{"id":362913,"date":"2021-11-05T18:14:00","date_gmt":"2021-11-05T15:14:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/"},"modified":"2021-11-05T18:14:00","modified_gmt":"2021-11-05T15:14:00","slug":"the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/","title":{"rendered":"# The stablecoin scourge: Regulatory hesitancy may hinder adoption"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a21010ed5c5e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a21010ed5c5e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/#An_edge_for_legacy_banks\" >An edge for legacy banks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/#A_gateway_to_the_crypto_world\" >A gateway to the crypto world?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/#Unlocking_an_opportunity\" >Unlocking an opportunity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/#What_about_the_rest_of_the_world\" >What about the rest of the world?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/#Holding_stablecoins_over_fiat_dollars\" >Holding stablecoins over fiat dollars?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\/#%E2%80%9CRegulation_for_stablecoins_is_very_necessary%E2%80%9D\" >\u201cRegulation for stablecoins is very necessary\u201d<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># The stablecoin scourge: Regulatory hesitancy may hinder adoption  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvOTE4MDNjNmYtMjBmZC00ZGM1LWFlODktMzNmOWViZWEzYzJiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The stablecoin market has been growing exponentially \u2014 from only $21.5 billion in mid-October of last year to $130 billion at the start of November; a six-fold increase \u2014 so it was only reasonable to expect that the United States government would have to come to grips with these digital assets that are designed to maintain a stable value relative to a fiat currency like the U.S. dollar (USD) or a commodity like gold.<\/p>\n<p>The Treasury Department revealed its latest thinking on the subject this week with the much-anticipated President\u2019s Working Group on Financial Markets\u2019 (PWG\u2019s) report on Stablecoins. That report recommended that Congress act promptly to enact legislation to ensure that payment stablecoin issuers be regulated more like U.S. banks. That is, stablecoins might be issued only through \u201centities that are insured depository institutions.\u201d <\/p>\n<p>Surprisingly, the report didn\u2019t provoke much industry pushback. Perhaps the crypto community was just relieved that the government wasn\u2019t looking to ban stablecoins outright? The report did raise some questions, though.<\/p>\n<p>If enacted, what impact will such legislation have on the global stablecoin market? Could it stifle innovation as some in the crypto community have warned? Or, rather, could it bring regulatory certainty to a sector whose lack of supervision may have turned off institutional investors, corporations and even retail investors from exploring crypto alternatives?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"An_edge_for_legacy_banks\"><\/span>An edge for legacy banks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With regard to the first question, Salman Banaei, head of policy at cryptocurrency intelligence firm Chainalysis, told Cointelegraph that assuming the recommended legislation were passed and signed into law \u2014 a big \u201cif,\u201d given the current legislative stalemate in Washington \u2014 its provisions \u201cwould put current bank-backed stablecoins like JPM Coin in a prime competitive position versus non-bank stablecoin issuers.\u201d <\/p>\n<p>Non-bank stablecoin issuers would need, at minimum, to renegotiate arrangements with their current banking service providers, with the latter obtaining more leverage in these partnership arrangements, continued Banaei. The PWG Report contemplates that many of these relationships would be subject to the Bank Service Company Act. \u201cAlternatively, these non-bank stablecoin issuers could <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly to become depository institutions or acquire depository institutions, although these options can be expensive and slow.\u201d<\/p>\n<p>But, would it discourage financial start-ups and hinder innovation \u2014 as some in the crypto community fear? In the short term, it would likely hinder innovation, answered Banaei, as it would limit the pool of potential stablecoin issuers to depository institutions. \u201cIn the longer term, however, the legislation would encourage innovation\u201d because clear regulatory \u201crules of the road\u201d would eliminate the regulatory risk that has been the primary hindrance to broad adoption of stablecoins.<\/p>\n<p>This, in turn, could \u201cencourage the adoption of stablecoins in a variety of contexts across the financial markets,\u201d continued Banaei. The fixed costs associated with a depository institution issuing a stablecoin are relatively low, and this could \u201cencourage depository institutions to compete to offer stablecoins and to adopt or facilitate their use\u201d in a variety of circumstances.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_gateway_to_the_crypto_world\"><\/span>A gateway to the crypto world?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In an August blog, Chainalysis\u2019 chief economist Philipp Gradwell <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.institutionalinvestor.com\/article\/b1t8z03qswz05w\/Digitized-Dollars-How-Institutional-Investors-Use-Stablecoins\">wrote<\/a> that \u201cStablecoins are vital for many institutional investors because they\u2019re the fundamental gateway into the world of digital currency.\u201d If that is the case, wouldn\u2019t institutional investors and corporations prefer more market and regulatory certainty vis-a-vis stablecoins? That is, wouldn\u2019t they arguably be supportive of the PWG\u2019s recommendations?