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Injective partners with Wormhole to bring 10 new blockchains to the platform

by John Stapel

“Users will soon find Wormhole integrated into the backend of the Injective Bridge whereby transferring assets from distinct EVM chains or Solana can be done with the click of a button,” Injective Labs stated.

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Injective partners with Wormhole to bring 10 new blockchains to the platform

Decentralized finance (DeFi) protocol Injective (INJ) has partnered with Wormhole to integrate “10 new blockchains” to its network.

Injective is a Cosmos layer-2 decentralized exchange (DEX) that offers derivatives, token swaps and sports betting prediction markets. It is also focused on interoperability via cross-chain bridging, and currently supports digital assets from Ethereum, Polkadot and IBC-enabled chains such as Cosmos.

Injective Labs, the protocol’s developers, noted in a May 25 announcement that the partnership will enable users to transfer and trade assets across any chain that is integrated with Wormhole.

“The Wormhole integration will vastly enhance Injective’s capabilities with respect to interoperability. Users will soon find Wormhole integrated into the backend of the Injective Bridge whereby transferring assets from distinct EVM chains or Solana can be done with the click of a button,” Injective Labs stated.

— Injective | Cosmos IBC | Ethereum compatible (@InjectiveLabs) May 25, 2022

Wormhole is a generic messaging protocol that interacts with different blockchains, providing services such as cross-chain application support and token bridges.

Not all of the “10 new blockchains” are  named specifically. Wormhole’s website also only lists nine chain integrations which include Solana, Terra, Ethereum, Avalanche, Oasis Binance Smart Chain, Polygon, Fantom and Aurora.

With Terra falling into a heap, and Ethereum already being supported, it is unclear what the other remaining chains out of the total of 10 are.

However the project has highlighted the ability of Injective to “serve as the primary gateway for cross-chain native assets from Solana and other prominent Layer 1 chains” to enter the ecosystem.

“The options for users can extend far beyond asset transfers as well. For instance, DApps on Injective could enable seamless cross-chain trading across the Cosmos and Solana ecosystems while also being able to offer yields on Solana (or any other Wormhole supported asset).”

“Builders utilizing chains such as Avalanche, Algorand or Polygon can access assets within the broader Cosmos ecosystem via Injective,” it added.

Cosmos developers will also be able to incorporate Wormhole’s generic messaging layer and add cross-chain functionalities within their dApps.

— Wormhole (@wormholecrypto) May 25, 2022

Related: Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price

The announcement has done little to sway the value of Injective’s native token INJ so far, with the price dropping 2.6% in the past 24 hours to sit at $2.21 at the time of writing. The token is also down 91.1% since its all-time high of $24.89 in late April 2021, according to data from CoinGecko.

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Wormhole is a generic messaging protocol that interacts with different blockchains, providing services such as cross-chain application support and token bridges.

Not all of the “10 new blockchains” are  named specifically. Wormhole’s website also only lists nine chain integrations which include Solana, Terra, Ethereum, Avalanche, Oasis Binance Smart Chain, Polygon, Fantom and Aurora.

With Terra falling into a heap, and Ethereum already being supported, it is unclear what the other remaining chains out of the total of 10 are.

However the project has highlighted the ability of Injective to “serve as the primary gateway for cross-chain native assets from Solana and other prominent Layer 1 chains” to enter the ecosystem.

“The options for users can extend far beyond asset transfers as well. For instance, DApps on Injective could enable seamless cross-chain trading across the Cosmos and Solana ecosystems while also being able to offer yields on Solana (or any other Wormhole supported asset).”

“Builders utilizing chains such as Avalanche, Algorand or Polygon can access assets within the broader Cosmos ecosystem via Injective,” it added.

Cosmos developers will also be able to incorporate Wormhole’s generic messaging layer and add cross-chain functionalities within their dApps.

— Wormhole (@wormholecrypto) May 25, 2022 \n\n

Related: Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price

The announcement has done little to sway the value of Injective’s native token INJ so far, with the price dropping 2.6% in the past 24 hours to sit at $2.21 at the time of writing. The token is also down 91.1% since its all-time high of $24.89 in late April 2021, according to data from CoinGecko.

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The fall of Terra (LUNA) shook the entire crypto market. However, the project has no plans to stay down as the project secured backing from crypto exchanges to help it rebuild. 

In an announcement Thursday, Terra provided details about the airdrop of the new native token within its new blockchain dubbed Terra 2.0. The distribution of tokens will proceed on May 27, 2022 and holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) who are eligible will receive new tokens.

Crypto exchanges Binance and FTX noted that they are working closely with the Terra team regarding the upcoming airdrop. According to Binance, their aim is to help affected users within their platform by helping Terra with the recovery plan.

On the other hand, FTX announced that it will support the airdrop and temporarily halt LUNA and UST markets during the migration. Apart from Binance and FTX, the Terra team said that they are also working closely with more partner exchanges that will support the airdrop.

Apart from the airdrop, many exchanges like KuCoin also expressed support for Terra 2.0 by supporting the migration, listing and trading of the new Terra tokens within their crypto exchange platforms. 

