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EU hammering out cryptocurrency regulations that could set global standard – National

Europe prepares to lead the world in regulating the freewheeling cryptocurrency industry at a time when prices have plunged, wiping out fortunes, fueling skepticism and sparking calls for tighter scrutiny.

The European Union took a first step late Wednesday by agreeing on new rules subjecting cryptocurrency transfers to the same money-laundering rules as traditional banking transfers.

A much bigger move was expected as EU negotiators hammer out the final details late Thursday on a separate deal for a sweeping package of crypto regulations for the bloc’s 27 nations, known as Markets in Crypto Assets, or MiCA.

Like the EU’s trendsetting data privacy policy, which became the de facto global standard, the crypto regulations are expected to be highly influential worldwide.

Read more:

Bitcoin and crypto platforms are in trouble. What’s behind the collapse?

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The EU rules are “really the first comprehensive piece of crypto regulation in the world,” said Patrick Hansen, crypto venture adviser at Presight Capital, a venture capital firm.

“I think there will be a lot of jurisdictions that will look closely into how the EU has dealt with it since the EU is first here,” Hansen said.

He expected authorities in other places, especially smaller countries that don’t have the resources to draw up their own rules from scratch, to adopt ones similar to the EU’s, though “they might change a few details.”

Under the Markets in Crypto Assets regulations, exchanges, brokers and other crypto companies face strict rules aimed at protecting consumers.


Click to play video: 'Cryptocurrency industry has rough week amid market uncertainty'



Cryptocurrency industry has rough week amid market uncertainty


Cryptocurrency industry has rough week amid market uncertainty – Jun 14, 2022

Companies issuing or trading crypto assets such as stablecoins — which are usually tied to the dollar or a commodity like gold that make them less volatile than normal cryptocurrencies — face tough transparency requirements requiring them to provide detailed information on the risks, costs and charges that consumers face.

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Providers of bitcoin-related services would fall under the regulations, but not bitcoin itself, the world’s most popular cryptocurrency that has lost more than 70 per cent of its value from its November peak.

The European rules are aimed at maintaining financial stability — a growing concern for regulators amid a string of recent crypto-related crashes. The stablecoin TerraUSD imploded last month, erasing an estimated $40 billion in investor funds with little or no accountability.

Read more:

Shouldn’t stablecoins be stable? What’s behind TerraUSD’s collapse

The meltdowns have spurred calls for regulation, with other major jurisdictions still drawing up their strategies. In the U.S., President Joe Biden issued an executive order in March on government oversight of cryptocurrency, including studying the impact on financial stability and national security.

Last month, California became the first state to formally begin examining how to broadly adapt to cryptocurrency, with plans to work with the federal government on crafting regulations.

The U.K. also has unveiled plans to regulate some cryptocurrencies.

A few European countries, like Germany, already have basic crypto regulations. One of the EU’s goals is bringing rules in line across the bloc, so that a crypto company based in one country would be able to offer services in other member states.

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The EU rules, which would still need final approval and are expected to take effect by 2024, include measures to prevent market manipulation, money laundering, terrorist financing and other criminal activities.

On Wednesday, EU negotiators signed a provisional agreement for the bloc’s first rules on tracing transfers of crypto assets like bitcoin, which is aimed at clamping down on illicit transfers and blocking suspicious transactions.

When a crypto asset changes hands, information on both the source and the beneficiary would have to be stored on both sides of the transfer, according to the new rules. Crypto companies would have to hand this information over to authorities investigating criminal activity such as money laundering or terrorist financing.

“For too long, crypto-assets have been under the radar of our law enforcement authorities,” one of the lead EU lawmakers negotiating the rules, Assita Kanko, said in a statement. “It will be much harder to misuse crypto-assets and innocent traders and investors will be better protected.”

The EU institutions are working out the technical details before the crypto tracing rules receive final approval.


Click to play video: 'Crypto scams on the rise across New Brunswick'



Crypto scams on the rise across New Brunswick


Crypto scams on the rise across New Brunswick

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FIREPIN Token, PancakeSwap, and Filecoin

In view of the current fall in cryptocurrency prices, some altcoins are offering a reprieve for investors. From FIREPIN Token (FRPN) to PancakeSwap (CAKE) and Filecoin (FIL), you can have a great day investing in these coins as they have buffers in place to guide you against any crypto collapse. 

PancakeSwap (CAKE)  

PancakeSwap (CAKE) is a DEX (decentralized exchange) that runs on the Binance Smart Chain (BSC). It was founded by a group of anonymous developers in September 2020 and uses an automated market maker (AMM) model to replace an order book with a liquidity pool, enabling users to trade without an intermediary or a centralized authority. 

