compatible layer-2 chain, ensuring compatibility with Ethereum-based smart contracts, networks, and ERC-20 token standards.

One of the common issues faced by blockchains is network congestion and high fees during periods of increased demand. Currently, BNB Chain claims to support approximately 2,000 transactions per second with transaction costs around $0.10.

With opBNB, it can reportedly handle over 4,000 transfer transactions per second at an average transaction cost below $0.005.

opBNB offers various optimizations, including improved data accessibility, caching layer, and an adjusted submission process algorithm that allows simultaneous operations. It can increase the gas limit per block to 100 million, surpassing Optimism’s limit of 30 million.

Binance referred to opBNB as their solution to the scalability challenge that has hindered widespread adoption of blockchain technology.

Optimism’s use of Optimistic Rollups enables transaction scaling by presuming the validity of transaction data processed off the root chain until proven otherwise.

The RPC service layer simplifies integration through a user-friendly interface, allowing developers to focus on building applications without being concerned about the complexities of Layer 2 scaling.

However, some individuals, including Cinneamhain Ventures partner Adam Cochran, expressed skepticism about BNB Chain’s approach. Cochran mentioned that BNB Chain encountered scaling issues by centralizing an Ethereum fork and raising the gas limit to an unsafe level.

He proposed alternatives, such as joining Optimism as a “superchain,” becoming a layer-2 directly on Ethereum, or even a layer-3 on Optimism or Arbitrum.

Despite the debate surrounding opBNB, BNB Chain holds a prominent position in the blockchain space.

According to DefiLlama, it is the third-largest blockchain in terms of DeFi total value locked, trailing behind Ethereum and Tron. BNB Chain boasts a TVL of $3.38 billion, a 24-hour volume of $264 million, and approximately one million active daily users.

In summary, Binance’s BNB Chain has introduced opBNB, a layer-2 chain based on Optimism, to tackle scalability issues.

While there are differing opinions on the chosen approach, BNB Chain remains a significant player in the blockchain industry, attracting a substantial number of users and demonstrating considerable value in the DeFi space.

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Grayscale Bitcoin Trust Nears 2023 Highs After BlackRock Files for Bitcoin ETF

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Grayscale Bitcoin Trust (GBTC) is approaching its highest levels of 2023 following the filing of a Bitcoin spot price exchange-traded fund (ETF) by BlackRock, the world’s largest asset manager.

The news has generated institutional buying interest in GBTC, the original institutional BTC investment vehicle.

According to data from CoinGlass, on June 17, GBTC came close to reaching new 2023 highs.

This rally comes as Bitcoin market sentiment experienced a modest improvement with the anticipation that BlackRock’s ETF filing could potentially overcome the legal obstacles that have hindered similar ETFs in the United States.

Meanwhile, there are signs of optimism beyond sentiment as GBTC’s long-standing discount to BTC spot prices narrows.

The discount, often referred to as a negative “premium,” is currently at -36.6%, a significant improvement compared to the discount of around -44% observed on June 13. While still discounted, GBTC is trading closer to zero than it has been at almost any other time this year.

Many observers believe that if BlackRock’s ETF is approved, GBTC will be the primary beneficiary. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, expressed optimism about the prospects of BlackRock’s offering gaining regulatory approval and its potential to resolve GBTC’s discount alongside industry growth.

The BlackRock move has sparked debates as to whether it can be classified as an ETF. Some argue that it will resemble a trust similar to GBTC, while others, including Cochran, believe it qualifies as an ETF under the Securities Act of 1933. Regardless of the classification, investor interest in GBTC is rising in response to BlackRock’s filing.

Hedge fund North Rock Digital announced that it has been consistently accumulating more shares of Grayscale trusts in recent weeks.

It expects significant upside potential if Grayscale wins and minimal downside risk if they lose. Another major holder, ARK Invest, has not yet increased its exposure to GBTC, and data from Cathie’s ARK confirms a gradual decline in their holdings throughout 2023.

