Category Archive : Asia

XRUN Crypto’s largest rising market in Indonesia Airdrop mining and full-scale launch of X-platform!

Global blockchain (xscan.xrun.run) and platform company, XRUN LLC, will launch an airdrop advertising platform service, which has been in the works for two years in Indonesia, for the cryptocurrency and platform market.

The X-platform (airdrop P2E advertising platform, metaverse education platform, Club-X, NFT exchange) that XRUN has launched in Indonesia has been highly praised at local business briefing sessions and is currently receiving business proposals from several Indonesian companies. XRun has recently announced that it was ready to sign a listing contract with two currency exchanges.

In addition, XRUN announced that it has signed a business agreement with Indonesia’s cryptocurrency environmental platform company (NUSAKU) to develop an advertising platform service to exchange and market carbon emission rights, tree planting, and environmental protection NFTs. An official from the company said, “XRun’s moving advertisement platform goes beyond Pokemon Go’s popularity, allowing you to easily perform Play to Earn policies and events through your smartphone, and create an ecosystem of XRun Coin to trade NFTs and metaverse items.” He said that it is the best motivating system for individuals and advertisers to utilize, with features such as payments, in a young and liquid market with a population of 300 million.

XRUN is a global company that provides multi-platform services. By providing the Play to Earn advertisement platform service, it has launched a service that mines moving advertisements (EX) with augmented reality (Pokemon Go) and rewards consumers with coins. In addition, by developing the metaverse, it provides club and educational content services in a virtual space and provides services such as games, fellowship, parties, and events on the metaverse with many users through various events and contents. The XRUN coin is used on the metaverse and the NFT platform and provides costfree transactions through the blockchain mainnet…

Read more at www.digitaljournal.com

Binance to Launch Payment and Trading in Dubai

Binance continues the path to its first headquarters in the Middle East with an upcoming launch of payment and trading services in Dubai.

Binance is working with local banks while reciting country managers and compliance officers in Dubai and Bahrain for the launch, according to an «SCMP» report citing Dubai-based regional head of Middle East and North Africa Richard Teng

«Regulators in the Middle East region see that supporting the development of crypto assets is critical in developing the Web 3 ecosystem,» said Teng. «Trading cryptocurrencies is just one of the business areas that we could deploy in the region, and there are many more opportunities besides trading.»

Rebuilding Stage

Binance was first reportedly in talks to establish a Dubai headquarter in December last year before obtaining a virtual asset service provider (VASP) license in March.

Founded by crypto billionaire Changpeng «CZ» Zhao, Binance is seeking to regain regulatory trust after watchdogs from Hong Kong, Singapore, Japan and the U.K. issued multiple warnings over the past few years.

«In some parts of the Middle East, we often communicate with one single regulator which has a consistent framework that straddles banks, asset management, exchanges and broker-dealers,» said Teng. «That cuts out a lot of disagreement from multiple agencies, which may differ in their views about how crypto should be regulated.»

Read more at www.finews.asia

SBI Offers Real-Time Xpress Credit Loans on YONO

The State Bank of India (SBI) has announced that its personal loan product for salaried customers, called Real-Time Xpress Credit (RTXC), will be available through its YONO bank app, a report from IBS Intelligence said Monday (May 23).

Customers will be able to access RTXC from anywhere, the report said.

The service will be 100% paperless and digital, the release said. It added that by using RTXC, central and state government and defense salaried customers won’t have to visit the branch to get a loan, and everything from credit checks, eligibility, sanction and documentation will be digital.

“We are pleased to introduce Real Time Xpress Credit (RTXC) Loan facility for our eligible salaried customers on YONO,” said Shri Dinesh Khara, chairman of SBI. “The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process.”

See also: India’s SBI Latest Bank to Bar Payments to Crypto Exchanges

Last year, SBI cut off payments made with its Unified Payments Infrastructure to crypto exchanges, PYMNTS wrote, with several Indian banks doing the same around that time.

As of September last year, SBI bank customers weren’t able to transfer funds via the UPI to buy crypto, including big names like Bitcoin.

The decision could have made other banks less willing to accept crypto merchants for onboarding onto their UPI platforms, but the National Payments Corporation of India (NPCI) said it wouldn’t block payments to crypto companies using UPI.

