Worldcoin, the biometric identification project, has announced a new expansion process in Argentina, where it reportedly will seek to open 50 new locations with eye-scanning hardware. The announcement comes after Buenos Aires indicted Tools For Humanity, the company behind Worldcoin, for including abusive clauses in its service agreements, and a meeting between Worldcoin executives with […]
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FATF Grey Listing Concern Prompts Kenya to Establish a Crypto Working Group
The fears that Kenya’s lack of a regulatory framework for overseeing the crypto industry has prompted the government to establish a working group tasked with drafting crypto regulations. Authorities in the East African nation are confident that the approved regulations will designate a sole regulatory body to oversee the cryptocurrency industry. Lack of Regulation Threatens […]
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China Pushes Metaverse Standardization Group to Establish the Rules of the Yuanverse
The government of China has announced the creation of a metaverse standardization working group to establish different rules to govern the Chinese Yuanverse platform. The standardization group will be integrated by Chinese universities, government institutions, and companies like Tencent, Huawei, Baidu, Netease, and Sense Time.
China Announces Metaverse Standardization Group
The Chinese government aims to create standards for metaverse platforms. In a circular released on January 19, the Ministry of Industry and Information Technology of China (MIIT) communicated the formation of the Metaverse Standardization Working Group, which will aim to establish rules for the organization of metaverse platforms and the development of the Yuanverse, a national metaverse platform.
The standardization group will be integrated by several entities including Chinese universities, and companies like Huawei, Tencent, Baidu, Netease, and Sense Time. The proposal, which is based “on the needs of industrial development and industry management,” will receive feedback for the publicity plan of the group by February 18.
MIIT’s standardization proposal comes on the heels of the announcement of a new Web3 strategy for the country, that gives faith in the continued development of the blockchain and metaverse field as topics of exploration, studying the possible use cases of these techs.
While according to experts, the metaverse hype has subsided in favor of artificial intelligence (AI), another nascent technology, China seems focused on becoming a leader in this area. In September, four ministries and the MIIT issued a three-year plan to boost the development and growth of metaverse initiatives in the country.
The plan expects breakthroughs to be reached by 2025 in different applications, including metaverse technology, industry, and use cases.
Experts expect this investment to boost the development of the metaverse industry in China, as reports predict that these movements will position the nation as a global metaverse hub, outpacing the developments in the West.
What do you think about China’s metaverse standardization group? Tell us in the comments section below.
Shiba Inu Set To Establish A New Era For Shibarium Burns
Popular blockchain project Shiba Inu has revealed a new era of token burns for its Ethereum-based layer 2 blockchain solution, Shibarium.
Shiba Inu Unveils Latest Burning Mechanism
On Monday, December 4, Shiba Inu announced a fresh set of burning techniques to increase the ecosystem token’s value. According to the announcement, the team described the new mechanism as a “transformative” move, crucial for the network’s economic model.
The purpose of this technique is to intentionally reduce the token supply in order to increase the value of SHIB and its ecosystem. The announcement read:
Shibarium is introducing a transformative token burning mechanism, crucial for the network’s economic model. This mechanism is designed to reduce token supply strategically, potentially increasing the token’s value and benefiting its ecosystem.
The burn mechanism has been divided into two distinct phases. These include the Manual phase and the Automated Transition phase.
The Manual phase will see the token burn managed by the official deployer wallet. This makes it possible to observe and adjust closely to ensure alignment with the network’s sustainability and health.
Several changes will be made during the Automated Transition phase to improve dependability and efficiency. According to the Shiba Inu team, the previous mechanism will transit into an automated system.
The burn process for this phase will function according to predetermined guidelines, making it more transparent and efficient. However, this automated aspect is expected to begin in January next year.
So far, the first-ever token burn performed by the Shiba Inu team saw about 8.2 billion SHIB tokens burned, valued at approximately ,000. The team will keep burning tokens manually using its deployer wallet to represent user engagement on Shibarium.
Shiba Inu’s latest Shibarium burn mechanism underscores a “major milestone” for the network’s development, according to the official blog post. Shibarium is establishing a standard in blockchain token economics by coordinating token burning with network utilization and constantly improving the procedure through updates.
