From tech giants striving to offer digital currency payment services to the Tehran Judiciary declaring that digital currencies are not eligible for government support.
Short News
Tech Giants Aim to Provide Digital Currency Payment Services
Major tech companies such as Apple, Google, and Amazon are working on new payment services using cryptocurrencies like Bitcoin and Ethereum. These companies aim to increase market share and attract new users by facilitating digital currency payments. Analysts believe this move could expand cryptocurrency usage in everyday transactions and transform the digital asset industry’s outlook.
Source: coindesk.com
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Digital Rial Launched in Kish
The extensive pilot phase of the Digital Rial is set to launch in Kish. Starting July 1403 (2024), banking network customers can purchase using the Digital Rial wallet by scanning a QR code without paper money or bank cards. Unlike other electronic money types linked to bank accounts and conventional payment tools like cards, the Digital Rial requires no interbank settlements for fund transfers between buyers and sellers. Funds become instantly available to sellers upon completing a transaction. This phase targets domestic use only, focusing on facilitating micro-payment operations within Iran.
Source: Central Bank of Iran
Russia Uses Tether for Financial Transactions with China
At least two Russian metal producers are utilizing Tether (USDT) and other cryptocurrencies for cross-border transactions with clients and suppliers in China. These companies, which are not subject to sanctions, sometimes route settlements via Hong Kong. While China has not imposed sanctions on Russian firms following the Ukraine invasion in 2022, Chinese banks have tightened oversight to avoid secondary sanctions.
Source: dailyhodl.com
U.S. National Debt Hits Record $34.75 Trillion
The U.S. national debt has reached an unprecedented $34.75 trillion, following a $69.41 billion increase in a single day. According to a recent Congressional Budget Office report, public debt is expected to rise to $50.7 trillion by 2034, equating to 122% of GDP. This figure is 25% higher than the end of 2023 and 2.5 times the 50-year average. Inflation is predicted to decline in the coming months and years, potentially reaching the Federal Reserve’s 2% target by 2026.
Source: dailyhodl.com
Thailand Submits Official BRICS Membership Request
According to China’s Central Radio and Television, Thailand has officially submitted its request to join BRICS. On May 28 (June 8, 2024), the Thai government approved a draft letter for the country’s membership in BRICS, aiming to enhance its international role and capabilities in shaping a new world order. A few days after Thailand’s decision, Turkish Foreign Minister Hakan Fidan expressed Turkey’s interest in joining BRICS, describing it as a significant framework for international collaboration.
Source: IRNA
$20 Trillion Boost to Global Economy via AI and Digital Currency Integration
A new report by Bitwise Asset Management indicates that integrating digital currency technology and artificial intelligence (AI) could add $20 trillion to the global economy. The growing demand for data centers due to global competition for AI dominance has led to full-capacity operations and reservations for upcoming facilities. Bitcoin miners could benefit from this new demand for data centers. Bitwise analysts also suggest that AI and cryptocurrency integration in virtual assistants could pave the way for enhanced productivity.
Source: dailyhodl.com
Turkey to Introduce Tax on Cryptocurrency Transactions
Turkey is set to implement comprehensive tax reforms, including a 0.03% tax on cryptocurrency transactions. This move comes in response to budget deficits from last year’s earthquakes and changing regulatory approaches to financial transactions. According to Bloomberg, taxing cryptocurrency transactions could provide substantial revenue amid economic challenges. The reforms are projected to generate 226 billion lira (approximately $7 billion), equivalent to 0.7% of Turkey’s GDP.
Source: cointelegraph.com
Trump Says He Will End Biden’s War on Cryptocurrencies If Elected
Donald Trump, the former U.S. President, pledged during his birthday speech that if he wins the 2024 election, he will end Joe Biden’s war on cryptocurrencies. He stated, “I will put an end to Biden’s war on cryptocurrencies and ensure the future of cryptocurrencies and Bitcoin (BTC) in America, especially in Florida.” This is not Trump’s first critique of Biden’s strict approach to digital currencies. Trump has positioned himself as a pro-crypto candidate to attract financial support from the crypto community.
Source: cointelegraph.com
Abra CEO: Bitcoin Is the Antidote to Years of Currency Erosion
Bill Barhydt, CEO of the cryptocurrency exchange Abra, said in a recent interview with Kitco News that great historical powers built their empires on sound monetary policies. However, they eventually lost public trust by turning to currency devaluation. Barhydt believes that Bitcoin, with its limited supply, predictable inflation, and decentralization, can form the foundation of a robust global financial system, addressing the issue of currency erosion that empires have grappled with for centuries.
Source: dailyhodl.com
U.S. Senator: Bitcoin Will Be an Essential Part of the Future Economy
Senator Cynthia Lummis highlighted the potential of the cryptocurrency industry to strengthen the U.S. economy, emphasizing the importance of seizing these new opportunities. Alongside Senator Kirsten Gillibrand and others, Lummis has played a key role in forming a financial innovation coalition and creating regulatory frameworks for the growing digital asset sector. A long-time supporter of cryptocurrencies, Lummis frequently advocates for Bitcoin as both an investment tool and a payment method, citing its growing adoption in response to global inflation concerns.
