Top crypto tweets of the day – August 28th

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  TL;DR Breakdown Venture Capital (VC) funding in the crypto industry has dropped to a two-year low, with June 2023 recording only 83 public investments. The total funding for June was $520 million, a decline of 32% from the previous month and a massive 71% drop from the previous year. Despite the overall slump, several firms managed to secure substantial investments, led by Gensyn with a $43 million Series A round. Description The world of Venture Capital (VC) funding seems to be losing some steam, as recent data reveals a distinct slowdown. As per data from RootData, public investment from crypto VCs has slipped to an alarming two-year low, with June recording only 83 deals. The shift, a stark contrast from the 97 and 149 projects in … Read more The world of Venture Capital (VC) funding seems to be losing some steam, as recent data reveals a distinct slowdown. As per data from RootData, public investment from crypto VCs has slipped to an alarming two-year low, with June recording only 83 deals. The shift, a stark contrast from the 97…

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• New Zealand’s central bank plans to monitor before regulating crypto and stablecoin

  TL;DR Breakdown The Reserve Bank of New Zealand increasing its efforts in monitoring stablecoins and crypto-assets but won’t propose a regulatory approach RBNZ appears to be holding off on taking action until it sees how other countries regulate cryptocurrency Crypto adoption in New Zealand still low Description The Reserve Bank of New Zealand (RBNZ) has said it would be increasing its efforts in monitoring stablecoins and crypto-assets but won’t propose a regulatory approach citing uncertainties in the sector’s development. The move comes after public input on the issues these new forms of private money could lead to for the financial system and … Read more The Reserve Bank of New Zealand (RBNZ) has said it would be increasing its efforts in monitoring stablecoins and crypto-assets but won’t propose a regulatory approach citing uncertainties in the sector’s development. The move comes after public input on the issues these new forms of private money could lead to for the financial system and monetary sovereignty. RBNZ says regulatory approach not needed now Ian Woolford, director of money and cash at the Reserve Bank…

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• Meta to fight EU antitrust charges at today’s hearing

  TL;DR Breakdown Meta is contesting EU antitrust charges at a closed hearing today. The EU alleges Meta unfairly ties its social network to its classified ads service and imposes unfair conditions on services. If found guilty, Meta could face a fine of up to 10% of its global turnover and be ordered to change its business practices. Meta’s new app, Threads, is not yet available in the EU due to the bloc’s stringent privacy regulations. Description Facing the prospect of a hefty fine, Meta, the parent company of Facebook, heads to a closed-door hearing today to refute European Union (EU) antitrust allegations. The EU accuses the tech giant of leveraging its social network, Facebook, to give its classified advertisements service, Facebook Marketplace, an undue edge in the market. Meta Stands Against … Read more Facing the prospect of a hefty fine, Meta, the parent company of Facebook, heads to a closed-door hearing today to refute European Union (EU) antitrust allegations. The EU accuses the tech giant of leveraging its social network, Facebook, to give its classified advertisements service, Facebook Marketplace,…

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• Worldcoin’s token launch sparks controversy amidst price fluctuations

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• Pakistan shifts from US dollar to Chinese Yuan for oil trade

  TL;DR Breakdown Pakistan has paid for its first government-to-government import of discounted Russian crude oil using Chinese currency, indicating a significant shift from the U.S. dollar. This comes as Pakistan faces a severe economic crisis, with scarce foreign exchange reserves and a potential default on its external debt looming. Pakistan’s Petroleum Minister Musadik Malik assures that refining Russian crude will be commercially viable, with no loss to be incurred. Pakistan has completed its first import of discounted Russian crude oil, using Chinese currency instead of the typically used U.S. dollar. This shift arrives as Pakistan navigates an economic crisis marked by a severe balance of payments issue, threatening a potential default on its external debt. The country’s foreign exchange reserves are perilously low, barely covering a month’s worth of controlled imports. Pakistan transitioning to new markets The discounted Russian crude oil is the first of its kind procured under a deal sealed between Islamabad and Moscow earlier this year. Without revealing the specific commercial details of the agreement, Petroleum Minister Musadik Malik confirmed that the “payment was made in RMB”….

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