Binance Launching New Crypto Trading Platform in Japan This Summer to Comply With Regulations

Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange.

Binance Has Created New Crypto Trading Platform for Japan Users

Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote:

We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.

“The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued.

The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023.”

From Dec. 1, all Binance.com accounts held by local Japanese resident users will be set to “withdrawal-only mode,” Binance detailed. In addition, Binance noted that its new Japan platform “will not provide derivatives services at the initial stage to comply with local regulations.”

Regarding which crypto tokens will be available on the new Binance Japan platform, the crypto firm explained:

Binance Japan will have a limited number of tokens available for spot trading at the initial stage, and there are limitations on certain product offerings to comply with local regulations. We will add more products and services when it is possible to do so.

Binance further noted: “We aim to provide over 30 tokens as a first step. We will provide updates and more information once new tokens are confirmed.”

In November last year, Binance said it had acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by Japan’s top financial regulator, the Financial Services Agency. “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” said Takeshi Chino, general manager of Binance Japan.

What do you think about Binance launching a local platform for Japan residents to comply with regulations? Let us know in the comments section below.

from Bitcoin News

Belarus Seeks to Deepen Ties With BRICS, SCO, ASEAN — Pushes for Economic Union With Zero Restrictions

Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.”

Belarus Prioritizes Building Economic Union With ‘No Barriers and No Restrictions at All’

Belarusian President Alexander Lukashenko outlined his country’s priorities and response to sanctions during the Supreme Eurasian Economic Council meeting in Moscow on Thursday. The meeting was chaired by Russian President Vladimir Putin.

Lukashenko explained that Belarus’ response to sanctions is to strengthen cooperation within major multinational organizations, such as the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). The BRICS economic bloc comprises Brazil, China, India, Russia, and South Africa. The Belarus leader said (translated by Google):

Our response to the sanctions pressure is to intensify cooperation within the SCO, BRICS, and ASEAN, to close new trade agreements, and [engage in] constructive and mutually beneficial cooperation with everybody who is interested in being our friends and partners.

“Having said that, I want to note that as a result, we must ensure the balance of interests between all the parties involved. It is not an easy task but I am confident that the commission has the skills and competence required,” he added.

Lukashenko continued: “The modern world is undergoing global changes and entering an era of major transition and strategic development. There is increasing awareness of the need to replace the unipolar system of management with new decision-making centers that ensure the consideration of interests of all participants in international relations.” He stressed:

The creation of a comprehensive economic union remains our priority … There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.

“Colleagues, I believe that, by taking joint efforts, we can fully realize the potential of this union internally and externally, thus creating one of the full-weight responsible centers of the new multipolar world,” the Belarus leader concluded.

The Belarusian leader also spoke at the Eurasian Economic Forum in Moscow Wednesday. “Financial, pandemic, [and] geopolitical crises are replacing each other so quickly that people simply do not have time to take a breath and lose confidence in the future,” Lukashenko opined, elaborating:

The world has been recently living in a constant state of tension and uncertainty. This is also natural in the transition period from the old era to the new one, to which we aspire and whose name is multipolarity.

While noting that in extraordinary circumstances, a stable economy serves as a strong foundation, he emphasized that in today’s interconnected world with transparent economic borders and intertwined trade relations, it becomes nearly impossible for any nation to achieve economic stability on its own. He added that consequently, countries are increasingly motivated to seek membership in influential regional and international organizations, such as the Eurasian Economic Union (EAEU), SCO, BRICS, and ASEAN.

What do you think about the statements by Belarusian President Aleksandr Lukashenko? Let us know in the comments section below.

from Bitcoin News

‘Weaponization Project of the Dollar’: Asian Countries Talk De-Dollarization; Jim Rogers Says USD’s Time ‘Coming to an End,’ and More — Week in Review

The future fate of the U.S. dollar continues to dominate financial news, as investor Jim Rogers says the USD’s time is “coming to an end,” and nine Asian countries have been discussing de-dollarization measures in Iran. In other news, an expert has predicted that the price of gold will skyrocket due to economic conditions, and JPMorgan CEO Jamie Dimon has said of interest rates that people “should be prepared for rates going higher from here.” All this and more just below, in this latest Bitcoin.com News Week in Review.

