Crypto News on 27 Oct, 2024

Share to Facebook Share to Twitter Share to Linkedin Stablecoins are shaking up payments and fintech as Visa, Stripe, and new players like YellowCard drive adoption worldwide. But without regulatory clarity, the U.S. risks falling behind. Are stablecoins the future—or just another trend? tap-to-pay integrating payment systems (Photo by Bryan Thomas/Getty Images) Getty Images Stablecoins Skyrocket in Use, Challenging Traditional Finance and Attracting New Players In the rapidly evolving payments landscape, stablecoins have emerged as a force to be reckoned with. USDT, the leading stablecoin issuer, has over $120 billion in market cap. The meteoric rise in stablecoin usage has attracted attention in emerging markets and traditional finance institutions, which are now grappling with the promise and challenges that stablecoins present. As major players like Visa and Stripe signal their embrace of these digital assets, new companies like YellowCard are emerging to challenge traditional financial services. However, like most stories in the digital asset realm, the rise of stablecoins is not without controversy. Looming questions remain about the regulatory environment surrounding them. MORE FOR YOU Apple Unveils ‘Groundbreaking’ iPhone Update—Samsung Has A Serious New Problem Apple iPhone SE Leak Reveals New Release Details UFC 308 Results: Bonuses And 5 Biggest Takeaways From Abu Dhabi The Global Rise of Stablecoins In countries where local currencies are subject to inflation or instability, stablecoins offer an appealing alternative. Due to high fees and limited operational time, traditional banks like Wells Fargo and international payments companies like Western Union are beginning to see competition from stablecoins. This change is occurring rapidly in regions with unstable currencies and high remittance costs. Last month, Castle Island Ventures published a report highlighting the rapid adoption of stablecoins in emerging markets for payments, currency substitution, and yield opportunities in decentralized finance. "In emerging markets, adoption of stablecoins for payments, currency substitution, and access to high-quality forms of yield is accelerating," notes Castle Island. For people in these regions, stablecoins provide stability, liquidity, and access to global financial services that traditional banks have struggled to offer. The Disruption of Traditional Finance YellowCard, a rapidly growing fintech company focused on the African market, is poised to reshape traditional finance by providing easy access to stablecoins and other digital assets. Backed by Coinbase and Jack Dorsey’s Cash App, YellowCard states that they are rapidly securing their place in the industry by implementing "Secure, liquid, and cost-effective access to Stablecoins…directly via local currency payments." Through their partnership with Fireblocks, YellowCard aims to drive down the cost of cross-border payments, a market that sees $100 billion worth of remittances flow into Africa annually. "Much like the rest of the world, Africa has seen a transformative shift from traditional payment methods to alternative payments driven by new technologies," said Ran Goldi, SVP of Payments and Network at Fireblocks. London-based BVNK is also emerging as a strong player in the digital transformation of traditional finance. This week, BVNK announced its partnership with Circle, the company behind the USDC stablecoin. This partnership positions it at the forefront of the rapidly growing demand for global stablecoin payments. This collaboration aims to provide businesses with a compliant and cost-effective alternative to traditional payment methods. The Race to Integrate Digital and Traditional Payments The growing adoption of stablecoins also encourages innovation in traditional financial networks, like the Society for Worldwide Interbank Financial Telecommunication, a global money transfer cornerstone. However, SWIFT is taking a different approach to emerging tech. A spokesperson for the organization clarified opaque comments on digital assets by stating, “SWIFT is heavily engaged in innovations around CBDCs and progressing their interoperability.” A marked difference from integrating stablecoins. But not all companies are looking past stablecoins. In a significant announcement this month, Visa announced its plans to expand its presence in the stablecoin market by launching its Visa Tokenized Asset Platform in 2025. VTAP allows banks to experiment with tokenized assets in a sandbox environment. The platform aims to provide easy integration for banks to create and transfer fiat-backed tokens, streamline operations with smart contracts, and connect across various blockchain networks for wider compatibility. Visa's growing involvement in stablecoins reflects the broader trend of financial giants experimenting with digital assets to keep pace with the fast-moving crypto world. The Future of Stablecoins and Traditional Finance CBDCs, central bank digital currencies issued by the government, are a lesser-known and far less understood technology that often becomes a politicized talking point. As companies like Visa, YellowCard, BVNK and SWIFT navigate this rapidly changing landscape, the financial world is on the cusp of a significant transformation, with stablecoins playing a central role. Senator Bill Haggerty (R-TN) proposed a regulatory framework on October 10th, 2024, to clarify stablecoin oversight in the U.S. His plan allows stablecoin issuers with assets under $10 billion to stay under state regulation, while larger issuers could apply to remain under state oversight. The Federal Reserve would oversee stablecoin issuers that are banks, and the Office of the Comptroller of the Currency would regulate qualified nonbank issuers. Building on an earlier stablecoin bill, Hagerty’s proposal aims to boost innovation, protect consumers, and increase demand for U.S. Treasuries to help address the national deficit. While stablecoins present a compelling alternative to traditional payments platforms, especially with their low fees and ease of use in cross-border payments, their future hinges on resolving key regulatory and technological challenges. Follow me on Twitter or LinkedIn. Check out some of my other work here. Becca Bratcher Editorial Standards Forbes Accolades

 2024-10-27 12:00:00

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Share to Facebook Share to Twitter Share to Linkedin Tesla billionaire Elon Musk, who surprised traders with a shock bitcoin endorsement this week, has repeatedly warned in recent weeks that the U.S. is teetering on the brink of "bankruptcy." The bitcoin price has surged this year as fears over the spiraling $35.7 trillion debt pile pushes the price of gold to an all-time high—with the Federal Reserve caught in a "nightmare" scenario. Now, Musk, who is working overtime to get "crypto president" Donald Trump back into the White House, has called the U.S. government's $1 trillion per year interest payments a "financial emergency," as inflation fears push another legendary investor to buy bitcoin and gold. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run ForbesA ‘Declaration Of War’—Fed And ECB Plot To ‘Tax Or Ban’ Bitcoin And Use Price Gains To Escape $35.7 Trillion Doom LoopBy MORE FOR YOU Apple Unveils ‘Groundbreaking’ iPhone Update—Samsung Has A Serious New Problem Apple iPhone SE Leak Reveals New Release Details UFC 308 Results: Bonuses And 5 Biggest Takeaways From Abu Dhabi Tesla chief executive Elon Musk has warned the spiraling U.S. debt of $35 trillion has become a ... [+] "financial emergency"—with the debt predicted by some to push up the bitcoin price alongside gold. Anadolu Agency via Getty Images "Just the interest payments on the debt are 23% of all federal tax revenue," Musk said during a Trump campaign rally, later calling the situation a "financial emergency" on X. "The interest payments now exceed the Defense Department budget, which is $1 trillion a year. That's a lot of money." The bitcoin price has returned to just below its all-time high of $70,000 per bitcoin this year, rocketing higher along with the gold price, as investors bet higher interest rates combined with a huge increase in deficits will create a feedback loop, forcing governments to print more money. Tesla continues to hold around 10,000 bitcoin—sometimes called digital gold—worth almost $800 million on its balance sheet, last week sparking fears it could be about to cash out when it suddenly moved its bitcoin to new wallets. U.S. national debt has skyrocketed in recent years, crossing the $34 trillion mark at the beginning of 2024, largely due to Covid and lockdown stimulus measures that sent inflation spiraling out of control and forced the Federal Reserve to hike interest rates at a historical clip. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious Forbes‘Digitizing The Dollar’—BlackRock CEO Reveals His Radical Plan For AI-Powered Crypto That’s Predicted To Blow Up The Price Of Bitcoin And EthereumBy The bitcoin price has topped its previous peak this year, soaring to over $70,000 per bitcoin as ... [+] Tesla billionaire Elon Musk joins calls for the U.S. to cut spending. Forbes Digital Assets Earlier this year, Bank of America analysts warned the U.S. debt load is about to ramp up to add $1 trillion every 100 days—potentially fueling a bitcoin price surge—and could reach $36 trillion by the end of 2024. This week, legendary billionaire investor Paul Tudor Jones warned "all roads lead to inflation," telling CNBC that he's "long gold" and "long bitcoin" as a result. "Under Trump, the deficit goes up by $500 billion per year; under [vice president Kamala] Harris' plan, it goes up by an additional $600 billion per year. I have a feeling all those are just pipe dreams," said Tudor Jones, who earlier this year warned of a "debt bomb" in the U.S. as a result of "fiscal recklessness." In 2020, Tudor Jones helped kick off the Covid-era bitcoin and crypto bull run when he came out as one of Wall Street's first bitcoin-backers, calling it the "fastest horse to beat inflation." Follow me on Twitter. Billy Bambrough Editorial Standards Forbes Accolades

