TL;DR Breakdown Diaz-Canel critiques USD dominance in global trade, citing repressive effects. BRICS nations push for de-dollarization, considering a shared currency. Countries globally seek to reduce USD reliance, pointing towards a shift in world economic order. The quiet murmurs of the world’s economic machinery have become increasingly resonant as nations grapple with the domineering influence of the United States dollar (USD). In an exclusive interview aired by RT, Miguel Diaz-Canel, Cuba’s President, made a bold statement emphasizing the repressive power of the USD, and what nations are doing to break free. The USD’s global reach and its repercussions Cuba’s top authority detailed how the ubiquity of the USD as a global reserve currency permits the United States to exert influence, which some interpret as a form of monetary hegemony. According to Diaz-Canel, such a position enables the US to engage in activities that include implementing stringent sanctions, blackmailing, and fostering aggression. The President didn’t shy away from expressing his views on the matter, highlighting how these actions often affect developing economies that struggle to fight back. This isn’t the first…

TL;DR Breakdown UBS CEO Sergio Ermotti has warned of necessary job cuts following the takeover of Credit Suisse, citing the need to create a sustainable cost base. Despite the takeover, Credit Suisse executives may play significant roles in the merged entity, suggesting a balanced distribution of jobs. Ermotti dismissed concerns that the new entity, twice the size of Switzerland’s annual economic output, was too large, stating that in banking, “size matters.” The anticipated fusion of banking giants, UBS and Credit Suisse, has been met with enthusiasm by market watchers, even as UBS grapples with job complexities. Sergio Ermotti, UBS Chief Executive, recently addressed these concerns, acknowledging the difficult choices the merger necessitates in terms of job cuts. The top brass at UBS has been tasked with aligning the two financial powerhouses, an endeavor that signals significant changes in the Swiss banking landscape. UBS says job cuts, an unavoidable side-effect Ermotti, in his address at an event hosted by the Asset Management Association Switzerland, underscored the fact that synergies, inevitably, may imply job cuts. “We can’t instantly generate job opportunities for…

TL;DR Breakdown Bitcoin miners in the United States can heave a sigh of relief as a proposed tax on crypto mining failed to make its way into a bill aimed at raising the U.S. debt ceiling. The DAME tax faced significant opposition due to concerns that it could potentially lead to an increase in global emissions.  The news of the tax proposal’s exclusion from the bill came after Pierre Rochard, the vice president of research at Bitcoin miner Riot Platforms, noticed its absence.  Bitcoin miners in the United States can heave a sigh of relief as a proposed tax on crypto mining failed to make its way into a bill aimed at raising the U.S. debt ceiling. The tax proposal, known as the Digital Assets Mining Energy (DAME) excise tax, intended to levy a tax on crypto miners equivalent to 10% of their electricity costs in 2024, with plans to increase it to 30% in 2026. The DAME tax faced significant opposition due to concerns that it could potentially lead to an increase in global emissions. Critics argued that if…

TL;DR Breakdown MUFG, Japan’s largest bank, is launching Progmat Coin, a stablecoin issuance platform, to enable Japanese banks to issue yen-pegged stablecoins on public blockchains. The platform will support stablecoin issuance on Ethereum, Polygon, Avalanche, and Cosmos, with plans to expand to other networks in the future. The move comes as new regulations in Japan allow trust banks to issue stablecoins, opening up opportunities for banks to explore digital currency offerings. Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has announced its stablecoin issuance platform, Progmat Coin, which several Japanese banks will soon utilize to launch Japanese yen-pegged stablecoins on multiple public blockchains. This move comes as new regulations have opened avenues for trust banks to explore stablecoin offerings. MUFG’s Progmat Coin to facilitate stablecoin issuance MUFG revealed that Progmat Coin would serve as the backbone for issuing bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos, with plans to incorporate more networks in the future. The platform aims to provide a universal digital asset payment method for stablecoins, other cryptocurrencies, and even a Japan-based central bank digital currency (CBDC). It…

TL;DR Breakdown US lawmakers show concern following El Salvador’s Bitcoin-friendly policy. The lawmakers want a bill to regulate Bitcoin risks. As El Salvador continues to attract more tourists due to its Bitcoin-friendly policies, US lawmakers are raising concerns about potential risks posed by the nation’s adoption of the cryptocurrency. US lawmakers Jim Risch (R-Idaho) and Bob Menendez (D-N.J.), ranking member and chairman of the Senate Foreign Relations Committee, reintroduced a bipartisan bill requesting a State Department report on the impact of El Salvador’s Bitcoin adoption on bilateral economic relations and law enforcement cooperation. US lawmakers wary of El Salvador’s Bitcoin-friendly stance The Accountability for Cryptocurrency in El Salvador (ACES) Act, initially introduced in February last year by Risch, Menendez, and Bill Cassidy (R-La.), aims to shed light on the consequences of Bitcoin becoming legal tender in El Salvador. The US lawmakers are particularly interested in understanding the risks associated with cybersecurity, economic stability, and democratic governance in the country. El Salvador gained global attention in 2021 when it became the first country to adopt Bitcoin as a legal tender. President…

