1 00:00:00,440 --> 00:00:03,760 Speaker 1: Good morning everyone, and welcome to the Daily os. It's Thursday, 2 00:00:03,840 --> 00:00:06,840 Speaker 1: the seventeenth of June. My name is Sam Kazlowski and 3 00:00:06,920 --> 00:00:10,040 Speaker 1: helping me make sense of today's news is OARA Sideline. 4 00:00:10,560 --> 00:00:14,800 Speaker 1: Making news today, COVID news for both Victoria and New South. 5 00:00:14,600 --> 00:00:17,680 Speaker 2: Wales, minimum wage changes, some. 6 00:00:17,520 --> 00:00:20,079 Speaker 1: Good news about billions of dollars, and a. 7 00:00:20,120 --> 00:00:23,280 Speaker 3: Chat about bitcoin. Here's today's daily digest. 8 00:00:24,840 --> 00:00:27,840 Speaker 1: I got a little shock yesterday reading the New South 9 00:00:27,840 --> 00:00:30,280 Speaker 1: Wales Health twitter feed at about three point thirty pm 10 00:00:30,320 --> 00:00:33,880 Speaker 1: when an alert was issued for exposure sites around Sydney's East. 11 00:00:34,280 --> 00:00:37,840 Speaker 1: As a loyal Bondaie boy, I undoubtedly have come into 12 00:00:37,840 --> 00:00:41,440 Speaker 1: contact with a number of sites on that list. There's 13 00:00:41,440 --> 00:00:44,120 Speaker 1: one positive case at the center, and that positive case 14 00:00:44,159 --> 00:00:46,560 Speaker 1: is a man in his sixties who works as a driver, 15 00:00:47,000 --> 00:00:52,320 Speaker 1: and that includes authorities think transporting international flight crew. Investigations 16 00:00:52,360 --> 00:00:55,160 Speaker 1: into the source of the infection are still ongoing, but 17 00:00:55,240 --> 00:00:57,640 Speaker 1: we've thrown up a list of all current exposure sites 18 00:00:57,720 --> 00:00:59,560 Speaker 1: on our Instagram. 19 00:01:00,080 --> 00:01:03,040 Speaker 4: We all know that since this pandemic started, distance has 20 00:01:03,120 --> 00:01:06,040 Speaker 4: been one of the hardest things to live with. Distance 21 00:01:06,040 --> 00:01:11,080 Speaker 4: from our neighbors, distance from our workplace, from places we love, 22 00:01:11,120 --> 00:01:13,120 Speaker 4: and from people that we Love you. 23 00:01:13,280 --> 00:01:17,240 Speaker 3: Just heard from Acting Premier James Melino, who yesterday announced 24 00:01:17,280 --> 00:01:20,080 Speaker 3: that there would be easing restrictions in Melbourne from tonight, 25 00:01:20,560 --> 00:01:23,039 Speaker 3: despite the fact that there were five new locally acquired 26 00:01:23,080 --> 00:01:27,679 Speaker 3: cases in Victoria yesterday. Restrictions are going to ease from tonight, 27 00:01:27,800 --> 00:01:29,959 Speaker 3: so that means for Melbournians that you'll be able to 28 00:01:30,000 --> 00:01:33,440 Speaker 3: host two people in a home, gathering groups of ten outdoors, 29 00:01:33,480 --> 00:01:36,600 Speaker 3: and you'll no longer be required to wear a mask outdoors. 30 00:01:37,240 --> 00:01:40,360 Speaker 3: Restrictions will also ease in regional Victoria. Head to our 31 00:01:40,360 --> 00:01:42,839 Speaker 3: instagram for a full list of all the changes. 32 00:01:44,200 --> 00:01:47,280 Speaker 1: A particularly important story for casual workers, the Fair Work 33 00:01:47,319 --> 00:01:50,080 Speaker 1: Commission has increased the minimum wage in Australia by two 34 00:01:50,160 --> 00:01:53,840 Speaker 1: point five percent. It now sits at twenty thirty three 35 00:01:53,920 --> 00:01:56,440 Speaker 1: an hour or seven hundred and seventy two dollars sixty 36 00:01:56,480 --> 00:01:59,520 Speaker 1: a week for full time workers. The increase is going 37 00:01:59,560 --> 00:02:02,400 Speaker 1: to come into effects next month for most industries, but 38 00:02:02,520 --> 00:02:05,760 Speaker 1: it will be delayed until September for retail and November 39 00:02:05,800 --> 00:02:09,480 Speaker 1: for the aviation and hospitality sectors. This is ultimately due 40 00:02:09,520 --> 00:02:13,160 Speaker 1: to the economic impact of COVID nineteen. I was particularly 41 00:02:13,160 --> 00:02:16,520 Speaker 1: interested in how these changes are calculated and where these 42 00:02:16,600 --> 00:02:19,120 Speaker 1: changes come from. So we've written an explainer in our 43 00:02:19,160 --> 00:02:20,920 Speaker 1: newsletter that breaks all of that down. 44 00:02:22,360 --> 00:02:26,280 Speaker 3: Today's good news is about a billionaire, Mackenzie Scott, who's 45 00:02:26,320 --> 00:02:29,799 Speaker 3: the ex wife of Amazon founder Jeff Bezos, has donated 46 00:02:29,840 --> 00:02:33,160 Speaker 3: two point seventy four billion dollars to two hundred and 47 00:02:33,200 --> 00:02:34,960 Speaker 3: eighty six charity organizations. 