During a meeting with South Korean Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun, Bessent discussed finding a new equilibrium on tariffs to encourage rather than restrict trade. The Treasury emphasized that talks focused on creating an “expanded equilibrium” to boost trade between the allies.

India Close To Securing Trade Deal With US

Meanwhile, Scott Bessent said India could be among the first countries to finalize a new trade deal with the U.S., avoiding President Trump’s suite of “reciprocal” tariffs. Speaking at the World Bank and IMF Spring Meetings, Bessent noted that India’s lower tariffs and minimal trade barriers made negotiations easier.

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U.S. Vice President JD Vance and Indian Prime Minister Narendra Modi announced a roadmap on Tuesday to advance trade talks, with a 26% tariff potentially coming into effect in July if no deal is reached.

Talks With China Stalled

Bessent also revealed that trade talks with China have stalled. With tariff rates on Chinese imports exceeding 145%, Bessent emphasized that both sides see these levels as unsustainable. However, he insisted that the U.S. would not unilaterally reduce duties.

Bessent added that the U.S. is continuing negotiations with 15 major trading partners aside from China, including Japan, South Korea, Vietnam, and the United Kingdom.

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As part of a $1.4 billion IMF loan deal, El Salvador will make Bitcoin acceptance voluntary, end its involvement with the little-used Chivo wallet, and limit public sector engagement in Bitcoin-related economic activities.

According to a statement from the International Monetary Fund on December 18, the Central American country will receive $1.4 billion over the next 40 months after agreeing to measures aimed at reducing its debt-to-GDP ratio.

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies. Legal reforms will make acceptance of Bitcoin by the private sector voluntary,” the IMF said.

“For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined.”

El Salvador and the IMF: Gradual Shift in Bitcoin Strategy

The IMF stated that taxes will be paid in the country’s official currency, the US dollar, and that government involvement in the state-backed Chivo crypto wallet will be “gradually unwound.”

El Salvador began purchasing Bitcoin in 2021, and according to the country’s National Bitcoin Office, it currently holds 5,968.8 Bitcoin, valued at approximately $602 million.

A spokesperson from the National Bitcoin Office stated that the country will continue to “accumulate Bitcoin.”

“We will keep buying one Bitcoin a day (likely even more in the future), and we will not sell any of our current holdings,” the spokesperson said, adding that the Bitcoin Office’s plans remain unchanged and Bitcoin continues to be the country’s main strategy.

The agreement still requires approval from the IMF Executive Board, but it marks the end of four years of negotiations, including El Salvador’s decision in June 2021 to adopt Bitcoin as legal tender, making it the first country in the world to do so.

IMF’s tweet:

The IMF has long urged President Bukele to abandon his Bitcoin plans, arguing that the speculative nature of the cryptocurrency could put the country at risk.

The agreement will also secure additional loans from other global banks, including the World Bank, providing a total financing package of over $3.5 billion.

In response to the IMF’s statement, Bukele’s Bitcoin adviser, Max Keiser, expressed his disdain on X, stating, “Nobody pays attention to these idiots,” and called the agreement “bureaucratic, meaningless nonsense.”

In another post on X, Keiser added, “Bitcoin usage in El Salvador has always been voluntary, and its usage has never been higher and continues to grow. The IMF’s point is invalid.”

However, an October survey found that 92% of Salvadorans do not engage in Bitcoin transactions, up from 88% in a 2023 survey.

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This latest research from Binance suggests that blockchain technology has the potential to revolutionize global payment systems, offering a more modern and efficient alternative to the fragmented banking infrastructure currently in use.

According to the report, while payments made through traditional methods like Visa or Mastercard may appear instant to consumers, the actual transfer of funds between banks can take up to a day. This delay becomes even more pronounced in cross-border transactions, where coordination between banks in different countries is required.

In contrast, blockchain technology offers a significant improvement in transaction speed. The report highlights that blockchain transactions can be completed in under an hour, a stark difference from the delays often associated with conventional banking methods. Additionally, the cost of blockchain transactions is relatively low, making it a more economical solution for global money transfers.

Data from the World Bank reveals that the average cost of sending cross-border remittances in the first quarter of this year was 6.35%. Blockchain networks like Solana have the potential to drastically reduce these costs, allowing transactions to be processed for a fraction of a cent. The report also points to a Visa pilot project that utilizes blockchain for payment settlements, showcasing the technology’s potential.

Despite these benefits, the report acknowledges the existing challenges, particularly in terms of scalability. For example, while Visa can process over 65,000 transactions per second, blockchain networks like Solana currently handle just over 1,000 transactions per second. However, the report remains optimistic, suggesting that as regulatory frameworks evolve, technology advances, and businesses become more comfortable with blockchain, there could be a growing shift towards using on-chain stablecoins in place of traditional fiat banking systems.

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The post Binance’s New Crypto Report Highlights Key Insights appeared first on Coin Engineer.

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The company accused the country of engaging in unfair and oppressive criminal investigations and wrongful, politically motivated actions. The arbitration case seeks $3 billion from the Republic of Bulgaria.

The company sent an email on Wednesday explaining the matter.

The case was closed in December by the Bulgarian Prosecutor’s Office due to insufficient evidence and no evidence. There was a widespread restriction on cryptocurrency-related activities following the collapse of many cryptocurrency companies, including the sudden collapse of the FTX exchange.

Nexo claimed that the investigation damaged its brand value and led to the loss of certain business opportunities, such as a potential initial public offering (IPO) in the United States.

The allegations were filed with the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC, which is a part of the World Bank.

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