23 Dec, 2024

Vientiane Surpasses Poverty Reduction Target, 99.43% Progress Achieved

Almost the entirety of Vientiane’s population is now above the poverty line, according to Sengaloun Souliyavong, the Head of Vientiane’s Department of Agriculture and Forestry.

As of 18 December, out of 156,392 families in Vientiane, only 899 remain below the poverty line. This marked a new achievement, with 99.43 percent of families surpassing the poverty threshold.

In a recent meeting, Sengaloun provided an update on Vientiane’s poverty statistics, noting that a large majority of families and villages have reached developed status. Over 140,000 families and nearly 380 villages have achieved this milestone. However, there are still challenges, with more than 10,000 families and just over 100 villages remaining undeveloped.

While districts like Xaythany and Pak Ngum continue to face developmental challenges, Sengaloun emphasized that the government remains committed to improving the standard of living and meeting the quality of life expectations for all citizens.

In 2023, approximately 83.13 percent of families were above poverty threshold. This year, Vientiane’s economy grew by 5.85 percent—well above the National Assembly’s target of 0.3 percent growth.

25 Dec, 2024

Binance and Kraken Lead $10 Million Investment Into Rapidly-Growing Decentralized Stablecoin Usual

Quick Take① Binance and Kraken have led a $10 million Series A funding round for Usual, the fast-growing stablecoin startup.② Launched in early 2024, the protocol’s community-focused, yield-bearing USD0 token has grown to become the seventh-largest stablecoin by market cap. Binance and Kraken lead $10 million investment into rapidly-growing decentralized stablecoin UsualVenture wings for crypto exchanges Binance and Kraken led a $10 million Series A funding round for Usual, the fast-growing stablecoin startup, according to a statement on Monday. Other backers include Ethena, the synthetic dollar platform; Ondo, the firm specializing in real-world assets; and Echo, a decentralized crowdfunding platform founded by crypto luminary Jordan Fish (widely known as Cobie), along with several other notable investors.M^0 onchain stablecoin infrastructure firm that inked a deal with Usual last week to help expand its backing assets has also joined as a backer. Launched “out of stealth” in early 2024, Usual offers a fully compliant stablecoin called USD0 backed 1:1 by real-world assets, primarily U.S. Treasurys. Its founder, Pierre Person, is the former vice president of the presidential political party that spearheaded France’s crypto asset legislation and ​​ex-member of the French Parliament.USD0 crossed the $1 billion market capitalization milestone last week and is on its way to $1.5 billion in a matter of days, according to CoinGecko data. It is the seventh-largest stablecoin by market cap and sixth most-traded by volume. The protocol, governed by the USUAL token, is designed to reward holders with real yields generated by these reserve holdings — unlike the two largest stablecoins, USDT and USDC, which direct profits to their issuers, Tether and Circle, respectively. USD0 projects an 80% annualized yield."Existing stablecoin models lack transparency and equitable value distribution, privatizing their gains and socializing their losses, and going against the ethos that web3 was built on,” Usual CEO Person said in a statement.The USD0++ protocol also allows users to stake their USD0 holdings for up to four years to earn rewards in USUAL. Usual sometimes compares USD0++ to a short-term T-Bill in that it offers a right to future earnings of the protocol.USUAL is up about 11% in the past 24 hours.

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20 Dec, 2024

El Salvador’s Bitcoin Strategy

El Salvador continues to make headlines as it redefines its Bitcoin strategy amid a $1.4 billion agreement with the International Monetary Fund (IMF). While the deal introduces limitations on Bitcoin-related government activities, the nation maintains its commitment to the cryptocurrency as a cornerstone of its financial vision.$1 Million Bitcoin Purchase Boosts Strategic ReserveEl Salvador recently acquired an additional 11 BTC, valued at $1 million, bringing its Strategic Bitcoin Reserve to 5,980.77 BTC. This purchase deviates from President Nayib Bukele's previous "one Bitcoin a day" strategy, introduced in 2022. With Bitcoin trading at approximately $97,000, the nation's total Bitcoin holdings are now worth an estimated $580 million.IMF Key Reforms to Bitcoin Adoption PoliciesThe IMF agreement, pending formal board approval, introduces several significant reforms, including:● Voluntary Bitcoin Adoption: Businesses are no longer mandated to accept Bitcoin. ● Tax Payment Restrictions: Bitcoin will no longer be accepted for tax payments. ● Phase-Out of Chivo Wallet: The government-backed wallet will be discontinued, with private sector solutions expected to take its place. ● Limited State Bitcoin Transactions: Further state-led Bitcoin purchases or initiatives are curtailed.These measures aim to balance El Salvador’s pioneering Bitcoin policies with global financial norms, addressing criticisms previously raised by the IMF about the risks associated with cryptocurrency adoption.Bitcoin Remains Legal Tender Despite ReformsStacy Herbert, Director of the National Bitcoin Office, reaffirmed that Bitcoin remains legal tender in El Salvador. While the Chivo wallet will be phased out, the government anticipates that the private sector will step in with alternative Bitcoin wallet solutions, supporting ongoing cryptocurrency use.El Salvador’s Fiscal Overhaul and Global SupportThe IMF-backed agreement is part of El Salvador's broader fiscal restructuring strategy. Alongside the IMF, the World Bank and Inter-American Development Bank are expected to provide a combined $3.5 billion financing package, bolstering the nation’s financial stability.El Salvador’s Role in Cryptocurrency EvolutionEl Salvador became the first country to adopt Bitcoin as legal tender in 2021, a bold move aimed at enhancing financial inclusion. While the policy has faced international skepticism, it has sparked discussions about the potential of cryptocurrencies in national economies. Globally, Bitcoin’s market capitalization now accounts for 14% of gold’s, surpassing the total assets under management of U.S. gold exchange-traded funds.Innovation Within International GuidelinesEl Salvador’s recalibrated Bitcoin strategy reflects a commitment to innovation while aligning with international financial standards. As the nation continues to navigate its unique position in the global financial landscape, its approach serves as a case study for integrating cryptocurrencies into traditional economic frameworks.

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