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The U.S. Treasury Department recognizes Bitcoin (BTC) as a 'digital gold' and highlights the advantages of asset tokenization, which could transform the financial landscape. The report emphasizes tokenization's potential for fractional ownership, streamlined asset management, and automated processes through smart contracts. However, it also calls for updated legal and regulatory frameworks to keep pace with these advancements.
BlockFi offers competitive interest rates and a straightforward borrowing process, making it appealing for passive crypto growth, though it has a lengthy withdrawal process. In contrast, Gemini provides robust security and a wide range of features, albeit with higher fees and a complex verification process. Both platforms have strong customer support and mobile apps, but users should weigh the pros and cons based on their individual needs.
El Salvador is set to modify its Bitcoin law to secure a multi-billion dollar deal with the International Monetary Fund (IMF), which includes halting the mandatory acceptance of Bitcoin by businesses. This change is part of negotiations aimed at unlocking $2 billion in loans from the World Bank and the Inter-American Development Bank to support economic reforms. Despite the IMF's acknowledgment that risks from the Bitcoin policy have not yet materialized, it has urged for greater transparency and a reevaluation of the controversial law.
Bermuda is positioning itself as a leading hub for crypto and DeFi innovation, thanks to its sophisticated regulatory framework. This environment has attracted notable companies like GRVT, the first regulated decentralized exchange, and Kraken, which established its global derivatives venue there. Such developments demonstrate how smaller nations can effectively integrate advanced financial technologies with strong compliance measures, fostering trust and legitimacy in the digital asset sector.
The budget law is set for its first parliamentary vote on December 11, with around 250 amendments expected. The government aims to avoid new taxes, cut the tax wedge, and prioritize family aid, while also addressing business support, including a potential IRES discount for reinvestment. Key discussions will focus on minimum pension increases and the exclusion of police from public sector turnover freezes, as the Ministry of Economy seeks financial coverage for these measures.
Zurich faces pressure to reduce its tax rate significantly by 2026, as neighboring cantons cut taxes while Zurich struggles with rising government spending and insufficient savings. The cantonal parliament is currently debating a budget of nearly 20 billion francs, with a modest surplus of 200 million francs for the upcoming year.
Italian banks have reduced their debt exposure to toy manufacturer Giochi Preziosi SpA amid ongoing restructuring discussions. Banco BPM SpA and UniCredit SpA transferred their debts to DeA Capital, while Intesa Sanpaolo SpA sold its exposure to Sagitta SGR SpA, advised by Europa Investimenti.
The Netherlands Finance Minister Eelco Heinen has called for the European Commission to apply the same strict standards to France as it did to the Dutch budget, emphasizing that spending cuts are essential for the benefit of Europe. Despite France's higher deficit and debt levels, the EU has historically granted it leniency, with its 2025 budget set to be formally adopted in January, binding future governments to its planned cuts.
The Fed's interest rate cuts haven't led to lower credit card APRs, as issuers adjust rates in response to new CFPB rules limiting late fees. This shift may increase rates for new borrowers, while existing balances remain unaffected unless delinquent. With credit card debt reaching a record $1.17 trillion, experts advise consumers to avoid high-rate store cards and pay balances in full to maintain financial health.
Ripple CEO Brad Garlinghouse criticized CBS News' 60 Minutes for omitting a key legal victory in which a federal judge ruled XRP is not a security when traded on public exchanges. He argued that this exclusion misrepresents XRP's regulatory status and highlighted Ripple's compliance and success in facilitating billions in cross-border transactions. Garlinghouse also noted the growing political influence of the crypto industry, particularly following significant contributions to pro-crypto candidates during the recent US elections.
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us treasury department highlights bitcoin as digital gold and tokenization benefits
20:45 09.12.2024
comparing blockfi and gemini features fees and security for crypto users
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el salvador to amend bitcoin law for imf funding deal
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bermuda emerges as a leading hub for crypto and defi innovation
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budget law moves to parliament with key tax reforms under discussion
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zurich faces pressure to cut taxes amid rising government spending
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Italian banks reduce debt exposure to Giochi Preziosi amid restructuring talks
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Dutch finance minister calls for equal treatment of France in EU budget rules
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