TL;DR Breakdown The upcoming BRICS summit has invited 69 leaders, majorly from Africa and Global South bodies. Key Western nations such as the U.S., U.K., and France are not invited. Over 40 countries are interested in joining the BRICS group, 22 have already submitted applications. Description As the BRICS summit rears its head, an unusual narrative takes shape in the invitations list. Johannesburg is about to host a summit where the attendees will not only form a large chunk of the economic might of the global south but will also signify a shift in the geopolitical balance. This year’s summit, scheduled … Read more As the BRICS summit rears its head, an unusual narrative takes shape in the invitations list. Johannesburg is about to host a summit where the attendees will not only form a large chunk of the economic might of the global south but will also signify a shift in the geopolitical balance. This year’s summit, scheduled for late August, has a guest list that reads more like a roll call of African nations and major Global South…

TL;DR Breakdown The recent CFA Institute members’ survey has revealed that there is little awareness of and support for CBDCs worldwide. While most respondents had little support for CBDCs, the MENA(Middle East and North Africa) area had substantially more optimistic respondents. Governments and central banks have an almost universal consensus to advance CBDC-related efforts. Description The CFA Institute, the global association of investment professionals, today published a global survey on Central Bank Digital Currencies (CBDC) that looked into the opinions of its members on the potential risks and benefits of CBDCs, including their potential impact on financial stability and financial inclusion.  According to the CFA Institute members’ survey, there is … Read more The CFA Institute, the global association of investment professionals, today published a global survey on Central Bank Digital Currencies (CBDC) that looked into the opinions of its members on the potential risks and benefits of CBDCs, including their potential impact on financial stability and financial inclusion.  According to the CFA Institute members’ survey, there is little awareness of and support for CBDCs worldwide; 34 percent of respondents…

TL;DR Breakdown The Chinese yuan is aiming to compete with the U.S. dollar and the euro as a global currency, possibly by 2035. This requires a modern industrial system, deepened domestic financial markets, and a well-balanced institutional opening of China’s financial system with a solid risk control regime. Renmin University recommends more free-trade agreements and leveraging China’s digital transformation advantages. Description Fierce competition is set to color the world of international finance as the Chinese yuan aims to challenge the dominion of the U.S. dollar and euro. According to Chen Yulu, a prominent Chinese economist and former vice governor of the People’s Bank of China, this aspiration might become a reality by 2035 given the fulfillment … Read more Fierce competition is set to color the world of international finance as the Chinese yuan aims to challenge the dominion of the U.S. dollar and euro. According to Chen Yulu, a prominent Chinese economist and former vice governor of the People’s Bank of China, this aspiration might become a reality by 2035 given the fulfillment of certain conditions. The not-so-impossible path…

TL;DR Breakdown Despite robust market gains, U.S. investors remain cautious, avoiding companies vulnerable to economic downturns. Investors are focusing on resilient “secular growth themes” like artificial intelligence, indicating a lack of confidence in a cyclical recovery. Tech giants, termed the “magnificent seven,” are dominating the market, accounting for the majority of Nasdaq’s gains. Description The ghost of an impending economic downturn still lingers on Wall Street. Despite the healthy numbers from the broader stock market and robust economic data, U.S. investors remain apprehensive. This sense of trepidation has led them to steer clear of consumer companies vulnerable to an economic slump. A muted enthusiasm amid market gains This year … Read more The ghost of an impending economic downturn still lingers on Wall Street. Despite the healthy numbers from the broader stock market and robust economic data, U.S. investors remain apprehensive. This sense of trepidation has led them to steer clear of consumer companies vulnerable to an economic slump. A muted enthusiasm amid market gains This year has witnessed a significant rebound in major stock indices. The S&P 500 has…

TL;DR Breakdown Namibia has signed the Virtual Assets Act 2023 into law, marking a critical moment in cryptocurrency regulation. The Act aims to safeguard consumers and curb illegal activities like money laundering and terrorist financing. The Bank of Namibia stated that cryptocurrencies would not be considered legal tender, distinguishing digital assets from traditional money.   Description Namibia has embraced the world of cryptocurrencies by signing the groundbreaking Virtual Assets Act 2023 into law. The legislation marks a pivotal moment for the nation, laying down clear guidelines for regulating crypto exchanges within its borders. This move comes after the government initially banned cryptocurrency exchanges in 2017, only to reverse course in 2018, … Read more Namibia has embraced the world of cryptocurrencies by signing the groundbreaking Virtual Assets Act 2023 into law. The legislation marks a pivotal moment for the nation, laying down clear guidelines for regulating crypto exchanges within its borders. This move comes after the government initially banned cryptocurrency exchanges in 2017, only to reverse course in 2018, signaling a shift towards digital asset acceptance. The Namibian Ministry of…

