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Indian Elections Shaken by Bitcoin Fraud Allegations and Police Raids
Elections in Maharashtra Disrupted by $78 Million Bitcoin Scandal
Elections in the Indian state of Maharashtra have been overshadowed by serious allegations of a $78 million cryptocurrency fraud and police raids. Maharashtra, the wealthiest state in India and home to the financial hub of Mumbai, has become a focal point of controversy between the ruling Mahayuti coalition, backed by Prime Minister Narendra Modi, and the opposition alliance MVA.
Opposition Leaders Accused of Stealing Bitcoins
Just days before the elections, a former police officer accused Supriya Sule, an MP from the opposition NCP (SP), of using confiscated bitcoins to fund her election campaign. Nana Patole, the state congress chief, was also implicated. The case involves bitcoins seized in 2018 during a police operation against cryptocurrency dealer Amit Bharadwaj, who was arrested in Pune.
Bharadwaj’s wallet allegedly contained bitcoins worth ₹6,600 million ($78 million). The whistleblower claims that the then-police commissioner of Pune, Amitabh Gupta, ordered the wallet’s exchange, and the original bitcoins were sold by Sule and Patole to finance the election campaign.
Controversy Over Voice Recordings and AI Usage
Prime Minister Modi’s BJP party quickly echoed the allegations, releasing voice recordings purportedly capturing Supriya Sule and others discussing cryptocurrency transactions.
Ajit Pawar, Maharashtra’s Deputy Chief Minister and Sule’s cousin, declared the recordings genuine and called for a formal investigation. “The voices of Supriya Sule and Nana Patole are authentic,” Pawar stated.
Sule, however, denied the allegations, calling the recordings fake, and filed a criminal complaint against the former police officer who accused her. “They are attempting to create a fake voice to lend credibility to their allegations,” she claimed.
On social media, debates continue over the authenticity of the recordings. Fact-checker Mohammed Zubair suggested that the monotonous rhythm of the voices indicates possible use of artificial intelligence.
Police Raids During Voting
During the voting process, police conducted a raid on the home of an individual accused of aiding Sule and Patole in the alleged bitcoin theft. The raid was reportedly carried out under the directive of the former Pune police commissioner.
Impacts on the Political Landscape
The bitcoin scandal has heightened tensions between ruling and opposition parties in India. While BJP uses the allegations to politically pressure its opponents, the NCP (SP) claims it is a targeted attempt to discredit them ahead of the elections. The situation remains highly contentious.
#CryptoNewss , #worldnews , #india_crypto , #Election2024 , #BTC☀
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Elections in the Indian state of Maharashtra have been overshadowed by serious allegations of a $78 million cryptocurrency fraud and police raids. Maharashtra, the wealthiest state in India and home to the financial hub of Mumbai, has become a focal point of controversy between the ruling Mahayuti coalition, backed by Prime Minister Narendra Modi, and the opposition alliance MVA.
Opposition Leaders Accused of Stealing Bitcoins
Just days before the elections, a former police officer accused Supriya Sule, an MP from the opposition NCP (SP), of using confiscated bitcoins to fund her election campaign. Nana Patole, the state congress chief, was also implicated. The case involves bitcoins seized in 2018 during a police operation against cryptocurrency dealer Amit Bharadwaj, who was arrested in Pune.
Bharadwaj’s wallet allegedly contained bitcoins worth ₹6,600 million ($78 million). The whistleblower claims that the then-police commissioner of Pune, Amitabh Gupta, ordered the wallet’s exchange, and the original bitcoins were sold by Sule and Patole to finance the election campaign.
Controversy Over Voice Recordings and AI Usage
Prime Minister Modi’s BJP party quickly echoed the allegations, releasing voice recordings purportedly capturing Supriya Sule and others discussing cryptocurrency transactions.
Ajit Pawar, Maharashtra’s Deputy Chief Minister and Sule’s cousin, declared the recordings genuine and called for a formal investigation. “The voices of Supriya Sule and Nana Patole are authentic,” Pawar stated.
Sule, however, denied the allegations, calling the recordings fake, and filed a criminal complaint against the former police officer who accused her. “They are attempting to create a fake voice to lend credibility to their allegations,” she claimed.
On social media, debates continue over the authenticity of the recordings. Fact-checker Mohammed Zubair suggested that the monotonous rhythm of the voices indicates possible use of artificial intelligence.
Police Raids During Voting
During the voting process, police conducted a raid on the home of an individual accused of aiding Sule and Patole in the alleged bitcoin theft. The raid was reportedly carried out under the directive of the former Pune police commissioner.
Impacts on the Political Landscape
The bitcoin scandal has heightened tensions between ruling and opposition parties in India. While BJP uses the allegations to politically pressure its opponents, the NCP (SP) claims it is a targeted attempt to discredit them ahead of the elections. The situation remains highly contentious.
