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    ECB’s Knot Says He Fully Supports Lagarde’s Monetary-Policy Plan

    “I’m fully on board, I fully support everything that is in the blog,” the Dutch central banker said at panel discussion in Davos Wednesday. “I think it nicely charts the policy course.”The comments by Knot, a hawkish voice on the Governing Council, contrast with his Austrian counterpart Robert Holzmann, who on Tuesday called for a half-point hike in July. That’s double the magnitude implied by Lagarde. The ECB’s deposit rate has been negative since 2014 and currently stands at -0.5%. Knot also said:©2022 Bloomberg L.P. More

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    in Cryptocurrency

    Taiwanese Crypto Firm Plants a Flag on European Soil

    Founded in 2018, XREX is a Taipei-headquartered neo-fintech company that offers a variety of blockchain-driven financial services, including online escrow service BitCheck, and the crypto-fiat XREX Exchange. Upon setting up shop in Lithuania, XREX will provide exchange operations for cryptocurrency against fiat money, AML compliance, and virtual currency wallet services in accordance with Lithuanian regulations. Lithuania stands as the EU’s biggest fintech hub by the number of licensed companies.The Lithuanian-approved license to act as a crypto service provider is the first of its kind for the East Asian country within the European Union. XREX has previously obtained ‘Trust and Company’ service approval as well as a ‘Financial Institution’ license in Estonia. A company blog post stated: “XREX aims to bridge advanced economies and emerging markets, including India, Africa, the Middle East, and more. Operating in Lithuania will help XREX reduce the distance between the EU and developing countries.”A significant portion of the company’s clients consists of cross-border merchants, small and medium enterprises, and individuals working abroad. The XREX Exchange currently supports nine cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), USDT, XRP, Bitcoin Cash (BCH), Solana (SOL), Polkadot (DOT), Maker (MKR) and Chainlink (LINK). Reportedly, the XREX Exchange is the world’s only crypto-fiat exchange platform that supports the U.S. dollar and Indian rupee. Earlier this year, the Taiwanese fintech acquired a ‘Money Services Business’ license from the U.S. Financial Crimes Enforcement Network (FinCEN), and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). The firm is also in the process of applying for a ‘Payment Institution’ license in Singapore, and a ‘Virtual Asset Exchange’ license in Dubai, United Arab Emirates.Taiwan is the 8th largest economy in Asia, and the 18th largest in the world based on purchasing power parity, according to the International Monetary Fund (IMF). The country also holds an important position in the global economy, being one of the key players in the information and communication tech industry, and holding one of the largest forex exchange reserves.With its public interest in blockchain reaching an all-time high last year, the local Financial Supervisory Commission (FSC) imposed strict Anti Money Laundering and Know Your Customer requirements when dealing with cryptocurrencies in April 2021.Continue reading on DailyCoin More

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    S.Africa's central bank flags inflation as major risk to domestic financial system

    Emerging markets have been unduly impacted by the Russia-Ukraine crisis through increases in the price of oil, gas, wheat and other grains, forcing central banks to tighten monetary policy even at the risk of undermining economic growth. South Africa’s central bank last week increased its prime lending rate by 50 basis points to 4.75%, its highest increase in six years, to rein in inflation.In its biannual health check of the financial system, the South African Reserve Bank (SARB) said that while the financial system of Africa’s most advanced economy was “resilient”, stagflation fears could exacerbate inequality and slow growth. “South Africa remains vulnerable to spillover effects of global events, particularly the Russia-Ukraine war and global stagflation concerns,” it said, adding that it could also disrupt social stability.Stagflation is characterised by a prolonged period of high inflation, lower economic growth and high unemployment.The SARB said in 2022 it will set up a deposit insurance company which would insure deposits of almost 90% of depositors with a proposed coverage level of 100,000 rand.It flagged concerns that rising inflation and inequitable growth could lead to more incidents of social unrest like the one seen in July last year.The SARB also pointed out climate risks to the country’s insurance industry, which is still reeling from the April floods which killed 448 people, adding that it could increase the cost of insurance as such calamities become more frequent.Rising government debt, any emergence of a new and more deadly wave of COVID-19 and rising cyber attacks also pose risks to South Africa’s financial stability, it said.($1 = 15.6057 rand) More

