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Myanmar Military Government Proposes to Jail Digital Currency and VPN Users

Myanmars military-ruled government is proposing to enact laws that will see users of virtual private networks (VPN) and digital currencies being jailed for up to three years. In addition, offenders will be made to pay fines of up to $2,800.　　Draft Bill Open for Comments　　Myanmars military-ruled government is proposing to enact a law that outlaws the use of virtual private networks (VPN) and digital currencies in that country. Once enacted, violators of the new law not only face jail time but will be made to pay a fine.　　According to a report published by The Register, individuals caught using VPNs will face a possible jail sentence of between one and three years. In addition, offenders may also be asked to pay a fine of $2,800 or five million Myanmar Kyats. Digital currency users, on the other hand, face a minimum jail term of six months and a maximum of up to one year. They will also be liable to pay fines of up to $2,800.　　Besides targeting digital currency and VPN users, the military governments proposed regulations will compel service providers to provide the personal information of users when requested to do so by authorities.　　A draft bill signed by Soe Thein, the permanent

2022-01-26Deep Dive

Crypto Ban Proposed by Bank of Russia Met With Opposition in Parliament, Government

The central banks push for a restrictive policy regarding cryptocurrencies is not gaining support among members of the Russian government, legislature, or law enforcement. A blanket crypto ban, as proposed by the bank, would make a laughingstock of Russia, lawmakers have warned.　　Bank of Russias Hardline Stance on Crypto Rejected by Other Russian Institutions　　The Central Bank of Russias lobbying for prohibitive legislation on cryptocurrencies has not been met with understanding by other government bodies, Russian media revealed. Last week, the regulator published a consultation paper urging for a wide-ranging ban on crypto activities, including the use, exchange, and mining of digital coins.　　However, the Russian government, parliament, and even law enforcement departments such as the Ministry of Internal Affairs (MVD) and the Federal Security Service (FSB) are not willing to back the proposals of the monetary authority, Lenta.ru reported, quoting two high-ranking members of the State Duma.　　A working group at the lower house of parliament is now discussing proposals to fill the regulatory gaps remaining after the law “On Digital Financial Assets” went into force in January 2021. It comprises representatives of various government institutions and the lawmakers claim that the CBR, with its view on cryptocurrencies, is now in isolation.　　Anatoly Aksakov,

2022-01-26Deep Dive

Metascanning could soon become an everyday part of the metaverse–starting with Everdome

Everdome is a new metaverse project, founded by Metahero CEO Robert Gryn, envisioned as a destination where the next generation of ultra-realistic 3D avatars and real-world scanned objects get a lease on life and interaction.　　Everything in Everdome is about to be hyper realistic–thanks to Metahero (HERO), a platform that uses blockchain, and Ultra-HD Metascanning technology leveraged by Wolf Digital World (WDW).Journey to the new frontiers　　By combining WDWs first-generation metascanning tech with non-fungible token (NFT) smart contracts, Metahero, a recently launched project on Binance Smart Chain (BSC) allows creation of hyper-realistic avatars and digitally rendered real-world objects.　　The projects long-term goal is to create the largest database of 3D scanned real-world objects and people–for which Metahero is willing to pay those who get scanned in their native currency–HERO.　　WDWs metascanner chamber (Wolf Digital World)　　But where are those ultra-realistic meta versions of people and objects going to reside, meet, interact？ In Everdome.　　Everdomes vision is to deliver an entirely new metaverse experience–leveraging a high-tech, immersive, and hyper-realistic virtual environment.Meta settlement on Mars　　Everdomes massive HQ dome will be situated on Mars.　　It will represent the heart of the settlement–a meeting point for those who desire to take part in the mix of meta life.　　Artists, musicians, companies, brands,

2022-01-26Deep Dive

Transaction volume up, users down – is OpenSea challenger LooksRare gmi?

