Coinspeaker Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users

This partnership aims to provide seamless and efficient digital asset transactions for users in Africa.

In a statement, Fuse highlighted that the collaboration with NexusPay will leverage both companies’ strengths to address the drawbacks of traditional financial systems.

The deal will see both companies work together to provide necessary tools for users in unbanked and underbanked regions in Africa and other parts of the world to participate in the emerging economy.

Building on FuseBox Web SDK

Fuse disclosed that NexusPay was built using its FuseBox Web SDK, designed to help software developers create applications within the crypto ecosystem.

The platform focuses on making digital assets and stablecoins – cryptocurrencies designed to maintain a stable value relative to reserve assets such as the US dollar – more accessible worldwide, particularly in remote regions.

The partnership between Fuse and NexusPay is mutually beneficial. While NexusPay expands access to digital assets for all users, including those on the Fuse network, Fuse will ensure users get the best transaction fees.

As a one-stop solution for Account Abstraction (AA) apps, Fuse will also offer a seamless trading experience for saving, sending, and receiving funds globally.

“Fuse is at the forefront of finance in blockchain, and their robust platform is well-suited for innovative solutions. We are confident that partnering with Fuse is the right move to make financial services more accessible and efficient for users across Africa,” said Griffins Oduol and Nashons Agate, founders of NexusPay.

Fiat to Crypto Conversion

Additionally, users will have the opportunity to convert their fiat currencies to digital dollars (stablecoins) through the NexusPay mobile app. Both companies plan to enhance non-custodial finance, reducing costs and risks while improving transaction volume and overall user experience.

Fuse believes that by combining the strengths of both companies and leveraging their expertise, they are introducing a pathway for “effortless and inclusive crypto transfers.”

Meanwhile, Fuse has been around since 2020 and the platform significantly contributed to the development of the Web3 ecosystem. Earlier this month, Fuse secured another strategic partnership with Layer3, a blockchain identity protocol that offers users the opportunity to discover new projects and earn rewards for their on-chain activities.

Last month, Fuse also collaborated with Avail, another blockchain protocol, to transform the crypto economy with modular, scalable, and interoperable solutions.next

Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users

Coinspeaker Coinbase Strikes Back, Sues SEC and FDIC over FOIA Violations

Typically, it’s the enforcement agencies that bring legal actions to the front yard of crypto firms. However, this time, the tables have turned. Leading US-based crypto exchange Coinbase has sued the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with Freedom of Information Act (FOIA) requests. It seeks a court order to compel the agencies to release the requested information.

FOIA requests, under the Freedom of Information Act, are designed to allow the public access to records from federal agencies. In July 2023, Coinbase, with the help of History Associates Inc, submitted a FOIA request to the regulators, seeking their views on “Ethereum and the status of ETH”.

Blockchain software firm Consensys also raised a similar issue in its own lawsuit against the SEC in May, stating that the regulator approved a probe into “Ethereum 2.0” in March 2023 only to later drop the investigation later.

Moreover, History Associates also made FOIA requests for two closed cases: one involving Ether Delta creator Zachary Coburn and another involving startup Enigma MPC. Interestingly, both entities had settled with the regulator for alleged securities law violations.

Coinbase sought records related to any investigations on these cases. However, the SEC denied all these requests, despite the chagrin of the crypto space.

FDIC’s Denial

In November 2023, Coinbase submitted a FOIA request to the FDIC for copies of all “pause letters” sent to regulated financial institutions. These letters, sent from the FDIC’s Office of Inspector General in October 2023, urged institutions to “pause all crypto asset-related activities.”

According to the lawsuit, the regulatory body denied the FOIA request in January and again in May after History Associates appealed.

As a result, Coinbase filed two lawsuits in the US District Court for the District of Columbia on Thursday. The complaint accuses SEC and FDIC of using their regulatory powers to undermine the digital asset industry. It reads:

“For nearly two years, a wide array of federal financial regulators have used every regulatory tool at their disposal to try to cripple the digital-asset industry.”

Coinbase has a long history of fighting legal issues in the United States, being the firm crypto exchange to be publicly listed in the country. It sued the SEC back in April 2023, requesting a clear yes or no answer over requests for clear regulations for crypto.  In return, the SEC filed a separate lawsuit against Coinbase, accusing the company of operating without proper registration.

The tug-of-war between the SEC and Coinbase has frustrated the community. Many states that the SEC’s approach amounts to “regulation by enforcement”. However, SEC Chair Gary Gensler maintains that most cryptocurrencies should be treated as securities and should be governed by the same laws as traditional investments.

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Coinbase Strikes Back, Sues SEC and FDIC over FOIA Violations

Coinspeaker Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains

Wanchain, the longest running decentralized interoperability solution, introduced a new bridge to connect Cardano and the Polkadot Relay Chain. The bridge is a first, allowing two prominent non-Ethereum Virtual Machine (EVM) chains to communicate with each other and implement hassle-free transfers of DOT tokens to Cardano and vice versa.

The Polkadot-Cardano bridge is accessible through the Wanchain Bridge Web Portal. The bridge is not just a technical achievement but also a step towards encouraging the two communities to work together, said a press release.

It is important to note that both the Polkadot and Cardano blockchains operate on non-EVM frameworks, presenting unique challenges in the building of a bridge in terms of network infrastructure, consensus mechanisms, data formats, programming languages, and trust models. However, Wanchain came up with a pioneering functional solution, aiming for a more interconnected and versatile blockchain landscape. Temujin Louie, CEO of Wanchain, emphasized the importance of this development, stating:

“Polkadot and Cardano are two of the most prominent non-EVM ecosystems out there. Both tech stacks have value for Wanchain beyond this integration. We anticipate that this initial implementation will lead to further developments, such as cross-chain function calls between two non-EVM networks. The possibilities of a world where decentralized applications can span two non-EVM networks, like Polkadot and Cardano, is exciting.”

Both networks are expected to experience positive effects as a result of the new launch. Polkadot has recently announced that it has surpassed 600,000 active wallet addresses within its ecosystem, while Cardano has experienced a 40% increase in activity during the same period. The enhanced interoperability facilitated by the Wanchain bridge is expected to sustain trading activity on both networks, even amid market fluctuations.

Notably, like all of Wanchain’s solutions, the newly launched bridge is supported by unified decentralized collateral pools, maintained by Wanchain’s Bridge Nodes.

