Cryptocurrency is a type of digital currency. That is controlled by a decentralized network. Instead, a distributed ledger of transactions is called a blockchain.
It is used to track transactions and create new currencies. Cryptocurrencies are known for rapid price changes, which creates trading opportunities for some. The value of cryptocurrencies may change rapidly. And unpredictably, which may result in a loss of investment. Learn about Top Crypto News in June 2024 through this article.
01. The Central Bank of Saudi Arabia plans to join the Embridge initiative
According to China news reports, The central bank of Saudi Arabia plans to join the Embridge initiative. As a full participant. And it can be expected that trade between Saudi Arabia and China will increase. And this could pave the way for local currency transactions to grow.
The mBridge platform aims to enter the MVP stage.
mBridge is an international digital currency. Launched by the Bank for International Settlements. Its founder is the Central Digital Currency Institute. And the Hong Kong Monetary Authority. According to BIS data
The eMbridge project is at the Minimum Viable Product (MVP) stage. And the right solution to showcase its new potential.
Accessible to commercial banks among six participants for use in cross-border payments. The Central Bank of Saudi Arabia is the sixth full participant. BIS has said that there are more than 26 institutions, including the International Monetary Fund. And it will participate in the observer program.
The History of mBridge
Project mBridge is a collaborative effort launched in 2021. By the Bank for International Settlements (BIS). As a full participant, I am expanding the reach and potential of the project. The number of observing members exceeds 26. Indicating growing global interest in CBDC-based cross-border payment solutions. Project mBridge is still under development.
However, it has shown promising results in streamlining international transactions. Its progress is being closely monitored.
02. Turkey plans for the tax rate to be 0.03% on each cryptocurrency transaction.
Turkey’s proposed 0.03% tax on crypto transactions. It has the potential to impact the cryptocurrency market. And the overall economy of the country. This is part of a larger tax reform package being proposed by the Turkish government.
This Decision of How to Impact the Crypto Market
The tax could discourage some investors. And from making frequent trades due to the added cost. Investors seeking to avoid the tax might turn to peer-to-peer (P2P) trading platforms. Making transactions less transparent for regulators.
If the tax is seen as overly burdensome, Some investors might move their crypto holdings to other jurisdictions. With more favorable tax regulations. The tax is designed to generate additional income for the government. Potentially helping to address the budget deficit. By taxing crypto transactions.
The government can gain a better understanding of the size and activity of the crypto market in Turkey. A strict regulatory environment could stifle innovation. And hinder the growth of the Turkish blockchain industry.
03. Hong Kong Finance Secretary Highlights Crypto Flexibility for 6 Spot Crypto ETFs
According to a recent statement by Hong Kong’s Finance Secretary, Christopher Hui, one of the critical advantages of the city’s six-spot crypto ETFs is their flexibility [1].
It allows for in-kind subscriptions and redemptions.
In simpler terms, this means investors can directly use their existing cryptocurrency. Holdings (Bitcoin or Ether) subscribe to these ETFs, and vice versa. This feature is seen as an advantage. To some other crypto investment products.
This news comes alongside Hong Kong’s push to establish itself. As a regional hub for Web3 technologies. which cryptocurrencies are a key component.
6 Spot Crypto ETFs
Hong Kong was the first place in Asia to launch spot crypto ETFs. Which tracks the underlying price of cryptocurrency assets. Like Bitcoin and Ether. These ETFs debuted in May 2024. And it’s issued by three different asset managers. China Asset Management (Hong Kong) Limited. Harvest Global Investments and Bosera Funds.
Here are the details of the 6 Spot Crypto ETFs in Hong Kong:
- Bosera HashKey Bitcoin ETF (3008. HK)
- Bosera HashKey Ether ETF (3009. HK)
- ChinaAMC Bitcoin ETF (3042.HK)
- ChinaAMC Ether ETF (3046.HK)
- Harvest Bitcoin Spot ETF (3439. HK)
- Harvest Ether Spot ETF (3179. HK)
These ETFs provide a regulated and convenient way. investors to gain exposure to Bitcoin and Ethereum without having to directly purchase them. And hold the cryptocurrencies themselves.
04. Nigeria accused the cryptocurrency exchange Binance of tax evasion.
In June 2024, Nigeria’s Federal Inland Revenue Service (FIRS) accused Binance, the leading cryptocurrency exchange, of tax evasion happening on their platform. Also, file tax returns. And issue VAT invoices to users. This situation unfolded alongside the detention of two Binance executives.
While the charges against the executives were eventually dropped, The legal case regarding Binance’s tax evasion is ongoing.
05. Mar-a-Lago Resort in Florida, Donald Trump
In Mar-a-Lago resort. Donald Trump is a former US president and current presidential candidate. And he shared his vision for the cryptocurrency sector in front of an audience. Of NFT enthusiasts and investors.
Related NFTs, each sold in USD against big names in the sector, such as Binance and Coinbase, highlighted the need for a less adversarial approach from the government. Saying, “If we’re going to accept this, we have to leave them alone.”
On the other hand, President Joe Biden’s campaign has also been announced. To accept crypto donations for the campaign. Interest in awareness, control, and support of the United States. Donald Trump accepted this donation form last May. He announced a crypto fundraiser
Donald Trump’s Crypto Opposition in 2019
From previous events, it is known that Trump was against crypto. He also said he made transparent crypto’s disagreement with the lack of real value.
He also said that crypto is used for things like drug trafficking. Why is he now so interested in crypto? Experts have interpreted it differently.
06. US Government Seizes 3,940 Bitcoins in Prime Wallet
On June 26th, 2024, the US government transferred 3,940 bitcoins. Seized from convicted drug trafficker Banmeet Singh. Coinbase Prime wallet, according to blockchain data analysis firm Arkham Intelligence. This transaction was worth roughly $241 million at the time.
Some speculate about this move by the US government. It might signal an upcoming Bitcoin sell-off. However, it could also be part of a larger strategy for managing seized cryptocurrencies. Currently holding over $13 billion worth of the cryptocurrency.
07. In June, the German government transferred another $15 million in bitcoins to Kraken and Bitstamp.
On June 26th, German authorities.
Reportedly transferred. They transferred another $15.4 million worth of bitcoin. To cryptocurrency exchanges, Bitstamp and Kraken. This follows a previous transfer from June. Bringing the total moved to exchanges to around $150 million.
The source of these bitcoins is believed to be seizures from criminal activity. Including a significant amount confiscated. From the movie piracy website Movie2k earlier this year. The transfer to exchanges suggests the German government. May be looking to sell these seized assets.
For more opportunities in the crypto space, check out our guide on crypto affiliate programs.
Wrap-Up
Recently, the United States Securities and Exchange Commission (SEC) said it is investigating some cryptocurrency exchanges.
This news has created some uncertainty in the market. El Salvador has become the first country to adopt Bitcoin as its national currency. This phenomenon is seen as a positive sign of increasing legitimacy. And acceptance of cryptocurrency. It is a volatile market and can change rapidly. We publish all the latest cryptocurrency news. Check out our news to get updates about the new cryptocurrency.
Frequently Asked Question
Who is responsible for issuing currency?
The central bank controls a nation’s monetary policy. And ensures a stable supply of currency.
Is Coinbase regulated in the USA?
Coinbase is indeed regulated in the USA.
