The United States Federal Reserve (FED) proposes the creation of a new banking system to mitigate the risks of adopting stablecoins, as a means of payment and store of value. 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.
Rules and Regulations
📍Federal Reserve proposes new system to mitigate stablecoin risks. El report A recent report published by the United States Federal Reserve (FED) on stablecoins indicates that a massive adoption of these digital assets could lead to bank disintermediation, which would pose a threat to the stability of the traditional financial system. Therefore, to minimize the risk, the FED proposed the creation of a new two-tier banking system where stablecoins can be used to stablecoins They will be able to coexist depending on commercial banks, which will be responsible for safeguarding their reserves.
The report, prepared by analysts and researchers Gordon Liao and John Caramichae, recognizes stablecoins as an innovation for the future of payments and credit creation, provided that the risks involved in their adoption are considered. The Federal Reserve also stated that stablecoins can become a refuge when the value of the cryptocurrency market drops.
Bitcoin and Blockchain Adoption
📍Gene Simmons, lead singer of the rock band Kiss, will accept cryptocurrency for his $13,5 million mansion in Las Vegas. The vocalist and bassist of the popular rock band, Kiss, will accept payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Uniswap (UNI), Polkadot (DOT), Aave (AAVE) or Try.Finance (TRY), or a combination of these cryptocurrencies, for his $13,5 million mansion located in Las Vegas (Nevada, United States), as announced by the cryptocurrency portal. Blabber MouthThe news was confirmed by Gene Simmons on his official Twitter account.
📍Catalonia and Madrid are making progress in the development and adoption of blockchain technology. The Central University of Catalonia (UCC), located in Barcelona, is delivering blockchain-based digital certificates to its students, in order to avoid manipulation or fraud and promote the construction of a transparent and reliable system. Last November, the institution partnered with the technological consultancy Seidor to develop the network Circle and accelerate innovation within the university. UCC has been holding various debates on blockchain technology and the cryptocurrency economy, as well as the multiple applications of the blockchain, among others.
On the other hand, the city council of Madrid, the Spanish capital, will allocate 500.000 euros to finance companies and startups that develop blockchain-based projects, in order to promote innovation and accelerate their economic growth. This was announced by the councillor for innovation and entrepreneurship, Angel Niño.
NFT and DeFi Markets
📍The number of Tezos (XTZ) holders grew by 150% in the last year. According to report As reported by Coin Metrics, the number of addresses holding at least 1 XTZ recently surpassed 300.000, a 150% growth compared to the 120.000 addresses the network recorded last year. Coin Metrics notes that Tezos has been gaining popularity and catching up as NFT activity on the network continues to rise.
Transactions involving smart contracts have also increased on the network as NFT platforms such as FX Hash gain greater interest. Ubisoft's announcement of support for NFTs for Tezos-based games has also boosted interest in the blockchain. smart contracts, Coin Metrics noted.
Development and Technology
📍The dissolution of the Diem Association has left “a ton of lessons,” said Jack Dorsey. What we inspect with the "El Bailador" road simulator: interview with Michael Saylor, President of MicroStrategy, Jack Dorsey, former CEO of Twitter and current CEO of Block (formerly Square), claimed that Meta Platforms (formerly Facebook) wasted a lot of time and resources on its plan to create its own digital currency, instead of adopting an open protocol like Bitcoin.
Dorsey's criticism comes just days after the announcement of the dissolution of the Diem Association and the sale of its intellectual property, the technology with which Meta was designing its Diem currency. Meta's plans to launch its own digital currency have met with great opposition from global regulators since its inception. Now, with the sale of Diem's intellectual property, Dorsey is emphasizing the advantages offered by the open protocol of Bitcoin and the need to work to make this technology more accessible to all.
“Those two or three years, or whatever, could have been spent making bitcoin more accessible to more people around the world,” Dorsey said, pointing to the years Meta devoted to Diem as “wasted time” leading to a premature end. On the other hand, David MarcusMarcus, who led the Diem Association until last November, said on Twitter that the creation of Bitcoin was the “Big Bang” event for cryptocurrencies and that, because it is censorship-resistant, it will continue to exist as the leading digital asset on the market for many decades to come. Marcus also said that Bitcoin will continue to gain greater relevance around the world.
Continue reading: The Bitcoin network is used more than American Express and Discover combined
