South Korea Proposes New Crypto Bill with Stablecoin Licensing Rules.
South Korean lawmaker Min Byeong-deok has introduced a new bill aimed at strengthening crypto regulations. Called the Digital Asset Basic Act, the proposal includes a licensing system for stablecoin issuers.
To qualify, issuers must hold over 500 million Korean won or about $367,890 in owner’s capital. Min, a member of the ruling Democratic Party, said the bill is designed to position South Korea as a leader in the global digital economy by setting clearer rules for the crypto space.
Amazon Doubles Down On AI With $20bn Pennsylvania Investment.
Amazon is planning to pour $20 billion into the US state of Pennsylvania to build two new data centers to expand its AI infrastructure.
The location for the data centers is still up in the air, with Salem Township and Falls Township as the frontrunners, but other Pennsylvania communities are under consideration, according to a June 9 statement from Amazon.
Along with the data centers, Amazon said it has partnered with Pennsylvania educational institutions and workforce organizations to create training centers that support careers in cloud computing infrastructure.
BlackRock’s Bitcoin Fund Blows Past $70bn In Record Pace For ETFs.
BlackRock’s spot Bitcoin exchange-traded fund has become the fastest ETF in history to surpass $70 billion in assets under management.
“IBIT just blew through $70b and is now the fastest ETF to ever hit that mark in only 341 days,” ETF analyst Eric Balchunas said in a June 9 X post.
Balchunas said the milestone was approximately five times faster than the previous record holder, SPDR Gold Shares (GLD), which took 1,691 trading days to reach $70 billion AUM.
Hong Kong To Use Chainlink Protocol In CBDC Pilot Project.
The Hong Kong government is partnering with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to test cross-border transactions between permissioned and permissionless blockchains, as well as settlements using different types of digital assets. The partnership is part of Phase Two of Hong Kong’s central bank digital currency (CBDC) initiative.
According to a report from payments company Visa, the initiative will involve a hypothetical Australian investor who wishes to purchase a tokenized asset in Hong Kong.
After requesting the purchase in a stablecoin pegged to Australia’s currency, the transaction will be routed via interactions across multiple blockchains.
Finally, the purchased asset finds its way into the investor’s wallet, denominated in Hong Kong’s CBDC.
Charles Hoskinson Launches First Bitcoin DeFi Protocol on Cardano.
Cardano founder Charles Hoskinson has introduced a groundbreaking Bitcoin DeFi solution called the Cardinal Protocol. This marks the first time Bitcoin can be used in decentralized finance on Cardano without relying on third-party custodians.
Created by InputOutput HK, Cardinal allows people to use any Bitcoin UTXO to get DeFi yield. Now, users can take part in lending, borrowing, staking, or farming Bitcoin on Cardano. Wrapped UTXO is the key part of this innovation and can be burned to get Bitcoin or Ordinals.
Rather than having to rely on custodians, Cardinal uses the MuSig2 multi-signature method. It makes peg-in and peg-out transactions possible, ensuring everything is clear and verifiable, and it is compatible with Ethereum, Solana, and Avalanche networks.
Société Générale Launches US Dollar Stablecoin On Ethereum And Solana.
Société Générale-Forge, the crypto subsidiary of French financial services company Société Générale, has launched a new US dollar-pegged stablecoin.
According to a June 10 announcement, the stablecoin, dubbed USD CoinVertible (USDCV), will be issued on the Ethereum and Solana blockchains.
United Kingdom-based financial services firm BNY will act as the custodian for the assets backing the stablecoin.
The announcement follows the firm’s April 2023 launch of its euro-pegged stablecoin EUR CoinVertible (EURCV) for institutional customers.
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