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Coin Geek
3 days ago
- Business
- Coin Geek
BIS finds tokenization is the future of financial system
Getting your Trinity Audio player ready... In a report published on June 24, the Bank for International Settlements (BIS), an institution made up of central banks from around the world, claimed that fiat-pegged stablecoins 'fall short of requirements to be the mainstay of the monetary system' as they fail the three key tests of singleness, elasticity, and integrity. However, it argued that tokenization does meet this test. In a 'special chapter' of the BIS's Annual Economic Report 2025, titled 'The next-generation monetary and financial system,' the BIS concluded that, building on the proposal for a unified ledger, the 'trilogy' of tokenized central bank reserves, commercial bank money and government bonds is 'the next logical step to deliver profound change for the financial system.' The report argued that tokenization can enhance efficiency and open new possibilities in cross-border payments, securities markets, and beyond while maintaining the key principles of sound money. 'Tokenisation represents a transformative innovation to both improve the old and enable the new. It paves the way for new arrangements in cross-border payments, securities markets and beyond,' wrote the BIS. 'Tokenised platforms with central bank reserves, commercial bank money and government bonds at the centre can lay the groundwork for the next-generation monetary and financial system.' However, while the report was effusive in its praise for the possibilities of tokenization, it was less enthusiastic about stablecoins, suggesting that they fall short of requirements to be the mainstay of the monetary system when set against the three key tests of singleness, elasticity, and integrity. This test is how the BIS judges the suitability of a payment system. The ' singleness of money ' refers to whether money can be issued by different banks and accepted by all without hesitation, otherwise known as 'acceptance for payment at par'; elasticity refers to whether money provides the flexibility to meet the need for large-value payments in the economy, 'so that obligations are discharged in a timely way without gridlock taking over'; and integrity refers to a system's ability to safeguard against financial crime and other illicit activity. According to the BIS, stablecoins do not meet any of these three criteria and are, therefore, not suitable to become the cornerstone of the next financial revolution. How stablecoins fall short According to BIS, stablecoins failed the first test, the singleness on money, partly because their value can depend on the relative 'creditworthiness' of their issuers and partly because stablecoins traded in secondary markets at an 'exchange rate' can deviate from par—meaning a situation can occur where different stablecoin that are supposed to be equivalent do not trade at equal value and can no longer be accepted at face value. 'Stablecoin holdings are tagged with the name of the issuer, much like private banknotes circulating in the 19th century Free Banking era in the United States. As such, stablecoins often trade at varying exchange rates, undermining singleness,' wrote the BIS. When it comes to elasticity, stablecoins failed the test because assets, such as Tether's USDT—the world's largest stablecoin by market cap—can be backed by a 'nominally equivalent amount of assets,' which means any 'additional issuance requires full upfront payment by holders' imposing a 'cash-in-advance constraint.' In other words, the stablecoin issuer's balance sheet cannot be expanded at will; any additional supply of stablecoins requires full upfront payment by its holders, which differs from banks, which can 'elastically expand and contract their balance sheets within regulatory limits.' Finally, stablecoins have been well publicized and have 'significant shortcomings when it comes to promoting the integrity of the monetary system' and are prone to Know Your Customer (KYC) and anti-money laundering (AML) compliance weaknesses. The BIS particularly highlighted the ability of digital asset mixers to obfuscate the origin of money and hamper traceability, as well as blockchain's propensity for anonymity, or pseudoanonymity, which hampers KYC efforts. Despite these critiques, the report wasn't wholly dismissive of the potential of stablecoins, noting that they offer certain advantages, such as programmability, pseudonymity, and 'easy access for new users.' In addition, their 'technological attributes mean they can potentially offer lower costs and faster transaction speed,' particularly for cross-border payments. 'It remains to be seen what role innovations like stablecoins will play in the future monetary system,' wrote the BIS. 'But stablecoins do not stack up well against the three desirable characteristics of sound monetary arrangements and thus cannot be the mainstay of the future monetary system.' There was, however, another asset type and financial system that did stack up well. Tokenization for the win As pessimistic as the report was in its appraisal of stablecoins as the next big thing in international payment systems, it was equally optimistic in its take on tokenization—the digital representation of assets on programmable platforms. 