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‘Prohibit The Stablecoins’, FSB Encourages Global Authorities

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Stable coin future

What to expect?

  • Comments on FSBs call to ban the stable coins at local levels
  • What you can do to make views of the crypto community heard

The Financial Stability Board (FSB) has released a consultative document on April 14, 2020 making 10 broad recommendations in connection with the Global Stable coins (GSC).  The language around prohibiting GSC activities in the document got the crypto space jerked.

Under the first recommendation, which states, “Authorities should have and utilize the necessary powers and tools, and adequate resources, to comprehensively regulate, supervise, and oversee a GSC arrangement and its multi-functional activities, and enforce relevant laws and regulations effectively,” the FSB has called for the authorities to exercise any power they have at their disposal to “regulate, supervise, oversee and if necessary prohibit effectively the activities being conducted and services being offered to users in or from their jurisdiction and the attendant risks that these services and activities may pose.”

Discussing the risks, the document lays out 3 financial stability risks:

  • Volatility due to minor variation in value of GSC  
  • Lack of alternatives in case of operational disruptions
  • Threat and exposure when same financial institution acts as re seller, wallet provider, custodian, etc.,

Global stable coins ability to impact global financial systems is a concern

The document’s underlying theme revolved around how global stable coins are geography agnostic, that is, they can be accessed and used for transactions from anywhere in the world, whether or not the regulations allow for such transactions to take place in the first place.

What may be a legitimate transaction in one jurisdiction could be disallowed in another and global stable coins could be interacting between these two very different jurisdictions without any oversight, which could pose serious regulatory and legal risks, document enumerated.

Some valid concerns raised in the document

The document does pose few valid questions related to Global Stable coins, including:

  • What happens when the assets that back the stable coin itself are exposed to risks?
  • What happens when vulnerabilities within the GSC infrastructure is hacked or exploited?
  • What recourse options do the users have if they are subject of a theft or hack?

To mitigate these potential issues and incongruousness with the regulations, the document states “Authorities should have the ability to mitigate risks associated with or prohibit the use of certain or specific stable coins in their jurisdictions where these do not meet the applicable regulatory, supervisory, and oversight requirements.”

We are not too bummed about this consultative document as it does have some valid arguments which hint the need for upgraded regulations in exchange of antiquated ones which were not built to accommodate a decentralized marketplace.

What you can do?

Let your views be heard by FSB.  

The consultative document says “The FSB is inviting comments on this consultative document and the questions set out below. Responses should be sent to fsb@fsb.org by 15 July 2020. Responses will be published on the FSB’s website unless respondents expressly request otherwise.”

Also read:
Digital Dollar Inevitability, And Why It Will Be Here Sooner Than You Think – What It Means For Bitcoin

best Crypto Tax Software

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Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Decentralized Search Engine Presearch Tackles Misinformation and Fake News with Time-Stamped Search Results

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Presearch is the first search engine to integrate WordProof’s timestamping, helping people verify and trust online information

Midland, Ontario, Canada — Presearch, a community-powered search engine that protects privacy and delivers more neutral, unbiased results, today announced it will label time-stamped pages in search results, a key component in combating the spread of misinformation online. Presearch is the first search engine in the world to integrate WordProof’s universal blockchain-based timestamping ecosystem, which shows when information was last edited or updated and helps to verify the source, improving trust and transparency on the internet. WordProof time stamping will be added to search results on Presearch.

“We’re very excited to work with WordProof to facilitate more transparent, informative search results on Presearch,” said Colin Pape, founder of Presearch. “By providing tools like WordProof to searchers, we are furthering our mission to empower people with search choice and quality results, while rejecting the bias and manipulation that is all too common online.”

Confidence in the internet is rapidly declining due to fraud, fake news, and privacy concerns. Research shows that 86 percent of people believe they’ve been exposed to fake news. Google accounts for 92 percent of all searches worldwide; search engines act as a gateway to online information, and too often, they act as filters that deliver search results based on biases and algorithms that do not serve people’s best interests. With 2 million registered users, Presearch offers an alternative to Big Tech with a decentralized, node-powered platform that represents the interests of the community and uses blockchain technology to align all stakeholders across a single unit of value, the Presearch PRE Token.

