Cryptocurrencies are virtual currencies or digital tokens. These are not cash or coin with a physical presence. These are digital money that let people make direct payments to each other via the online system. It uses the peer-to-peer transaction that has no need of a bank. Cryptocurrency payments purely exist in the form of digital entries made into an online database, which helps describe particular transactions. Here are some latest news about cryptocurrencies.
According to a report by Bloomberg, an initial government-wide strategy is being planned by the White House for crypto as well as other digital assets very soon. Federal agencies will be asked to evaluate opportunities and risks. As per Bloomberg, various meetings are being held by senior administration officials and an executive order is being drafted – which would be presented in the coming weeks to President Joe Biden. The report further recommends that the Presidential team is experiencing pressure for taking the lead on the matter, given that a scattered approach has been taken by federal agencies.
Digital Version of the Rupee
The launch of a digital version of the rupee has been planned by the Government of India, and a 30% tax on income would be imposed from digital assets from 2022. This is the newest big economy that is announcing a new cryptocurrency officially. The digital yuan is being tested by China and even other nations. In fact, the United States is also going on exploring this idea. As per a report by Chain analysis, India is among the fastest-growing cryptocurrency markets.
Entry of Walmart into Metaverse
Walmart might be entering the metaverse quietly, trying to create and sell virtual items. It is planning to develop a cryptocurrency of its own, and gather NFTs – as per quite a few applications filed last month with the U.S. Patent and Trademark Office. This retail store happens to be the biggest corporate giant to express an interest in the metaverse and cryptocurrencies, which can possibly help retailers to get new streams of revenues.
Suspension of Crypto.com Withdrawals
Crypto.com, the Crypto exchange, has suspended all the withdrawals from its platform following reports of “suspicious activity” from a “small” number of users. The announcement was made by this firm, based in Singapore, adding that every fund is safe.
An update was issued by the exchange after several hours, mentioning that users needed to sign back into their own accounts and carry out two-factor authentication to reset. Widespread crypto trading platform outages and technical problems are quite common. In the last year, the same kinds of situations have occurred with Kraken, Binance, Coinbase and other important crypto exchanges.
Launch of Stablecoin Project Diem
Mark Zuckerberg’s wish to launch Diem, a stablecoin project – is unlikely to be actualized. Branded formerly as Facebook, Meta has made the latest announcement that its intellectual property and assets would be sold to Silvergate Capital, the crypto bank. $182 million has been paid by the bank for the project, as per a press release.
Although there is no involvement of Meta with the project, in a press release Stuart Levey – the CEO of Diem, said that he is confident of the ability of Silvergate to take ahead the technology of Diem. Alan Lane, the CEO of Silvergate, said in a press release that by 2022 the company has plans to launch a stable coin.
The Fed Report
A long-awaited report from the Fed has been released, exploring the advantages or disadvantages of crypto that has been issued by the government, although no position has been taken ultimately on the matter. Rather, the government is asking people to weigh in. The Fed is recommending Americans through May 20, 2022, to offer public comment about the potential digital dollar rollout.
Central Bank Digital Currency (CBDC)
A central bank digital currency (CBDC) would be actually a form of digital cash, issued by the central bank of America and supported by it. The United States is not the sole nation in the world that is launching or exploring its own central bank digital currency. Central banks from across the globe, whether in Sweden or in China, are experimenting with digital currency adoption. The success of the cryptocurrency Bitcoin has opened up the floodgates to the launch of more virtual currencies around the world.
With everything going on in the world of cryptocurrencies, you might want to step in too. If you do, you can certainly check out digital currencies