'Tokenisation stands to be the next logical step in the evolution of money and payments,' said the BIS, adding that it 'integrates messaging, reconciliation and settlement into a single seamless operation, and can transform cross-border payments and securities markets, ushering in a new era for the financial system.' Specifically, the report pointed to recent proposals for a unified ledger that provides a blueprint for the tokenized financial system. Key elements of the blueprint are tokenized central bank reserves, tokenized commercial bank money, and other tokenized claims on financial and real assets—all 'brought together in a new type of financial market infrastructure.' The report argued that the unified ledger can transform intermediary interactions, particularly when it comes to cross-border payments and, by combining programmability and transaction bundling, it can integrate and automate sequences of financial transactions. 'This eliminates delays and reduces manual interventions and reconciliations arising from the traditional separation of messaging, clearing and settlement,' noted the report. According to the BIS, tokenization also enables the joint execution of three previously separate steps: the debiting of the payer's account, the crediting of the receiver's account, and settlement on the central bank balance sheet. This allows for the 'synchronous exchange' of assets so that each transfer occurs only upon the transfer of the others. In terms of singleness—one of the areas stablecoins fell down—the report suggested that singleness on private tokenized money and cash would be supported in the same way it is now for commercial bank deposits, as long as all private tokenized money issuers complied with the same regulatory standards and had access to the same safeguards. It added that singleness between the private tokenized money issued by non-banks and cash could also be maintained under the proper arrangements. Tokenization can also utilize smart contracts—computer programs that run on a blockchain and automatically trigger when certain pre-agreed conditions are met, without the need for human intervention—which enables central banks to instantly create and adjust their tools, such as deploy new facilities and adjust interest rates or collateral requirements. In this way, 'tokenisation could offer flexibility and speed in monetary policy operations' as well as 'improve operational efficiency and promote automation in back office tasks.' Finally, as tokenized platforms could—in principle—operate continuously, smart contracts could support extended or even 24/7 market operations. 'Tokenisation of deposits and central bank money means that both the primary means of payment as well as the settlement function of central bank money can be integrated seamlessly on the same programmable platform,' said Hyun Song Shin, Economic Adviser and Head of the Monetary and Economic Department at the BIS, in a June 24 press release. 'It has the potential to transform securities markets and its application to correspondent banking is especially promising.' This sentiment was echoed by Agustín Carstens, General Manager of BIS, who commented: 'The next-generation monetary and financial system combines the time-tested principles of trust in money underpinned by central banks with the functionality unlocked by tokenisation. This system is poised to deliver substantial improvements to current practices and to enable entirely new economic arrangements.' Amongst all the praise, the BIS did acknowledge that the transition to a fully tokenized financial system would not be without its challenges. Interoperability between existing account-based systems and emerging tokenized infrastructures must be ensured; changes to existing systems will be needed, including adjustments to booking and reconciliation processes or messaging standards; fragmentation across both legacy and new networks could pose a challenge; and the emergence of tokenized repo transactions adds to demands on sound collateral management. However, overall, the BIS concluded that tokenization represents a 'transformative innovation to both improve the old and enable the new' and one that could well be the basis for the next-generation monetary and financial system. Watch | Rediscovering Blockchain: Here's how you build trust at scale title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
3 days ago
- Business
- Coin Geek
Some block reward miners ditch AI for BTC; others ditch BTC for ETH
Getting your Trinity Audio player ready... Some prominent block reward miners are making major strategic transitions as they try to figure out how to turn an elusive profit from this sector. The BTC network's hash rate has seen a double-digit decline since mid-June, hitting lows not seen since March (and still falling). Theories behind this decline range from Israel's attacks on Iran—a country long rumored to have major mining operations—to the oppressive heatwave gripping the United States. The latter theory involves cost-conscious miners shutting down as electricity prices surge higher and/or local power grids paying miners to switch off their rigs so everyone else can switch on their air conditioning. As always, the answer may lie in a combination of factors, but BTC's recent price resurgence—after slipping below $100,000 for the first time in over a month—is definitely a welcome development. The current cost to mine a single BTC (the full cost, including depreciation of mining rigs) was over $102,000 as of June 23. Also, riding to BTC's rescue is an expected significant drop in the network difficulty level, which is adjusted every two weeks based on hash rate fluctuations. The next adjustment is scheduled for June 29, and current estimates expect a downward shift of up to 9%. That would be the biggest decline since China cracked down on domestic mining operators in 2021. However, competition remains fierce in finding the next block and collecting those rewards. On Tuesday, CleanSpark (NASDAQ: CLSK) announced that it had achieved its mid-year hash rate target of 50 EH/s. CleanSpark is just the second publicly traded miner to eclipse that barrier after MARA (NASDAQ: MARA) crossed that threshold last December. However, international rivals like Australia's IREN (NASDAQ: IREN) and China's Cango Inc (NYSE: CANG) are expected to hit their own 50 EH/s targets in the coming months. So CleanSpark CEO Zach Bradford says the new target is 60 EH/s 'and beyond.' CleanSpark operates over 30 sites across four U.S. states, branding itself as 'America's Bitcoin Miner.' Never enough money The cutthroat competition and precarious mining finances have left operators constantly seeking new capital (even if some are using that capital to buy additional tokens for their BTC treasuries). This week, Hut 8 (NASDAQ: HUT) announced that it had doubled its credit facility with the Coinbase (NASDAQ: COIN) digital asset exchange to $130 million. Hut 8 said the amended and expanded agreement would extend the debt's maturity date to July 2026 while imposing a fixed interest rate of 9%, down from the variable rate that ranged as high as 11.5% over the past 18 months. Hut 8 didn't say how it planned to use its new credit beyond 'near-term opportunities advancing through its growth.' In March, Hut 8 announced it had partnered with President Trump's sons to launch American Bitcoin Corp (ABTC), a new mining/BTC treasury operation comprising 'substantially all' of Hut 8's mining gear. In May, ABTC announced plans to go public on the Nasdaq sometime in Q3 via a merger with Gryphon Digital Mining. The following month, ABTC revealed that it had acquired 215 BTC for its treasury. But there's been no word on ABTC's mining performance since that March announcement. Other miners raising cash include IREN, which closed its upsized $550 million convertible notes offering earlier this month, netting the company just under $535 million. Around $146 million of that haul will go towards servicing future debt obligations, with the rest targeted for general corporate purposes and working capital. Other miners are taking different avenues to raise cash. Riot Platforms (NASDAQ: RIOT) announced earlier this month that it had sold nearly 1.75 million shares in rival Bitfarms (NASDAQ: BITF), earning Riot just under $1.6 million. Last year, Riot began acquiring major chunks of Bitfarms as part of a hostile takeover bid that sought to oust Bitfarms' directors. Riot acquired nearly 19% of Bitfarms before the companies reached a settlement last September, and Riot began selling off bits of Bitfarm. This latest sale brought Riot's stake down to 14.3%. Back to the top ↑ Bit Digital ditching BTC for ETH Bit Digital (NASDAQ: BTBT) announced earlier this week that it was shoring up its finances with a new C$60 million (US$44 million) credit agreement with the Royal Bank of Canada. The company said it would use the funds to expand its AI/high-performance computing (HPC) operations, which have taken precedence over its mining business. Bit Digital's mining revenue totaled $7.8 million in Q1, 31% of its total revenue, down from 72% in the same period last year. However, Bit Digital followed that news on Wednesday by announcing a major 'strategic shift,' saying it was looking to get out of the BTC mining business entirely. The company said it has 'commenced a strategic alternatives process for its bitcoin mining operations that is expected to result in their sale or wind-down.' Instead of BTC, Bit Digital will now focus on the Ethereum network's native token, ETH, with the goal of becoming 'a pure play [ETH] staking and treasury company.' Bit Digital will also 'over time' convert its current 417.6 BTC treasury to ETH, boosting the 24,434 ETH it already holds. Any net proceeds from the wind-down of its BTC mining operations will be similarly converted to ETH. To help grease these wheels, Bit Digital is commencing an underwritten public offering of its ordinary shares. Bit Digital didn't offer any specifics on the size or timing of this offering, nor even if the offering would actually take place. But the proceeds will be used to (wait for it) buy more ETH. In what was clearly a busy day at the Bit Digital offices, the company also announced plans to conduct an initial public offering of its wholly-owned HPC subsidiary WhiteFiber Inc. Here, too, specifics are short, as the company filed its IPO application with the U.S. Securities and Exchange Commission (SEC) on a confidential basis, allowing it to keep facts and figures under wraps for the time being. Back to the top ↑ Canaan ditching AI for BTC On June 23, miner Genesis Digital Assets (GDA) announced a deal with mining rig manufacturer Auradine to buy 1,000 of the latter's Teraflux AT2880-277 air-cooled units. The rigs will be installed at GDA's data center in Glasscock County, Texas, one of 20 locations GDA operates worldwide and part of GDA's U.S. expansion strategy. Auradine has become a more attractive option for U.S.