 2024-10-27 11:15:33

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Most recently, the governor of the central bank of one of the largest economies in the world, India, spoke on the matter, reiterating his concerns. Reserve Bank of India governor, Shaktikanta Das, said that crypto currencies would bring about huge risks to financial and monetary stability.

 2024-10-27 06:18:41

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Hyderabad: String Metaverse, a pioneering Web3 innovator, announces a groundbreaking fusion of artificial intelligence (AI) and blockchain technology, transforming the digital economy. The Singularity of AI and Blockchain This synergy will create a multitrillion-dollar Metaverse economy where autonomous AI agents seamlessly transact with humans on Web3. String Metaverse's "Agentic Economy" enables self-learning AI agents to interact with humans and other AIs using cryptocurrency. Key Features 1. Agent-to-human and agent-to-agent commerce 2. Generative AI-powered digital community commerce 3. AI agents writing smart contracts with crypto wallets for autonomous transactions 4. Real-world asset tokenization with transparency 5. Blockchain-enabled user monetization Regulatory Milestones: String Metaverse has secured significant UAE regulatory approvals: 1. AI License: Granted by RAKDAO (Ras Al Khaimah Digital Assets Oasis) 2. Blockchain Node Operator License: Authorized by RAKDAO 3. DEpin License: Awarded by RAKDAOThese licenses solidify String Metaverse's commitment to regulatory compliance, paving the way for AI-Blockchain innovations in the UAE. String Metaverse's Vision "We believe future AI agents will autonomously transact with humans and other AI agents, revolutionizing commerce," said Krishna Mohan, Founder. Corporate Update String Metaverse LTD has merged with BIO Green Papers LTD under IBC CIRP and will commence trading on the Bombay Stock Exchange (BSE) from October 31, 2024, under the scrip code 534535. The company name change to String Metaverse LTD is pending approval from the Registrar of Companies (ROC).

 2024-10-26 18:18:29

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WASHINGTON: Cryptocurrencies are huge risks to financial stability, and monetary stability, Reserve Bank of India Governor Shantikanta Das said, asserting it may create a situation where the central bank may lose control of money supply in the economy. “I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks, it has huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of money supply in the economy,” RBI Governor Shantikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank. “If the central bank loses control of money supply in the economy, how does the central bank check liquidity available in the system? How does a central bank control inflation by squeezing money supply or by losing money supply in times of crisis? So, we see crypto as a big risk, and there has to be an international understanding because the transactions are cross-country,” he said in response to a question. “There has to be (an) international understanding on this issue, being fully mindful of the huge risks associated with cryptocurrencies. It is not something which I feel it's not something which should be encouraged. This view is not a very popular view, but I think as custodians of financial stability, it is a major concern for central banks world over. Governments are also becoming increasingly aware of the possible downside risks in cryptocurrencies,” Das said. India, he said, was the first country to raise questions about cryptocurrencies. In the G20 under the Indian presidency, there was an agreement to develop an international understanding with regard to how to deal with this whole crypto ecosystem. Some progress has been made in this regard, he added. “I think more work still needs to be done. From India, from the Reserve Bank's perspective, I think we are one of the first central banks which very clearly voiced its serious concerns about the so-called cryptocurrencies. We see them as big risks, huge risks to financial stability. There are good reasons why we are saying that,” he said. “First, we have to understand the origin of cryptocurrencies. The origin was to bypass the system. Cryptocurrencies have all the qualities of money. The fundamental question is, are we as authorities, are Governments comfortable with privately issued cryptocurrencies which have all the features of Currency issuance. Currency issuance is a function, a sovereign function. So the bigger question, larger question is whether we are comfortable with crypto, which has characteristics of being a currency, or whether we are comfortable with having a private currency system in parallel to the fiat currency,” he added.

 2024-10-26 16:55:32

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Solana (SOL) has recently exceeded the $150 mark, propelled by significant on-chain activity and a bullish market outlook. Market analysts now consider the possibility of Solana reaching up to $169 if its current momentum persists. Simultaneously, Litecoin (LTC) has seen a 15% increase after news that Canary Capital has proposed an Exchange-Traded Fund (ETF) for Litecoin. This ETF aims to simplify the process for people to engage with Litecoin without the necessity of direct ownership. However, the most substantial buzz in the cryptocurrency sector is BlockDAG (BDAG)’s presale achievement, which has soared past the $104 million milestone. This significant increase in the presale volume is due to a large influx of participants eager to join BlockDAG’s $1 million giveaway, currently counting over 12,600 participants. Litecoin Gains Following ETF News Litecoin is currently trading around $70.95, having reached a peak of $73.01 with increased trading volumes. Analysts are closely watching the $77 resistance level. Should Litecoin break past this threshold, it could climb towards $85, and potentially reach higher targets such as $98, $112, or even $153 if the positive momentum continues. On the downside, Litecoin has strong support at $60, but potential drops could see it falling to $50 or lower if it doesn’t hold up. Solana’s Upward Trajectory: Can It Reach $169? Solana’s (SOL) market position has strengthened as it recently surpassed the $150 mark, fueled by vigorous on-chain activity and a growing community of meme coin participants on its network. Market experts project an optimistic trajectory, with Solana possibly advancing towards the $169.43 resistance level—a 12% increase from its current standing at $151.73. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) exhibit bullish trends, suggesting Solana has not yet reached its growth ceiling. Stable support levels identified at $134 and $144 reinforce strong market demand, presenting a sound basis for potential upward movements. Limited Days Left to Enter BlockDAG’s $1M Giveaway! BlockDAG is capturing significant attention in the cryptocurrency arena as its presale recently surpassed the $104 million mark, setting a new precedent in market engagement. This heightened interest is spurred by the enticing $1 million giveaway BlockDAG is currently hosting, which has already seen over 12,600 entries. This initiative divides the pool among 50 fortunate participants, each standing to gain $20,000 worth of BDAG coins. Such an aggressive promotional strategy is not just accelerating participation rates but is also pushing market interest to new heights as traders eagerly position themselves before the rollout of the next presale batch. The progression of BlockDAG through various milestones has significantly boosted the demand for BDAG coins. To date, over 14.4 billion coins have been distributed, and projections suggest a potential price of $20 per coin by 2027, highlighting the compelling growth trajectory of this asset. Currently priced at $0.0206 in the latest batch, the coin has shown an impressive 1960% return on initial coin offerings. This substantial appreciation in value ranks BlockDAG among the most promising opportunities within the crypto sector, drawing attention from those aiming for long-term gains. As the presale continues to gain momentum, the excitement within the crypto community is palpable, leaving many to speculate on the future direction of BlockDAG. Emerging Opportunities Across the Crypto Market The cryptocurrency market is experiencing significant growth, with Solana approaching the $169 mark amid strong market dynamics and positive sentiment. Concurrently, Litecoin has risen 15% following news of a potential ETF, enhancing its accessibility and promising further market value increases. Meanwhile, as the BlockDAG $1 million giveaway nears its conclusion, participation and visibility are increasing. Participants are not only drawn by the immediate prize but are also motivated by BlockDAG’s potential value increase to $20 by 2027, positioning it as a major player in the cryptocurrency arena. Discover More About BlockDAG: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu

 2024-10-26 16:48:23

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Hong Kong police were called to a cryptocurrency exchange store in Mong Kok on Saturday after a woman said she had been scammed out of about HK$93,000 (US$11,970) worth of virtual currency by a man she met online. A source said the 26-year-old woman had met a man on social media who claimed he could cash out the digital currency Tether, or USDT, to Hong Kong dollars for her. The insider said the victim visited the store at 1pm, transferring 12,000 Tether, or about HK$93,660, to a cryptocurrency wallet. The man told the victim to stay at the shop until his associate arrived with her money in cash, according to the source. Nobody had returned by 3.55pm, prompting her to contact the force. Police have listed the case as obtaining property by deception. No arrests have been made. The Mong Kok district crime division is handling the investigation. The source added police were hunting for a short-haired man of about 30 years of age who was around 1.8 metres tall with a stout build. Anyone convicted of fraud in Hong Kong is liable to face a maximum of 14 years in prison. The victim said she had been monitoring the cryptocurrency exchange store on social media since August and only decided to proceed with the transaction recently after deciding it was trustworthy. “Because there are too many scammers out there, I decided to wait and see. I came down today to try the transaction, but as it turns out, it was just a scam,” she told local media. She said she called the company behind the social media account, only to be informed it did not operate the store.

 2024-10-26 13:44:00

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Sommeliers, a personal concierge, and Michelin Star meals: Luxury train travel is the new business class If you’ve ever dreamed of the luxurious train travel depicted in “The Darjeeling Limited” or any of the litany of Agatha Christie film adaptations, you’re in luck: high-end rail travel is making a comeback, and this time with 21st-century perks. Check out this ‘sand castle’ mansion on sale for a record $108 million A clifftop mansion near San Diego will more than double the record for the most expensive house sold in the area if the owners get their asking price. The new Prada-designed spacesuit for NASA takes luxury to the next level — and even billionaires can’t buy it The next time American astronauts step onto the moon, they’ll be clad in Prada spacesuits – featuring advanced technology and the brand’s signature design elements. Rolls Royce, Lamborghini, and Ferrari: Look inside Donald Trump’s garage It’s hard to imagine former President Donald Trump behind the wheel of a car – especially because former commanders-in-chief are barred from driving on public roads – but that hasn’t stopped the Republican nominee from building up an extensive collection of flashy rides over the years. Inside Esmeralda, the exclusive planned community for crypto moguls and Silicon Valley elites Some Silicon Valley residents have come up with a novel solution to deal with San Francisco’s perpetual housing shortage: they’re purchasing 267 acres in California’s wine country and attempting to build a community modeled on an “Italian hill town.” A legendary Hollywood mansion, a slope-side Aspen escape, and an Oregon ranch: This week’s luxury real estate roundup Each week, Quartz highlights the most luxurious real estate listings across the country. These properties feature remarkable views, enviable locations, and lavish amenities — and they’re all on the market. A signed copy of ‘To Kill a Mockingbird,’ one of the largest chunks of moon rock on earth, and a painting of Picasso’s mistress: This week’s auction block roundup Each week Quartz highlights the upcoming and ongoing sales at auction houses across the world. Among the items available are works of art, historical artifacts, and pop culture memorabilia that collectors won’t want to miss out on. While some of these objects go for millions, others are simultaneously affordable and unforgettable. Here’s how much World Series box seats will set you back (FaceTime with Steinbrenners not included) This year’s World Series between the New York Yankees and the Los Angeles Dodgers is on track to break ticket sales records – with the most exclusive seats at each World Series game going for more than $20,000. Prada is making spacesuits for NASA and the price tag is out of this world Axiom Space and Prada recently unveiled the Axiom Extravehicular Mobility Unit (AxEMU) spacesuit at the International Astronautical Congress in Milan, Italy 10 fictional characters shaping real-world fashion right now If you’re a busy adult who’s left finding a Halloween costume to the last minute, finding something topical and stylish can be a nightmarish endeavor. Fortunately, there are some outfits that allow you to split the difference.