48 00:02:35,080 --> 00:02:36,320 Speaker 2: And you did not hear that wrong. 49 00:02:36,800 --> 00:02:40,440 Speaker 3: Announcing the donations, Scott said, and I quote people struggling 50 00:02:40,440 --> 00:02:43,960 Speaker 3: against inequities deserves center stage in stories about the change 51 00:02:44,000 --> 00:02:50,200 Speaker 3: that they are creating. It's been a bit of a 52 00:02:50,240 --> 00:02:53,200 Speaker 3: busy newsweek for us, so we missed a story that 53 00:02:53,240 --> 00:02:56,440 Speaker 3: we thought you'd like to know about. El Salvador has 54 00:02:56,480 --> 00:03:00,760 Speaker 3: now made bitcoin a legal currency in the country's world first, 55 00:03:00,840 --> 00:03:03,040 Speaker 3: so we thought that we should break it down for. 56 00:03:03,000 --> 00:03:07,519 Speaker 1: The crypto beginners. Bitcoin is a decentralized digital currency without 57 00:03:07,560 --> 00:03:11,000 Speaker 1: a central bank or single administrator. It is really widely 58 00:03:11,040 --> 00:03:14,760 Speaker 1: held by investors in crypto all over the world. It 59 00:03:14,840 --> 00:03:17,600 Speaker 1: is commonly in the headlines for its associations with Elon 60 00:03:17,680 --> 00:03:20,440 Speaker 1: Musk and Tesla, but that's led the charge of the 61 00:03:20,480 --> 00:03:21,480 Speaker 1: crypto wave. 62 00:03:21,680 --> 00:03:24,200 Speaker 2: And that wave went all the way to El Salvador. 63 00:03:24,480 --> 00:03:28,120 Speaker 3: And last week El Salvador's parliament past their presidents, proposed 64 00:03:28,200 --> 00:03:30,400 Speaker 3: legislation to make bitcoin a. 65 00:03:30,400 --> 00:03:31,720 Speaker 2: Legal tender in the country. 66 00:03:32,240 --> 00:03:34,640 Speaker 3: And legal tender basically just means that you can settle 67 00:03:34,680 --> 00:03:38,600 Speaker 3: financial obligations imposed by the government, So making bitcoin a 68 00:03:38,680 --> 00:03:39,800 Speaker 3: legal tender means that. 69 00:03:39,800 --> 00:03:41,600 Speaker 2: A payee will have to accept it. 70 00:03:41,720 --> 00:03:45,280 Speaker 3: So, as the new legislation states, every economic agent must 71 00:03:45,280 --> 00:03:47,760 Speaker 3: accept bitcoin as payment when offered to them by whoever 72 00:03:47,840 --> 00:03:49,920 Speaker 3: acquires a good or a service. 73 00:03:49,800 --> 00:03:52,640 Speaker 1: And that doesn't include the government as well, so you 74 00:03:52,640 --> 00:03:55,960 Speaker 1: can actually now in Ol Salvador pay your taxes with bitcoin. 75 00:03:56,800 --> 00:03:59,280 Speaker 3: There are a few reasons why El Salvador would be 76 00:03:59,320 --> 00:04:03,720 Speaker 3: the first country to adopt bitcoin as legal tender. Firstly, 77 00:04:03,880 --> 00:04:07,119 Speaker 3: the currency settings are right there. So El Salvador abandoned 78 00:04:07,200 --> 00:04:09,800 Speaker 3: its own currency, which was called the colon in two 79 00:04:09,840 --> 00:04:12,520 Speaker 3: thousand and one, and adopted the US dollar as its 80 00:04:12,600 --> 00:04:16,200 Speaker 3: legal tender. So basically, because they didn't have their own currency, 81 00:04:16,520 --> 00:04:20,599 Speaker 3: adopting a second currency isn't a major deal, according to commentators. 