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  The proposal highlighted that the burn may help fix the UST dollar peg by burning the excess supply. Support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. In May Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the Stablecoin supply. in response to this, users proposed the burning ofo the 1 billion TerraUSD (UST) that was stored in Terra's community pool and the remaining cross-chain UST that's deployed on the Ethereum blockchain as incentives. The burn will help "reduce the outstanding bad debt of the Terra ecosystem" Apart from this It's also expected to play a significant part in restoring the UST dollar peg by eliminating a big chunk of excess supply. The proposal was submitted on 12 May and was expected to be finalized after seven days. However, It failed to execute due to a mismatch in the amount of UST in the community pool and the proposal. This is becaus

  SEBI proposes banning celebrity and Sportsmen promotion of crypto investments under the Securities Contracts (Regulation) Act 1956 or SCRA The Securities and Exchange Board of India (SEBI) has banned prominent public figures including celebrities, Sportsmen, etc. endorsing crypto products in any kind of advertisement Based on the premise that cryptos are unregulated entities, the Sebi informed a parliamentary panel that any prominent public figure must be held responsible for making endorsements which result in case of a possible violation of the Consumer Protection Act or any other law. The regulatory body for the securities and commodity market in India said that terms like 'securities', 'derivatives', "commodity derivatives", "stock exchange", "clearing corporation", 'custodian' and 'depositories' Should not be used in the advertisement of crypto products or crypto exchanges. Sebi making its stand clear on cryptos said,

  Web infrastructure Cloudfare outlined plans to support Ethereum Gateway for boasting Web3 Applications. Web infrastructure platform  Cloudflare  has declared supporting the development and deployment of Ethereum for its customer through its Ethereum and IPFS gateways. From now on, Cloudflare customers can log into the dashboard and configure a zone for Ethereum, the InterPlanetary File System (IPFS), or both. Cloudflare positions itself as an underlying web infrastructure that powers a range of blockchain-based applications. Cloudflare’s Ethereum Gateway lets users read and write access to the ETH network without installing any software on their computers to particular they can read and access all information that the existing nodes on the blockchain have validated without barriers. According to the company it has created a new API with end-to-end managed hostname deployment, ensuring that the creation and management of gateways remain speedy and frictionless. One of the Striking fea

  Spotify platform is exploring the possibilities to “improve artists and fan experiences” by surveying its users. Giant music streaming platform Spotify is reportedly testing the option to include  nonfungible token  (NFT) galleries on musicians’ profiles. Should the trial succeed, the embedding of NFTs would serve to improve artist and fan experiences. Spotify is running a test for select users of the platform’s Android app in the USA. These users can see the NFT previews on the artists’ profiles. Now, there are only two such artists, Dj and producer Steve Aoki and Indie rock band The Wombats both of which are known for their adoption of NFTs. It’s not possible to make direct purchases, but after reading about the NFT and seeing an enlarged preview. the user can tap to be redirected to the OpenSea page where they can purchase the item. According to reports, Spotify doesn’t support videos or GIF formats, showing only a static image without any sounds. Spotify spokesperson said to jour

  Luna the governance token behind the Terra ecosystem The Token has fallen so much, so fast that Binance the world’s largest crypto exchange is turning its back against it. This move comes after a series of events that caused the price of LUNA to plummet by more than 99% inflicting millions of dollars in losses to investors in the crypto community. Luna kept falling with no signs of stopping just hours after the previous declaration. Binance said it would be removing cross and isolated margin pairs, spot trading pairs BUSD margined perpetual contracts on LUNA, basically saying goodbye to the so hyped cryptocurrency. This move is not spontaneous. One day before, on May 11, Binance reduced the maximum leverage on LUNA futures to 8X after seeing a massive wave of liquidations due to overleveraged positions. Anyone trying to save a long leveraged position during that day would have lost it, as the LUNA token is currently trading at less than $0.005. CEO of Binance Changepeng Zhao warned v