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    in Cryptocurrency

    Microsoft To Build ‘Industrial Metaverse’ With Kawasaki

    Microsoft is taking the next step in promoting its products by developing an “industrial metaverse” with Kawasaki.An announcement was made on Tuesday, May 24, that the American multinational company will innovate an “industrial metaverse” for the company’s new customer, Kawasaki. The automobile company’s workers will now wear HoloLens headset, which will help improve operatio …Continue reading on CoinQuora More

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    in Cryptocurrency

    S. Korean Authority Sets Probe on Tera-linked Financial Service

    The Financial Supervisory Service (FSS) of South Korea has announced plans to conduct on-site inspections on companies that provided financial services to the Terra Labs’ project in the light of the LUNA and UST implosion two weeks ago.The announcement came through Chan-woo Lee, a senior vice president of the FSS, on Tuesday, May 24, 2022, at the meeting of the Enactment of the Digital Asset Framework Act and Emergency Inspection of Coin Market Investor Protection Measures, held at the National Assembly Hall.Lee said: More

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    in Cryptocurrency

    Bitcoin Adopter’s African Crypto Hub Plan Has World Bank Vexed

    The African nation, which relies on donors for more than half of its budget, in April enacted a law making Bitcoin legal tender in the country. It now plans a “Crypto Economic Zone,” according to a post on President Faustin-Archange Touadera’s verified Twitter handle. The post included a presentation of the plan, which mentioned a $35 million grant pledged by the World Bank to digitize the nation’s public sector. The adoption of Bitcoin in the nation — with an internet penetration of about 11% — has been clouded in mystery. Its introduction was abrupt and non-consultative. The Bank of Central African States, which sets monetary policy for six countries in the region, said it wasn’t aware and pushed back against the plan. “It is important that the relevant regional institutions, such as the central bank and the banking authorities, are fully consulted and remain in the driver’s seat,” the World Bank said in an emailed response. “It will be physically impossible,” for the World Bank to fund the crypto project, it said. The $35 million funding that the World Bank approved May 5 is meant for improving CAR’s existing public financial management system through digitization of processes such as payments of salaries and tax collections — not the crypto project dubbed Sango, the lender said.“The World Bank is not supporting “Sango – The First Crypto Initiative Project”,” the lender said. The digital governance loan “is unrelated to any crypto-currency initiative.”Bitcoin’s volatility — it’s down 30% this year — may also be bad news for CAR, which the World Bank says is “one of the poorest and most fragile countries in the world.” The nation, rich in gold and diamond reserves, has been plagued by years of violence.A CAR presidency spokesman declined to comment on the program when contacted by phone on Wednesday.CAR is among central African countries including Cameroon, Chad, Equatorial Guinea, Gabon and the Republic of Congo that use one of two versions of the CFA franc. The region’s monetary rules require consultation on change in currency policies.The crypto project could “reshape CAR’s financial system,” according to President Touadera’s Tweet on Tuesday.With an economy worth about $2.3 billion, CAR is seeking ways to develop its resources. The government expects its plan to help crowd-fund infrastructure projects. It will also create a digital national bank, according to the presentation. “We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector and public finance at large, in addition to environmental shortcomings,” the World Bank said.©2022 Bloomberg L.P. More

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    Soccer-UK govt issues licence for Chelsea sale to Boehly-led consortium

