Aurelia Butler

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  • 125 Shares129 Views

    in Economy

    Europe urged to accelerate clean energy transition for industrial competitiveness

    During the conference, ECB President Christine Lagarde, EIB President Werner Hoyer, and IEA Executive Director Fatih Birol called for accelerated action to mitigate disruptions in global energy markets and position Europe among other industrial powerhouses in the new energy economy. The trio underscored the need for scaling up funding to support an orderly transition.The ECB’s second economy-wide climate stress test revealed that frontloading clean energy investment significantly reduces medium-term costs and risks for firms and households. However, private sector investment faces several market barriers including policy uncertainty and lengthy permitting procedures that deter investors and lead to cost overruns for developers.European industry finds itself at a competitive disadvantage due to relatively high energy prices compared with other regions. Ambitious industrial programs are being introduced in countries such as the United States, China, India, Japan, and Korea to build up domestic supply chains, resource security, and manufacturing capacity. Accelerating energy transition investment will help Europe limit dependence on major fossil-fuel producers and volatile fuel markets.The European Union has committed to spending at least 30% of its 2021-2027 budget on climate action. The EIB has played a crucial role in supporting clean energy projects to crowd-in private sector engagement. For every euro spent by the EIB on its energy operations, it attracts a further €1.4 from the private sector. The EIB has raised its financing for clean energy projects to unprecedented levels and recently announced an additional €45 billion to support renewables and state-of-the-art manufacturing in strategic net-zero industries.The conference discussed how policies and financial instruments can unlock further investment, including steps to establish a green capital market union (CMU) to help finance flow seamlessly across borders. The CMU will also provide a robust yardstick for sustainable finance projects and help eliminate greenwashing practices. The ECB has taken decisive steps to integrate climate change considerations into its monetary policy framework and financial stability monitoring.IEA Executive Director Fatih Birol stressed the need for Europe to grow and thrive in this new reality, urging policymakers to take bold action for the region to remain a global industrial power. ECB President Christine Lagarde emphasized the importance of avoiding procrastination and ensuring that the costs of the green transition are shared fairly. EIB President Werner Hoyer highlighted the energy transition as an opportunity, urging industries to embrace change promptly or risk being left behind.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • 113 Shares129 Views

    in Cryptocurrency

    28% of Bitcoin hash rate supplied by public miners

    Jamie Coutts, the analyst, shares that this presents an evolution to the industry, introducing new opportunities and challenges to the network, including higher prices in the West and potential to overload fragile energy grids in more affordable countries.Simultaneously, Coutts shares that small-scale miners are still critical to ensure the crypto industry remains decentralized and less fragile.Unfortunately, on the other side, in many countries, mining is outlawed or economically unfeasible. As a result, Western countries, including Australia, the United Kingdom and the United States, are priced out despite leading the energy transition.In contrast, the Bloomberg analyst points out that even if electricity prices are affordable, the machines still face the risk of overloading fragile energy grids and managing political instability.He suggests that the most striking piece of information in the report is that in the West, the promise of cheap energy from renewables has not materialized.As the number of renewables is added, prices continue to increase. For example, in Australia, 32% of energy is sourced from renewables and the divergence between energy prices and CPI continues to widen.These findings surfaced just a few days after Bitcoin mining machines were confiscated in a Venezuelan prison after operations had been suspended in March as a part of an alleged corruption scheme involving crypto wallets.On the other hand, looking at the West, in Canada, the British Columbia Supreme Court granted approval for the Canadian Bitcoin miner Hut 8 and U.S. Bitcoin Corp to merge in an effort that would reshape Bitcoin mining and high-performance computing in the industry.This article was originally published on Crypto.news More

  • 113 Shares179 Views

    in Cryptocurrency

    Gemini to halt operations in the Netherlands by mid-November

    In a letter to its Dutch users on Sept. 26, Gemini asks them to either withdraw their assets or transfer them to another wallet address, as the platform will suspend its operation in the Netherlands “due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges” by Nov. 17. The letter states: Continue Reading on Coin Telegraph More