PancakeSwap (CAKE) is the most prominent decentralized exchange platform on the Binance Smart Chain, overtaking Uniswap (UNI) on several occasions to earn that spot. It has constantly integrated impressive features that attract investors and crypto holders to its platform. A case in point is the recent version launched by the platform, PancakeSwap V2, which offers about 1,426 token pairs to trade on the decentralized platform. 

PancakeSwap (CAKE) has roughly 3 million active users, and currently enjoys a market cap of over $809 billion and 1.2 million holders.  Despite the dip in cryptocurrency prices, predictions show that the price of CAKE could rise from an average of $9 in 2022 to $28.2 by 2025 and $201 by 2030. 

Filecoin (FIL) 

Juan Benet founded Filecoin (FIL) in 2014 with the design objective of creating an incentive layer for a peer-to-peer storage network for storing and exporting data in a distributed file system popularly called the Interplanetary File System (IPFS). It is an open cryptocurrency and protocol that utilizes a blockchain to analyze and record the crypto holders’ commitments and activities (i.e., transactions) within its platform. 

FIL typically applies the Proof-of-replication and proof-of-spacetime in its operations to offer crypto users a safe place to trade their tokens and other assets. It also uses a decentralized data storage system to keep users’ data intact and secure. For instance, unlike centralized cloud storage providers such as Cloudflare or Amazon Web Services, users can supervise their data while having global access to the web. 

Based on several analyses, FIL is considered to have the largest presale to date. During its initial presale stage, it accumulated about $52 million, and when it held its Initial Coin Offering (ICO), it still raised a whopping sum of $205 million. 

Filecoin is presently worth way more than its initial presale price, and it continues to increase each passing day. Filecoin (FIL) embodies excellent potential and represents a great investment option worth considering.  

FIREPIN (FRPN)  

FIREPIN (FRPN) is a Metaverse token designed to power user interaction across the different blockchains. It is governed by a DAO where holders of the FIREPIN Token (FRPN) use their tokens to vote on major decisions affecting the future of FIREPIN as it evolves. The FIREPIN Token is multichain, working across multiple networks. It leverages the algorithmic Reserve Currency to drive price stability, making it a worthy crypto investment in view of the price slumps across the cryptocurrency market. 

FRPN seeks to connect Binance Smart Chain (BNB), Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), and Solana (SOL), and allow its holders to execute transactions on a quick and affordable scale.  But alongside its initiatives to leverage metaverses and play-to-earn (P2E) games, FRPN intends to offer staking and farming options. 

Through its staking platform, FIREPIN users will validate transactions based on the number of coins they contribute, or stake. By staking more coins, you get to increase your chances of being chosen to validate network transactions and earn more rewards. Its yield farming enables users to lend cryptocurrencies with interest and earn fees. 

The presale prices are witnessing steady increases. Follow the links here: 

https://presale.firepin.io/register  

Website: https://firepin.io/   


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Cryptocurrencies in free fall after biggest Fed rate hike in two decades


on Sunday witnessed another round of free fall, slipping below $35,000 per coin, as the global crypto market went through a massive slump of over 4.5 per cent in the past 24 hours to $1.66 trillion.


All cryptocurrencies were weighed down as central banks globally tried to control inflation by raising interest rates.





is down more than 20 per cent since the beginning of this year.


On Sunday, was hovering around $34,400 and ethereum, which is the second largest cryptocurrency, plunged 4.8 per cent to $2,545.


Dogecoin prices were trading about 1.2 per cent lower at $0.12 whereas Shiba Inu was down by over 4.9 per cent to $0.00001887.


The US Federal Open Market Committee (FOMC) last week voted to raise interest rates by 0.5 per cent, marking its biggest upward adjustment in over two decades.


Federal Reserve Chair Jerome Powell also raised interest rates to combat inflation.


Since the Federal Reserve laid out plans to begin hiking interest rates in November last year, Bitcoin’s price has fallen by over 40 per cent, reports Cointelegraph.


Bitcoin finished the month of April down by 17 per cent, making it the worst monthly performance this year.


Bitcoin investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their “seed phrases”, according to a new report.


A seed phrase is a series of words generated by your wallet that give you access to the crypto associated with that wallet.


Analysts have estimated that at least 20 per cent of all Bitcoin is lost and that the majority of those funds are irretrievably lost.


According to CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year.


–IANS


na/ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

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How to ‘keep your cool’ while trading in cryptocurrency and NFTs

“Why should I see a therapist, I don’t have a problem,” said 24-year-old Akshay Gollelu, a cryptocurrency trader, who “lost everything” while trading in crypto-assets.