While some expressed their support, not all exchanges are eager to list the new tokens. In a statement, a spokesperson from crypto exchange BitMEX told Cointelegraph that at the moment, there are no plans to list the new Terra tokens. They explained that:

“We list tokens for spot trading based on numerous factors, including that we have a custody solution for that particular token. As such we have no plans at this stage to list LUNA for Spot.”

As for derivatives contracts, the spokesperson said that the exchange needs to ensure there is a “reliable reference index” before it can consider contracts on the new LUNA token.

Related: Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more

Meanwhile, not everyone is ready to fully move on to the new chain. Despite Terra founder Do Kwon’s position against burning LUNA’s circulating supply, users of the crypto trading platform MEXC Global voted to initiate buybacks and burning in Terra’s secondary market. Using the trading fees collected from the new LUNA/USDT spot trading pair within its platform, MEXC committed to a month-long buyback and burning process.

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Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years' time. 

Miebach was speaking at a panel session on central bank digital currencies (CBDCs), as part of the Global Blockchain Business Council (GBBC)’s Blockchain Central Davos conference, which ran adjacent to the World Economic Forum 2022 in Davos, Switzerland.

Kicking off GBBC’s #BlockchainCentral Davos session on CBDCs with @eva_szalay @FT @YuvalRooz @digitalassetcom @Jbrookslassiter @Digital_Dollar_ @MiebachMichael @Mastercard @BIS_org @DBTreat @Accenture pic.twitter.com/C2fvgy0Bij

— Global Blockchain Business Council (GBBC) (@GBBCouncil) May 24, 2022 \n\n

Towards the end of the panel discussion, when the moderator asked each panelist whether they thought SWIFT would still exist in five years' time, Miebach caused the audience to gasp in shock after answering “no”, according to a Cointelegraph reporter who attended the session. 

The response had not been expected given his position at Mastercard, and that the panelists before him, including Jon Frost, a senior economist at Bank of International Settlements and Jennifer Lassiter, executive director of the Digital Dollar project, an organization tasked with exploring a United States CBDC had answered in the affirmative.

Other panelists following Miebach also took the affirmative viewpoint, including Yuval Rooz, CEO of Digital Asset, a data technology company and David Treat, director at Accenture and co-lead of the company’s blockchain business.

Cointelegraph approached Miebach immediately following the panel discussion, but was denied any further comment on the subject.

Later, a Mastercard spokesperson downplayed Miebach’s comments in an email statement:

“Let us clarify the intent of the on-stage comment, as it’s not as simple as a yes or no answer. Michael was simply reinforcing what SWIFT has previously said – their operations continue to evolve. Its current form will not be the same in the future. They are adding more functionality and moving past just being a messaging system.”

SWIFT processed 42 million messages a day last year, but transactions on the network can take several days to complete. The company has been striving to maintain its relevance in the international economic order, especially in regard to CBDCs.

To this end, SWIFT has been exploring the use of CBDCs to facilitate seamless cross-border payments from as early as May 2021 when it released a joint paper with Accenture looking at how digital currencies can help cross-border payments.

Related: WEF 2022: Blockchain community breaks stereotypes at Davos

On May 19, 2022, SWIFT announced its second round of experiments involving CBDCs, collaborating with French IT company Capgemini to explore the linking of domestic CBDCs to facilitate seamless cross-border payments.

— SWIFT (@swiftcommunity) May 19, 2022 \n\n

Cointelegraph reporters on the ground at Davos noted that in another panel session titled “Rules of the Road for Digital Economy,” Miebach talked about the role regulation can take in reducing the unnecessary noise around a nascent technology like crypto.

“Not everyone is screaming for regulation but it does reduce the noise in the crypto world. Engaging actively with regulators and being principled, I am optimistic,” he said.

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Metaverse and Web3 dominated the discussions on the fifth day of the ongoing World Economic Forum (WEF).

A panel discussion on “The Possibilities of the Metaverse” was joined by High Fidelity co-founder Philip Rosedale, Mindfire Foundation founder Pascal Kaufmann, Magic Leap CEO Peggy Johnson, New York University - Abu Dhabi assistant research professor Hoda AlKhzaimi and Lego Group vice president Edward Lewin.

The key point of discussion revolved around the building blocks and future prospects of the metaverse. The panelists discussed the technical aspects, security and role of human sentiments in building a sustainable augmented reality-based digital world.

On a question about the developments around the metaverse, Peggy Johnson, the CEO of augmented reality development firm Magic Lap said that the building blocks are in place, even though, “It is in the early stage but innovation is certainly progressing towards a digital future.”

She went on to cite the use of augmented reality in the medical field and predicted metaverse would make complex jobs easier across different fields of work.

Lego Group VP for global affairs talked about building a future for children in the metaverse. He said:

“One in three people using the internet are young adults and children, so I would really focus on building from kids' perspective, given they are the future users.”

He went on to add how augmented reality can change the way children learn today, citing the example of a volcano. He said, learning about a volcano through a two-dimensional book and seeing it in augmented reality are two vastly different experiences while adding, “it could be a great way for learning for future generations.”