82 00:04:21,320 --> 00:04:24,800 Speaker 1: The other big reason why El Salvador is a good 83 00:04:25,080 --> 00:04:28,839 Speaker 1: guinea pig for adopting bitcoin as legal tender is that 84 00:04:29,000 --> 00:04:32,200 Speaker 1: most of the country runs on cash still seventy percent 85 00:04:32,200 --> 00:04:34,400 Speaker 1: of citizens don't have access to a bank account or 86 00:04:34,440 --> 00:04:37,040 Speaker 1: credit card, and most of the money that powers the 87 00:04:37,080 --> 00:04:41,120 Speaker 1: El Salvadorian economy actually comes in from overseas. So picture 88 00:04:41,400 --> 00:04:43,880 Speaker 1: a migrant in the US sending money back to their 89 00:04:43,920 --> 00:04:46,919 Speaker 1: family in El Salvador. Now, the whole idea behind adopting 90 00:04:46,920 --> 00:04:49,520 Speaker 1: bitcoin is that this process is going to become a 91 00:04:49,560 --> 00:04:51,440 Speaker 1: lot easier for El Salvadorians. 92 00:04:52,080 --> 00:04:55,960 Speaker 3: And their leader is a really, really massive proponent of bitcoin. 93 00:04:56,160 --> 00:04:58,520 Speaker 3: He talks about it on Twitter all the time. He 94 00:04:58,600 --> 00:05:01,279 Speaker 3: turned up to a massive crew crypto event and made 95 00:05:01,279 --> 00:05:04,360 Speaker 3: a guest appearance. This is a personal endeavor as much 96 00:05:04,400 --> 00:05:06,680 Speaker 3: as it is a political or economic endeavor. 97 00:05:07,040 --> 00:05:09,120 Speaker 1: So if we get down to the nitty gritty of it, 98 00:05:09,720 --> 00:05:13,000 Speaker 1: there's one key reason why not every country is jumping 99 00:05:13,040 --> 00:05:16,240 Speaker 1: on this bandwagon and adopting crypto as the legal tender, 100 00:05:16,320 --> 00:05:19,200 Speaker 1: because it would make sense, right. I mean, bitcoin is 101 00:05:19,240 --> 00:05:23,240 Speaker 1: being used more and more, so the government will want 102 00:05:23,279 --> 00:05:25,760 Speaker 1: to eventually regulate it as much as they can, and 103 00:05:25,800 --> 00:05:27,680 Speaker 1: this is the way for them to do that. But 104 00:05:27,760 --> 00:05:30,479 Speaker 1: the big reason why it's not being embraced by governments 105 00:05:30,520 --> 00:05:33,760 Speaker 1: around the world except for El Salvador is its volatility. 106 00:05:34,360 --> 00:05:36,760 Speaker 1: As we know from reading and listening to this podcast, 107 00:05:36,800 --> 00:05:40,480 Speaker 1: even for the last few months, Bitcoin is extremely volatile 108 00:05:40,600 --> 00:05:43,719 Speaker 1: and it's vulnerable to changes that are caused by tweets 109 00:05:43,760 --> 00:05:49,560 Speaker 1: from eccentric billionaires, reactions from other major investors, players, observers 110 00:05:49,600 --> 00:05:52,880 Speaker 1: who don't even have bitcoin, and even the decisions by governments. 111 00:05:53,440 --> 00:05:57,599 Speaker 1: Now a regulatory guideline around a currency like the Australian 112 00:05:57,640 --> 00:06:02,240 Speaker 1: dollar prevents that volatility from happening. If Elon Musk tweeted 113 00:06:02,480 --> 00:06:06,520 Speaker 1: that the Australian dollar was worthless, we wouldn't necessarily see 114 00:06:06,600 --> 00:06:09,200 Speaker 1: a massive dip in the value of the Australian dollar, 115 00:06:09,520 --> 00:06:12,520 Speaker 1: as we would if he tweeted about Bitcoin's worthlessness. 116 00:06:13,000 --> 00:06:16,320 Speaker 3: On that note, if you have any Bitcoin questions, send 117 00:06:16,320 --> 00:06:18,919 Speaker 3: them directly to Sam and not to me, and he 118 00:06:18,960 --> 00:06:20,320 Speaker 3: will be sure to get back to. 119 00:06:20,240 --> 00:06:21,000 Speaker 2: You straight away. 120 00:06:21,160 --> 00:06:21,720 Speaker 1: To the moon. 121 00:06:22,040 --> 00:06:23,840 Speaker 3: That's all we have time for today, but if you 122 00:06:23,839 --> 00:06:26,239 Speaker 3: want to keep up with the latest COVID news, follow 123 00:06:26,320 --> 00:06:28,760 Speaker 3: us on Instagram at the Daily Odds. It's where over 124 00:06:28,800 --> 00:06:32,159 Speaker 3: one hundred and fifteen thousand Australians get their news every day, 125 00:06:32,200 --> 00:06:34,520 Speaker 3: and we would love you to become part of our community.