 2024-10-26 13:00:00

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The stock market party is over, Goldman Sachs says The era of double-digit growth in the stock market may be coming to an end. Goldman Sachs (GS) strategists led by David Kostin estimate that the S&P 500 index will deliver an annualized return of 3% over the next decade — well below the 13% returns in the last 10 years and the long-term average of 11%. The Dow drops 250 points as McDonald’s stock slumps with Tesla earnings up next The Dow Jones Industrial Average and other major indexes opened lower on Wednesday as the yield on the benchmark 10-year U.S. Treasury note continued its upward climb, reaching 4.23%—a level not seen since July. However, there was some relief for investors as oil prices eased, with West Texas Intermediate (WTI) futures trading around $70.65 per barrel. Crypto is getting hammered today and Bitcoin has dropped to $65,000 The cryptocurrency market is experiencing a downturn, closely mirroring the decline in the stock market. On Wednesday, Bitcoin saw a significant drop of over 2.5% in the past 24 hours, with its price hovering around $65,000. This decline has dashed hopes of breaking the $70,000 threshold, which had gained traction just a week prior. The downward trajectory underscores the growing volatility in the crypto market and highlights the interconnectedness between cryptocurrencies and traditional financial markets. The Dow drops 200 points but the Nasdaq pops after Tesla’s blockbuster earnings It was a mixed day for investors, as the Dow dropped over 200 points and the Nasdaq jumped after Tesla’s better-than-expected earnings report. In the afternoon, the Dow dropped 203 points, or 0.4%, to 42,311. Meanwhile, the Nasdaq and S&P 500 popped up 0.6% and 0.1%, respectively. The SEC greenlit Bitcoin ETF options trading. Here come the big fish The Securities and Exchange Commission (SEC) has granted approval for the NYSE American LLC and CBOE to list options on spot Bitcoin exchange-traded funds (ETFs), marking a significant development in cryptocurrency history. This approval paves the way for institutional investors, or “big fish,” to gain greater access to Bitcoin through more traditional financial products. The Dow closes 400 points lower, marking its worst performance in more than a month The Dow Jones Industrial Average and other major indexes suffered a steep decline on Wednesday as the yield on the benchmark 10-year U.S. Treasury note continued its upward climb, reaching 4.23%—a level not seen since July. Dogecoin, ApeCoin, Solana, and more: Cryptocurrencies to watch The crypto market is currently bullish, with growing anticipation around when bitcoin will surpass the $70,000 mark. And coming tech earnings reports could further boost the overall market sentiment. Betting on Bitcoin? Microsoft’s shareholders will decide soon Microsoft (MSFT) will soon determine whether to invest in Bitcoin, although the board has recommended voting against the proposal, citing that the company already considers a wide range of investable assets, including Bitcoin. Expect the stock market ‘fear index’ to spike heading into the election, strategist says A contested election could cause volatility in the stock market. Peter Repetto, investment strategist at iCapital, breaks down what investors can expect GM earnings could be a great sign for Tesla and the Magnificent 7, strategist says Peter Repetto, investment strategist at iCapital, breaks down what GM’s big earnings beat means

 2024-10-26 13:00:00

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If he's elected to a second term, former President Donald Trump may have the most blatantly transactional administration in modern history, according to new reporting. The New York Times recently did a deep-dive on all of the policy positions Trump has flipped on in an effort to court more campaign cash. In their investigation, the Times' Shane Goldmacher, Maggie Haberman and Jonathan Swan found several areas in which the former president bent his own views to fit the preferences of wealthy donors he was courting. "[Trump] is sometimes making overt promises about what he will do once he’s in office, a level of explicitness toward individual industries and a handful of billionaires that has rarely been seen in modern presidential politics," they wrote. READ MORE: 'Brazen, quid pro quo corruption': Here are 5 policy promises Trump made to wealthy donors One major area where the former president has flip-flopped in favor of donors is cryptocurrency. The Times noted that he previously called crypto a "scam against the dollar" that's only good for enabling criminal activity. But he has since changed his tune, promising to be a "crypto president" while pitching himself to tech industry titans at San Francisco fundraisers. CNBC reported that a pro-Trump PAC has received the equivalent of more than $7 million USD in cryptocurrency donations since June. “Former President Trump has a ‘For Sale’ sign around his neck and appears to be willing to sell basically any policy in exchange for campaign contributions,” Dennis Kelleher, president of the pro-regulation nonprofit Better Markets, told the Times. Despite Trump's public stances against smoking, the tobacco industry has thrown its weight behind his candidacy. According to the Times, a subsidiary of tobacco conglomerate Reynolds American — RAI Services Company — has given roughly $8.5 million to the ex-president's main super PAC. President Joe Biden's administration has sought to ban menthol cigarettes, though Trump has yet to explicitly come out against the proposed ban. He has, however, become warmer to the concept of legalized recreational marijuana. In his new adopted home state of Florida, voters are weighing a ballot measure that would allow for the regulated sale of recreational cannabis in the Sunshine State. Trump was anti-legalization in 2015, though he's since endorsed the Florida measure. READ MORE: Trump's latest flip-flop shows his propensity to bend to 'views of wealthy donors': report The Times further reported that the ex-president has changed his tune on the social media app TikTok while soliciting donations from one of its top investors. Billionaire Jeff Yass, who is a major investor in TikTok parent company ByteDance, has long been a supporter of Republican causes in his home state of Pennsylvania. He has not yet disclosed any donations to Trump, though he has given roughly $6 million to two Republican-aligned super PACs supporting the GOP's down-ballot candidates. Trump has made the accommodating of wealthy donors and billion-dollar industries a central theme of his 2024 candidacy. this spring, he hosted an event with oil executives and lobbyists at his Mar-a-Lago estate in Florida, offering them a slew of favorable policies in exchange for $1 billion in campaign donations. Politico reported that industry titans have a ready-made list of executive orders for Trump to sign once he takes office, should he win the election in 10 days. Click here to read the Times' report in its entirety (subscription required). READ MORE: Trump probed over $1 billion 'quid pro quo' deal with Big Oil

 2024-10-26 12:04:24

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Nigeria has rapidly emerged as a global hub for peer-to-peer (P2P) cryptocurrency trading, driven by the nation’s youthful population, increasing internet penetration, and the quest for financial independence. As traditional banking systems struggle to meet the needs of the unbanked and underbanked, Nigerians are turning to cryptocurrency as a viable alternative. At the forefront of this revolution is Local Traders, a pioneering P2P crypto exchange that is transforming the trading landscape in Nigeria. The Rise of P2P Crypto Trading in Nigeria The appeal of P2P trading lies in its simplicity and accessibility. Unlike conventional exchanges, P2P platforms allow users to buy and sell cryptocurrencies directly with one another, bypassing intermediaries and reducing transaction fees. This model has gained traction in Nigeria, where financial inclusivity is paramount. With Local Traders, users can conduct transactions using various payment methods, including bank transfers, mobile money, and even gift cards, making it easier than ever to engage in the crypto market. Empowering Users with Innovative Features Local Traders stand out from other exchanges by prioritizing user experience and security. The platform’s user-friendly interface allows both novices and experienced traders to navigate the crypto landscape with ease. Here are some of the key features that set Local Traders apart: Zero Fees for Transactions Local Traders is committed to providing users with a seamless trading experience, and that starts with zero transaction fees. This means you keep more of your hard-earned crypto, allowing for better trading and investment opportunities. Wide Cryptocurrency Support Local Traders facilitate seamless transactions across a diverse range of major cryptocurrencies, including: Bitcoin (BTC) Tether (USDT) USD Coin (USDC) Binance Coin (BNB) Ethereum (ETH) Local Traders Coin (LCT) This extensive selection empowers users to diversify their portfolios and engage with some of the most popular digital assets in the market. Diverse Payment Methods With over 750+ payment options, Local Traders offers unparalleled flexibility for users. The platform supports a wide array of internationally recognized payment methods, including: Bank Transfers Digital Wallets This extensive variety makes it easy for users from around the globe to trade cryptocurrencies effortlessly, catering to different preferences and needs. 150+ Fiat Currencies Experience seamless trading across a vast array of fiat currencies—over 150 in total! Whether you’re in Africa, Asia, or anywhere else in the world, Local Traders empowers you to buy and sell cryptocurrencies with ease. Our platform bridges the gap between traditional finance and the crypto market, allowing you to transact in your local currency and enjoy a truly global trading experience. Robust Security Measures At Local Traders, your security is our utmost priority. We employ advanced security protocols to safeguard your transactions and account access, including: Advanced Escrow Services Two-factor authentication (2FA) Session IP Logs for enhanced monitoring Cold Wallet Storage to keep your funds safe from online threats Additionally, our dedicated dispute resolution team is available 24/7 to assist users with any issues that may arise, providing peace of mind as you trade. Multilingual Support Local Traders is committed to serving a global audience by offering multilingual support in over 40 languages. This ensures that traders from diverse backgrounds can navigate our platform effortlessly and enjoy a seamless trading experience, regardless of their location. We believe that language should never be a barrier to trading, and our extensive language options reflect our dedication to inclusivity and accessibility. P2P Merchant Program For merchants, Local Traders offer a dedicated checkmark on their profiles, enhancing credibility and visibility within the platform. This special recognition not only attracts more users but also increases trading opportunities, enabling merchants to connect with a vibrant community of crypto enthusiasts eager to transact. We are excited to introduce Local Traders to the market, empowering users with a secure and transparent P2P trading environment,” said Abdul Rehman, Founder of Local Traders. “Our mission is to revolutionize the way people trade cryptocurrencies by providing a reliable platform that prioritizes low fees, extensive payment options, and top-notch security. We believe that everyone should have the opportunity to participate in the crypto revolution. Ready to Trade? Here’s How to Get Started Getting started with trading on Local Traders is easy and straightforward. Just follow these simple steps to embark on your P2P crypto trading journey: Visit Local Traders and create your account in just a few minutes. The registration process is user-friendly and quick, ensuring you can start trading without any delays. Complete KYC Quickly verify your identity through our streamlined KYC process. This ensures both safety and compliance, providing you with peace of mind as you trade. Deposit Crypto Securely deposit your preferred cryptocurrency into your Local Traders wallet. Our platform supports a variety of cryptocurrencies, so you can choose the one that suits you best. Start Trading Choose from a wide range of offers or create your own listing to trade with confidence. Explore the market and connect with other traders who share your interests. Don’t miss out on the opportunity to be part of the next big thing in P2P crypto trading. Join us now and experience the future of crypto trading at Local Traders! About Local Traders Local Traders is a cutting-edge P2P crypto marketplace committed to delivering a secure and seamless trading experience. Based in Chile, South America, Local Traders SpA is a registered entity with VAT: 77603426-6. We empower users by providing accessible and efficient cryptocurrency transactions that cater to both newcomers and seasoned traders alike. Join us Today in redefining the future of crypto trading! Website: Local Traders P2P Crypto Exchange X (Formerly Twitter): @LOCALTRADERSCL Instagram: @localtraderscl LinkedIn: Local Traders Telegram Global Community: Join our Telegram

