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This week will be remembered as the one when the stablecoins showed an unexpected ability to depeg<\/a>. Terra\u2019s TerraUSD (UST) dropped to a shocking $0.29 following the general meltdown of both crypto and financial markets, but it was also the headliner of stablecoins\u2019 niche, while Tether (USDT<\/a>) lost the balance and slid to $0.96 for a short time.\u00a0<\/p>\n The United States Treasury Secretary Janet Yellen felt it necessary to assure everyone that, given the stablecoins\u2019 market size, depegging didn\u2019t present a threat to America\u2019s financial stability. At the same time, she called on lawmakers<\/a> to develop a \u201cconsistent federal framework\u201d on stablecoins to address risks. You can\u2019t be too careful, right?<\/p>\n Commissioner Hester Peirce, though, seems to be in a mood for experiments<\/a>. Known as the Crypto Mom, she noted that while the stablecoins should have their own regulatory framework, regulators need to allow room for failure, \u201cBecause that obviously is part of trying new things.\u201d <\/p>\n The closest analog to stablecoins, the central bank digital currency (CBDC), is slowly making its way, at least in the policymakers\u2019 plans. The Bank of Israel bragged about the public support<\/a> for its \u201cdigital shekel\u201d initiative, which has been halted at some point, but went into a new phase of testing last year. In that sense, there\u2019s not much to brag about for the European Central Bank, which is continuing to pitch<\/a> to the public various anonymity options for its digital euro. <\/p>\n Continue reading<\/a><\/p>\n It is not often that we hear from large international organizations any concerns about the crypto market\u2019s suppression. So, the prize goes to the Central Bank of Nigeria (CBN), which is pushing so hard to kill any competition from private digital currencies to its CBDC, eNaira, that the United Nations and the Secretary-General of the Organisation for Economic Co-operation and Development (OECD) had to admit: \u201cThe restrictions have crippled foreign direct investment in the fintech industry and negatively impacted millions of young Nigerians who earn a living from the sector.\u201d The problem is that it doesn\u2019t seem to bother CBN too much. <\/p>\n Continue reading<\/a><\/p>\n While some are trying to hold innovation, others make life easier for holders. Germany\u2019s Finance Ministry released new cryptocurrency tax guidelines<\/a>. Under it, the individuals who sell Bitcoin (BTC<\/a>) or Ether (ETH<\/a>) more than 12 months after acquisition will not be liable for taxes on the sale if they realize a profit. Furthermore, Bitcoin miners that acquire newly minted BTC will also have waived tax payments after a year of holding. <\/p>\nPublic support, public roast<\/h3>\n
How to get the UN pro-crypto<\/h3>\n
No tax for hodlers<\/h3>\n