9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.

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Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned.

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JPMorgan Boss Warns ‘Everyone Should Be Prepared’ for Interest Rates ‘Going Higher From Here’

JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for commercial real estate to sour following concerns raised by Berkshire Hathaway’s Charlie Munger about the sector.

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Gold Prices Poised to Skyrocket as Expert Predicts Fourfold Increase in Demand

Although gold has been trading below the $2K range since May 16, 2023, Rick Rule, the founder of Rule Investment Media, is confident that the struggling U.S. economy will cause demand for precious metals like gold to skyrocket. In an interview published on May 18, Rule emphasized that people’s anxiety about the purchasing power of conventional savings methods has always been the main factor driving gold prices. According to Rule, this trend is likely to continue, and he predicts that demand for gold will increase by fourfold in the near future.

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What are your thoughts about recent conversations on the dollar losing its influence in global economics? Let us know in the comments section below.

from Bitcoin News

Biden, Republicans Strike Tentative Deal to Raise US Debt Ceiling

The White House and House Republicans have reached an agreement in principle to raise the U.S. debt ceiling. Described by President Joe Biden as “good news for the American people,” the deal would open the door to avoiding a historic default by the government in Washington and averting not just a potential economic catastrophe in the United States but a global recession as well.

Joe Biden, Kevin McCarthy Announce In-Principle Agreement to Raise Debt Ceiling

After weeks of negotiations, which put an end to a months-long stalemate, the White House and the Republican leadership of the House of Representatives now have “an agreement in principle” on a deal to raise the debt ceiling in the U.S. for two years and limit budget spending.

The agreement has been reached by President Joe Biden and House Speaker Kevin McCarthy during a phone call on Saturday. Both sides are now facing the difficult task to convince the Republican-controlled House and Democrat-dominated Senate to back the deal in Congress before June 5.

On that date, the U.S. government could find itself unable to pay its bills, according to Treasury Secretary Janet Yellen, who just updated her projection on Friday. Yellen had previously estimated that the United States could default on its debt obligations as early as June 1.

“We have come to an agreement in principle. We still have a lot of work to do but I believe this is an agreement in principle that is worthy of the American people,” McCarthy told reporters, quoted by CNN. In a tweet, he accused the U.S. head of state that “he wasted time and refused to negotiate for months.”

President Biden confirmed the deal on Twitter, too. He remarked that the agreement is a compromise that would not make everyone happy but emphasized it “is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession.”

Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.

It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and…

— President Biden (@POTUS) May 28, 2023

Deal to Cap Spending, Postpone Further Ceiling Revisions Until After 2024 Election

Joe Biden urged both chambers of Congress to “pass the agreement right away.” Negotiating teams are expected to present the finalized text of the legislation on Sunday and McCarthy said that he will likely speak with the President again in the afternoon.

If approved by lawmakers, with the House vote expected on Wednesday, the agreement would increase the limit for the U.S. government’s $31.4 trillion debt through January 2025, postponing future clashes over the ceiling between the Democrats and the Republicans beyond the 2024 presidential election.

It would also cap spending in the 2024 and 2025 budgets, Reuters reported. And according to a source familiar with the negotiations quoted by CNN, non-defense spending will be capped to the current levels for next year and increased by 1% in the following fiscal year.

In case Biden signs it into law before the approximate default date, Washington would avoid a potentially unprecedented crisis with unpredictable consequences for the world economy as the U.S. government has never before defaulted on its obligations.

The threat of a recession has sparked reactions across the globe. While the credit rating agency Moody’s labeled the potential U.S. default a “near-term danger to the dollar’s position,” China’s Chengxin International Credit Rating agency downgraded the United States’ credit rating this week.

Crypto markets reacted positively to the news of the deal reached in the U.S. capital, with the price of bitcoin (BTC) rising by around 2% in 24 hours to over $27,000 at the time of writing and that of ether (ETH), the second-largest crypto by market cap, increasing by nearly 1% to almost $1,850 per coin.