#CryptoNewss , #worldnews , #india_crypto , #Election2024 , #BTC☀
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Japanese Prime Minister Plans Tax Cuts on Cryptocurrencies in Stimulus Package
Including Tax Relief in the Stimulus Plan
Japanese Prime Minister Shigeru Ishiba has announced that his upcoming economic stimulus package will include proposals for tax cuts, including measures aimed at cryptocurrencies. These steps are based on suggestions from the opposition Democratic Party for the People (DPP).
According to a report published on November 20, the Prime Minister secured support for his plan after promising to incorporate the DPP's annual tax reform proposals. The stimulus package is set to be unveiled this week, with its budget to be increased by the end of December.
Key Proposed Tax Reforms
The DPP's proposed changes include:
Raising the untaxed income limit from 1.03 million yen to 1.78 million yen.Temporarily reducing the turnover tax to 5% until wages rise by 2%.Tax incentives for companies increasing salaries or investing in semiconductors, artificial intelligence, and cryptocurrencies.Cutting cryptocurrency profit taxes to 20%, aligning them with stock market gains.
A New Direction for Crypto Taxation
Current Japanese laws classify cryptocurrency profits as "miscellaneous income," which can result in tax rates as high as 55%, depending on income levels. In contrast, stock market gains are taxed at a maximum rate of 20%. The DPP advocates for virtual assets to be taxed at the same level as stocks.
Support for Cryptocurrencies on Both Sides
The DPP has long supported the development of cryptocurrencies and blockchain as tools to revitalize the economy. As part of its agenda, the party pledged to advance the token economy and expand the use of NFTs.
Similar interest can be observed among members of the ruling Liberal Democratic Party (LDP). In his policy document, Shigeru Ishiba stated that blockchain and NFT technologies could be key to strengthening the economy. Additionally, Digital Affairs Minister Masaaki Taira supports reforms to facilitate the operations of crypto startups and apply intellectual property laws to NFTs.
Balancing Power Between Government and Opposition
The DPP, which retained its influence in parliament after the October elections, acts as a counterbalance to the ruling LDP. Thanks to this influence, it has managed to push forward significant changes, such as the proposed tax reforms.
The stimulus package incorporating the DPP's proposals could be a pivotal step in developing Japan's crypto ecosystem, with tax cuts potentially attracting more investors and innovations to the sector.
#TaxFreeCrypto , #cryptotax , #Cryptocurrencies , #CryptoNewss , #worldnews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Japanese Prime Minister Shigeru Ishiba has announced that his upcoming economic stimulus package will include proposals for tax cuts, including measures aimed at cryptocurrencies. These steps are based on suggestions from the opposition Democratic Party for the People (DPP).
According to a report published on November 20, the Prime Minister secured support for his plan after promising to incorporate the DPP's annual tax reform proposals. The stimulus package is set to be unveiled this week, with its budget to be increased by the end of December.
Key Proposed Tax Reforms
The DPP's proposed changes include:
Raising the untaxed income limit from 1.03 million yen to 1.78 million yen.Temporarily reducing the turnover tax to 5% until wages rise by 2%.Tax incentives for companies increasing salaries or investing in semiconductors, artificial intelligence, and cryptocurrencies.Cutting cryptocurrency profit taxes to 20%, aligning them with stock market gains.
A New Direction for Crypto Taxation
Current Japanese laws classify cryptocurrency profits as "miscellaneous income," which can result in tax rates as high as 55%, depending on income levels. In contrast, stock market gains are taxed at a maximum rate of 20%. The DPP advocates for virtual assets to be taxed at the same level as stocks.
Support for Cryptocurrencies on Both Sides
The DPP has long supported the development of cryptocurrencies and blockchain as tools to revitalize the economy. As part of its agenda, the party pledged to advance the token economy and expand the use of NFTs.
Similar interest can be observed among members of the ruling Liberal Democratic Party (LDP). In his policy document, Shigeru Ishiba stated that blockchain and NFT technologies could be key to strengthening the economy. Additionally, Digital Affairs Minister Masaaki Taira supports reforms to facilitate the operations of crypto startups and apply intellectual property laws to NFTs.
Balancing Power Between Government and Opposition
The DPP, which retained its influence in parliament after the October elections, acts as a counterbalance to the ruling LDP. Thanks to this influence, it has managed to push forward significant changes, such as the proposed tax reforms.
The stimulus package incorporating the DPP's proposals could be a pivotal step in developing Japan's crypto ecosystem, with tax cuts potentially attracting more investors and innovations to the sector.
#TaxFreeCrypto , #cryptotax , #Cryptocurrencies , #CryptoNewss , #worldnews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
WORLD COIN VALUE PREDICTIONS
#worldnews #WorldcoinRise
welcome to our weekly wrldnews. It has come to pass that our predictions are adding up as y'all have seen how bullish world coin has been to this time that's in the past 24hours.
