Blockchain and AI, new Binance CEO’s plan, Kiyosaki bullish on BTC

The SEC is still looking into an FTX Style fraud by binance Us good morning you're listening to the Rise and crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curve in Crypto you need to click the follow Button okay grab yourself a coffee let's Get into It so what's on the docket today Binance's new CEO has laid out his plan For the exchange we look at the power of Combining blockchain and AI Technologies Robert kosaki warns to buy Bitcoin Before it's too late Japan releases a Fascinating report on crypto tax and the SEC is still looking for an FTX stle Fraud at binance Us since CZ was ousted from a binance Leadership position by the US government Richard Tang binance's former head of Regional markets has taken over it's one Hell of a position to assume and we've Been eagerly awaiting something of Substance from the new number one Yesterday Tang wrote an article titled My first blog as binance's CEO and Published it to the binance website the Post has many of the formalities and Pleasantries you'd expect and is lacking A little on the macro level stuff but There is some information worth noting

One reoccurring theme is binance's users It is reiterated that a core principle Of binance is bringing value to users And in essence being a user Centric Marketplace there is also the continued Push to ensure that binance is seen as This strong secure and safe organization We did discuss last week that the report By blockchain analytics firm nanson Showed no Mass Exodus of funds from Binance following the settlement and CZ Guilty plea nevertheless it's hard to Imagine that some damage hasn't been Done to binance's reputation it is this Reputation that is being tackled head on By tang in more ways than vague Political adjectives too teneng brings With him three decades of experience in Financial services and more pertinently Regulatory sectors he believes this will Help him navigate the unique challenges Crypto faces in this regard tener said He also wants to collaborate with policy Makers on a globally harmonized Regulatory framework and he has Experience working with the Abu Dhabi Global Market which will be useful here It's generally a pretty good blog post Albe mostly concerned with steadying the Ship it seems if binance's image needs Some Rehabilitation now particularly in The eyes of global regulators and Lawmakers then tenang does appear to be A good fit binance's success is

Intrinsically linked with crypto in a Way few other entities can and so I Doubt I'm alone in hoping Tang can bring About some Growth blockchain and AI have been two Technologies that have catapulted to Prominence in recent years so naturally People wanted to combine them although This could be motivated by hype it is an Intuitive pairing unfortunately there Have been some truly ungodly Unison that Resemble basic generative art nfts that Live or die on hype but as the near Blockchain founder Ilia pukin says if You can ignore the hype the two Technologies go well well together this Piece is the second feature from the Magazine by coin Telegraph which is full Of great long reads this article is Titled real AI use cases in crypto Number one the best money for AI is Crypto it's part of a daily Series this Week and it will look at cases of AI and Blockchain marrying in useful ways it is Written by Andrew Fenton who is also the Magazine's editor so as it will be a Series I'm going to just let him Introduce the concept to you hi it's Andrew finson editor of coin Telegraph Magazine you'll have probably noticed That for every genuine project using AI There's about 100 coins just trying to Trade off the hype so all this week in Magazine we're looking at genuine hype

Free use cases for AI and crypto Starting with whether crypto will become The preferred currency of large language Models everyone from Circle boss Jeremy Air to bitmax founder Arthur Hayes and Even chat GPT itself reckons it will be AI can't get access to bank accounts at Present but can easily set them up with A funded crypto wallet and they're well Suited to interacting with the logic of Smart contracts lightning lamps has Released a set of developer tools to Integrate Ai and we're starting to see Projects like fetched II and fats and Syndicate.com that's the bull case the Bare case is that banks are already Investigating using Ai and payments Company bricks is working on enabling AIS to make automatic payments from Corporate bank accounts so to be too Early to say that crypto will definitely Become ai's currency of choice but it's Got some huge advantages check out the Article today in coin Telegraph magazine We'll look out for the other use cases From AI controlling Dows to AI smart Contract auditing every day this week Look many far more intelligent and Innovative people than me have put Forward Arguments for the Synergy Between Ai and blockchain but I'll Summarize my stance because it has a lot Of overlap AI is necessarily digital and Crypto with its constant availability

Transparency Automation and of course The fact that it is also wholly digital Means they are far more aligned than AI Could be with Fiat currencies although As Andrew said Banks know this and they Will be working to resolve it I would Just add that it's very early in Ai and Blockchain combining and I think we are Still awaiting a pivotal moment of Innovation okay I must confess I'm Something of a fan of Robert kosaki I Haven't agreed with everything he said In the past but his book Rich Dad Poor Dad was transformative to me in my early 20s I had never felt financially Literate and it hadn't occurred to me That the wealthiest people treated money Completely differently to the rest of The population kosaki can be a Contentious figure at times particularly When talking about money which is his Life's work nevertheless he is an Esteemed investor entrepreneur and Financial educator and so what he says About money carries a lot of weight Arjit Saka wrote a piece yesterday about Kiaki and his stance on bitcoin kosaki Has been a proponent of Bitcoin for some Time and over the past couple of years He has made some bold claims a perfect Example of this is a tweet from August Of this year which I'll read but just a Caveat kosaki loves to write character Starved tweets that don't translate