In addition to the bridge launch, Wanchain recently introduced the Convert n’ Burn program for the Wanchain Bridge. This program aims to cover the on-chain costs incurred by the bridge and create value for the entire Wanchain ecosystem.

Blockchain Interoperability Is a Must for Increased Adoption

Communication between two blockchains can be a hassle, but blockchain interoperability acts as a solution to the fragmented nature of blockchains. It allows uninterrupted communication between two networks using cross-chain protocols. Crypto enthusiasts who use dApps and DeFi protocols can benefit greatly from such bridges.

The Polkadot-Cardano bridge’s launch comes at a time when the blockchain industry is seeking robust and scalable interoperability solutions. The growth of non-EVM networks is on the rise, and as a result, the ability to interact seamlessly with each other is becoming very important.

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Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains

Coinspeaker South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

After years of legal battles in South Korea, the Fantom (FTM) ecosystem is free from the lawsuit shackles filed by SikSin, a food tech start-up led by CEO Byung-Ik Ahn. According to the Fantom Foundation, the Seoul High Court has dismissed all the reliefs sought by SikSin and Ahn due to lack of merit.

Additionally, the South Korean court has confirmed that the Fantom Foundation spearheaded the network’s development led by Andre Cronje and Quan Nguyen.

“The Seoul High Court’s ruling confirms what we have consistently said for years: that our own development team, initially led by Cronje and Nguyen, created the success we have today. I thank the court for their careful review of the facts and evidence in this case,” Michael Kong, CEO of Fantom, noted.

How Fantom Foundation Triumphed the Seoul Case

The Fantom Foundation has been fighting a legal battle in South Korea as SikSin and its CEO claimed over 198 million FTM tokens for the alleged development services offered.

The South Korean court concluded that SikSin and Ahn failed to design a feasible Lachesis protocol as per the initial agreement.

“The more we reviewed the materials, the more the pieces of the puzzle of Fantom’s arguments began to fall into place. We are very satisfied that the appellate court made its decision based on this completed puzzle,” Young Seok Lee and Jeong Min Lee from RosettaLegal, who represented Fantom, noted.

Market Impact

Following the Seoul High Court ruling against SikSin’s allegations, the Fantom network can now grow exponentially in the near future. Moreover, more web3 developers can build on the Fantom network without any worry of an impending legal backlash.

As of this report, the Fantom network had a total value locked of about $97 million and a stablecoins market cap of around $346 million. Some of the top web3 projects that have leveraged the Fantom network include SpookySwap, Beefy, Beethoven X, and Equalizer, among many others.

Meanwhile, FTM price bumped 3 percent in the last 24 hours to trade around $0.5854 on Thursday. The mid-cap altcoin, with a fully diluted valuation of about $1.8 billion and a daily average traded volume of around $142 million, has dropped nearly 30 percent in the last four weeks.

From a technical standpoint, FTM price against the US dollar has rebounded from the support level of around 55 cents in the last two weeks. If the midterm bulls take over, FTM price is aiming at the range between $1.27 and $1.76, which coincides with the daily 1.618 and 2.618 Fibonacci Retracement.

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South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

Coinspeaker Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements

Sygnum, a multinational digital assets group with Swiss and Singaporean roots, announced today the addition of 20 new banking partners to broaden access to crypto services and enhance the company’s business operations.

In an announcement on June 27, the company said that by partnering with these lenders, Sygnum continues to expand its reach and provide more comprehensive crypto solutions to its business-to-business (B2B) customers.

Expanding the Partner Network

The new partners include PostFinance, the cantonal banks of Zug and Lucerne, VZ Depotbank, PKB, SocGen Forge, Bordier, and Bison Digital Assets. These institutions span the entire financial industry, from systemically important and cantonal banks to universal, private, and retail financial institutions.

The bank plans to utilize Sygnum’s secure infrastructure and scalable APIs to facilitate crypto transactions for its customers. Their users will have the opportunity to trade digital assets, including sending, receiving, and storing funds on a regulated platform.

“Cryptocurrencies offer an additional investment option and are here to stay. Partnering with a regulated partner like Sygnum Bank has enabled our customers to access digital assets through their primary bank securely and conveniently, 24/7,” said Alexander Thoma, senior executive at PostFinance, one of the new banking partners.

Sygnum said it currently processes up to 1,000 B2B transactions per day for its business partners, with 99% of the transactions completed within a “very short period of time”.

The company plans to continue this tradition with the newly added lenders, enabling more than a “third of the Swiss population to own digital assets with complete confidence”.

Regulatory Clarity and Expansion

Sygnum disclosed that the enhanced regulatory clarity in Europe, provided by the new Markets in Crypto-Asset Regulation (MiCAR), has facilitated the expansion of regulated digital asset solutions across the 27-member European Union.

The law was introduced to provide a clear regulatory framework for the use and application of crypto, as well as to guide service providers within the European Union to protect consumer interests. Sygnum also noted that crypto regulations in Switzerland have contributed to the increasing adoption of digital assets in the country. The laws provide legal certainty, investor protection, and a positive environment for innovation in the industry.

According to the company, last year, 21% of the Swiss population interacted with the emerging digital economy. This figure represents the highest rate in Europe and more than double the level in the United Kingdom, Germany, and France.

Sygnum explained that Switzerland’s regulatory framework permits it to act as a crypto custodian for its partner banks, managing crypto assets on behalf of their customers. The company stated that it holds these assets “off-balance sheet” to eliminate the risk of counterparty issues.

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Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements

Coinspeaker Tron Founder Justin Sun Dumps 173M TRX, Price Crash Ahead?

In a major development, Tron founder Justin Sun and his team have transferred a total of 173 million TRX coins to crypto exchange Binance, as per data from Arkham Intelligence. Alongside moving $21 million worth of TRX, Justin Sun also moved 120.149 billion BitTorent (BTT), worth around $105,000, and 20.293 billion WINkLink (WIN), valued at $1.79 million, to Binance.

Following this move of huge amounts of TRX, the altcoin is facing a minor selling pressure. As of press time, Tron (TRX) is facing a minor fall of 0.86% and trading at $0.1232 with a market cap of $10.7 billion. Despite a major fall in the altcoin market over the last week, Tron’s TRX has witnessed 6% gains thereby leaving behind Avalanche (AVAX) and Shiba Inu (SHIB) to become the 11th largest cryptocurrency by market cap.

