Fed Chairman Jerome Powell has said he has doubts about the benefits of issuing a digital dollar. Cambridge University shows that China has completely lost its dominance over bitcoin; the country now controls less than 46% of the network's hash rate. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Square launches decentralized financial services division. As reported Jack Dorsey, Square CEO, the company will have a new division dedicated to offering decentralized, non-custodial and permissionless financial services. The new TBD business, as Dorsey called it, will join Square’s Seller, Cash App and Tidal services, but will be completely open and permissionless.
📍Paypal increases the purchase limit for its users to $100.000 per week. The electronic payment company increased the purchase limit of cryptocurrencies, to its clients at $100.000 a week. In the releasePaypal says it is committed to ensuring its customers' accessibility to the crypto industry, raising cryptocurrency purchase limits for the company's eligible customers in the United States to $100.000 per week; it has also removed annual purchase limits. Previously, the weekly limit was set at $20.000.
CBDC and Central Banks
📍Fed Chairman Jerome Powell says he is “unsure” about the benefits of issuing a digital dollar. A day after stating that it will present a report addressing the issue of cryptocurrencies, the stablecoins and CBDCPowell claims to be unsure about the benefits of issuing a digital dollar and sovereign digital currencies. The Fed is apparently considering the views of its vice chairman Randal Quarles, who believes that issuing a digital dollar, like a CBDC, may be “redundant.” Quarles claimed that stablecoins are not assets to be feared and that regulating them can benefit the current financial system. In this context, Powell noted that “the most direct route” would be to regulate stablecoins rather than designing and issuing a digital dollar for the nation.
NFT and DeFi Markets
📍On Twitter, Kieran Warwick, co-founder of the Illuvium metaverse, claimed to have sold a plot of land in Axie Infinity for $28.000. According to Warwick's post, the digital plot of land had been purchased by him in mid-2020, for just $300. Now, with the sale finalized, Warwick has made an exceptional profit of 9.300%.
Warwick assured that Axie Infinity is starting an unstoppable revolution, creating value opportunities for all its participants. Axie Infinity, as it has explained Bit2Me News, it's a game blockchain which develops a limitless metaverse, and where users can create truly sustainable digital economies through the NFT.
Cryptocurrencies and altcoins
📍Dogecoin co-founder Jackson Palmer is slamming cryptocurrencies and the crypto meme he helped create in 2013. According to Palmer, Dogecoin and cryptocurrencies are nothing more than an “inherently right-wing hypercapitalist technology” that concentrates the “worst parts of the current capitalist system.”
Palmer’s attack on cryptocurrencies is his way of revealing that he will not be returning to the industry, he explained. Replies to his posts are disabled. Several industry leaders, such as Nic Carter, described Palmer’s attack as “despicable and disgusting.” Carter noted that Palmer used bitcoin technology to conceive “a meritless clone” of the cryptocurrency, with no use case other than “scamming unsuspecting investors” and is now using that “notoriety” to attack and undermine the technology that made him relevant.
Miners
📍Cambridge University shows that Bitcoin mining power held by China has fallen by 40% in the last two months. Even before the crackdown on miners, China was losing control over the Bitcoin hash rate, the University's data indicates. Now, after cracking down on Bitcoin mining and commercial activity, China has lost about 40% of the hash power it once dominated on the network. This reality has been rapidly accentuated by the heavy restrictions imposed, which force cryptocurrency miners located in the country to leave China in search of more friendly jurisdictions.
According to the University's data, China dominates less than 46% of the network's hash rate. Meanwhile, the United States has gained leadership, dominating around 17% of the network's hash rate. hash rate Bitcoin.
Development and Technology
📍A legal organisation in Australia wants the Senate to recognise DAOs as legal organisations. Herbert Smith Freehills Law Firm and the Digital Law Association they ask the Australian Senate to approve the creation of a Decentralized Autonomous Organization (DAO). Lawyers want senators to recognize the creation of DAOs as legally constituted entities in the country, under the Australian Corporations Act.
Rules and Regulations
📍The UK's Financial Services Authority will spend $15 million on a campaign to warn against high-risk investments. According to reported The FCA's marketing campaign will focus on warning young people about the risks of investing in high-risk products, such as cryptocurrencies and digital assets. Nikhil Rathi, chief executive of the FCA, was the one who announced the initiative, noting that the financial authority will dedicate 15 million dollars to the development of this campaign, in order to protect investors and users.
📍In the United States, President Joe Biden has authorized a $10 million bounty program to combat ransomware. After seeing several high-profile US companies hit by ransomware in recent weeks, Joe Biden has authorized a $10 million bounty program to combat cyberattacks and to track cryptocurrency payments that companies like Colonial Pipeline and JBS have made to hacking groups to restore their services.
Sources close to the White House told him they said Bloomberg reported that the government wants to focus on disrupting ransomware attacks, but there was no mention of the REvil group, which is accused of carrying out the attacks against Kaseya and JBS, which paid $11 million in ransom. REvil has since disappeared from the dark web.
📍In India, Delhi High Court requires disclaimers on cryptocurrency TV ads to occupy 80% of screen time. The court is seeking to have the Ministry of Information and Broadcasting and the Securities and Exchange Board of India issue guidelines requiring the exchanges The court also wants to require that cryptocurrency listings with domestic ads be allowed to have the disclaimer text cover 80% of the screen; it also wants to require that ads be played with a voiceover that is read slowly rather than quickly, lasting a full five seconds. The notices issued by the Delhi High Court were reported by the New Indian Express.
Continue reading: The European Central Bank begins a research phase to design the digital euro