Instead, the NPCI said banks should make their own decisions on how to handle the issue.

As with many crypto regulations, crypto companies and advocates objected. Wazirx, one of the biggest crypto exchanges in the country, came out against the decision, saying the company was trying to meet with SBI and talk about alternatives, adding that this would affect “millions” of people.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL…

Read more at www.pymnts.com

Davos Jumps Into Metaverse; Bankers Blast Crypto

The World Economic Forum’s (WEF’s) first live meeting in two years kicked off on Sunday (May 22), and the cryptocurrency industry is out in force.

The annual gathering of world leaders, central bankers, business titans and cultural influencers is an important event for the crypto industry, in large part because WEF was an early adopter in taking the world of digital assets seriously and giving it access to, and a hearing in front of, an influential global audience.

That worked both ways, and Davos, Switzerland, is now a place where the crypto world is taken very seriously indeed.

Which goes a long way to explaining why the WEF unveiled a new partnership with Microsoft and Accenture to build a “Global Collaboration Village” in the metaverse.

The Monday (May 23) announcement by WEF founder and CEO Klaus Schwab that the organization “is embarking on an ambitious new journey to harness the potential of the metaverse as a platform for collaborative, inclusive and effective international action,” certainly has the sweeping grandeur metaverse true believers tend to use when extolling its virtues as the future of social media, of socializing, and even of marketing and commerce. Mark Zuckerberg’s Meta, for example, recently predicted that the immersive virtual world we are promised will be a $3 trillion reboot of the internet.

See also: What’s a Metaverse, and Why is One Having a Fashion Show?

And while the 3D metaverse is still in its early days, Accenture CEO Julie Sweet said it nonetheless has the potential to redefine how people work. And for his part, Schwab is betting that it “will provide immersive spaces where stakeholders can convene, create and take action on the world’s most pressing challenges.” And extend the WEF’s influence footprint, of course.

Then there’s the WEF’s new Defining and Building the Metaverse initiative, aimed at creating governance and policy rules of the road for metaverses in order to “create an equitable,…

Read more at www.pymnts.com

First Global Web3 Eco Innovation Summit Come to Singapore!

Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›

In 2022, new things in the Web3 era, such as Metaverse, NFT, GameFi, DAO, DeFi, etc., are entirely rewriting the traditional business model, reshaping the global digital business landscape a new digital era is coming.

On July 14, 2022, the first Global Web3 Eco-Innovation Summit – Singapore (GWEI – Singapore) will open at the Marina Bay Sands in Singapore.

The Summit focuses on Web3 and is co-hosted by 8BTC’s new brand “DeFiDAONews” and Singapore University of Social Sciences (SUSS), one of the six public universities in Singapore.

The Summit will invite the world’s most influential crypto teams, experts and scholars, academic institutions, investment research institutions, government and enterprise executives, and other Web3 co-builders to gather in Singapore to start a high-density brainstorm.

This will be the first large-scale offline Web3 event in Southeast Asia. Global Web3 practitioners can speak freely, work together and explore new opportunities in the Web3 era.

Fully focus on We3 and seek the opportunities of innovative technologies such as DAO, GameFi, NFT, etc.

In 2022, talents from a large number of Internet giants such as Amazon, Twitter, and Apple will flock to the Web3 world represented by blockchain technology. Some media wrote: “People from Silicon Valley: Escape from Big Company to Embrace Web3”.

In July, all topics of GWEI Singapore will focus on Web3, comprehensively covering Metaverse, NFT, GameFi / X2E, DAO, DeFi, Layer2, public chain, creator economy, and other hot topics.

“In Web3 Entrepreneurship and Investment Age, Looking for the Next 1000x Projects”, “DAO: Exploring a New Paradigm of Future Organizations,” “Web3’s House of Cards: NFT+X2E+Metaverse”, “The Present and Future of Web3 Infrastructure”… …5 major themed forums to…

Read more at cryptoslate.com

Bankers at WEF see the need for caution and speed on central bank digital currencies

The process of introducing a central bank digital currency (CBDC) is fraught with unknowns, some of which were elucidated in a panel of experts gathered Monday at the World Economic Forum in Davos, Switzerland. The panel concluded that good design is key to a successful CBDC, and there are fewer challenges for wholesale CBDC introduction.