In a June 26 post on X, crypto analytics firm IntoTheBlock reported a consistent rise in the number of active addresses on the TronDAO network since the beginning of the year. The daily average of active addresses is now nearing 2.5 million, significantly outpacing other leading Layer 1 networks. This increase highlights the growing adoption and usage of the TronDAO network.

Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM

— IntoTheBlock (@intotheblock) June 26, 2024

If the buying momentum continues, Tron buyers could be eyeing to convert the $0.127 resistance into support. If they are successful, the TRX price can rally another 12% reaching the next resistance of $0.143. However, it will be interesting to see whether the broader crypto market supports this move.

Tron (TRX) Price Breakout

On the daily time frame, the TRX price shows a bullish outlook. On the technical chart, TRX is on the verge of completing the right shoulder of the inverse head and shoulders pattern, with the pattern’s neckline at $0.13. A breakout from this neckline would confirm the upward momentum, potentially leading to a new all-time high of $0.158.

Photo: TradingView

Supporting this bullish possibility are the daily RSI and MACD readings. Both indicators show a bullish divergence aligned with the pattern. Additionally, the MACD has moved into positive territory, and the RSI is nearing the 70 mark.

On the other hand, Tron Network’s decentralized autonomous organization (DAO) TronDAO is eyeing massive revenue growth with the capability to generate $1.65 billion in fees over the next twelve months.

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Tron Founder Justin Sun Dumps 173M TRX, Price Crash Ahead?

Coinspeaker Bybit Becomes 2nd Largest Exchange­ Globally after FTX Collapse

Bybit, a crypto exchange­ based in Dubai, has become the­ second-largest in the world by trading volume­. This growth came after the collapse­ of the fraudulent exchange­ FTX, according to Bloomberg. The meteoric rise highlights both the­ ongoing recovery of the crypto marke­t and the evolving regulatory landscape­.

Photo: Kaiko

Bybit’s coup comes after the e­xchange strategically targete­d former FTX users alongside a growing use­r base in Europe and Russia. “When FTX collapse­d, we saw the opportunity,” said Bybit co-founder and CEO Be­n Zhou, referencing the­ downfall of Sam Bankman-Fried’s once-dominant exchange­.

The exchange’s unique margin trading service that allows over 160 tokens as collateral has also drive­n its growth. “This was something that no one else­ had,” Zhou highlighted. Since October, Bybit’s marke­t share has doubled to 16%, surpassing the US leader Coinbase in March, according to Kaiko data. Now, Bybit is second only to Binance­ in spot and derivatives transactions.

Bybit’s Fortunes Rebound

Bybit’s rece­nt success reflects the­ overall recovery of the­ cryptocurrency market. Bitcoin price has double­d over the past year, drive­n by the introduction of dedicated US e­xchange-traded funds (ETFs). This recove­ry marks a significant rebound from the 2022 bear marke­t and scandals, including the FTX collapse.

The crypto e­xchange has taken advantage of this positive­ trend by offering innovative fe­atures. Their cross-margin trading accounts allow users to le­verage unrealize­d profits for new positions, appealing to traders looking for an advantage­ in the recovering marke­t.

Europe remains Bybit’s largest marke­t, accounting for 30-35% of total volume. The Commonwealth of Inde­pendent States (CIS), primarily Russia, contribute­s around 20%. However, Bybit faces challe­nges in Russia, where crypto usage­ is closely monitored due to pote­ntial sanctions violations related to the Ukraine­ war.

The exchange screens Russian clients care­fully and strictly follows sanction rules. To enhance its compliance­ efforts, Bybit is opening an office and se­eking a digital-asset license­ in neighboring Georgia, following a permit obtaine­d in Kazakhstan last year.

Bybit’s Strategic Market Shift

Bybit’s growth coincides with Binance’s recent $4.3 billion settlement with US authorities for sanctions and anti-money laundering (AML) violations. This hefty fine and jail time for Binance co-founder Changpeng Zhao highlights the increasing regulatory control over the digital asset industry.

Bybit, previously known as an exchange for overseas customers, is adjusting as regulations change. Zhou notes that Europe’s new Markets in Crypto-Assets Regulation (MiCAR) limit some products, leading Bybit to seek new growth areas like Brazil, Turkey, and Africa.

The exchange is also focusing on its relationship with prime brokers, key players in crypto market liquidity by linking institutional traders with exchanges. In May, Bybit announced a “compliance review” of its prime broker interactions. “Now, if you are a prime broker, we have to know who are you dealing with,” Zhou said.

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Bybit Becomes 2nd Largest Exchange­ Globally after FTX Collapse

Coinspeaker JPMorgan Analysts: Mt. Gox Repayments Might Trigger Market Slump

JPMorgan analysts believe that the upcoming Bitcoin repayment plan by defunct crypto exchange Mt. Gox might exert downward pressure on the market due to anticipated sell-offs by creditors. However, a market comeback might start in August.

Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 after a massive cyberattack. Under the restoration plan, it will repay creditors with 142,000 Bitcoins, worth around $9 billion at current prices. The repayments are planned to occur between July and October, although JPMorgan analysts predict that most of the distributions will take place in July.

Nikolaos Panigirtzoglou, leading the team of JPMorgan analysts, explained that the market might experience similar downside risks in July as seen with the Gemini Earn creditors’ recent liquidations. Last month, Gemini Earn creditors received $2.18 billion worth of digital assets in two installments, 97% on May 29 and the remaining 3% on June 20.

Interestingly, the repayment coincided with a significant decline in the broader crypto market since late May. During this period, Bitcoin has fallen by over 10%. This pattern indicates that some Gemini creditors, primarily retail investors, may have sold part of their assets, capitalizing on Bitcoin’s fourfold price increase since November 2022.

JPMorgan’s Bitcoin futures position indicator also backs this assumption. It indicates that recent selling activity has primarily been driven by retail investors rather than institutional ones.

According to the analysts, the upcoming Bitcoin repayments to Mt. Gox creditors in July are expected to mirror this trend. “Assuming most of the liquidations by Mt. Gox creditors take place in July, it creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards,” they stated.

A Sigh of Relief

On the other hand, creditors of the once-leading crypto exchange FTX are also expected to receive repayments in the coming months. Unlike Mt. Gox and Gemini, FTX creditors will receive their repayments in cash, estimated to be around $14 billion to $16 billion, following the final approval of its wind-down plan on October 7.

