TL;DR Breakdown Nigeria is set to save over 21 trillion naira ($28 billion) in two years following the removal of gasoline subsidies and allowing the currency to weaken, as per World Bank projections. The federal government has saved over N400 billion since the termination of gasoline subsidy on May 31, 2023, and an increase in gasoline price is expected following the decision to let the naira float against the US dollar. The World Bank supports these fiscal changes and advises further steps to increase non-oil revenue, reduce inflation, and expand social safety nets for the poor and most vulnerable. Description The Nigerian government is set to make substantial savings of over 21 trillion naira ($28 billion) over the next two years, according to the World Bank. This development is anticipated to relieve the financial burden facing President Bola Tinubu’s administration, which has been grappling with record fiscal deficits and ballooning debt-service responsibilities. Shattering subsidy chains … Read more The Nigerian government is set to make substantial savings of over 21 trillion naira ($28 billion) over the next two years, according…

TL;DR Breakdown Chinese stocks’ rapid rise and subsequent fall left investors puzzled. Expectations of US-China relations improvement, consumer spending surge, and Beijing’s economic stimulus fell short. Investors’ hopes dampened due to geopolitical tensions and cautious spending by Chinese consumers. Despite setbacks, some expect China to increase stimulus measures and predict positive market performance. Description Navigating the shadowy contours of China’s investment landscape has left many global investors disoriented. The perplexing climb and subsequent crash of Chinese stocks early this year only underscores the enigmatic nature of the world’s second-largest economy. Let’s unravel the circumstances that have left investors in the dark. The rise and fall of China stocks As … Read more Navigating the shadowy contours of China’s investment landscape has left many global investors disoriented. The perplexing climb and subsequent crash of Chinese stocks early this year only underscores the enigmatic nature of the world’s second-largest economy. Let’s unravel the circumstances that have left investors in the dark. The rise and fall of China stocks As the stringent Covid restrictions started lifting in January, optimism soared high for the…

TL;DR Breakdown AI-created music can qualify for Grammy consideration, but awards will only go to human creators. AI is seen as a tool to enhance, not replace, human creativity in music. The Recording Academy has set rules acknowledging the role of AI in modern music creation. Description Artificial Intelligence (AI) is increasingly asserting its position in various fields, and music is no exception. With advancements in technology, the spectrum of music creation is expanding beyond human ability, resulting in a fascinating intersection of human ingenuity and machine learning. This brings us to an intriguing prospect: could AI music potentially receive a prestigious … Read more Artificial Intelligence (AI) is increasingly asserting its position in various fields, and music is no exception. With advancements in technology, the spectrum of music creation is expanding beyond human ability, resulting in a fascinating intersection of human ingenuity and machine learning. This brings us to an intriguing prospect: could AI music potentially receive a prestigious Grammy Award? The short answer is a firm maybe. Here’s why. Understanding the Boundaries of AI Music In light of…

TL;DR Breakdown Binance temporarily suspends withdrawals and deposits for Multichain-bridged assets. Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI) and SuperVerse (SUPER) are among the affected tokens. Ethereum’s Travala (AVA) and Spell Token (SPELL) transactions were impacted. Description Binance, the leading cryptocurrency exchange, recently temporarily stopped processing withdrawals and deposits for several Multichain-bridged assets. In a Twitter post, the platform stated that these restrictions would take effect from the 7th of this month and remain in place for the foreseeable future. This move comes in response to issues encountered with the Multichain (MULTI) … Read more Binance, the leading cryptocurrency exchange, recently temporarily stopped processing withdrawals and deposits for several Multichain-bridged assets. In a Twitter post, the platform stated that these restrictions would take effect from the 7th of this month and remain in place for the foreseeable future. This move comes in response to issues encountered with the Multichain (MULTI) protocol, prompting Binance to take precautionary measures. Tokens tied to Polkastarter (POLS) on the BNB Smart Chain are affected, rendering them temporarily unavailable for trading on the platform. Additionally, deposits…

TL;DR Breakdown The South Korean government is allowing new entrants into the banking sector for the first time in 30 years to increase competition and address criticism over large employee bonuses. Measures include permitting more online banks, issuing commercial banking licenses to existing firms, and easing loan-to-deposit rules for foreign banks’ local branches. Despite concerns that these actions may not sufficiently stimulate competition, this move signifies a significant shift in South Korea’s banking industry landscape. Description South Korea, one of the world’s most vibrant economies, is witnessing an unprecedented shift in its banking industry. This comes as the government, to stimulate competition, is opening doors for new entrants into the banking sector for the first time in three decades. This move follows criticism of large bonuses paid to banking employees while … Read more South Korea, one of the world’s most vibrant economies, is witnessing an unprecedented shift in its banking industry. This comes as the government, to stimulate competition, is opening doors for new entrants into the banking sector for the first time in three decades. This move follows…