TL;DR Breakdown The Central Bank of Nigeria (CBN) is modifying its eNaira model to encourage wider use of the digital currency, despite challenges such as lack of infrastructure and limited merchant acceptance. The CBN has also increased the Monetary Policy Rate from 18.5% to 18.75% to curb inflation, marking the first such decision by the new administration. These decisions highlight the challenges facing Nigeria’s economy and the efforts to promote digital currency adoption and manage inflation Description The Central Bank of Nigeria (CBN) is altering the model of its central bank digital currency (CBDC), the eNaira, to encourage more usage. Despite the number of eNaira wallets increasing to 13 million between October 2022 and March 2023, the adoption rate remains low for a country with a population of nearly 224 million.  The … Read more The Central Bank of Nigeria (CBN) is altering the model of its central bank digital currency (CBDC), the eNaira, to encourage more usage. Despite the number of eNaira wallets increasing to 13 million between October 2022 and March 2023, the adoption rate remains low for…

Description Worldcoin, spearheaded by OpenAI chief Sam Altman, launched on Monday, 24 July 2023, after years in development, promising to verify users’ identity by iris-scanning and intending to solve one of the more pressing problems posed by recent advances in artificial intelligence. When it surged in price as an opening salvo, there was a flurry of criticisms about … Read more Worldcoin, spearheaded by OpenAI chief Sam Altman, launched on Monday, 24 July 2023, after years in development, promising to verify users’ identity by iris-scanning and intending to solve one of the more pressing problems posed by recent advances in artificial intelligence. When it surged in price as an opening salvo, there was a flurry of criticisms about it, but a placating long essay by Vitalik Buterin seems to have illuminated naysayers. WorldCoin, which has no relation to Altman’s Worldcoin, experienced a significant surge between May 15 and May 17, despite no new updates from the project. Instead, the surge likely came from the latest buzz around Altman’s project, leading to confusion among investors. The obscure token, launched in 2013 with a market cap of about $9 million, benefited from the…

TL;DR Breakdown Optimism has released a report on its recent release of Law of Chains which provides an open neutrality framework for participants in the OP Stack Superchain ecosystem. Superchains will benefit from constant development and access to better and more accessible infrastructure. Optimism has attracted more growth, such as Worldcoin’s migration to the scaling solution. Description Optimism, an Ethereum L2 scaling layer, has released a report on its recent release of Law of Chains which provides an open neutrality framework for participants in the OP Stack Superchain ecosystem. The project aims to promote the fundamental concepts of user protection, decentralization, and economic autonomy. Meanwhile, feedback from the community is welcome on … Read more Optimism, an Ethereum L2 scaling layer, has released a report on its recent release of Law of Chains which provides an open neutrality framework for participants in the OP Stack Superchain ecosystem. The project aims to promote the fundamental concepts of user protection, decentralization, and economic autonomy. Meanwhile, feedback from the community is welcome on the current v0.1 version. Optimism’s Law of Chains to improve…

TL;DR Breakdown Tennessee realtors Michael and Amanda Griffis face CFTC charges for operating a deceptive $6 million digital assets commodity pool scheme. The defendants allegedly defrauded over 100 victims, misappropriated funds, and resorted to Ponzi-like tactics, leaving many investors with substantial financial losses. Description The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action against Michael and Amanda Griffis, a husband and wife realtor duo from Clarksville, Tennessee, for allegedly orchestrating a fraudulent commodity pool scheme involving digital assets. The CFTC’s complaint, filed in the U.S. District Court for the Middle District of Tennessee, accuses the defendants of … Read more The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action against Michael and Amanda Griffis, a husband and wife realtor duo from Clarksville, Tennessee, for allegedly orchestrating a fraudulent commodity pool scheme involving digital assets. The CFTC’s complaint, filed in the U.S. District Court for the Middle District of Tennessee, accuses the defendants of defrauding over 100 individuals across the United States and failing to register with the CFTC during the operation of their multi-million dollar scheme…

TL;DR Breakdown Alphapo, a crypto payment provider, reportedly faced a massive cyberattack resulting in losses of over $60 million. The attack is suspected to be carried out by the infamous Lazarus Group, a cybercrime syndicate associated with North Korea. The incident raises concerns about cybersecurity in the cryptocurrency industry, emphasizing the importance of robust security measures to protect user funds and prevent similar large-scale attacks in the future. Description In a shocking turn of events, Alphapo, a centralized crypto payment provider catering to e-commerce subscription services, gaming sites, and online businesses, has reportedly fallen victim to a devastating cyberattack. According to renowned on-chain sleuth ZachXBT, the estimated losses from the unconfirmed attack have now escalated to an astonishing $60 million. This staggering amount comes … Read more In a shocking turn of events, Alphapo, a centralized crypto payment provider catering to e-commerce subscription services, gaming sites, and online businesses, has reportedly fallen victim to a devastating cyberattack. According to renowned on-chain sleuth ZachXBT, the estimated losses from the unconfirmed attack have now escalated to an astonishing $60 million. This staggering…