  • 100 Shares119 Views

    in Cryptocurrency

    Circle challenges SEC’s classification of stablecoins as securities

    This argument forms part of the ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and crypto exchange Binance. Back on June 5, the SEC initiated legal proceedings against Binance, alleging multiple legal violations, including 13 charges related to the sales of BNB tokens and BUSD tokens. The regulator contends that Binance’s stablecoin offering constitutes an unregistered security, and further accuses the exchange of operating illegally in the U.S. without proper broker-dealer clearing agency registration.On September 22, Binance and its CEO Changpeng Zhao responded by requesting the court to dismiss the SEC lawsuit. They argue that the SEC has overreached its authority in this case. Their petition emphasizes their belief that the SEC failed to provide clear sector guidelines before launching the lawsuit and imposed its authority retroactively.Circle’s recent court filing is in line with its previous stance on stablecoin regulation. In February, Circle CEO Jeremy Allaire suggested that stablecoins should fall under banking regulators’ jurisdiction rather than being overseen by the SEC. This statement was made in response to the SEC’s lawsuit against Paxos for its role in issuing BUSD, which the commission classified as a security.The SEC’s approach to cryptocurrencies extends beyond exchanges and includes nonfungible tokens (NFTs). On August 28, it charged entertainment company Impact Theory over sales of its NFT collection, labeling them as unregistered securities. Similarly, on September 13, the SEC charged the company behind the Stoner Cats NFT collection, asserting that the firm’s offering of NFTs to the public constituted sales of unregistered securities.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • 163 Shares109 Views

    in Cryptocurrency

    Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

    In a court filing, Circle argued that assets pegged to the U.S. dollar, such as Binance USD (BUSD) or USDC, are not securities because those who purchase the assets are not expecting any profit from acquiring them. According to Circle, payment stablecoins do not have the “features of an investment contract” on their own. Continue Reading on Coin Telegraph More

  • 150 Shares169 Views

    in Cryptocurrency

    Ripple shortlisted by National Bank of Georgia for digital GEL pilot project

    Ripple is among nine companies that have been shortlisted based on their technological prowess and relevant experience. The NBG’s digital currency endeavor, known as the GEL CBDC project, aims to create a “Limited Access Live Pilot Environment”. This environment will be used to evaluate the technological capabilities of the CBDC system and explore its potential applications.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • 113 Shares119 Views

    in Cryptocurrency

    IOTA Enters New Phase as Shimmer Launches Ethereum-compatible Chain

    began its journey to support smart contracts several years ago, devising a plan for a permissionless multichain solution anchored to either Shimmer or IOTA.This solution utilized DAG as the foundational layer for cross-chain communication.Consolidating its vision, it initiated the IOTA Smart Contracts (ISC) project. After years of building and putting in collective efforts, the first public ISC chain on a network that has an actual token, the Shimmer EVM, was birthed.Shimmer, a network with token SMR created to advance major innovations in IOTA, took to X to announce the historic milestone. “Fully EVM-Compatible Smart Contracts are now available in the public ShimmerEVM chain. the first step to programmability on Shimmer and IOTA,” it stated in a tweet.IOTA Dominik Schiener is excited about the possibilities brought about by this new chain, taking to X to celebrate the milestone of Shimmer becoming an “L1 network with real utility and a thriving ecosystem.”Schiener spoke more about the new Ethereum-compatible chain, describing it as “fully EVM-compatible to support DeFi, GameFi, and IOTA’s push in the market.Now we work together to grow it into one of the largest Web3 ecosystems.”Users would be able to send their SMR tokens and, in the future, NFTs and custom Native Assets to the ShimmerEVM through Firefly with no special bridge needed.This initial chain should pave the way for more chains to emerge. ShimmerEVM operates on the most recent version of ISC and hence inherits all of its features.The new ShimmerEVM initially launched as a public chain, but over time, the IOTA Foundation will hand over the reins of control of the chain to the community. To decentralize the chain further, a supermajority of validators will gradually be given to the community.This article was originally published on U.Today More

  • 125 Shares169 Views

    in Cryptocurrency

    Large Ethereum transfer to Coinbase highlights continued interest in cryptocurrencies

    Coinbase’s reputation as a reliable custodian for digital assets has been bolstered by its stringent safety and compliance measures. These characteristics have facilitated the adoption of cryptocurrencies, making it a popular choice for individual and institutional investors alike. This latest transaction could reflect strategic decisions by these investors, hinting at their continued faith in the crypto market. Taking a closer look at Coinbase’s performance, InvestingPro data reveals a mixed picture. The company has a market capitalization of $17.83 billion, demonstrating its significant presence in the crypto market. However, it’s important to note that the company has a negative P/E ratio of -13.49, indicating that it is currently not profitable. According to InvestingPro Tips, there is a declining trend in the company’s earnings per share and analysts do not anticipate the company will be profitable this year. In addition, the stock generally trades with high price volatility, which is reflected in the 1-month price total return of -11.26%. Despite this, the company has seen a year-to-date price total return of 112.38%, indicating the potential for significant returns for risk-tolerant investors.Investors considering Coinbase should also be aware that the company does not pay a dividend to shareholders. This is one of the many insights available on InvestingPro, where you can find additional tips and real-time metrics to aid your investment decisions. For more information, visit InvestingPro.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More