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2021-08-06

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Here are the highlights of this week's crypto scoop:

  • Ethereum's London Fork is Live
  • Uruguayan Law Maker Proposes Crypto Adoption Bill
  • Google Set to Allow Crypto Ads on its U.S. Platform

Ethereum's London Fork is Live

Finally! The much-anticipated Ethereum hard fork, London fork, is live and has been activated on the network. The London hard fork was set to roll out five Ethereum Improvement Proposal (EIPs) in the wake of the network upgrade Ethereum 2.0. The hard fork is expected to improve users' experience and Ethereum's scalability.

Although the media has been abuzz with the launch of the hard fork and its much expectation, some critics are wary of the impact it might have on the miners.  Some critics are sceptical that it may result in a split chain if network stakeholders don't upgrade, thus slowing down the production of Ethereum. Others are worried that it may result in less revenue for the miners.

However, Ethereum enthusiasts are excited about the many possibilities the new upgrade would bring.

Uruguayan Law Maker proposes Crypto adoption Bill

Sen. Juan Sartori, an Uruguayan lawmaker, has proposed a bill that would allow Uruguayan businesses to accept cryptocurrencies as payment. The bill noted that "crypto assets will be recognised and accepted by law and applicable in any business." The bill was put forth to provide "legal, financial and fiscal security in the business derived from the production and commercialization" of cryptocurrencies.

This bill means that cryptocurrencies would be accepted as a payment method; however, they would have to comply with the regulatory framework for miners and crypto exchanges specified in the bill. Crypto exchanges would operate as long as they comply with the nation's anti-money laundering secretariat (senaclaft) and the nation's central bank. Miners may not require a license to operate as crypto exchanges but would require a permit from Uruguay's Ministry of Industry, Energy, and Mining to operate. The bill might not adopt cryptocurrency as a legal tender like El Salvador. Still, it is a giant leap closer to crypto adoption in Uruguay.

Google set to allows crypto Ads on its U.S. Platform

Google has upgraded its U.S. crypto ads policy to allow ads relating to bitcoin and other crypto assets on its network. However, there are restrictions on the firm allowed to do so. Ads on DeFi trading protocol, ICOs (Initial Coin Offerings), or comparing crypto service providers are not permitted.

Companies who wish to partake in the crypto ads must be registered with the U.S Treasury's Financial Crimes Enforcement Network (FinCEN) or a federal or state-chartered banking regulator.  Although it might seem like there are still many restrictions on crypto ads, yet this marks a significant step in the crypto space. Google has about 4billion users, making it an integral platform in bringing cryptocurrencies closer to the people.