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Taiwan lawmaker calls for Bitcoin reserve at national conference

Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.

Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.

In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.

Taiwan lawmaker calls for Bitcoin reserve at national conference
Source: Ko Ju-Chun

Ko’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.

Taiwan is an export-oriented economy

Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.

“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.

In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.

Law, Investments, Taiwan, Samson Mow, Policy, Bitcoin Reserve
Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun

“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.

Bitcoin is not the only solution

Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.

Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.

Related: Trump tricked into pushing XRP for crypto reserve: Report

He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.

Taiwan lawmaker calls for Bitcoin reserve at national conference
Source: Ko Ju-Chun

“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:

“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”

The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.

Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

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Russia arrests Blum co-founder Vladimir Smerkis on fraud charges

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Russia arrests Blum co-founder Vladimir Smerkis on fraud charges

Russia arrests Blum co-founder Vladimir Smerkis on fraud charges

Vladimir Smerkis, a co-founder of the Telegram-based crypto project Blum, has reportedly been arrested in Moscow, Russia, on fraud allegations, amid Blum confirming he is no longer affiliated with the project.

The Zamoskvoretsky District Court of Moscow approved a request from investigators to keep Smerkis in custody while he is being investigated, Russian state-owned news outlet TASS reported on May 18.

Smerkis — who previously ran operations for Binance in Russia — is suspected of committing fraud on a “large scale,” pursuant to Article 159 of the Criminal Code of the Russian Federation, violations of which can result in imprisonment ranging from two to 12 years.

It isn’t clear if charges have been filed against Smerkis.

Russian news outlet Mash tied the fraud allegations against Smerkis to his involvement in The Token Fund and Tokenbox crypto ventures that he co-founded in 2017, where investors reportedly suffered combined losses of around $15 million.

Blum, which is not involved in The Token Fund and Tokenbox ventures, wrote to X on May 18 that Smerkis resigned from his role as the firm’s chief marketing officer and would no longer be involved in the project in any capacity.

Russia arrests Blum co-founder Vladimir Smerkis on fraud charges
Source: Blum

Blum said its team remains fully committed and focused on its goals and that its day-to-day operations would continue as usual.

Blum is a crypto project that integrates a decentralized exchange into Telegram Mini Apps, enabling users to trade crypto, earn rewards and participate in token airdrops.

No Smerkis, no BLUM token?

The incident sparked concerns that Blum’s token airdrop won’t follow through as planned. 

In an April 3 X post, Blum hinted at a potential BLUM token listing in the third quarter of this year.

Blum users could receive BLUM tokens by earning Blum points in its newly launched Drop Game, where users tap on snowflakes falling from their mobile phone screen, and convert those points into tokens during the project’s slated token generation event.

Related: Pavel Durov rejects EU pressure to censor Romanian election content

However, the news of Smerkis’ arrest appears to have shaken community confidence that the BLUM token airdrop will happen.

“Blum owes its users a clarification on the planned airdrop,” one X user and Blum community member said, while crypto influencer RK Gupta added:

“No airdrop. No updates. Just silence. Was it all for nothing?”

Magazine: Pranksy: Inside the anonymous life of an NFT legend — NFT Collector

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Pavel Durov rejects EU pressure to censor Romanian election content

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Pavel Durov rejects EU pressure to censor Romanian election content

Pavel Durov rejects EU pressure to censor Romanian election content

Telegram founder Pavel Durov said he rejected pressure from a European Union (EU) country to censor political content on the social media platform ahead of the May 18 presidential elections in Romania.

According to Durov, a Western European government, which he hinted at with a baguette emoji, approached the platform and requested it censor conservative voices, which he flatly denied. Durov wrote in a May 18 Telegram post:

“You can’t ‘defend democracy’ by destroying democracy. You can’t ‘fight election interference’ by interfering with elections. You either have freedom of speech and fair elections — or you don’t. And the Romanian people deserve both.”

The Telegram founder is an ardent defender of free speech, who is highly regarded in the crypto community for his stances on freedom of expression, autonomy, privacy, and individual liberty.

Pavel Durov rejects EU pressure to censor Romanian election content
Source: Pavel Durov

Related: Pavel Durov says Telegram would exit markets before betraying users

Durov thrust into the spotlight following arrest in France

Pavel Durov was arrested in France in August 2024, sparking widespread condemnation from the crypto community and free speech advocates worldwide, who accused the French government of orchestrating a politically-motivated arrest.

French President Emmanuel Macron denied the arrest was political while claiming the French government was “committed to freedom of expression and communication” in an August 26 X post.

“You can’t keep founders personally liable, and charge them up to 20 years, for not moderating speech, and at the same time claim you are deeply committed to freedom of expression,” Helius Labs CEO Mert Mumtaz wrote in response to Macron.

Shortly after Durov’s arrest, Chris Pavlovski, the CEO of Rumble — a free speech online video platform — announced that he safely departed the European Union after France threatened Rumble.

The CEO also criticized the French government for the arrest of the Telegram co-founder, characterizing it as an attempt to pressure him into censoring speech on the platform.

