Dreaded And Far-Reaching Economic Suffering Lest Beijing Up In Arms Against Taiwan:
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This has been a while that the world economy is on a roller-coaster ride and is further dampened by the Ukraine war and now the rising tension between US and China further fans the fire to unprecedented heights. Nancy Pelosi, representative from American state of California took an official visit to Taiwan as US terms the situation to be teeming with “military provocations”.
There are credible reports that in the event of Chinese invasion of Taiwan, global economy would dampen further. Nancy had an audience with president Tsain Ing-wen while China was on a simmer.
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The plane with Ms Nancy lounging on board, landed safely in Taipei while it was escorted by 21 heavily armed jets from US airforce with clear-cut instructions to shoot down any hostile (possibly Chinese) attempt to block its way to harm Ms Pelosi’s safe landing.
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There is an independent government in Taiwan but China stakes her claim on it territorially.
Taiwanese president Tsai Ing-wen and Democratic Alliance Party support the sovereignty, that lingers since 1949.
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There are fear of China using force to mar Pelosi’s visit and US has issued a clear warning to it as John Kirby, strategic coordinator at US National Security Council, told press, “America], and countries around the world, believe escalation serves no one.”
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Mr Kirby added, “China appears to be positioning itself to potentially take further steps in the coming days and perhaps over longer time horizons,” Fintech news updates in India are right here.
He made addition, “Beijing’s actions could have unintended consequences that only serve to increase tensions.”
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There is a global suffrage on trading terminals too, because of the ongoing conflict between Russia and Ukraine but to Reuters, in Taipei, a prominent trader unravelled deep apprehensions concerning supply chain issues. Such would be more augmented in essence than what Russia-Ukraine has shown us, especially in semiconductor shortages.
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Just at the end of June, a Bloomberg published a report that outlined, China’s attacking Taiwan could “go well past semiconductors.” We cover the latest taking place as fintech news updates in India.
In fact, Bloomberg’s Hal Brands gave insights, “A major war over Taiwan could create global economic chaos that would make the mess produced by Russia’s war in Ukraine look minor by comparison.”
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The similar concern was echoed by New York Times last week, that played up the possibility that “an escalation from Beijing would have far-reaching economic consequences.” Fintech news updates in India are just a click away.
Well dear readers, let’s see how things unfold in the coming days, as Ms Nancy Pelosi has departed from Taiwan but still US has been able to upset the China’s applecart (for the time being). Keep yourself informed with Fintech news updates in India.
“90% of crypto transactions are illicit”. But this opinion held by a central bank deputy governor of South Africa, which has irked crypto maniacs around the world has drawn criticism from South African professor Steven Boykey Sidley who has termed such claims as “balderdash”.
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Furthermore, professor Sidley attacked (verbally) the central bank official for spreading lies that “ does immeasurable damage to an important new industry”. Fintech news updates in India are crucial to decide.
Illicit Activity Grips Only 0.15% Crypto Transactions (Fintech news updates in India):
Countering the allegations, Professor Sidley puts forth the data unrolled by chainanalysis which provides sufficient records that only 0.15% transactions are sans proper record.
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On the other side of the spectrum, we have fiat currency and in case of illegal transactions, the rate is far higher. Fintech news updates in India are just a click away.
Professor Sidley said, Furthermore, the number of transactions tied to illicit transactions in the real world of rands and dollars, where we live, is 5%. That’s 50 times higher than crypto (and those are the only ones we know about),”
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Meanwhile, professor also unrolled his thoughts about plans to bring crypto under a regulatory framework by the end of 2023.
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Sidley maintains that such a regulatory framework weakens the uncertainity that grips the entire industry and banks are encouraged for a foray into “this asset and service space”.
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Now, Sidley also wants new laws to be passed that are palatable to crypto world. His opinion, “What the Sarb (and every other regulator) is trying to do is to shoehorn crypto into existing regulations designed many decades ago for assets that are hundreds of years old — stocks, currencies, commodities, collectables and the like. It is not going to work.”
