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The Terra Classic community plans to relaunch the UST
The community Terra Classic studies the relaunch of the stablecoin UST, theUSTC (terraUSD Classic), making improvements to address initial design issues.
The proposals include token buybacksof the one-way swapsTHE staking and the introduction of “algorithmic peg divergence fee” to discourage selling below the peg. The objective is to avoid the “death spiral” of stablecoins algorithms, a common problem for these tokens, and to maintain the peg on all USTC trading pairs.
A USTC staking tool is also offered to attract capital to the token, increase its capitalization and maintain its price. Members of the Terra Classic community believe that decentralized stablecoins are essential to creating a truly decentralized economy and are seeking an alternative to centralized stablecoins such asUSDT of Tether or theUSDC of Circle.
However, the future of Terra Classic and the stablecoin USTC remains uncertain, as there is no guarantee that the proposals will lead to a successful relaunch of the project or overcome regulatory hurdles related to algorithmic stablecoins.
More informations Terra Classic community plans to relaunch UST stablecoin
The French would have defrauded more than 3 billion euros in crypto gains in 2021
In 2021, French tax returns recorded gains of 400 million euros in crypto-currencies, well below Chainalysis estimates which amount to more than 4 billion euros in capital gains.
This difference suggests thata majority of crypto-asset holders are still seeking to evade taxes. Since 2019, capital gains on cryptoassets are subject to a “flat tax” of 30%, and too regular transactions can be considered as industrial and commercial profits.
Despite the low proportion of declared earnings, the 2021 tax declarations mark a step towards the normalization of assets digital and cryptos in France. The explosion in the value of cryptos in 2021 and the consideration of capital gains by tax authorities testify to a growing recognition of these digital assets in the financial market.
More informations The French would have defrauded up to 3 billion euros in crypto gains
Coinbase sues SEC over lack of clarity
Coinbasea leading cryptocurrency exchange, has filed a lawsuit against the Securities and Exchange Commission (SEC) of the United States, demanding clear answers to its petition regarding the regulation of digital assets.
As of July 2022, the petition is pending and seeks to establish specific regulatory guidelines for the cryptocurrency industry in the United States. The SEC is legally obligated to respond to Coinbase’s petition within a reasonable time..
The SEC has recently taken action against other cryptocurrency-related entities, such as kraken And Paxos. Growing opposition to the cryptocurrency industry in the United States is pushing Coinbase to expand its operations overseas. The platform recently obtained a license to operate in Bermuda and plans to launch a commodity exchange derivatives on the spot.
More informations Coinbase obtains license in Bermuda
As the only publicly traded cryptocurrency exchange in the United States, analysts will be watching Coinbase’s upcoming earnings report closely to assess the state of the cryptocurrency industry. cryptocurrencies in the country.
More informations Coinbase sues SEC over lack of clarity
Binance US cancels acquisition of Voyager Digital
Binance US canceled the agreement to buy back $ 1 billion from Travel Digitalciting a hostile and uncertain regulatory climate in the United States. Termination of deal raises questions about the future of cryptocurrency businesses in the USas U.S. regulators have intensified their oversight of activities related to the cryptocurrency.
Voyager Digital is a company specializing in financial services related to cryptocurrencies. It provides a secure platform for users to buy, sell, trade and manage a wide range of cryptocurrencies. Voyager Digital also offers cryptocurrency lending and investment servicesoffering users the opportunity to earn interest on their cryptocurrency holdings.
Voyager Digital expressed disappointment but assured that its Chapter 11 recovery plan would allow direct distribution of cash and cryptocurrency to customers through its platform.
More informations Binance US Cancels $1 Billion Voyager Digital Takeover Deal
19 countries submit applications to join BRICS
The alliance of BRICSincluding the Brazilthere RussiaI’Indiathere China and theSouth Africareceived 19 membership applications from countries wishing to join this influential economic bloc before summit annually in South Africa.
The expansion of the group will be a major topic of discussion at the summit, and the addition of new members could change the dynamics of the group and reshaping the global economic landscape. The decisions taken at the summit will be closely watched by the international community.
The BRICS have already overtaken the G7 nations in terms of GDP and seek to replace the US dollar in international trade. Note, however, that China’s gross domestic product (GDP) is currently twice as large as the sum of the GDPs of the other four BRICS members, raising concerns about Beijing’s dominance within the alliance.
More informations BRICS membership explodes: 19 countries apply ahead of annual summit
Visa Expands Crypto Expertise to Drive Mainstream Adoption
Visathe global payments giant, is actively seeking to recruit experienced cryptocurrency backend developers for its dedicated team, with a focus on experts in blockchains public and stablecoins.
Cuy SheffieldVisa vice president and head of crypto, said the new team members will help drive the widespread adoption of these technologies.
The company is particularly interested in candidates with experience with computer-aided engineering tools. Advanced AIssuch as Github Copilotfor the development and debugging of smart contractsand those who are passionate about technology web3.
Despite rumors in February suggesting that Visa would end its crypto-related business following the collapse of some key companies in the ecosystem, the company reaffirmed its commitment to working with cryptocurrency companies for currency entry and exit gateways.
Visa’s position on the potential of cryptocurrencies remains unchanged, and a spokesperson confirmed that the company is closely monitoring industry and regulatory developments while continuing to expand its offerings in this space. Visa also created an advisory unit in late 2021 to help interested parties explore cryptocurrency-related opportunities.
More informations Visa Expands Crypto Team to Drive Mainstream Adoption
Mastercard wants to establish a set of standards for the crypto industry
MasterCard announced its intention to establish a set of standards for the cryptocurrency industry to improve transparency and build confidence among consumers, businesses and governments.
The project, called “Crypto Credential” aims to establish common standards and infrastructures for interactions between consumers and businesses using networks blockchain. To ensure the legitimacy of these standards, Mastercard works with renowned blockchains such asAptos, Avalanche (Ava Labs) and Solana.
This initiative comes at a time when Mastercard is showing increasing interest in the blockchain and cryptocurrencies, with projects such as an anti-fraud tool and a payment card in Brazil.
The company has partnered with wallet providers such as Bit2me, Lirium, Mercado Bitcoin And Uphold to use these standards as part of a project to facilitate cross-border transfers between the United States and Latin America and the Caribbean. This move shows the Mastercard group’s desire to get ahead of its historical competitor, Visa, in the race for the crypto-currency market.
More informations Mastercard wants to establish a set of standards for the crypto industry
News in brief
- Former Epic Games VP Mike Seavers Joins Yuga Labs as CTO
- Bitcoin: Core Scientific concludes mining hosting contracts despite bankruptcy
- KuCoin identifies mastermind behind thousands of rugs for 2 years
- Investment bank HC Wainwright announces the end of the bear market
- Hong Kong encourages banks to open accounts for crypto businesses
The article Crypto news for the week of April 24, 2023: Coin Hebdo #95 appeared first on Corner Academy