TL;DR Breakdown China’s central bank has instructed several local banks to reduce their external investments utilizing the Bond Connect scheme. There is a potential for tightening offshore yuan liquidity, which could consequently elevate the expense of financing. Description China’s central bank has instructed several local banks to reduce their external investments utilizing the Bond Connect scheme. The People’s Bank of China (PBOC) has reportedly issued these instructions to curb the flow of the yuan into Hong Kong. The action is intended to limit the availability of yuan in offshore markets. China controlling offshore … Read more China’s central bank has instructed several local banks to reduce their external investments utilizing the Bond Connect scheme. The People’s Bank of China (PBOC) has reportedly issued these instructions to curb the flow of the yuan into Hong Kong. The action is intended to limit the availability of yuan in offshore markets. China controlling offshore yuan One of the insiders pointed out that by restricting the movement of yuan to offshore markets, there is a potential for tightening offshore yuan liquidity, which could consequently…

TL;DR Breakdown Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs). The move is aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions. Description Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs) aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions. In a combined statement, the central banks highlighted that these MoUs constitute the establishment of a Framework for Cooperation … Read more Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs) aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions. In a combined statement, the central banks highlighted that these MoUs constitute the establishment of a Framework for Cooperation designed to facilitate and foster bilateral transactions conducted in local currencies among the respective countries. Malaysia, Indonesia and Thailand strengthening collaboration Bank Indonesia Governor Perry…

TL;DR Breakdown Binance claims all Ethereum L2 rollups are centralized due to the use of sequencers. Sequencers are entities that order transactions into groups before they are sent to the parent Layer-1 (Ethereum). While sequencers improve user experience by reducing fees and speeding up transactions, they are a centralized solution. Description In the expanding realm of cryptocurrency, decentralization is the battle cry, yet there’s a startling reality surfacing. Binance’s latest revelations confirm that all major Ethereum L2 rollups are, in fact, centralized. A blow to the idealistic world of blockchain? Let’s dive in. The Illusion of Decentralization Ethereum’s L2 rollup ecosystem had us all fooled. Or … Read more In the expanding realm of cryptocurrency, decentralization is the battle cry, yet there’s a startling reality surfacing. Binance’s latest revelations confirm that all major Ethereum L2 rollups are, in fact, centralized. A blow to the idealistic world of blockchain? Let’s dive in. The Illusion of Decentralization Ethereum’s L2 rollup ecosystem had us all fooled. Or did it simply follow the path of convenience? At the heart of this are ‘sequencers’. These…

TL;DR Breakdown Mastercard ends its relationship with Binance, stopping all four crypto card programs in Argentina, Brazil, Colombia, and Bahrain by September 22. Binance cards allowed users to transact in fiat currencies using their crypto holdings. Mastercard has other ongoing partnerships with crypto exchanges like Gemini, which remain unaffected. Description In a surprising and bold move, Mastercard has severed ties with Binance, one of the world’s most dominant cryptocurrency exchanges. By September 22, Mastercard will halt all four crypto card programs they had with Binance in countries including Argentina, Brazil, Colombia, and Bahrain. Binance’s Special Feature Gone Amiss The Binance cards offered a unique feature, … Read more In a surprising and bold move, Mastercard has severed ties with Binance, one of the world’s most dominant cryptocurrency exchanges. By September 22, Mastercard will halt all four crypto card programs they had with Binance in countries including Argentina, Brazil, Colombia, and Bahrain. Binance’s Special Feature Gone Amiss The Binance cards offered a unique feature, enabling users to transact in traditional fiat currencies, using their cryptocurrency reserves on Binance as a funding…

TL;DR Breakdown Finnish fintech company Membrane Finance launched EUROe, Solana’s first euro stablecoin, aiming for MiCA compliance. Digital money app Wirex supports EUROe, allowing use at over 40 million merchant locations worldwide. EUROe’s launch on Solana represents a significant step in blockchain-powered money infrastructure, enabling seamless euro movement. Description Finnish fintech company Membrane Finance has launched the first euro stablecoin on the Solana blockchain. Named EUROe, the stablecoin is expected to be fully MiCA-compliant, aligning with the Markets in Crypto Assets regulations set to take effect in 2024. Membrane finance introduces EUROe, Solana’s first euro stablecoin The launch of EUROe on Solana marks a … Read more Finnish fintech company Membrane Finance has launched the first euro stablecoin on the Solana blockchain. Named EUROe, the stablecoin is expected to be fully MiCA-compliant, aligning with the Markets in Crypto Assets regulations set to take effect in 2024. Membrane finance introduces EUROe, Solana’s first euro stablecoin The launch of EUROe on Solana marks a major step forward in the integration of fiat euros into blockchain-enabled digital money. Also, the stablecoin can be…