-based miners due to the ongoing impact of President Trump's tariff war. The three largest rig-makers—Bitmain, Canaan Inc (NASDAQ: CAN), and MicroBT—are all foreign-based, and while they're making efforts to establish U.S. roots, ramping up manufacturing capacity is a slow and pricey process. Speaking of Canaan, the company just announced a 'strategic realignment' that will see it 'discontinue its non-core AI semiconductor business unit,' a process the company expects will take a few months to conclude. Going forward, Canaan will focus on 'sharpening its focus on its core businesses of bitcoin mining machine sales, self-mining operations, and consumer mining products.' Canaan's AI operations were a minor contributor to its bottom line, accounting for just $900,000 of its total 2024 revenue of $223.2 million. However, AI accounted for 15% of 2024's operating expenses, and Canaan believes mothballing the unit will result in significant savings. The move distinguishes Canaan from some prominent U.S. miners who have embraced the more predictable revenue streams from AI/HPC operations. Canaan CEO Nangeng Zhang said, 'doubling down on our core strengths in crypto infrastructure and bitcoin mining is the most strategic path forward.' Back to the top ↑ Tether seeks BTC mining crown Tether, the issuer of the market-leading USDT stablecoin, has been talking up its own mining operations for years now without offering specifics as to the success or failure of these operations. However, since May 2024, Tether has steadily increased its stake in Bitdeer (NASDAQ: BTDR) and held a 22.8% stake in Bitdeer as of this April. Earlier this month, Bitdeer announced that Tether had exercised its warrants from that 2024 financing deal, handing Tether another 5.2 million ordinary shares in exchange for $50 million. Tether held ~34 million Bitdeer shares in April, so the warrants represent a significant increase. During his appearance at the recent Bitcoin 2025 Conference in Las Vegas, Tether CEO Paolo Ardoino claimed that Tether had 'invested $2 billion in energy production and Bitcoin mining,' then said the total was actually greater than that. Either way, Ardoino boldly predicted that 'it is very realistic that, by the end of this year, Tether will be the biggest Bitcoin miner in the world, even including all the public companies.' Ardoino went on to suggest that Tether's interest in mining was both altruistic and selfish in that Tether claims to hold over 100,000 BTC and thus has an interest in the integrity of the network. Not long after that speech, Ardoino tweeted that Tether 'will work towards open-sourcing its Bitcoin Mining OS (MOS).' This will allegedly allow new mining companies to 'enter the game' without the need for third-party hosted software, and create 'an even playing field reducing the gap between publicly listed companies and smaller players.' This week, Ardoino went on The Block's Big Brain Podcast, where he repeated his claim of Tether having 100,000 BTC, saying the company needs to be 'part of the Bitcoin mining security team … to protect our own investment.' Ardoino again stated his belief that Tether 'will become the biggest Bitcoin miner out there.' Tether has long been criticized for making claims regarding its finances that require the public to take them at their word (even if that word sometimes proved fraudulent). Tether has also been accused of Photoshopping its logo onto shipping containers that Ardoino claimed contained some of Tether's mining rigs. Ardoino pushed back against these claims, arguing that while the logo was indeed added after the fact, it was only to preserve the 'physical privacy of the site.' Back to the top ↑ Norway says no way? Many countries around the world are dealing with strained electrical grids due to the heavy demands of local mining sites (both legal and illegal). Norway has sufficient energy to serve its citizens' needs, but on June 20, Minister of Digitalization and Public Administration Karianne Tung announced that the government 'has a clear intention to limit the mining of cryptocurrency in Norway as much as possible.' The government is exploring its authority under the energy allocation provisions of the Planning and Building Act to preserve power for other energy-intensive activities, including 'socially beneficial data centers.' This is by no means the first time Norway and Tung have expressed concern about mining's power consumption. Local residents have also expressed outrage over the excessive noise produced by mining sites. Tung said mining is 'very energy-intensive, and yields little in the local community in the form of jobs and income.' By limiting mining's access to local power, Norway 'can free up land, power and grid capacity for other uses that contribute more to value creation, jobs and cuts in greenhouse gas emissions.' Those 'other uses' include AI data centers 'that are a critical prerequisite for digitalization.' Tung also appeared to suggest the potential for a carveout for 'the useful use of blockchain technology,' although no specifics were offered. The government is still studying the matter but expects to come to a decision by 'autumn.' The proposed (temporary) ban appears to be aimed at prohibiting the launch of new mining operations and possibly grandfathering existing sites. These sites have been told to register their operations by July 1 to ensure the government has accurate data with which to make their conclusions. Back to the top ↑ Watch: Teranode is the digital backbone of Bitcoin title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
6 days ago
- Business
- Coin Geek
India cracks down on ‘crypto' tax evaders, seizes $327K