Such new asset range, Professor think, need to be “defined properly before the whole field can be rationally regulated.”
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Metaverse has presented a sports club with a new venue for stacking revenue in a diversified way and this has what has mobilized the VC firms focus in such a course In the hustling arena, Socios.com has emerged as the prime player which designs tools for engaging sports maniacs by announcing the investment of $100 million into the trinity of metaverse, NFT and Web3 which is an arm of soccer club FC Barcelona, called as Barca Studios.
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Socios.com, with the unfolding of the investment, will win 24.5% stake, in the aforementioned group and this will be obliged to “accelerate the club’s audiovisual, blockchain, NFT and Web3 strategy.”
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With the capital push, company will be empowered to develop new spectrum of products that will cement new ways of revenue generation for a long term.
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Socio.com will unblock a safe route to Chilliz Chain for Barca Studios, which is a new blockchain with which developers are empowered to release NFTs and fan tokens, and design defi products and other games to earn revenue source in form of play2earn games.
Alexandre Dreyfus, CEO of Socios, designed the statement:
Barca Studios can now leverage our technology, expertise, and global scale to help roll out the Club’s Web3 content strategy and deliver new long-term revenue streams that will benefit the club for seasons to come.
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The price of $BAR, as a fallout of this announcement which is the official token of FC Barcelona, surged to 50% and from $5 to $7.50%. With this token, the holders will be able to make a decision through the app of this website.
Metaverse Promises Growth Prospects:
The metaverse paradigm has kicked the interest deep in the soccer club management so much so, that Joan Laporta, president of FC Barcelona centres his digital focus terming it to be a critical part of futuristic strategy. This supreme interest in metaverse is further cemented by other technologies like NFTs which has been garnering interest since the beginning of this year.
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Laporta upped global sentiments:
We want to generate new opportunities for growth. Our goal is to win titles and to make our fans happy, but we also have to profit from opportunities in the sports industry. It is a matter of survival. This is fun to unlock Fintech news updates in India.
Brazil Likely To Pass Cryptocurrency Law This Week:
This was earlier this year that the cryptocurrency bill (numbered at 4.401/2021,) was presented before The Chamber of Deputies in Brazil and it may gets the stamp of approval, this week. Going by the statement made by the Federal Government leader Ricardo Barros, this bill will be debated, but then there are other bills in the pipeline too, needing discussion.
These are the efforts to bring cryptocurrency assets under some regulation which would also cover virtual asset service providers (VASPs). We provide Fintech news updates in India from credible sources.
But then, on October 2, Brazil goes to presidential elections which clearly signifies that leaders are likely to skip sensitive matters as this may rally electorate to the other side. But if bill gets the approval following a discussion, it will be relayed to President Jair Bolsonaro for final approval. There are other bills pending discussion and approval by the deputy chamber.
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Though the cryptocurrency bill is likely to be reviewed in Deputy Chamber, but then the matter has a knottt past in institutions across Brazil. The bill is culmination of two different projects which is result of relentless efforts from its proponents as such are hell-bent to seek crypto bill approval this year.
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Brazilian senate already endorsed the bill in April this year and called for a centralized regulator to look after the cryptocurrency exchanges. As part of the bill, the crypto mining gets a legal backing and mining agencies are entitled to tax exemption rules, if they uphold green projects involving renewable energy and many mining centres are established this way.
Making cryptocurrency scams punishable by law, is the biggest factor that drives this law. Making it clear, the bill designates a new type of crypto–crime and proposed harsh penalties for those involved in this, be they are individuals or companies.
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In case of India, the issue already dangles in air with no strong base but still, people invest in it wholeheartedly.
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Finally dear readers, as for the latest, twenty seven Chinese warplanes fly into the Taiwan airspace and this is seen as China’s fury concerning Taiwan following Nancy Peolosi’s impudent visit.