Aurelia Butler

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    in Economy

    India says it uncovers fraudulent shell companies with Chinese links

    The latest arrest was part of a larger probe launched by the federal government’s Serious Fraud Investigation Office (SFIO) against founders of shell companies used to conduct illegal transactions.Earlier this month the government began cracking down on Indian entities that were providing fake directors to some shell companies linked to China.The SFIO said it had arrested a man called Dortse, who was on the board of Jillian India Ltd, a wholly owned subsidiary of Jillian Hong Kong Ltd, and had raided multiple places to unearth the scam.It did not describe the Chinese links of the shell companies nor disclose the nature of frauds allegedly perpetrated.For directors of the several of the shell companies, Dortse would use the names of Indian citizens who had no education and worked in menial jobs, according to the SFIO.The Indian Express newspaper reported that local police had arrested two directors of a company, including a Chinese national, for their alleged involvement in providing dummy directors to shell companies linked to China. More

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    in Economy

    China makes more than $30bn in emergency loans

    China has doled out tens of billions of dollars in secretive “emergency loans” to countries at risk of financial crises in recent years, turning Beijing into a formidable competitor of the western-led IMF.The bailouts represent a pivot from the huge infrastructure loans China has extended over nearly a decade as part of its $838bn Belt and Road Initiative, a programme that saw it eclipse the World Bank as the world’s biggest financer of public works.Three of the largest recipients of China’s rescue lending have been Pakistan, Sri Lanka and Argentina, which together have received as much as $32.83bn since 2017, according to data compiled by AidData, a research lab at William & Mary, a university in the US. Other countries receiving rescue lending from Chinese state institutions included Kenya, Venezuela, Ecuador, Angola, Laos, Suriname, Belarus, Egypt, Mongolia and Ukraine, according to AidData, which did not provide details for these countries.Such credit is aimed at enabling countries to keep up payments on foreign debt and to continue buying imports, warding off balance of payments (BoP) distress that can develop into full-blown storms such as the 1997 Asian crisis and the Latin American crisis of the 1980s. The IMF’s austere prescriptions in the aftermath of the Asian crisis were deeply unpopular, reinforcing a backlash against it that persists to this day.Incomplete rail tracks for the Standard Gauge Railway line lay on the ground near Duka Moja, Kenya © Luis Tato/BloombergUnlike the IMF, which announces the details of its credit lines, debt relief and restructuring programmes to debtor countries, China operates largely in secret. China’s financial institutions publish scant details of the credit it issues and Beijing does not predicate its lending on debt restructuring or economic reforms in recipient countries, analysts said. In most cases, the objective of China’s emergency lending is to prevent defaults on infrastructure loans extended under the Belt and Road Initiative, analysts said.“Beijing has tried to keep these countries afloat by providing emergency loan after emergency loan without asking its borrowers to restore economic policy discipline or pursue debt relief through a co-ordinated restructuring process with all major creditors,” said Bradley Parks, executive director of AidData.The AidData research lab maintains the world’s most comprehensive database on China’s global financing activities mostly by compiling data from countries that receive Chinese loans. The data set captures thousands of loans from more than 300 Chinese government institutions and state-owned entities across 165 low- and middle-income countries.Parks added that China’s approach often “postpones the day of reckoning”. “When Beijing acts as an alternative lender of last resort and bails out a distressed sovereign without requiring economic policy discipline or pursuing a co-ordinated debt rescheduling with major creditors, it effectively kicks the can down the road and leaves it to others to solve the underlying solvency problem,” Parks said.A study of the individual loans provided by Chinese financial institutions since 2017 to Pakistan, a key participant in the Belt and Road Initiative, shows a drip-feed of support in the form of loans from state-owned banks and SAFE, the agency that controls Beijing’s $3tn stash of foreign exchange reserves. The terms on such loans are far from concessionary, often building in a margin of about 3 per cent above benchmark funding costs. In addition to these loans, the People’s Bank of China, the central bank, has a currency swap agreement with its Pakistan counterpart that allows Islamabad to draw down funds when it needs them, the AidData records show. The PBoC has declined to comment.Commentators said China’s rescue lending risked prolonging and exacerbating debt distress and the crises that often follow in debtor nations. “I see these as a major impediment to crisis resolution,” said Gabriel Sterne, head of EM macro at Oxford Economics and a former senior economist at the IMF.As Sri Lanka’s current financial meltdown demonstrates, Beijing’s support is sometimes insufficient, analysts said. “The suspicion is that countries seek out the loan to avoid going to the IMF, which demands painful reform,” Sterne added. “There may be circumstances in which the gamble for redemption works, but generally — as in the Sri Lankan case — it just makes the adjustment more painful when it actually happens.”