Durov maintains that Telegram complies with lawful information requests made by law enforcement officials and said that the company has a legal representative in France who handles such requests.

The Telegram co-founder also criticized the French government for bypassing the legal representative and choosing to issue an arrest warrant instead.

Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in

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Post-Brexit EU reset negotiations ‘going to the wire’, says minister

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Post-Brexit EU reset negotiations 'going to the wire', says minister

Negotiations to reset the UK’s post-Brexit relationship with the EU are going “to the wire”, a Cabinet Office minister has said.

“There is no final deal as yet. We are in the very final hours,” the UK’s lead negotiator Nick Thomas-Symonds told Sky’s Sunday Morning with Trevor Phillips.

On the possibility of a youth mobility scheme with the EU, he insisted “nothing is agreed until everything is”.

“We would be open to a smart, controlled youth mobility scheme,” he said. “But I should set out, we will not return to freedom of movement.”

Politics latest: PM outlines ‘benefits’ for UK from closer EU ties

The government is set to host EU leaders in London on Monday.

Put to the minister that the government could not guarantee there will be a deal by tomorrow afternoon, Mr Thomas-Symonds said: “Nobody can guarantee anything when you have two parties in a negotiation.”

But the minister said he remained “confident” a deal could be reached “that makes our borders more secure, is good for jobs and growth, and brings people’s household bills down”.

“That is what is in our national interest and that’s what we will continue to do over these final hours,” he said.

“We have certainly been taking what I have called a ruthlessly pragmatic approach.”

On agricultural products, food and drink, Mr Thomas-Symonds said supermarkets were crying out for a deal because the status quo “isn’t working”, with “lorries stuck for 16 hours and food rotting” and producers and farmers unable to export goods because of the amount of “red tape”.

Asked how much people could expect to save on shopping as a result of the deal the government was hoping to negotiate, the minister was unable to give a figure.

Read more:
What could a UK-EU reset look like?
Starmer’s stance on immigration criticised

On the issue of fishing, asked if a deal would mean allowing French boats into British waters, the minister said the Brexit deal which reduced EU fishing in UK waters by a quarter over five years comes to an end next year.

He said the objectives now included “an overall deal in the interest of our fishers, easier access to markets to sell our fish and looking after our oceans”.

Turning to borders, the minister was asked if people would be able to move through queues at airports faster.

Again, he could not give a definitive answer, but said it was “certainly something we have been pushing with the EU… we want British people who are going on holiday to be able to go and enjoy their holiday, and not be stuck in queues”.

PM opens door to EU youth mobility scheme

A deal granting the UK access to a major EU defence fund could be on the table, according to reports – and Prime Minister Sir Keir Starmer has appeared to signal a youth mobility deal could be possible, telling The Times that while freedom of movement is a “red line”, youth mobility does not come under this.

The European Commission has proposed opening negotiations with the UK on an agreement to facilitate youth mobility between the EU and the UK. The scheme would allow both UK and EU citizens aged between 18 and 30 years old to stay for up to four years in a country of their choosing.

Earlier this month, Home Secretary Yvette Cooper told Phillips a youth mobility scheme was not the approach the government wanted to take to bring net migration down.

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Return to customs union ‘remains a red line’

When this was put to him, Mr Thomas-Symonds insisted any deal on a youth mobility scheme with Europe will have to be “smart” and “controlled” and will be “consistent” with the government’s immigration policy.

Asked what the government had got in return for a youth mobility scheme – now there had been a change in approach – the minister said: “It is about an overall balanced package that works for Britain. The government is 100% behind the objective of getting net migration down.”

Phillips said more than a million young people came to the country between 2004 and 2015. “If there isn’t a cap – that’s what we are talking about,” he said.

The minister insisted such a scheme would be “controlled” – but refused to say whether there would be a cap.

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‘It’s going to be a bad deal’

Shadow cabinet office minister Alex Burghart told Phillips an uncapped youth mobility scheme with the EU would lead to “much higher immigration”, adding: “It sounds very much as though it’s going to be a bad deal.”

Asked if the Conservatives would scrap any EU deal, he said: “It depends what the deal is, Trevor. And we still, even at this late stage, we don’t know.

“The government can’t tell us whether everyone will be able to come. They can’t tell us how old the young person is. They can’t tell us what benefits they would get.

“So I think when people hear about a youth mobility scheme, they think about an 18-year-old coming over working at a bar. But actually we may well be looking at a scheme which allows 30-year-olds to come over and have access to the NHS on day one, to claim benefits on day one, to bring their extended families.”

He added: “So there are obviously very considerable disadvantages to the UK if this deal is done in the wrong way.”

Jose Manuel Barroso, former EU Commission president, told Phillips it “makes sense” for a stronger relationship to exist between the European Union and the UK, adding: “We are stronger together.”

He said he understood fishing and youth mobility are the key sticking points for a UK-EU deal.

“Frankly, what is at stake… is much more important than those specific issues,” he said.

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