    Current owner Roman Abramovich is subject to sanctions by the British government. He put the London club up for sale in early March following Russia’s invasion of Ukraine, which Moscow calls a “special military operation”.”We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals,” Dorries said on Twitter (NYSE:TWTR).”Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.”On Tuesday the consortium, which agreed terms to acquire Chelsea for 4.25 billion pounds ($5.33 billion) earlier this month, passed the Premier League Owners’ and Directors’ Test.Chelsea had been operating under a government license since Abramovich’s assets were frozen in March and it was set to expire on May 31. The club had earlier confirmed that all proceeds from the sale will be donated to charitable causes by Abramovich.”We are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual,” said a government spokesperson. “We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.”The completion of the sale will allow Chelsea to renew transfer activity as well as permit players to sign new contracts, which was prohibited as part of the sanctions imposed.Only season ticket holders could earlier attend home matches, while the government also announced a ban on merchandise sales. Groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were eliminated from the bidding process, and a consortium led by Chicago Cubs owners the Ricketts family pulled out of the running. More

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    Will the Interest in Parody Coin (PARO), Binance Coin (BNB), and Apecoin (APE) Continue to Grow?

    On the other side, the industry is seeing the emergence of promising projects. Parody Coin is one of the emerging projects of 2022 as it is a meme coin with utility. BNB Chain will likely continue as the blockchain is favoured by new projects that prefer the network’s scalability and low fees. Another exciting project is ApeCoin because of its links to the successful Bored Ape Yacht Club NFT collection.ApeCoin (APE) ApeCoin (APE) is a governance and utility token based on the Ethereum blockchain. ApeCoin was launched in 2022 by Yuga Labs, the team behind the Bored Ape Yacht Club NFT collection. The token can be traded on several leading decentralised and centralised exchanges. Investors’ interest in ApeCoin grew because they trusted the team behind the project because of its impressive record in the NFT space.There is no doubt that investors will continue piling into the APE ecosystem and other projects that are a haven for their investments. These projects could be focused on NFTs, the metaverse, or a combination of both.Parody Coin Parody Coin is an ecosystem on the BNB Chain that supports the minting and trading of Parody NFTs. The PARO token, a BEP-20-based meme token, is the fuel that powers the Parody ecosystem. Users can generate income using several methods. 72 billion PARO tokens will be pre-mined and sold in the initial DEX offering (IDO) on the decentralized exchange PancakeSwap. 70% of the total supply will be reserved for IDO while the remaining 30% will be split between operational expenses, community incentives and rewards, marketing, and the organisation. Parody Coin will consist of the Parody NFT marketplace, the ParoReward System, the Paroverse, and the DApp store. The project is built with a reflection model to reward token holders to provide liquidity. Each PARO transaction is charged a 10%-tax which is distributed to token holders. 5% of the tax is shared amongst PARO token holders, 3% goes to the liquidity pool, and the remaining 2% is sent to the coin burn wallet. There are revenue streams for PARO token holders to earn passive income while they hold their tokens. Users can stake their PARO tokens on the BNB Chain. The tokens are lent out and the interest charged benefits the stakers.Another way of earning is through the minting of popular NFTs as parodies and selling them on several marketplaces including the Parody NFT marketplace. The Parody NFTs are not completely detached from the original non-fungible tokens, as the real owners of the NFTs can claim ownership of the Parody NFTs.The project is planning to have a DApp store that allows developers to build and launch applications within the Parody ecosystem. These DApps will be focused on NFTs as they will support the minting and flipping of NFTs. What sets the PARO token apart is that it is not an ordinary meme token. It has all the charming traits of a meme token as well as a utility token. It offers the best of both worlds and its growing community is a clear indication that the interest in the PARO token is starting to gather momentum.Binance Coin (BNB) Binance Coin (BNB) is the native token of BNB Chain, a leading smart contract platform backed by Binance and one of the largest cryptocurrency exchanges in the world. It is positioned fifth on coinmarketcap, being regarded as one of the most valuable cryptocurrencies. They are well known for their unique ecosystem, including outlets such as: Binance Academy, Binance Smart Chain and Binance Trust Wallet. The interest in BNB will likely continue to grow as long as people trust Binance and the BNB Chain. Find out more information on the Parody Coin Website, Telegram or Twitter (NYSE:TWTR). You can also find more about presale here. Continue reading on DailyCoin More