Indian government claims Binance isn’t tax compliant

Hong Kong and Kazakhstan Pilot SWIFT’s CBDC SolutionCentral bank digital currency (CBDC) development globally is unrelenting, with the latest iteration of that involving global financial messaging network SWIFT.The global member-owned cooperative recently disclosed that three central banks are currently participating in beta-testing of this revolutionary solution, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan.Photo by NASA on UnsplashBuilding upon initial successThe company provided details on the initiative via a press release published to its website on Wednesday. Simultaneously, an extended consortium of over 30 financial institutions is embarking on sandbox experiments to explore a multitude of potential use cases.The impetus behind SWIFT’s commitment to CBDC interoperability grew stronger after a successful round of sandbox testing. Participants in the initial phase quickly recognized the potential and intrinsic value of SWIFT’s solution.Building on this success, the beta version of SWIFT’s CBDC connector solution is now being integrated into the infrastructure of three central banks and monetary authorities.Second phase testingIn tandem with the beta testing, SWIFT has inaugurated a second phase of sandbox experiments, drawing in a consortium of commercial banks, central banks, and financial market infrastructure providers. This phase is dedicated to exploring an array of use cases, ranging from trigger-based payments for digital trade platforms to foreign exchange models, delivery vs. payment mechanisms, and liquidity-saving techniques.Eighteen central and commercial banks had taken part in the first phase of those sandbox experiments. Equally, the second phase has attracted a long list of entities, including the Reserve Bank of Australia, Deutsche Bundesbank, HKMA, Bank of Thailand, CLS, and others. With thirty leading global financial institutions participating in this latest testing round, that makes for a 66% increase in participation by comparison with the first phase. Their collective input and collaboration will contribute towards shaping the future landscape where CBDCs are concerned.Tom Zschach, Chief Innovation Officer at SWIFT, commented on the use of the technology in bridging from existing systems, stating:“The financial community has already recognized the strong potential of our CBDC innovations for preventing digital islands while securely bridging the payment systems of today and the future.”Global hotbed of innovationThe American think tank, the Atlantic Council, has been tracking CDBC projects on a global basis. Its endeavors in that respect demonstrate the expansive efforts that are being made to develop this technology.19 of the G20 countries are in advanced stages of CBDC development, with nine already in pilot phases. While this proliferation signifies the growing importance of CBDCs on the global stage, it also raises concerns about potential fragmentation as countries predominantly focus on domestic usage.SWIFT has taken a proactive stance in addressing the potential challenges of a fragmented CBDC landscape. The company embarked on its CBDC journey over 18 months ago, with the initial sandbox phase simulating nearly 5,000 transactions between different blockchain networks and existing fiat-based payment systems.

Travala.com, the Cayman-incorporated company that provides crypto-native travel booking service, has unveiled an enticing offer for Bitcoin investors, involving cashback paid in the leading cryptocurrency in collaboration with the AVA Foundation. This initiative, announced by the firm on the X social media platform on March 7, aims to reward travelers who pay for their bookings in Bitcoin, encompassing an array of travel options, from flights to hotels and activities spanning across three million destinations globally.Photo by Kanchanara on Unsplash10% BTC cashbackUnlike traditional cashback systems, where waiting periods for rewards can be lengthy, Travala.com ensures swift crediting of Bitcoin cashback into users' accounts within 24 hours after the completion of their trips. As part of this offer, cashback will be paid to the value of 10% of the customer’s spend, payable in Bitcoin. Since its establishment in 2017, Travala.com has positioned itself at the intersection of cryptocurrency and travel, offering a diverse platform for bookings across various properties, activities and airlines. With support for over 90 digital currencies, the platform remains focused on cryptocurrency adoption, while aiming to provide value and flexibility for its users. Mass adoption opportunityJuan Otero, CEO of Travala.com, emphasized the growing appeal of Bitcoin to mainstream audiences, buoyed by recent developments like the approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States. Otero sees this initiative as a means to broaden the adoption of crypto for everyday transactions, providing travelers with an efficient way to utilize reward programs. The move towards Bitcoin-based rewards reflects the early stages of an industry-wide shift in travel loyalty programs. With traditional points-based systems losing traction, there's a burgeoning demand for innovative incentive schemes. Steve Hipwell, a contributor to the AVA Foundation, highlighted the success of the AVA Smart Program, which has already distributed over $2.1 million worth of travel rewards in AVA tokens to customers who completed trips booked through Travala.com. By integrating direct Bitcoin rewards, the aim is to capture an additional segment of travelers seeking ways to save on their journeys. Bitcoin stands out as one of the top three payment methods on Travala.com, accounting for approximately 9% of travel bookings on the platform. In 2023, travelers splurged over $5 million in BTC on flights, hotels and activities. Travel Tiger NFTsAccess to Travala's BTC cashback scheme comes with a degree of exclusivity. Users must possess a Travel Tiger NFT and stake 2,500 AVA tokens to activate Smart Diamond membership. This exclusivity stems from the limited availability of Travel Tiger NFTs, with only 1,000 in existence. These NFTs, minted on the Ethereum blockchain, serve as randomly generated utility collectibles. Market data from OpenSea places the floor price of Travel Tigers at 2.85 ETH, roughly valued at $11,165 at the time of writing. This tie-up with the AVA Foundation is not Travala’s first partnership. In November 2023 the company struck a deal with travel industry meta-search giant Kayak, allowing it to integrate with Kayak and enable platform users to search more effectively for travel deals. Back in 2019, the company had struck a similar partnership with accommodation booking platform Booking.com. 

South Korean gaming publisher Wemade attended this year’s Taipei Game Show – the largest gaming exhibition in Taiwan – from Thursday to Sunday, where it showcased its upcoming games Night Crows and Fantastic 4 Baseball, according to news site Bridge News.Photo by Mateo on UnsplashUnveiling upcoming blockbustersAt the event, Wemade operated an exclusive booth with game demos and promotional videos. There was also a cosplay of characters from the Night Crows game and a special performance by the TSG Hawks' cheerleading team, the Wing Stars. The TSG Hawks is a professional baseball team that joined the Chinese Professional Baseball League (CPBL) last year. The Wing Stars are led by the famous Korean cheerleader Ahn Ji-hyun. In addition, Lee Jung-wook and Lee Kun-hee, the CEOs of Night Crows developer Madngine, and Fantastic 4 Baseball developer Round One Studio, took to the stage to interact directly with gamers. "Night Crows is the first MMORPG developed with Unreal Engine 5, and you can enjoy top-notch visuals with Mad Engine's unique know-how," said Lee Jung-wook. "We promise to provide new fun and stable services to our global users." "While developing Fantastic 4 Baseball, we put a lot of thought into capturing the essence of baseball and making the players' faces and batting forms look realistic," Lee Kun-hee added. "We plan to bring the game to the global market when the Taiwanese baseball league begins." Market-dominating releasesNight Crows has been popular among gamers in South Korea, where it launched in April last year, topping the popularity and revenue rankings on major app markets. The global version of the game utilizes blockchain technology to implement an advanced tokenomics ecosystem. Global pre-registration will open on Jan. 11. On the other hand, Round 1 Studio’s Fantastic 4 Baseball is a realistic baseball game where players can create their own team with famous players from various leagues, including the CPBL. The demo version includes single-player and home run derbies. Both games are slated for global release in March.