JPMorgan analysts suggest that these cash repayments could positively influence the crypto market, as crypto-friendly creditors are likely to reinvest their funds back into cryptocurrencies. However, they noted a potential market challenge: a three-month gap between the expected liquidations by Mt. Gox creditors in July and the anticipated reinvestments by FTX creditors in October or November.

Bitcoin is currently trading at approximately $61,150, having dropped 8% in the past week. This represents a 17% decline from its all-time high of $73,750 recorded in March this year. Meanwhile, the fear and greed index stands at 40, signifying a sense of fear in the market.

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JPMorgan Analysts: Mt. Gox Repayments Might Trigger Market Slump

Coinspeaker Gulf Energy Invests $271M to Boost AI Data Center Facility

Sarath Ratanavadi, Thailand’s second-richest person, and Gulf Energy plans to capitalize on the burgeoning market around cloud computing and Artificial Intelligence (AI). The energy billionaire seeks to enhance his holdings in data centers with a new investment.

As reported by Bloomberg, his company, Gulf Energy, together with its partners have announced an investment of 10 billion baht which is equivalent to $271 million, to expand their data center facility near Bangkok. This comes amidst increasing demand for cloud computing and AI solutions. It also follows an initial outlay on the suburban Bangkok data center.

Gulf Energy Expands to Crypto and AI

Gulf Energy Development Plc’s foray into the digital asset sector started with a partnership with a Binance subsidiary to form Gulf Binance Co. This firm later metamorphosed into Binance TH. Apparently, Gulf Energy invested in the Series Seed Preferred Stock issued by BAM Trading Services Inc, the operator of the regulated digital asset exchange. Although the exact worth of the investment was not disclosed.

Though the proposed trading platform was billed to launch in the second quarter of 2022, it was not made accessible to the public until much later. This was after it secured the necessary licenses and approvals from Thailand’s Ministry of Finance in May 2023.

With this new investment, the data center facility will see its energy consumption rise from its previously announced 25 megawatts to 50 megawatts. According to Gulf Energy Chief Financial Officer Yupapin Wangviwat, the deal is expected to be completed in March.

As a serial entrepreneur, Ratanavadi is boosting his portfolio to include virtual banking, cryptocurrency trading, and other technology businesses. Due to the excess capacity of electricity generation in Southeast Asia’s second-biggest economy, there is a rising demand for data centers. Concurrently, global tech companies are spending billions of dollars to spur cloud computing and AI services.

During a press conference in Bangkok, the energy billionaire said:

“We set the expansion of the second phase now because we expect a surge in demand for our data center services. A jump in AI adoption and cloud computing will substantially increase demand for our data center bandwidth.”

It is worth noting that Gulf Energy and Google parent company Alphabet Inc held a joint briefing recently where they discussed their cloud computing partnership in Thailand.

Malta Grabs a Piece of AI Hype

Meanwhile, many other companies are working towards claiming a slice of the ongoing AI hype. GO Plc, one of Malta’s top telecommunications companies, is looking to replace humans with AI for most of its operations. Currently, about 20% of all its marketing content is designed by AI and 30% of its codes are written using AI. This has obviously reduced the need for developers in the company.

The concerns around the use of AI tools, ranging from issues of deepfakes to AI crypto scams, have not deterred these companies from their newfound mission.

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Gulf Energy Invests $271M to Boost AI Data Center Facility

Coinspeaker Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget

As per the latest report from Bitget Research, crypto investors hold the risk of losing $25 billion this year to deep fake scams and risks. As per the June 27 report, Bitget highlights a massive 245% surge in the number of deep fakes worldwide, so far in 2024.

During the first quarter of this year, China, the USA, Vietnam, Germany, Ukraine, and the UK had the most deep fakes detected. Simultaneously, the crypto industry saw a 217% jump in deep fakes in comparison to Q1 2023.

As per the research team at Bitget, this surge in deep fakes led to $6.3 billion in crypto losses during the first quarter. The crypto exchange states that these losses can further increase to $10 billion by 2025.

“Deepfakes are moving into the crypto sector in force, and there is little we can do to stop them without proper education and awareness,” Bitget CEO Gracy Chen said in a statement.

Photo: Bitget Research

The interesting thing is that deep fake fraudsters have been employing the same tactics over the years.

Most crypto losses to deep fakes occur through fake projects, phishing attacks, and Ponzi schemes, where deep fake technology is employed to deceive cryptocurrency investors. In the past two years, these methods have accounted for over half of all deep fake-related crypto losses. Bitget Research noted:

“By impersonating influential figures, these schemes create the illusion of credibility and substantial project capitalization, thereby receiving large investments from victims without thorough due diligence.”

No bonus points for guessing, deep fraudsters have been targeting MicroStrategy executive chairman Michael Saylor. Earlier this year in January, Saylor and his team managed to remove 80 artificial intelligence (AI)-generated fae videos of him.

Deep Fakes Can Contribute to 70% of Crypto Crimes

Biutget predicts that without proper combat measures in place, deep fakes can contribute to 70% of crypto crimes by 2030. Bitget Research chief analyst Ryan Lee said:

“Criminals are increasingly employing fake photos, videos, and audio to exert a stronger influence over their victims. For instance, a video impersonating someone close to the victim could be pivotal for fraudsters, whereas a fake video of an influencer might bolster investor confidence in a scam project as an ancillary tool.”

Lee identifies a significant immediate concern with deep fake technology: AI-backed voice impersonators, which enable scammers to call users pretending to be their relatives and request money. Additionally, deep fakes can be used to bypass Know Your Customer (KYC) measures, allowing unauthorized access to a user’s funds.

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Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget

Coinspeaker Blockchain Firm Unicoin Plans to Go Public in US Market 

Unicoin, a public reporting company backed by real-world assets (RWAs) such as real estate and equity in high-growth companies, is set to become a publicly traded company in the United States.

According to a recent announcement, the company which launched its primary offer for trading in March 2024 is preparing to expand its business offerings by going public at a later date this year.

Path to Public Listing

Unicoin initially revealed its intention to go public in February 2024 when it filed with the US Securities and Exchange Commission (SEC) for approval of its planned migration.

In a recent letter to shareholders from CEO Alex Konanykhin, Unicoin said it is exploring various avenues to achieve its public listing goals, including direct listing, reverse merger, or engaging in traditional IPO.