As we promised, we're going to release our world coin prediction in this article today. Our world coin forecast at the end of 2023 will be not less than 5$. This makes it unique as it's barely 5 months since it was launched and this tell's you how bullish this crypto currency is if compared to others including Bitcoin.
To crypto investors that's world coin Family we're urging you today to consider long term investments in world coin, make sure you store as much world coin as possible to be in the list of our next Wrld Millionaires and Billionaires when it hits our projected value.
make sure you follow up with us as we continue in this world coin Family journey. We'll have our 2024 world coin value predictions in our next article so make sure you've follow us to get it.
#WorldcoinRise
#worldnews #WorldcoinRise
welcome to our weekly wrldnews. It has come to pass that our predictions are adding up as y'all have seen how bullish world coin has been to this time that's in the past 24hours.
As we promised, we're going to release our world coin prediction in this article today. Our world coin forecast at the end of 2023 will be not less than 5$. This makes it unique as it's barely 5 months since it was launched and this tell's you how bullish this crypto currency is if compared to others including Bitcoin.
To crypto investors that's world coin Family we're urging you today to consider long term investments in world coin, make sure you store as much world coin as possible to be in the list of our next Wrld Millionaires and Billionaires when it hits our projected value.
make sure you follow up with us as we continue in this world coin Family journey. We'll have our 2024 world coin value predictions in our next article so make sure you've follow us to get it.
#WorldcoinRise
Israel-Gaza War Day 32: ‘Israel will take overall security responsibility of Gaza,' says Benjamin Netanyahu. 5 Updates
Israel-Gaza War: As the Israel-Hamas war entered Day 32nd, Israeli Prime Minister Benjamin Netanyahu said that his country would take overall security responsibility of the Gaza Strip for an indefinite period after its war with Hamas, AFP reported. Here are the top ten updates about the situation.
1. Netanyahu said on Monday, "Israel will, for an indefinite period, will have the overall security responsibility," he said in a television interview with ABC News, adding, “When we don't have that security responsibility, what we have is the eruption of Hamas terror on a scale that we couldn't imagine."
2. Netanyahu on Monday said that Israel may consider "tactical little pauses" in the fighting in Gaza to facilitate the delivery of humanitarian aid or allow hostages held by Hamas militants to leave. Netanyahu expressed these views during a US television ABC News interview when asked about the future governance of Gaza after the conflict ends
3.The Palestinian death toll, according to the Health Ministry in the Hamas-run Gaza Strip, has exceeded 10,000. This figure does not differentiate between fighters and civilians. Additionally, around 1,400 Israelis have lost their lives, with the majority being civilians who were killed during the incursion by Hamas on October 7 which marked the beginning of the war.
4. Approximately 800,000 individuals have followed Israeli military directives to evacuate to the southern part of Gaza. However, despite being designated as a safe zone, ongoing Israeli airstrikes in both central and southern Gaza resulted in the loss of dozens of lives on Sunday.
5. On Monday, the Pentagon announced that a US nuclear-powered Ohio-class submarine had been deployed to the Middle East with the goal of preventing the escalation of hostilities and further conflict.
#News #BinanceSquare #worldnews
Israel-Gaza War: As the Israel-Hamas war entered Day 32nd, Israeli Prime Minister Benjamin Netanyahu said that his country would take overall security responsibility of the Gaza Strip for an indefinite period after its war with Hamas, AFP reported. Here are the top ten updates about the situation.
1. Netanyahu said on Monday, "Israel will, for an indefinite period, will have the overall security responsibility," he said in a television interview with ABC News, adding, “When we don't have that security responsibility, what we have is the eruption of Hamas terror on a scale that we couldn't imagine."
2. Netanyahu on Monday said that Israel may consider "tactical little pauses" in the fighting in Gaza to facilitate the delivery of humanitarian aid or allow hostages held by Hamas militants to leave. Netanyahu expressed these views during a US television ABC News interview when asked about the future governance of Gaza after the conflict ends
3.The Palestinian death toll, according to the Health Ministry in the Hamas-run Gaza Strip, has exceeded 10,000. This figure does not differentiate between fighters and civilians. Additionally, around 1,400 Israelis have lost their lives, with the majority being civilians who were killed during the incursion by Hamas on October 7 which marked the beginning of the war.
4. Approximately 800,000 individuals have followed Israeli military directives to evacuate to the southern part of Gaza. However, despite being designated as a safe zone, ongoing Israeli airstrikes in both central and southern Gaza resulted in the loss of dozens of lives on Sunday.
5. On Monday, the Pentagon announced that a US nuclear-powered Ohio-class submarine had been deployed to the Middle East with the goal of preventing the escalation of hostilities and further conflict.