Source: bitcoinist.com
Robert Kiyosaki: Bonds Are the Biggest Lie, Bitcoin Is the Future
Robert Kiyosaki, author of Rich Dad, Poor Dad, rejected the widespread belief that bonds are safe investments. In a recent tweet, Kiyosaki called the notion that “bonds are safe” the “biggest lie” promoted by financial planners to “naïve” investors. He warned that even AAA-rated bonds are on the brink of collapse, particularly due to an impending crisis in the commercial real estate market. Instead, he recommends Bitcoin as a vital part of a secure investment strategy.
Source: cryptopotato.com
One-Third of Americans Consider Candidates’ Crypto Stance Before Voting
A new survey by Harris Poll reveals that one-third of American voters consider a candidate’s stance on cryptocurrencies before deciding how to vote in upcoming elections. Furthermore, 77% believe that U.S. presidential candidates should have at least an informed perspective on cryptocurrencies. The survey also showed that 47% of voters expect cryptocurrencies to eventually become part of their investment portfolios.
Source: coindesk.com
Biden Seeks Crypto Supporters for the 2024 Election
Joe Biden’s campaign for the 2024 election is actively reaching out to the cryptocurrency industry. This marks a significant shift from Biden’s previous stance on cryptocurrencies. The outreach includes consulting key figures in the crypto sector to address community concerns and policies. While some view this as a late effort to win over crypto supporters, the campaign aims to integrate cryptocurrencies more broadly into the financial system.
Source: cryptoslate.com
2024: The Year Blockchain Merges With Global Finance
Sergey Nazarov, co-founder of Chainlink (LINK), predicts that this year, blockchain technology could witness a major integration with the global financial system. Speaking at Consensus 2024, he noted that the market value of blockchain assets exceeds $100 trillion. Nazarov presented a compelling chart showing how blockchain could transform the $2.7 trillion debt and $106 trillion stock markets.
Source: dailyhodl.com
Tehran Judiciary: Cryptocurrencies Not Eligible for Government Support
The Social Affairs and Crime Prevention Division of Tehran Judiciary issued a warning to citizens about cryptocurrencies via SMS. It stated: “According to the resolution of the Islamic Republic of Iran’s Cabinet, cryptocurrencies are not subject to government or banking system guarantees and are not authorized for use in domestic transactions.”
Cryptocurrency Theft Reaches $19 Billion
According to a report by Crystal Intelligence, over $19 billion worth of cryptocurrencies has been stolen since 2011. The report documented 785 theft cases, including 220 security breaches, 345 attacks on decentralized finance (DeFi) protocols, and 220 scams. The largest theft occurred in 2019, involving the $2.9 billion PlusToken Ponzi scheme. Crypto crimes continue to rise, with 2023 recording 286 thefts valued at over $2.3 billion.
Source: coindesk.com
U.S. Congress Passes Anti-Terrorism Legislation for Cryptocurrencies
A new section of the U.S. Intelligence Operations Budget Bill, with significant implications for the cryptocurrency sector, recently passed the Senate Select Committee. This section expedites and automates sanctions against foreign crypto facilitators supporting terrorist groups. While it represents a major cryptocurrency policy shift, industry backlash and congressional support for broader regulations make its enactment unlikely.
Source: coindesk.com
Robert F. Kennedy Jr. Praises Trump’s Crypto Stance
Robert F. Kennedy Jr., a U.S. presidential candidate, said during Consensus 2024 that a commitment to cryptocurrencies represents a commitment to freedom and transparency. While he refrained from commenting on whether Trump’s decision was politically motivated, he expressed hope that President Joe Biden would adopt a similar approach. Kennedy emphasized the need for transparent currencies and declared that the U.S. should remain a hub for blockchain technology. He also disclosed buying 21 Bitcoins for himself and three for each of his children.
Source: benzinga.com
U.S. House Passes Digital Asset Regulatory Bill
The U.S. House of Representatives recently passed the “Financial Innovation and Technology for the 21st Century Act” (FIT21) with 279 votes in favor and 136 against. The bill represents a significant milestone for the cryptocurrency industry, as it is the most substantial progress made in U.S. crypto regulations to date. Supported by most Republicans and 71 Democrats, the bill now moves to the Senate, though final approval this year is unlikely.
Source: coindesk.com
Justin Sun: Support Crypto-Friendly Candidates in the U.S. Election
Justin Sun, founder of the Tron blockchain, called on the cryptocurrency community to support pro-crypto candidates in the upcoming U.S. presidential election in November. He emphasized the importance of backing candidates who advocate for the digital asset industry to ensure its voice is heard and its interests protected. This statement comes amid growing competition between Joe Biden and Donald Trump over crypto-related policies.
Source: cryptoslate.com