Shibarium’s Transactions Increases Significantly
Lately, Shibarium has seen a surge in transactions and a sharp increase in gas fees by up to 1,000%. Due to this, the token burning has increased exponentially. This is because an increase in the network’s usage leads to more tokens getting burned.
Shibarium has grown purposefully to surpass its best since its introduction in early August. Several weeks ago, there were only a few thousand transactions each day, but today, there are on average 7 million.
According to data from Shibarium Explorer, that number is currently at 7.82 million. The total number of transactions has also increased lately, totaling 36,730,230 as of the time of writing.
Standard Chartered’s SC Ventures Partners With SBI to Establish Digital Asset Joint Venture in UAE
Standard Chartered’s ventures arm, SC Ventures, and Japanese conglomerate SBI Holdings are collaborating to establish a digital asset joint venture in the United Arab Emirates (UAE). “The joint venture will focus on investing in companies across the digital assets spectrum including market infrastructure, risk and compliance tools, defi, tokenization, consumer payments, and the metaverse,” SC Ventures described.
SC Ventures Collaborates With SBI Holdings
SC Ventures, Standard Chartered’s ventures arm, announced Thursday that it is partnering with SBI Holdings, a Japanese financial conglomerate, to “establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE).”
Noting that the two companies “intend to capitalize the vehicle with 0 million,” the announcement details:
The joint venture will focus on investing in companies across the digital assets spectrum including market infrastructure, risk and compliance tools, defi, tokenization, consumer payments, and the metaverse.
SC Ventures CEO Alex Manson explained that the UAE “is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent.” He noted that the joint venture will leverage SC Ventures’ experience in digital assets through its ventures, such as Zodia Custody and Zodia Markets, and through its investments in companies like Ripple and Metaco. The announcement notes that the Digital Asset Joint Venture plans “to make investments ranging from seed to Series C funding with a focus on investing globally.”
SBI Holdings CEO Yoshitaka Kitao opined: “This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and Myzoi.”
Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), a special economic zone, in May to collaborate in the digital asset space, including digital asset custody. Salmaan Jaffery, Chief Business Development Officer at the DIFC, commented:
We congratulate SC Ventures and SBI Holdings on their drive to help shape the future of finance as they forge ahead with their first Digital Asset Joint Venture in Dubai International Financial Centre.
What do you think about Standard Chartered’s SC Ventures joining forces with SBI Holdings to set up a digital asset joint venture in the UAE? Let us know in the comments section below.
US Lawmakers Advance ‘FIT for the 21st Century Act’ to Establish Crypto Framework
U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act that establishes a regulatory framework for the crypto market. “Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate,” a lawmaker explained.
FIT for the 21st Century Act Advances
U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act (H.R. 4763). On Wednesday, the House Financial Services Committee passed the bill, followed by the House Committee on Agriculture approving it on Thursday. The FIT for the 21st Century Act establishes a digital asset framework to provide regulatory certainty to the crypto market.
Reps. French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; Glenn “GT” Thompson (R-PA), chairman of the House Committee on Agriculture; and Dusty Johnson (R-SD), chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development introduced the bill on July 20. Its co-sponsors include Reps. Tom Emmer (R-MN) and Warren Davidson (R-OH).
Rep. Johnson explained: “The digital asset space is muddled with regulatory uncertainty, lack of authority, and a lacking framework for core operating principles.” He elaborated:
The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.
The FIT for the 21st Century Act also contains a provision that provides for joint rulemakings between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Congressman Hill commented on Wednesday:
Congress has heeded the call for strong consumer protections and a functional regulatory framework, which is why I introduced my bill after working closely with key stakeholders, the Biden administration, and members from both sides of the aisle.
“The status quo is not solving problems, it’s not serving people, and it’s leaving America weaker by the day for failing to provide clarity in the digital assets market. We now have the opportunity to harness and embrace this next generation of technology in the United States,” said Congressman Davidson.
What do you think about U.S. lawmakers advancing the Financial Innovation and Technology (FIT) for the 21st Century Act? Let us know in the comments section below.
‘Landmark’ Crypto Law Proposed in New York to Establish ‘Strongest and Most Comprehensive’ Crypto Regulations in US
New York State Attorney General Letitia James has proposed “landmark” crypto legislation that claims to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” said Attorney General James.