Related:  WEF 2022: Satoshi Nakamoto could be a woman, says Meta VP Nicola Mendelsohn

New York University - Abu Dhabi assistant research professor Hoda AlKhzaimi believes the metaverse will be a place of “interconnectivity for knowledge and resources. ” She also stressed the need to rebel against the current systems to build a formidable digital world. She said:

“We need to rebel against the existing technological system be it the current computer codes or rules to build a formidable metaverse.”

Mindfire Foundation President Pascal Kaufmann said metaverse will be inclusive and disruptive while adding that it will be a place for revolutionizing science.

The panel agreed upon the need for building a place that prioritizes the privacy and security of individuals and allows them to be whatever they want to be.

\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87047.730e97b4-3947-499f-977b-07ab782af3a1.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:442,shares:wO,tags:[{id:W,slug:jS,title:iE,url:hQ},{id:"436",slug:"security",title:"Security",url:"/tags/security"},{id:lj,slug:"privacy",title:"Privacy",url:"/tags/privacy"},{id:nB,slug:nC,title:lk,url:jW},{id:"5443",slug:wP,title:wP,url:"/tags/lego"},{id:wQ,slug:wR,title:wS,url:wT},{id:"9522",slug:"web3",title:"Web3",url:"/tags/web3"},{id:"9528",slug:"nft",title:"NFT",url:nD}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87047regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jT,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"yikes-elon-musk-warns-users-against-latest-deepfake-crypto-scam",url:nn,absoluteUrl:wU,title:ld,youtubeVideoIdCover:d,cover:no,datePublished:V,dateHuman:iH,humanDateTime:"2022-05-26 10:17",dateISOFull:"2022-05-26T09:17:02+01:00",publishedDateTimeObject:{year:A,month:v,day:E,hour:ai,minute:nE,second:c,millisecond:e},categorySlug:S,categoryUrl:T,categoryName:U,authorName:nF,authorUrl:nG,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/9d49327ddccf552a0ff1664151b358ff.jpg",previewText:"Deepfakes abound! Crypto scammers produce a deepfake video of Elon Musk's TED talk to prey on unwitting social media users.",twitterLeadText:"Another deepfake video featuring Elon Musk goes viral as Tesla CEO responds: ‘Yikes. Def not me.’ ",badgeSlug:g,badgeName:bi,fullText:"

Tesla CEO Elon Musk distanced himself from yet another fabricated video promoting a cryptocurrency scam.

Originally shared on Twitter, the video in question was a deepfake of Musk purportedly promoting a cryptocurrency platform boasting 30% returns on crypto deposits. Scammers made use of original footage from a TED Talk featuring Musk and curator Chris Anderson at a TED conference in Vancouver in April this year.

The tweet and video caught the attention of Musk himself, who’s been increasingly active since his move to acquire the social media platform for an estimated $44 billion. The Tesla CEO and SpaceEx founder replied to the video in his signature comical style:

Yikes. Def not me.

— Elon Musk (@elonmusk) May 25, 2022 \n\n

Musk’s global renown as a technology pioneer has made him a choice target for scammers looking to take advantage of unwitting social media users and investors. The not-so-tech-savvy users are at risk of being duped by scams promoting unrealistic returns on investment.

Cryptocurrency scams of this nature were rife in 2020 and 2021, with the United States Federal Trade Commission (FTC) releasing a report that estimated that over $80 million worth of cryptocurrency was stolen from unsuspecting victims over a six month period.

Given Musk’s affinity for the cryptocurrency space and his pro-Dogecoin slant, fraudulent YouTube live streams became a weapon of choice. Musk’s now-famous appearance on the American television show Saturday Night Live proved to be a cash cow for scammers, with the FTC zooming in on scam addresses that had received about 9.7 million Dogecoin worth $5 million in May last year.

Related: Elon Musk buys Twitter for $44B — crypto industry reacts

Musk’s move to buy Twitter has come with promises to promote free speech on the platform, while the Tesla CEO also vowed to cull an alarming number of spam and scam bots that have fleeced users of millions in recent years in his Ted talk appearance earlier this year:

“A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter. They make the product much worse. If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin.”

As Cointelegraph previously explored, deepfake videos have been prevalent since the term was coined in 2017. Making use of artificial intelligence and computer-generated images, video and audio, creators look to manipulate, deceive or scam viewers with media that is often so realistic it's hard to discern truth from fiction.

Blockchain technology has been touted as a potential tool to combat deepfake and fake news. But the reality is that social media platforms are still awash with fraudulent media.

