Consumer companies in the United States are preparing to adopt digital payments with cryptocurrencies in the next two years. This 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.
Cryptocurrencies and stablecoins
📍Cryptocurrency payments will become more popular in 2024. The results A survey conducted by Deloitte, in collaboration with Paypal, reveals that consumer companies in the United States are prepared to adopt digital payments with cryptocurrencies in the next two years.
The professional services company said cryptocurrencies have already entered the mainstream, with more than 220 million users worldwide currently.
In less than a decade, there has been a radical change in the use and adoption of cryptocurrencies. It is now possible to pay for travel, sports tickets, taxes, mobile phone services and much more with these digital assets, the company said.
Deloitte also noted that the rise of cryptocurrencies and the maturity of the crypto market and industry has been driving significant institutional entry. “Customers and retailers, once wary, are increasingly looking at digital currency in an optimistic light”, the company said in its study.
The survey, which was conducted among consumer companies with annual revenues between $10 million and $500 million, also revealed that these same companies are investing significantly in their payment infrastructures in order to adopt cryptocurrencies in their future plans.
Japan, new policies to boost Web3
📍A law promoting cryptocurrencies and Web3 has been passed in Japan. The Japanese government has passed the Basic Law for Economic and Fiscal Management and Reform 2022, which includes measures to encourage the use and adoption of cryptocurrencies and to promote the construction of a more decentralized Internet.
According to According to local media CoinPost, the aforementioned law strengthens users' control over their own data and gives the green light to the expansion of digital assets, such as cryptocurrencies and NFTs. With the approval of this law, Japan seeks to improve its environment to move towards the construction of a digital society centered on Web3.
In 2023, Japanese lawmakers will consider a bill focused on the Metaverse. They also have plans to introduce new improvements that will boost the constitution of DAOs based on blockchain, the outlet noted.
Last week, Japan became the first major economy in the world to regulate stablecoins, recognizing them as digital money.
South Korea restricts Litecoin trading
📍Korean exchanges will remove Litecoin (LTC) from their platforms. Litecoin's Mimblewimble upgrade is behind the actions that cryptocurrency exchanges in South Korea will take.
Just like reported As reported in late May, Korean regulation requires exchanges to implement strict KYC and AML controls on their platforms to prevent financial crimes involving cryptocurrencies. Therefore, following the update of the Mimblewimble privacy protocol on the Litecoin network, exchanges authorized to operate in the country began to warn their users about anonymous transactions.
A week after this, these cryptocurrency exchanges are reporting that LTC, the native cryptocurrency of the Litecoin network, will be delisted, marking the cryptocurrency as a risky asset.
Alibaba, NFTs and China’s strict regulation
📍Alibaba Cloud removes post about its new NFT service. Private consortium Alibaba Group, through its subsidiary Alibaba Cloud, had announced this week the launch of a new service for the creation of NFT marketplaces, noting that these digital assets continue to dominate the world of art and collectibles.
According to publication, which has been removed at the time of writing, the NFT solution launched by Alibaba includes various services to help businesses and participants build their own NFT marketplaces.
In China, although NFTs are not banned, regulators in the country have warned of potential risks of money laundering and other financial crimes with these digital assets.
Because of this, Chinese platforms and companies involved in NFTs have taken additional measures to minimize these risks. For example, companies like Tencent and Weibo have limited trading of NFTs, imposing lock-up times of up to a year before allowing the sale or trading of these assets. Users must also pass a strict KYC check before trading NFTs on these platforms.
Continue reading: New updates are coming to Fantom to optimize its decentralization and scalability