#News #BinanceSquare #worldnews
Youngest billionaires in the world 2023 🤑🤑🤑
Top Ten Youngest Billionaires In The World
The Forbes real-time billionaires list ranks the top ten youngest billionaires in the world on November 14, 2023 like so:
Rank & Name Age Net Worth (in USD Billions)
#1 Clemente Del Vecchio - 3.8 Billion
#2 Kim Jung-youn - 1.2 Billion
#3 Kevin David Lehmann - 2.4 Billion
#4 Kim Jung-min - 1.2 Billion
#5 Luca Del Vecchio - 3.8 Billion
#6 Alexandra Andresen - 1.5 Billion
#7 Leonardo Maria Del Vecchio - 3.8 Billion
#8 Katharina Andresen - 1.5 Billion
#9 Ryan Breslow - 1.1Billion
#10 Gustav Magnar Witzor - 3.2 Billion
#billionare #News #worldnews
Top Ten Youngest Billionaires In The World
The Forbes real-time billionaires list ranks the top ten youngest billionaires in the world on November 14, 2023 like so:
Rank & Name Age Net Worth (in USD Billions)
#1 Clemente Del Vecchio - 3.8 Billion
#2 Kim Jung-youn - 1.2 Billion
#3 Kevin David Lehmann - 2.4 Billion
#4 Kim Jung-min - 1.2 Billion
#5 Luca Del Vecchio - 3.8 Billion
#6 Alexandra Andresen - 1.5 Billion
#7 Leonardo Maria Del Vecchio - 3.8 Billion
#8 Katharina Andresen - 1.5 Billion
#9 Ryan Breslow - 1.1Billion
#10 Gustav Magnar Witzor - 3.2 Billion
#billionare #News #worldnews
India to launch wholesale CBDC in January 2024?
An Indian press report states that the Reserve Bank of India plans to launch a wholesale central bank digital currency (wholesale CBDC) in January 2024. The digital rupee report from the Financial Express cites un-named sources at a bank, and so far we have not verified the news.
A year ago India initiated wholesale CBDC pilots where the CBDC is only used between banks. It started by using the CBDC to settle secondary market government bond transactions. Last month it moved on to interbank settlement in call money markets.
It cites another bank source as saying the initial use case will be for the settlement of SME transactions to keep transaction sizes low in the early phases. Without further details, that’s an unusual use case, bar the desire for smaller transaction sizes. Wholesale CBDC is purely used for interbank settlement but could be used to settle the interbank payments relating to SME transactions.
“Wholesale CBDC is a new concept and companies have some concerns about dispute settlement,” a bank official told Financial Express.
This is reinforced by India’s collaboration with the UAE for a bridge between their CBDCs targeting remittances and trade. The UAE is also involved in the wholesale cross border CBDC Project mBridge with the central banks of Thailand, Hong Kong and China.
On multiple occasions, both the Reserve Bank of India and the Treasury have stated that cross border CBDC is likely the most beneficial CBDC use case.
Meanwhile, India has also moved at a rapid pace with its retail CBDC solution. It recently integrated the QR codes with its popular UPI instant payment system. A Treasury official recently observed that the success of UPI could limit the adoption of the retail digital rupee.
#CBDC #CryptoNews #worldnews
$USDC
An Indian press report states that the Reserve Bank of India plans to launch a wholesale central bank digital currency (wholesale CBDC) in January 2024. The digital rupee report from the Financial Express cites un-named sources at a bank, and so far we have not verified the news.
A year ago India initiated wholesale CBDC pilots where the CBDC is only used between banks. It started by using the CBDC to settle secondary market government bond transactions. Last month it moved on to interbank settlement in call money markets.
It cites another bank source as saying the initial use case will be for the settlement of SME transactions to keep transaction sizes low in the early phases. Without further details, that’s an unusual use case, bar the desire for smaller transaction sizes. Wholesale CBDC is purely used for interbank settlement but could be used to settle the interbank payments relating to SME transactions.
“Wholesale CBDC is a new concept and companies have some concerns about dispute settlement,” a bank official told Financial Express.
This is reinforced by India’s collaboration with the UAE for a bridge between their CBDCs targeting remittances and trade. The UAE is also involved in the wholesale cross border CBDC Project mBridge with the central banks of Thailand, Hong Kong and China.
On multiple occasions, both the Reserve Bank of India and the Treasury have stated that cross border CBDC is likely the most beneficial CBDC use case.
Meanwhile, India has also moved at a rapid pace with its retail CBDC solution. It recently integrated the QR codes with its popular UPI instant payment system. A Treasury official recently observed that the success of UPI could limit the adoption of the retail digital rupee.
#CBDC #CryptoNews #worldnews
$USDC
Ireland Prepares New Cryptocurrency Laws Ahead of EU Anti-Money Laundering Rules
The Irish Minister of Finance plans to act quickly before the European Union implements strict anti-money laundering regulations.