Two weeks since launch, LooksRare, portrayed as a community driven challenger to the NFT behemoth OpenSea, is still printing high levels of transaction volumes. On the surface, it looks like LooksRare has gotten itself a foothold on the market.　　OpenSea has had, and still have, an impressive journey from around $71 million in sales a year ago, to $36 billion today – that’s a 50,000 percent increase in sales, all thanks to the blow-of-top interest in NFTs manifested in the explosion of profile pictures, art, collectables and in-game items. In its latest funding round, OpenSea was valued at $13 billion.OpenSea’s vulnerable underbelly　　There are, however, a couple of things that leave OpenSea vulnerable. One is the fact, or at least a low probability, that OpenSea will ever release a token. Reasons being many, one is securities regulation in the U.S. and that OpenSea is basically synonymous with the whole NFT mania, meaning the centralized, U.S.-based, private company has regulatory eyes on it. And then, there are few incentives for the people involved in OpenSea to release a token.　　Another other obvious vulnerability is that the OpenSea platform is published under an open source license, so anyone can clone it, a third being that

2022-01-26Deep Dive

‘Romantically Involved’ USD 3.8m XRP Thieves Sent to Prison for 7 Years

A couple who stole over some USD 3.76m worth of XRP tokens from a crypto investor in 2017 have been handed seven-year jail sentences after an appeals court in South Korea ruled that the duo should spend the best part of a decade behind bars.　　Chosun Ilbo reported that the court, a branch of the Suwon High Court, heard that the couple, who were “romantically involved” had hatched a scheme by pretending to be brokers in order to get their hands on a stash of XRP 20.25m (USD 12m).　　The unnamed couple, named by the media for legal reasons as A and B, first decided to prey on their victim (named by the media as C) in January 2016, when C created a digital wallet and purchased XRP through A, who was working as a crypto broker at the time, receiving commissions from his customers.　　A then slowly began to introduce B into the picture. B made their money by “managing” crypto investments and wallets for customers, and the duo had begun a “romantic relationship.”　　A introduced B to C, telling the latter that B was an exceptional crypto broker who could help safeguard Cs funds. Eventually, C decided to place their trust in

2022-01-26Deep Dive

Elon Musk puts McDonald’s on the spot, wants the fast-food giant to accept DOGE

Tesla and SpaceX founder and CEO Elon Musk urged McDonalds to accept Dogecoin as payment, posting a tongue-in-cheek dare on Twitter.　　The pressure is on, with all eyes on the fast-food chain now, which, thus far, hasnt been accepting crypto payments–outside of El Salvador.Committing to a happy meal on tv　　“I will eat a happy meal on tv if McDonalds accepts Dogecoin,” wrote the self-proclaimed Dogefather on Twitter.　　Musks dare caused the price of Dogecoin to jump over 6% in a matter of minutes.Dogecoin to USD Chart (CoinMarketCap)　　The meme coins price witnessed a similar mini pump recently–shortly after Tesla announced accepting Dogecoin for merch payments.　　Crypto investors on Twitter turned to memes and humor for easing the drama of the market downturn–president of El Salvador amongst them.　　Nayib Bukele recently changed his profile picture–joking about his next career if his Bitcoin plans fail to materialize.　　McDonalds responded on Twitter, acknowledging its brand becoming the hallmark of crypto market crashes.　　“How are you doing people who run crypto twitter accounts,” wrote the food chain, already entangled in another conversation on Twitter–the one about DOGE payments–spurred by Billy Markus, the founder of Dogecoin.Pushing DOGE mainstream　　Musk became broadly known for his open support of the meme coin in the past.　　Recently

2022-01-26Deep Dive

YouTube’s CEO Says the Company Will Explore NFT Features for Video Creators

YouTube is exploring adding non-fungible token features for its video creators, Chief Executive Officer Susan Wojcicki wrote to the sites broadcasters on Tuesday. 　　Although Wojcicki didn‘t say exactly what her team is planning, or when, it marks the first time Alphabet Inc.’s Google, YouTube‘s owner, is becoming involved with the cryptocurrency collectibles. Several of YouTube’s rivals have already jumped on the trend. Twitter Inc. began letting users post NFTs as profile photos and Instagram is reportedly working on a similar offering, according to the Financial Times. 　　NFTs are digital assets, such as art, that people can buy or sell. YouTube, home to the largest creator economy, has spent several years building ways for its video stars to earn money beyond advertising, adding tools like fan payments and e-commerce. Wojcicki told creators her company was looking to web3, an umbrella term for internet models built around crypto, as a “source for inspiration.”　　“We‘re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” she wrote in her annual letter to creators this week. A YouTube spokeswoman declined to share more