  The Terra Money Twitter account shared the finer points of Do Kwon’s initial rescue plan expanding the base pool, burning UST, and staking LUNA. The Terra rescue story continues to unravel in a tweet thread, the TerraMoney Twitter account went into greater detail regarding the CEO of Terraform Labs. The thread sheds light on Proposal 1164, Do Kwon’s initial strategy for Terra from May 11. The proposal would better balance the algorithmic Stablecoin Terra USD(UST) by expanding the base pool for the currency. The proposal has received 220,000 votes at over 50% Also, the tweet explains that there is a “supply overhang” of UST which explains Terra’s (LUNA) or price depreciation. now they burn more UST. “The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.” Due to this, their emergency measures are to be implemented, one of which focuses on burning more UST Read full story at:  https://cryptouni

  The Nasdaq cryptocurrency exchange Coinbase has revealed that it stopped operation in India a few days after its launch due to "informal pressure" from the country's central bank, the Reserve Bank of India (RBI) says CEO Brian Armstrong. Coinbase revised its Indian operation during the Company's earnings call Tuesday, particularly why it exited the Indian Crypto market a few days after its launch. Anil Gupta, vice president of investor Relations at Coinbase asked CEO Brian Armstong "Some shareholders" are curious about the recent developments in India. Can you explain the halting of UPI transfers there and what impact will that have on your expansion plans in the market? Coinbase launched in India on April 7. Armstrong went to India for the launch. The company stated at the time that users could use the UPI system to buy cryptocurrencies on the platform. However, the company disabled the UPI option a few days later. There's a lot of interest in crypto

Goods and Service Tax (GST) Council is considering 28 % GST on cryptocurrencies and related services. The Indian government's thought is to bring cryptocurrencies at par with lotteries, casinos, racecourses, and betting. The GST council has assigned a law committee to take up the proposal to impose 28 % GST on services and all activities related to cryptocurrencies soon. The proposal is likely to be tabled in the next GST Council meeting, but no decision has been taken on the date yet. "There are different aspects of cryptocurrencies the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee said" Read full story at: https://cryptounity.news/gst-council-to-consider-28-gst-on-cryptocurrencies-in-india

  The world’s first NFT flight ticket Auctioned for $1m The ticket was presented by Spanish airline Air Europa and TravelX it grants access, to a special Air Europa flight to Miami Beach. NFT has been making inroads into the traveler sector for quite some time. in March MakeMyTrip an online Indian travel agency provided NFTs for Indian destinations. Multiple hospitality firms have entered the NFTs market to digitize their high-end tourist assets, Singapore based LynKey for instance has used a token system supported by blockchain then there are customer rewards programs, which provide customers with an NFT that retains customers' information and generates a unique entry with secure data storage. This may be by using hotels and restaurants or for reward points based on transactions. An NFT-based airline ticket has been issued and it is possibly the most costly ticket ever sold in the history of commercial flights. The NFT ticket was sold at auction for $1 million. Read full story at:

  Spotify has also joined metaverse through blockchain gaming behemoth Roblox, which is huge news for music, and Web3, Spotify island is the platform's first big music streaming service, according to the business, which is launching today. Users will be able to produce music and mingle in a virtual location, as well as earn unique access to artist-created virtual items, on Spotify Island, the company's virtual venue in the Roblox metaverse. Robox's virtual island follows. Spotify's branding rules, with a green color scheme and similar symbols, forms, and colors. The option to collect heart-shaped "Like" signals and sell them for things and digital products is another perk of accessing Spotify's metaverse. According to Spotify, in-game virtual products will allow artists to generate money while also engaging with fans in novel ways. also said that a portion of the money earned by digital assets like NFTs would be given to artists, but no royalty numbers hav

