Georgia’s Central Bank Chooses Ripple For CBDC Project, Abu Dhabi Crypto Hub Introduces New Rules For Web 3.0 Firms

Here are some of the major developments from the world of crypto over the past few days
Ripple, CBDC, 
Web 3.0
Ripple, CBDC, Web 3.0

The National Bank of Georgia (NBG) has chosen Blockchain payments network Ripple Labs as its official technical partner for the central bank digital currency (CBDC) project, digital lari.

According to a statement from Ripple, the digital lari pilot project will be implemented and made available through the Ripple CBDC Platform. With the use of this cutting-edge CBDC platform, NBG will assess possible uses for the digital lari and ascertain its benefits for the public sector, businesses, and private consumers.

Ripple went through a rigorous and careful selection process prior to being named NBG’s technology partner. NBG had announced in September 2023 that it would be launching a limited access live pilot environment as part of its efforts to progress the CBDC initiative.

Abu Dhabi Crypto Hub Introduces New Rules For Web 3.0 Firms

The Abu Dhabi Global Market (ADGM) Registration Authority has introduced new regulatory laws, touted to be the first of its kind in the world governing Web 3.0 organisations. ADGM said that the regulatory architecture of the international financial free zone is “purpose-built” and unique. The free financial zone is a hub of crypto activity.

Decentralised autonomous organisations (DAOs), Web 3.0 entities, Blockchain foundations, and traditional foundations extending into distributed ledger technology (DLT) will all be able to function under the DLT Foundations Regulations, ADGM said.

Blockchain foundations support a Blockchain without being directly involved in it by offering financial and other types of support. According to the regulations, a “DLT Foundation” can be established by submitting a signed charter along with the organisation’s white paper, tokenomics paper, and a link to a technical document called a DLT Framework. The charter should also include details about the foundation's governance and initial assets, if any.

SEC Seeks Summary Judgment In Do Kwon, Terraform Labs Case

The United States Securities and Exchange Commission (SEC) has challenged the jury’s finding and requested a summary judgement on all counts in the Terraform Labs case.

The SEC said it was unable to acknowledge the jury’s leniency towards Do Kwon, the co-founder of the now collapsed Terraform Labs, and his role in helping to carry out the scams that ultimately caused the Terra ecosystem to collapse.

The filing in the US District Court for the Southern District of New York read: “No rational jury could conclude that Kwon was not liable for Terraform’s violations of Exchange Act Section 10(b) and Rule 10b-5 thereunder pursuant to Exchange Act Section 20(a).”

The SEC said that its “evidence” of breaches indicated that Kwon created and promoted Terra and its internal tokens as securities, deceiving cryptocurrency investors.

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