 2024-10-26 11:32:15

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Share to Facebook Share to Twitter Share to Linkedin Tesla moved 11,509 BTC ($776.9M) to new wallets after two years, with Arkham Intelligence ... [+] identifying the transfers as internal rotation rather than sales preparation Tesla has moved its entire bitcoin balance of 11,509 BTC ($776.9M) to seven new wallets, marking the first movement of these assets in over two years. The transfers, which initially sparked market concern, have been identified as internal wallet rotations rather than preparation for sales, according to Arkham Intelligence reports. "Often on-chain movements like this are usually a signal of selling. But since there hasn't been any movement to exchanges so far, this just may be Tesla reshuffling its bitcoin custody setup," commented Daniel Cawrey, CSO at Tonkeeper in an email statement. According to a CoinDesk's article, while Tesla or CEO Elon Musk have not publicly commented on the specific reasons for the transfers, the movements could be related to various factors including: Internal audit requirements Wallet security management Consolidation of wallets to reduce future transaction costs Potential preparation for asset-backed lending arrangements The company's digital assets remain unchanged, and Tesla has not sold any cryptocurrency assets for five consecutive quarters, as confirmed in Tesla's Q3 2024 financial report released on October 23. Tesla's Q3 financial results demonstrate strong financial stability with total revenues of $25.2 billion and net income of $2.2 billion, according to the company's official earnings report. The publication of this report drove market optimism, leading to a 21% increase in TSLA stock price from $213 on October 23 to $260 on October 24. MORE FOR YOU New Gmail Security Warning As 10-Second Hackers Strike Israel Launches Strikes Against Iran In Response To Ballistic Missile Attacks Today’s NYT Mini Crossword Clues And Answers For Saturday, October 26th Tesla stock's sharp rise from $213 to $260 following Q3 earnings report on October 23, 2024 Andrey Sergeenkov This robust financial position further supports the assessment that the recent bitcoin wallet movements were indeed internal reorganization rather than preparation for sales. Big Headlines Hide Small Market Influence While these bitcoin holdings have attracted significant media attention, they represent a relatively modest portion of Tesla's balance sheet: just 2.31% of Tesla's total cash and investments ($33.6B) and merely 0.65% of the company's total assets ($119.8B) according to the report. Similarly, Tesla's position in the bitcoin market is relatively small. According to CoinGecko data, despite being among the top public companies holding bitcoin, Tesla's holdings represent just 0.055% of bitcoin's total supply. This is significantly smaller than the market leader MicroStrategy, which holds 22 times more bitcoin, with its 252,220 BTC representing 1.201% of total supply. MicroStrategy dominates public company bitcoin holdings with 252,220 BTC, while Tesla ranks fourth ... [+] with 11,509 BTC Andrey Sergeenkov According to Glassnode data, the number of wallet entities holding at least 1,000 BTC has reached 1,678 - the highest since January 2021. This increasing diversification of large bitcoin holders suggests that the market influence of any single corporate holder, including Tesla, is becoming increasingly limited. As a result, the relationship works both ways: Tesla has little influence on bitcoin's price, while bitcoin holdings have minimal impact on Tesla's finances. Indeed, two consecutive reports from Arkham Intelligence - the first about a large movement of Tesla's bitcoins, which could have caused market panic, and the second confirming it was just a wallet rotation - had no noticeable impact on bitcoin's price. No market reaction to two consecutive Arkham reports about Tesla's bitcoin wallet transfers. Andrey Sergeenkov Regulatory Clarity Can Surpass Corporate Actions As Key Bitcoin Market Driver While corporate holdings previously could significantly impact market sentiment, today's crypto market appears more concerned with regulatory developments than individual corporate actions. "The lack of regulatory clarity tailored to bitcoin's unique technology has negatively impacted investor confidence and discouraged participation in the market, particularly by trusted market players," said Teresa Goody Guillén, Partner at BakerHostetler and former SEC litigation counsel in an email statement. The challenge extends beyond national borders. "Regulators need to engage on an international level," Guillén notes, adding that "Traditional financial markets are international, as is the bitcoin market, and can be addressed with a similar approach." "A clear regulatory structure that is appropriately tailored to bitcoin would encourage more trust and confidence by consumers and businesses that would increase adoption," concluding that "this could lead to significant improvements in market infrastructure, including more user-friendly wallets, better payment system integration and reduced transaction fees." Follow me on Twitter or LinkedIn. Check out my website. Andrey Sergeenkov Editorial Standards Forbes Accolades

