• Deputy Prime Minister of Ukraine, Mikhail Fedorov, wants to make his country the world’s leading jurisdiction for virtual currency.
• He stated he wants to be the first user of the planned new central bank digital currency and take his salary in e-hryvnia.
• The new laws will make Ukraine the world’s leading jurisdiction for virtual currency.
Mikhail Fedorov, Deputy Prime Minister of Ukraine, attended the World Economic Forum in Davos, Switzerland to make a bold announcement. He declared he wanted to make Ukraine the world’s leading jurisdiction for virtual currency. He further stated that he would like to be the first user of the planned new Central Bank Digital Currency (CBDC) and take his salary in e-hryvnia.
The new laws that Fedorov is proposing will make Ukraine the world’s leading jurisdiction for virtual currency. This is an ambitious goal as many countries have already begun to develop their own virtual currency initiatives. Fedorov explained his plans with an emphasis on making sure the regulations are fair and just for everyone. He said he wants to create a “level playing field” for all users of the new virtual currency.
The World Economic Forum was attended by a number of experts in the field of virtual currency and blockchain technology. Topics discussed included Bank of America’s new report on central bank digital currencies (CBDCs), the European Union postponing the MiCA vote until April, and crypto’s tax implications.
IBM Consulting Executive Partner Shyam Nagarajan, Deloitte Tax LLP Partner Rob Massey, TRM Labs Senior Policy Advisor Isabella Chase, and Marta Belcher of the Filecoin Foundation were among the speakers. All of them expressed their support for the new laws proposed by the Ukrainian government.
The Ukrainian government is taking steps to make the country a friendly environment for virtual currency usage. This includes setting up a Regulatory Sandbox and establishing a cryptocurrency exchange. It also plans to create a National Digital Currency Research Institute for research and development.
Fedorov’s vision for the future of Ukraine as a leading digital currency jurisdiction is ambitious, but not impossible. The regulations that the Ukrainian government is proposing could pave the way for a future of digital currency use in the country. It is yet to be seen if this vision will be realized, but if it is, it could be a major turning point for the global virtual currency industry.
– ConsenSys, the developer of the crypto wallet MetaMask, is planning to lay off 100 staffers or more.
– The New York City-headquartered Ethereum studio currently has about 900 employees.
– CoinDesk estimates nearly 27,000 jobs have been lost across the industry since April of last year.
The crypto industry has seen a significant downturn in employment opportunities since April of last year, and this week is no exception. ConsenSys, the developer of the crypto wallet MetaMask, is planning to lay off 100 staffers or more, according to a person familiar with the matter. The New York City-headquartered Ethereum studio currently has about 900 employees, and the planned cuts are understood to be in the process of being finalized. The exact number of jobs lost is not yet known.
CoinDesk estimates that nearly 27,000 jobs have been lost across the crypto industry since April, based on media reports and press releases. This is in addition to the 950 jobs that were cut from Coinbase earlier this week. ConsenSys declined to comment on the specifics of the layoffs.
The crypto industry has been hit hard by the coronavirus pandemic, with many companies drastically reducing their staff in order to remain afloat. This is especially true for those in the space who are developing blockchain-based applications, as the technology is still in its early stages and is not yet as widely adopted as other technologies.
As the industry continues to evolve and mature, it is likely that more job losses will be seen in the coming months. However, the industry is also seeing an increase in investment and interest, so there may be a corresponding increase in employment opportunities as well. Only time will tell.
• Gemini, a crypto exchange owned by the Winklevoss twins, has terminated a key aspect of their relationship with Digital Currency Group’s (DCG) Genesis Global Trading.
• Barry Silbert, the head of DCG, has given his shareholders more details about their company’s Genesis Capital lending division which was forced to halt customer withdrawals in the aftermath of FTX’s November collapse.
• Lumida CEO and co-founder Ram Ahluwalia has weighed in on the latest tensions between DCG and Gemini.
Crypto exchange Gemini, owned by the Winklevoss twins, has recently escalated its dispute with Digital Currency Group’s (DCG) Genesis Global Trading – its partner on a crypto lending product pitched to smaller investors. The twins have terminated a key aspect of their relationship with the company, following DCG’s Genesis Capital lending division being forced to halt customer withdrawals in the aftermath of FTX’s November collapse.
In a letter to DCG investors, Barry Silbert – the head of DCG – has provided more details about their company’s Genesis Capital lending division. Silbert noted that the organization was “among the first to recognize the risk of counterparty exposure to FTX” and immediately moved to limit their exposure. He explained that despite the halt on customer withdrawals, DCG had not experienced any losses from its exposure to FTX.
Lumida CEO and co-founder Ram Ahluwalia has weighed in on the latest tensions between DCG and Gemini. He noted that while the dispute was unfortunate, it highlighted the need for more transparency in the crypto lending space. He urged both parties to make sure that customers were kept informed of the situation, and to explore ways to resolve the situation in the best interests of their customers.
Silbert concluded his letter by reiterating his commitment to the DCG family of companies and to their customers. He noted that he was “proud of the team at Genesis for taking the steps necessary to protect our customers’ assets and look forward to continuing to work with our partners to provide the best possible experience in the crypto markets.”