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Hey Waivly Crew! 🌊 Twitter has agreed to pay a $150 million penalty to settle federal regulators’ allegations that the company failed to protect the privacy of users’ data. Tether has launched a new stablecoin pegged to the Mexican peso.

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Twitter pays $150M fine over privacy of users’ data

Earlier this week, Federal regulators announced that Twitter would pay a $150 million fine due to breaches of user privacy.

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According to the federal lawsuit, between May 2013 and September 2019, Twitter collected private information like phone numbers and email addresses to target advertising after telling users the information would only be used for security purposes.

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“The $150 million penalty reflects the seriousness of the allegations against Twitter, and the substantial new compliance measures to be imposed as a result of today’s proposed settlement will help prevent further misleading tactics that threaten users’ privacy,” Associate Attorney General Vanita Gupta said in a release.

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Billionaire Elon Musk, who is acquiring the company for $44 billion, has been a long-time criticiser of the social media platform’s ad-driven business model and promises to diversify its revenue sources.

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"If Twitter was not truthful here, what else is not true? This is very concerning news," Musk tweeted in response to the news.

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In addition to the $150 million penalty, a new proposed agreement between Twitter and the FTC bars the company from profiting off what the FTC described as "deceptively collected data" and to allow for additional user authentication methods, such as multi-factor authentication apps.

The Waves

💰 Elon Musk pledges $33.5B to Twitter acquisition bid

💻 OpenSea redesigns parts of its NFT marketplace

🤔 SEC Commissioner Hester Peirce talks crypto regulation

🔥 Terra community votes to burn 1.3B UST tokens

Crypto Special

Tether expands into Latin America with Mexican Peso-Pegged stablecoin

On Thursday, Tether announced the launch of MXN₮, a new stablecoin pegged to Mexico’s peso.

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Initially available on the Ethereum, Tron, and Polygon blockchains, MXN₮ is a stablecoin “built by the trusted team of developers behind Tether USDT” that is pegged 1:1 to the Mexican peso.

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MXN₮ is Tether’s first foray into Latin America, following the company’s three other fiat-pegged stablecoins: US dollar-pegged USD₮, Euro-pegged EUR₮, and the offshore Chinese Yuan-pegged CNH₮.

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"We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings," said Tether CTO Paolo Ardoino. "Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico."

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According to Ardoino, “a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico,” minimizing volatility “for those looking to convert their assets and investments from fiat to digital currencies.”

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Sharing reasons for the new stablecoin, Tether also referred to a report by cryptocurrency payments company Triple A, which states that 40% of Mexican companies are planning to adopt blockchain and cryptocurrencies in some way.

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Thailand exempts crypto transfers from VAT until 2024

The Thai government is exempting value-added tax (VAT) from the transfer of cryptocurrencies until December 31, 2023.

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The exemption was announced as a new royal decree issued under the Revenue Code for the Exemption of VAT and became effective on Thursday.

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Based on the new ruling, all transfers of crypto and digital asset transfers on regulated exchanges will no longer require 7% VAT payments until the start of 2024.

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This comes in addition to a previous VAT and capital gains tax exemption on crypto that was enacted in March, which is also scheduled to expire at the end of 2023.

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The Thai government says these waivers are part of efforts to boost crypto trading on regulated exchanges, allowing transactions to be regulated and supervised by authorities, including the Securities and Exchange Commission (SEC).

Own and secure your crypto with Ledger

If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of your crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.

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Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.

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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.

Share The Wave

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