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Uber suspends operation in Tanzania due to tight regulation

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Uber CEO

Ride-hailing firm, Uber has suspended its operations in Tanzania due to stiff regulatory policies from Thursday April 14, 2022.

This was closed by the ride hailing firm via a statement issued on Thursday.

According to the firm, the decision was attributed to the guide set by the Land Transport Regulatory Authority (LATRA), which it said poses significant challenges for systems like Uber to continue to provide services to its customers..

What Uber is saying about suspension

It stated, “Our goal is to be a key partner in various cities by providing efficient transportation, creating economic opportunities that give drivers the freedom to earn an income for the time they want and contribute to government revenue.

“We have made the difficult decision to suspend our services in Tanzania from Thursday 14 April 2022. The guide fare set by the Land Transport Regulatory Authority (LATRA) has posed significant challenges for systems like Uber to continue to provide services to our customers.

“It becomes increasingly difficult for us to continue providing services. We will not be able to provide services until the environment becomes friendly for us to continue providing services.”

The company said the decision came after the authorities set regulations that are a major challenge for systems like Uber to run its business adding that it will be working closely with the drivers on this transition.

Tanzania through Vision 2025 is committed to building a strong, diverse, resilient and competitive economy that is in line with regional and international market and technological changes. We hoped that this would include creating an enabling environment for domestic and international trade to thrive in a positive and balanced way, but unfortunately, the situation is contrary to expectations.

“Although we have shut down UberX, UberXL and UberX Saver services in Tanzania, we are ready to work with relevant authorities to develop regulations that will enable the technology to thrive, so that we can resume providing our favorite services to the general public,” it added.

What you should know

Tanzania ranks 141 on the ease of doing business ranking with a DB score of 54.5 while Nigeria ranks 131 with a DB score of 56.9 on the list of 190 counties

The ease of doing business score shows an economy’s absolute position relative to the best regulatory performance, whereas the ease of doing business ranking is an indication of an economy’s position relative to that of other economies.

Economies that score highest on the ease of doing business share several common features, including the widespread use of electronic systems.

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Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST

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Official records show Do Kwon dissolved Terraform Labs Korea, closing down its headquarters and sole branch just days before the collapse of terra crypto (LUNA) and stablecoin terrausd (UST).

Terraform Labs founder Do Kwon reportedly closed down his company in Korea days before the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).

According to South Korea’s supreme court registry office, Terraform Labs Korea decided to dissolve its Busan headquarters and Seoul branch at the general shareholders meeting on April 30, Digital Today reported. The company named CEO Kwon Do-hyeong, the full name of Do Kwon, as the liquidator.

The publication detailed:

On May 9, UST lost its peg to the U.S. dollar and its price kept falling. At the time of writing, it is trading at about $0.08. LUNA also sharply fell from above $80 on April 30 to $0.00013351 at the time of writing.

While Terraform Labs is a Singapore-incorporated company, it was registered to conduct business in South Korea as Terraform Labs Korea, with headquarters in Busan and a branch in Seongdong District in eastern Seoul.

Kwon founded Terraform Labs Korea on June 21, 2019. On Sept. 26, 2019, Ticket Monster (Tmon) founder Shin Hyun-sung joined the company as the second co-founder. However, he resigned on March 2, 2020, leaving Kwon to serve as the CEO of Terraform Labs.

An on-chain analysis by blockchain data analytics firm Elliptic found that amid the UST and LUNA fallout, the Luna Foundation Guard (LFG) sent its bitcoin reserves to cryptocurrency exchanges Gemini and Binance.

What do you think about Kwon shutting down his company in South Korea a week before the collapse of UST and LUNA? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Freedom Protocol Has Become the Project With the Largest Amount of IDO in the Ecology of Binance Smart Chain

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PRESS RELEASE. Binance is a curious company. the world’s largest cryptocurrency exchange, it also has no official headquarters and operates outside regulatory control. But that may not stop its step. Binance.US raised funding at a $4.5bn valuation this month, providing a new case for Binance enthusiasts. Today, they can share the exciting news that Freedom Protocol has set a new record on IDO volume.

Freedom Protocol is a new financial protocol that makes pledging easier and more efficient. It makes the largest amount of IDO with over $4M, and it is another big DeFi project issued on the Binance Smart Chain.

Freedom Protocol is wise to raise funds while it can. Revenue depends on trading volumes in its crypto, which are notoriously volatile. It is sensible to put aside capital when it can while building relations with external investors. It is worth mentioning that Freedom Protocol raises $4 from normal users instead of professional agencies.

Freedom Protocol fans like to claim their purpose is always challenging the traditional financial world. No matter how difficult his actions appear, they believe the Freedom Protocol boss has secret plans. Parsing its $4M IDO size to take DeFi platform come true requires a similar level of faith.

Freedom Protocol announced that they aim to make simplicity and directness of financial investment for all crypto enthusiasts. They were warmly welcomed on Binance Smart Chain(BSC) which is the public chain launched by Binance, it helps them achieve a record on IDO volume within a few days.

The first to welcome them are the opinion leaders. A few KOLs on Twitter post passionate tweets for this project, followed by publishing outdoor advertising in Australia and starting a lot of campaigns of various types.

Freedom Protocol is a typical case who is concentrating on private investment, stakes in private companies and individuals, all areas where institutional clients have been increasing allocations in recent years. Now Freedom Protocol launches its business around the world, including the ads for airport taxis in Germany, which indicate the determination of Freedom Protocol to intend to help more customers in other countries.

With nothing to prove, Freedom Protoco is also confident enough to voice the view that a model dominated by traditional finance is due an overhaul. And this time it is companies and management that need to adapt to DeFi’s needs, rather than vice versa.

Binance chief executive Changpeng Zhao described DeFi as infrastructure for the new digital world, and encourage many investors and entrepreneurs to get involved in DeFi story.

But mainstream acceptance will be slow as they know. Regulators continue to worry that crypto is being used for money laundering and other crimes. US SEC chair Gary Gensler has called crypto markets a “Wild West”. The noise is off-putting for both prospective investors and employees. So Freedom Protocol this week tweeted that they were trying to apply for cryptoasset licenses from both Dubai and Japan, it moves away from portraying itself as a decentralized organization with no fixed headquarters.

The Dubai permissions will allow it to extend limited services to pre-qualified investors and professional financial service providers. “The firm will also locate a “blockchain technology hub” in the Dubai World Trade Centre.” Oscar, Founder of Freedom Protocol said.

The success of Freedom Protocol is a tiny reflection of a startling larger truth: the huge audience crypto has so far left on the financial system and innovation of the internet. And as the size of financial work directly affects the daily life of every employed human on the planet, that matters.

The global crypto market is estimated to have a market worth more than $2tn. Binance’s own digital token is up more than 1,000 percent since the start of 2021. Freedom Protocol becomes a unique perspective on why Binance is so successful in recent years.

Perhaps Freedom Protocol has a plan to transform the financial model entirely. Maybe it will one day be a crypto payments company. Or an NFT trading platform. Or perhaps all the platform’s users just want to own it.

Website: www.freedomprot.com

Contact: Oscar

Email: [email protected]

 

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