Thursday, June 30, 2022

ਵਾਹਿਗੁਰੂ

spot_img



Regulators must put up guardrails to protect crypto investors: IMF official

San Francisco, May 24, 2022- After a week-long mayhem in the global crypto exchanges that wiped out hundreds of billions of dollars, a senior official at the International Monetary Fund (IMF) has said that the regulators must put up guardrails to protect innocent investors.

The shocking implosion of the TerraUSD stablecoin and Luna cryptocurrencies last week threw many young investors into a panic, some of them saying their entire assets were blown up or even leaving suicidal messages.

Kristalina Georgieva, the IMF’s managing director, said at the World Economic Forum’s annual meeting in Davos late on Monday defended the cryptocurrencies, with riders, reports South China Morning Post.

“It offers us all faster service, much lower costs, and more inclusion, but only if we separate apples from oranges and bananas,” she was quoted as saying.

“It is the responsibility of regulators across the globe to put up guardrails and offer education to protect investors,” she said in media reports.

Georgieva said that the world shouldn’t completely ban cryptocurrencies.

The sudden meltdown dealt a crushing blow to many tech-savvy young investors who betted big on the algorithmic cryptocurrencies, seen largely as experimental, amid the recent boom in cryptocurrency assets.

The global crypto mayhem last week wiped out Bitcoin worth $3.5 billion — created to defend and support the TerraUSD (UST) stablecoin which saw a total crash — and no one has any idea how such a large sum of funds disappeared.

Nearly 80,394 Bitcoin worth $3.5 billion were purchased by the Luna Foundation Guard, the non-profit organisation set up to promote the growth of the Terra ecosystem this year, according to Blockchain analytics firm Elliptic.

The UST coin is designed to retain a value of one US dollar at all times but was depegged last week, and fell to just 17 cents. Luna’s value collapsed in one of the most stunning crypto crashes ever recorded.

In total, over $15 billion in cryptocurrency value was wiped after the TerraUSD stablecoin collapsed. (Agency)

Subscribe to YesPunjab Telegram Channel & receive important news updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,508FansLike
113,911FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

G-20 summit in Kashmir: An unparalleled diplomatic achievement for India after 1990 – by Ahmed Ali Fayyaz

New Delhi, June 27, 2022- On Thursday, 23 June 2022, the Government of Jammu and Kashmir constituted a 5-member committee of bureaucrats under Principal...

Understanding who lit the flames of ‘Agnipath, and why – by Kavya Dubey

It is an indescribably inspiring feeling to see a 'fauji' on the move - clad in his camouflage uniform at a railway platform with...

Prez poll: Draupadi Murmu’s nomination tactical outreach to tribals – by Sunil Trivedi

New Delhi, June 26, 2022- The nomination of Draupadi Murmu as NDA's Presidential candidate has been seen as a tactical political outreach to the...

SPORTS

Health & Fitness

Can blood thinners help reduce symptoms of long Covid?

London, June 29, 2022- Researchers in the UK are probing a potential link between blood clots and long-term symptoms post a Covid infection, and whether a treatment of blood thinners may help reduce long Covid conditions, media reports said. Long Covid is defined as having new or ongoing symptoms four weeks or more after the start of disease. The symptoms,...

Gadgets & Tech

error: Content is protected !!