NYAG Letitia James Launches ‘Landmark’ Crypto Legislation
The New York State Attorney General (NYAG) Office announced Friday that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The announcement states:
Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.
The bill, dubbed “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” would “require independent public audits of cryptocurrency exchanges and prevent individuals from owning the same companies, such as brokerages and tokens, to stop conflicts of interest,” the announcement adds.
“Crypto platforms would also have responsibilities to customers similar to banks under the federal Electronic Fund Transfer Act by requiring platforms to reimburse customers who are the victims of fraud. The bill would also strengthen the New York State Department of Financial Services’ (DFS) regulatory authority of digital assets,” the NYAG Office detailed.
Moreover, the announcement explains that the bill would bolster investor protections by “enacting and codifying ‘know-your-customer’ [KYC] provisions” and “banning the use of the term ‘stablecoin’ to describe or market digital assets unless they are backed 1:1 with U.S. currency or high-quality liquid assets as defined in federal regulations.”
The NYAG Office continued:
The bill would grant the Attorney General jurisdiction to enforce any violation of the law, issue subpoenas, impose civil penalties of ,000 per violation per individual or 0,000 per violation per firm, collect restitution, damages, and penalties, and shut down businesses engaging in fraud and illegality.
“The bill would also codify DFS’ authority to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in New York and allow DFS to oversee the digital asset licensing regime,” the announcement notes.
“Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” Attorney General James commented. “These commonsense regulations will bring more transparency and oversight to the industry and strengthen our ability to crack down on those that don’t pay respect to the law.”
What do you think about this “landmark” crypto bill proposed by New York Attorney General Letitia James? Let us know in the comments section below.
Analysts Consider US National Security Policy a Pretext to Establish Trade Sanctions Against Other Countries
International analysts have called out the supposed use of the national security policy of the U.S. as a tool to justify the establishment of blockades and economic sanctions against countries like China and Russia. While U.S. Treasury Secretary Janet Yellen has recognized that a decoupling of the economies of the U.S. and China would be “disastrous,” the U.S. government is said to be putting its security policies over this concern.
U.S. Using National Security Policy as Abusive Tool, Analysts Warn
Several analysts have referred to the usage of the U.S. national security policy as a pretext to establish economic sanctions and take unjustified measures against other countries. While on April 20, U.S. Treasury Secretary Janet Yellen stated that the U.S. was seeking a “constructive and fair economic relationship with China,” but that it would use its tools to protect its national security with no interest in gaining an economic advantage as a consequence, these policies are indeed hurting the global economy and disrupting supply chains, per the analysts statements.
Lewis Ndichu, from the Nairobi-based think tank Africa Policy Institute, told Xinhua this policy of putting national security over other important issues was “putting the cart ahead of the horse.”
American analysts are also voicing their concerns. Gary Hufbauer, senior fellow at the Washington-based Peterson Institute for International Economics (PIIE), explained that these measures went “beyond the reasonable scope of national security.” Hufbauer criticized the existent tariffs on aluminum and steel, and how the government wants to link other articles to national security. He stated:
Advanced semiconductors and some AI and telecom have security implications, but not commodity chips (the bulk of the market) or services like TikTok.
Politicization of Trade
Other analysts intended to explain these postures by linking them to politicization, with the objective of taking the right of development from other countries. This is the opinion of Chinese Foreign Ministry Spokesperson Wang Wenbin, who recently stated:
The U.S. habitually politicizes technology and trade issues and uses them as a tool and weapon in the name of national security.
Some even comment that this kind of strong-arm policy is used by U.S. presidential candidates to win support from certain groups. Cavince Adhere, a Kenya-based international relations scholar, declared that “candidates running for office often use the rhetoric of being tough on China to win votes. Eventually, such campaign-driven attitudes end up informing U.S. foreign policy toward China.”
What do you think about the measures taken as part of U.S. national security policy? Tell us in the comment section below.
Arkansas Makes Gold, Silver Legal Tender; 23 States Involved in Similar Legislation to Establish US Dollar Alternatives
A bill signed into law on April 11 has made gold and silver legal tender in the U.S. state of Arkansas, allowing citizens to use gold and silver coins to pay debts. The bill also clarifies that gold and silver “specie” (coins) will not be considered property for tax purposes, and transactions made with these precious metals will not result in tax duties.