    Sean Cairncross, former chief executive of the Millennium Challenge Corporation, a US government foreign aid agency that provides grant funding on condition of democratic governance and economic transparency, said China’s loans were provided in pursuit of long-term aims in competition with rival powers. “This isn’t about any particular loan or country . . . They want to have the ear of governments where raw materials are located, or large markets, or strategic ports, or where there is access to shipping lanes,” he said. “It is a way to narrow the strategic options for the US and for the west, in terms of access and influence globally.” More

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    in Cryptocurrency

    Dynamic NFTs: Everything You Need to Know About ‘Living’ Digital Collectibles

    Unless you are unfamiliar with the NFT space, you probably have stumbled across the term ‘Dynamic NFTs or dNFTs,’ which describes the next stage in the evolution of NFTs. Notably, dNFTs extend the possibilities beyond the limitations of the original static NFTs while also gaining access to some of their untapped potential. Of course, that’s not all there is to know about the phenomena dubbed living digital collectibles. This educational piece will specifically highlight the key difference between static and dynamic NFTs, why the most recent update is required, and further examine some of the current and potential use cases for dNFTs. But before we get right into the discussion, let’s look at NFTs and their underlying technology.Understanding NFTsTo understand dNFTs, one must know about classic NFTs: what they mean and how they work. Essentially, NFTs are cryptographic assets based on the blockchain with unique identification codes and metadata that distinguishes them from each other. In other words, this type of digital asset (i.e tokenized items) links ownership to a unique item, whether in physical or digital form. Generally, NFTs are created using a similar programming method to cryptocurrency; however, unlike cryptocurrency, NFTs are non-fungible, implying that they cannot be interchanged or replaced due to the uniqueness of the encoded metadata. If you are interested in learning more about NFTs and want to explore more about the topic, then you can do so via the link below.Also read: The Real Value of NFTs Beyond Expensive JPEGsThat said, how are the classic NFTs different from dNFTs and what necessitated the innovative extension in the first place?Understanding dNFTs and How They Are Different from Classic NFTsTo begin, Dynamic NFTs, also known as dNFTs, are an extension of classic NFTs, which are otherwise classified as static NFTs by nature. You may wonder why. Essentially, the classic NFT was originally designed to digitize real-world items such as real estate deeds, patents, unique cards, artwork, and various collectibles, among other unique identifiers. Sadly, this NFT model is riddled with several limitations, one of which is the technology’s permanence attribute. In particular, once minted and stored on the blockchain, the metadata encoded in each tokenized item cannot be modified, implying that each NFT item cannot be upgraded; rather, a new variant has to be created to accommodate future changes. This is also the reason why most existing NFTs are created in batches or series to accommodate new updates or changes made in the future.While this approach has been in use since NFTs were initially introduced, it has recently come under fire for being inefficient, particularly in terms of scalability and sustainability, which necessitated the creation of dNFTs. So what is a dNFT and how are they different from classic NFTs?What Is a Dynamic NFT and How Does It Work?Unlike classic NFTs, whose encoded metadata cannot be modified, dNFTs introduce the ability to alter or modify encoded metadata. To put it differently, dNFTs’ encoded metadata is programmed to respond to external conditions or, possibly, to become upgradeable based on real-time events in the real world. So, how do they work?dNFTs are designed with built-in smart contracts, enabling them to receive secondary data from oracles, thereby implementing changes to the tokenized item’s metadata. If you are wondering, an oracle functions similarly to an API; it essentially acts as a bridge between an on-chain and off-chain infrastructure. In this context, the oracle enables blockchain-based projects like NFTs to react to real-world events while interoperating within traditional systems as in the case of dNFTs.By leveraging smart contracts, NFTs transition into ‘living’ tokens (i.e., dNFTs) with the capacity to change over time. Usually, the smart contract is encoded with specified instructions that determine when and how the NFT’s metadata should react (i.e evolve) based on the inputs from the oracle. In other words, the attributes of dNFTs can be changed while their unique identifier remains permanently stored on the blockchain. In comparison, the static NFT lacks a smart contract; hence, the metadata is constant, while the attributes and appearance equally remain the same over time.Potential Use Cases for Dynamic NFTsStatic NFTs are perhaps the most common types of NFTs you will come across online; however, dNFTs are also finding their place in the crypto