Twitter Coins - Cash in on your favourite posts?
In today’s dispatch we have:
Argentina's crypto conundrum
UAE's billion-dollar bet on Web3
Looks like Elon's going to have to switch from promoting Doge to Twitter coins now!
Twitter is cooking up a new way for creators to cash in on their content by introducing an in-app currency called "coins" for users to award to their favourite posts - virtual high-fives with real-world cash value! 💸🤑
These "Coins" can be purchased with fiat currency - Twitter will use Stripe to process payments.
Twitter hasn't made any official announcements yet. However, thanks to tech bloggers Jane Manchun Wong and Nima Owji's sneaky peeks, we know that this feature will be an extension of the existing tipping feature, and it will "allow you to support creators who Tweet great content.”
Twitter is developing a purchase interface and button for Coins - leaked images from suggest that these coins may be front and centre in the main bar of the Twitter app.
We're not quite sure what Twitter's got up their sleeve with their new coin feature or when it'll make its big debut. The company's keeping mum on the matter.
And it looks like these coins might be good for more than just tips - last week, Wong let slip that Twitter's Awards will include some pretty fancy reactions like "Mind Blown," "Bravo," "Bullseye," "Gem," and "Crown," but you'll need to pay for them in Twitter Coins. Also, have to save up Twitter Awards until $50 worth before cashing in!
But wait, this feature isn't the crypto-goodness we were hoping for - So far, we haven't seen any signs of cryptocurrency or blockchain technology being a part of the recipe, and Dogecoin fans are particularly disappointed.
In a recent Twitter Spaces event, Musk said that he's still interested in bringing crypto to the social media platform.
It's possible that users might be able to buy Twitter Coins with crypto in the future through Stripe. - they're probably keeping it on the down low.
Stripe has been getting in on the crypto action lately, and Twitter has even been testing paying creators with USDC through Stripe.
Also, web2 socials have a thing for crypto and NFTs lately:
Argentina's crypto conundrum: reveal your holdings or pay the price
Are you ready for some crypto-taxation drama, folks? Because Argentina is bringing the heat with a new proposed bill that would encourage citizens to reveal their cryptocurrency holdings.
Now, I know what you're thinking: "I thought cryptocurrency was supposed to be decentralized and anonymous!" And you're not wrong, my friend. But the Argentine government has other ideas.
The proposed bill would offer a reduced tax rate for those who voluntarily disclose their crypto holdings. But here's the catch: if you don't disclose, and the government finds out, you'll be hit with a much higher tax rate.
Those who voluntarily register their holdings within 90 days of the law's implementation would pay only a 2.5% tax on their crypto holdings' capital gains. This tax rate would gradually rise every 90 days until it reached 15%, the country's ordinary capital gains tax rate.
But let's be honest. This isn't exactly a surprise. Governments around the world have been cracking down on cryptocurrency in recent years, with many implementing regulations and taxes on digital assets. And honestly, can you blame them? With the crypto market reaching new heights, it's only natural that governments would want a piece of the pie.
UAE's billion-dollar bet on Web3
Brace yourself, builders, because the UAE is about to take the crypto world by storm with the launch of a billion-dollar web3 fund!
That's right, Venom Foundation and Iceberg Capital, both based in Abu Dhabi, are teaming up to invest $1 billion in Web3 dApps, innovative protocols and technologies like DeFi, banking services, and GameFi.
Though the current crypto scene is volatile, these investors are taking a long-term view and see the potential for web3 technologies to revolutionize everything from finance to supply chain management.
But here's the thing: this fund isn't just about making a quick buck. These investors are also looking to support and promote the development of web3 technologies in the UAE and the wider Middle East region. They see the potential for these technologies to drive economic growth, create new jobs, and improve the overall quality of life.
UAE is no stranger to innovation. From its cutting-edge skyscrapers to its ambitious space program, this country has always been at the forefront of technological progress. So it's no surprise they're taking a leading role in investing in the next big thing: web3 technologies.