Swift Legislative Action Ahead of EU Rules
Ireland is preparing to introduce "urgent" legislation concerning cryptocurrencies ahead of the new European Union standards focused on combating money laundering and terrorist financing. Irish Minister of Finance Jack Chambers informed the government that prompt action is required to update existing cryptocurrency regulations before the new EU laws take effect on December 30. The Irish Examiner reported this on October 16.
No specific details about the new legislation or its potential implementation date have been shared yet.
Strengthening Powers and Stricter Requirements for Exchanges
The new "EU Anti-Money Laundering and Terrorist Financing Law" will enhance the powers of financial intelligence units, allowing them to suspend suspicious transactions. It will also impose stricter reporting requirements on crypto exchanges, which must comply with more rigorous rules. The legislation introduces a €10,000 limit on cash payments and tighter monitoring of large transactions, including those of high value.
This legislative framework covers several areas that pose risks, such as crypto-assets and crowdfunding, and complements other regulations, such as the Markets in Crypto-Assets Regulation (MiCA).
MiCA and Ireland’s Role in Innovation
In September, Derville Rowland, Deputy Governor of the Central Bank of Ireland, stated that Ireland aims to play a key role in fostering safe innovations through MiCA. She emphasized that proper crypto regulations are crucial if Europe is to become a global leader in the adaptation and adoption of new technologies.
While MiCA regulations have been in effect since June 2023, Irish authorities are now focused on aligning with anti-money laundering rules and ensuring that the country’s financial system does not become a target for illegal activities.
Role of the Central Bank and Approval of Crypto Service Providers
According to the Central Bank of Ireland, it is essential for Ireland, as a small and open economy with a thriving financial sector, to actively participate in preventing its financial system from being used for money laundering and terrorist financing.
As of July, the Central Bank of Ireland had approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, MoonPay, and Coinbase, which agreed to remove non-compliant stablecoins from its European platform in line with new regulations.
#cryptoregulation , #Ireland , #worldnews , #Bitcoin❗ , #CryptoLaw
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Swift Legislative Action Ahead of EU Rules
Ireland is preparing to introduce "urgent" legislation concerning cryptocurrencies ahead of the new European Union standards focused on combating money laundering and terrorist financing. Irish Minister of Finance Jack Chambers informed the government that prompt action is required to update existing cryptocurrency regulations before the new EU laws take effect on December 30. The Irish Examiner reported this on October 16.
No specific details about the new legislation or its potential implementation date have been shared yet.
Strengthening Powers and Stricter Requirements for Exchanges
The new "EU Anti-Money Laundering and Terrorist Financing Law" will enhance the powers of financial intelligence units, allowing them to suspend suspicious transactions. It will also impose stricter reporting requirements on crypto exchanges, which must comply with more rigorous rules. The legislation introduces a €10,000 limit on cash payments and tighter monitoring of large transactions, including those of high value.
This legislative framework covers several areas that pose risks, such as crypto-assets and crowdfunding, and complements other regulations, such as the Markets in Crypto-Assets Regulation (MiCA).
MiCA and Ireland’s Role in Innovation
In September, Derville Rowland, Deputy Governor of the Central Bank of Ireland, stated that Ireland aims to play a key role in fostering safe innovations through MiCA. She emphasized that proper crypto regulations are crucial if Europe is to become a global leader in the adaptation and adoption of new technologies.
While MiCA regulations have been in effect since June 2023, Irish authorities are now focused on aligning with anti-money laundering rules and ensuring that the country’s financial system does not become a target for illegal activities.
Role of the Central Bank and Approval of Crypto Service Providers
According to the Central Bank of Ireland, it is essential for Ireland, as a small and open economy with a thriving financial sector, to actively participate in preventing its financial system from being used for money laundering and terrorist financing.
As of July, the Central Bank of Ireland had approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, MoonPay, and Coinbase, which agreed to remove non-compliant stablecoins from its European platform in line with new regulations.
#cryptoregulation , #Ireland , #worldnews , #Bitcoin❗ , #CryptoLaw
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
‼️ Elon Musk Loses $9 Billion In Net Worth Amidst Tesla Stock Slump 😱😱😱
Tesla CEO Elon Musk's fortunes have faced a substantial blow as the company's shares stumbled following an analyst downgrade and disappointing quarterly reports from smaller electric vehicle rivals.
Tesla's stock price took a nosedive on Thursday, falling 5.5% to $210, after HSBC analyst Michael Tyndall initiated coverage of the stock with a sell rating and a target price of $133. Tyndall's downgrade is the latest sign that investors are becoming more cautious about Tesla's stock, which has been volatile in recent months.
