đ± Twitter pays $150M fine over selling user data
Elon Musk shares his thoughts
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Hey Waivly Crew! đ Twitter has agreed to pay a $150 million penalty to settle federal regulatorsâ allegations that the company failed to protect the privacy of usersâ data. Tether has launched a new stablecoin pegged to the Mexican peso.
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Want more from us at Waivly? Join Waivly+, the premium Waivly membership with exclusive content, resources, giveaways, events, and so much more, all blended together into one super low-cost and quick to join subscription đ Head over to our website and hit âSubscribeâ to get onboard!
Twitter pays $150M fine over privacy of usersâ 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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âThe $150 million penalty reflects the seriousness of the allegations against Twitter, and the substantial new compliance measures to be imposed as a result of todayâs proposed settlement will help prevent further misleading tactics that threaten usersâ privacy,â 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 platformâs 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
đ° Elon Musk pledges $33.5B to Twitter acquisition bid
đ» OpenSea redesigns parts of its NFT marketplace
đ€ SEC Commissioner Hester Peirce talks crypto regulation
đ„ 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 MXNâź, a new stablecoin pegged to Mexicoâs peso.
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Initially available on the Ethereum, Tron, and Polygon blockchains, MXNâź is a stablecoin âbuilt by the trusted team of developers behind Tether USDTâ that is pegged 1:1 to the Mexican peso.
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MXNâź is Tetherâs first foray into Latin America, following the companyâs three other fiat-pegged stablecoins: US dollar-pegged USDâź, Euro-pegged EURâź, and the offshore Chinese Yuan-pegged CNHâź.
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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, âa Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico,â minimizing volatility âfor those looking to convert their assets and investments from fiat to digital currencies.â
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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
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