Altcoins
Egypt Will Issue a Digital Currency Next Year

Finally, after a long period of refusal, the Central Bank of Egypt revealed that it will complete the study to launch a digital currency next year, in cooperation with a number of international institutions.
According “Almal News“, Ehab Nasr, Central Bank’s VP assistant and head of payment systems and financial technology sector, the central bank will finalize the launch of a digital currency next year.
Nasr said that the Central Bank is cooperating in this regard with international institutions that he did not disclose, also did not disclose whether the new Egypt digital currency will be used only in internal banking transactions or will be available for public use and trade, where the study includes the need for the Egyptian market for digital currency and legislation necessary to launch .
A number of central banks around the world are seriously considering launching cryptocurrencies under their control, notably China’s central bank , Tunisia and Turkey.
The Central Bank of Egypt has repeatedly refused to deal with the use of digital currencies , including Bitcoin, pointing out that their prices are volatile due to speculation and lack of control by governments.
Recently, Arab central bankers recognized digital currencies during the meeting of the Board of Governors of Arab Banks and Monetary Institutions, and stressed the importance of addressing the risks arising from the use of digital currencies and the possible effects on monetary policies and the importance of appropriate preparation and capacity-building of central banks that wish to issue such Digital workers, development of digital identity standards, principles of customer identification, development of legislation and strengthening of international coordination in the face of risks.
Ayman Hussein, Deputy Governor of the Central Bank of the payment systems sector, said in October last year, that the Central bank began a study on the possibility of issuing an Egyptian digital currency, without disclosing further details, stressing that it comes in the context of reducing the circulation of banknotes And the transformation into a non-cash society.
Last year, The Central Bank issued a formal warning last year against dealing in all types of virtual cryptocurrencies, especially Bitcoin, because it is not issued by any central bank and is not supervised by any regulatory body in the world, and therefore lacks the official guarantee and government support enjoyed by the official currencies issued by central banks.
Altcoins
Uphold Exchange Announces Evernode Airdrop for XRP Holders

Uphold exchange has revealed its support for the upcoming Evernode Airdrop. The airdrop, exclusively for XRP holders, promises to reward participants with EVRS tokens.
The Evernode Airdrop: What You Need to Know
Scheduled for September 1, 2023, at 6:00 PM AEST (8:00 AM UTC), the Evernode Airdrop snapshot is poised to capture the XRP holdings of participants. This snapshot is a pivotal moment as it forms the basis for determining the proportion of EVRS tokens that qualifying XRP holders will receive. It’s important to note that this snapshot will consider XRP holdings up to a limit of 50,000 XRP tokens, ensuring a level playing field for all participants.
The fairness and equality of the distribution process is a core principle of this airdrop. Uphold is keen on ensuring that participants receive EVRS tokens in a manner that reflects their XRP holdings accurately. This approach not only promotes inclusivity but also reflects Uphold’s dedication to creating value for its user base.
Factors Influencing Airdrop Date and Availability
While the snapshot is scheduled for September 1, the airdrop date itself remains contingent on various external factors. Particularly, the launch of the new Xahau Network holds sway over the timeline. Uphold is steadfast in keeping its users informed about any updates regarding the airdrop’s timeline. Participants should be aware that initial access to EVRS tokens on the Uphold exchange might be limited. Uphold’s stringent listing criteria and liquidity requirements must be met before the tokens become fully tradable.
Qualification and Distribution Process
Participating in the Evernode Airdrop is refreshingly straightforward. To qualify, users need only hold XRP in their Uphold accounts at the time of the snapshot. The distribution of EVRS tokens to eligible participants will occur once the Evernode project finalizes the airdrop date and completes the process. This ensures that participants who met the qualification criteria during the snapshot will receive their rightful share of EVRS tokens.
Exploring Ripple XRP: A Unique Blockchain Perspective
As the Evernode Airdrop garners attention, it’s an opportune moment to delve into Ripple XRP’s distinct blockchain characteristics. Unlike many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created when the blockchain was established. This approach fosters stability and predictability within the XRP ecosystem.
One of XRP’s primary use cases is its role as a bridge currency for cross-border transactions. Ripple’s network and technology enable seamless and efficient cross-border payments, transcending the limitations of traditional systems. The platform’s speed and low transaction costs position it as a viable alternative to conventional remittance methods.
Additionally, XRP’s consensus mechanism deviates from the energy-intensive proof-of-work (PoW) approach used by Bitcoin. XRP employs the consensus protocol to validate transactions, enabling faster transaction settlement times and energy efficiency.
Altcoins
Vietnam’s Crypto Crackdown: Authorities Investigate Pi Network