 2024-10-26 10:18:17

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The prediction market website told the New York Times DealBook that the person is a French national with “extensive trading experience and a financial services background.” The company didn’t elaborate further but did say it had contacted the whale and they had agreed to not “open further accounts without notice.” The four accounts controlled by the whale—Fredi9999, Theo4, PrincessCaro, and Michie—have bet $45 million in total on a Trump victory through a series of small transactions, Bloomberg reported. The small transactions made by multiple accounts were likely meant to prevent the cost of betting on Trump winning the election from rising too quickly so they can get the best deal. Who can bet on Polymarket? Polymarket enables users to place bets on outcomes, including the presidential election, through cryptocurrency. Americans have been barred from using Polymarket since shortly after the platform was fined by the CFTC in 2022 for allegedly offering illegal options trading. Although a court win for rival prediction market Kalshi earlier this month has opened the door to election betting, Polymarket has not opened its platform to U.S. citizens and has started to crack down on American users. Although some experts have claimed prediction markets are a more accurate way of predicting elections because real money is at stake, some have said the bets could be made to manipulate the presidential election. Others have cast doubt that prediction markets matter at all, pushing back on claims that wagers for Trump on prediction platforms could influence his election odds. After investigating the mysterious French whale, Polymarket concluded that the trader is “taking a directional position based on personal views of the election.” What is more clear is that the whale’s four identified accounts are making myriad bets on Trump—and against vice president Kamala Harris. Over a period of 10 hours as of midday Friday, one of the trader’s accounts, Theo4, made more than 450 distinct bets on Kamala Harris not winning the presidential election in amounts that ranged from less than $5 to tens of thousands of dollars. Other bets made by the French whale’s accounts include wagers on whether a Republican will win the popular vote and the presidency (yes bet), whether a Democrat will win the Michigan Presidential election (no bet), and whether Harris will win the popular vote (no bet). The trader’s most prolific account, Fredi9999, boasts $19 million in mostly political bets on the site, including a $13.8 million position betting on Trump to win the election. Amid the controversy over its election bets and the French whale, Polymarket CEO Shayne Coplan said in a post on X that the company is non-partisan and transparent. He added that Polymarket was never meant to be centered on election betting. “Polymarket is not about politics. The vision never was to be a political website, and it still isn’t,” Coplan wrote.

 2024-10-26 09:37:00

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In an era where digital transactions are becoming the norm, gift cards have emerged as a game-changing asset, offering unparalleled opportunities for flexibility and profit. Local Traders P2P Crypto Exchange is thrilled to announce the launch of our new gift card feature, designed to empower users and revolutionize the way Nigerians engage with cryptocurrency. The Rise of Gift Card Trading Gift card trading has swiftly gained momentum as an innovative way to earn money online. As more Nigerians recognize the potential of trading gift cards, they’re eager to learn how to maximize these assets on peer-to-peer (P2P) exchanges. Gift cards can be used for shopping, gifted to friends, or sold to convert into cash or cryptocurrency—unlocking a world of possibilities in the online marketplace. At Local Traders, we’re at the forefront of this trend, providing a seamless platform where users can buy, sell, and trade gift cards for cryptocurrency. This not only enhances the trading experience but also opens up a new avenue for income generation in the burgeoning Nigerian crypto market. Why Choose Gift Cards with Local Traders? Flexible Trading Options: Gift cards provide an accessible entry point for users looking to dive into the crypto market. Whether you’re trading unwanted gift cards or using them as a means to acquire cryptocurrency, the flexibility they offer is unparalleled. Users can easily convert gift cards into cash or digital assets, maximizing their value. Lucrative Earning Potential: As awareness of gift card trading continues to rise, so does the earning potential for savvy traders. With Local Traders, you can leverage our platform to tap into the growing demand for gift cards, allowing you to buy, sell, and trade with ease. Whether you’re looking to earn extra income or dive into full-time trading, gift cards can significantly enhance your portfolio. Secure and Reliable Transactions: At Local Traders, we prioritize the safety and security of our users. Our state-of-the-art platform ensures that all gift card transactions are conducted in a secure environment. Enjoy peace of mind knowing that your data and funds are protected while you trade. Join a Thriving Community: By trading gift cards on Local Traders, you become part of a vibrant community of like-minded individuals passionate about crypto. Share insights, strategies, and experiences with fellow traders, enhancing your knowledge and skills in the ever-evolving crypto space. “At Local Traders, we believe in empowering our users to explore the endless possibilities of cryptocurrency. Our new gift card feature is designed to enhance the trading experience, providing our community with innovative tools to unlock their financial potential. Together, we are reshaping the future of P2P trading in Nigeria. Abdul Rehman, CEO & Founder at Local Traders Ready to Trade? Here’s How to Get Started Getting started with trading on Local Traders is simple and straightforward. Follow these easy steps to embark on your crypto trading journey: Visit Local Traders and create your account in just a few minutes. Our registration process is quick and user-friendly, allowing you to join our community effortlessly. Complete KYC: Ensure your safety and compliance by verifying your identity through our streamlined KYC process. It’s quick, efficient, and designed to protect your assets while adhering to regulatory standards. Deposit Crypto: Securely deposit your preferred cryptocurrency into your Local Traders account. Once your deposit is complete, you’ll be ready to explore the vibrant market. Start Trading: Dive into a wide range of trading offers or create your own. Trade with confidence, knowing you’re part of a robust and secure platform designed for your success. As the demand for gift card trading continues to grow, Local Traders is committed to leading the charge in Nigeria’s P2P crypto market. Our user-centric approach not only enhances the trading experience but also opens up new avenues for traders to explore. With our gift card feature, you can unlock the full potential of your assets and take your trading journey to new heights. Whether you’re a seasoned trader or just beginning, Local Traders is here to support you every step of the way. Join us today and experience the excitement of trading gift cards on Local Traders P2P Crypto Exchange. Your gateway to innovative trading and financial empowerment awaits! About Local Traders Local Traders is a regulated P2P crypto marketplace committed to providing a secure and seamless trading experience. Based in Chile, South America, and legally registered as Local Traders SpA (VAT: 77603426-6), we are dedicated to transparency and compliance, meeting the highest KYC and AML standards. Our platform is designed to empower users with accessible, efficient cryptocurrency transactions across the globe, making us an ideal choice for safe and reliable trading. Trade with confidence, and become part of a rapidly growing community. Stay connected with Local Traders: Website: finance X (Twitter): @LocalTradersCL Instagram: LocalTradersCL LinkedIn: Local Traders Telegram: Join Global Community