<\/p>\n<p>In Europe, regulatory uncertainty is \u201cwithout doubt discouraging them [i.e., institutional investors] from holding stablecoins, investing in cryptocurrencies through stablecoins and using stablecoins for yield in DeFi or issuing stablecoins themselves,\u201d Patrick Hansen, head of strategy and growth at Unstoppable Finance, told Cointelegraph, adding further:<\/p>\n<blockquote><p>\u201cBut, contrary to many retail investors, most institutions don\u2019t buy cryptocurrencies through stablecoins anyway \u2014 but either with fiat money or through some form of crypto trust, certificate or derivative \u2014 and, in the future, probably more and more through ETFs.\u201d<\/p><\/blockquote>\n<p>Sidharth Sogani, CEO of crypto research firm CREBACO Global, admittedly no fan of stablecoins, tended to agree. \u201cNobody wants to own a stablecoin until and unless required to book profit. Also, with more ways to invest now, including ETFs, etc., I think people are reducing exposure to stablecoins,\u201d he told Cointelegraph.<\/p>\n<p>\u201cThe chief benefit of the legislation recommended by the PWG Report is it would provide a path to enter the \u2018gateway\u2019 into new financial services and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>,\u201d commented Banaei, adding: \u201cThe PWG Report presents one model of how to open this \u2018gateway\u2019 to new, more efficient and competitive ways of delivering financial services.\u201d <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Unlocking_an_opportunity\"><\/span>Unlocking an opportunity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The report might<em> <\/em>have directed regulatory agencies like the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) to open that \u201cgateway\u201d using their existing regulatory authority, added Banaei, but it didn\u2019t. Instead, it recommended a longer but arguably more enduring path: congressional legislation. Banaei\u2019s fear is that if legislation fails, then \u201cthe PWG Report will fail to spur regulators to implement the rules necessary to comprehensively address the risks detailed in the report\u201d like illiquidity or failure to redeem or illicit finance problems and never realize \u201cthe opportunities unlocked by the widespread use of stablecoins.\u201d <\/p>\n<p>The report met with approval from a fairly wide spectrum of players that are involved. Rohan Grey, assistant professor at Willamette University College of Law, who helped craft the STABLE Act \u2014 i.e., stablecoin legislation earlier introduced in Congress \u2014 said that the proposals were <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly positive, further explaining to Cointelegraph:<\/p>\n<blockquote><p>\u201cThis was the underlying vision behind the STABLE Act that we introduced at the end of 2020. Bringing stablecoins squarely within the purview of banking regulation and under the umbrella of deposit insurance would be unequivocally positive for financial stability.\u201d<\/p><\/blockquote>\n<p>Elsewhere, Michael Saylor, an ardent Bitcoinist, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/saylor\/status\/1455268775863988233\">stated<\/a> that the PWG report should be &#8220;required reading for anyone interested in bitcoin or crypto,\u201d while Quantum Economics founder and crypto crusader Mati Greenspan wrote in his <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter that the Treasury report is \u201cinsanely bullish for the entire crypto space, and we can already see prices reacting.\u201d<\/p>\n<p>Olya Veramchuk, director of Tax Solutions at Lukka, a crypto data and software provider, flagged the report\u2019s view that stablecoin issuers should be restricted to be \u201cinsured depository institutions, which are subject to appropriate supervision and regulation,\u201d a restriction that would essentially equalize \u201cstablecoin issuers to traditional banks,\u201d clarifying further for Cointelegraph:<\/p>\n<blockquote><p>\u201cThis would most certainly increase compliance costs and would likely make it more difficult for stablecoin issuers to be profitable. On the flip side, however, more regulation could increase institutional investor comfort.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"What_about_the_rest_of_the_world\"><\/span>What about the rest of the world?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Of course, the White House paper applies to a single jurisdiction: the United States. This is a world that continues to struggle to find the optimum balance between regulation and innovation for the cryptocurrency and blockchain sector.<\/p>\n<p>\u201cThe crypto regulatory space is getting increasingly heated, and not only in the U.S. but also in the rest of the world,\u201d Firat Cengiz, senior lecturer in law at the University of Liverpool, told Cointelegraph previously, adding: \u201cDeFi and stablecoins \u2014 rather than exchange or store-of-value coins such as BTC or ETH \u2014 will be the key target of emerging regulations.\u201d\u00a0For instance, drafts of European Union regulations \u201cwill ban interest on stablecoins.\u201d<\/p>\n<p>Eloisa Cadenas, CEO at CryptoFintech and co-founder of PXO Token, the first Mexican stablecoin, applauded the attempt to impose some regularity on the stablecoin market, telling Cointelegraph: <\/p>\n<blockquote><p>\u201cThe regulations being developed around stablecoins, specifically collateralized fiat, contrary to what one might think, are very necessary and fundamental since they will guarantee that there is a healthy monetary policy \u2014 without it, there is the possibility of systemic risk and liquidity risk.\u201d<\/p><\/blockquote>\n<p>Others suggested, however, that the regulatory \u201ccure\u201d could be worse than the \u201cdisease\u201d of regulatory uncertainty. In Europe, Hansen, formerly head of blockchain at Bitkom, an association of German companies operating in the digital economy, said that the stablecoin rules being discussed in the context of the EU\u2019s Markets in Crypto-Assets Regulation (MiCA) \u201cwill stifle European innovation in that sector.