• The UAE is planning to launch its central bank digital currency (CBDC), the Digital Dirham, by mid-2024.
• The first phase of the project will be completed in 12-15 months and includes three major pillars.
• G42 Cloud and R3 are the infrastructure and technology providers for the CBDC initiative.
UAE Unveils CBDC Strategy
The United Arab Emirates has announced its plans to launch a central bank digital currency (CBDC), known as the Digital Dirham, by mid-2024. The first phase of this project is expected to take 12-15 months to complete, with three major pillars supporting it. G42 Cloud and R3 have been chosen as the infrastructure and technology providers for this initiative.
Timeframe for Completion
The CBUAE revealed that work on the proof-of-concept for both retail and wholesale versions of their CBDC will begin shortly, with completion of phase one estimated at mid-2024. This timeline allows ample time for testing and implementation of any necessary changes before launching on a large scale.
The three pillars included in the first phase of this project are: an issuance process; a distributed ledger technology platform; and a cashier system to allow users to pay digitally with their smartphones or other devices using the Digital Dirham currency. Together these components will make up a secure ecosystem that facilitates digital payments within UAE’s economy.
G42 Cloud will provide cloud services while R3 will be responsible for building out blockchain applications tied to the project’s distributed ledger technology platform. Both companies have extensive experience in their respective fields, making them well suited partners for such an ambitious undertaking like this one from UAE’s central bank.
This move towards introducing a national cryptocurrency marks an important step forward for UAE’s economy, particularly as more countries around the world look into launching their own digital currencies in response to increasing consumer demand for faster transactions and greater financial inclusion in today’s digital age.
• Sam Bankman-Fried, the founder of FTX, was accused of lying and sleeping with subordinates in 2018.
• Despite attempts by Alameda Research staff to push Bankman-Fried out, figures like Oxford professor William MacAskill continued to burnish his image.
• MacAskill and others were rewarded for their defense of Bankman-Fried’s behavior as FTX succeeded in later years.
Sam Bankman-Fried Accused of Unethical Behavior
In 2018, a number of people within the Effective Altruism movement warned that Sam Bankman-Fried was a liar who had slept with multiple subordinates. Despite formal attempts by Alameda Research staff to push Bankman-Fried out at the time, figures including Oxford professor William MacAskill continued publicly burnishing the FTX founder’s image as he built one of the largest financial frauds of all time.
William MacAskill Defends Sam Bankman-Fired
Despite warnings about Bankman-Fried’s behavior, philosopher William MacAskill and other prominent figures in the EA movement chose to continue defending him publicly, even taking steps to protect his reputation. This was not just a matter of dismissed rumors and personal grudges; it involved well documented corporate processes being derailed by people whose entire careers are premised on cultivating moral action.
Alameda Research Calls Meeting Against Sam
In April 2018, four top Alameda managers called a meeting with William MacAskill and other members of the EA movement who had been defending Bankman-Fried publicly. The managers presented evidence detailing how unethical practices had been employed during their attempt to remove him from power at Alameda Research but were met with threats instead of support for their efforts.
MacAskills Rewarded For Standing By Sam
Despite these warnings and attempts to push back against Bankmann-Fired’s unethical behavior from within his own company, MacAskill and others continued supporting him throughout the years until FTX appeared to succeed in later years – rewarding them for standing alongside him despite their knowledge about his misconduct.
Conclusion: Moral Failings Reaped Rewards
The story of Sam Bankmann Fried illustrates how those willing to turn away from moral failings can be rewarded for doing so – even when they know better than anyone else what is actually going on behind closed doors. It also serves as a reminder that those looking out for our collective moral wellbeing must be willing to stand up against powerful individuals when necessary or risk turning a blind eye towards systemic corruption that could have far reaching consequences down the line if left unchecked.
• Digital asset investment product outflows reached a record weekly level, according to a report by CoinShares.
• The outflows increased for a fifth consecutive week and totaled $255 million, representing 1% of total assets under management (AUM).
• Outflows have wiped out all of the inflows from earlier this year, with outflows totaling $82 million year to date.
Crypto Fund Outflows Hit Record Weekly Level
The digital asset investment firm CoinShares reported that crypto fund outflows hit record levels in the past week. Outflows rose for a fifth consecutive week and totaled $255 million, which is 1% of total assets under management (AUM). Bitcoin was the primary focus for these outflows, with some $244 million leaving crypto funds. Although the outflows are the largest on record when expressed as an absolute dollar amount, they still lag behind May 2019’s figure of 1.9% of AUM.
Recent Uncertainty in Crypto Market
This comes as the crypto market has suffered a month of uncertainty due to events such as Silvergate collapsing and investor concerns regarding US banking sector health. These factors combined have led to all inflows from earlier this year being wiped out by current net-outflow figures totalling $82 million year to date.