\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87046.8f4326ef-df80-4ef6-b6eb-3910fd58eebb.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2667,shares:li,tags:[{id:wV,slug:ll,title:lm,url:"/tags/twitter"},{id:nH,slug:iJ,title:"Altcoin",url:nI},{id:nB,slug:nC,title:lk,url:jW},{id:"7732",slug:"scams",title:"Scams",url:"/tags/scams"},{id:"9307",slug:"elon-musk",title:"Elon Musk",url:"/tags/elon-musk"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87046regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:np,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"portugal-s-assembleia-da-republica-says-no-to-two-crypto-tax-bills",url:wq,absoluteUrl:"https://cointelegraph.com/news/portugal-s-assembleia-da-republica-says-no-to-two-crypto-tax-bills",title:nq,youtubeVideoIdCover:d,cover:wr,datePublished:V,dateHuman:iH,humanDateTime:"2022-05-26 10:05",dateISOFull:"2022-05-26T09:05:41+01:00",publishedDateTimeObject:{year:A,month:v,day:E,hour:ai,minute:v,second:wW,millisecond:e},categorySlug:S,categoryUrl:T,categoryName:U,authorName:"Arnold Kirimi",authorUrl:"/authors/arnold-kirimi",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/05c2887e73afe2a448d7867cc2990893.jpg",previewText:"The Portuguese Minister of Finance had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes.",twitterLeadText:"The Portuguese Parliament turned down not one, but two separate proposals to tax Bitcoin and other cryptocurrencies from opposition political organizations.",badgeSlug:g,badgeName:bi,fullText:"

The Portuguese congress, Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies.

Portugal has long been regarded as a cryptocurrency tax haven, and the trading of cryptocurrencies has been tax-free since 2018. In addition, trading digital assets is not considered investment income in Portugal. This has attracted crypto startups and events to Lisbon, despite the fact that businesses that accept Bitcoin must pay income tax on it.

The Portuguese Minister of Finance, Fernando Medina, had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes. However, two separate bills from minor political parties to tax cryptocurrency assets were rejected by the Portuguese Assembleia da Republica.

The news was welcomed by Derek 'Isaac' Kaplan, founder of DuoVerse and VMining, who said that any \"unreasonable taxation\" would have been negative for the cryptocurrency sector's growth. He told Cointelegraph that:

\"While a regulatory framework is important, we need to give the industry the space to grow. Crypto industry is nascent and it shouldn’t be subject to the same rate applicable to capital gains on equivalent income as it will be unfair. This development reflects that crypto-friendly sentiment goes strong in Portugal.”

According to the economic newspaper ECO, the proposals were from left-wing parties Bloco de Esquerda and Livre, which were both rejected during a 2022 budget voting session on Wednesday afternoon. The government was asked to explore taxing crypto profits in excess of €5,000 ($5,345.75).

If you guys want to move to portugal

You can sleep on my floor

0 tax on crypto

— Cozy ⓣhe Caller (@cozypront) May 25, 2022 \n\n

In Portugal, crypto transactions are not subject to capital gains taxes or any other taxes. In comparison, the current capital gains tax rate for financial investment is 28%. The country's deputy finance and tax minister Antonio Mendes stated during the same session of parliament that taxing cryptocurrency is a \"complex reality,\" and capital gains may not be enough.

Related: Portugal to lose crypto tax haven status as state announces gains duties

An emigrant to Portugal in February praised the western Iberian nation's crypto adoption rate among merchants and even predicted that Bitcoin might one day become legal money there, as reported by Cointelegraph. However, he may have a lot on his mind now that government officials are mulling over how to tax digital assets.

",audio:"https://s3.cointelegraph.com/audio/87044.b7078ec6-efee-4028-bbe7-d5b7cb660bbe.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:792,shares:67,tags:[{id:F,slug:nJ,title:aj,url:ln},{id:aG,slug:"cryptocurrencies",title:"Cryptocurrencies",url:"/tags/cryptocurrencies"},{id:"396",slug:"taxes",title:"Taxes",url:"/tags/taxes"},{id:wX,slug:"government",title:"Government",url:"/tags/government"},{id:jX,slug:"portugal",title:"Portugal",url:"/tags/portugal"},{id:"9347",slug:"regulation",title:"Regulation",url:nK}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87044regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jU,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"insurace-says-it-will-pay-millions-to-claimants-after-terra-s-collapse",url:ws,absoluteUrl:"https://cointelegraph.com/news/insurace-says-it-will-pay-millions-to-claimants-after-terra-s-collapse",title:nr,youtubeVideoIdCover:d,cover:wt,datePublished:V,dateHuman:nf,humanDateTime:"2022-05-26 06:51",dateISOFull:"2022-05-26T05:51:49+01:00",publishedDateTimeObject:{year:A,month:v,day:E,hour:v,minute:aH,second:wY,millisecond:e},categorySlug:S,categoryUrl:T,categoryName:U,authorName:"Brian Newar",authorUrl:"/authors/brian-newar",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/f4ce29159b864bb2e7e7c879b5f9b721.jpg",previewText:"DeFi insurance protocol InsurAce took heat from the community for suddenly shortening its claims period for Terra-related insurance claims, but is already set to pay out $11 million to claimants.",twitterLeadText:"The crypto community cried foul at InsurAce for abruptly reducing the claims period for those affected by the Terra blockchain collapse. However, CMO Dan Thomson says that nearly all claims have already been processed.",badgeSlug:g,badgeName:bi,fullText:"

DeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the Terra USD (UST) depeg event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million.

InsurAce (INSUR) is the third largest insurance provider for decentralized finance (DeFi) protocols, with a market cap of $15 million.

