The state of Virginia has passed a bill authorizing traditional banking to provide cryptocurrency services, as long as proper protocols are followed to ensure investor safety. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Traditional banking has received authorization from the state of Virginia to offer cryptocurrency management and custody services. The Virginia State Senate (United States) recently approved the bill introduced earlier this year by Christopher T. Head, member of the Virginia House of Delegates, to authorize traditional banking to offer financial services with cryptocurrencies. bill indicates that banks that comply with appropriate protocols to manage risks and comply with current laws efficiently, can offer crypto asset management and custody services to their clients and users within the state.
Traditional banks will have to comply with requirements to ensure investor integrity and efficient management of cryptocurrency risks, according to a bill unanimously approved by the Virginia Senate last Thursday. Approval by the state's governor, Glenn Allen Youngkin, is expected before the bill can be signed into law.
📍Gicsa Group adopts cryptocurrency payments on 4 of its Go Kart tracks. Mexican company Grupo Gicsa's karting tracks implemented cryptocurrency payments this weekend. The group reported that users can pay using Bitcoin (BTC) in 4 of its Go Karts tracks, located in the Paseo Querétaro, Explanada Puebla, Explanada Pachuca and Forum Cuernavaca shopping centers in Mexico.
The news follows the initiative Elektra, part of the Salinas Group, to implement bitcoin payments in its chain of stores last December. The Gicsa group reported that it will soon expand cryptocurrency payments to other services and establishments.
NFT and DeFi Markets
📍Andre Cronje is finally moving away from DeFi and the price of his tokens is falling. The resignation of South African developer and founder of Yearn Finance, Andre Cronje, has sent the price of tokens linked to his protocols and Fantom’s DeFi ecosystem plummeting. Yearn Finance (FYI), Kepp3r Network (KP3R) y Phantom (FTM), have lost between 5% and 40% of their value in the last 24 hours. Currently, these tokens are trading at a value of $18.060, $385 and $1,34 per unit, respectively. The digital assets of the DeFi protocols developed on the Fantom blockchain have also experienced a significant drop in value in the last few hours.
Anton Nell, a Cronje collaborator, said on Twitter that both he and the South African developer decided to abandon their work within the decentralized finance ecosystem (DeFi). Based on this, 25 applications and services linked to its DeFi protocols will close on April 3.
Metaverse and Play to Earn Games
📍The Sandbox surpasses 2 million registered users globally. The start of Season 2 of The Sandbox Alpha has boosted the interest of the gaming community. The Sandbox currently has 2 million players worldwide. metaverse blockchain, one of the largest and most important built on Ethereum, is offering its community of players 35 new open game experiences and 200 missions to earn rewards in SAND tokens and NFT passes during this second season of its Alpha version.
Miners
📍Bitcoiners highlight Bitcoin's opportunity to minimize energy waste. In a Espaitec's Hosted by bitcoin mining company Compass Mining, Upstream Data CEO Steve Barbour highlighted Bitcoin’s potential as an efficient alternative solution to energy waste. He believes that Bitcoin mining farms should be located in strategic locations near power plants, to minimize the need for infrastructure and take advantage of wasted energy.
In Texas, as Senator Ted Cruz explained, Bitcoin mining has proven to be an efficient alternative to help the state strengthen its energy infrastructure. Bitcoin miners in Texas make use of wasted electrical energy. However, in cases of emergency, such as the recent storm Landon, miners represent a significant additional energy capacity for the state thanks to the fact that their mining equipment can be switched off in seconds.
Rules and Regulations
📍The Swiss government joins sanctions against Russia, blocking cryptocurrency funds from regulated exchanges. Switzerland will block cryptocurrency accounts and funds held by Russian citizens and companies sanctioned by the US government. exchanges and crypto platforms regulated in the country, the Ministry of Finance reported. Although Switzerland has historically been characterized as a neutral country, the Financial Times reported This is a measure taken by its Federal Council.
To date, nearly 220 Russian citizens directly linked to President Vladimir Putin have had their funds blocked in the European country.
📍New York is moving forward with regulatory plans to ban Proof of Work cryptocurrency mining in the state. An bill of law A bill seeking to eliminate cryptocurrency mining like Bitcoin for 3 years, introduced by assemblywoman and environmental activist Ana Kelles, has gained traction among New York lawmakers. The proposal advocates for evaluating the environmental impact of crypto mining, in addition to raising the need to establish a moratorium, or suspension, for 3 years on all those who operate under proof of work to validate transactions on the blockchain.
Continue reading: Lugano, Switzerland's ninth largest city, legalizes payments with Bitcoin and other cryptocurrencies