Konanykhin said in the letter that the listing could happen through any of the listed avenues.  However,  he is leaning towards reverse merger which he described as the fastest way to go public.

“The market situation has indeed become favorable for crypto companies listed on major exchanges. A reverse merger. That’s the fastest way to go public and we are reviewing some NYSE and NASDAQ listed companies identified as suitable for such a merger,” he said.

Preparing for Public Debut

As part of its preparation to go public, Konanykhin told in an interview on Thursday that Unicoin is conducting a large-scale advertising campaign to increase brand awareness and attract potential investors.

“We are conducting an extensive advertising campaign ahead of our public listing to elevate the visibility and perceived value of Unicoin, promoting its unique advantages,” Konanykhin emphasized.

Upon listing, Unicoin plans to introduce its own native crypto called Unicorns for investors. These security tokens, which had been in the works 2022, as shown on the SEC’s filing will be backed by Unicoin’s real estate and equity portfolio.

However, Konanykhin clarified that the value of these digital assets will not be directly tied to the underlying assets.

“Unicoins do not represent ownership in any specific asset. Our portfolio, including real estate holdings, serves as collateral to ensure Unicoin’s potential to establish itself as a leading cryptocurrency brand and promote its unique advantages,” the firm explained

Unicorn’s Crypto Token Already Available

For now, investors can purchase Unicoins through the “swaps for real estate or other kinds of RWAs, without using any cash” features introduced by the company.

Additionally, the tokens can be acquired via the “Buy Now, Pay Later deals”, which give investors five years to pay for the purchase.

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Blockchain Firm Unicoin Plans to Go Public in US Market 

Coinspeaker Cardano Foundation Proposes New Governance Model as ADA Drops 2%

Cardano Foundation, the non-profit organization responsible for the development and maintenance of Cardano, the blockchain network focused on scaling solutions, announced a new governance model following the Chang Hard fork, making the ecosystem more decentralized.

As per an announcement, the Cardano Foundation confirmed that the new governance model will “ensure inclusivity and diversity while providing checks and balances through delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee.”

It is important to note that during a bootstrapping phase between the Chang 1 and Chang 2 upgrades, the Foundation will create an Interim Constitutional Committee (ICC), which will have the authority to “approve protocol parameter changes independently and, together with SPOs, initiate hard forks”.

Cardano Foundation revealed that only three governance action types will be available during this bootstrapping phase, including “parameter changes, hard fork initiations, and info action”, while further adding:

“As a pioneering entity of the Cardano ecosystem, the Cardano Foundation will contribute to this bootstrapping phase in two ways, first by being an Interim Constitutional Committee (ICC) member and second by participating in the ICC election.”

The ICC will be responsible for handling the tasks associated with the Cardano ecosystem, including interpreting the Cardano Constitution, reviewing governance actions, ensuring transparency and fairness in the ecosystem, supporting initial governance structures, and guiding the transition to a fully established Constitutional Committee.

Moreover, each member of the ICC will have one vote, and the Cardano Foundation will participate in the voting process of the ICC. The candidates involved in the election were ranked based on their adherence to the Cardano Constitution, interaction with the community, expertise in the sector, commitment to development and communication, and transparency.

The ranking was as follows: The Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone. The Cardano Foundation “strongly emphasized transparency throughout the process” and participated in the election using 20 million ADA tokens.

“This active involvement underscores the Foundation’s unwavering commitment to fostering a robust and transparent governance framework, ensuring the long-term success and integrity of the Cardano ecosystem,” said the announcement.

Cardano (ADA) Token’s Performance

While the Cardano ecosystem is moving towards stronger standards of decentralization, the native token of the blockchain, ADA, has shown a lackluster performance, down by almost 2% in the past 24 hours despite a 16.88% surge in the trading volume, which stands at $256 million.

The ADA token is ranked in the top 10 cryptocurrencies by market valuation, with a market capitalization of $13.6 billion. However, the price of the leading altcoin has dropped 2.67% in the past week and 17.20% in the last 30 days. Moreover, the cryptocurrency is up only 34.11% since June 2023, being outperformed by its rival Solana (SOL), which is up 730.82% since then.

Earlier this week, the blockchain network was successfully able to repel a distributed denial of service (DDoS) attack, which was part of a strategic attempt to steal the ADA tokens staked on the blockchain. The blockchain is functioning normally.

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Cardano Foundation Proposes New Governance Model as ADA Drops 2%

Coinspeaker 14-Years Old Dormant Bitcoin Wallet Transfers 50 BTC to Binance

Bitcoin (BTC) wallets are beginning to come out of dormancy amidst a significant drop in the value of the flagship cryptocurrency. Crypto analytics platform Lookonchain spotted activities from a Bitcoin miner’s wallet that have been silent for the last 14 years. This wallet was active in the Satoshi Nakamoto era, which was the early days of Bitcoin.

Bitcoin Transfer: Potential Selloff?

A few hours ago, the said wallet transferred 50 BTC to the leading cryptocurrency exchange Binance. Noteworthy, Bitcoin is currently trading at $60,761.85 with a 1.06% slump in value within the last 24 hours. By this market price, the transferred assets were worth approximately $3.03 million.

A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.

The miner earned 50 $BTC from mining on July 14, 2010.

Address:1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm pic.twitter.com/toKmBfbUne

— Lookonchain (@lookonchain) June 27, 2024

The wallet owner secured 50 Bitcoins from his mining activity on July 14, 2010. This was even before the first Bitcoin halving event ever held. The Bitcoin miner mined block 67,254 and the block details include a difficulty of 45.38682234 and a transaction volume of 1,085.85 BTC across four transactions. At the time, BTC’s mining reward was around 50 units of the coin.

It is worth noting that the firstborn digital currency was barely worth a cent at the time. Precisely, its price at the time was pegged at $0.05 per coin, bringing the total worth of the 50 BTC to only $2.5. Comparing $2.5 to $3.03 million, it is obvious that the 14 years of dormancy was worth the wait after all. It could even be tagged one of the most lucrative Bitcoin HODLing endeavors in all of Bitcoin’s history.

The movement of the coins suggests a potential selloff akin to all dormant wallet addresses that suddenly come alive. These wallets and their probable selloff activities might impact the broader crypto market.

Whale Wallets Transfer Huge BTC Holdings

The Bitcoin ecosystem has seen more whale transfers in the last couple of months, raising concerns amongst crypto enthusiasts. The German government recently dumped 400 Bitcoins on Kraken and Coinbase.