On May 13, InsurAce caused a stir when it announced it had shortened the claims window for those with cover related to Anchor (ANC), Mirror (MIR), and stablecoin Terra USD (UST) following the collapse of the Terra (LUNA) layer-1 blockchain.

But CMO Dan Thomson told Cointelegraph on Thursday that its move to shorten the claims window for the 234 covers of Terra portfolios was necessary to prevent further losses as UST had dropped to $0.08 by May 13, according to CoinGecko. He added:

“It is in our terms of service to make such changes. We felt there was no point in delaying the process on behalf of those who lost money and stakers who would have to pay out claims.”

The move was controversial in the crypto community, some of whom suspected InsurAce was trying to reduce the amount of claims it would have to pay. Terra Research Forum member FatMan told his 52,000 Twitter followers on May 24 that InsurAce has made “A dirty move,” and the firm should not try to “weasel out” of its agreement with clients.

A dirty move from @InsurAce_io - setting an arbitrary 'claim deadline' after which UST holders who bought depeg insurance cannot get their money back. I know you guys didn't collect premiums for long, but this is how things work - a promise is a promise - don't weasel out of it. pic.twitter.com/5dYuN7hGOZ

— FatMan (@FatManTerra) May 23, 2022 \n\n

But Thomson said that outside of those rejected, most of the 173 claims submitted have already been processed and that the protocol was ready to pay about $11 million to claimants. He added,

“We want the best for everyone here, but if this were traditional insurance, people would be stuck in litigation for months or years.”

Thomson also suggested that the protocol may consider processing claims for the remaining 61 covers that haven't been filed yet.

The collapse of Terra and UST has attracted the attention of regulators across the globe with the legendary South Korea financial crimes unit the “Grim Reapers of Yeoui-do” resurrected to discover if any crimes had been committed by Kwon or the Luna Foundation Guard (LFG) which managed Terra’s funds.

Related: Korean watchdog begins risk assessment of crypto as Terra 2.0 passes vote

In the instance that the UST de-pegging was not just a protocol failure, Thomson pointed out that InsurAce may also have legal recourse. However, he said: “I’m sure Terra and LFG have bigger fish to fry, so that’s a bridge we will cross when we get to it.”

INSUR is down 7.6% over the last 24 hours, trading at $0.28 according to CoinGecko.

\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87038.29853f5b-fcec-4943-9de2-d4d82629e4a2.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2076,shares:aI,tags:[{id:"2008",slug:"insurance",title:"Insurance",url:"/tags/insurance"},{id:wl,slug:wm,title:kX,url:kY},{id:wF,slug:nz,title:as,url:wG}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87038regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:le,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"world-bank-won-t-support-central-african-republic-s-sango-crypto-hub",url:wu,absoluteUrl:"https://cointelegraph.com/news/world-bank-won-t-support-central-african-republic-s-sango-crypto-hub",title:ns,youtubeVideoIdCover:d,cover:wv,datePublished:V,dateHuman:nf,humanDateTime:"2022-05-26 06:47",dateISOFull:"2022-05-26T05:47:34+01:00",publishedDateTimeObject:{year:A,month:v,day:E,hour:v,minute:aJ,second:nL,millisecond:e},categorySlug:S,categoryUrl:T,categoryName:U,authorName:wZ,authorUrl:w_,authorAvatar:w$,previewText:"The World Bank has said “it will be physically impossible” for the lender to fund the planned Sango crypto hub and voiced concerns regarding the country’s adoption of Bitcoin.",twitterLeadText:"The World Bank has expressed its concern over the move by the Central African Republic to adopt Bitcoin and build the Sango crypto hub saying it’s “physically impossible” for them to fund the initiative.",badgeSlug:g,badgeName:bi,fullText:"

The World Bank has signalled its concerns over the Central African Republic (CAR) adopting Bitcoin (BTC) as a legal currency and says it won’t support the newly announced “Sango” crypto hub.

At the end of April CAR president Faustin-Archange Touadéra established a regulatory framework for cryptocurrency in the country and adopted Bitcoin as a legal tender. On May 24 he announced a plan to launch the country’s first crypto hub called “Sango”.

Sango is described as the country’s first “Crypto Initiative” — a legal hub for crypto related businesses encompassing economic policies including no corporate or income tax and thecreation of a virtual and physical “Crypto Island.”

An official document outlining the Sango project states that the country “received approval for a $35 million development fund from The World Bank for the digitization of the public sector.”

However a spokesperson for the institution told Bloomberg via email the recently approved grant “is unrelated to any cryptocurrency initiative.” and that “the World Bank is not supporting ‘Sango – The First Crypto Initiative Project’.”

The $35 million grant from the World Bank announced May 5 was meant for updating and digitizing the existing public financial management system such as improving digital bank payments.

In the statement The World Bank added “it will be physically impossible” for the institution to fund the Sango project and expressed disapproval of the CAR’s adoption of Bitcoin:

“We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector and public finance at large, in addition to environmental shortcomings.”

CAR’s Bitcoin adoption has also caught the ire of the governor of the Bank of Central African States (BEAC) Abbas Mahamat Tolli who wrote a scathing letter to CAR Finance Minister Hervé Ndoba shortly after news of the adoption.

