Chainlink has launched a new feature to connect Web3 applications with Web2 APIs and unlock a wide range of new use cases. This and more news can be found in this handy daily digest to keep you up to date with the latest developments in the crypto world.
Chainlink Functions, the interconnection of Web2 and Web3
📍Web3 protocol Chainlink has launched a new platform, called Chainlink Functions, to interconnect Web2 and Web3. The new Chainlink Functions platform enables blockchain developers to quickly connect their applications and smart contracts to Web2 APIs.
The goal of this new platform is to leverage the best of both worlds, Chainlink Labs chief product officer Kemal El Moujahid said.
On Twitter, Michael Robinson, the protocol's marketing director, explained that through Chainlink Functions, developers will be able to ask an AI for daily investment recommendations. It is also possible to connect to APIs from companies like Tesla to create a smart contract for renting one of their cars, among many other use cases.
FedNow, the digital dollar replacement system, will be available very soon, according to Jerome Powell
📍The United States will have a real-time payments system very soon, said Fed Chairman Jerome Powell. The chairman of the US Federal Reserve announced during a meeting on the monetary policy of the FED that the US nation will soon have a real-time payment system at its disposal. The FED presented its FedNow project in 2020 as its next innovative instant payment system, which will allow users to make real-time transactions that are confirmed in seconds.
In August last year, the US central bank highlighted that its instant payment system FedNow could be an alternative to the digital dollar, the CBDC being discussed in the country.
At the recent meeting, Powell noted that the creation and issuance of a digital dollar could take a few more years, while the arrival of FedNow is much closer. “I think we will have real-time payments in this country very soon,” Powell said.
The UK regulatory environment for cryptocurrencies needs to be tightened
📍Cryptocurrency regulation in the UK will be stricter than expected. The nation's leaders want to promote the UK as a global benchmark for crypto innovation. However, they have also stated that regulations on the crypto industry must be firm to ensure the safety of investors and other participants.
In this regard, Ashley Alder, the new director of the Financial Regulatory Authority (FCA) of the United Kingdom, pointed out that the country needs a stricter regulatory framework to minimize risk and guarantee security and stability.
Alder spoke about the need for Detoxify the cryptocurrency industry and force radical changes to the business models that have been developed within. According to Reuters, Alder wants to focus on eliminating the conflict of interest in cryptocurrencies and the need to safeguard the funds and assets of investors and consumers in the crypto space.
Continue reading: CBDC: this is how governments could control you through money
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