Overall, the prospect of BlackRock’s involvement in the cryptocurrency market has stimulated the demand for GBTC and boosted market sentiment.

The narrowing of GBTC’s discount suggests growing confidence among investors, while the debate surrounding the classification of BlackRock’s product highlights the evolving regulatory landscape surrounding cryptocurrency ETFs.

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Do Kwon Distances Himself From Leader of Europe Now Party

Do Kwon, the founder of Terraform Labs, has denied allegations of forging travel documentation and disassociated himself from any financial connections with Milojko Spajić, the leader of the Europe Now party.

In a recent hearing at the Montenegrin Basic Court, Kwon claimed that he was unaware of the alleged forgery of his passport and shifted the blame onto a Chinese-named agency.

According to a report from South Korean news outlet Segye Ilbo on June 17, Kwon stated that he had obtained his purportedly forged passports, including a Costa Rican one, through third-party “agencies.”

He explained that a Singaporean agency, recommended by a friend, facilitated his acquisition of the Costa Rican passport, while another agency was responsible for the Belgian passport.

Kwon maintained that he had been using his Costa Rican passport for a long time and had no reason to doubt its authenticity.

When pressed for details about the agency involved in obtaining the passports, Kwon claimed he could not recall the specifics but mentioned that its name was in Chinese characters.

During the court proceedings, Kwon was questioned alongside his former colleague, Han Chong-joon, who served as the Chief Financial Officer of Terraform Labs. Both individuals faced allegations of passport forgery and were also investigated for potential financial donations to Milojko Spajić. Kwon’s lawyers vehemently denied any financial connections between their client and Spajić, refuting the claims made in a letter that Kwon had supposedly sent to Montenegrin officials ahead of the country’s recent elections.

Following the hearing, Judge Ivana Becić announced that a verdict on the forgery charges would be delivered on June 19. Kwon will remain in extradition custody for a maximum of six months while the local court considers South Korea’s extradition request.

Kwon and Chong-joon were initially arrested by local authorities on March 23 after an attempt to leave Montenegro on a private flight to Dubai using falsified passports.

Although their lawyers initially secured bail approval in the amount of 400,000 euros ($436,000), this decision was later overturned on appeal.

However, on June 5, their appeal was dismissed, and bail was granted for both individuals. They are now subject to close monitoring by local police, and any violation of the approved conditions or departure from their residence could result in the forfeiture of their bail.

The collapse of Terraform Labs’ Terra ecosystem in May 2022 led to estimated losses of up to $40 billion, further adding to the controversies surrounding the company and its founder, Do Kwon.

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IMF Unveils New Cross-Border Payment System Involving CBDCs

The International Monetary Fund (IMF) has unveiled plans for an innovative cross-border payment system, using a unified ledger for recording transactions involving central bank digital currencies (CBDCs).

The proposed system, announced during a CBDC policy roundtable co-organized with the central bank of Morocco, promises enhanced programmability and information management.

Named the XC (cross-border payment and contracting) platform, this system could facilitate both individual and institutional users with its potential to reduce fees and expedite transaction times.

According to Tobias Adrian, the IMF’s Director of the Monetary and Capital Markets Department, the platform could help central banks perform functions such as intervening in foreign exchange markets, aggregating capital flow data, and resolving disputes. Additionally, it could be adapted for domestic retail and wholesale CBDCs.

The platform’s blueprint, detailed in an IMF Fintech Note, emphasizes a “trusted single ledger” for exchanging standardized digital representations of central bank reserves in any currency.

The XC platform is built on the CBDC infrastructure model, incorporating a settlement layer with a single ledger whose accessibility is to be expanded.

Unlike the current system where institutions need a reserve account with a central bank for cross-border operations, the XC platform would facilitate trading of tokenized domestic central bank reserves, with liquidity still sourced from institutions with reserve accounts.

The platform will feature a programming layer allowing for service innovation and customization, and an information layer containing anti-money laundering (AML) details crucial for trust and privacy protection.