\u201d <\/p>\n<p>Issuers of so-called e-money tokens, for example, will have to get authorized as credit or e-money institutions and face very high compliance requirements. \u201cI don\u2019t expect many projects and startups in the EU to be willing to go through that expensive and lengthy authorization process in order to issue a euro-denominated stablecoin,\u201d he told Cointelegraph.<\/p>\n<p>Asked about the PWG\u2019s proposals, Sogani, whose firm is based in Mumbai, India, agreed that legislation to regulate the stablecoin market is necessary. At present, many stablecoin issuers \u201cmay not be able to handle certain things like fiat liquidity,\u201d so some capital requirements could be useful. Also, many issuer\u2019s reserves \u201care not being audited systematically by recognized auditors.\u201d For example, \u201cUSDT is now available on five-plus chains for transactions,\u201d including ERC-20, BEP-20, Solana, Tron and BEP-2. \u201cTo audit on multiple chains\u201d where funds are changing hands 24\/7 is well nigh \u201cimpossible,\u201d he suggested.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Holding_stablecoins_over_fiat_dollars\"><\/span>Holding stablecoins over fiat dollars?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, stablecoins continue to proliferate. Chainalysis\u2019 data shows that in mid-March 2021, large investors began buying an increasing number of stablecoins and holding them for longer time periods than was previously the case. Gradwell wrote that since many are willing to significant wealth in stablecoins over fiat, \u201cthere\u2019s an untapped market for any company that would start offering that. This is one reason why <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>\u2019s Diem coin caused so much excitement.\u201d<\/p>\n<p>But, stablecoins have also been dogged by controversy. It was suggested earlier this year that not every stablecoin is backed 1:1 by USD or U.S. Treasury bills, \u201cwith some holding a high percentage of riskier assets in their reserves,\u201d i.e., other digital assets, commercial papers, corporate bonds, etc., Veramchuk told Cointelegraph, adding:<\/p>\n<blockquote><p>\u201cThere are no standards governing the reserve composition. That, combined with the regulatory uncertainty and the relative novelty of the asset class, results in the institutional investors behaving cautiously.\u201d<\/p><\/blockquote>\n<p>Regulations will also have to account for differences among different types of stablecoins. \u201cThere needs to be a clear distinction between centrally issued stablecoins with a central reserve and, on the other side, decentralized and algorithmically generated stablecoins on top of open permissionless public blockchains,\u201d said Hansen.<\/p>\n<p>Grey, too, mentioned algorithmic, or hybrid, stablecoins that aren\u2019t backed by fiat currencies or commodities \u2014 but rather rely on complex algorithms to keep their prices stable. \u201cAn outstanding question from the [PWG] report&#8217;s findings is what would happen to so-called \u2018algorithmic\u2019 stablecoins, which the report distinguishes from \u2018fiat-backed\u2019 stablecoins in ways I&#8217;m not sure are justifiable or helpful.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CRegulation_for_stablecoins_is_very_necessary%E2%80%9D\"><\/span>\u201cRegulation for stablecoins is very necessary\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>All in all, the arrival of the PWG report appeared to be greeted with some relief within the crypto community \u2014 at least the U.S. Treasury Department wasn\u2019t proposing to outlaw stablecoins. The deposit insurance requirement didn\u2019t appear to be insurmountable \u2014 at least no hue and cry has yet emerged \u2014 and innovation in the industry wouldn\u2019t be throttled in any meaningful way because stablecoins really aren\u2019t about innovation, others noted. <\/p>\n<p><strong><em>Related:\u00a0Is \u2018Bitcoin season\u2019 real or a maximalist theory?<\/em><\/strong><\/p>\n<p>Many viewed that regulatory uncertainty is the real scourge here, and while the devil is in the details, as Grey observed, the government proposals weren\u2019t seen as an unwelcome development on balance. People generally like to have someone overseeing the sausage-making process \u2014 even if they don\u2019t want to watch sausage being made themselves. Cadenas added: <\/p>\n<blockquote><p>\u201cStablecoin projects like the one we are creating in Mexico are faced with various barriers including not knowing where or if they will be able to operate. In short, regulation for stablecoins is very necessary.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/the-stablecoin-scourge-regulatory-hesitancy-may-hinder-adoption\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# The stablecoin scourge: Regulatory hesitancy may hinder adoption &#8221; The stablecoin market has been growing exponentially \u2014 from only $21.5 billion in mid-October of last year to $130 billion at the start of November; a six-fold increase \u2014 so it was only reasonable to expect that the United States government would have to come&#8230;<\/p>\n","protected":false},"author":1,"featured_media":362914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvOTE4MDNjNmYtMjBmZC00ZGM1LWFlODktMzNmOWViZWEzYzJiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74898,75493,74355,70934,67874],"class_list":["post-362913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-sec","tag-stablecoin","tag-adoption","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/362913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=362913"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/362913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/362914"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=362913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=362913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=362913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}