Day: May 29, 2023

Bank of Japan advances CBDC program, following successful tests

The Bank of Japan (BOJ) has completed the second stage of its CBDC experimentation and is now moving forward with its pilot project. The Bank of Japan (BOJ) has successfully wrapped up the second phase of its study into the possibilities of a central bank digital currency (CBDC), according to a recently released report. This year-long project, spanning from April 2022 to March 2023, enhanced and built upon the foundational ledger functions explored in the first phase. The report indicates that this second phase focused on technologies to establish maximum…

Big solana buys on Huobi may be driven by Hong Kong’s new crypto regulations

A large amount of Solana has been purchased on Huobi, preceding the landmark decision by the Hong Kong government to allow citizens to buy crypto starting June 1st. Cryptocurrency trader and influencer “MartyParty” tweeted about significant purchases of the solana (SOL) on Huobi, a leading digital asset exchange. These transactions have taken place just days before Hong Kong’s government is set to legalize cryptocurrency purchases for its citizens starting from June 1st. MartyParty, who has a substantial following on social media, has been monitoring market trends closely. In a tweet…

Russia scraps plans for a national cryptocurrency exchange

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The Russian government is no longer planning to launch a regulated national cryptocurrency exchange but rather wants to regulate multiple crypto trading platforms. After introducing a plan to create a national crypto exchange in November 2022, Russian lawmakers have abandoned the idea, according to State Duma member Anatoly Aksakov. As previously reported, the local government was considering launching a unified crypto exchange as part of the Moscow Exchange. Instead of setting up a unified crypto exchange, Russia now wants to set rules for creating and managing such platforms, Aksakov said, the…

China Persuades Japan to Lift Restrictions on Semiconductor Chip Export to Harmonize International Trade

China has agreed to work with Japan to promote practical cooperation in key economic and trade areas including advancements in the semiconductor industry. The global geopolitical crisis has significantly impacted the overall development of technology. The ongoing war between Ukraine and Russia, which is estimated to take several years to resolve, has significantly increased the rift between global military superpowers. Moreover, the United States has significantly influenced other nations with high-tech capabilities in Europe and Asia to sideline Russia and China in regard to semiconductor cup developments. China Fights Back…

Latest US Debt Ceiling Proposal Strikes Out Unpopular Crypto Tax Bill

The recent US debt ceiling deal has struck out the previous crypto tax bill proposed by the Biden administration.  Congressman Warren Davidson has confirmed that the recent US debt ceiling deal blocks a potentially pivotal crypto tax bill proposed by the Biden administration. Davidson’s confirmation came as a response to a tweet by Bitcoin advocate and Riot Platforms research executive Pierre Rochard asking for clarity. Following Sunday’s debt ceiling agreement between US President Joe Biden and House Speaker Kevin McCarthy, Rochard noted the absence of BTC mining in the proposed document. As a result, the VP of…

Virtual land NFT prices crater as crypto winter bites

Virtual land metaverse projects such as Decentraland, Voxels, The Sandbox, and others, have experienced a significant plunge in floor prices of their NFTs between 2022 and 2023. The move down left digital collectible and non-fungible token (NFT) enthusiasts questioning the future of the digital real estate market. Metaverse enthusiasm fading A new study conducted between Jan. 2022, and May 2023, reveals a stark reality for virtual land projects. The study examined the price fluctuations of the top five metaverse lands at their peak and current prices in ether (ETH), shedding…

From the Field to the Blockchain: Cryptocurrency’s Impact on Sports

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The cryptocurrency sector has spread globally within a short time. The crypto sector was touted as the next big thing in its early years. However, not even the most ambitious executives would have predicted that the growth would be that rapid. Nowadays, Cryptocurrencies such as Bitcoin have permeated into nearly all industries, including the sports industry. The sports and crypto industries have maintained a close relationship recently. Perhaps it is because the sports industry was not too scared to try the new technology, even as other industries remained skeptical. The…

Injective releases Avalon upgrade, INJ prices rally 14%

Injective protocol, the decentralized derivatives trading exchange, has activated the Avalon upgrade on the mainnet. In response, INJ, the protocol’s native token, is up 14.4% in the past 24 hours and is one of the top performers, surpassing bitcoin (BTC). Enhancing Injective’s capabilities The Avalon upgrade improves the DEX’s performance, scalability, and user experience. Enhancements include the implementation of layer-1 scalability optimizations, improvements which the protocol say will improve speed and transaction efficiency enabling a smooth trading experience.  The upgrade also sets the base for sub-second block times. This could…

MediaTek & Nvidia Partner to Enhance User In-Cabin AI Experience in Affordable & Luxurious Automobiles

Leading chipmakers MediaTek and Nvidia recently combined resources to “offer a truly unique” in-cabin AI experience in automobiles.  Taiwan’s MediaTek Inc has partnered with US chip-manufacturing giant NVIDIA (NASDAQ: NVDA) to bring enhanced AI tech to automobiles. The partnership seeks to revamp in-car experiences with software-defined, smart cabin solutions using Nvidia’s GPU chiplets. The joint artificial and accelerated computing offerings would be available in a broad vehicle class range, from entry-level to premium automobiles. Executives Comment on MediaTek-Nvidia AI Infotainment Experience for Automobiles MediaTek CEO Rick Tsai and NVIDIA founder and CEO Jensen Huang…

Gemini and Genesis File Motion to Dismiss SEC’s Lawsuit against Earn Program

The outcome of the SEC’s lawsuit against Gemini and Genesis is expected to have significant implications for the crypto industry and its evolving regulatory landscape. Gemini crypto exchange, and Genesis, an insolvent crypto lender, have jointly filed a motion in US federal court, seeking the dismissal of the complaint filed by the United States Securities and Exchange Commission (SEC) complaint against the Earn Program. The SEC alleges that the Earn Program, operated by both firms, violates Federal Securities laws by offering unregistered securities to investors. According to a lawsuit filed…