Notably, it would not necessitate the use of CBDCs, offering interoperability among assets and money tokenized by the private sector.

By programming financial contracts within a safe environment, the platform could instill standards and promote trust, with settlements executed in central bank money.

The idea parallels a concept proposed by Bank for International Settlements General Manager, Agustín Carstens, in his speech delivered in February. The IMF believes that these efforts could redirect some of the $45 billion spent on remittance providers each year back to the individuals in need.

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Risky Business: 31% of Young Australians Embrace Cryptocurrencies Despite Being ‘Risk Averse’

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Centralized crypto exchanges were identified as a potential hurdle to the growth of crypto investments in the future. Recent legal actions taken by the United States Securities and Exchange Commission against major exchanges Coinbase and Binance exemplify the challenges faced by centralized exchanges.

Australia’s crypto exchanges have also encountered obstacles, with Binance Australia suspending Australian dollar-denominated services and Westpac, Australia’s second-largest bank, prohibiting transactions with the exchange.

Additionally, Commonwealth Bank, the country’s largest bank, expressed concerns about the high risk of scams associated with crypto exchanges and may decline certain payments to them.

Despite considering themselves as “risk averse,” a surprising 31% of young Australian investors, specifically those in the 18-24 age group, hold or have traded cryptocurrencies in the past year, according to a study conducted by the Australian Securities Exchange (ASX).

The study, which included cryptocurrency as an asset class for the first time, revealed that 46% of these young investors preferred “stable returns,” highlighting the contradiction between their risk aversion and their significant investment in crypto.

Researchers attribute the interest of young people in cryptocurrencies to their desire to differentiate themselves from previous generations, coupled with the fact that many of the 1.2 million new investors who have entered the market since 2020 are tech-savvy and active on social media.

The ASX study, conducted by financial research firm Investment Trends, found that young investors in the “next generation” category had a median cryptocurrency holding of $2,700, representing 6% of their total portfolio, twice the 3% allocation observed among other age groups.

Interestingly, although young investors had the highest crypto allocation relative to their portfolios, it was the “wealth accumulators” between the ages of 25 and 49 who owned the largest share of cryptocurrency, accounting for 69% of the total investment in digital assets. Investors aged 50 and above held only 19% of the overall crypto ownership.

While the report acknowledges the volatility of cryptocurrencies, it recognizes their popularity among investors.

It revealed that 29% of potential investors who currently do not invest in any capacity are considering some form of crypto investment within the next year. However, the report maintains a cautious approach, stating that the full acceptance of cryptocurrencies in mainstream investing is still a topic of debate.

The ASX’s report, based on an extensive online survey of 5,519 Australian adults conducted in November 2022, provides valuable insights into the growing interest in cryptocurrencies among young Australians.

While young investors exhibit both risk aversion and significant crypto investments, the report highlights the evolving landscape of investing and the potential challenges faced by the crypto industry as it seeks mainstream acceptance.

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Take up to 100% Cashback for Your Routine Purchases in Ultima Store

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Ultima, the powerful cryptocurrency ecosystem, has made a groundbreaking move by introducing a platform  that offers an astounding 100% cashback for purchases. This platform sets Ultima apart from both traditional and crypto markets, providing users with an opportunity to receive a significant portion of their spent money back within a specified timeframe. The Ultima Cashback platform is a game-changer, revolutionizing the way buyers are rewarded for their purchases.

Developed by the world’s leading blockchain dev team, Ultima offers a range of innovative products and services that are not only distinct in the crypto market but also cater to the everyday needs of cryptocurrency users. With its advanced global infrastructure, Ultima aims to transform the way people interact with cryptocurrency worldwide, enabling instant cross-border payments in crypto.

The Ultima ecosystem encompasses an array of products and services that add value to users’ crypto experience. Ultima Store serves as a seamless e-commerce platform that enables users to online shopping and use cryptocurrencies as payment. 