Getting your Trinity Audio player ready... Profits earned through digital asset trading are now firmly on the radar of Indian tax authorities. With enhanced data-sharing mechanisms in place between digital asset exchanges and the government, tax officials are actively monitoring and cross-referencing digital asset transactions in real-time. India's Income Tax Department has reportedly contacted thousands of individuals who engaged in digital asset-related activities but failed to include this income in their tax filings for the financial years 2022–23 and 2023–24. These individuals have been sent official notices urging them to update their Income Tax Returns (ITRs) and rectify any omissions or inaccuracies. Authorities, including the Central Board of Direct Taxes (CBDT), are reportedly concerned about potential tax evasion and illicit financial flows. They have flagged a segment of 'high-risk' investors suspected of channeling undisclosed income into virtual digital assets (VDAs). The crackdown stems from discrepancies found between information reported by taxpayers and the data obtained from digital asset platforms and Tax Deducted at Source (TDS) returns. In several cases, the reported figures did not align with actual transaction volumes and values, raising red flags over underreporting or non-disclosure of income generated from digital asset trading. Taxpayers receiving these communications have been encouraged to make amends through the updated return filing mechanism, which allows individuals to correct previously filed returns within a stipulated time frame. 'We are witnessing the early stages of a sweeping regulatory architecture marked by uncompromising know-your-customer/anti-money laundering stringency, forensic blockchain intelligence integration, and the institutionalisation of ex-ante disclosure obligations,' Raj Kapoor, founder and CEO of India Blockchain Alliance, told CoinGeek. 'I would not call this an indictment of crypto as an asset class, but rather an imperative to subject it to the rigours of regulatory orthodoxy. I see now, the future of crypto in India not merely regulated but irrevocably redefined,' Kapoor added. India imposes one of the harshest taxation on digital asset trading—30% flat tax on all digital currency income with no provision to offset losses and a 1% tax deducted at source (TDS) on all transactions above Rs 10,000 ($116). This may likely lead to a loss of about $1.2 trillion in trade volume on domestic exchanges, according to a study from Esya Centre, an Indian policy think tank. Seychelles-headquartered OKX exchange shut down its India operations in 2024, citing regulatory hurdles. Domestic exchanges, however, have been increasingly complying with new regulatory demands. At the same time, exchanges have been requesting the government to establish a level playing field for virtual digital assets (VDAs). The requests include reducing TDS from 1% to 0.01%, allowing offsetting and carrying forward losses, and treating income from digital assets at par with other capital assets. But the requests have so far fallen on deaf ears. While the local economy is looking to regulate the digital assets space, Finance Minister Nirmala Sitharaman said in March 2024 that 'cryptocurrencies' cannot be a legal currency in India. 'Many Indian users, often unknowingly, engage with non-compliant or offshore crypto platforms…Regardless of how you interact with crypto—whether through global exchanges, P2P wallets, or airdrops, it is mandatory to report all VDA income,' Sumit Gupta, co-founder of CoinDCX, India's first digital currency unicorn, wrote in a LinkedIn post. 'Crypto is here to stay, but so are the rules…Paying your taxes is not optional. It is essential for building a sustainable and legitimate crypto ecosystem in India…Stay informed. Stay compliant. Let's make crypto a responsible asset class together,' Gupta wrote. In July 2024, CoinDCX listed the BSV token for trading on its platform, allowing users to have more ways to buy, sell, and trade BSV. With CoinDCX's roughly 15 million registered users, the listing marks a significant expansion into the Indian market for BSV and demonstrates its potential and possibility in the region. CBI busts cyber fraud, seizes 'crypto' In other news, the Central Bureau of Investigation (CBI) has dismantled a cross-border cyber fraud ring, arresting an Indian resident and confiscating 'cryptocurrency' valued at more than $327,000. The operation, which targeted individuals in the United States and Canada, marks a significant step in the agency's crackdown on digital crime with international reach. 'Acting on actionable intelligence developed during the investigation, CBI conducted these searches and uncovered incriminating evidence busting the operation of a group engaged in transnational cyber fraud,' the CBI said in a statement. 'The seized materials include tools for making international calls with masked caller identity, a lead-generation mechanism based on social engineering tactics, voice recordings, and other components of the cybercrime ecosystem,' it added. The suspect, Rahul Arora, was taken into custody during a series of coordinated raids at three separate locations across India. During the investigation, authorities discovered advanced software and equipment allegedly used to pose as government officials and technical support personnel—tactics employed to deceive foreign nationals and extract money under false pretenses. The CBI said that it has developed in-house capabilities for handling and seizure of VDAs as part of its technology-driven approach to combating cybercrime. The agency said it has also put in place necessary systems for the management of such assets as per legal provisions. As a result, the CBI said it successfully detected and seized VDAs in its various search operations. Arora's arrest highlights the growing sophistication and global scope of the CBI's cybercrime investigations. It also reflects the agency's increasing focus on crimes involving digital assets, bolstered by experience gained from major cases such as the high-profile GainBitcoin Ponzi scheme. In February, the CBI executed widespread raids at 60 locations in connection with the GainBitcoin investigation, a scam involving over $800 million. That operation resulted in the seizure of cryptocurrencies worth approximately $2.9 million, further underscoring the scale of financial crimes being committed through digital platforms. 