Do you expect the Congress to support the agreement to raise the U.S. debt ceiling on time? Tell us in the comments section below.

from Bitcoin News

Blockchain-Based Re-Usable KYC ‘Particularly Valuable in Web3’ — Cheqd CEO Fraser Edward

According to Fraser Edward, the CEO and co-founder of the public permissionless network, Cheqd, one of the main hurdles faced when attempting to move data stored on Web2 servers to Web3 is “establishing a clear and scalable revenue model.” Edward however suggested overcoming this hurdle will unlock new use cases which facilitate economic activities within the Web3 ecosystem will be unlocked.

The Trusted Data Market

The Cheqd co-founder also told Bitcoin.com News that in today’s data-driven world, greater emphasis is now being placed on obtaining accurate and verified data. This shift in value from what Edward labeled generic data to trusted data is evidenced by users’ demand for data that is portable and cryptographically verifiable. According to Edward, it is this demand for assured data that has given rise to what is now known as the “trusted data market.”

Meanwhile, in the rest of his responses to questions from Bitcoin.com News, the Cheqd CEO touched on the so-called “bot paranoia” and how a decentralized reputation system can be used to combat bots and impersonators. The CEO also offered his thoughts on blockchain-based re-usable KYCs as well as how these can be used in the real world.

Below are Edward’s answers to questions sent to him via Telegram.

Bitcoin.com News (BCN): What is a Trusted Data Market and what problem does it solve for businesses and individuals?

Fraser Edward (FE): In today’s data-driven world, trust and assurance in data are critical, especially considering the increasing volume of data, the emergence of advanced language models like ChatGPT, and the rising volume of fraud. This shift in value from generic data to “trusted data” is characterized by data which is portable, cryptographically verifiable, assured provenance and traceability. Since trusted data has value, recipients will pay the issuers of the data for that value, incentivising them to provide more trusted data wherever possible.

Let’s consider the example of a Web3 lender looking to attract new users from Web2, and retain existing users in Web3 by lowering collateral ratios on crypto loans: Suppose a borrower approaches a lender, either in the cefi or defi space, seeking a loan. Traditionally, lenders require significant over-collateralization (>140-200%) due to the unknown risk associated with an individual borrower.

In a new scenario, lenders and protocols can offer appropriately collateralized loans if the borrower provides signals that support a perceived reduction of risk. These ‘signals’ are trusted data which may include on-chain transaction history, social signals and proofs like DAO contribution history, ownership of real-world assets, and even the borrower’s Web2 credit score and KYC data. The lender utilizes these signals to assess the risk of the loan. The more signals the borrower provides, the lower the perceived risk.

This enables lenders to offer competitive loan terms while maintaining their risk profile. Moreover, it enhances the efficiency of capital markets, stimulates growth through new money creation, and establishes cryptocurrencies as a viable alternative to fiat currencies. As the loan is repaid, the lender can provide prompt payment credentials to the borrower, which the borrower can share with other lenders to demonstrate good behaviour. The new lender then compensates the old lender and the borrower for these credentials.

Cheqd supports this data market by ensuring the lender (the verifier of the trusted data) can utilise Cheqd’s payment infrastructure to pay the Issuer of the trusted data (let’s say a consumer credit agency) in a privacy-preserving mechanism. The transaction (the loan) remains trustless, however, the relationship between the borrower and the lender has signals that support trust, enabling a more efficient lending market in crypto whilst retaining what makes crypto lending unique.

Lastly, let’s explore the application of credentials in the context of DAOs: A DAO commissions an anonymous artist for a specific artwork. The artist successfully completes the work and receives payment from the DAO. The DAO provides the artist with a credential endorsement stating their professionalism, quality work, and timely delivery. The artist can then anonymously share this credential with future projects or DAOs when applying for a job. In this scenario, the new DAO or project may compensate the previous DAO for the recommendation, as it helps de-risk their hiring process. By leveraging trusted data credentials, businesses and organizations can enhance trust and streamline onboarding to speed up work.

