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Lawmakers in South Carolina, South Dakota, Tennessee, and Utah have proposed bills aimed at preventing the designation of a Central Bank Digital Currency (CBDC) as legal tender. Representative Tyler Clancy introduced a bill in the Utah Senate on January 4, seeking to exclude CBDC from the definition of legal tender within the state. A similar bill was introduced in South Dakota on January 9, explicitly stating that money does not encompass any central bank digital currency. Joining the trend, Tennessee introduced a bill on January 12, stating that the definition of money in the state does not extend to central bank digital currencies. The bills reflect ongoing debates between CBDCs and private cryptocurrencies, with proponents of Bitcoin expressing concerns over potential government control and surveillance associated with CBDC adoption. Last year, Florida Governor Ron DeSantis signed a law preventing the use of CBDCs in the state, emphasizing protection against government overreach...

In a groundbreaking collaboration, Paycorp has joined forces with digital currency payment company Triple-A, revolutionizing financial transactions for South Africans. Through the newly launched CryptoExpress app, Paycorp users can seamlessly convert their Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and USD Tether (USDT) holdings into South African Rand at over 3,000 distributed ATMs nationwide. The user-friendly app allows for instant PIN generation, facilitating card-based and non-card crypto asset cash withdrawals at Cash Express ATMs. This innovative move aligns with the growing trend of cryptocurrency adoption in Africa, where the number of Bitcoin ATMs has doubled since 2020. As South Africa takes the lead in integrated cryptocurrency ATM withdrawals, it sets a transformative precedent for the global financial services landscape. Regulatory developments in South Africa, where authorities are considering operational licenses for cryptocurrency-related services, further...

The U.S. Securities and Exchange Commission (SEC) has filed for a postponement of the civil trial against Terraform Labs and its co-founder, Do Kwon. The trial, originally scheduled for January 29, is being delayed to facilitate Kwon's participation amidst ongoing extradition proceedings. Do Kwon recently appealed the Montenegro High Court's decision to uphold extradition requests from the U.S. and South Korea, citing concerns about potential political pressures on the court. The SEC proposes a new trial date of April 15, aligning with Kwon's willingness to attend the trial and consent to extradition from Montenegro. (Source: Crypto.news)

Pro-crypto Republican presidential candidate Vivek Ramaswamy has exited the 2024 presidential race after receiving fewer votes in the Iowa caucuses. Ramaswamy, a vocal supporter of cryptocurrency, plans to endorse Donald Trump in the presidential race. Despite facing attacks from Trump, Ramaswamy has shown significant support for crypto, particularly Bitcoin. In a recent debate, he called for substantial changes in cryptocurrency regulation, highlighting the flaws in the current U.S. financial system and endorsing Bitcoin and digital assets as a viable alternative. (Source: Coingape)

In a temporary relief for businesses navigating the crypto landscape, the U.S. Treasury Department and the Internal Revenue Service (IRS) have announced a postponement of new rules mandating the reporting of digital asset transactions exceeding $10,000. The delay comes as both agencies work to implement regulations in response to the changes introduced by the Infrastructure Investment and Jobs Act, signed into law by President Joe Biden in 2021. While the act equates digital assets with cash for reporting purposes, the recent IRS announcement indicates a transitional phase, stating that businesses are not obligated to report digital asset transactions akin to cash transactions until specific regulations are established. Critics argue that the stringent measures outlined in the infrastructure bill, including personal details disclosure for crypto transactions, may impede industry growth and innovation. (Source: Coingape)

Following the recent ban imposed by India’s Ministry of Finance, Financial Intelligence Unit (FIU) on offshore crypto exchanges, including Binance and OKX, Indian exchanges such as CoinDCX, WazirX, and BuyUcoin are stepping in to assist affected users. CoinDCX has allocated a $1 million fund to facilitate hassle-free asset transfers, offering a 1% bonus to users transitioning from banned foreign exchanges. BuyUcoin is providing zero-fee transfers aligning with the FIU ban, emphasizing support for investor protection and adherence to regulations. WazirX is also offering a 1% bonus for users moving their crypto holdings to its platform. The FIU's notices of non-compliance in December led to the removal of several foreign crypto exchanges from Apple and Google app stores, prompting urgency among users previously avoiding a 30% crypto tax through offshore exchanges. (Source: X)

