Zenith Chain Follow May 12
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Hello Zens,
We are pleased to announce the introduction of a new series titled the “Zenith Flash”.Here, we will be bringing you top stories regarding the web3, blockchain and crypto space daily.So go ahead and click the follow button to get the latest news as it happens.
$UST Falls Below 1 Dollar as Luna Crashes Over the last five days, $LUNA has lost over 98% of its market value.With the token dropping from about $119 to less than $1.Similarly, its stable coin $UST fell below the dollar mark from $0.30, before recovering to $0.43 on the 11th of May.To resolve this issue, Do Kwon (founder of the Terra Chain) worked with The Luna Foundation to obtain $1 billion in additional collateral from unnamed sources.However, that solution has not worked out.There, he will be working with a community-driven plan to mint additional $LUNA.
As he believes that this move will help to absorb the excessive UST sell pressure.
Continue reading here: https://www.forbes.com/sites/stevenehrlich/2022/05/11/luna-nosedives-under-2-loses-98-of-its-value-as-terraust-struggles-to-regain-its-dollar-peg/?sh=361576ef4c1f
Germany Publishes Crypto Tax Guide The German federal finance ministry has recently published a tax guide regarding the use of cryptocurrencies and other digital assets.This guideline covers issues like mining, staking, airdrop, lending and hard forks.It also treats all that concerns the trading of various tokens.According to this announcement, users will be able to buy and sell Bitcoin (BTC) and Ethereum (ETH) for free after one year.
Continue reading here: https://www.coindesk.com/policy/2022/05/11/germany-publishes-first-nationwide-tax-guide-for-crypto/
FSB Announces Plans for Crypto Rulebook It seems as though the mainstreaming of digital currencies is closer than we think.
The Financial Stability Board (FSB) in a recent announcement made it clear that they have plans to write a Crypto Rulebook.FSB will be working with tax and money-laundering bodies to draft a regulatory document for international use.According to the institution, there is a need to develop a globally recognized regulatory framework regarding the use of tokens and coins.Furthermore, the organization will not have to create the laws from scratch.As they are willing to work with already existing regulations.
Continue reading here: https://www.coindesk.com/policy/2022/05/11/global-financial-stability-watchdog-fsb-says-it-could-write-crypto-rulebook/
SEC to Expand Digital Assets Section and Hire More Crypto Cops The United States Securities and Exchange Commission (SEC) is charging more experts with the duty of keeping a watchful eye on digital assets.This is part of its plans to safeguard the interests of investors on various decentralized markets.
The SEC will be recruiting 20 new people to its Cyber Unit, which comprises the Crypto Assets and Cyber team.This move was received well by industry experts.With a number of crypto firms pledging to work closely with the regulatory body.
Jay Fraser, head of strategy at BSTX also stated that the recent drop in prices of digital currencies is partly due to the lack of active participation and mainstream adoption of the technology.
Read more here: https://cointelegraph.com/news/industry-experts-weigh-in-on-sec-hiring-more-crypto-cops
Indie Russian News Firm Raises $250K in Crypto Meduza, an independent Russian media outlet, has been able to raise $250 dollars from donations in cryptocurrency.This comes after it made an appeal in April 2021.When Russia’s Justice Ministry labelled independent media outlets as “foreign agents”.The funding includes the US Dollar and digital currencies like Bitcoin ($BTC), Ether ($ETH), $BNB, Tether ($USDT), Monero ($XMR) and Zcash ($ZEC).
However, the majority (about 93%) of the donations have come in the form of 3.75 $BTC and 49.9 $ETH.
Read more here: https://cointelegraph.com/news/indie-russian-news-firm-raises-250k-in-crypto-after-sanctions-cripple-finances
See you at the top.