BCN: The so-called “bot paranoia” often makes users question whether the person they’re talking to in the digital world is really who they claim to be. Can a decentralized reputation system solve that problem for users? If so, how?

FE: A decentralized reputation is built on various signals that contribute to its credibility. These signals encompass a wide range, including KYC and liveness credentials, social media history (such as account age and posting frequency), and endorsements from other individuals or organizations. Users have the flexibility to combine and selectively share these signals to prove their reputation. While each signal could be manipulated individually, attempting to do so for all signals would be highly challenging and time-consuming.

Moreover, since each recipient of the reputation (i.e., the observer) can prioritize different factors, impersonating someone would require covering all bases, adding significant time and effort to the process. While impersonation remains theoretically possible, the time-consuming nature of such attempts makes it economically unviable. For instance, it would involve maintaining consistent social accounts over the years, demonstrating a regular history, and acquiring endorsements from reputable organizations and people.

BCN: Your company is said to be building a marketplace where holders, issuers, and verifiers can exchange and monetize verifiable data. Can you tell our readers who these holders, issuers, and verifiers are as well as how the exchange and monetization of data works?

FE: Absolutely. One nuance here is that “holders, issuers, and verifiers/receivers” are roles and therefore often overlap, especially for organizations. Let’s consider an example: An investment DAO employs someone to analyze companies and projects for potential funding. The DAO gives the person or people credentials so they can prove who they work for to the companies and projects so they can be trusted and prevent scamming.

In this scenario:

• Issuer: DAO
• Holder: Person
• Verifier/receiver: Bank

Then, once the DAO has invested, it issues credentials to the company or project so that it can prove they are trustworthy and reputable to other investors or potential business partners without needing to involve the DAO all the time.

In this scenario:

• Issuer: DAO
• Holder: Company or project
• Verifier/receiver: Other investors or potential partners

BCN: Much of the world’s data is still stored on Web2 servers. Bringing them to Web3 in a verifiable and privacy-preserving manner could help unlock new use cases or at least improve the existing ones. What are the challenges of bringing verifiable Web2 data such as credit scores to the Web3 ecosystem to facilitate economic activities?

FE: One of the primary historical hurdles of releasing data to the control of individuals has been the commercial aspect. Traditionally, companies collect, aggregate, and analyze data, generating revenue by selling either aggregate data or insights derived from their analysis. Transitioning to the new data paradigm, where individuals have control over their own data, requires new technologies, which entail costs for businesses. Without a viable revenue stream associated with these changes, commercial feasibility is limited unless mandated by regulations.

Therefore, the key challenge lies in establishing a clear and scalable revenue/commercial model, which is precisely what we at Cheqd are directly addressing. Our focus is on incentivizing the release of data from existing servers and silos back to the control of the individuals to whom it pertains. By solving this challenge, we can unlock new use cases or improve existing ones, facilitating economic activities within the Web3 ecosystem.

BCN: The KYC process is sometimes seen as a major stumbling block in the financial services sector. It can be time and resource-consuming and the data can be fraudulent. Do you think a so-called blockchain-based re-usable KYC can solve this problem and potentially improve the user experience?

Absolutely, re-usable KYC is particularly valuable in Web3, where users are highly mobile and prone to switching between multiple exchanges or marketplaces. For example, the European Commission found 21% of survey respondents had switched providers, i.e. exchanges or marketplaces within the last 5 years, higher than for any other product or service, e.g. current accounts or fiat investment products. It did not ask about switching multiple times within this period or using multiple providers which anecdotally we know most people do.

Currently, many financial service providers outsource their KYC requirements to third-party providers like Onfido, Jumio, or Trulioo, who perform the checks and provide the results. As a result, users often find themselves repeatedly providing their information to the same third-party provider when registering with different financial service providers.

By undergoing the KYC process once and obtaining re-usable credentials, users can utilize those credentials with different service providers multiple times. Implementing such a system would significantly expedite onboarding processes and enhance user satisfaction, particularly when compared to the current approach. It also allows people to use parts of those digital credentials for other purposes, like proving they are over a certain age to buy alcohol, tobacco or lottery tickets for example, without exposing everything in the credential.