 2024-10-26 07:47:15

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Ledger, a leading cryptocurrency security company, is setting its sights on expanding into the Middle East and India, identifying both regions as ripe for growth in the digital asset sector. During a recent industry conference, Ledger’s CEO, Pascal Gauthier, articulated the company’s strategy to capitalize on the increasing interest in cryptocurrencies and the demand for secure storage solutions. He emphasized that the company’s commitment to enhancing security measures aligns with the burgeoning crypto market in these regions. Gauthier noted that the Middle East, with its rapidly evolving financial landscape and the region’s growing acceptance of digital currencies, presents a significant opportunity for Ledger. Countries like the United Arab Emirates and Saudi Arabia are making strides in blockchain technology and regulatory frameworks that support cryptocurrency activities. This shift is encouraging local businesses and consumers to explore digital assets, prompting the need for reliable security solutions to protect their investments. India, on the other hand, has seen a marked increase in cryptocurrency adoption despite regulatory uncertainties. The country’s young, tech-savvy population is driving a surge in digital asset investments, with several startups focusing on providing crypto-related services. Gauthier indicated that Ledger’s expansion into India would cater to this increasing demand for secure crypto storage, especially among individuals seeking to invest in digital currencies amidst a landscape that has faced both regulatory challenges and opportunities. Gauthier’s remarks come at a time when major players in the tech and finance sectors are recognizing the potential of the crypto market in these regions. The UAE has launched initiatives like the Dubai Multi Commodities Centre, which aims to foster a conducive environment for crypto businesses. Additionally, the recent formation of regulatory bodies in the Gulf states is paving the way for more structured engagement with cryptocurrencies. Industry experts believe that Ledger’s expansion plans will not only enhance the company’s market presence but also contribute to the broader acceptance of cryptocurrencies in the region. The availability of secure hardware wallets is crucial for building consumer confidence in digital assets, especially in markets where scams and security breaches have raised concerns. As Ledger ramps up its efforts, it is also likely to face competition from other firms looking to establish themselves in these emerging markets. The rise of local competitors offering similar security solutions could challenge Ledger’s market share. However, the company’s established reputation and commitment to innovation may position it favorably against such challenges. To further bolster its market strategy, Ledger is expected to engage in partnerships with local financial institutions and technology firms. Collaborating with existing players in the market will enhance its distribution channels and brand recognition, facilitating smoother entry into the Middle East and Indian markets. This approach will allow Ledger to tailor its offerings to meet local consumer preferences and regulatory requirements. The growing trend of integrating blockchain technology in various sectors, including finance, supply chain, and healthcare, is also playing a pivotal role in shaping Ledger’s expansion strategy. As businesses in these regions seek to harness the benefits of blockchain, there will be an increasing demand for secure crypto management solutions, which Ledger is well-positioned to provide. Education and awareness surrounding cryptocurrency and blockchain technology are essential for fostering a supportive environment for digital assets. Ledger plans to invest in initiatives aimed at educating potential customers about the importance of security in the crypto space. By conducting workshops and seminars, the company aims to demystify cryptocurrencies and promote responsible investing practices. Consumer sentiment in both the Middle East and India towards digital currencies is changing. The potential for high returns has drawn many investors, despite the associated risks. As governments in these regions begin to provide clearer regulatory guidelines, the influx of institutional investors is also anticipated, further legitimizing the crypto market. Ledger’s expansion aligns with this trend, as the demand for secure storage solutions will grow alongside institutional interest. The company’s product line, which includes hardware wallets and other security solutions, is continually evolving to meet the diverse needs of consumers. This adaptability will be key in navigating the unique challenges and opportunities presented by the Middle East and Indian markets.

 2024-10-26 05:24:00

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LOS ANGELES — If Tuesday’s season opener displayed what the Lakers will look like under coach JJ Redick when they’re nailing the little details of the game early, Friday’s 123-116 home win over the Phoenix Suns showed they can kick into an extra gear when needed. The Lakers came back from a 22-point deficit to beat the Suns for their second victory to kick off the season after beating the Minnesota Timberwolves earlier in the week. The victory marked the first time the Lakers opened a season 2-0 since 2010-11, a season they started with eight consecutive victories. Anthony Davis was at the center of the Lakers’ turnaround, showing the Suns, just like the Timberwolves, had no answer for him defensively. Davis led his team with a game-high 35 points on 11-of-18 shooting to go with eight rebounds, four assists and two blocked shots. He went 13 of 17 at the free-throw line. Austin Reaves recorded 26 points (8-of-12 shooting), eight assists and four rebounds while LeBron James added 21 points (7-of-13), eight assists and four rebounds. The Suns took advantage of the Lakers coming out of the gates sluggish, seemingly playing a step or two ahead of the hosts. Phoenix scored 14 fastbreak points in the first quarter and knocked down 15 of its first 22 shots, with 14 of them being assisted, to take a 38-23 lead into the second that ballooned to 48-26 early in the quarter and 55-35 midway through the second. The two-man game of Reaves and Davis kept the Lakers in the game, cutting the Suns’ lead to 61-52 at halftime. The Lakers seemingly cracked the code, at least for one game, before the game’s midway break. They opened the third on an 8-2 run before mixing up their defensive coverages and being sharper with their switching on defense, helping them pick up more stops and get out in transition offensively. The Lakers finished with 28 fastbreak points despite having just five at the end of the first quarter. Davis’ free throws at the 8:35 mark in the third gave the Lakers their first lead, 68-67, since early in the first. The Lakers led for the entire fourth, leading by as many as 12 before cruising to the eventual win. Rui Hachimura had 14 points and seven rebounds. Rookie wing Dalton Knecht finished with eight points, including a pair of 3-pointers, in 13 minutes off the bench. Kevin Durant led the Suns with 30 points, six rebounds and four assists. Devin Booker scored 23 points while Bradley Beal had 15 points and nine assists. The Lakers will return to Crypto.com Arena on Saturday, hosting the Sacramento Kings on the second night of a back-to-back.

 2024-10-26 04:58:07

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Fans stood and roared with excitement during the third quarter Friday like they just saw LeBron James jam the ball through the basket with rim-shaking force, or Anthony Davis reject a Phoenix Suns dunk attempt. Neither actually happened. The multitaskers in the building just watched Freddie Freeman’s perfect left-handed swing send a baseball over the Dodger Stadium wall, the World Series Game 1 walk-off getting Crypto.com Arena as loud as it had been all night. Then, it was the Lakers' turn to ignite that excitement. Like he did in the season opener, Davis played like the best player on the court, the fans chanting “M-V-P” for him in the fourth quarter like he just took the New York Yankees' Nestor Cortes deep. Davis dominated the Suns, outpacing Kevin Durant and Devin Booker, helping his Lakers come back from 22 points down in a 123-116 win. It’s first time the Lakers have opened the season with consecutive wins since the 2010-11 season. "I'm just going out there playing basketball,” Davis said. “Obviously, the team is doing a good job giving me the ball in my spots. It's easier when guys are making shots and making plays. Just kind of … opens up the floor for me. We put in a lot of good schemes where we open the floor for myself, [James], [Austin Reaves], [D’Angelo Russell]. And we just operate, make the right play." Davis scored 35 points after scoring 36 in the opener against the Minnesota Timberwolves, back-to-back dominant games against two of the Western Conference favorites. “He's been doing this,” Reaves said. "It's not [abnormal] for him to do what he's been doing. I feel like he's the best player on our team. And we played through him. And he's such a high-level talent that I expect him to go out every single night and be dominant. So what he's been doing is kind of, it's unreal obviously, but I expect him to go dominate the game in many facets.” Unlike the opener, the Lakers gave Davis air support from the outside, making 14 of 27 shots from three-point range, including 13 for 22 after the first quarter. They withstood the Suns' hot shooting early to begin their climb back into the game starting late in the second. Reaves made five of seven threes and finished with 26 points. “Same thing I've seen from AR since he got here,” James said. “Just an ultra-competitor, makes big-time shots and doesn't shy away from the moment.” Coach JJ Redick went further. “I knew he was good,” Redick said of Reaves. “I didn't realize he was this good. He's a fantastic basketball player." Davis’ blocked shot just before halftime gave the Lakers momentum into the third quarter when James and Reaves got hot from deep and opened the inside for Davis. James helped seal the game late with two assists — one to Gabe Vincent for a layup and one to Rui Hachimura for a three — to get the crowd to pop again. James finished with 21 points and eight assists. But none of it was quite like the roar after Freeman went deep. “I thought they were cheering for me,” Reaves said. “I didn't know what was going on, to be honest. And then I looked up on the screen and seeing him hit that nuke.” The Lakers host the Sacramento Kings on Saturday night with James planning to play for the second straight night.