These transfers were confirmed by data from blockchain analysis platform Arkham Intelligence. The 400 BTC, which was worth $24.4 million based on the cryptocurrency’s price on Tuesday. Noteworthy, this transfer came after a previous transfer of 6,500 BTC worth $425 million on June 19 and another 2,500 BTC, about $154 million from a wallet with the name, German government.

Whale Alert also spotted an unknown wallet that transferred 3,746 BTC, about $243 million, from Binance, while another unknown address transferred 1,646 BTC, approximately $107 million, from OKX to an unknown wallet.

According to Arkham Intelligence, several whale addresses were reactivated and transferred a total of $2 billion on-chain. Five wallets alone consolidated 50,000 BTC into four distinct wallet addresses.

Last month, a Bitcoin whale wallet that had stayed inactive for nine years resumed activity. From holding 1,000 Bitcoin at a value of $468,643, the wallet was worth $30.39 million, representing a 6,301.46% increase within almost nine years.

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14-Years Old Dormant Bitcoin Wallet Transfers 50 BTC to Binance

Coinspeaker Paradigm Launches Reth 1.0, Ethereum Client Meant to Boost Speed and Stability

Paradigm, a crypto investment firm, has announced the official release of Reth 1.0, marking an important step in Ethereum client development. This new iteration of Reth comes after nearly two years of development and a rigorous audit conducted by Sigma Prime, a respected name in blockchain security. Reth 1.0 is a welcome addition to the growing list of Ethereum execution clients. Having a variety of execution clients is important for maintaining the network’s strength and resilience.

Key Features

Reth 1.0 places a strong emphasis on stability, a key feature essential for reliable operation. Paradigm has improved block-sealing processes to minimize delays in processing chain updates, ensuring smooth performance. Since its beta phase, Reth 1.0 has recorded zero crashes, demonstrating its suitability for continuous, high-uptime use.

To improve efficiency, Reth 1.0 has optimized resource management to prevent memory leaks and ensure steady performance on different hardware setups. Paradigm suggests using Reth 1.0 on high-performance solid-state drives (SSDs) with sufficient input/output operations per second (IOPS) or on reliable cloud platforms like Latitude’s bare metal servers.

In terms of security, Reth 1.0 has undergone rigorous testing with partners such as Sigma Prime to identify and resolve potential vulnerabilities. These steps establish a secure deployment structure, enhancing trust in Reth 1.0’s dependability and resilience for Ethereum network operations.

Reth 1.0 Versus Other Ethereum Clients

Reth 1.0 represents a significant leap in Ethereum client technology compared to traditional options like Geth and Nethermind. It syncs faster, around 50 hours from genesis to the latest block, and requires only 2.25 terabytes of storage for archive nodes, much less than its competitors.

In comparison, Geth and Nethermind require over a month for full synchronization and utilize 14.5 TB of storage. Reth 1.0 supports various Ethereum-based chains, including Ethereum mainnet, Goerli, Sepolia, and the Ethereum Foundation’s testnets.

Reth 1.0 also improves Remote Procedure Call (RPC) throughput and reduces latency, ensuring quicker transaction processing and smoother data management. With robust security measures and a focus on reliability, it aims to offer a dependable and user-friendly experience for both Ethereum users and node operators.

Invitation to Industry Players

Paradigm invites industry players to use Reth 1.0 for their Ethereum mainnet operations. The firm has encouraged professional operators to integrate Reth 1.0 into their infrastructure for cost optimization and better service performance. Stakers are also urged to diversify Ethereum clients by moving their stake to Reth 1.0, following guidelines from the Ethereum Foundation’s staking launchpad.

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Paradigm Launches Reth 1.0, Ethereum Client Meant to Boost Speed and Stability

Coinspeaker Rarimo’s RariMe Offers Anonymous Passport Verification for Web3

Worldcoin may have a new competitor in privacy-focused tech company Rarimo, which just launched RariMe as an alternative app to its World ID. The app challenges the controversial identity verification methods used by platforms like Worldcoin.

Unlike Worldcoin’s iris-scanning orbs, RariMe uses smartphones to scan passports and generate zero-knowledge proofs (ZKPs) that verify a user’s identity without revealing any personal details.

RariMe Aims to Provide Proof of Identity without Sacrificing Privacy

Traditional identity frameworks rely on third-party verification of credentials. However, ZKPs offer a game-changing alternative. This technology allows users to prove certain attributes without necessarily having to disclose any personal data.

Kitty Horlick, Director of Rarimo provider Rarilabs, meanwhile, has hinted at what to expect from the RariMe app. Particularly in the area of how it fairs in comparison to other identity platforms. Her statement reads in part:

“The same way that a decentralized application (Dapp) could gate something with proof of humanity, they can now do the same with proof of citizenship, or proof of age, and simply request the proofs.”

Similarly, Rarilabs co-founder Lasha Antadze has also hailed the timing of the RariMe app launch. He noted that privacy is gradually becoming a thing of the past, particularly in online spaces. This issue is what he shared that the new app intends to address. Antadze said:

“RariMe will allow users to go incognito, interacting in a truly anonymous fashion across Web3.”

Pushing Boundaries

It might be worth noting that Rarimo is no stranger to the game of pushing boundaries. Earlier this year, the company’s tech team was behind the launch of an anonymous, blockchain-powered referendum challenging the legitimacy of Vladimir Putin’s re-election.

The first practical application of RariMe will involve the use of passport ZKs to distribute programmable airdrops to citizens of a select few countries.

RariMe’s approach comes as an irresistible alternative to identity verification methods that currently exist. By leveraging ZKPs, the app does not only provide users with the control and privacy they desire. It also provides an enabling environment for secure interactions within the fast-growing Web3 space.

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Rarimo’s RariMe Offers Anonymous Passport Verification for Web3

Coinspeaker Vanuatu’s Long-Awaited Crypto Bill Set for Enactment in September, Says VFSC

The South Pacific island of Vanuatu aims to be­come a prominent player in the­ global crypto sector with the imminent passage­ of a long-awaited digital asset bill. The bill is e­xpected to be passe­d in September 2024, marking a significant ste­p towards legitimizing crypto businesses and foste­ring economic growth within the island nation.