What are your thoughts on this interview? Let us know what you think in the comments section below.

from Bitcoin News

Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’

Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of the U.S. government to service its debt was weakening, making the U.S. dollar a toxic currency.

Russian State Duma Chairman Criticizes U.S. Debt Management

Vyacheslav Volodin, chairman of the Russian State Duma, has blasted the U.S. government’s management of its national debt. On Friday, the head of the lower house of the Russian Federal Assembly criticized the situation of the spiraling debt of the U.S. and how the U.S. government has lifted the debt ceiling more than 100 times in the past.

On his Telegram channel, Volodin stated:

All financial pyramids, as history shows, sooner or later end in failure. But the current situation is different. The U.S. national debt is a global financial pyramid created by Washington to deceive other nations and people.

Furthermore, Volodin explained that the ability of the U.S. government to service its debt was weakening. This made the dollar a risky coin to hold, Volodin remarked, making it a “toxic” currency, explaining that several countries were shifting to other currencies for this cause.

U.S. Debt in Perspective

According to official numbers, for the year 2023, the U.S. debt was $31.4 trillion, having increased almost $10 trillion during the last five years. A significant yearly increase was produced in 2020 when it rose 19% due to the impact of the different Covid-19 assistance programs.

The increase in this national debt also determines a rise in the interest paid on it. On this, Volodin stated:

Just think about it, in 2023 the sum of interest payments on the U.S. national debt could reach 1.5 trillion USD, and it is almost a third of all US budget revenues.

The Chairman of the State Duma also recommended that the different states of the U.S. federation should seek alternatives to the dollar to reduce the risks for their citizens.

Twenty-three states are discussing laws to approve using gold and silver for payments. In April, Arkansas signed a law to make gold and silver bullion and coins legal tender, releasing transactions made with these metals from any tax duties. In the same way, Texas is currently advancing a bill that would issue a gold-backed digital currency as legal tender.

What do you think about the statements of Vyacheslav Volodin, chairman of the Russian State Duma, on the U.S. national debt and the U.S. dollar? Tell us in the comment section below.

from Bitcoin News

Makerdao Considers Significant DAI Savings Rate Hike: 3.3% on the Horizon, If Vote Passes

The Makerdao collective is currently immersed in a discussion about the potential rise of the DAI stablecoin’s savings rate to 3.3%. This suggestion was introduced by Block Analitica and revealed to the community on May 26 under the title “Stability Scope Parameter Changes #2.”

Block Analitica Proposes Raising DSR to 3.3%

Risk and intelligence firm Block Analitica has recommended boosting Makerdao’s DAI Savings Rate (DSR) to 3.3%, as per a recent proposal submitted on Friday. Makerdao’s DSR is a function that enables users to accrue interest on their DAI holdings by securing their DAI within DSR smart contracts.

“Brace yourself, DAI holders, for a DSR at 3.33%,” declared Makerdao’s official Twitter account. “An upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved. This change was put forth by [Block Analitica] and submitted via the latest Stability Scope Parameter Changes,” the Makerdao team further elaborated.

At present, DAI ranks as the fourth-largest stablecoin asset by market capitalization, and it is supported by a substantial quantity of centralized stablecoins. Data on May 27, 2023, reveals that more than 24% of the collateral underpinning DAI consists of USDC, 10.4% comes from GUSD, and another 10.4% is comprised of USDP.

Only 11.5% is backed by ethereum (ETH), and an additional 8.5% is collateralized by Lido’s staked ether (STETH). Over the past month, DAI’s supply has diminished by 3.5%, and since February 2022, its market capitalization has decreased from $9.8 billion to its current value of $4.61 billion. The proposition to augment the DSR would yield a considerably higher interest rate than today’s 1%.

The first escalation to 1% commenced last year, followed by a notable surge in DAI DSR deposit activity and engagement from Olympus DAO this year. A similar upswing in action could transpire if the community advances the proposal to an approval status through a Makerdao vote.

Do you think the proposed DAI savings rate hike by Makerdao could ignite a surge in activity? Share your thoughts and opinions in the comments section below.

from Bitcoin News