2022-01-25Deep Dive

Kanye West Says NFTs Reflect Why Celebrities Should Be Paid More For Media Coverage

Entertainers can benefit from the earning model propagated by the Non-Fungible Token (NFT) industry according to Kanye West, who now goes by Ye. In a recent rant, Ye noted that it was unfair that celebrity photographers and news outlets could earn money from using celebrities images without giving the owners of the image a cut from the earnings.　　Grammy award-winning rapper Kanye West cites NFT to bring fairness to the entertainment industry　　Multiple Grammy award-winning rapper Kanye West has shared his view on how celebrities can benefit from adopting the earning model in the NFT industry. In an encounter with Paparazzi photographers, Ye expressed his displeasure at being hounded by Paparazzi. He also frowned at the fact that the photographers and their employers got to use the images of celebrities to earn money and promote their brand without having to pay the artists for their image.　　The billionaire rapper said that he would change how the entertainment industry works to ensure that artists get paid for the use of their image.　　“You don‘t give us any percentage of what you make off of us, off of our kids, and I’m gonna change that,” Kanye said.　　One of the ways the 21-time Grammy award winner envisions

2022-01-25Deep Dive

Economic Crisis In Turkey Brings Nation Closer To Crypto

The Turkish people are embracing cryptocurrencies even as the government outlaws digital assets. The countrys struggling economy has pushed people into the crypto fold, and the number of Turks getting into the crypto space has been increasing in recent years.　　The Turkish Lira Is In Trouble　　The crisis facing the Turkish national currency, the Lira, is the single most potent reason that‘s causing the Turkish people to seek alternative ways of safeguarding their wealth. This was a result of the sharp slump of the Lira’s value after the countrys President fired the head of the Turkish central bank in March 2021.　　Amid the increasing influx of Turkish money into the crypto space, the government moved to ban the use of cryptos for payment, but that didn‘t curb the already-awaked people’s appetite for cryptos. Not even after the collapse of Thodex and Vebitcoin – which were the largest crypto exchanges in the country. The overly negative coverage of cryptos by Turkish media hasnt made much impact in discouraging people from crypto investments.　　The Turks Want Crypto　　It‘s clear that many people in Turkey want to invest their money in viable assets. Forex, Gold, and cryptos make the list of readily available choices, but cryptos seem to

2022-01-25Deep Dive

No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia

Pavel Durov, founder of the messaging app Telegram, has criticized Bank of Russias proposal to impose a blanket ban on a range of crypto-related activities. Such move would stifle high-tech development and chase away blockchain specialists, Durov says.　　 Durov Speaks Out Against Bank of Russia Push for Crypto Ban　　The cryptocurrency ban proposed by the Central Bank of Russia (CBR) will destroy a number of high-tech sectors and spark an outflow of IT specialists, Pavel Durov, the man behind the popular-in-the-crypto-community messenger, Telegram, has predicted. The Russian entrepreneur also alerted that the restrictive policy would hinder blockchain development. In a Telegram post, Durov stated:　　“No developed country bans cryptocurrencies. Reason: such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to arts.”　　Durov emphasized that solutions based on distributed ledgers, and using cryptocurrencies as units of account, are replacing what he described as “the obsolete centralized financial systems of the second half of the 20th century.”　　He pointed out that Russia‘s neighbors, from Ukraine to Uzbekistan, are following in the footsteps of developed nations and adopting progressive laws for the blockchain space as they don’t want to

2022-01-25Deep Dive
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