ecosystem as they prove to be more beneficial by the day. Beyond the capabilities of a typical static NFT, such as digitizing items in the real world, dNFTs with upgradable metadata offer more advanced functionalities, such as those listed below:1. Gaming (Character Progression)One of the most prominent use cases for dynamic NFTs is character progression, a common phenomenon among blockchain games. Specifically, some playable NFT characters are designed such that they can be continually upgraded during the course of the game. For instance, as a player advances in a gaming activity, the NFT’s metadata can be modified to reflect the evolution of the gaming character.2. Real EstateMetadata evolution is also useful in tokenizing real-world assets such as real estate. If you understand how real estate works, you will know the importance of keeping records of changes made to landed property, especially as it comes in handy during property valuation. For instance, an NFT representing a property should be dynamic enough to reflect various property attributes such as maintenance history, age, market value, and much more in real time. By adopting dNFTs, whose metadata can be altered at any time, it becomes very easy to track an asset’s true value progressively.3. InsuranceInsurance is another area where dNFTs can serve a major role, as it can be used for tokenizing various real-life items. For example, if a dNFT card is issued for an insured item, the card can be encoded with metadata from the real-world object and easily modified to reflect real-world changes. While this is good for inventory management, it also ensures transparency among all stakeholders.4. Automobile ResaleWhen looking to buy a used car, there are a few questions you typically ask the seller. For example, you may be interested in finding out the car’s manufacturing year, previous location where it was driven, car mileage, accident or repair report, and other historical reports. But what happens when these reports are unavailable or, in some situations, fabricated? One thing is certain; you may buy the vehicle for a price higher than its true worth.However, automobile manufacturers can avoid this by ensuring that each vehicle has an integrated dNFT encoded with the car’s metadata. This way, they can increase the vehicle’s resale value or, at the very least, ensure transparency should a secondary owner reacquire the vehicle. A prominent example of a manufacturer that has made a significant effort in this regard is Alfa Romeo, an Italian car brand that recently became famous for building NFTs into its latest hybrid car model – Tonale SUV. According to the company, the car’s in-built NFT will be able to track and store maintenance records on the blockchain and generate a certificate.5. PassportHave you ever found yourself in a situation at an immigration office because a change in a certain trait of yours, such as hair type or color, facial hair, or other attributes, prompted an official to question the legitimacy of your passport? Well, this is almost inevitable, especially if you have to use the same passport for 5 to 10 years; obviously, a lot is bound to happen between those years. As a result, if all passports were issued as dNFTs, they could not only be stored digitally but could also be updated in real-time with both personal data and data from official websites. This way, neither the holders nor the immigration office are inconvenienced or delayed due to suspicious changes in physical attributes at the airport or during visa application.6. Fantasy SportsAnother area where dNFTs could be very helpful is in the area of fantasy sports. If you are familiar with Fantasy Premier League (FPL), powered by the European Premier League (EPL), you will understand how fantasy sports work. Essentially, this type of game is a virtual replica of a real-life gaming event. In the case of FPL, for instance, game players automatically assume the role of a fantasy manager of premier league players that are randomly selected. However, the game’s outcome is determined by real-time EPL gaming activities. When it comes to how dNFTs can support or even improve fantasy sports, they can be utilized to produce sports cards that update the player’s statistics based on the real-life player’s current performance, a similar approach adopted by FPL. Essentially, the card can be encoded with metadata from the sports website and changed as long as the actual athlete is active. While this appears to be a thing in FPL already, it is a concept that can be adopted across most blockchain games.On the FlipsideDepending on the industry and size of the organization, the cost of integrating onto a blockchain network can be extremely costly. For example, a healthcare project may require an investment of $50,000 to $150,000, whereas other industries may require an investment of $40,000 to $100,000.Why You Should CareUltimately, there appears to be a thin line between the early static NFTs and scaled-up dNFTs. However, the latter offers more broad use cases while also unleashing new possibilities for the digital asset ecosystem as a whole.You may also like:OWNIC Announces Release of the First-Ever Dynamic Sports NFTsNFT Trading Volume Drops to Yearly Lows on OpenSeaContinue reading on DailyCoin More