Bank of Thailand governor Sethaput Suthiwartnarueput said that although many central banks are considering a CBDC, there is little practical experience with them. The Thai National Bank began proof-of-concept programs in 2018. Its mBridge project began as an experiment in establishing a cross-border wholesale payment corridor with the Hong Kong Monetary Authority and has grown to include the Bank of China, the United Arab Emirates and the Bank for International Settlements. Cross-border transactions using traditional banking technology can take days to complete, while CBDC transactions are much faster.

Suthiwartnarueput said the use of blockchain technology can have unintended consequences. It is good for transparency, he said, but anonymity affects scalability. There is risk in a CBDC’s design because smart contracts require that the handling of every situation be specified ahead of time. He cited the current sanctions on Russia as an example of a potential challenge to CBDC design. The Thai central bank is looking at a “limited pilot” for a retail CBDC in the fourth quarter of this year.

International transactions between persons, especially remittances from workers located in other countries, which make up a market of $48 billion per year, are one of the most pressing use cases for CBDCs. Suthiwartnarueput said CBDCs can carry out such transactions at 50% less expensive and 68% faster than current money transfer technology. Currently, the average fee for a transfer of this type is 6.3% of the transaction sum.

Related: WEF 2022: Crypto remittances must have allure of cash without regulatory constraints — Jeremy…

Read more at cointelegraph.com

IMF, Bank of France officials believe more CBCDs will emerge in next three to five years

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The Governor of the Bank of France François Villeroy de Galhau said that the world might see a strong central bank digital currency emerge in the next three years.

Galhau was asked during a panel at the World Economic Forum in Davos on Monday whether in five years’ time there would be “a central bank digital coin” being used on the daily basis (whether wholesale or retail) that would become “a superior system.”

“We have several experiments which are not very far from that. They are not yet generalized but they could be, let’s say in the next three years,” he replied, not specifying what those were. “It will go quicker on the wholesale side I guess because it raises less sensitive questions.”

The managing director of the International Monetary Fund (IMF) Kristalina Georgieva chimed in, stating that in the next five years CBCDs “would be quite present in the world.”

The panel did acknowledge existing projects like the Bahamas Sand Dollar, Nigeria’s eNaira and China’s digital Yuan. Other guests included the governor of the Bank of Thailand Sethaput Suthiwartnarueput and Credit Suisse chairman Axel Lehmann.

During the discussion, Georgieva seemed to address the recent collapse of the Terra network, saying: “When somebody promises you 20% returns on something that is not backed by any assets, how would we call normally call this thing? We would call it a pyramid.”

She also argued that people should not be quick to classify everything in the “digital money” world in a negative way.

Speaking on stablecoins, she said: “Some of them deserve the name because they’re backed by assets. And when they’re backed by assets one two one they’re really stable. (…) I do feel for the people who lost money because part of the reason they lost money is not really being well educated on this new investment world.”

The IMF managing director urged people to not miss out on the importance of the wider digital asset space, arguing that if properly regulated it could…

Read more at www.theblockcrypto.com

Arthur Hayes, the Bitcoin billionaire under U.S. investigation, sentenced  

Bitcoin billionaire Arthur Hayes was sentenced to two years of probation with home detention for six months in a federal courthouse in New York on Friday, according to multiple media outlets.

This was after Hayes, a co-founder and former chief executive of cryptocurrency derivatives exchange BitMEX, pleaded guilty to a breach of the Bank Secrecy Act (BSA), according to the Wall Street Journal (WSJ) and the South Morning China Post (SMCP).

The SMCP reported that this is the first time the U.S. government has invoked criminal provisions of the BSA against a cryptocurrency derivative platform. Hayes and co-founder Ben Delo pleaded guilty in February after they were convicted of “willfully failing to establish, implement and maintain an anti-money-laundering programme at BitMEX.”

According to prosecutors, Hayes “made himself rich by closely studying—then studiously ignoring—U.S. anti-money-laundering laws and regulations meant to stop financial institutions from moving funds for criminals and terrorists,” the Wall Street Journal reported.

The outlet added that the 36-year-old entrepreneur has already paid a $10 million penalty in connection with a settlement with the U.S. Commodity Futures Trading Commission.