CoinDesk Markets Reporter’s Take
CoinDesk Markets reporter Lyllah Ledesma holds bitcoin, ether and small amounts of other crypto assets. She noted that while it isn’t unusual for investors to take profits after prices rise significantly over a short period — like BTC did in recent weeks — there could be other underlying factors driving these large-scale withdrawals from cryptofunds such as investors trading their positions for fiat or other cryptos or cashing in on their investments altogether.
Alex Thorn’s Insight at Consensus 2023
Head of Firmwide Research Alex Thorn will share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023 later this year. He is likely to give his insight into how inflation affects Bitcoin price movements and potential solutions for mitigating its effects on BTC’s performance moving forward.
The current state of crypto fund outflows paints an uncertain picture for digital asset investors moving forward despite recent gains in Bitcoin prices over the past few weeks. As more data emerges regarding underlying causes and potential solutions come into play, we may get more clarity on where the market is heading next.
• Thailand is offering a $1 billion tax break for companies issuing investment tokens.
• The government will waive corporation and sales taxes to incentivize firms to issue digital tokens.
• This follows recent regulations from the Thai financial regulator, and more recently issued crypto custody rules.
Thailand Offers $1B Tax Break for Firms Issuing Investment Tokens
Thailand has announced a new policy that will provide a tax break for companies issuing digital tokens for investment, according to a report from Reuters. The country will waive corporation and sales taxes for those firms, which could cost the government 35 billion baht ($1 billion).
Stricter Crypto Regulations
In September, Thailand’s financial regulator took steps to establish stricter crypto advertising rules, banning crypto firms from offering staking and lending services. It has also issued regulations for crypto custody. Its central bank has been involved in international projects to test central bank digital currencies (CBDCs).
Tax Incentive Aims To Encourage Crypto Adoption
The new tax incentive appears designed to encourage more companies to issue digital tokens as an alternative way of raising capital. By waiving the corporation and value-added taxes, the Thai government hopes that this will open up opportunities for more businesses to explore the potential of blockchain technology and cryptocurrencies.
Crypto Regulations Differ Across Asia
Regulations surrounding cryptocurrencies vary across Asia depending on each country’s outlook on it. While Thailand is taking steps towards encouraging its use through tax incentives, other countries such as India have taken steps towards prohibiting certain cryptocurrency activities in their jurisdiction.
Overall, it’s clear that Asian countries are starting to take notice of cryptocurrencies — with some embracing it while others remain cautious about its application within their own borders. With Thailand now offering tax breaks for token issuers, it may be only a matter of time before other countries follow suit in order to keep up with the ever-evolving landscape of cryptocurrency regulation worldwide.
• Voyager Digital conducted a single due diligence call with Three Arrows Capital (3AC) and received a one-page net asset value statement prior to 3AC filing for bankruptcy protection.
• The document dated May 13, 2022 showed 3AC’s NAV at just under $2.4 billion and the call lasted 30 minutes to an hour.
• Other crypto firms such as Genesis Global Holdco, Celsius Network, and BlockFi also reported losses from 3AC’s bankruptcy due to loans they had made.
Voyager Digital Conducts Due Diligence on Three Arrows Capital
Court documents show that prior to Three Arrows Capital (3AC) filing for bankruptcy protection, crypto lender Voyager Digital carried out a single due diligence call with the hedge fund. During this call, Voyager received a one-page net asset value statement dated May 13th, 2022 with 3AC’s NAV at just under $2.4 billion. The length of the call is noted as either 30 minutes or an hour in the court documents.
Losses by Other Crypto Firms Due to 3AC Bankruptcy
The failure of Three Arrows Capital sparked a wave of collapses among other crypto firms who had loaned money to the hedge fund. For example, Genesis Global Holdco reported that its Asia-Pacific unit had lent 3AC $2.4 billion in cash and digital assets, Celsius Network cited loans worth $75 million, and BlockFi also said it suffered “material losses” from the bankruptcy because 3AC was one of its largest borrowers.
Voyager Digital’s Level of Due Diligence
The filings reveal that despite conducting this single due diligence call with 3AC before their bankruptcy filing, Voyager Digital did not have access to any income statements, cash flow statements or balance sheets nor did they carry out any stress testing of 3AC’s liquidity according to multiple employees involved in due diligence interviews conducted by the court documents team including Jon Brosnahan and Ryan Whooley who are respectively Chief Commercial Officer and Treasury Director at Voyager Digital.