'The message for the Indian crypto ecosystem is clear: the era of regulatory leniency is over, and this isn't necessarily bad. In fact, clarity, even if stringent, is better than confusion. It allows serious players to innovate, investors to enter with confidence, and the state to build a compliant digital finance architecture,' Kapoor of India Blockchain Alliance told CoinGeek. 'Failure to proactively adopt industry standards or engage constructively with regulators may result in more exchange exits from India, more pertinently a chilling effect on Web3 startups, who may then look to domicile overseas,' Kapoor added. Watch: India is going to be the frontrunner in digitalization title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
19-06-2025
- Entertainment
Un renard euthanasié pour un cas de rage à Ottawa
Getting your Trinity Audio player ready... In a moment that captures the spirit of our cultural age, comedian Stephen Colbert recently celebrated the casting of Cynthia Erivo as Jesus in Andrew Lloyd Webber and Tim Rice's Jesus Christ Superstar at the Hollywood Bowl. The talk show host, who frequently touts his Roman Catholic faith, called the casting 'long overdue.' Erivo, a bald, black, self-described bisexual British actress who uses 'they/them' pronouns, will become the first woman to portray Jesus in a major production of the musical. Colbert struggled to contain his excitement. But what, precisely, is being celebrated? Colbert's enthusiasm is not an isolated gesture. This is reflective of our cultural malaise whereby ideological agendas take precedence over truth and tradition. Just as in biblical times, idolatry remains a central feature of our age, perhaps even more pervasive and sophisticated. Today it is not the worship of carved statues but the elevation of progressive ideologies that seek to displace God. Essential truths are not merely ignored but actively reimagined under the banner of diversity, equity, and inclusion, along with appeals to creativity and progress. This is not, as some claim, an effort to give voice to the marginalized. Any astute observer of our culture can see that it is a theological distortion: a recasting of God in our own image to suit contemporary tastes and agendas. Even well-meaning thinkers who speak of faith or divine truth can fall into this trap when God is reduced to an abstract or subjective principle. Jesus is not a figure to be reshaped according to personal or cultural preferences. He is a historical person. Apart from those who seek to subvert Christianity, we must remember that Jesus is neither a Jungian archetype nor an abstract object. He is the incarnation of the second person of the Holy Trinity (God the Son), who is fully divine and fully human. He is a person who entered into our world at a specific moment in history, through specific people, in an actual and physical body. This is not some metaphor. It is a concrete event, despite being mysterious and miraculous, that occurred in human history. And as such, the Incarnation is not something we are free to reshape to fit current cultural trends that cater to identity politics. It is an eternal truth that stands at the heart of Christian faith and has direct consequences for our salvation. Therefore, a Jesus who is not male, not Jewish, and not rooted in the world of first-century Galilee is simply not the Jesus we find in the Gospels nor one who has the power to redeem. Therefore, a Jesus who is not male, not Jewish, and not rooted in the world of first-century Galilee is simply not the Jesus we find in the Gospels nor one who has the power to redeem. Tweet This To envision what is truly at stake here, let's consider the thought of the early Church Fathers. The early Church Fathers understood this with clarity. They taught that redemption is directly tied to what Christ took on in becoming human. As St. Gregory of Nazianzus put it, 'That which He has not assumed He has not healed; but that which is united to His Godhead is also saved.' In other words, Jesus had to 'take on' the fullness of human nature in order to heal and redeem it. His intervention was not a symbolic gesture or a selective act. It was a real and singular event in human history, an act of love that touches every part of who we are. St. Gregory argued that Jesus was fully human in every way except for sin. For those who affirm free will, sin is not intrinsic to human nature but a contingent possibility. It is an immoral action rather than a necessary feature of what it means to be human. Jesus is the perfect human, so sin would make us in some sense subhuman. St. Gregory articulated this view in response to the fourth-century heresy of Apollinarianism, a heresy that taught that Jesus had a human body and soul but lacked a rational human mind. (Apollinaris claimed that Christ had solely a divine mind.) Gregory opposed this, insisting that if Christ did not assume a rational human mind, then that aspect of humanity would remain unsaved. This view was officially condemned at the First Council of Constantinople in 381, thereby affirming the Church's commitment to the full humanity of Christ. Given the Church Fathers' emphasis on assumption under the context of undertaking a complete human nature, this theological insight has profound implications. If Jesus had to assume every aspect of human nature in order to redeem it, then His maleness is not an unplanned feature but essential to the Incarnation. Jesus being born a first-century Jewish male was not as a cultural accident but part of God's intentional plan. His