Furthermore, users of Ultima Store can take part in its cashback program. Get a license and receive the cashback for Shopping Vouchers. You can get up to 100% cashback in ULTIMA for purchasing Shopping Vouchers. The ULTIMA Cashback platform is incredibly simple, requiring no technical expertise. Users can easily track the status of each cashback transaction through their personal account, ensuring a transparent and user-friendly experience. The cashback transactions take place securely on the SMART BLOCKCHAIN, and users have the flexibility to assign their preferred wallet for receiving the cashback.

ULTIMA Card is among the most amazing products of the ecosystem. It is a crypto debit card that allows users to make purchases with various cryptocurrencies in nearly any country worldwide. Supporting major cryptocurrencies like ULTIMA, SMART, Litecoin, Bitcoin, Bitcoin Cash, Ethereum, USDT, EOS, and BAT, the ULTIMA Card offers convenience and accessibility to thousands of users globally. The card supports multiple account currencies, including euro, dollar, pound, Chinese yuan, and Japanese yen, with a generous account limit of 150,000 euros.

Ultima Travel Club is another remarkable offering, providing a subscription-based travel platform that enables users to search and book flights, hotels, cruises, and car rentals at exclusive discounts. With the ULTIMA Travel Club, users gain access to a vast selection of options, saving up to 90% on their travel expenses. The platform boasts a comprehensive range of offerings, including 2.5 million hotels and villas, 950 cruise lines, major car rental agencies, and over 300,000 activities in more than 150 countries. This upcoming product is set to revolutionize the way people travel.

As Ultima continues to expand its ecosystem, it is actively developing an advanced crypto-exchange called UltimEx Exchange, ensuring high liquidity and global accessibility for cryptocurrency trading.

Furthermore, Ultima takes pride in its commitment to supporting charitable initiatives and startups. Through the Charity Crowdfunding and StartUp Crowdfunding platforms, set to be launched in the near term, Ultima will provide a trustworthy environment where people and startups can promote and fund their ideas. These platforms leverage blockchain transparency to enhance trust, accountability, and efficiency, fostering a win-win scenario for both project creators and supporters.

With over 2,500,000 users worldwide, Ultima continues to redefine the crypto landscape by offering innovative solutions and unparalleled opportunities. Its remarkable cashback program, combined with a suite of cutting-edge products and services, positions Ultima as a leader in the cryptocurrency ecosystem, revolutionizing the way people engage with digital currencies and making everyday life more accessible and rewarding for users worldwide.

Elon Musk suspends ‘scam crypto account’ on Twitter

Twitter has suspended the AI-powered Twitter account known as “Explain This Bob” after Elon Musk labeled it a “scam crypto account.” The account, which was also linked to a memecoin, was taken down shortly after Musk’s accusation.

The bot project was associated with the ERC-20 memecoin called Bob Token (BOB), which was launched in April. CoinGecko reported that the suspension caused the price of BOB to drop by over 30%.

Interestingly, this suspension represents a change in Musk’s previous sentiment towards the bot. On April 20, Musk had tweeted “I love Bob” in response to one of its tweets, a tweet that prominently appeared on the project’s website.

While Twitter suspended the Explain This Bob account, it has not taken action against the Bob Token account. The project’s team responded to the news of the suspension with a humorous meme depicting Musk monitoring a distressed “Bob” in prison.

Observers speculate that Musk believes Explain This Bob is being utilized as a marketing strategy to boost the price of BOB. In response to the suspension, the hashtag “FREEBOB” began circulating on Crypto Twitter.

Many users argue that BOB is not a scam coin and consider the suspension unwarranted, highlighting that the token’s launch was conducted fairly and emphasizing its complete decentralization with a 0% tax mechanism.

Additionally, one individual claimed that the team did not allocate any tokens or conduct airdrops prior to the Bob Token’s launch in April.

