Welcome to Barmy’s Daily Crypto News – November 12th, 2022
1.The future impact of interoperability in Web3 and the Metaverse
On November 11, Thomas Webb, the creator of the interoperable avatar game Worldwide Webb, met with NFT Steez, a biweekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, to explore the incorporation of interoperability in Web3 and the Metaverse.
Webb spoke of the innovation he has witnessed from NFT communities and companies as he discussed how interoperable applications can have a significant impact.
Webb contends that facilitating the development of intellectual property (IP) allows consumers to express their commitment and, in other ways, their achievement, whether it results from “making a product, developing ideas, or creating experiences.”
According to Webb, interoperability also appears to work in concert with token-gated experiences. In essence, by using the token they possess as an access pass to attend events and receive perks, users can get closer to authentic experiences.
Through cross-collaboration, user engagement, and value proliferation—or, as Webb puts it, “infinite value”—brands are able to work together thanks to this integration.
2. FTX US stops withdrawing.
On-chain data indicates that the platform has suspended withdrawals from the American-based platform on November 11, following a Nov. 10 news that FTX US may stop trading on its platform.
Users were urged to “please close down any positions,” according to the initial statement on November 10, although it was insisted that withdrawals would still be possible.
FTX US was included in a Chapter 11 bankruptcy filing in the United States, despite the FTX CEO Sam Bankman-Fried, also known as SBF, continuing to insist that everything was fine and that FTX US had not been impacted by FTX liquidity issues. It appears that things may have spiraled out of control rather quickly.
In a letter of apology to FTX US customers dated Nov. 10, Bankman-Fried assured them that “FTX US, the US-based exchange that accepts Americans, was not financially impacted by this shitshow.” He continued by saying that “every user could fully withdraw” (modulo gas fees, etc.) and that the platform was “100% liquid.”
3. Singapore MAS and the New York Fed work together to research CBDCs
A cooperative experiment with wholesale central bank digital currencies will be launched by the Monetary Authority of Singapore (MAS) and the New York Innovation Center (NYIC) of the Federal Reserve Bank of New York (wCBDCs). The potential of the wCBDC for international wholesale payments is being eagerly tested by regulators.
The MAS announced the beginning of Project Cedar Phase II x Ubin+ on November 11. As part of its framework, NYIC and MAS will use wCBDCs as a settlement asset in international transactions involving several currencies. The goal is to evaluate wCBDC’s potential ability to lower settlement risk.
According to the statement, Project Cedar Phase II x Ubin+ will not advance any particular policy outcome or signal any impending Federal Reserve decisions regarding the issuance of a central bank digital currency (CBDC). In 2023, a report containing the project’s findings ought to be made public.
4. Russian IT companies call to be allowed to make and accept crypto payments
When working for clients outside of Russia, Russian information technology (IT) companies want to be able to send and receive cryptocurrency payments. According to a plan provided to the Ministry of Digital Development, Communications, and Mass Media by the association of Russian software developers Russoft.
According to the industry group, new payment options, such as cryptocurrencies, are required to reduce the impact of financial constraints and costs, the Russian business daily Vedomosti reported on Thursday. The study recommends the creation of test legal systems that would make the adoption of such mechanisms easier.
The association’s members lament the challenges they face while trying to receive cash from outside. Rugged sanctions that were put in place as a result of Moscow’s decision to invade Ukraine have severely restricted access to the global banking system for Russian enterprises. Additionally, Russoft is urging Russian authorities to loosen foreign exchange restrictions put in place as the war heated up.
5. Indonesia Mulls Over New Financial Legislation
The Financial Services Authority (OJK) will be tasked by Indonesian authorities with overseeing, monitoring, and regulating the country’s expanding cryptocurrency market. The Ministry of Trade and the Commodity Futures Trading Regulatory Agency, which share responsibility, now regulate the market.
According to Reuters, the modification was suggested by Finance Minister Sri Mulyani Indrawati and is a component of new banking industry legislation that is now being discussed in parliament. When word spread that the largest economy in Southeast Asia was getting ready to strengthen regulation of cryptocurrency exchanges, lawmakers presented the government with the draft bill in September.
While cryptocurrency transactions are forbidden in Indonesia, commodity market investments are permitted. We need to create an effective and dependable system of investor protection and oversight, particularly for investment instruments, according to Sri Mulyani.
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