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    in Economy

    Canada's Conservatives pick populist in bid to oust Trudeau's Liberals

    OTTAWA (Reuters) – Canada’s Conservatives on Saturday picked Pierre Poilievre, a veteran parliamentarian who has promoted bitcoin as way to fight inflation, to spearhead the party’s bid to oust the Liberals and Prime Minister Justin Trudeau.Poilievre, 43, won leadership in the first round of a ranked ballot vote in which more than 400,000 members cast votes. Poilievre becomes the sixth Conservatives leader since 2015, a period in which they have lost three elections to Trudeau.Poilievre defeated his main competitor Jean Charest, a former Quebec premier, and three others in a campaign that blasted Trudeau and the central bank governor for failing to rein in spiking inflation.”Tonight begins the journey to replace an old government that costs you more and delivers you less with a new government that puts you first – your paycheck, your retirement, your home, your country,” Poilievre said in his victory speech. The party toned down the event, which had been scheduled for months, after the death of the queen on Thursday, starting it with a minute of silence in her honor. Earlier on Saturday, Canada proclaimed Charles king in a formal ceremony.As a member of the Commonwealth of former British empire countries, the monarch is Canada’s formal head of state.Poilievre first took a seat in parliament in 2004, days after his 25th birthday, representing a suburban area that includes parts of Ottawa. He served as minister for democratic reform, and then as minister for employment and social development until Trudeau, 50, took office in 2015.While the new Conservative chief is well known in Ottawa, where he has regularly stood in parliament to fire pointed criticism at Trudeau and his government, he will now have to bolster his profile with the rest of Canada.He should have plenty of time. Trudeau’s support from the left-wing New Democrats means an election could come as late as 2025. Pollsters have said Poilievre will be a formidable opponent, especially if Trudeau runs for a fourth time.”Here are two people who know exactly how to push each other’s buttons, who know exactly how to get underneath each other’s skin,” said Shachi Kurl, president of polling company Angus Reid Institute, of Poilievre and Trudeau. In February, Poilievre backed protesters who blocked border crossings and paralyzed downtown Ottawa for three weeks to protest against Trudeau and his COVID-19 vaccine policies.Poilievre also made firing Bank of Canada Governor Tiff Macklem one of his main campaign promises, blaming the central bank’s pandemic bond buying for stoking price increases. The Conservative party’s former leader, ousted in February, had tried to bring the party toward the political center and refused to fully embrace the protesters.Poilievre “represents … the deep soul of what the Conservative Party is today,” Kurl said. More

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    Japan must take steps against 'excessive, one-sided' yen moves, deputy chief cabinet secretary says

    TOKYO (Reuters) – Japan’s government must take steps as needed against excessive declines in the yen, deputy chief cabinet secretary Seiji Kihara said on Sunday, repeating authorities’ warnings about the currency’s slide to 24-year lows.”As for excessive, one-sided currency moves, we will closely watch developments and must take steps as needed,” Kihara told a television programme, when asked about the yen’s recent falls.The yen has recently fallen to 24-year lows against the dollar, as investors focus on the widening divergence between the U.S. Federal Reserve’s aggressive interest rate hikes and the Bank of Japan’s (BOJ) pledge to maintain ultra-low rates.”I won’t comment on monetary and interest-rate policy, as they fall under the jurisdiction of the BOJ,” Kihara said.Kihara also said the government will consider “in the not so distant future” steps to further open Japan’s borders to overseas visitors, such as by scrapping a cap on the daily number of entrants.”A weak yen is most effective in attracting inbound tourism,” Kihara said, adding that further steps must be taken to draw in more foreign tourists into the country.Japan eased border controls from Sept. 7 by raising the ceiling for daily entrants to 50,000 and freeing entry for travellers on package tours without the need for guides.Analysts say scrapping the ceiling and allowing more travellers would be crucial to attract foreign money into Japan and revive its fragile economy.On how to finance an expected increase in Japan’s defence spending, Kihara said he would not rule out issuing government debt.”Our goal is to drastically strengthen Japan’s defence by tapping various sources of revenue. We’ll be flexible on the funding and won’t rule out any options,” he said.In a policy roadmap released in June, the government said it wanted to drastically increase defence spending “within the next five years,” highlighting Tokyo’s interest in boosting defence at a time of tension with its powerful neighbour China. More

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    in Cryptocurrency

    Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and UK exudes crypto positivity: Hodler’s Digest, Sept. 4-10

    GameStop is teaming up with crypto exchange FTX US in a promotional partnership. So far, 2022 has seen GameStop pursuing increasing involvement in the crypto space, evident in its NFT marketplace launch and its new gaming division devoted to Web3. GameStop has a long-term vision for crypto involvement, according to CEO Matt Furlong during a Q2 fiscal year earnings call.Continue Reading on Coin Telegraph More

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    in Economy

    Greek PM says pensions to rise for first time in more than a decade

    During his annual economic policy speech from the northern city of Thessaloniki, Mitsotakis said about 1.5 million pensioners would benefit from the increase.The conservative premier, who faces parliamentary elections in 2023, also announced a 1.8 billion euros ($1.8 billion) plan to help young people rent or purchase a house.($1 = 0.9961 euros) More