The court presided over by U.S. District Judge John Koeltl said that although the offense was very serious, it did not warrant more than one year of imprisonment. The prosecution argued for more than one year sentence.

Hayes co-founded cryptocurrency derivatives exchange BitMEX in 2014. The business headquartered in Seychelles started slow but things changed in late 2015 when it started offering customers five times more than other competitors were offering. By 2017, Hayes and his team had to hire some 30 people to cope with the explosion in trading. They moved into a new office and by 2018, it had become a high-stakes marketplace, moving billions every day.

“We are the biggest trading platform in the…

Read more at face2faceafrica.com

Cawthorn under House probe for possible fraud, improper relationship

Outgoing Rep. Madison Cawthorn (R-N.C.) is under investigation by the House Ethics Committee over allegations of financial fraud and an improper relationship with a staffer.

Why it matters: The probe is the culmination of weeks of damaging scandals and media reports that led to the right-wing firebrand losing reelection to a GOP primary challenger.

Driving the news: The Ethics Committee said Monday in a press release that its members — five Democrats and five Republicans — voted unanimously to launch the probe.

  • Its aim is to determine whether Cawthorn “improperly promoted a cryptocurrency in which he may have had an undisclosed financial interest” and “engaged in an improper relationship” with a staffer.

The context: A super PAC focused on opposing Cawthorn filed a complaint with the Office of Congressional Ethics alleging Cawthorn provided housing, travel and loans to a staffer, which they said was improperly disclosed.

  • According to the complaint, the staffer, Stephen L. Smith, accompanied Cawthorn on his honeymoon in Dubai.
  • Smith is Cawthorn’s cousin, Cawthorn spokesperson Luke Ball told Insider, calling the complaint “ridiculous.”

The complaint also seized on a Washington Examiner report that Cawthorn was involved in a cryptocurrency “pump-and-dump” scheme.

  • Cawthorn reportedly commented that the cryptocurrency, Let’s Go Brandon Coin, would “go to the moon” — or rocket up in price — on a photo of him and the hedge funder behind the coin, one day before an announcement caused its value to surge.

The other side: “We welcome the opportunity to prove that Congressman Cawthorn committed no wrongdoing and that he was falsely accused by partisan adversaries for political gain,” Cawthorn’s chief of staff Blake Harp told Axios.

  • “This inquiry is a formality. Our office isn’t deterred in the slightest from completing the job the patriots of Western North Carolina sent us to Washington to accomplish,” said Harp. 

Go deeper: A separate report from the committee says…

Read more at www.axios.com

Terra were offering unsustainable yields; DeFi can support financial inclusion

Reporting from the inaugural day of the Blockchain Hub Davos 2022 conference, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr hosted a panel discussion centered around decentralized finance (DeFi) titled “Programmable Money is Here — and It’s Changing the World as We Know It.”

Panelists included chief partnership officer of SwissBorg, Alexander Fazel; Global Markets lead of Kraken Europe, Lucian Aguilar; co-founder and CEO of CasperLabs, Mrinal Monahar; and managing partner of Coral Capital, Patrick Horsman.

In the opening remarks, Aguilar reflected upon his attendance of the event two years ago, assessing the differences in receptiveness and attitude to crypto. He also noted how the prevailing narrative has evolved, stating: “Last time [there were] a lot of projects here that were trying to sell and present. This time, when I look around, it’s more talking about building, adopting and innovating.”

All of his fellow panelists concurred with this viewpoint. Horsman shared that DeFi’s total value locked (TVL) was $1 billion in May 2020, but has since grown 150 times — a healthy barometer of success for the industry by his account.

Engaging the audience in a hand-raising exercise to determine their entry-point into the space, SwissBorg’s Fazel stated that “in TradiFi people are thinking [that] I don’t want to lose money — how can you help me keep my wealth regardless of markets? So, it’s very risk-management orientated. While in DeFi, the degens are like ‘gimme those triple-digit yields wooo!’”

He argued that protocols within the space should adopt higher transparency standards for the risk associated with annual percentage yields (APYs), advocating that additional education could also help balance investors’ expectations.

Advancing that thesis, Coral Capital’s Horsman shared that the Terra (LUNA) crisis partly occurred because “they were essentially offering yields that were unsustainable, and [that] there were venture…

Read more at cointelegraph.com