TL;DR Breakdown Jinan, in China’s Shandong Province, has implemented digital yuan payments across all its bus routes. Passengers opting to pay with the digital yuan are incentivized with fare discounts. This initiative is part of a broader push in China to promote digital yuan adoption. Description Navigating the busy streets of Jinan, the heart of eastern China’s Shandong Province, has taken a significant stride into the digital age. The city now welcomes digital yuan, the innovative central bank digital currency (CBDC) of China, as a valid payment method across all its bus routes. This milestone marks an important chapter in the … Read more Navigating the busy streets of Jinan, the heart of eastern China’s Shandong Province, has taken a significant stride into the digital age. The city now welcomes digital yuan, the innovative central bank digital currency (CBDC) of China, as a valid payment method across all its bus routes. This milestone marks an important chapter in the evolving saga of China’s cashless society. A trailblazing initiative in digital payments The pilot phase commenced with the introduction of CBDC…

TL;DR Breakdown A detailed look into BlackRock’s ETF filing has shown that it mentioned Coinbase as its surveillance-sharing partner. SEC calls for additional details on surveillance arrangements in ETF filings. Description Asset manager BlackRock’s recent filing for a spot Bitcoin exchange-traded fund (ETF) has revealed a “surveillance-sharing agreement” with leading cryptocurrency exchange Coinbase. The filing, submitted to the United States Securities and Exchange Commission (SEC) on June 29 by the Nasdaq stock exchange, sought a rule change to enable the listing of BlackRock’s Bitcoin ETF. In … Read more Asset manager BlackRock’s recent filing for a spot Bitcoin exchange-traded fund (ETF) has revealed a “surveillance-sharing agreement” with leading cryptocurrency exchange Coinbase. The filing, submitted to the United States Securities and Exchange Commission (SEC) on June 29 by the Nasdaq stock exchange, sought a rule change to enable the listing of BlackRock’s Bitcoin ETF. In the filing, details emerged about an agreement reached on June 8 between Nasdaq and Coinbase, aimed at enhancing the exchange’s market surveillance program and providing access to data on spot Bitcoin trades. BlackRock announces agreement with…

TL;DR Breakdown Hong Kong plans to launch its state-backed stablecoin to rival established cryptocurrencies like Tether and USD Coin. The proposed stablecoin could expand financial inclusion, lower costs, and enhance transaction efficiency through blockchain technology. Hong Kong sees the stablecoin initiative as a crucial step toward becoming a premier global financial centre and attracting businesses, investors, and talent. Description To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region’s interest in digital currencies and Web3 technology continues to grow. By creating a stablecoin linked to the Hong Kong dollar, the government aims to … Read more To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region’s interest in digital currencies and Web3 technology continues to grow. By creating a stablecoin linked to the Hong Kong dollar, the government aims to rival existing stablecoins such as Tether (USDT) and…

TL;DR Breakdown U.K. Finance proposes a £5,000 cap on digital pound holdings to prevent financial panic and deposit flight. The Bank of England suggests a higher limit of £10,000 – £20,000 to encourage wider adoption. The proposed digital pound, dubbed “britcoin,” has already sparked concerns among lawmakers and citizens. Description Debate surrounding the proposed digital pound, a central bank digital currency (CBDC) to be issued by the UK, has reached a fever pitch. The chief bone of contention is the question: should there be an upper limit on individual holdings of the digital pound? This question has ignited fiery discussions among industry leaders, with U.K. … Read more Debate surrounding the proposed digital pound, a central bank digital currency (CBDC) to be issued by the UK, has reached a fever pitch. The chief bone of contention is the question: should there be an upper limit on individual holdings of the digital pound? This question has ignited fiery discussions among industry leaders, with U.K. Finance advocating for a cap of £5,000 ($6350) in contrast to the £10,000 – £20,000 ($12,700 –…

TL;DR Breakdown The EU’s top court has ruled that regulators can probe Meta’s data use for advertising. Meta must obtain user consent to use personal data for targeted ads. The judgment could impact business models across the data economy. Description The digital giant Meta finds itself in troubled waters once again as the European Union’s top court lays down a precedent-shattering ruling. This judgment allows competition regulators to probe whether companies are complying with privacy rules, bringing Meta’s data usage for online advertising under the spotlight. This latest development is a compelling narrative of technology, … Read more The digital giant Meta finds itself in troubled waters once again as the European Union’s top court lays down a precedent-shattering ruling. This judgment allows competition regulators to probe whether companies are complying with privacy rules, bringing Meta’s data usage for online advertising under the spotlight. This latest development is a compelling narrative of technology, privacy, and the role of regulatory bodies in maintaining a fair digital marketplace. Regulators to scrutinize Meta’s data use for advertising Meta, renowned for its social media…