The European Banking Authority (EBA) has expanded the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) guidelines to encompass crypto asset service providers (CASPs) in the European Union. Effective since December 30, this move brings EU-based crypto companies under the regulatory umbrella, requiring them to adjust financial crime-fighting measures, potentially utilizing blockchain analytics tools. The EBA sees these amendments as a crucial step forward in harmonizing the approach to mitigate money laundering and terror financing risks specific to the crypto sector. The guidelines also include a financial crime risk assessment for crypto firms, addressing features like anonymity enhancements and self-hosted wallets. This development follows the finalization of crypto regulations such as the Transfer of Funds Regulation (ToFR) and Markets in Crypto-Assets (MiCA), with MiCA's investor protections set to take effect in December, allowing an 18-month transitional period...

Binance Thailand, a subsidiary of Gulf Binance in partnership with Gulf Innova Co. Ltd., has officially launched its regulated digital assets trading platform, offering crypto trading and brokerage services to the general public. The development follows the acquisition of digital asset operator licenses from Thailand’s Ministry of Finance in May 2023. Binance Thailand's platform integrates with Binance Kazakhstan, allowing users access to digital asset brokerage services with local currency pairings. Gulf Binance CEO Nirun Fuwattananukul highlighted the collaboration with Thai regulators and emphasized the commitment to providing a secure and innovative platform. The exchange is authorized by Thailand’s Securities and Exchange Commission (SEC) and aims to contribute to Thailand’s economic development through blockchain technology and digital assets. (Source: Dailycoin)

Microsoft introduces Copilot Pro, a $20 subscription service catering to a broader audience by bridging the gap between enterprise and free offerings for its artificial intelligence (AI) assistance suite. Copilot Pro provides subscribers with features that were previously exclusive to enterprise customers, such as native integration with Office software (Excel, PowerPoint, and Word). Additionally, subscribers gain access to "Copilot GPT Builder," allowing users to build and enable their own chatbot personas. The subscription service aims to enhance the Copilot experience, aligning with Microsoft's strategy to offer advanced AI solutions to a wider user base. (Source: Cointelegraph)

A report from the United Nations Office on Drugs and Crime (UNODC) sheds light on the growing role of casinos, junkets, and cryptocurrencies in underground banking and money laundering across East and Southeast Asia. The report identifies Tether (USDT) as the most used cryptocurrency for money laundering related to illicit activities. It details the rise of illegal online casinos, e-junkets, and crypto exchanges, highlighting the use of USDT to route money through various accounts. The report reveals that USDT transactions related to illicit activities predominantly occur on the Tron blockchain. Law enforcement and financial authorities in the region have reported a surge in cyberfraud and money laundering cases involving USDT. (Source: UN Reports)

Do Kwon, the founder of Terraform Labs, has once again appealed the Montenegro High Court's decision to uphold extradition requests from the U.S. and South Korea. Kwon, facing criminal charges related to the collapse of Terra, had previously won an appeal in November, overturning the court's decision. However, on December 29, the court ruled in favor of the extradition requests. Kwon's lawyer, Goran Rodic, alleges that the court's decision violates legal provisions and international treaties and suggests political pressure. Kwon has been detained in Montenegro and faces legal challenges in multiple jurisdictions. (Source: Bitcoinist)

Circle, the stablecoin company, has successfully upgraded its USDC stablecoin to version 2.2. This upgrade introduces several improvements, including enhanced gas efficiency, support for account abstraction and smart contract wallets, and increased resilience in dealing with forks. The changes aim to reduce transaction costs for various USDC operations, with estimated savings ranging from 3-7%. Additionally, the upgrade allows USDC to be managed by smart contract wallets, supporting initiatives for account abstraction. Circle CEO Jeremy Allaire highlighted the successful completion of the upgrade, emphasizing the seamless process for a protocol that has handled trillions in transactions.