The sell rating comes at a time when Tesla is facing a number of challenges, including increasing competition from rivals, rising costs, and supply chain disruptions. The company is also facing scrutiny from regulators around the world over its self-driving technology and safety concerns.
According to Forbes Magazine, some other electric vehicle stocks are sliding, like American electric car maker stocks Rivian (shares down 10% on Thursday) and Lucid (down 5%) after the pair each reported earnings, which disappointed investors Tuesday, with each company on track to burn through billions of dollars in cash this year.
As per the Forbes valuation, Mr Musk, who owns about 13% of Tesla shares, lost $8.7 billion Thursday, a more than $7 billion larger decline than that of any other billionaire, according to Forbes' calculations. Musk remains the wealthiest person on earth with an estimated net worth of $223.7 billion, though that remains about $100 billion below his peak fortune of $320 billion achieved in November 2021, when Tesla was valued at over $1.2 trillion.
$DOGE #ElonMusk #Tesla #worldnews
Tesla CEO Elon Musk's fortunes have faced a substantial blow as the company's shares stumbled following an analyst downgrade and disappointing quarterly reports from smaller electric vehicle rivals.
Tesla's stock price took a nosedive on Thursday, falling 5.5% to $210, after HSBC analyst Michael Tyndall initiated coverage of the stock with a sell rating and a target price of $133. Tyndall's downgrade is the latest sign that investors are becoming more cautious about Tesla's stock, which has been volatile in recent months.
The sell rating comes at a time when Tesla is facing a number of challenges, including increasing competition from rivals, rising costs, and supply chain disruptions. The company is also facing scrutiny from regulators around the world over its self-driving technology and safety concerns.
According to Forbes Magazine, some other electric vehicle stocks are sliding, like American electric car maker stocks Rivian (shares down 10% on Thursday) and Lucid (down 5%) after the pair each reported earnings, which disappointed investors Tuesday, with each company on track to burn through billions of dollars in cash this year.
As per the Forbes valuation, Mr Musk, who owns about 13% of Tesla shares, lost $8.7 billion Thursday, a more than $7 billion larger decline than that of any other billionaire, according to Forbes' calculations. Musk remains the wealthiest person on earth with an estimated net worth of $223.7 billion, though that remains about $100 billion below his peak fortune of $320 billion achieved in November 2021, when Tesla was valued at over $1.2 trillion.
$DOGE #ElonMusk #Tesla #worldnews
WORLDCOIN SOON BACK TO BUSINESS IN KENYA AS CO-FOUNDER EYES NEXT GROUTH PHASE.
CATEGORIES Biometrics News | Civil / National ID | ID for All#worldnews
Hello Binance Square! Worldcoin soon back to business in Kenya as co-founder eyes next growth phase
Worldcoin, the multinational cryptocurrency and digital ID firm, is set to resume its operations in Kenya next year following reported successful negotiations with the East African country’s government.
Per a report by Citizen Digital, the firm, whose activities were banned in the country in August over data privacy concerns, has now agreed to meet certain regulatory requirements.
Worldcoin’s activities were halted when Kenyan authorities noticed growing interest in the project which verifies a user’s humanness and uniqueness using their iris biometrics. All those who registered on the platform were issued a digital ID called World ID.
Officials feared about the safety of the biometric data that was collected from hundreds of thousands of Kenyan citizens in exchange for a crypto token after each verification process. About 635,000 Kenyans were said to have downloaded the app as of September.
Interior Cabinet Secretary Kithure Kindiki was among Kenyan authorities who expressed strong reservations against the World ID project, which has also faced criticism elsewhere around the world over data privacy questions, such as in Argentina. Kenyan lawmakers also criticized it saying it was a threat to the country’s statehood.
Now, the company, co-founded by OpenAI’s Sam Altman and Tools for Humanity’s Alex Blania, is said to be ready to get back to full business in Kenya in the first few months of 2024, according to an unnamed source cited by Citizen Digital.
#worldrise
#worldcoinnews
CATEGORIES Biometrics News | Civil / National ID | ID for All#worldnews
Hello Binance Square! Worldcoin soon back to business in Kenya as co-founder eyes next growth phase
Worldcoin, the multinational cryptocurrency and digital ID firm, is set to resume its operations in Kenya next year following reported successful negotiations with the East African country’s government.
Per a report by Citizen Digital, the firm, whose activities were banned in the country in August over data privacy concerns, has now agreed to meet certain regulatory requirements.
Worldcoin’s activities were halted when Kenyan authorities noticed growing interest in the project which verifies a user’s humanness and uniqueness using their iris biometrics. All those who registered on the platform were issued a digital ID called World ID.
Officials feared about the safety of the biometric data that was collected from hundreds of thousands of Kenyan citizens in exchange for a crypto token after each verification process. About 635,000 Kenyans were said to have downloaded the app as of September.