The popular Explain This Bob account had garnered more than 400,000 followers before its suspension. It was created by Prabhu Biswal from India and utilized OpenAI’s GPT-4 model to understand and provide responses to tweets from users who tagged the account.

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Crypto exchange criticised by FDIC for spreading misinformation

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OKCoin USA, Inc., a cryptocurrency exchange, has been called out by the US Federal Deposit Insurance Corporation (FDIC) for disseminating false and misleading information about its deposit insurance.

In a letter sent to OKCoin USA, Inc., the FDIC demanded immediate corrective action to address these misleading statements.

On the same day, the FDIC also sent letters to Bodega Importadora de Pallets and Money Avenue LLC, cautioning them about the potential harm their statements could cause to consumers.

FDIC Chairman Martin J. Gruenberg stated that the agency has noticed an uptick in the misuse of the FDIC’s name or logo, as well as false claims about deposit insurance, which can confuse individuals about the legitimacy of an insured institution and the protection offered by deposit insurance.

The FDIC pointed out that OKCoin and its senior executives have made repeated misleading statements. For instance, OKCoin claimed in a post that it possessed “FDIC insurance on OKCoin accounts” and stated on Twitter that one of its affiliated exchanges offered FDIC insurance.

In response, the FDIC issued a directive to OKCoin, ordering the removal of all statements implying FDIC insurance or endorsement of any specific blockchain.

The cryptocurrency exchange has been given a deadline of 15 business days to provide written confirmation to the FDIC that it has complied with these demands.

It is important to note that the FDIC only provides deposit insurance for deposits held at insured banks and savings associations, and not for deposits at cryptocurrency companies.

The maximum coverage offered by the FDIC is at least $250,000. In a fact sheet released in July 2022, the FDIC explicitly stated that deposit insurance does not apply to financial products like stocks, bonds, commodities, or cryptocurrencies.

The FDIC emphasized that apart from the potential harm to consumers, misinformation and confusion caused by misrepresentations about deposit insurance can also expose banks to legal risks if a cryptocurrency company or other third-party partner misrepresents the extent and nature of deposit insurance. The agency issued a related advisory last year to highlight these concerns.

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Cardano founder joins search for extra-terrestrials

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Charles Hoskinson, the founder of Cardano, has recently revealed his involvement in an expedition dedicated to finding a meteor of interstellar origin that crashed onto Earth in 2014.

The United States Department of Defense had already confirmed the meteor’s extraterrestrial origin in 2019. The search for this remarkable object is being led by the Galileo Project, which operates under the auspices of Harvard University, with Professor Avi Loeb and his student Amir Siraj at the helm.

In an intriguing move, Hoskinson had previously invested $1.5 million in the Galileo Project in March 2023. On June 16th, he made his presence known, joining the researchers on the coast of Papua New Guinea in the Pacific Ocean, and documenting his experiences through a series of tweets.

One of his updates highlighted the extensive ground they still needed to cover, noting that they hadn’t yet begun using the sluice sled, an important tool for the expedition.

Meanwhile, Professor Loeb, another member of the research team, has been diligently updating a blog with daily reports on the expedition’s progress. In a recent post dated June 16th, he revealed the discovery of a manganese-platinum wire with a unique abundance pattern distinct from commonly available commercial products.

Hoskinson’s involvement in such an intriguing venture comes as no surprise, as he is known for investing in unconventional and exciting projects that push the boundaries of knowledge.

In March 2022, he announced his investment in a project dedicated to resurrecting the woolly mammoth, combining blockchain technology with the field of de-extinction.

With Hoskinson’s support, the Galileo Project and its team of dedicated researchers aim to shed light on the mysteries surrounding alien life and the potential existence of UFOs.

As the search for the interstellar meteor continues, the world eagerly awaits any breakthroughs or discoveries that may emerge from this extraordinary expedition.

The scientists involved in the expedition harbor a strong belief in the existence of extraterrestrial life and speculate that the meteor that crashed into the ocean may actually be a fragment of an unidentified flying object (UFO).

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