He told indianexpress.com that “he doesn’t sleep at times, and keeps on looking at the trading chart” to gain a quick profit. Gollellu, however, says crypto addiction “is a normal thing within the community” and refuses to see a therapist because he believes that “it does not need help”.

Like Gollelu, several crypto traders are addicted to trading—and this is taking a toll on their mental health. If you have a friend who’s “into crypto”, and does not want to “HODL”(slang for holding crypto assets), it’s high time to check in on them.

In today’s column, we discuss how crypto trading has an adverse effect on mental health and how you can rectify this before it’s too late.

Why is cryptocurrency so addictive?

The cryptocurrency market, unlike the stock market, is open 24 hours. Fueled with volatility and uncertainty, users can trade globally—creating a perfect source of a dopamine rush, making the crypto market even more addictive.

Accessing crypto is now easier than ever. Trading in cryptocurrency is extremely simple, all you need is a bank account, a crypto wallet to store your crypto assets, and a mobile device making it easier to access and navigate your crypto.

Another major factor that makes crypto addictive is the idea that it is a quick way to earn large profits. Undoubtedly, people have made it big on crypto but not everyone has.

The common belief in the crypto circle is that ‘timing is everything’, and with crypto going mainstream, traders are always under the illusion that a trick or a technical analysis could make them hit the jackpot at the right time. This is what makes traders more inclined to take greater risks and engage with the market more frequently.

Notably, cryptocurrency traders do not profit on every single trade, nor do they make losses on every single trade. But what they hope is to make a profit even after a string of losses, which pushes them to trade again.

Lastly, a common habit of crypto traders is obsessing over the loss but being relatively emotionless to gain. This drives them to invest more and more time as well as money to win back losses.

Are you addicted?

Crypto addiction is real but how do you know whether you are addicted to crypto trading?

“When it comes to the crypto world, it’s been observed that a lot of youngsters are choosing to invest in this rather than stocks and mutual funds because it is (as they describe it) ‘easy to understand and follow’,” Nida Shaikh, a Pune based clinical psychologist told indianexpress.com while sharing red flags that everyone should watch out for.

Shaikh believes that the volatility in the crypto space gives the distracted mind something to be thrilled about and hence replaces the social media scrolling or video games very efficiently because it promises ‘growth of investment’.

However, most traders do not pay attention to the risks attached and are rather focused on the immediate gratification of the process.

“Repeatedly opening the trading app and checking current selling prices of the bought coin, is a huge red flag,” she said.

Some other massive red flags that should be noted are:

#Urge to invest more with hopes of gaining more

#Feeling restless when family members or friends prevent you from checking the crypto app too frequently

#Trying to get back lost money by investing in another coin that may be ‘trending’

#Asking others to invest for you when you are short of money

Tips to overcome crypto addiction

Every crypto trader should focus on learning good crypto fundamentals before investing in digital assets.

One good question to ask yourself is: how many crypto wallets do you have? And how much crypto is being stored in it? Think about how it would affect your life if the wallet gets completely wiped.

If you own a single wallet and have your assets stored in it, a good idea would be to create multiple wallets and split your crypto across these wallets. So the next time you subsidise your funds, and in a scenario where you lose funds, at least you would have backup funds available.

For those tackling crypto addiction, what’s important to understand is that no matter what you do, you’re going to miss pumps, and there is always a better coin or an NFT collection available in the market. Projects are booming everywhere, you have plenty of time to book profits, and there is no need to rush.

Secondly, try to learn from your mistakes. Don’t constantly make the same mistake. Don’t keep investing in coins that promise immediate profits—look for long term investments, not short term coins.

Most importantly, be empathetic for the happiness of others. If you see a project that is mooning right now, there are hundreds and thousands of people experiencing that same kind of euphoria, be happy for them, it will certainly lighten you up a little bit as well.

Further, solidify a strategy that fits your lifestyle and personality. Keep track of the time when you use a crypto exchange or platform. Don’t keep watching the charts, minute by minute. Play smart, put a set notification for certain price marks, or maybe a stop loss if you are on an exchange where you can program that automatically. Doing this makes a fixed routine and tackles addiction.

If you are just starting in the crypto space, then avoid relying upon crypto as your full-time income. Have a secondary source of income, and put some of the earnings from it as an investment.

According to Shaikh, crypto traders should avoid having the trading app on their phones. It will prevent them from frequently checking the coin statuses. “Login to your account through a PC or laptop and ‘do not save password’. The idea is to make the login process longer and more tedious to avoid logging in repeatedly,” she said.