In the letter Tolli wrote the new law “suggests that its main objective is to establish a Central African currency beyond the control of the BEAC that could compete with or displace the legal currency” which he believes would “jeopardize monetary stability”.

The World Bank echoed the sentiment saying:

“It is important that the relevant regional institutions, such as the central bank and the banking authorities, are fully consulted and remain in the driver’s seat.”

Related: ‘We don’t like our money’: The story of the CFA and Bitcoin in Africa

There is a growing dislike of the CFA franc — the official fiat currency of the CAR pegged to the euro in the country. Meanwhile crypto adoption rates have skyrocketed in Africa according to a March report from crypto exchange KuCoin showing crypto transactions increased by over 2,500% in 2021.

It’s unclear what the adoption rate of crypto is within CAR specifically. The country only has an internet penetration rate of just over 7% of the total population according to data from DataReportal dated January 2022 meaning only around 350,000 individuals are even online.

\n",audio:"https://s3.cointelegraph.com/audio/87037.007cd7cc-4367-4fd9-aff2-4ccf4ff55837.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:A,shares:y,tags:[{id:F,slug:nJ,title:aj,url:ln},{id:"321",slug:"law",title:"Law",url:"/tags/law"},{id:"502",slug:"central-bank",title:"Central Bank",url:"/tags/central-bank"},{id:"835",slug:"africa",title:"Africa",url:"/tags/africa"},{id:"1275",slug:"world-bank",title:"World Bank",url:"/tags/world-bank"},{id:"1298",slug:"bitcoin-regulation",title:"Bitcoin Regulation",url:"/tags/bitcoin-regulation"},{id:"1392",slug:"fiat-money",title:"Fiat Money",url:"/tags/fiat-money"},{id:"2067",slug:"bitcoin-payments",title:"Bitcoin Payments",url:"/tags/bitcoin-payments"},{id:"2854",slug:"inflation",title:"Inflation",url:"/tags/inflation"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87037regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:lf,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"ethereum-beacon-chain-experiences-7-block-reorg-what-s-going-on",url:ww,absoluteUrl:"https://cointelegraph.com/news/ethereum-beacon-chain-experiences-7-block-reorg-what-s-going-on",title:nt,youtubeVideoIdCover:d,cover:wx,datePublished:V,dateHuman:xa,humanDateTime:"2022-05-26 03:57",dateISOFull:"2022-05-26T02:57:09+01:00",publishedDateTimeObject:{year:A,month:v,day:E,hour:c,minute:xb,second:ai,millisecond:e},categorySlug:S,categoryUrl:T,categoryName:U,authorName:wh,authorUrl:wi,authorAvatar:wj,previewText:"“This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software” suggested Core Ethereum developer Preston Van Loon.",twitterLeadText:"Ethereum developers have suggested that the seven-block reorg may have been the result of the “proposer boost fork” upgrade not being fully implemented at the time of the incident. ",badgeSlug:g,badgeName:bi,fullText:"

Ahead of the Merge tentatively penciled in for August, Ethereum’s Beacon Chain experienced a seven-block reorganization, or reorg, on Wednesday.

According to data from Beacon Scan, on Wednesday, seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 to 08:56:35 am UTC.

The term reorg refers to an event in which a block that was part of the canonical chain, such as the Beacon Chain, gets knocked off the chain due to a competing block beating it out.

It can be the result of a malicious attack from a miner with high resources or a bug. Such incidents see the chain unintentionally fork or duplicate.

On this occasion, developers believe that the issue is due to circumstance rather than something serious such as a security issue or fundamental flaw, with a “proposer boost fork” being highlighted in particular. This term refers to a method in which specific proposers are given priority for selecting the next block in the blockchain.

Core Ethereum developer Preston Van Loon suggested the reorg was due to a “non-trivial segmentation” of new and old client node software and was not necessarily anything malicious. Ethereum co-founder Vitalik Buterin labeled the theory a “good hypothesis.”

Block reorg: Beacon Scan

Martin Köppelmann, the co-founder of Ethereum Virtual Machine- (EVM)-compatible Gnosis chain, was one of the first to highlight the occurrence via Twitter on Wednesday morning, noting that it “shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain! (proposals already exist).”

In response to Köppelmann, Van Loon tentatively attributed the reorg to the proposer boost fork which hadn’t fully been implemented yet:

“We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.”

“All of the details will be made public once we have a high degree of confidence regarding the root cause. Expect a post-mortem from the client development community!” he added.

We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.

— prestonvanloon.eth (@preston_vanloon) May 25, 2022 \n\n

Earlier on Thursday, another developer, Terence Tsao, echoed this hypothesis to his 11,900 Twitter followers, noting that the reorg seemed to be caused by “boosted vs. non boosted nodes in the network and the timing of a really late arriving block:”

“Given that the proposer boost is a non-consensus-breaking change. With the asynchronicity of the client release schedule, the roll-out happened gradually. Not all nodes updated the proposer boost simultaneously.”