Impact on Voyager Digital
Voyager itself filed for bankruptcy protection in July after reporting a $654 million loan to 3AC which accounted for almost 58% of its loan portfolio thus indicating how greatly affected they were by their investment in the bankrupt hedge fund.
It is clear that despite carrying out some level of due diligence before investing in Three Arrows Capital, it was not enough for Voyager Digital or other crypto firms who were left suffering large losses from their investment in this now bankrupt hedge fund.
• The article explains the effects of global warming on human health and environment.
• It discusses how global warming is linked to extreme weather events, air pollution, vector-borne diseases, and water scarcity.
• It also looks at how these issues can be addressed by reducing emissions from fossil fuels and investing in renewable energy sources.
This article examines the impacts of global warming on human health and the environment. It explores how rising temperatures are linked to increased risk of extreme weather events, air pollution, vector-borne diseases, and water scarcity. Additionally, it looks at potential solutions for addressing these issues.
Extreme Weather Events
The increased temperatures caused by global warming make extreme weather events more likely to occur. This can include heat waves which can lead to heat-related illnesses or even fatalities in vulnerable populations such as young children and elderly adults. Rising sea levels due to melting ice caps also increase the risk of flooding in coastal areas. In addition, higher temperatures contribute to an increase in hurricane intensity which can cause extensive damage and loss of life when they make landfall.
As temperatures continue to rise due to global warming, air quality can suffer due to an increase in ground-level ozone concentrations caused by chemical reactions between pollutants emitted from vehicles and other sources with sunlight. This type of air pollution has been linked to a range of adverse health effects including asthma attacks, respiratory illness, heart disease, and even premature death.
Rising temperatures associated with climate change also have implications for vector-borne diseases such as malaria and dengue fever that are transmitted by mosquitoes or ticks which thrive in warmer climates where they carry infectious pathogens which cause severe illness or death in humans when bitten by an infected insect.
Climate change is leading to more frequent droughts in certain regions resulting in water shortages for both drinking water needs as well as agricultural irrigation needs leading to decreased crop yields which can result in famine conditions for those affected communities if not addressed quickly enough through emergency relief efforts or long term sustainable development strategies .
Solutions h2 >
Reducing emissions from fossil fuels through renewable energy investments has been identified as one way of addressing some of the negative impacts associated with climate change mentioned above . Other initiatives such as preserving natural habitats , restoring degraded ecosystems , and improving access clean drinking water may help mitigate some of the effects already being felt worldwide .
BUSD Drama Sets Stage for Stablecoin Market Reshuffling
- Paxos, the issuer of Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday when it announced to stop issuing the cryptocurrency amid mounting regulatory pressure.
- The uncertain future for embattled BUSD is stirring discord in the dollar-pegged crypto markets that one analyst says could accelerate into a dramatic reshuffling of the sector’s big winners and losers.
- Outbound transfers of coins such as USDC and USDT on the Ethereum blockchain have outpaced deposits for nine consecutive days, according to data from Nansen.
Regulatory Pressure Causes Burn of BUSD Tokens
On Monday, Paxos, issuer of the $16 billion Binance USD (BUSD) stablecoin, announced they would cease minting new tranches of their cryptocurrency due to mounting regulatory pressure. Blockchain data shows that since then, Paxos has already burned more than $700 million worth of BUSD tokens. Jesse Austin Campbell, Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor discussed his outlook for the stablecoin market and crypto regulation.
Impact on Dollar-Pegged Crypto Markets
The uncertain future for embattled stablecoin Binance USD (BUSD) is stirring discord in the dollar-pegged crypto markets that one analyst says could accelerate into a dramatic reshuffling of the sector’s big winners and losers. With regulators this week forcing Paxos to stop issuing new coins, there is an opening for Circle’s USDC and Tether’s USDT to take advantage with market makers potentially favoring these coins over BUSD.
Outbound Transfers Outpacing Deposits
Traders continue to move stablecoins off centralized exchanges as outbound transfers have outpaced deposits in Ethereum blockchain based coins such as USDC and USDT for 9 consecutive days according to data from Nansen. This suggests traders are increasingly looking towards DeFi products instead as wallets associated with decentralized exchanges show large inflows during that same timeframe according to Messari researcher Ryan Watkins.
Potential Revamping Ahead?
Kaiko researcher Conor Ryder predicts that Tether’s USDT will likely be the short-term winner in this situation as it becomes favored by market makers over BUSD. However if traders decide against using centralized exchanges altogether then we could see a revamping of who’s winning in crypto’s dollar-pegged token markets with more attention being paid towards DeFi projects.
• Kraken agreed to shutter its US crypto-staking operations and pay $30 million to settle SEC charges.
• The SEC met in a closed-door session on Thursday and an announcement may come later in the day.