maleness is embedded in the typological, covenantal, and sacramental structure of salvation history. He is the New Adam who undoes the sin of the first man (Romans 5:12-21). He is the Bridegroom (John 3:29) who lays down His life for the Church, His Bride. He is the eternal High Priest who offers the perfect sacrifice (Hebrews 4:14-16). These roles define the order of salvific history and are not haphazard or decided by contingent socio-cultural events. They are grounded in the revealed logic of Scripture and the theological identity of Christ. The mere suggestion that Jesus could have been incarnated as a woman repudiates God's plan and the purpose of Incarnation; it controverts sound theological doctrine. It is important for modern ears to realize that this is not a question of dignity or value but of doctrinal coherence. Jesus did not assume a generic human nature. He assumed a specific human nature—including a rational mind, a male body, and a historical-cultural identity—to redeem the whole of humanity through that particularity. Altering His identity, even in the name of artistic expression or inclusion, misrepresents the very nature of salvation. To reinterpret Christ's identity, such as portraying Him as a woman, is not a harmless artistic liberty. It undermines the theological coherence of the Incarnation and risks leading people into error about who Christ is and what He came to do. Without a doubt, Jesus Christ Superstar has always been problematic. From its debut in the 1970s, the rock opera reduced the Gospel to existential angst and human misunderstanding, portraying Judas as a tragic hero and downplaying, if not outright denying, the Resurrection. But what we are seeing now is a much deeper level of desecration. Jesus is being remodelled in the image of postmodern identity politics, under the guise of inclusion and progress. In Erivo's own words, this is 'a very special thing.' Yes, but not for the reasons she or Colbert imagine. This is the crowning of a new secular dogma based on the teachings of the LGBTQIA2S+ movement. The Jesus of this production is not the Lamb of God who takes away the sins of the world. In the eyes of postmodern ideology, Jesus is no longer the Savior but a symbol of inclusivity and rebellion. It is the Gospel emptied of its theological content and rebranded as therapeutic theatrics. But no amount of musical talent or vocal range can compensate for the loss of truth. An ideologically-shaped Christ is as distant from the one true Christ as Heaven is from Hell. It is not entirely surprising that Colbert would express such views, given that he has long distanced himself from traditional Catholic teaching. In truth, it is unclear which doctrines he actually upholds, especially considering his public association with figures like the heterodox Fr. James Martin. The deeper concern, however, lies in the fact that Colbert identifies as Catholic. For those unfamiliar with the Church's actual teachings, both within and outside its visible boundaries, this can be deeply misleading and may lead many into confusion about what the Catholic Faith truly affirms. Yet the confusion he represents is not unique. It is symptomatic of a Church, especially in the West, that has grown silent, ambiguous, and compromised in the face of cultural pressure. We are told that to resist this is to be hateful, bigoted, or backward thinking. However, emotions or social trends do not dictate what is true. Insisting on portraying Jesus as male does not diminish the dignity of women or those struggling with issues related to identity. But rather, it is to affirm the logic and truth of the Gospel. Jesus came to fulfill the Scriptures not conform to the shifting demands of the age. These roles are not arbitrary. They are deeply embedded in the typology and logic of divine revelation. To ignore these roles is not merely to play with aesthetics. It is to tamper with the meaning of salvation itself. This latest production at the Hollywood Bowl will attract applause, media coverage, and predictable denunciations of anyone who dares to question it. However, we Christians must resist the pressure to remain silent. Our judgment of falsehoods does not stem from our disdain for beauty or creativity or because we harbor resentment toward our opponents. On the contrary, we honor truth and beauty by preserving their proper intrinsic value. We must speak the truth out of love for those we disagree with and those who persecute us. As Pope Benedict XVI recognized, art and beauty must always be at the service of truth; otherwise, they risk becoming extravagant public debauchery, as in the case of the upcoming Jesus Christ Superstar , which serves to mask a theological void—the absence of any serious engagement with the Incarnation, the Cross, and the Resurrection. As Christians, who affirm that Jesus is Lord, we must reject all the misrepresentations of Him. And we should do so peacefully but with clarity, courage, and compassion at the service of truth. Part of rescuing this downward-spiralling culture is to reclaim the sacred from the hands of those desecrating it. Jesus was crucified not for being inclusive or symbolic but for the exact opposite: for declaring Himself the Way, the Truth, and the Life. That's why people rejected Him. Humans, in their fallen nature, have a propensity to turn away from truth. Perhaps that is the most ironic twist of all. In seeking to make Jesus relatable in our troubled times, Colbert and company have merely joined the chorus that once shouted, 'Crucify Him!' But the true Christ remains unchanged: 'Jesus Christ is the same yesterday and today and for ever' (Hebrews 13:8).
