Bali Issues Warning Against Tourists Using Crypto! [ Crypto Espresso 5.30.23 ]

Tuesday Newsday you know it comes once a Week but by golly it's special every Time I'm your host Andrew and this is Crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines and Let's dig into the news first up Legislation aimed at addressing the U.S Debt ceiling and preventing a potential Default on debts would likely eliminate A proposed tax on the energy consumption Of cryptocurrency miners according to Ohio representative Warren Davidson a Draft bill was released by U.S lawmakers On May 28th outlining a two-year Suspension of the debt ceiling while President Joe Biden had wanted the deal To include tax increases for Corporations and high income individuals The most recent draft suggests that These measures are unlikely Representative Davidson tweeted that the Bill blocks proposed taxes including a 30 tax on electricity used by crypto Miners that had been part of President Biden's 2024 budget the debt ceiling Bill still needs to be approved in a Divided House of Representatives with Some Republican lawmakers openly hostile Towards house Speaker Kevin McCarthy the Legislation is expected to be voted on On May 31st beijing's municipal Government has released a white paper Regarding the development of the Local Web 3 Industry unveiled at the zhongwan

Kun Forum by the Beijing Municipal Science and Technology commission the Web 3 Innovation and development white Paper recognizes the significance of Whip 3 technology for future internet Industry development Beijing plans to Allocate at least 100 million Yuan 14 Million dollars annually until 2025 to Establish itself as a global Innovation Hub for the digital economy the white Paper emphasizes beijing's intention to Implement policies to Foster the growth Of the web 3 Industry the timing of the White paper releases noteworthy Coinciding with the implementation of New cryptocurrency regulations in Hong Kong the Securities and Futures Commission of Hong Kong recently Announced a new rulebook for the crypto Industry allowing retail investors to Engage in crypto trading starting from June 1st China banned the use of Cryptocurrencies back in 2021 but the Release of the web 3 white paper Suggests a potential sea change a News Segment featuring Bitcoin also recently Aired on China's Central television Signaling well maybe that something Significant is coming by Nancy EO Changpang Zhao highlighted the Significance of this coverage Historically correlating with Market Upswings but yeah the segment also has Since been removed Russia has scrapped

Its plans to launch a National Cryptocurrency Exchange and instead aims To regulate multiple crypto trading Platforms according to Anatoly oxakov a State Duma official the Russian Government had previously considered Creating a unified crypto exchange as Part of the Moscow exchange but has now Shifted its approachov who leads the Dumas financial markets committee stated That setting rules for creating and Managing crypto platforms would be the New Focus the move is seen as a response To potential sanctions and would allow Russian businesses to process Cross-border transactions and Potentially circumvent these Restrictions note that it is premature To refer to these platforms as Traditional cryptocurrency exchanges Instead they would likely function as Organizations facilitating interactions Between exporters and importers for Cross-border transactions Russian crypto Companies have reportedly expressed Opposition to a national crypto exchange Favoring the establishment of a Regulatory framework for non-government Organizations instead crypto lender Genesis Global capital and crypto Exchange Gemini have filed a motion to Dismiss a lawsuit by the SEC accusing Them of selling unregistered Securities The SEC alleged that the entities raised

Billions of dollars from hundreds of Thousands of investors through Gemini's Earn program in response Genesis and Gemini argued that the sec's treatment Of the master digital asset loan Agreement contract as an unregistered Security lacked a basis in law or fact They also contended that the SEC failed To adequately plead that the mdala was Sold to anyone the lawsuit came after Genesis froze withdrawals and filed for Bankruptcy protection holding about 900 Million dollars in assets from Gemini Earned investors Gemini co-founder Tyler Winklevoss had previously criticized the Sec's lawsuit describing it as a Manufactured parking ticket the motion To dismiss highlights that Gemini did Not require lending or borrowing by any Party and that lenders could not Transfer or assign their participation Without consent from all parties Involved the outcome of the Court's Decision on the motion to dismiss will Likely determine the future trajectory Of the sec's case against Genesis and Gemini regarding the alleged sales of Unregistered Securities finally tourists Visiting Bali have been warned against Using cryptocurrencies as a form of Payment bali's Governor wyan coaster Said that tourists using crypto to pay For accommodation restaurants activities Or shopping will face severe

Consequences including deportations Sanctions criminal penalties and Potential business closures the use of Foreign currencies for payment is also Prohibited in Indonesia with only the Indonesian rupiah considered as valid Tender despite the war morning there Have been reports of increased crypto Usage in seminyak a major tourist hot Spot in Bali the stricter stance on Foreign tourists and crypto payments Comes as Bali attempts to manage the Influx of visitors in a post-covet era Indonesia closed its borders in March 2020 and only began reopening slowly in February 2022 after nearly two years of Restrictions the pandemic had caused Foreign tourism to Fall by over 75 Percent from pre-pandemic levels while Businesses in some cases are exploring The use of digital assets like nfts to Attract Investments and foreign Interests crypto as a payment method Remains strictly prohibited in the Country but guess what's not prohibited And actually encouraged liking this Video subscribing to our YouTube channel And clicking on that little bell icon to Get buzzed whenever a new cryptospresso Video goes live thoughts on today's Episode just draw me a line in the Comment section below you know the drill I read them and I always take them far Too seriously questions about our

Headlines or crypto in general don't be A fool ask Alex in that description Below Hello Alex is always a great Resource for all things web 3 and the Metaverse and that about does it for Today as always I've been your host Andrew these have been your headlines And will see all of your beautiful Shining faces tomorrow