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Summary of Past Week Articles August 19, 2022

In Brazil, Mercado Libre launches an Ethereum-powered coin:

Mercado Libre, a Latin American e-commerce behemoth, has launched its crypto asset, Mercado Coin, in Brazil.

The move is the latest in a string of optimistic crypto-related initiatives by the firm, sometimes referred to as the LATM region’s Amazon.

In addition, in January of this year, the company invested in two of the region’s largest cryptocurrency exchange platforms: Mercado Bitcoin and Paxos.

And the company now has its coin: an ECR20 token based on the Ethereum network.

Initially, the company appeared interested in using Mercado Currency as a loyalty benefit. Still, the corporation plans to handle the coin as a full-fledged crypto asset, listing it as a tradeable token on Mercado Pago.

According to Bloomberg Lnea and Reuters, the coin’s initial value would be USD 0.10, but it will be subject to market fluctuation.

Seoul said it is discussing simplified stablecoin regulations with international counterparts:

South Korean officials have announced plans to regulate stablecoins after the “Terra/LUNA issue.”

However, Seoul wishes to keep pace with its foreign counterparts, notably in stablecoin regulation.

In particular, the FSS and other regulators have requested that policy be developed in a way commensurate with overseas regulations.

The FSS’s Lee Bok-hyeon was reported as saying that there was now a consensus among regulators and policymakers that stablecoin regulation needed to be strengthened.

Political leaders are hoping the act will be unveiled before the end of the year.

The Financial Services Commission, the primary financial regulator, also formed a new crypto task force today, intending to present policy suggestions ahead of the new act’s formulation.

Phantom Wallet, based in Solana, introduces ‘Burn NFTs’ to protect customers from scams:

Phantom, a wallet service based in Solana (SOL), has unveiled a new feature that can destroy non-fungible spam tokens (NFTs) from scammers.

In an August 18 blog post, the Phantom team stated that spam NFTs had evolved into a practical technique for criminal actors aiming to steal consumers’ cash.

Users can get rid of unneeded NFTs by using the Burn Token feature.

Aside from the burn feature, the wallet has additional measures to combat spam NFTs.

Phantom stated that they blacklist a fraudulent NFT’s contract address and domain as soon as they learn of it.

Phantom also combats NFT scams with its phishing warning system, which alerts users to fraudulent transactions that could damage their funds or authorization.

As previously reported, the popular NFT collection Bored Ape Yacht Club (BAYC) lost ETH 200 in digital assets in an early June exploit.

In mid-July, NFT influencer Zeneca and NFT registration platform PREMINT were hacked.

A new NFT utility platform has been launched to compete for the 60 million Twitch and YouTube creators:

According to a press release shared with Cryptonews.com, non-fungible token (NFT) platform, PlayNFT is launching a new marketplace to allow Twitch streamers and YouTube creators to roll out branded NFTs with in-game utility intended for their communities amid the ongoing surge in the so-called creator economy, which allows creators to monetize their work in new ways.

The development, backed by more than USD 300,000 in grants from several crypto industry players, including XRP Ledger, Velas, Near, and Stacks, could provide the new platform with access to the growing pool of online creators, including Twitch’s 9.2 million streamers and YouTube’s 51 million content creators, according to a statement from PlayNFT.

According to the release, more than 260 streamers have already signed up to use PlayNFT. Each creator will be given a storefront where their communities can purchase branded NFTs.

Pay Your Traffic Tickets, or We’ll Take Your Crypto – S Korean police pilot program gives officers new powers:

South Korean cops have been handed experimental new powers that allow them to seize cryptocurrency from anyone who refuses to pay penalties. They have already stolen tokens from someone who refused to pay a traffic fine.

If cops detect this, they have been given the authority to freeze wallets and obtain orders allowing them to collect coins.

If the trial is successful, it might pave the way for a statewide implementation at police stations across the country.

As a result of the pilot, at least one person’s cryptocurrency wallet has shrunk.

Enter Frida Kahlo’s Red House: Decentraland is planning mind-bending installations’ for Metaverse Art Week:

The third annual Metaverse Art Week, themed The World is Made of Code, has been launched by the metaverse project Decentraland (MANA) and features “mind-bending” work from modern artists as well contributions from a Ukrainian non-fungible token (NFT) project.

In addition, well-known figures in modern art, such as Burton Morris and Frida Kahlo’s Family, will show “mind-bending installations,” according to an emailed statement from Decentraland.

The Ukrainian Meta History – Museum of War, a charity NFT project founded to document facts about Ukraine’s war, is also a contributor to this year’s Art Week.

During Art Week, activities will revolve around Art Plaza, a virtual 3D sculpture garden defined by Decentraland as a “gravity-defying open-air museum.”

Sam Hamilton, Creative Director of the Decentraland Foundation, commented that this year’s Art Week is a pivotal time for the greater adoption of Web3 technology and decisions about our digital world.

Hamilton described Art Week as a love letter to the next generation of artists working in the metaverse projects.

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