TL;DR Breakdown Busan City in South Korea is developing a city-level public blockchain mainnet compatible with global platforms like Ethereum and Cosmos, aiming to consolidate various blockchain-based services onto a single platform. The city has allocated a 100-billion-Korean-won ($75 million) budget for this initiative under the Blockchain Innovation Fund (BIF), with plans to raise additional funds through investments from public financial institutions and nearly 100 interested private companies. Alongside the blockchain development, Busan also plans to launch a digital asset exchange by the first half of 2024, initially focusing on tokenized commodities like gold, copper, and oil, with future plans to include intellectual property rights and carbon emissions rights. Description Busan City, South Korea’s second-largest city, has announced plans to develop its own blockchain mainnet. The initiative aims to consolidate various blockchain-based services under a single, city-level platform that is compatible with global blockchain mainnets like Ethereum and Cosmos. Busan City has been a special blockchain regulation-free zone, experimenting with various blockchain-based projects such as … Read more Busan City, South Korea’s second-largest city, has announced plans to develop its…

TL;DR Breakdown The U.K. Parliament has passed the Online Safety Bill, which now extends its regulations to the metaverse, aiming to protect users from illegal and harmful content. Companies are required to assess and mitigate risks of users encountering such content, with a focus on both online freedom and safety. The bill awaits royal assent from King Charles and will take effect immediately unless specified otherwise, marking a significant step in internet governance. Description On Tuesday, the U.K. Parliament passed the Online Safety Bill, a comprehensive framework designed to protect internet users from encountering illegal or harmful content.  Notably, the bill has been extended to cover the metaverse, a collective of virtual worlds that has gained significant traction following Facebook’s rebranding to Meta. The legislation mandates companies to assess … Read more On Tuesday, the U.K. Parliament passed the Online Safety Bill, a comprehensive framework designed to protect internet users from encountering illegal or harmful content.  Notably, the bill has been extended to cover the metaverse, a collective of virtual worlds that has gained significant traction following Facebook’s rebranding to…

TL;DR Breakdown Optimism is conducting a private sale of 116 million OP tokens to seven select buyers, ensuring market stability by sourcing from the unallocated treasury and imposing a two-year lockup period. This move aligns with Optimism’s pre-set plans and follows their recent announcement of a third airdrop, underlining their active engagement and growth in the crypto landscape. Description In a noteworthy development, the Ethereum layer-2 scaling solution, Optimism, recently declared its intention to orchestrate a private sale of a staggering 116 million OP tokens to a select group of seven buyers. The intent behind this move is primarily focused on treasury management. The impending transaction, valued at approximately $159 million considering the current … Read more In a noteworthy development, the Ethereum layer-2 scaling solution, Optimism, recently declared its intention to orchestrate a private sale of a staggering 116 million OP tokens to a select group of seven buyers. The intent behind this move is primarily focused on treasury management. The impending transaction, valued at approximately $159 million considering the current token prices, marks an intriguing turn in the…

TL;DR Breakdown Mt. Gox’s repayment deadline for its creditors has been extended by a year, moving from Oct. 31, 2023, to Oct. 31, 2024, as announced by Rehabilitation Trustee Nobuaki Kobayashi. Despite the extension, some creditors who have provided the necessary information might start receiving repayments as early as the end of this year. Description One of the most significant cryptocurrency exchange meltdowns in history, the Mt. Gox saga, has witnessed yet another twist in its long-winding narrative. Rehabilitation Trustee, Nobuaki Kobayashi, with the endorsement of the Tokyo District Court, has pushed back the repayment deadline for the beleaguered exchange’s creditors by a year. Previously slated for Oct. 31, 2023, … Read more One of the most significant cryptocurrency exchange meltdowns in history, the Mt. Gox saga, has witnessed yet another twist in its long-winding narrative. Rehabilitation Trustee, Nobuaki Kobayashi, with the endorsement of the Tokyo District Court, has pushed back the repayment deadline for the beleaguered exchange’s creditors by a year. Previously slated for Oct. 31, 2023, the new deadline now stands at Oct. 31, 2024. Contents hide 1…

Description TL;DR: The Kingdom of Eswatini’s digital transformation is opening up the country to crypto adoption by providing fast and reliable internet access to businesses, public schools, and rural communities. This is making it easier for people to learn about and use cryptocurrencies, and is also creating new opportunities for crypto-based businesses to operate in Eswatini. … Read more TL;DR: The Kingdom of Eswatini’s digital transformation is opening up the country to crypto adoption by providing fast and reliable internet access to businesses, public schools, and rural communities. This is making it easier for people to learn about and use cryptocurrencies, and is also creating new opportunities for crypto-based businesses to operate in Eswatini. UN General Assembly Stable Development Speech The Minister of Economic Planning & Development, Dr. Tambo Gina, at the UN General Assembly on the 19th of September 2023, said that they have allotted 1.6 billion dollars to create jobs. And then he added: “We want to use Digital transformation as a vehicle to ensure that no one is left behind. Therefore the programs that are to be…