Perfectly when read aloud okay here goes Bitcoin to 100K saying for years gold And silver God's money Bitcoin people's Money bad news if stock and bond markets Crash gold and silver will Skyrocket Worst news if the world economy crashes Bitcoin to a million gold to $75,000 and Silver to $60,000 savers of fake US Dollars effed debt too high Mom Pop and Kids in trouble hope I wrong please take Care he is such a clever guy but reading His tweets can be really challenging What he's saying though is that gold Silver and Bitcoin are far more valuable Than the US dollar it's explained better In consequent tweets 3 months on from That tweet and kosaki is highlighting The brutal inflation much of the world Is experiencing the tweets also get Heavily political which I'm just going To sidestep here but one of the Actionable pieces of advice he gives out Is to buy gold silver and Bitcoin on Sunday he doubled down on this position With the following tweet which is much Easier to read by the way great news Gold reach is new high bad news workers And Savers are losers bad news been Saying the same for 25 years don't be a Loser get out of fake money system get Into gold silver Bitcoin now before it's Too late okay it wasn't that much easier To read now with this I'm trying to Decide whether kosaki is suggesting

Workers and Savers lose money by Saving In a plain old bank account with dollars Or whether he's calling people who save That way a loser I really hope it's the Former there's also some perhaps un Intended deliciousness in instructing People to buy Bitcoin to get out of a Fake money system given fake money is How much of the world traditionally Viewed Bitcoin next let's switch continent and Pop to Japan David atley's article Yesterday has been garnering a lot of Attention it takes a look at the Japanese National Tax Agency NTA and Their yearly summary of Investigations And a key part is concerned with crypto Tax evasion the findings are fascinating Orbe it potentially misleading to my eye The NTA initiate inves vations into Citizens crypto Holdings based on their Tax declaration in 2021 there were 444 Investigations and in 2022 there were 615 investigations according to this Latest report in 548 of 615 cases the agency found tax Violations a 35% increase over 2021 Right before I continue here I want to Plant a flag I am of course not Intimately acquainted with the Japanese Tax system but from my experience with Two other countries tax in assets I can Say that there is so much confusion and Uncertainty I would confidently guess

That a decent percentage of those tax Violations were completely accidental so I just wanted to highlight that tax Violations could be taken as intentional Action which I suspect is much rarer David also pointed out in this article That the average value of Undeclared Crypto Holdings dropped from 36.6 Million Japanese Yen which is about $245,000 in 2021 to 30.7 million yen 206,00 in 2022 so I'm going to go the Other way with this one because Conversely this could be seen as less Positive than it sounds as the average Value of crypto Holdings would have Dropped as a whole from 2021 to 2022 Japan is one of my favorite countries on Earth and fortunately it appears that Japan is approaching this issue Pragmatically and sensibly in August Japanese Regulators including the NTA And another tax agency confirmed that Citizens would be spared from capital Gains tax on unrealized gains in crypto If you don't know what that means it's Simply being taxed in Japan's case it's 35% on the profit you made on crypto Holdings even if you haven't sold them That would be a brutal hit for many People David added that this month Japan Joined a list of almost 50 Nations that Pledged to swiftly transpose the crypto Asset reporting framework a new International standard on the automatic

Exchange of information between tax Authorities into their domestic law Systems so yes there's a lot to unpack In that Report finally we're going to bookend This episode with binance stuff there's Just too much you need to know if you Want to stay on top of it all but I'll Keep it brief despite that Flagship $4.3 Billion settlement with multiple US Agencies the SEC is still looking for Evidence that binance us had a back door To potentially control customer Assets In a similar style to FTX this is According to the 27th of November report By The Wall Street Journal yesterday Braden lindrea wrote up the story that Although binance want every Investigation done and dusted they just Don't seem to be in June the SEC filed a Lawsuit against binance and binance US Alleging the exchange was involved in The sale of unregistered Securities and Accusing CZ of participating in a Complex conspiracy that involved fraud a Hearing in federal court yesterday saw Binance attorney Michael lar Ro asked a Federal judge to end the investigation By the SEC as they had no evidence also L Ro said that binance us assets have Plunged almost 90% And Its user base has Halved since the SEC filed the lawsuit Judge farak who is presiding over the Case reportedly told the sec's lawyers

At some point I have to make a leap of Faith and say enough is enough it's Worth noting here that the SEC looking For FTX style fraud doesn't mean they Will find any and it appears the judge Is running out of patience with the SEC What worries me more though is the 90% Plunge in assets and a harving of the US User base since June okay it's time for the speed round Following on from the ongoing stories About binance and CZ that I've been Covering I wanted to give yesterday's Update on the US prosecutors claiming CZ Presents an unacceptable risk of flight And nonappearance I have correctly Predicted again can you believe it the Judge orders the condition permitting CZ To return to the UAE pending sentencing Is stayed so CZ cannot return to his Family in Dubai prior to sentencing in February 2024 despite the Scrooge McDuck Siiz pile of money that CC would Forfeit okay that is it for today I Think that was the longest episode so Far but still comfortably under 15 Minutes consider yourself informed thank You for listening to the rise and crypto Podcast by coin in Telegraph if you're Enjoying these daily updates please make Sure you let us know by following Subscribing or leaving a review have a Great day let's do this again [Music]

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