 2024-10-26 04:47:29

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Washington: Cryptocurrencies are huge risks to financial stability and monetary stability, Reserve Bank of India (RBI) Governor Shantikanta Das said on Friday, asserting that it may create a situation where the central bank may lose control of money supply in the economy. “I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks, it has huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of money supply in the economy,” RBI Governor Shantikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank. “If the central bank loses control of money supply in the economy, how does it check liquidity available in the system? How does a central bank control inflation by squeezing money supply or by losing money supply in times of crisis? So, we see crypto as a big risk, and there has to be an international understanding because the transactions are cross-country,” he said in response to a question. “There has to be (an) international understanding on this issue, being fully mindful of the huge risks associated with cryptocurrencies. It is not something which I feel it's not something which should be encouraged. This view is not a very popular view, but I think as custodians of financial stability, it is a major concern for central banks world over. Governments are also becoming increasingly aware of the possible downside risks in cryptocurrencies,” Das said. India, he said, was the first country to raise questions about cryptocurrencies. In the G20 under the Indian presidency, there was an agreement to develop an international understanding with regard to how to deal with this whole crypto ecosystem. Some progress has been made in this regard, he added. “I think more work still needs to be done. From India, from the Reserve Bank's perspective, I think we are one of the first central banks which very clearly voiced its serious concerns about the so-called cryptocurrencies. We see them as big risks, huge risks to financial stability. There are good reasons why we are saying that,” he said. “First, we have to understand the origin of cryptocurrencies. The origin was to bypass the system. Cryptocurrencies have all the qualities of money. The fundamental question is, are we as authorities, are governments comfortable with privately issued cryptocurrencies which have all the features of currency issuance. Currency issuance is a function, a sovereign function. So the bigger question, larger question is whether we are comfortable with crypto, which has characteristics of being a currency, or whether we are comfortable with having a private currency system in parallel to the fiat currency,” he added. “Obviously, if a certain part of your economy is getting carved out and it is dominated by the crypto assets or the private crypto assets, then the central bank loses control over the entire monetary system. So therefore, it will lead to a huge amount of instability in the monetary system. It can also promote a huge amount of instability in the financial sector. So there are very big risks,” he said. “So therefore, in India, we have been articulating that we have to deal with this very carefully. In fact, we have articulated that countries of course, it will depend on individual countries taking their own decisions. But we feel that it has to be very strong, it is something which I think should be very cautiously and very carefully dealt with,” Das said.

 2024-10-26 03:11:11

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Cryptocurrencies are huge risks to financial stability and monetary stability, Reserve Bank of India Governor Shantikanta Das said Friday, asserting it may create a situation where the central bank may lose control of money supply in the economy. "I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks and huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of the money supply in the economy," RBI Governor Shantikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank. "If the central bank loses control of the money supply in the economy, how does the central bank check liquidity available in the system? How does a central bank control inflation by squeezing money supply or by losing money supply in times of crisis? So, we see crypto as a big risk, and there has to be an international understanding because the transactions are cross-country," he said in response to a question. "There has to be (an) international understanding on this issue, being fully mindful of the huge risks associated with cryptocurrencies. It is not something which I feel it's not something which should be encouraged. This view is not a very popular view, but I think as custodians of financial stability, it is a major concern for central banks world over. Governments are also becoming increasingly aware of the possible downside risks in cryptocurrencies," Das said. India, he said, was the first country to raise questions about cryptocurrencies. In the G20 under the Indian presidency, there was an agreement to develop an international understanding with regard to how to deal with this whole crypto ecosystem. Some progress has been made in this regard, he added. "I think more work still needs to be done. From India, from the Reserve Bank's perspective, I think we are one of the first central banks which very clearly voiced its serious concerns about the so-called cryptocurrencies. We see them as big risks, huge risks to financial stability. There are good reasons why we are saying that," he said. "First, we have to understand the origin of cryptocurrencies. The origin was to bypass the system. Cryptocurrencies have all the qualities of money. The fundamental question is, are we as authorities, are governments comfortable with privately issued cryptocurrencies which have all the features of Currency issuance. Currency issuance is a function, a sovereign function. So the bigger question, larger question is whether we are comfortable with crypto, which has characteristics of being a currency, or whether we are comfortable with having a private currency system in parallel to the fiat currency," he added. "Obviously, if a certain part of your economy is getting carved out and it is dominated by the crypto assets or the private crypto assets, then the central bank loses control over the entire monetary system. So therefore, it will lead to a huge amount of instability in the monetary system. It can also promote a huge amount of instability in the financial sector. So there are very big risks," he said. "So therefore, in India, we have been articulating that we have to deal with this very carefully. In fact, we have articulated that Countries of course, it will depend on individual countries taking their own decisions. But we feel that it has to be very strong, it is something which I think should be very cautiously and very carefully dealt with," Das said. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

 2024-10-26 01:39:32

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ANN/THE KOREA HERALD – The South Korean government plans to intensify monitoring of cross-border virtual asset trading, including cryptocurrency transactions, through a revised Foreign Exchange Transactions Act set to take effect in the latter half of 2025. Finance Minister Choi Sang-mok announced the plan at a press briefing in Washington, held alongside the G20 Finance Ministers and Central Bank Governors Meeting yesterday. The updated regulations will target illicit transactions linked to tax evasion and money laundering, which have grown alongside a surge in cross-border virtual asset trading. According to the Korea Customs Service, foreign exchange-related crimes amounted to KRW11 trillion (USD8 billion) from 2020 to July of this year, with virtual assets accounting for KRW9 trillion, or approximately 80 per cent of the total. Currently, the National Tax Service and the Korea Customs Service can only investigate virtual asset transactions on a case-by-case basis or by obtaining a warrant. The lack of a comprehensive monitoring system for virtual assets has limited their capacity to address these issues effectively, the ministry said. The government aims to close these gaps through the upcoming legislation, which will involve consultations with relevant agencies to establish a stronger, centralised monitoring framework. Under the new regulations, virtual asset service providers, including crypto exchanges, will be required to register with authorities beforehand to conduct cross-border trading of virtual assets, the ministry said. They will also be mandated to report their transactions to the Bank of Korea on a monthly basis. The central bank, along with the Finance Ministry, is in charge of overseeing foreign exchange transactions. The date, amount, type and information on the sender and receiver of a transaction are likely to be included in the report. The transaction records are to be provided to related authorities for the monitoring of illegal transactions, as well as for statistics and analysis.

 2024-10-25 21:09:17

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