Interior Cabinet Secretary Kithure Kindiki was among Kenyan authorities who expressed strong reservations against the World ID project, which has also faced criticism elsewhere around the world over data privacy questions, such as in Argentina. Kenyan lawmakers also criticized it saying it was a threat to the country’s statehood.
Now, the company, co-founded by OpenAI’s Sam Altman and Tools for Humanity’s Alex Blania, is said to be ready to get back to full business in Kenya in the first few months of 2024, according to an unnamed source cited by Citizen Digital.
#worldrise
#worldcoinnews
Asia Takes the Lead for Crypto Developers, USA Falls Behind
Asia's Rise as a Leader in Cryptocurrency
The geographic distribution of cryptocurrency developers often indicates which regions are poised to lead future blockchain innovations. A recent report showed that Asia has surpassed North America, emerging as a leader in cryptocurrency and blockchain development.
Asia’s share of the crypto developer base grew to 32% in 2024, a significant increase from 13% in 2015. This growth positions Asia as a key region for developer talent in this rapidly evolving industry.
Decline of Developers in North America
Meanwhile, the share of North American developers has effectively halved over the same period, dropping from 44% in 2015 to 24% in 2024. Maria Shen, General Partner at Electric Capital, commented on October 30:
“Asia is now number 1 for crypto developers. The U.S. is losing market share. Crypto affects every state in the U.S. — it should be neutral.”
This growth in Asia’s developer base is a positive indicator of mass blockchain adoption, as it suggests an increasing number of consumer applications built on this technology.
The U.S. Still Leads in the Number of Crypto Developers
Despite 81% of blockchain developers now residing outside the United States, the U.S. still holds the highest number of developers globally. Approximately 18.8% of all crypto developers are based in the U.S., followed by India at 11.8%, with the UK holding the third position at 4.2%.
However, since 2015, the U.S. has seen a decline of over 51% in its share of developers, despite the continued growth of the industry. In the U.S., 22.3% of developers are based in California, and 13.7% in New York, with 64% located outside these two states.
Research on Crypto Data on GitHub
Researchers analyzed over 200 million cryptocurrency-related records on GitHub across 350,000 repositories. Geographic data was drawn from more than 110,000 developer wallets, where developers self-reported their locations.
Growing Institutional Interest in Cryptocurrency in Asia
Institutional interest in cryptocurrency is rising in Asia. In South Korea, the number of crypto investors increased by over 21% in the second half of 2024. This growth pushed the cumulative operational profits of the top 21 local centralized exchanges (CEX) above $4.2 billion, representing a year-over-year increase of 106%.
#Cryptocurrencies , #worldnews , #CryptoNews🚀🔥 , #cryptoWorld , #BTC☀
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
The geographic distribution of cryptocurrency developers often indicates which regions are poised to lead future blockchain innovations. A recent report showed that Asia has surpassed North America, emerging as a leader in cryptocurrency and blockchain development.
Asia’s share of the crypto developer base grew to 32% in 2024, a significant increase from 13% in 2015. This growth positions Asia as a key region for developer talent in this rapidly evolving industry.
Decline of Developers in North America
Meanwhile, the share of North American developers has effectively halved over the same period, dropping from 44% in 2015 to 24% in 2024. Maria Shen, General Partner at Electric Capital, commented on October 30:
“Asia is now number 1 for crypto developers. The U.S. is losing market share. Crypto affects every state in the U.S. — it should be neutral.”
This growth in Asia’s developer base is a positive indicator of mass blockchain adoption, as it suggests an increasing number of consumer applications built on this technology.
The U.S. Still Leads in the Number of Crypto Developers
Despite 81% of blockchain developers now residing outside the United States, the U.S. still holds the highest number of developers globally. Approximately 18.8% of all crypto developers are based in the U.S., followed by India at 11.8%, with the UK holding the third position at 4.2%.
However, since 2015, the U.S. has seen a decline of over 51% in its share of developers, despite the continued growth of the industry. In the U.S., 22.3% of developers are based in California, and 13.7% in New York, with 64% located outside these two states.
Research on Crypto Data on GitHub
Researchers analyzed over 200 million cryptocurrency-related records on GitHub across 350,000 repositories. Geographic data was drawn from more than 110,000 developer wallets, where developers self-reported their locations.
Growing Institutional Interest in Cryptocurrency in Asia
Institutional interest in cryptocurrency is rising in Asia. In South Korea, the number of crypto investors increased by over 21% in the second half of 2024. This growth pushed the cumulative operational profits of the top 21 local centralized exchanges (CEX) above $4.2 billion, representing a year-over-year increase of 106%.
#Cryptocurrencies , #worldnews , #CryptoNews🚀🔥 , #cryptoWorld , #BTC☀
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Nigeria Stops Using US Dollar and Will Now Sell Oil in Naira
Nigeria Changes Currency for Oil Trade
Nigeria, Africa's largest oil producer, is ending the sale of oil in US dollars and switching to trading in its domestic currency – the naira. This significant decision was made by the Federal Executive Council (FEC) to strengthen the Nigerian economy.