Get some human touch. Go out with your friends and family, and spend time with them. This will make you feel calm amidst the crypto volatility storm. “Have a monthly limit on the amount you want to invest in crypto and do not exceed it no matter how tempting the growth seems. Educate yourself on the impact global issues have on the crypto market by exposing yourself to economic news for a maximum of 15 minutes a day,” she added.

Remember, If you do need help, please go see a professional. There’s no shame in doing so.

Last word

Crypto volatility combined with the debilitating effects of the Covid-19 pandemic can cause deteriorating effects on mental health.

The good news is that several individuals and platforms are taking mental health seriously now. Blockchain technology enables communities to create support groups to destigmatize talking about mental health issues and offer new ways for those with them to cope.




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Crypto week at a glance: New tax laws lead to big drop in trading volume

By WazirX


The new cryptocurrency tax policy is now active and has led to a significant drop in trading volumes on major Indian crypto exchanges. Given that the overall market is moving towards the upside, it is likely that the activity has moved towards the grey market to avoid taxation.

Pressure on SEC increases
Michael Sonnenshein, the CEO of the world’s largest digital asset management firm Grayscale, mentioned in an interview that it might sue the SEC if its application to convert its Bitcoin trust into a Bitcoin ETF is rejected. This comment might stem out of frustration as Grayscale’s GBTC, which has over 30.6 billion dollars in AUM, has been trading at a discount of approximately 25 per cent from its NAV (net asset value).

GBTC used to trade at a premium (above the NAV or net asset value of the fund) primarily due to the lack of an alternative institutional investment vehicle for Bitcoin. However, that has significantly changed. This can be attributed to the increase in competition and to the extremely high fixed management fee of 2 per cent making Gbtc (not Bitcoin) undesirable.

A Bitcoin spot ETF could be the next catalyst when it comes to mass adoption as an ETF eliminates the complexity barrier. The investor does not need to know about hardware wallets, crypto exchanges and anything technical. All he has to do is buy the publicly available ETF and it is in the best interest of Grayscale to make this happen.

The $600 million hack
The gaming industry is a multibillion-dollar industry. It is one of the 1st industry to jump into the crypto space and Axie Infinity is spearheading it. Unfortunately, Axie Infinity’s Ronin network was exploited and a staggering $600million in Ethereum and USDC was stolen. The hack was possible due to a certain level of centralization on the Ronin chain. It had nine validator nodes that were responsible to verify deposits and withdrawals. The hacker got access to 5 nodes to sign off on their transactions. The interesting part of the hack was that it was not noticed for a week.

Cardano making a comeback
Ever since Cardano’s smart contract update went live in late 2021, the price of ADA has been plummeting. This can be attributed to the lack of activity within the network. However, things are starting to turn for Cardano as the TVL or the total value locked has almost increased by 100 times since the start of the year. As an added bonus “Coinbase” has just enabled people to stake their Cardano via their exchange. This means that all the Cardano collecting dust on their Coinbase wallets can earn passive income, thus removing more and more Cardano from exchanges.


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President Biden signs order on cryptocurrency as its use explodes


President on Wednesday signed an executive order on government oversight of that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.


The Biden administration views the explosive popularity of as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.





Under the executive order, Biden also has directed the Treasury Department and other federal agencies to study the impact of on financial stability and national security.


Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.


“That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” Deese and Sullivan said Wednesday in a joint statement.


The action comes as lawmakers and administration officials are increasingly voicing concern that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industry due to the invasion of Ukraine.


Last week, Democratic Sens. Elizabeth Warren, Mark Warner, and Jack Reed asked the Treasury Department to provide information on how it intends to inhibit cryptocurrency use for sanctions evasion.


The Biden administration has argued that Russia won’t be able to make up for the loss of U.S. and European business by turning to cryptocurrency. Officials said the Democratic president’s order had been in the works for months before Russia’s Vladimir Putin invaded Ukraine last month.


Daleep Singh, a deputy national security and economic adviser to Biden, told CNN on Wednesday that crypto’s really not a workaround for our sanctions.


The executive order had been widely anticipated by the finance industry, crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West.


Despite the risks, the government said, surveys show that roughly 16% of adult Americans or 40 million people have invested in cryptocurrencies. And 43% of men age 18-29 have put their money into cryptocurrency.


Coinbase Global Inc., the largest cryptocurrency exchange in the United States, said the company had not seen a recent surge in sanctions evasion activity.


Treasury Secretary Janet Yellen said last week that many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions and that the industry is not “completely one where things can be evaded.


As for the Federal Reserve getting involved with digital assets, the central bank issued a paper in January that said a digital currency would best serve the needs of the country through a model in which banks or payment firms create accounts or digital wallets.


