• The European Commission is preparing to set out its policy on virtual worlds in May.
• The EU wants to ensure that the developments in virtual worlds are consistent with European values such as inclusion, privacy, non-discrimination and safety.
• A senior European Commission official said that the EU needs to consider issues such as discrimination, user safety and data privacy when considering how to regulate the metaverse.
European Commission Plans to Set Out Virtual World Policy
The European Commission plans to set out policy on virtual worlds in May. It has lately set out sweeping regulations to control the ability of big companies like Google and Amazon to dominate the online space. With this new policy, the EU wishes to ensure that developments in virtual worlds are consistent with its values such as inclusion, respect of privacy, non-discrimination and equality.
Safety is Paramount
A senior European Commission official noted that it was important for people feel safe in virtual worlds just like they do in real life and perhaps even safer. Hence, when considering how to regulate the metaverse, issues such as discrimination, user safety and data privacy need to be taken into account.
Data Controls Important
Data privacy is a major concern for many people when using these virtual spaces. The EU needs to ensure that there are proper controls put in place so users can have confidence about their data not being misused or abused by third parties who may have access without their knowledge or consent.
Discrimination Must Be Avoided
Non-discrimination is also an important part of any regulation governing these environments; all users must feel welcome regardless of gender identity, race or religion. This will help create an inclusive atmosphere where everyone feels comfortable expressing themselves freely while still feeling safe from harm or discrimination of any kind.
May Release Date For Final Policy Document
The final policy document detailing all aspects of regulation for metaverses will be released by May this year according to officials from the European Commission’s digital department DG Connect. This document should provide a comprehensive framework for regulating these spaces while ensuring fairness and protection for all users involved within them.
• Japan is launching a pilot program in April to test the use of its version of a central bank digital currency (CBDC) known as the digital yen.
• The pilot program aims to test the technical feasibility and utilize private businesses for designing a CBDC ecosystem.
• This comes after more than two years of proof-of-concept experiments by the BoJ, even as China’s digital yuan continues to lead the CBDC race globally.
Japan Will Launch Pilot for Issuing Digital Yen in April
The Bank of Japan (BoJ) announced on Friday that it plans to launch a pilot program in April to test the use of its version of a central bank digital currency (CBDC), known as the digital yen. The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen, even as China’s digital yuan continues to lead the CBDC race globally.
Objectives Of The Pilot Program
According to BoJ Executive Director Shinichi Uchida, „The aim of the pilot program is twofold: first, to test the technical feasibility … and second, to utilize the skills and insights of private businesses in terms of technology and operation for designing a CBDC ecosystem in the possible event of social implementation“.
Leadership Transition At The BoJ
The move also comes at a time when the BoJ is set for leadership transition, with Kazuo Ueda expected to take over from Haruhiko Kuroda when his second five-year term ends in April.
FTX Japan Customers May Get Their Money Back
FTX Japan customers may be able to withdraw their funds as soon as mid-February according to Liquid by FTX blog post which would make them some of the first customers of collapsed crypto exchange get their money back. CoinDesk executive director Emily Parker discusses how Japanese regulatory framework made it possible.
In conclusion, Japan’s decision to launch a pilot program for testing its version of central bank issued digital currency will have far reaching implications on global financial markets economy given that almost 95% countries are already partaking in this race via their own versions. In addition, FTX Japan customers may be able to withdraw their funds very soon which marks an important milestone towards restoring confidence among crypto investors across world.
• Ajuna Network, a decentralized gaming platform, has raised $5 million in a new private funding round.
• The startup will use the new capital and its previous seed round to fund its expansion.
• Ajuna offers a product suite that makes it possible for developers to use leading game development engines – Unreal and Unity – to create decentralized games.
Ajuna Raises $5M in New Private Financing
Ajuna Network, a decentralized gaming platform, has raised $5 million in a new private funding round led by blockchain-focused venture capital firm CMCC Global. This announcement coincides with the Friday launch of the startup’s „Awesome Ajuna Avatars“ non-fungible token (NFT) game collection, which is inspired by the company’s flagship game, BattleMogs. The funding will help Ajuna add support for additional game engines, build out trusted execution environments (TEEs), and continue expanding on Polkadot, Ethereum and Polygon.
Previous Seed Round
The gaming platform previously raised $2 million in seed round led by Fundamental Labs back in February 2022. Other investors for that funding round included OKX Blockdream Ventures, Signum Capital and Animoca Brands – which investment in Ajuna’s parent company BloGa Tech AG.
Web3 gaming is an umbrella term to describe games that use cryptocurrency, non-fungible tokens (NFT) or blockchain technology to augment the user experience. The goal of these blockchain-based projects is to empower players and offer them more control over their digital identities and assets.
Ajuna offers a product suite that makes it possible for developers to use leading game development engines – Unreal and Unity – to create decentralized games, making it easier for both traditional developers and gamers to enter Web 3 gaming landscape. These game engines are run in off-chain TEEs linked to the Polkadot blockchain to reduce latency according to the statement seen by CoinDesk on Friday.
The funding will help Ajuna add support for additional game engines, build out TEEs and continue expanding on Polkadot, Ethereum and Polygon as well as helping support projects building launching on its network according to the company statement seen by CoinDesk Friday.
• Avraham Eisenberg, a crypto trader and alleged Mango Markets manipulator, is attempting to negotiate bail following his first hearing in New York.
• Eisenberg has admitted to draining $116 million from the crypto exchange and is being sued for $47 million.
• He is currently charged with commodities fraud, commodities manipulation, and wire fraud.
Avraham Eisenberg Attempts to Negotiate Bail
Avraham Eisenberg, a crypto trader and alleged Mango Markets manipulator, is attempting to negotiate bail following his first hearing in U.S. District Court in New York on Thursday. The 27-year-old will stay in jail until at least Feb. 14th while he attempts to resolve his legal issues.
Eisenberg Admits To Draining Crypto Exchange
In October of 2020, Eisenberg revealed himself as part of the group that exploited the Solana-based decentralized finance (DeFi) lending protocol Mango Markets for $114 million. After executing what he described as a “highly profitable trading strategy” he returned $67 million to preempt the Mango Markets decentralized autonomous organization (DAO) from suing him in civil court; however, he is still facing a lawsuit for the remaining $47 million dollars taken from the exchange.
Charges Faced By Eisenberg
Eisenberg was arrested December 26th and has been indicted on three criminal offenses including commodities fraud, commodities manipulation, and wire fraud.
McMillan LLP Partner Benjamin Bathgate Discusses Legal Developments
McMillan LLP Partner Benjamin Bathgate has commented on the legal developments since Eisenberg’s public admission of exploiting funds from the crypto exchange.
Eisenburg Remains In Jail Until At Least Feb 14th
Until further negotiation can take place regarding bail or other matters related to his case; Avraham Eisenburg remains in jail until at least Feb 14th while trying to resolve this issue through legal channels available to him