“WordProof is using blockchain technology to create a global standard that helps people verify the origin of the content they find online,” said Sebastiaan van der Lans, Founder of WordProof. “We are proud that WordProof and Presearch are leading by example, proving it’s possible for search engines to create a more trusted web.”

WordProof brings verifiable trust to digital publishing and commerce. Presearch and WordProof have aligned to bring trust to the internet through transparent, unbiased, and verifiable search results; while making it a priority to educate consumers on identifying misinformation as they share their progress in completing the full integration.

WordProof’s Timestamp Ecosystem enables consumers and search engines to verify the source of content, as well as see when content has been changed or updated. Last year, the company received €1 million from the European Commission as the winner of its ‘Blockchains for Social Good’ contest, and a grant from Block.one to scale its service.

About Presearch

Presearch is building a sustainable decentralized search platform that represents the interests of the community, will be open source and transparent, and uses blockchain technology to align all stakeholders across a single unit of value, the Presearch PRE Token. With more than 2 million registered users and 1.3 million searches per day, Presearch is one of the world’s most popular blockchain projects.

About WordProof

WordProof was founded in 2019 and won Europe’s Blockchains for Social Good contest in 2020. The Dutch startup is on a mission to restore trust in the internet. Fraud and fake news make the Internet unreliable. WordProof’s Timestamp Ecosystem now enables consumers and search engines to verify the source of the content. WordProof is advised by Joost de Valk, founder of the world’s most popular WordPress plugin, Yoast SEO.

Thank you for reading and sharing this article. We appreciate you.

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Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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EmiSwap Combines Best of Gaming and DeFi: NFT Farming on DEX

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Designed to provide high rewards for liquidity providers, EmiSwap will launch gamified NFT farming in Q3 2021

Dubai, UAE — May 5, 2021 — EmiSwap (https://emiswap.com), the first community-governed decentralized exchange (DEX) to provide high rewards for liquidity providers (LPs), today announced their plans to launch gamified NFT farming mechanics on its DEX protocol in Q3 2021. EmiSwap’s NFT farming will feature a new approach to liquidity mining by rewarding users with Ordinary, Uncommon, Rare, Epic, Legendary, or Mythic NFT cards depending on how long and how many assets they stake. Liquidity providers can vest for longer periods to receive significantly larger mining benefits compared to other protocols in the sector.

Despite recent price drops, NonFungible.com reported the average price of NFTs increased significantly during the first quarter of 2021 with over $2 billion spent on NFTs alone. Unlike the traditional NFTs that mainly consist of arts and collectibles, EmiSwap’s NFTs feature the best combination of gaming and DeFi by gamifying NFT farming. EmiSwap’s Magic Card NFTs can be used to maximize earnings, sold on marketplaces, and appropriated as gaming pieces in competitions like Card Wars, a game launching in Q4 2021 inspired by the famous card games Magic: The Gathering and HearthStone. Each Magic Card will provide different rewards including, ESW token bonuses, farm-speeding powers, rare collectibles for Card Wars, and more.

EmiSwap is currently distributing limited-edition NFTs to liquidity providers as an added benefit of their loyalty program. At this stage, NFT items can only be obtained if you supply liquidity and pass Total Value Locked (TVL) milestones that increase in increments of $100,000. The final milestone is $100 million TVL. The campaign consists of 1,000 milestones to serve as a reminder of the ancient Chinese proverb, “A journey of a thousand miles, begins with a single step”.

Last week, EmiSwap announced the successful completion of the Seed round with over $1.4 million raised. The DAO-governed protocol is currently in the private investment round to provide further opportunity for investors who couldn’t participate in the overbooked Seed round. The private round will conclude at the end of May 2021 with the launch of multiple launchpad listings.

EmiSwap is the first project of the EmiDAO alliance and its members who are actively involved in managing and supporting the EmiSwap DEX. The EmiDAO alliance includes Alpha Sigma Capital, DigiFinex Exchange, Bitmart Exchange, Emirex Exchange, HollaEx Exchange, IDCM, and Everest Group.

For more information please visit EmiSwap’s website and Medium.