Attending the­ digital assets symposium on June 27, Branan Karae, Commissione­r of the Vanuatu Financial Services Commission (VFSC), share­d his positive remarks regarding bill approval in the­ first week of parliament.

The­ bill, first introduced in 2020, faced delays due­ to government changes but is now on track for approval. Once­ passed, it will create a cle­ar system for licensing and registe­ring Virtual Asset Service Provide­rs (VASPs) in Vanuatu.

The regulatory framework is vital for Vanuatu to me­et international standards set by the­ Financial Action Task Force (FATF). The FATF guideline­s require countries to manage­ risks associated with cryptocurrency activities. Lore­tta Joseph, the VFSC policy consultant, stresse­d that no country could ignore these re­quirements.

Bill Enforces Stricter Crypto Oversight

The propose­d bill outlines a five-tier lice­nsing system for VASPs. It classifies service­ providers based on their role­s, such as allowing the exchange of cryptocurre­ncies for fiat or offering crypto custody service­s. The VFSC will act as the regulatory body, ove­rseeing VASP activities and e­nsuring adherence to Anti-Mone­y Laundering (AML) and Counter-Terrorism Financing (CTF) re­gulations.

The act grants the VFSC Commissioner authority to ve­to licenses and appoint inspectors to conduct compliance­ checks. To promote innovation, the bill include­s a “Fintech Sandbox Utility”. This program allows companies applying for VASP license­s to operate without a formal license­ for a 12-month trial period.

Failure to comply with the act can re­sult in hefty penalties. Individuals face­ fines of up to 25 million Vanuatu vatu (approximately $207.7 million) or 15 years imprisonme­nt. Corporations risk fines excee­ding $2.1 million.

Crypto Bill Propels Vanuatu Growth

Proponents of the bill believe it can be a catalyst for economic prosperity in Vanuatu:

“They’re islands, they can’t build cars, can’t build a car manufacturing unit,” explained Joseph.  “These jurisdictions, which become offshore financial centers, play a very important role in economic traffic and moving money around.”

In 2022, Vanuatu’s GDP was $1.1 billion, according to the World Bank. The country mainly has an agricultural economy. However, its status as a tax haven and international financial center gives it a strong position to benefit from the cryptocurrency sector. Over 2,300 registered institutions already provide various financial services in Vanuatu.

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Vanuatu’s Long-Awaited Crypto Bill Set for Enactment in September, Says VFSC

Coinspeaker Political Meme Coins Face Volatility Ahead of Biden-Trump Debate 

In the lead-up to today’s highly anticipated debate between President Joe Biden and crypto-friendly Republican candidate Donald Trump, political finance (PoliFi) meme coins are experiencing notable market volatility.

These tokens, created to mirror Trump and Biden, have seen their values fluctuate significantly in the past 24 hours as investors brace for the potential impacts of the debate. According to data from CoinMarketCap, MAGA, one of the leading tokens in the category represented by the ticker TRUMP, dropped from its four-week high of nearly $12 to $8.42 as of Thursday, June 27.

The decline represents a decrease of over 35% within a one-month period and a 0.5% decline in the past day. Other tokens in this category have experienced even greater declines compared to TRUMP.

Political Meme Coins and Market Fluctuations

CoinMarketCap data shows that PoliFi tokens like Baby TRUMP, based on the Binance Smart Chain network (BSC), have shed nearly 12% of their market value in the past 24 hours.

Another token, Trump Coin (DJT), has fallen more than 17% during the same period. Furthermore, Joe Boden (BODEN) is currently trading around $0.012, showing a decrease of nearly 20%. In addition to DJT and BODEN, Maganomics (MAGA), created for entertainment in support of Trump’s economic debate, dropped over 23% in the last 24 hours.

Despite the ongoing bloodbath in the sector, not all tokens in the PoliFi category are losing value. Tokens like Solana-based Baby TRUMP have performed exceptionally well in the last 24 hours, surpassing even the likes of Bitcoin (BTC) and Ethereum (ETH).

According to CoinMarketCap, Baby TRUMP has seen a return on investment of more than 4823% for investors. The meme currently boasts a market capitalization of $5.2 million.

A Few Voters Surprises

The upcoming presidential debate, which represents the first debate of 2024 is scheduled for Thursday at 21:00 ET. The debate is poised to significantly affect the broader crypto market, with a particular emphasis on the PoliFi sector.

Several advocates within the Web3 community including Coinbase have pushed for digital assets to be a key topic in the televised presidential discussion. According to commentators, the candidates’ potential comments on the matter could introduce considerable volatility to the digital asset market.

Earlier this week, TS Lombard, a leading independent research provider renowned for its economic and political analysis said the debate is expected to bring “a few voter surprises and could potentially reshape what is currently a very close race”.

“If Biden performs poorly compared to his opponent, there will be increased pressure from major Democratic donors to consider replacing him, especially as Biden has lagged in fundraising for the second month in a row. Conversely, if Trump falters, Republicans may be concerned, but the GOP ticket is unlikely to change. Instead, Trump’s yet-to-be-announced VP pick will be under pressure to stabilize the campaign,” TS Lombard stated.

The company further explained that despite the outcome of the debate, the stakes remain high.

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Political Meme Coins Face Volatility Ahead of Biden-Trump Debate 

Coinspeaker Bitcoin Price Consolidates as Spot BTC ETFs Cash Inflows Registered $21M on Wednesday

The total cryptocurrency market cap stabilized at about $2.38 trillion on Thursday as Bitcoin (BTC) price hovered around $61K in the past 24 hours. After shedding more than 12 percent in the last three weeks, the flagship coin is about to end June in a red month.

From historical data, Bitcoin price has rebounded by double percentage points in July after a choppy June in the past five years.

However, Bitcoin bulls must defend the support level around $60K to avoid further capitulation towards $48K.

The heightened crypto cash rotation to the Ethereum sector due to heightened speculation on spot Ether ETFs in the United States has weighed heavily on Bitcoin bulls. Moreover, Bitcoin dominance has continued to form a weekly reversal pattern backed by a bearish divergence on the Relative Strength Index (RSI).

Spot Bitcoin ETFs Signals Imminent Recovery

After more than two weeks of significant cash outflows from the United States spot Bitcoin ETFs, the trend has gradually changed in the past three days. According to the latest market data, the US-based spot Bitcoin ETFs registered a total cash inflow of about $21.52 million on Wednesday.

