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In a landmark move, BRICS member China pushed the Chinese yuan for a loan of 14.2 billion yuan, equivalent to $1.98 billion, to Australia’s metals giant Fortescue. The deal was arranged by the People’s Bank of China (PBOC) and represents the largest offshore yuan. Australia’s top metals energy firm, Fortescue, accepted the yuan loan, and the US dollar played no role in the transactions. This marks a significant shift as the US dollar was the de facto currency for firms in Australia and other Western countries. Also Read: Death of the US Dollar Has Begun With BRICS Rebellion, Says Forecaster Big Win for BRICS: Australia’s Fortescue Loan Helps Yuan’s Globalization Source: Thomas White / Reuters Fortescue is the world’s fourth-largest iron ore producer, and its stock has risen by 196,500.00% since its IPO in 1999. BRICS member China gains the most from the deal as the yuan is being used for a loan of $1.98 billion to Australia. In addition, Fortescue wil...

Australian asset manager Monochrome Asset Management is gearing up to launch the country’s first spot Ethereum ETF (exchange-traded fund). The new fund comes just 4 months after the firm launched its spot Bitcoin ETF in June, and will be listed on the Australia Cboe exchange on Oct. 15 at 10:00 a.m. local time.   Monochrome Ethereum ETF Will Be More Tax Efficient Than US Funds The Monochrome Ethereum ETF is being positioned as the first ETH ETF to offer in-kind subscriptions and redemptions for the largest altcoin by market cap. According to the asset manager’s CEO, Jeff Yew, this differing model might provide greater tax efficiency to investors, making the fund more attractive than its US competitors. Through a dual-access bare trust structure, the Monochrome Ethereum ETF aims to prevent capital gains tax events for long-term investors. This structure will allow investors to transfer ETH into Monochrome’s fund without triggering a change in legal or b...

Blockchain startup Lygon — backed by International Business Machines and other prominent supporters, including major financial institutions — has gone bankrupt. The Australia-based company’s debt hovers at around $14.3 million, according to news platform news.com.au. Per a statutory report filed with the corporate regulator in late 2023, Lygon entered liquidation just five years after launching. Lygon, headquartered in Sydney, has subsidiaries in New Zealand and Singapore. The firm also captured the attention of the banking community. Established as a joint venture by ANZ, CBA, Westpac, IBM, and Scentre Group, the company aimed to revolutionize the digitization of bank guarantees through blockchain technology. You might also like: Focused on streamlining the process, Lygon sought to eliminate the cumbersome practice of couriering paper documents for bank guarantees, ultimately saving time and money. The success story gained significant media coverage, including rep...

One Bitcoin can be bought for the equivalent of $22,000 on Binance Australia if paid using Australian dollars. The problem is getting the funds there. Bitcoin (BTC) is trading hands at a hefty discount on the Australian branch of the Binance crypto exchange, with the price of Bitcoin down as much as 21% if traded against the Australian dollar.  The move comes as traders rush to cash out their crypto holdings into Australian dollars before the door for local bank withdrawals closes in a few days. On May 18, Binance Australia informed users that it is suspending Australian dollar services after a decision by its third-party payments provider. Deposits via bank transfer were halted immediately, while withdrawals using the PayID service are set to remain open until June 1 at 5 pm local time. The exchange has also warned its Australian clients that any Australian dollars remaining on the exchange after May 31 would be automatically converted into USDT. The announcements have since caused...