About EmiSwap

EmiSwap (https://emiswap.com) is the first community-governed decentralized exchange (DEX) that provides high rewards for liquidity providers (LPs) and offers 100% compensation for Ethereum’s transaction fees in $ESW governance tokens. EmiSwap is a decentralized autonomous organization (DAO) in which $ESW token holders vote to govern the developments of the platform. Participants will be rewarded daily based on their trade volume and will have exclusive opportunities to collect EmiSwap’s limited edition NFT cards. EmiSwap is the first project in the EmiDAO alliance which includes Alpha Sigma Capital, DigiFinex Exchange, Bitmart Exchange, Emirex Exchange, HollaEx Exchange, IDCM Exchange, and Everest Group.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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EQIFI and Sheesha Finance Partner to Increase DeFi Accessibility and Global Banking

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Eqifi Partners Sheesha Finance

The partnership will set new standards for decentralized finance, offering single uniform platform services for lending, borrowing, and investing

United Arab Emirates — May 3, 2021 — EQIFI (https://eqifi.com) a decentralized protocol for pooled lending, borrowing, and investing for ERC-20 tokens, today announced a partnership with Sheesha Finance (https://sheesha.finance), the first comprehensive DeFi solution for investors to easily access a variety of projects while solving issues surrounding locked crypto assets. With a shared goal of democratizing financial products, the partnership will improve investor accessibility to various projects in Ethereum’s thriving DeFi ecosystem.

Despite the exponential growth of DeFi and billions of dollars transacted daily, the user experience and contribution process can be complex and overwhelming for investors looking for extensive exposure. EQIFI is powered by EQIBank and users may apply for EQIBank bank accounts, loans, custody, debit and credit cards, OTC, and wealth management, while Sheesha Finance makes DeFi more accessible to mainstream investors by creating easily convertible assets that can be used to gain exposure to new and existing projects in the space.

“The partnership with Sheesha Finance is a new step in solidifying EQIFI as a major player in the DeFi space,” said Jason Blick, Chairman of EQIFI (DeFi) Limited. “Since our launch earlier this month, we’ve seen unprecedented demand. Our team has been tirelessly working around the clock, answering emails and taking calls. Not only are we massively oversubscribed, but we have a considerable waiting list above our hard cap.”

“We are thrilled to partner with DeFi leader, EQIFI, to provide global accessibility to financial products and services,” said Saeed Hareb Al Darmaki, founder of Sheesha Finance. “Our roadmap includes partnering with the strongest projects to grow the DeFi ecosystem with integrity and transparency and we have found a strategic partner in EQIFI, who also supports that vision.”

“As DeFi projects and products mature, we hope to grow our partnership closer,” said Brad Yasar, EQIFI CEO. “Sheesha Finance is increasing accessibility to new DeFi projects with its unique model. This vision aligns well with EQIFI’s goals and we are excited about this partnership.”

Exploding onto the DeFi scene in recent weeks, EQIFI is the first DeFi protocol for ETH, ERC-20 tokens and select fiat currencies, to partner with a fully licensed and regulated digital bank – EQIBank. By harnessing the power of blockchain technology and EQIBank’s network spanning 180 countries and territories, EQIFI is positioned to become an industry world leader, helping to democratize financial products previously only available to the privileged few.

Sheesha Finance is dedicated to bringing full transparency and integrity to DeFi. Sheesha ensures its ecosystem participants can fully benefit by maximizing their exposure to various DeFi projects and rewards. Sheesha Finance is the first DeFi mutual fund that rewards investors of any size, from small to large ticket holders, with unlimited DeFi tokens from a diversified portfolio of projects.

To learn more visit the EQIFI Telegram channel or Sheesha Finance Telegram channel.

About EQIFI Limited

EQIFI (https://eqifi.com/) is a decentralized protocol for pooled lending, borrowing, and investing for ETH, ERC-20 tokens including wBTC, Stablecoins, and select fiat currencies. It will provide a single uniform platform for DeFi products with access* to bank accounts, custody, debit and credit cards, OTC, and wealth management. EQIFI’s infrastructure is optimized for real-time digital interactions, placing the project at the forefront of embracing today’s ever-demanding culture that wishes to embrace the evolution of digital technologies.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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