The Grayscale Investments’ GBTC recorded a cash inflow of about $4 million on Wednesday. The largest cash inflow to the spot Bitcoin ETFs in the United States was reported by Fidelity Investments’ FBIT with around $19 million. VanEck’s HODL reported a cash inflow of about $3 million, thus a net inflow of around $521 million.

Meanwhile, the Ark and 21Shares’ ARKB reported a net cash outlook of about $5 million on Wednesday. The rest of the spot Bitcoin ETFs led by BlackRock’s IBIT recorded zero cash flow on Wednesday.

Market Picture

More than two months since the fourth Bitcoin halving, the adoption of crypto assets and Web3 protocols is gradually increasing globally. According to market data provided by IntoTheBlock, there are currently more than 1 million Bitcoin whole-coiners, amid the 18 percent decline in the supply of holders in profit.

Nonetheless, the average monthly volume of Bitcoin transfers between $1-10K has decreased by 30 percent from the $63K level.

It appears that sellers are still dominant in the market, with a large level of sell orders sitting at 62K. pic.twitter.com/kecGNqeFPQ

— Bitcoinsensus (@Bitcoinsensus) June 27, 2024

The accelerated Bitcoin sell-offs from the German and the United States government have continued to weigh heavily on buyers. In the past week, the German government has sold over 5k Bitcoins, worth more than $306 million.

On Wednesday, the US government sent 3,940 BTCs to Coinbase Prime Wallet, according to an on-chain analysis by Arkham Intelligence.

Meanwhile, the anticipated listing of spot Ether ETFs in the United States earlier next month will rejuvenate the crypto bullish outlook. Furthermore, the crypto liquidity will gradually increase with anticipated heightened cash inflows to the altcoin industry.

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Bitcoin Price Consolidates as Spot BTC ETFs Cash Inflows Registered $21M on Wednesday

Coinspeaker BVNK Unveils New Self-Custody Platform Layer1, Aims to Offer Enhanced Stablecoin Payments to Businesses

Global payment infrastructure leader BVNK has introduced its newest brainchild Layer1, a self-custody digital asset solution designed to streamline stablecoin payments for businesses. According to the announcement, which was made via a blog post, this new platform will help companies integrate stablecoins into their payment systems quickly and securely. That is, in a way that eliminates the complexities associated with creating in-house blockchain payment systems.

BVNK Seeks to Simplify Digital Assets Payments for Businesses with Layer1

To address the challenges that businesses face when building these blockchain-based payment solutions, BVNK’s Layer1 comes with a suite of automated features. These features include wallet creation, asset management, reconciliation, and seamless third-party integrations.

With these features, BVNK believes that businesses that use the solution can now afford to focus their time and resources on core functionalities. That is, as opposed to committing significant time and manpower to developing custom blockchain software.

Besides, a major aspect of the Layer1 solution is self-custody. This means that businesses can also exercise complete control over their digital assets and private keys.

Speaking about the latest development, BVNK’s co-founder and CTO Donald Jackson acknowledged that each blockchain has its own intricacies. However, he believes that the experience that the team has been able to gather through the years of building global payments infrastructure would come in handy for Layer1. That is, as it “empowers businesses to launch digital asset payments without requiring in-depth blockchain expertise,” he added.

Away from the simplicity that it brings, Layer1 also boasts a self-custody that is quite unlike other solutions in the market. By giving businesses complete control and ownership of their data and digital asset keys, it has addressed growing industry concerns about data security and centralized control within blockchain platforms.

Keen to Make Stablecoin Payments Globally Acceptable

For BVNK, work might still not yet be done. That is because it has a long-standing commitment to fostering the adoption of stablecoin payments.

Notably, BVNK has actively expanded its stablecoin offerings in recent months.  In May, the company integrated the PayPal USD (PYUSD) stablecoin, broadening access to digital currencies within its ecosystem. Further, BVNK’s approval as a member of the PYUSD ecosystem also grants it the ability to directly mint and burn PYUSD tokens for its clients.

Layer1 might be its latest offering, but certainly, the company will continue to seek more ways to empower businesses to participate in the digital asset revolution with greater ease and security.

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BVNK Unveils New Self-Custody Platform Layer1, Aims to Offer Enhanced Stablecoin Payments to Businesses

Coinspeaker North Carolina General Assembly Passed Bill to Ban CBDCs

On Wednesday, June 26, the North Carolina General Assembly passed a bill that restricts the state government from either issuing or accepting a central bank digital currency (CBDC) issued by the Federal Reserve.

After the state House passed the bill with a 109-4 vote yesterday, House Bill 690 will now proceed to Governor Roy Cooper for approval. If the governor decides to sign the bill into law, it will instantly bar the state agencies and courts from accepting “payment using central bank digital currency”. Furthermore, the state agencies also won’t be able to participate in CBDC tests “by any Federal Reserve branch”.

Earlier this week, Louisiana Governor Jeff Landry also signed a similar billing banning the state government from either issuing or accepting a CBDC. Moreover, the bill introduced by Louisiana also includes a provision in order to ensure the right to self-custody of digital assets.

Senator Brad Overcash, R-Gaston, said that the bill aims to discourage the US federal government from pursuing a plan that could jeopardize one of America’s most vital assets: the US dollar. Expecting unanimous support in both chambers, Overcash believes North Carolina’s action sends a strong message to the federal government that the nation’s ninth-largest state opposes a CBDC.

The widespread support for the North Carolina bill indicates that if Governor Cooper decides to veto it, the veto could easily be overridden, as over three-fifths of lawmakers in both chambers back the legislation.

Chorus Against US CBDC Grows

Last month, Congressman Tom Emmer also voiced a strong opposition to having a US CBDC stating that it could affect American values and citizens’ right to privacy. He also lashed out at the Biden administration stating that CBDC was part of their surveillance plan.

On the other hand, former US President Donald Trump has also vowed to not allow the CBDC project to proceed further if elected to power. Trump said that CBDCs “would be a dangerous threat to freedom”. On the other hand, Trump supported Bitcoin mining activities stating that it would be crucial in countering the rise of CBDCs.

During a federal Senate Banking Committee hearing in March this year, Fed Chair Jerome Powell that the US was “nowhere near recommending or let alone adopting a central bank digital currency in any form”. In comparison to other economies like China, the US has made little progress towards its CBDC Digital Dollar.

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North Carolina General Assembly Passed Bill to Ban CBDCs