TL;DR Breakdown MetisDAO identifies vulnerabilities in Poly Network and prioritizes transparency. The validity of METIS tokens is limited to pre-attack purchases from BNBChain addresses. Users are advised to exercise caution and protect assets amid security breaches. Description Metis, a renowned blockchain project, has recently made a shocking revelation about discovering and disclosing vulnerabilities in the Poly Network. Taking to Twitter, Metis informed its community that only METIS tokens purchased from BNBChain addresses before the attack and the initial sale of exploited METIS would retain their validity. To ensure accuracy, the Metis team … Read more Metis, a renowned blockchain project, has recently made a shocking revelation about discovering and disclosing vulnerabilities in the Poly Network. Taking to Twitter, Metis informed its community that only METIS tokens purchased from BNBChain addresses before the attack and the initial sale of exploited METIS would retain their validity. To ensure accuracy, the Metis team promptly took a snapshot of all BNBChain addresses holding METIS tokens following the security breach and the first token sale by the perpetrator. This decisive action exemplifies Metis’s unwavering commitment…

TL;DR Breakdown Multiple meme currency offshoots have emerged globally, signaling an ephemeral trend. Chain analysis instrument, according to Bubblemaps, a small group of very early buyers controlled a disproportionately significant portion of the Pepe 2.0 supply at launch and are now slowly unloading their holdings. According to Lookonchain, two wallets spent millions on the tokens on Monday, betting that the frog-themed tokens will eventually outperform Dogecoin (DOGE) and Shiba Inu (SHIB) as the most popular meme coins. Description Following a two-day surge, Pepe (PEPE) reached a two-month high. Market investors have profited from the asset’s recent increase. Microcaps that claim to be the long-awaited return of popular meme currencies are the current fad in some sectors of the crypto industry. Pepecoin 2.0 success Trading volumes for tokens like Pepe 2.0, Floki 2.0, and … Read more Following a two-day surge, Pepe (PEPE) reached a two-month high. Market investors have profited from the asset’s recent increase. Microcaps that claim to be the long-awaited return of popular meme currencies are the current fad in some sectors of the crypto industry. Pepecoin 2.0…

TL;DR Breakdown DBS enables customers to accept e-CNY payments, boosting cross-border commerce efficiency. Project Guardian tests asset tokenization and DeFi in collaboration with renowned platforms. DBS partners with Marketnode and other institutions, solidifying Singapore’s leadership. Description DBS, the renowned Singaporean bank, announced today a groundbreaking development that allows its customers to accept payments in e-CNY, the digital currency issued by the Chinese central bank. In a major step forward, DBS has established a seamless system through which e-CNY can be directly settled into a company’s bank account, leveraging automated processes for … Read more DBS, the renowned Singaporean bank, announced today a groundbreaking development that allows its customers to accept payments in e-CNY, the digital currency issued by the Chinese central bank. In a major step forward, DBS has established a seamless system through which e-CNY can be directly settled into a company’s bank account, leveraging automated processes for efficiency and convenience. Remarkably, one of DBS’s customers has already completed a purchase using this innovative solution. This significant milestone stems from DBS’s collaboration with the Monetary Authority of Singapore on…

TL;DR Breakdown Bitcoin and the entire crypto market has seen an improvement in the first half of 2023 and crypto analyst predict that this trend will continue in the second half of 2023. Market analysts predict that BTC will reach $45,000 due to the BTC ETF fillings by BlackRock, Cboe and other mega institutions. The SEC crypto crackdown will be a major play in H2 especially with the outcome of the case against Ripple. Description Between the beginning of January and the end of June, Bitcoin increased by 84%, rising beyond $30,000 to record its best first-half year since 2019, when it debuted below $3,500.Despite the highest first-half performance in four decades for the tech-heavy Nasdaq, the index most correlated with tokens, the largest digital asset, still beat stocks. It’s … Read more Between the beginning of January and the end of June, Bitcoin increased by 84%, rising beyond $30,000 to record its best first-half year since 2019, when it debuted below $3,500.Despite the highest first-half performance in four decades for the tech-heavy Nasdaq, the index most correlated with tokens,…

TL;DR Breakdown Binance Australia’s offices have been searched by the ASIC as part of an ongoing investigation into the company’s dissolved local derivatives operation. The probe focuses on Binance’s client classification practices within its derivative operations, which led to the closure of some derivative positions and the eventual cancellation of Binance’s derivative operation license by ASIC. This incident is one of many global regulatory challenges Binance faces, including probes in France and accusations by the U.S. Securities & Exchange Commission. Description Binance Australia, the regional subsidiary of the world’s largest cryptocurrency exchange, has reportedly been searched by the Australian Securities and Investments Commission (ASIC), according to a report by Bloomberg. The search forms part of an ongoing investigation into the company’s now-defunct local derivatives operation. ASIC’s examination of derivative operations This probe by ASIC, Australia’s integrated … Read more Binance Australia, the regional subsidiary of the world’s largest cryptocurrency exchange, has reportedly been searched by the Australian Securities and Investments Commission (ASIC), according to a report by Bloomberg. The search forms part of an ongoing investigation into the company’s now-defunct…