According to Mohammed Manga, spokesperson for the Ministry of Finance, this shift is expected to improve the country's economic growth and stability. Nigeria, which holds approximately 37 billion barrels of oil reserves (3.1% of the world’s reserves), is facing an ideal opportunity to make this change due to geopolitical tensions such as those in the Middle East and the war in Ukraine.
Rising Oil Prices Due to Middle East Tensions
The conflict between Iran and Israel has driven oil prices up. Nigeria’s Bonny Light crude oil has increased in price from $73 to $78 per barrel. The global benchmark Brent crude oil has risen by over 10%, now trading at $79 per barrel.
Nigeria’s 2024 budget is based on a reference price of $78 per barrel. If the country meets its daily production targets, this development could help reduce Nigeria's budget deficit.
Potential Stabilization of Nigeria's Economy
Economist Dr. Abdulsalam Muhammad Kani stated that if oil prices remain high and production stays consistent, Nigeria could stabilize its economy. According to him, this could provide relief for Nigeria’s debt service and the financing of public projects. Additionally, a higher inflow of US dollars into the economy could strengthen the naira and lower import costs, which would positively impact the prices of goods.
Corruption and Oil Theft Remain a Challenge
Despite rising oil prices, Nigeria continues to face problems with oil theft and corruption, which undermine the potential benefits. Energy expert Eng. Sani Yabagi highlights that the profits from oil often end up in the hands of thieves, resulting in significant losses for Nigeria.
According to a report from the Nigerian National Petroleum Corporation (NNPC), 188 cases of oil theft were reported in the Niger Delta between August 24th and 30th, which drastically reduces the amount of oil Nigeria can sell, even as prices rise.
Challenges in Refining Oil
Nigeria has only recently begun refining oil domestically with the opening of the Dangote refinery, which is a private operation. However, its impact on national revenues has been minimal so far. While Nigeria is now selling oil to local refineries in naira, Yabagi warns that without further actions, this alone will not solve deeper issues.
Outlook for the Future
As the Middle East crisis continues, global energy prices are expected to rise. While this could bring short-term gains for Nigeria, without proper management, the country may not benefit as much as it could from this increase.
#NigeriaNews , #worldnews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Nigeria, Africa's largest oil producer, is ending the sale of oil in US dollars and switching to trading in its domestic currency – the naira. This significant decision was made by the Federal Executive Council (FEC) to strengthen the Nigerian economy.
According to Mohammed Manga, spokesperson for the Ministry of Finance, this shift is expected to improve the country's economic growth and stability. Nigeria, which holds approximately 37 billion barrels of oil reserves (3.1% of the world’s reserves), is facing an ideal opportunity to make this change due to geopolitical tensions such as those in the Middle East and the war in Ukraine.
Rising Oil Prices Due to Middle East Tensions
The conflict between Iran and Israel has driven oil prices up. Nigeria’s Bonny Light crude oil has increased in price from $73 to $78 per barrel. The global benchmark Brent crude oil has risen by over 10%, now trading at $79 per barrel.
Nigeria’s 2024 budget is based on a reference price of $78 per barrel. If the country meets its daily production targets, this development could help reduce Nigeria's budget deficit.
Potential Stabilization of Nigeria's Economy
Economist Dr. Abdulsalam Muhammad Kani stated that if oil prices remain high and production stays consistent, Nigeria could stabilize its economy. According to him, this could provide relief for Nigeria’s debt service and the financing of public projects. Additionally, a higher inflow of US dollars into the economy could strengthen the naira and lower import costs, which would positively impact the prices of goods.
Corruption and Oil Theft Remain a Challenge
Despite rising oil prices, Nigeria continues to face problems with oil theft and corruption, which undermine the potential benefits. Energy expert Eng. Sani Yabagi highlights that the profits from oil often end up in the hands of thieves, resulting in significant losses for Nigeria.
According to a report from the Nigerian National Petroleum Corporation (NNPC), 188 cases of oil theft were reported in the Niger Delta between August 24th and 30th, which drastically reduces the amount of oil Nigeria can sell, even as prices rise.
Challenges in Refining Oil
Nigeria has only recently begun refining oil domestically with the opening of the Dangote refinery, which is a private operation. However, its impact on national revenues has been minimal so far. While Nigeria is now selling oil to local refineries in naira, Yabagi warns that without further actions, this alone will not solve deeper issues.
Outlook for the Future
As the Middle East crisis continues, global energy prices are expected to rise. While this could bring short-term gains for Nigeria, without proper management, the country may not benefit as much as it could from this increase.
#NigeriaNews , #worldnews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“