Global central banks are pushing CBDCs to defend monetary sovereignty against USD stablecoins, but are struggling to find demand for the digital currencies (Jonathan Levin/Bloomberg)
Cryptocurrencies emerged in part as a protest against central banks flooding the global economy with money during the financial crisis 18 years ago.
New Zealand's Prime Minister Christopher Luxon announced a new bill on Monday that would ban social media for children under 16. The Online Safety (Minimum Age and Child Safety Risk Assessment) Bill would also hold tech companies more accountable for protecting children online. Luxon emphasized the need for safety in the virtual world, just as there are protections in the real world.
High-risk social media companies, including Instagram, TikTok, Snapchat, and Facebook, would be required to implement proper age verification mechanisms, such as using age estimation tools and digital ID services. Failure to comply with the bill could result in fines up to $40 million or 10 percent of the platform's global revenue.
The bill will require approval by parliament and will give social media companies six months to comply. Additionally, an online safety regulator will be established within New Zealand's Department of Internal Affairs to oversee the new regulations.
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