Best Twitter threads of the day – August 28th

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  TL;DR Breakdown PayPal, the renowned payment platform headquartered in San Jose, California, has recently made waves by introducing its very own stablecoin, known as PayPal USD (PYUSD). Ripple’s Chief Technology Officer (CTO) David Schwartz emphasized that the actual centralization aspect of PYUSD stems from its valuation being tied to PayPal’s legal obligation to exchange it for U.S. dollars.  Description In a significant move, PayPal, the renowned payment platform headquartered in San Jose, California, has recently made waves by introducing its very own stablecoin, known as PayPal USD (PYUSD). This latest development stands out as one of the company’s most noteworthy strides into the cryptocurrency arena since its initial entry back in 2020. The unveiling … Read more In a significant move, PayPal, the renowned payment platform headquartered in San Jose, California, has recently made waves by introducing its very own stablecoin, known as PayPal USD (PYUSD). This latest development stands out as one of the company’s most noteworthy strides into the cryptocurrency arena since its initial entry back in 2020. The unveiling of PYUSD, which is tethered to the U.S….

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• Dash blockchain experiences downtime during its hard fork

  TL;DR Breakdown Dash experiences downtimes during its V19 hard fork activation. The project is looking for a way forward after the event. The Dash blockchain encountered a stall during the activation of its Dash Core v19 hard fork, causing concerns among developers and users. Samuel Westrich, the chief technical officer of network, announced the issue via a tweet on the morning of May 21. The developers swiftly responded by announcing a fix in the form of v19.1.0 approximately 13 hours later. Dash network stalls during V19 hard fork During the downtime, its developers cautioned users, stating that blocks and transactions on the Dash network lacking ChainLock and InstantSend locks should not be assumed to have true finality. These security features, unique to it, play a crucial role in ensuring the integrity of the blockchain. In response to the disruption, Binance temporarily suspended the distribution of Dash mining rewards until the blockchain was operational again. The initial update, which was announced on April 10, aimed to enhance security through BLS signatures, implement a high-performance master node system, and introduce wallet improvements….

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• JPMorgan uses blockchain for instant USD transfers to India

  TL;DR Breakdown JPMorgan partners with six Indian banks to use a blockchain platform for quick interbank US dollar transactions in India’s new international financial hub. The 24/7, real-time blockchain system is aimed at replacing the existing settlement system which has operational constraints due to time-zone differences and limited working hours. The initiative is aligned with New Delhi’s ambition to make Gujarat International Finance Tec-City (GIFT City) a competitive global trading center. In a daring leap into the future of finance, banking giant JPMorgan has announced an alliance with six prominent Indian banks to employ a cutting-edge blockchain platform that will facilitate swift interbank US dollar transfers. This bold initiative is slated to put India’s emerging global financial hub on the fast track to success. JPMorgan breaking barriers with blockchain At the heart of this initiative, Kaustubh Kulkarni, JPMorgan’s Senior Country Officer for India and Vice Chairman for Asia Pacific, revealed plans for a pilot project in a recent interview. The intent is to gain a deep understanding of the bank’s experiences with the new system. JPMorgan will be standing shoulder-to-shoulder…

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• Crypto industry shaken as UK dives into new regulations by September

  TL;DR Breakdown Crypto businesses operating within the UK are mandated to adhere to the guidelines laid out by the Financial Action Task Force (FATF), specifically its Anti-Money Laundering and Counter-Terrorist Financing regulations, collectively referred to as the Travel Rule.  The FATF established the Travel Rule in 2012 for traditional financial institutions and extended it to VASPs in 2019. However, its implementation progress has been limited, with only 11 out of 98 surveyed countries enforcing the rule by 2022. The introduction of new marketing standards by the Financial Conduct Authority, set to come into force in October, has further increased the compliance burden on crypto businesses. Description The United Kingdom took a significant step towards aligning itself with global regulatory standards concerning the use of cryptocurrencies in 2022. The nation enacted legislation to ensure compliance with the extended Travel Rule, a framework designed to regulate cryptocurrency transactions and curb potential illicit activities. As of September 1, crypto businesses operating within the UK … Read more The United Kingdom took a significant step towards aligning itself with global regulatory standards concerning the…

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• Attorney Deaton claps back at post criticizing Judge Torres’ Ripple-XRP ruling

  TL;DR Breakdown Attorney Deaton, in a long Twitter thread, has clapped back at Gasparino’s post criticizing Judge Torres’ XRP-Ripple ruling, calling it “absurd,” “weird,” “bizarre,” “madness,” and “dangerous.” Thousands of XRP holders, according to Deaton, bought the coin for non-investment purposes. Murphy referred to Gasparino’s piece as “ill-informed and nonsensical.” Description In a long Twitter thread, Attorney John Deaton has given his insight on a recent post by Charles Gasparino in New York Post, which questioned Judge Anita Torres’ verdict on XRP and Ripple and stirred debate among XRP supporters. Deaton has held his stance, saying that Judge Torres’s SEC v. Ripple case ruling is very … Read more In a long Twitter thread, Attorney John Deaton has given his insight on a recent post by Charles Gasparino in New York Post, which questioned Judge Anita Torres’ verdict on XRP and Ripple and stirred debate among XRP supporters. Deaton has held his stance, saying that Judge Torres’s SEC v. Ripple case ruling is very sound. Deaton defends Judge Torres’ XRP ruling While Judge Torres received education from Havard, Gasparino described…

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