Twitter has reportedly suspended plans to develop a cryptocurrency wallet as part of a change that began after Enron Musk took the helm.

Online media platformer (Platformer) said on the 4th (local time) that Twitter’s plan to develop a cryptocurrency wallet appears to have been suspended.

In the aftermath of the news, the price of Dodge Coin, a meme-coin-affiliated cryptocurrency that is widely connected to Enron Musk, also fell by nearly 10%, according to Coinesk.

According to Bloomberg News reports, under the Elon Musk system, Twitter will fire about half of its employees as part of its cost reduction. Last week, Elon Musk fired senior executives, including the CEO, as soon as he took over Twitter.

Twitter did not comment on a CoinDesk request asking for a position on the platformer report related to the cryptocurrency wallet plan.

It is reported that the European Parliament postponed the vote on the virtual asset market regulation bill, also known as the Markets in Crypto-Asset (MiCA) bill, to February 2023, which contains comprehensive regulations on virtual assets (cryptocurrency).

According to blockchain media The Block on the 3rd (local time), the European Parliament and the European Council announced that they would postpone the vote on the MiCA bill, which was originally scheduled to be voted on in November, for about three months and put it to a vote in February 2023.

The European Parliament cited the lack of completion of administrative procedures, including multilingual translation of the Bill. Under EU regulations, draft legislation for a vote on the bill must be translated into all 24 EU official languages. However, it is known that the translation takes a considerable amount of time because the contents of the bill are vast and technically professional.

A spokesman for the European Parliament explained that the adoption of the MiCA bill would be after the February 2023 vote. Even if it passes the vote, the bill does not take effect immediately. Each Member State should have a preparatory period for the regulatory agency in charge to prepare and apply enforcement ordinances and new rules under the MiCA bill. This period also takes at least 12 months to a maximum of 18 months.

Considering this process, The Block predicted that the MiCA bill will be effective after February 2024.

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