Description The BRICS alliance, originally touted as the emerging counterweight to Western powerhouses, seems to be revealing its limitations. Amid the typical hustle and bustle of global summits, the recent BRICS gathering in South Africa aimed to portray a façade of progress and unity. However, beneath the surface, the coalition appears to be grappling with existential … Read more The BRICS alliance, originally touted as the emerging counterweight to Western powerhouses, seems to be revealing its limitations. Amid the typical hustle and bustle of global summits, the recent BRICS gathering in South Africa aimed to portray a façade of progress and unity. However, beneath the surface, the coalition appears to be grappling with existential questions. Expansion: Strength or Weakness? The BRICS nations—Brazil, Russia, India, China, and South Africa—are contemplating expanding their ranks. Yet even such a foundational move is marred with disagreement. Brazil and India, two primary members, express reservations. Their apprehensions stem from the potential admission of nations that seem to orbit closer to China’s sphere of influence. An enlarged alliance doesn’t necessarily equate to a strengthened one. As…

Description The US dollar, once the undisputed titan of international trade and finance, is witnessing a formidable challenger rise from the East. China, seeking to capitalize on the shifting dynamics of the global financial system, is leveraging every opportunity to whittle away at the dollar’s long-held supremacy. Bypassing the Dollar’s Grip Argentina’s recent decision to make … Read more The US dollar, once the undisputed titan of international trade and finance, is witnessing a formidable challenger rise from the East. China, seeking to capitalize on the shifting dynamics of the global financial system, is leveraging every opportunity to whittle away at the dollar’s long-held supremacy. Bypassing the Dollar’s Grip Argentina’s recent decision to make a payment to the IMF in renminbi rather than dollars offers a glimpse into the changing undercurrents of global finance. It wasn’t an isolated incident either. Bangladesh, previously reliant on the dollar, turned to the renminbi to finalize payments for a nuclear power plant with Russia when the weight of US sanctions made traditional routes untenable. Such moves underline the growing exasperation of developing nations with…

Description The US economy, the powerhouse on the global stage, is turning up the heat and showing no signs of cooling down. The strength and resilience displayed by the nation are making top officials at the Federal Reserve sit up and take notice, signaling that there might be more actions required on their part. The Resilient … Read more The US economy, the powerhouse on the global stage, is turning up the heat and showing no signs of cooling down. The strength and resilience displayed by the nation are making top officials at the Federal Reserve sit up and take notice, signaling that there might be more actions required on their part. The Resilient Backbone of the US Economy Defying all odds, the US economy has exhibited robust health, evidenced by a tight labor market and unwavering consumer spending. While other economies might have buckled under prolonged higher borrowing costs, the US continues to march forward, seemingly unscathed. Susan Collins, the Boston Fed’s president, had anticipated a deceleration by now, especially with the efforts to bring inflation back to the…

TL;DR Breakdown The BRICS economic bloc has decided to abandon the US dollar for trade settlements. The move aligns with BRICS’ strategy to promote the use of local currencies internationally. Brazil’s President, Luiz Inacio Lula Da Silva, confirmed the decision and announced the alliance’s expansion by six countries by 2024. Description Economic tides shift, and in a landmark decision, the BRICS economic bloc has decided to cut ties with the US dollar for its trade settlements. A move that’s bound to create ripples across global economic waters. A Shift Towards Local Currencies This monumental decision is not a mere whim; it has been a steady journey … Read more Economic tides shift, and in a landmark decision, the BRICS economic bloc has decided to cut ties with the US dollar for its trade settlements. A move that’s bound to create ripples across global economic waters. A Shift Towards Local Currencies This monumental decision is not a mere whim; it has been a steady journey for the BRICS nations to shift focus toward their local currencies, especially on the international stage….

TL;DR Breakdown The United States SEC has changed a former corrections officer for carrying out a cryptocurrency scam. Regulatory response to unraveling crypto scams in the industry. Description A former lieutenant at the New Jersey Department of Corrections, John A. DeSalvo, is facing charges by the United States Securities and Exchange Commission (SEC) for allegedly orchestrating a cryptocurrency scam with a specific focus on police officers and first responders. The announcement, made on August 23, reveals that DeSalvo is accused of raising $623,388 … Read more A former lieutenant at the New Jersey Department of Corrections, John A. DeSalvo, is facing charges by the United States Securities and Exchange Commission (SEC) for allegedly orchestrating a cryptocurrency scam with a specific focus on police officers and first responders. The announcement, made on August 23, reveals that DeSalvo is accused of raising $623,388 from 222 investors between November 2021 and May 2022. SEC charges DeSalvo in the sale of his Blazar token The alleged scheme involved the sale of his own cryptocurrency token, named Blazar. DeSalvo reportedly claimed that Blazar would revolutionize…