News summarizing the blockchain & cryptocurrency market – April 15
Vietnam's Ministry of Justice affirms that "digital currencies and virtual assets are not banned"
Vietnam's Ministry of Justice has confirmed that there is no ban on cryptocurrencies and virtual assets. However, building a legal framework to manage and prevent risks is necessary. Currently, Vietnam does not have specific regulations on digital currencies and virtual assets, and does not consider cryptocurrency as a type of asset.
Mr. Cao Dang Vinh, Deputy Department of Civil Law (Ministry of Justice), said that there should be regulations prohibiting risky behaviors and taking advantage of digital currencies and virtual assets. The government is researching and promoting the issuance of regulations for this field, to limit the risks of money laundering and terrorist financing related to cryptocurrency.
The Winklevoss brothers invest $4.5 million in Bitcoin into Real Bedford FC
The Winklevoss brothers, famous billionaires, invested $4.5 million in Real Bedford FC Football Club using Bitcoin. The deal was done through Winklevoss Capital and is co-owned by Peter McCormack, a Bitcoin podcaster. This investment will be used to establish a Bitcoin treasury for the club, to protect the value of fiat currency in the long term.
McCormack also plans to develop a training and advocacy center for women's and youth soccer. He hopes to bring Real Bedford FC to the level of other famous clubs in the English Premier League. The Winklevoss brothers also donated $4.9 million to super political campaign committee Fairshake to support a pro-crypto candidate in the upcoming US election.
Curve's founder is at risk of liquidating $150 million in CRV mortgages
Curve founder Michael Egorov is facing the risk of liquidating $150 million worth of CRV collateral. In the cryptocurrency market, the recent sharp drop has caused a severe decline, leading to the liquidation of over 800 million USD in 2 consecutive days. Michael Egorov pledged 371 million CRV Token across six lending platforms, with a total value of approximately $156 million, to borrow $92.5 million in stablecoins.
Currently, his debt situation has fallen to a high risk level, and if the CRV price drops another 10%, the mortgaged assets will be liquidated. He can continue to sell CRV OTC, deposit collateral or hope CRV price does not fall further. However, price drops and the risk of liquidation are still big challenges for him.