TL;DR Breakdown TON Network has announced the release of a new encrypted messaging feature within its network. The foundation wants to drive growth with the new feature. Description The TON network, developed by the TON Foundation, recently unveiled a new on-chain encrypted messaging feature, allowing users to send private messages within the network. TON, which originated from code created by the Telegram instant messaging app team, was forked and open-sourced after Telegram abandoned the project in July 2020 before its mainnet launch. TON … Read more The TON network, developed by the TON Foundation, recently unveiled a new on-chain encrypted messaging feature, allowing users to send private messages within the network. TON, which originated from code created by the Telegram instant messaging app team, was forked and open-sourced after Telegram abandoned the project in July 2020 before its mainnet launch. TON network rolls out a new encrypted feature on the network The TON Foundation has since taken charge of building the current TON network, which is designed to provide greater scalability and transaction throughput while maintaining decentralization within the Web3…

TL;DR Breakdown China has imposed export restrictions on gallium and germanium, key elements used in semiconductors and electric vehicles, causing global supply chain disruptions. This move is viewed as Beijing’s counter to U.S. attempts to hinder China’s technological progress, escalating the ongoing U.S.-China tech trade war. Fears of potential restrictions on rare earth exports are surfacing, given China’s dominance in their production. Description The temperature in the tech arena between the United States and China is escalating, as Beijing’s recent maneuver in the export sector introduces a new dynamic to this complex relationship. In an unexpected move, China has clamped down on the export of two essential metals, gallium and germanium, largely utilized in the manufacture of semiconductors … Read more The temperature in the tech arena between the United States and China is escalating, as Beijing’s recent maneuver in the export sector introduces a new dynamic to this complex relationship. In an unexpected move, China has clamped down on the export of two essential metals, gallium and germanium, largely utilized in the manufacture of semiconductors and electric vehicles. Businesses…

TL;DR Breakdown 3AC co-founders have promised to pay creditors from their gains in the future in what they called the ‘Shadow Recovery Process’ Controversy surrounds co-founders as the liquidation process drags on. Description The co-founders of Three Arrows Capital (3AC), a crypto hedge fund that collapsed in 2022, have announced their intention to donate a portion of their earnings from their latest crypto venture, Open Exchange (OPNX), to creditors who suffered losses in the fund’s collapse. Kyle Davies, one of the co-founders, expressed the belief that such a … Read more The co-founders of Three Arrows Capital (3AC), a crypto hedge fund that collapsed in 2022, have announced their intention to donate a portion of their earnings from their latest crypto venture, Open Exchange (OPNX), to creditors who suffered losses in the fund’s collapse. Kyle Davies, one of the co-founders, expressed the belief that such a gesture would be a form of “good karma” towards the creditors. 3AC co-founders plan ‘Shadow Recovery Process’ During a Twitter Space session on July 3, Davies outlined the proposed “shadow recovery process” as an…

TL;DR Breakdown Interest rates have risen at an unprecedented pace since the 1990s, but inflation remains high. Monetary policy comes with an 18-month lag, suggesting full impact on spending and prices is yet to be seen. Economic shift towards services and changes in housing and labor markets could slow the transmission of tighter monetary policy. Description The clamor surrounding the recent surge in interest rates and looming deflation brings forth an urgent economic discourse, begging a deep dive into the intricacies of these financial phenomena. Despite swift hikes in interest rates at an unprecedented pace since the 1990s, the inflation beast remains undomesticated, leaving economists and policymakers in a quagmire. Rate … Read more The clamor surrounding the recent surge in interest rates and looming deflation brings forth an urgent economic discourse, begging a deep dive into the intricacies of these financial phenomena. Despite swift hikes in interest rates at an unprecedented pace since the 1990s, the inflation beast remains undomesticated, leaving economists and policymakers in a quagmire. Rate Hikes: A Quick Fix or a Mirage? The world’s 20 leading…

TL;DR Breakdown China’s primary state banks have reduced their dollar deposit rates for the second time in a month in an attempt to stabilize the depreciating yuan. The move aims to discourage households from putting savings into higher-yielding dollar deposits and incentivize Chinese firms. This decision could alleviate pressure on commercial lenders’ net interest margin since banks’ dollar deposit rates had previously risen above lending rates. Description As economic developments unfold, China’s primary state banks have once again reduced their dollar deposit rates, marking the second such cut within a span of a month. A strategic move, it underlines the attempts by the Chinese authorities to halt the depreciating yuan and thus, shapes the country’s monetary landscape. China’s attempt to salvage the … Read more As economic developments unfold, China’s primary state banks have once again reduced their dollar deposit rates, marking the second such cut within a span of a month. A strategic move, it underlines the attempts by the Chinese authorities to halt the depreciating yuan and thus, shapes the country’s monetary landscape. China’s attempt to salvage the…