TL;DR Breakdown Demox Labs has announced the release of a new wallet that will serve the users of its Aleo blockchain. The firm recently secured $4.5 million in funding to advance its web3 applications. Demox Labs, a prominent technology company, recently unveiled its latest wallet called “Leo” for the privacy-focused Aleo blockchain network. This wallet empowers users to generate zero-knowledge (ZK) proofs directly within their web browsers, enabling seamless interaction with Aleo’s ZK-based applications. While Aleo is currently in its testnet phase, plans are underway for a mainnet launch later this year. Demox Labs says the wallet will be privacy-focused The Leo wallet garnered significant attention even before its release, with over 40,000 users signing up for the waitlist. This overwhelming response reflects the growing demand for privacy-oriented solutions in the blockchain space. To further enhance ZK-proof technology through Aleo and other networks, Demox Labs secured $4.5 million in funding from various investors. Hack VC, a venture capital firm, led the funding round, joined by prominent participants such as DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared. The influx…

TL;DR Breakdown The XRP community has responded positively to recent efforts aimed at providing much-needed regulatory clarity to the cryptocurrency industry. According to Senator Emmer, the bill seeks to address the regulatory classification of digital assets, offering market certainty to innovators while establishing clear jurisdictional boundaries for regulators. This hearing marks an important step toward initiating discussions on the urgent need for market structure legislation for cryptocurrencies. The XRP community has responded positively to recent efforts aimed at providing much-needed regulatory clarity to the cryptocurrency industry. In May, Congressman Tom Emmer, a proponent of cryptocurrencies, introduced the Securities Clarity Act alongside U.S. Representative Darren Soto. According to Senator Emmer, the bill seeks to address the regulatory classification of digital assets, offering market certainty to innovators while establishing clear jurisdictional boundaries for regulators. One of the key challenges faced by token projects is the lack of differentiation between the asset itself and the securities contract. As a result, once a project becomes decentralized, it remains within the securities framework, limiting its utility and adversely affecting token holders. To overcome this issue,…

TL;DR Breakdown Brazil’s largest crypto exchange, Mercado Bitcoin, has obtained a payment institution license from the country’s central bank, allowing it to operate as an electronic money issuer and expand its services. The exchange plans to launch MB Pay, a fintech solution providing digital banking services to Brazilian users, leveraging their crypto assets held on the platform. The approval signifies the growing interest in Brazil’s crypto market, attracting global players like Binance and Coinbase, and highlighting the country’s enthusiasm for digital assets and innovative financial solutions. Mercado Bitcoin, the leading cryptocurrency exchange in Brazil, has secured a payment institution license from the country’s central bank, allowing the company to expand its services and enhance its customer experience. With the new license in place, Mercado Bitcoin plans to launch its fintech solution, MB Pay, offering a range of digital banking services and introducing a crypto payments card in the near future. Central bank approval fuels business expansion According to reports, Mercado Bitcoin obtained its payment provider license from the Central Bank of Brazil on June 2. This approval marks a significant…

TL;DR Breakdown Avalanche price analysis is bullish today. The strongest resistance is present at $15.1. The trading price of AVAX is $14.5 at the time of writing. Avalanche price analysis indicates the emergence of a bullish trend that is progressively gaining strength, with substantial potential for further upward movement. The AVAX/USD trading pair is presently valued at $14.5, denoting a 1.14% appreciation in worth over the preceding 24-hour period. The market experienced a notable upward trajectory yesterday, characterized by a sudden surge in prices. Nonetheless, at the onset of the current day, the market demonstrated encouraging bullish tendencies following a dip below the $14 threshold. Moreover, there has been a reduction in market volatility, establishing a conducive milieu for potential recuperation that is welcomed by bullish investors. As of today, the price of Avalanche (AVAX) stands at $14.59, accompanied by a 24-hour trading volume of $152.68 million. The market capitalization of Avalanche is $4.88 billion, with a market dominance of 0.42%. Over the past 24 hours, the AVAX price has witnessed a 1.14% increase. The current sentiment surrounding Avalanche’s price…

TL;DR Breakdown Elliptic, a crypto-tracking startup, uses AI to find hackers and protect the blockchain in response to this expanding threat. Elliptic will use ChatGPT to supplement its human-based data collection and organization procedures to increase accuracy and scalability. Elliptic has proved its commitment to staying at the top of the industry’s fight against hackers by giving stronger security solutions to preserve cryptos’ future by employing AI. Elliptic is the recent talk in the crypto town on matters pertaining security and AI. Security continues to be a top priority in the quick-paced world of cryptos. With digital assets worth billions of dollars traded and held online, there is a significant risk of fraud and hacking. Elliptic, a crypto tracking company, has upped its game by leveraging artificial intelligence (AI) to discover hackers and safeguard the blockchain‘s integrity in response to this growing threat. Enhancing crypto security using AI Elliptic, a startup specializing in crypto analytics, is adding AI to its suite of tools to monitor blockchain transactions better and identify potential threats Elliptic’s ability to detect fraud, trace illegal cash,…