In wake of Terra collapse, South Korea plans new crypto oversight committee: Report

The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its’ creator, was the most concerned country of them all. Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday that it will launch a new Digital Asset Committee in early June, according to local news outlet NewsPim. According to the report, the committee will serve as a watchdog over the crypto industry and will…

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Chain (XCN) ignores the wider-market downtrend by rallying 100%+ over the past month

May was an incredibly challenging month for the cryptocurrency market as a majority of tokens booked heavy losses as a bear market was confirmed, but not every project dropped back to pre-bull market lows. Chain (XCN), a protocol designed to help organizations launch their own blockchain network or connect with other more established networks, managed to rally more than 120% since May 19.  Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.0712 on May 11, XCN reversed course to hit a record-high at at…

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Fed paper looks at potential effects of CBDC on monetary policy

On Tuesday, the United States Federal Reserve released a study on the possible effects of a retail central bank digital currency (CBDC) on U.S. monetary policy implementation. The study, dated April, was a staff working paper titled “Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis.” The paper considered four scenarios that illustrate the potential effects of a retail CBDC on monetary policy from the perspective of three stakeholder groups: the Fed, commercial banks and U.S. households.  The first scenario involved exchanging cash for CBDC, which affected…

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Binance Cleared to Operate in Italy After 2021 Ban

Cryptocurrency continues to gain traction worldwide, and Europe is not left out. This was evident in an announcement made by Binance on Friday after its legal team in Italy completed registration with the country’s regulator. Binance, the world’s largest cryptocurrency exchange by daily trading volume, has registered Binance Italy as a digital asset service provider with Organismo Agenti e Mediatori (OAM), an Italian regulatory agency responsible for overseeing the listings of financial institutions. This announcement comes after a similar statement a few weeks back where the cryptocurrency powerhouse received clearance…

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Binance to launch Africa crypto awareness tour as adoption ramps up

With a 1,200% increase in received crypto volume between 2020 and 2021, the accelerated adoption of digital assets in Africa has captured the attention of multiple companies and organizations looking to take part in this growing market. Set to take place in June, the Blockchain and Cryptocurrency Awareness Tour (BCAT) is a Binance-powered ongoing awareness campaign that has been spreading knowledge and trying to cultivate a strong crypto community in Africa. By reaching out to university students, mostly in southeast Nigeria, the campaign hopes to increase crypto adoption among Nigerian youth, the…

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UN agency head sees ‘massive opportunities’ in crypto: WEF 2022

The United Nations is smitten with distributed ledger technology (DLT). In a conversation with Cointelegraph at WEF 2022, United Nations International Computing Centre (UNICC) director Sameer Chauhan explained the “massive opportunities” he sees in cryptocurrencies. A former traditional finance executive and head of the UNICC since 2018, Chauhan has seen the rise and fall of cryptocurrency markets. He shared that groups such as the Bank for International Settlements (BIS) do not want to “miss the boat” when it comes to DLTs. Chauhan explained that cryptocurrencies are neutral technologies: “It’s a…

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Basel Committee presses on with restrictive requirements for banks’ crypto holdings

The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention of finalizing guidelines on the prudential treatment of crypto exposure by banks by year-end.  In a Tuesday press release, the committee issued the following statement, which was likely in reference to the recent collapse of the Terra ecosystem: “Recent developments have further highlighted the importance of having a global minimum prudential framework to mitigate risks from cryptoassets.” The committee began consultations…

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DeFi isn’t dead, it just needs to fix these 3 critical problems

The persistent challenges faced by decentralized finance have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let’s take a look at what experts say DeFi needs to do to have another…

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LUNA 2.0 Doesn’t Seem Promising

The recovery plan for LUNA, which is tagged LUNA 2.0, doesn’t seem to be very promising on its first day of launch. When Do Kwon announced the recovery plan for LUNA,  which kickstarted on May 27, 2022, it was met with mixed reactions from various sectors of the cryptocurrency industry. The recovery plan started with an airdrop for users of the LUNA ecosystem and was supported by various exchanges. These exchanges included Binance, which is currently the cryptocurrency exchange with the largest trading volume in the world. LUNA has attempted…

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One of Brazil’s Leading Real Estate Companies, Gafisa, Accepts Crypto as a Form of Payment

Cryptocurrency continues to gain worldwide acceptance as various companies begin to accept crypto as a form of payment. A Leading Brazilian real estate company, Gafisa, has already started accepting crypto for property sales in a similar development. According to Gafisa’s back rooms, “Bitcoin is ideal for real estate development businesses since it eliminates middlemen, a frequent practice in the property development market.”  In the recent news release announcing the acceptance of cryptocurrency, the company’s decision to accept bitcoin was based on the technology’s ability to generate new prospects for innovation in…

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