Blockchain
Guinea-Bissau is Using Blockchain to Boost Fiscal Transparency
In May 2024, Guinea-Bissau made a groundbreaking move by launching a blockchain platform as part of its Extended Credit Facility (ECF) program with the International Monetary Fund (IMF). This platform, developed in collaboration with Ernst & Young and supported by financial partners, aims to revolutionize public wage bill management. It represents one of the first blockchain-based initiatives in Africa to tackle governance challenges and improve fiscal transparency.
Key Features of the Blockchain Platform:
The blockchain solution is designed to securely manage wage bill data for public service employees and pensioners. It provides near real-time monitoring of salaries, pensions eligibility, budget allocations, payment approvals, and disbursements. The platform enhances data integrity, reduces the burden of audits, and generates timely fiscal reports for policymakers. By using tamper-evident technology, it can identify discrepancies and prevent fraudulent payments.
Benefits for Guinea-Bissau:
The blockchain platform significantly strengthens fiscal management in Guinea-Bissau, aligning with the country’s goals of fiscal transparency and improved governance. As part of the IMF-supported program, the initiative has already reduced the wage bill’s share of tax revenues from 84% in 2020 to 50%, though further progress is needed to meet regional standards. The platform’s ability to detect inconsistencies and prevent fraud builds public trust in fiscal institutions and makes government operations more efficient.
Future Prospects:
Looking ahead, Guinea-Bissau plans to expand the platform’s reach to cover all 26,600 public employees and 8,100 pensioners by November 2024. This expansion will further improve accountability in public wage management and ensure compliance with the country’s regulatory framework. The ongoing support from the IMF and its partners underscores the country’s commitment to sustainable economic development and governance reform, marking this initiative as a significant step toward a more transparent future for Guinea-Bissau.
Source: imf.org
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Blockchain
$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko
Farcana — United Arab Emirates based Bitcoin shooter game, has announced that its $FAR token is now ranked first on Bybit exchange. This development comes after the launch of its staking program, which offers users a 60% annual percentage rate (APR) on their $FAR tokens.
The staking program requires users to utilize the Polygon network for staking their announcement. Following the announcement, $FAR token soared to 44% according to Coingecko.
Founded in 2022, Farcana recently raised $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
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A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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