  BitMex three co-founders have been order to pay $30 million fines for what the CETC calls their involvement in serious violations of regulations and the Commodity Exchange Act. According to the CFTC Statment Hayes, Benjamin Delo, and Samuel Reed were each fined $10 million in consent payments, in this statement Commodity Futures Trading Commission (CFTC) after a court battle on Thursday in which the CFTC said they violated aspects of the Commodity Exchange Act and CFTC regulation from November 2014 to October 2020. CFTC Commissioner Caroline D. Pham said enabling "unregistered companies" to function in violation of the law gives "wrongdoers with an unfair advantage over those who are doing the right thing" by adhering to the rules laid down by the regulators. She added Read full story at  https://cryptounity.news/new-york-court-fines-bitmex-founders-to-pay-30m-civil-

  Tweet by Litecoin, Gucci will begin to accept cryptocurrency payments in a few US stores at the end of this month. Gucci will plan to accept payment in different 10 cryptocurrencies including Litecoin. The rollout will begin with a small number of locations and will eventually cover all directly-operated North American stores by this month. Gucci accepts payment in different 10 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, and Shiba Inu. Read full story at:  https://cryptounity.news/gucci-will-begin-to-accept-cryptocurrency-payments

  The Coffee giant declared its plans to enter the Web3 space with the launch of its NFT collection this year. where the individual digital collectibles also provide their owners with access to exclusive content experiences and other benefits. Starbucks touted its plans to investors on its Quarter 2 earnings call by explaining how NFTs can help Starbucks extend its brand’s concept of the “third place” Emerging technologies associated with web3 and specifically NFTs, now enable this aspiration and allow us to extend who Starbucks has always been at our core. Starbucks Chief Marketing officer Brady Brewer said to investors on the call “we are creating the digital third place to achieve this, we will broaden our framework of what it means for people to be a member of the Starbucks community.” The company noted it would build out its NFT community on an “environmentally sustainable” The company didn’t would be more in line with its existing sustainability commitments. Read full story at: 

  India’s tax department wants to implement a 20% tax on DeFi gains that could be withdrawn from the source. India is looking to extend its crypto taxations to include gains made from decentralized finance (DeFi) activities. India’s tax department was looking at how it could apply a 20% tax on the interest earned by Indians from crypto platforms that aren’t based in the country. Indians would now have to pay taxes on earnings from deposits or trading activities in DeFi. India’s Central Board of Direct Taxes (CBDT) has reportedly been talking to tax experts on how it can implement this. there are also indications that the department is considering whether such transactions should also attract an equalization levy. The government could be looking to withdraw these taxes from the source. especially in cases where one of those involved didn’t submit their PAN card details. Girish Vanwari the founder of tax advisory firm transaction said Read full story at:  https://cryptounity.news/india-e

  The new directives for VPN service providers and crypto exchanges would require them to collect critical private information as well the ownership patterns of customers. The Indian Computer Emergency Response Team (CERT-in) which falls under the Minister of Electronics and Information Technology, issued a new directive on Thursday, forcing crypto exchanges, virtual private network (VPN) providers, and data centers to store a wide range of user data for up to five years. Under the newly issued directive, crypto exchanges operating in India will be required to store customers’ names, ownership patterns, contact information, and different other information. Crypto exchanges and VPN services providers are also required to report any cyber incident within six hours of its occurrence and must hand over the collected data to the authorities upon order. “When required by order/direction of CERT-In, for cyber incident response, protective and preventive actions related to cyber incidents, the

  The Indian government is investigating "several commercial use purposes and not just financial inclusion" for its central bank digital currency. India's finance minister explained that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI) to be issued by 2023. Indian Finance Minister Nirmala Sitharaman talked about the country's central bank digital currency (CBDC) the digital rupee, this week at a business roundtable on "investing in India's Digital Revolution" in San Francisco. The event was organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) a non-governmental trade association and advocacy group based in India. it was hosted by the U.S India Strategic Partnership Forum (USISPF). Reiterating that the government and the Reserve Bank of India (RBI) aim to declare India's central bank digital currency in 2023, the finance minister stated: Read Full Story at  https://cryptounity.news/