Arkansas Embraces Gold and Silver as Legal Tender
The state of Arkansas has moved to make gold and silver function as legal tender in its territories. The “Arkansas Legal Tender Act,” signed by Arkansas Governor Sarah Huckabee Sanders on April 11, explicitly mentions that gold and silver “specie” (meaning any kind of bullion or coin containing these materials) can be used to pay for debts.
The act also specifies that “specie or legal tender shall not be characterized as personal property for taxation or regulatory purposes,” and that “the purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.”
The law, which will enter into validity 90 days after its approval in the April 7 legislative session, makes Arkansas the fourth state to designate previously approved gold and silver coins as legal tender, behind Wyoming, Oklahoma, and Utah.
More States Moving to Approve U.S. Dollar Alternatives
23 states are currently developing regulations that will also allow their citizens to use gold and silver as legal tender, according to the Tenth Amendment Center, a federalism advocacy organization. Michael Marrahey, communications director for the Tenth Amendment Center, believes this is an initiative to undermine the powers of the U.S. Federal Reserve, noting that states are “nullifying the Fed on a state-by-state level.”
The theory behind this idea is that in a multicurrency environment, the better currency will be the one that prevails. In this sense, constitutional tender expert professor William Greene explains:
Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).
The debate of making gold and silver legal tender comes from way back, with experts stating this possibility is enshrined in the U.S. Constitution, which states that “no state shall … make anything but gold and silver coin a tender in payment of debts.” Market analysts like Peter Schiff have predicted that a bull market for gold is coming, saying “it will be spectacular.”
What do you think about Arkansas making gold and silver legal tender? Tell us in the comments section below.
Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital Currency
Two Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature. The policymakers believe that this currency could greatly benefit the Lone Star State and, as an alternative digital currency, it could provide Texas residents with the ability to circumvent a central bank digital currency (CBDC).
S.B. No. 2334 Introduces the Establishment of a Digital Currency Backed by Gold in Texas
In recent times, U.S. lawmakers have been discussing the reimposition of the gold standard, and just recently, Georgia representative Marjorie Taylor Greene advocated for its return. Specific bureaucrats have also been vehemently against the creation of a central bank digital currency (CBDC), and politicians such as Ted Cruz, Ron DeSantis, Robert F. Kennedy Jr., and Greene have opposed CBDCs. Now, two Texas lawmakers have introduced a bill (S.B. No. 2334) that would enable the state to establish a gold-backed digital currency.
“The comptroller shall establish a digital currency that is backed by gold so that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust,” the Texas bill states. “The trustee shall maintain enough gold to provide for the redemption in gold of all units of the digital currency that have been issued and are not yet redeemed for money or gold,” explain the bill’s sponsors, Hughes and Dorazio.
The gold standard has long been removed from the United States, and if the bill gains traction, the U.S. Treasury Department may not approve Texas’s attempt to create a digital currency backed by gold. The U.S. government has also suppressed private creations of gold-backed alternative currencies, as it shut down Bernard von NotHaus’s Liberty Dollar headquarters on March 18, 2007. At that time, the Federal Bureau of Investigation (FBI) seized roughly nine tons of gold and silver that backed the Liberty Dollars.
In the same year that the Liberty Dollar was shut down, a U.S. federal grand jury also closed down the e-gold digital currency project operated by Gold & Silver Reserve Inc. (G&SR). However, the gold-backed digital currency proposed in the Texas bill would be operated by the state government. Despite this, 13 different states have attempted to create alternative, state-run, gold-backed currencies over the last 14 years, but all of these attempts have been unsuccessful.
The proposed gold-backed digital currency in Texas would be held in a trust controlled by the state’s comptroller. The bill notes that “certain money and deposits held in the trust are not subject to legislative appropriation.” Furthermore, the Texas lawmakers note that by “establishing the digital currency, the comptroller shall establish a means to ensure that a person who holds the digital currency can easily transfer or assign the digital currency to any other person electronically.”
What do you think about Texas’s attempt to create a gold-backed digital currency and how it could potentially affect the future of alternative currencies in the United States? Let us know what you think about this subject in the comments section below.