Related: OpenEthereum support ends with the Merge fast approaching

Van Loon spoke at the Permissionless conference last week and said that the Merge and switch to proof-of-stake (PoS) could come in August “if everything goes to plan.”

While the reorg is sure to raise questions about this potential timeline, Van Loon and the other developers have not yet outlined whether it will have any impact at all.

",audio:"https://s3.cointelegraph.com/audio/87034.35627b48-ac05-4e4f-b763-6cfa462c7691.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:7936,shares:nL,tags:[{id:W,slug:jS,title:iE,url:hQ},{id:"435",slug:"proof-of-stake",title:"Proof-of-Stake",url:"/tags/proof-of-stake"},{id:"553",slug:xc,title:at,url:nM},{id:"1224",slug:"vitalik-buterin",title:"Vitalik Buterin",url:"/tags/vitalik-buterin"},{id:"5424",slug:"developers",title:"Developers",url:"/tags/developers"},{id:"6710",slug:xd,title:xd,url:"/tags/upgrade"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87034regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jV,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"developing-countries-love-the-metaverse-rich-nations-not-keen-wef-survey",url:wy,absoluteUrl:"https://cointelegraph.com/news/developing-countries-love-the-metaverse-rich-nations-not-keen-wef-survey",title:nu,youtubeVideoIdCover:d,cover:wz,datePublished:V,dateHuman:xa,humanDateTime:"2022-05-26 03:38",dateISOFull:"2022-05-26T02:38:46+01:00",publishedDateTimeObject:{year:A,month:v,day:E,hour:c,minute:xe,second:li,millisecond:e},categorySlug:S,categoryUrl:T,categoryName:U,authorName:wZ,authorUrl:w_,authorAvatar:w$,previewText:"Developing countries have more than double the amount of people positive that the Metaverse will impact their lives, and they’d use it daily in comparison to developed countries.",twitterLeadText:"The developing world harbors the strongest positive feelings towards using a metaverse in their day-to-day lives, but high income nations aren’t as keen on the idea and are more likely to think it won’t impact people’s lives at all.",badgeSlug:g,badgeName:bi,fullText:"

Excitement for the Metaverse and virtual/augmented reality (VR/AR) is much greater in developing countries than in high-income countries, according to a survey conducted for the World Economic Forum (WEF).

Market research firm Ipsos released the results of the survey on Wednesday, showing the concept is now widely recognized: 52% of more than 21,000 adults surveyed across 29 countries are familiar with the Metaverse and 50% have positive feelings about engaging with it in daily life.

China, India, Peru, Saudi Arabia and Colombia were the top five countries where two-thirds or more of respondents said they had positive feelings toward it.

China had the highest, with 78% harboring positive feelings toward using a metaverse daily followed by India at 75%.

Feelings by country of engaging in a metaverse in daily life, darker areas indicate higher percentage of positive feelings in that region. Source: Ipsos

The lowest-scoring countries with less than one-third of respondents positive about the Metaverse were also countries with the highest incomes.

Japan scored the lowest with just 22% exhibiting positive feelings followed by the United Kingdom (26%), Belgium (30%), Canada (30%), France (31%) and then Germany (31%).

Interestingly, the concept was less familiar in those high-income countries, too, with fewer than 30% in France, Belgium and Germany.

Turkey was most familiar with the Metaverse at 86%, followed by India (80%), China (73%) and the higher income country of South Korea (71%). Poland scored the lowest at 27%.

Respondents were also surveyed on the areas of life they agree the Metaverse will impact the most. Developing countries such as South Africa, China and India agreed areas like virtual learning, entertainment, digital socializing and even applications like remote surgery would make an impact on people’s lives.

Related: How the Metaverse could impact the lives of kids

Again, respondents from high-income Japan, Belgium and France had the lowest percentages of those who agreed that Metaverse applications would significantly change people’s lives.

Developing countries seem to be more enthusiastic about crypto and blockchain across the board, according to an April report from cryptocurrency exchange Gemini, which pointed out that half of the respondents in India, Brazil and the Asia Pacific region purchased their first cryptocurrency in 2021.

The report made the case that inflation and currency devaluation are the drivers of crypto adoption in those regions, stating that residents of countries that experienced 50% or more currency devaluation were five times more likely to plan to purchase crypto than countries that experienced less inflation.