TL;DR Breakdown Cryptocurrency holder has reportedly been defrauded in a staggering $4.46 million phishing scam.  Blockchain security firm PeckShield has identified the address ending in “ACa7” as belonging to a malicious phishing scammer. GASO explains that victims are enticed to participate in what appears to be a legitimate mining pool for cryptocurrencies. Description An unfortunate cryptocurrency holder has reportedly been defrauded in a staggering $4.46 million phishing scam. The incident, which serves as a stark reminder of the risks associated with digital assets, unfolded as $4.46 million in Tether (USDT) was illicitly withdrawn from a Kraken crypto exchange wallet and subsequently transferred to an address ending with “ACa7.” … Read more An unfortunate cryptocurrency holder has reportedly been defrauded in a staggering $4.46 million phishing scam. The incident, which serves as a stark reminder of the risks associated with digital assets, unfolded as $4.46 million in Tether (USDT) was illicitly withdrawn from a Kraken crypto exchange wallet and subsequently transferred to an address ending with “ACa7.” Blockchain security firm identifies crypto scammer Blockchain security firm PeckShield has identified the address…

TL;DR Breakdown Aptos Labs has integrated Coinbase Pay into its crypto wallet, Petra, to simplify the process of converting fiat currency into crypto and vice versa. The partnership aims to enhance the web3 user experience by offering multiple payment options, including bank transfers, debit and credit cards, and Coinbase account balances. Description In a significant move to simplify the entry into the web3 ecosystem, Aptos Labs has integrated Coinbase Pay into its crypto wallet, Petra. This collaboration aims to provide a seamless experience for users to exchange value within the Aptos ecosystem, whether they are accessing Petra via a mobile device or a web browser. The integration … Read more In a significant move to simplify the entry into the web3 ecosystem, Aptos Labs has integrated Coinbase Pay into its crypto wallet, Petra. This collaboration aims to provide a seamless experience for users to exchange value within the Aptos ecosystem, whether they are accessing Petra via a mobile device or a web browser. The integration allows users to add APT, Aptos Labs’ native token, to their Petra wallets through various…

TL;DR Breakdown The CBDC Anti-Surveillance State Act has garnered notable support within Congress, boasting the backing of 60 members. The Act contains critical provisions aimed at preventing the Federal Reserve from issuing a CBDC directly to individuals.  The debate over CBDCs revolves around finding a balance between embracing financial innovation and safeguarding individual privacy and freedom. Description In a significant development on the legislative front, the CBDC Anti-Surveillance State Act, designed to curtail the issuance of a central bank digital currency (CBDC), has cleared a crucial hurdle. On September 20, the House Financial Services Committee passed the bill, moving it closer to a congressional vote. The CBDC Anti-Surveillance State Act, spearheaded by … Read more In a significant development on the legislative front, the CBDC Anti-Surveillance State Act, designed to curtail the issuance of a central bank digital currency (CBDC), has cleared a crucial hurdle. On September 20, the House Financial Services Committee passed the bill, moving it closer to a congressional vote. The CBDC Anti-Surveillance State Act, spearheaded by Representative Tom Emmer, has garnered notable support within Congress, boasting…

TL;DR Breakdown The Japanese government is considering various options to address the excessive volatility in its currency markets. The yen has declined to around 148.39 against the US dollar, approaching the critical threshold of 150, which could trigger an intervention when breached. The yen’s weakening is seen as a consequence of Japan deviating from the global trend of monetary tightening. Description Japan is keeping all options on the table to address the excessive volatility in its currency markets. This statement comes with a renewed caution against the yen’s decline, especially as it approaches the psychologically significant threshold of 150 yen per US dollar, by the government’s chief spokesperson on Thursday. Given the recent breach of the … Read more Japan is keeping all options on the table to address the excessive volatility in its currency markets. This statement comes with a renewed caution against the yen’s decline, especially as it approaches the psychologically significant threshold of 150 yen per US dollar, by the government’s chief spokesperson on Thursday. Given the recent breach of the robust horizontal barrier at 146.50-146.60, with…

TL;DR Breakdown Turkey’s central bank is expected to increase its key interest rate for the second consecutive month, signaling a shift towards more conventional economic policies. Economists are concerned that interest rates are still considerably lower than what is needed to counteract rising consumer prices. The Turkish lira has been depreciating against stronger currencies, leading to financial strain. Description Turkey’s central bank is anticipated to significantly increase its key interest rate for the second consecutive month, marking a shift towards more conventional economic policies under President Recep Tayyip Erdogan. However, economists remain concerned that Turkey may still be on a risky path, as interest rates are considerably lower than the levels needed to counteract … Read more Turkey’s central bank is anticipated to significantly increase its key interest rate for the second consecutive month, marking a shift towards more conventional economic policies under President Recep Tayyip Erdogan. However, economists remain concerned that Turkey may still be on a risky path, as interest rates are considerably lower than the levels needed to counteract rising consumer prices. This dynamic encourages Turks to…