Coin Geek
18-06-2025
- Business
- Coin Geek
UK passes updated data bill, without AI copyright provisions
Getting your Trinity Audio player ready... After intensive debates, the United Kingdom parliament has finally passed the 'Data (Use and Access) Bill' (DUA Act), intended to simplify the use of and access to personal data for U.K. data regulators whilst easing the administrative burden of using personal data. The DUA Act builds on the Data Protection Act 2018 and the General Data Protection Regulation (GDPR)—the landmark European Union regulation on information privacy and data use—to modernize the U.K.'s data regime and facilitate more streamlined compliance processes without eroding the protections of the GDPR legislation. On June 11, the bill passed from the House of Lords to the Royal Assent stage—the final stage of the legislative process in the U.K., in which the King essentially rubber stamps bills that Parliament has approved. When it does get its Royal approval—at a date to be decided soon—the DUA Act will become law and herald in the most significant change to the U.K.'s data protection framework since GDPR. Key updates in the bill include expanding the scope for data processing under 'Legitimate Interests,' such as for direct marketing and security processing, reducing interruptive and ineffective cookie consent banners, and provisions to boost market research, product development, and technological innovation. The structure and remit of the U.K.'s information rights regulator, the Information Commissioner's Office (ICO), will also be 'modernized,' requiring it to consider the public interest in promoting innovation and competition alongside privacy and data protection. Another change involves streamlining the process of submitting a 'Data Subject Access Request' to make it more efficient for individuals and organizations to request information on how a company uses or stores its data. However, one key change the bill doesn't include is a much-debated amendment to force big tech firms and artificial intelligence (AI) companies to get permission and/or pay for U.K. content, as the government insisted that it was planning to address this topic in future AI and copyright legislation—after the conclusion of a consultation on the topic in February. The DPO Centre, a leading U.K. data protection officer and resource center, described the DUA Act as 'a targeted evolution of the current regime' rather than a complete departure from existing frameworks. The rocky road to Royal Assent The DUA Act's passage to Royal Assent was a long, bumpy road that started under the previous Conservative government with the Data Protection and Digital Access (DPDI) Bill, first introduced in 2022. The DPDI set out a range of provisions for how data can be accessed, used, and processed, including making it easier and clearer for organizations to use and re-use data for research purposes; clarifying the processes and safeguards for the re-use of personal data; and easing compliance burdens on organizations related to record keeping, breach reporting and responding to unreasonable information requests from individuals. However, the DPDI failed to pass before the 2024 general election, and in October 2024, the new Labour government introduced the revised DUA Act. The Labour bill retained much of the original content while removing some of the more controversial provisions of the DPDI, including one that would have allowed government oversight of the ICO's strategic priorities and another that required telecom providers to report suspected illegal marketing to the ICO. On May 12, the House of Lords—the Upper chamber of U.K. Parliament—voted by a 147 majority to amend the DUA Act, adding transparency requirements to ensure U.K. copyright holders have to give permission for their work to be used. The amendment would have forced tech companies to declare their use of copyright material when training AI tools so that they could not access U.K. content without paying for it—a proposal backed by prominent U.K. recording artists such as Elton John and Dua Lipa. However, a couple of days later, the House of Common—the lower (and elected) chamber of Parliament primarily responsible for producing legislation—rejected this change, with the government reasoning that it was already carrying out a separate consultation on AI and copyright and wanted to wait on the outcome. In an interview with BBC journalist Laura Kuenssberg, Elton John described the Commons' rejection of the amendment as 'criminal,' adding that if ministers went ahead with plans to allow AI firms to use artists' content without paying, they would be 'committing theft, thievery on a high scale.' The Commons' decision also resulted in an extended back and forth, known as a 'ping-pong,' between the two houses of Parliament, as amendments were debated, changed, and rejected, with the legislation bouncing from one chamber to another in the process. Ultimately, a compromise was struck, with the Commons rejecting the Lords' amendment on AI, but the government agreed to publish reports on its AI and copyright proposals within nine months of Royal Assent. Ben Seretny, Head of DPOs at The DPO Centre, says, 'The final version of the DUA Bill feels more like a careful update than a radical overhaul of the UK GDPR and Privacy and Electronic Communications Regulations (PECR) frameworks.' Commenting on June 12 on the bill's passage from Parliament, Seretny warned that 'while some areas are now clearer, others may introduce uncertainty.' In particular, he noted that the DUA Act gives the Secretary of State more power to decide which countries have data protection standards that are not 'materially lower' than the U.K.—a shift in language that he suggested may concern the European Commission, which is due to review the U.K.'s data adequacy status in December. In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek's coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI . 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