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k",coinTradeVol:1553190000,coinTradeVolFormatted:oY,supply:hD,supplyFormatted:hE}]},currencies:[{id:zQ,name:h,sign:zR,value:lJ},{id:zS,name:i,sign:zT,value:lX},{id:zU,name:j,sign:zV,value:mr},{id:zW,name:k,sign:lI,value:mI},{id:zX,name:l,sign:zY,value:mK},{id:zZ,name:m,sign:z_,value:mQ},{id:z$,name:n,sign:Aa,value:mT},{id:Ab,name:Ac,sign:Ad,value:mW},{id:Ae,name:o,sign:lI,value:m_}],graphs:{}},types:{},user:{isAuthed:a,isAuthedBySocials:a,token:r,id:r,firstName:d,lastName:d,userName:d,avatar:d,email:d,description:d,userGaId:d,ipAddress:"107.172.225.113",analyticsData:[],sessionId:d},vendors:{isVendorsModalShown:a,info:{},localI18n:{}},viewport:{isWindowActive:b,viewportWidth:e,viewportHeight:e,scrollTop:e,scrollIsLocked:a,breakpoint:"XS",isOverlayVisible:a,userDeviceType:{apple:{phone:a,ipod:a,tablet:a,device:a},amazon:{phone:a,tablet:a,device:a},android:{phone:a,tablet:a,device:a},windows:{phone:a,tablet:a,device:a},other:{blackberry:a,blackberry10:a,opera:a,firefox:a,chrome:a,safari:a,device:a},any:a,phone:a,tablet:a},bottomZoneHeight:e}},serverRendered:b,routePath:nd}}(false,true,2,"",0,void 0,"default","USD","EUR","GBP","JPY","RUR","KRW","TRY","CNY","_self","0.00",null,1,4,3,5,1000000000,"1.00 b",50,"en",2022,"1","EOS","NEO",26,"4","22","19.07 m",100000000,"100.00 m","Language","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","1.00","latest-news","/category/latest-news","Latest News","2022-05-26","11",79,138,"58",10,"adbutler","34","19","20","24","54","39","0.08","0.03",9,"Bitcoin","27","23","16","41","35","67","0.93","0.79","Terra","Ethereum","7","6","17","26",48,"18","21","40","article","Solana","Avalanche","cointelegraph.com","72",51,15,47,"https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505","2","etoro2-button","/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank","52","15","33","37","38","53","36","60","62","63","66","71","0.38","1.06 b","6.16 b","0.02","0.01","News","en.LanguageType.1",25,"https://ad.doubleclick.net/ddm/ad/N1224350.3181427COINTELEGRAPH.CO/B24627809.332696726;sz=1x1;ord=[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755}?\"","https://ad.doubleclick.net/ddm/clk/524959480;332696726;z","BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","SOL","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","12","ADA","Cardano","\n\n ","/ada-price-index","13","\n\n\n\n \n","/neo-price-index","14","TRX","TRON","\n\n\n \n","/tron-price-index","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","Tether","\n\n\n \n","/tether-price-index","MIOTA","IOTA","\n\n \n","/iota-price-index","ONT","Ontology","\n\n\n \n","/ontology-price-index","MKR","Maker","\n\n\n \n","/maker-price-index","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","Dogecoin","\n\n\n \n","/doge-price-index","ETC","Ethereum Classic","\n\n\n\n\n\n\n\n\n\n\n\n\n \n","/etc-price-index","XTZ","Tezos","\n\n\n\n\n\n\n \n\n \n","/xtz-price-index","XEM","NEM","\n\n\n\n \n","/nem-price-index","USDC","USD Coin","\n\n\n ","/usdc-price-index","28","CRO","Cronos","\n\n\n\n ","/cronos-cro-price-index","29","ATOM","Cosmos","\n\n\n\n\n\n\n\n \n","/cosmos-price-index","30","LEO","UNUS SED LEO","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n \n","/leo-price-index","UNI","Uniswap","\n\n\n\n \n\n\n\n\n \n\n \n","/uniswap-price-index","55","YFI","Yearn.finance","\n\n\n\n\n \n","/yearn-finance-price-index","MATIC","Polygon","\n\n\n 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\n\n","/dai-price-index","65","FTT","FTX Token","\n\n\n\n\n\n\n ","/ftx-token-ftt-price-index","64","NEAR","Near Protocol","\n\n\n ","/near-protocol-price-index","68","FTM","Fantom","\n\n\n ","/fantom-ftm-price-index","69","ALGO","Algorand","\n\n\n ","/algorand-algo-price-index","HBAR","Hedera","\n\n\n ","/hedera-hbar-price-index","HT","Huobi Token","\n\n\n\n ","/huobi-token-ht-price-index","59","EGLD","Elrond","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n ","/elrond-egld-price-index","APE","ApeCoin","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n","/apecoin-ape-price-index","GMT","STEPN","\n\n\n\n\n\n\n\n\n \n\n ","/stepn-gmt-price-index","70","ICP","Internet Computer","\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n \n\n\n ","/internet-computer-icp-price-index","56","SHIB","Shiba Inu","\n\n\n\n\n\n\n\n\n\n \n","/shiba-inu-price-index","2.78 b","0.29","9.00 b","53.36 b","2.19 b","0.04",6,"side","nexo-button",95,19049900,"19.05 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m",6157643984.781389,315938214.0859715,"315.94 m",698247411.042847,"698.25 m",2692831991.046331,"2.69 b",7270424158.466407,"7.27 b",20969531060.540703,"20.97 b",209826083.2544121,"209.83 m",23730653,"23.73 m",5877009769.907528,"5.88 b",481986533.34432524,"481.99 m",589732645854767.5,"589.73 t",11,"youtube","etoro US","https://nexo.io/buy-crypto?utm_source=cointelegraphutm_medium=fixedutm_campaign=cointelegraph_button_buy_apr22","promo_button","44","0.33","0.05","0.07","4.86",8,"/tags/blockchain",7,12,165,"Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","

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