Vietnamese authorities have launched an investigation into the activities surrounding the Pi cryptocurrency, citing concerns over its complex and unregulated nature. The Department of Cybersecurity and High-Tech Crime Prevention expressed apprehension regarding the high-income potential and multi-level marketing resemblances associated with cryptocurrency models like Pi.
According to Vietnam Express, the investigation aims to address the risks posed by such ventures and protect investors from potential fraud and data breaches. This article delves into the recent developments surrounding the Pi cryptocurrency in Vietnam and the concerns raised by authorities.
Le Xuan Minh, the head of the Department of Cybersecurity and High-Tech Crime Prevention, highlighted the increasing complexity and unmanaged nature of cryptocurrency models like Pi. He noted instances where individuals have been coerced by cryptocurrency promoters into participating in business models resembling multi-level marketing schemes. Multiple police forces across localities are actively investigating activities related to the Pi cryptocurrency. Authorities caution the public against investing in cryptocurrency models offering abnormally high profit margins or employing multi-level marketing strategies due to the associated risks.
The Pi Network, which emerged in 2019, experienced a surge in popularity in Vietnam during 2021. However, concerns have been raised regarding the lack of transparency exhibited by the cryptocurrency. Experts in the field of blockchain have emphasized the potential for Pi to be misused for fraudulent activities or unauthorized data collection. Despite these concerns, many individuals still hold faith in Pi, often under the assumption that they have nothing to lose by participating. However, they unknowingly expose themselves to the risk of personal data theft.
Cryptocurrencies are not recognized as legal tender in Vietnam. Engaging in activities such as issuing, trading, or using cryptocurrencies for payment can lead to penalties of up to VND100 million (US$4,240). The ongoing investigation into Pi cryptocurrency serves as a reminder that individuals should exercise caution when participating in unregulated crypto ventures.
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Binance Labs Invests in Promising Crypto Projects, Expanding Web3 Ecosystem

Binance Labs, the esteemed venture capital and incubation arm of Binance, has recently revealed its latest investments in a group of outstanding projects from Season 5 of its highly regarded Incubation Program. These carefully chosen projects cover a diverse range of sectors within the Web3 ecosystem, including decentralized finance (DeFi), infrastructure, tooling, and middleware.
With an overwhelming response of over 900 project applications, the Incubation Program handpicked only a select few, constituting less than 2% of the total, to participate in this exclusive initiative. Throughout the season, the chosen participants enjoyed a tailored curriculum that addressed their unique needs as founders. Additionally, they gained access to exclusive resources from the ecosystem and had the privilege of engaging in stimulating fireside chats with prominent leaders from the industry.
Expressing the organization’s unwavering commitment to empowering early-stage projects that can drive industry advancement, Yibo Ling, Chief Business Officer at Binance, stated, “Binance Labs remains devoted to supporting scalable early-stage projects that contribute to the progress of the industry. We eagerly anticipate witnessing the positive impact of Season 5’s incubated projects on the broader Web3 ecosystem.”
The culmination of Season 5 was marked by the highly anticipated Build The Block event, where the participating cohort had the opportunity to pitch their projects to influential industry leaders and investors. Consequently, Binance Labs extended funding to five exceptional projects that exhibited tremendous potential. The selected projects include Bracket Lab, DappOS, Kryptoskatt, Mind Network, and zkPass. For comprehensive details about each project, please refer to the official announcement available here.
Exciting prospects await as Binance Labs prepares for the forthcoming launch of Season 6 of the Incubation Program. Visionary founders of early-stage projects are strongly encouraged to apply, as the application process will be open on a rolling basis.
As the venture capital arm and accelerator of Binance, Binance Labs consistently seeks out groundbreaking innovations within the Web3 sphere. Since 2018, Binance Labs has invested in more than 200 projects hailing from 25 countries. Through the Binance Labs Incubation Program, it has successfully nurtured over 50 projects native to Web3, including notable names such as Polygon, Perpetual Protocol, and Dune Analytics. As of August 2022, Binance Labs holds the prestigious title of being the largest crypto venture capital firm in the industry, managing an impressive $7.5 billion in Assets Under Management (AuM) with a remarkable Multiple on Invested Capital (MOIC) of 21.0x.
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