“We need to make exchanges play their proper role, and toward that end it is crucial for watchdogs to supervise them thoroughly,” Rep. Sung Il-jong of the ruling People Power Party said. “When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.” Source
The United States Federal Reserve Board has included data on cryptocurrency in its new Economic Well-Being of U.S. Households in the 2021 report. The Fed’s ninth annual report looked at survey results from 11,000 people questioned in October and November 2021. The report indicated financial wellbeing is the highest it has been since reporting began, with 78% of U.S. adults “doing okay or living comfortably financially.” That is an increase of 3% over the last three years. As a diagnostic of financial fitness, the report cites the 68% of Americans…
South Korean officials plan to question representatives from the country’s five largest crypto exchanges about the recent Terra (LUNA) collapse. According to a new report from local news outlet Newspim, Korea’s ruling party will hold an emergency meeting with representatives from Upbit, Bithumb, Coinone, Korbit and Gopax to discuss the ramifications of LUNA’s $40 billion implosion. Says Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee, “We will check [the exchanges’] investor protection measures.” The planned emergency meeting follows news that LUNA…
Seoul police are seeking to ban the entity from withdrawing crypto amid suspicions of embezzlement. Source
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…
As the African region continues to adopt crypto and blockchain, more venture funding flowed into the continent in 2022’s first quarter compared to the first quarter of 2021, according to a new report by blockchain-investment firm Crypto Valley Venture Capital (CV VC) and Standard Bank. The report, titled “The African Blockchain Report 2021,” shows that blockchain startups were able to raise $91 million within 2022’s first quarter. Compared to the first quarter of 2021, this year showed a 1,668% year-on-year (YoY) increase in cash inflow compared to 2021’s YoY of…
The co-founder and CEO of Circle, Jeremy Allaire, has announced the cryptocurrency firm that issues the stablecoin usd coin plans to provide the public with weekly stablecoin reserve reports. Additionally, the company Tether has also released an assurance report on its stablecoin reserves via the Cayman Islands auditing company MHA Cayman. Circle CEO Says Firm’s Stablecoin Is a ‘Very Efficient Pipe Between Legacy Electronic Dollars and Digital Currency Dollars’ The two largest stablecoin providers, Tether and Circle, want the public to be assured that tether (USDT) and usd coin (USDC)…
Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022. According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the U.S. dollar in drafting regulatory guidelines with Her Majesty’s Treasury for release later this year. While the USDT price only briefly dropped to $0.97 on May…
CryptoX – Cryptocurrency Analysis and News Portal On May 13, Terra’s UST algorithmic stablecoin slumped as low as 23 cents, and the LUNA token, created to prevent the UST algorithmic stablecoin from being volatile, fell 96% at one point. An algorithmic stablecoin is one that in theory maintains its peg using only software and rules, meaning it is not necessarily backed by collateral. Instead, the token’s programming, or smart contract, can increase supply if the price is falling or reduce supply if the price is increasing. Source The post UK…