Some participants in digital currency welcome the idea of more government involvement with crypto.


Adam Zarazinski, CEO of Inca Digital, a crypto data company that does work for several federal agencies, said the order presents the opportunity to provide new approaches to finance.


The U.S. has an interest in growing financial innovation,” Zarazinksi said. He added that China and Russia were looking at crypto and building their own currency. More than 100 countries have begun or are piloting their own digital sovereign currency, according to the White House.


Katherine Dowling, general counsel for Bitwise Asset Management, a cryptocurrency asset management firm, said an executive order that provides more legal clarity on government oversight would be a long term positive for crypto.


But Hilary Allen, a financial regulation professor at American University, cautioned against moving too fast to embrace cryptocurrencies.


I think crypto is a place where we should be putting the brakes on this innovation until it’s better understood, she said. As crypto becomes more integrated into our financial system it creates vulnerabilities not just to those who are investing in crypto but for everybody who participates in our economy.


On Tuesday, the Treasury Department said its financial literacy arm would work to develop consumer-friendly materials to help people “make informed choices about digital assets.


History has shown that, without adequate safeguards, forms of private money have the potential to pose risks to consumers and the financial system, said Nellie Liang, undersecretary for domestic finance.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)




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Criminals had $11 billion worth illicit cryptocurrencies in 2021


have made criminals richer and in 2021, criminals held $11 billion worth of funds with known illicit sources, compared to just $3 billion at the end of 2020, a new report has revealed.


As of the end of 2021, stolen funds account for 93 per cent of all criminal balances, at $9.8 billion.





Dark Net market funds are next at $448 million, followed by scams at $192 million, fraud shops at $66 million, and ransomware at $30 million, reports Blockchain data company Chainalysis.


Criminal balances also fluctuated throughout the year, from a low of $6.6 billion in July to a high of $14.8 billion in October.


“The fluctuations are a reminder of the importance of speed in cryptocurrency investigations, as criminal funds that have been successfully traced on the Blockchain can be liquidated quickly,” the report mentioned.


This year, their has been a large drop in criminal balances in February due to the US Department of Justice’s $3.6 billion seizure of stolen in the 2016 Bitfinex hack.


“Following that seizure, criminal balances currently stand at roughly $5 billion as of February 9, 2022,” the report noted.


Overall, Chainalysis has identified 4,068 criminal whales holding over $25 billion worth of cryptocurrency.


“Criminal whales represent 3.7 per cent of all cryptocurrency whales a” that is, private wallets holding over $1 million worth of cryptocurrency,” said the report.


In total, 1,333 criminal whales received between 25 per cent and 90 per cent of all funds from illicit addresses.


“Illicit funds received by criminal whales also come from more varied sources than the funds making up overall criminal balances,” the report added.


When it comes to the location of criminal whales, Russia, South Africa, Saudi Arabia and Iran top the list.


In a biggest-ever cryptocurrency haul, the US Department of Justice (DOJ) last week seized and recovered over 94,000 Bitcoins worth $3.6 billion, stolen from crypto exchange Bitfinex by a US-based entrepreneur couple in 2016.


The couple — Ilya Lichtenstein, 34, and Heather Morgan, 31 — faces charges of conspiring to launder money and to defraud the US government, facing up to 25 years in prison if convicted.


–IANS


na/ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

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Meta winding up its ambitious cryptocurrency project: Report


Facing regulatory hurdles, Meta (formerly Facebook) is reportedly winding up its ambitious yet controversial project that its CEO Mark Zuckerberg once defended in front of the US Congress.


Originally launched as Libra and later renamed as the Diem Association, the initiative “is weighing a sale of its assets as a way to return capital to its investor members,” Fortune reported on Tuesday, citing people familiar with the matter.





Diem is reportedly in discussions with investment bankers about “how best to sell its intellectual property and find a new home for the engineers who developed the technology”.


The association apparently made an arrangement with Silvergate Capital Corp to issue Diem digital token, but “resistance from the US Federal Reserve dealt the effort a final blow”.


The Diem Association as well as Meta didn’t immediately respond to the report.


Facing regulatory backlash, the Libra Association in December 2020 decided to change its name to Diem Association in a bid to reinforce its organisational independence.


The Diem Association (Diem means day in Latin) also had its subsidiary called Diem Networks to serve as the payment system operator.


and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October 2019.


In a move to win regulators’ hearts, the association had announced that its will offer stable coins backed by just one nation’s currency, meaning some coins offered would serve as the equivalent value of a dollar or a Euro.


However, several heavyweights pulled out of the Libra project, like PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings and Vodafone over privacy concerns.


–IANS


na/svn

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

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