• Kraken’s staking service offered a 20% APY, promising to send customers staking rewards twice per week.
Kraken Agrees to Shutter US Crypto-Staking Operations
The Securities and Exchange Commission (SEC) announced that crypto exchange Kraken will “immediately” end its crypto staking-as-a-service platform for U.S. customers and pay $30 million to settle charges it offered unregistered securities.
Closed Door Session with SEC
The SEC is meeting in a closed-door session on Thursday to discuss the settlement, though an announcement may come later in the day. The vote comes a day after Coinbase CEO Brian Armstrong publicly discussed the need for more clarity from regulatory bodies like the SEC.
Kraken Staking Services for US Customers
Kraken offers numerous services under its staking umbrella, including a crypto-lending product offering up to 24% yield which is also expected to shut down under the settlement terms. It’s website states that Kraken’s staking service offered a 20% APY, promising customers staking rewards twice per week.
Implications of Settlement for Crypto Regulation
CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the details of the settlement and possible implications for further regulation of cryptocurrencies by regulatory bodies like the SEC.
Background Information on Case
Bloomberg reported that Kraken was close to settling with the SEC over offering unregistered securities prior to Thursday’s vote on the matter by commissioners at their closed-door meeting
• Bittrex, a Seattle-based cryptocurrency exchange, announced that it is reducing its staff by more than 80 people due to the current market conditions.
• CEO Richie Lai cited the “new economic environment” as the primary reason for the cuts.
• This follows other crypto exchanges like Gemini and Coinbase who have also recently announced layoffs in response to sharp declines in cryptocurrency prices and the collapse of certain firms.
Bittrex Announces Layoffs
Seattle-based cryptocurrency exchange Bittrex has confirmed that it will be reducing its staff by more than 80 people due to current market conditions. According to an email from CEO Richie Lai, the team had been attempting to reduce expenses and increase efficiencies but were unsuccessful due to the “market downturn triggered by multiple failures in the crypto ecosystem.”
Impact of Market Conditions
The new economic environment caused by these recent events has forced Bittrex to reset its strategy and balance investments accordingly. Layoffs have affected at least some employees in most departments across Bittrex. This news follows other crypto exchanges such as Gemini and Coinbase who also recently announced layoffs in response to sharp declines in cryptocurrency prices and the collapse of certain firms.
Crypto Industry Job Losses
CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry based on media reports and press releases. These job losses are likely due to businesses struggling with revenue losses caused by bearish market trends within this sector throughout 2020.
Changes Going Forward
Going forward, Bittrex will continue looking for ways to reduce costs while also finding new opportunities for growth despite difficult market conditions. The company will also remain committed to providing customers with secure trading experiences along with innovative products for users worldwide.
Overall, Bittrex’s decision reflects similar decisions across many companies within this sector as they all attempt to adjust their strategies according to new economic environments brought on by widespread changes within this industry during 2020.
• Stablecoin regulation is the first priority of the newly formed U.S. House of Representatives Subcommittee on Digital Assets, Financial Technology and Inclusion.
• Rep. French Hill (R-Ark.) said the committee plans to use its stablecoins draft as a model for how it will approach digital asset regulation moving forward.
• The committee also plans to pursue a privacy statute to develop a regulatory framework for digital assets.
The United States House of Representatives Subcommittee on Digital Assets, Financial Technology, and Inclusion is looking to create an effective and comprehensive regulatory framework for digital assets. Led by Rep. French Hill (R-Ark.), the committee’s top priority is to develop a regulatory framework for stablecoins.
The subcommittee is looking to build on its existing draft of a stablecoin regulation and use it as a model for how it will approach digital asset regulation moving forward. According to Hill, this will help the committee create a consistent regulatory framework that can be applied to all digital assets.
The subcommittee also plans to pursue a privacy statute to better protect users and investors. The statute would establish a comprehensive set of guidelines that digital asset companies would need to follow when handling user data. Additionally, the statute would require digital asset companies to provide users with a clear and concise explanation of how their data is being used and stored.
The committee is also looking to explore ways to increase access to digital assets and financial technology. This could include creating incentives for financial institutions to offer digital asset services, such as providing banking services for digital asset companies. Additionally, the committee hopes to make digital asset investments more accessible to everyday investors.
The subcommittee will also be examining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) when it comes to regulating digital assets. Hill believes that the committee will be able to provide clarity on which agency will oversee digital asset regulation.
Overall, the subcommittee is looking to create a clear and comprehensive regulatory framework for digital assets. This framework will provide investors with the confidence they need to invest in digital assets and help drive innovation in the digital asset industry. By providing a consistent set of rules, the subcommittee is looking to make digital asset investments more accessible and secure.