Crypto Scoop: Vitalik Buterin Says, “Focus On The Tech, Not The Price”
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December, 9 2022
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While BTC continues to trade at $17,000 and ETH at $1,200, the crypto community celebrates innovative new partnerships and crypto initiatives.
Even as 2022 draws to a close, the cryptocurrency industry is still active with new partnerships and initiatives. In this edition of the crypto scoop, we review:
- Price moves of top cryptocurrencies
- Circle's decision not to be publicly listed
- Crypto adoption policies in Nigeria and South Africa
- Crypto Initiatives in Uzbekistan, Spain, Indonesia
- Crypto.com and Coca-Cola's FIFA NFT initiative
Price Moves Of Top Cryptocurrencies
Following the FTX crash, Ethereum has lost its deflationary status, at least temporarily. While Ethereum’s inflation was negative after the merge, it has risen to 0.07% in the last few days. The current positive inflation rates indicate that the volume of Ether being minted currently outpaces the amount being burned.
At the same time, in the last few days, some sleeping bitcoins which had sat idle for five to nine years were moved this week. 1,2221 bitcoin worth $ 20 million were moved over the last 4 days, according to BTCparser.com
While BTC and ETH continue on their recovery rally, ETH developers have announced that the Shanghai hard fork will take place in March 2023. After the upgrade is live, users can withdraw their staked Ether and any associated rewards. Additionally, developers plan to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade, which will bring proto-danksharding to the network, in May or June 2023
Speaking on the bear market, Co-founder of Ethereum, Vitalik Buterin, encourages crypto enthusiasts to focus on the tech, not the price. For Buterin, the bear market is the best time to focus less on market watch and learn more about the tech itself. “I’d recommend increasing your distance from trading/investing circles and getting closer to the tech and application ecosystem,” he said
Circle Pulls Out Of Plans To Become A Public-Listed Company
Stablecoin USDC's parent company, Circle, has cancelled its contract with special-purpose acquisition firm Concord Acquisition Corp. and stepped back from its plan to go public. The boards approved the move of both companies, the company reported on Monday.
The stablecoin issuer had previously stated that it intended to IPO in July 2021 with a $4.5 billion valuation. Circle CEO Jeremy Allaire explained on Twitter that his company had not finished the U.S. "Qualification in time", according to the Securities and Exchange Commission.
Crypto adoption Policies in Nigeria and South Africa
The Central Bank of Nigeria (CBN) issued a directive according to which locals can withdraw a maximum of N20,000 ($45) per day and N100,000 ( $225) per week from ATMs.The endeavour aims to encourage more electronic-based transactions and thus drive the development and modernisation of its CBDC, e-naira. ]
Additionally, there are reports that Nigeria seeks to levy taxes on digital asset transactions. A Nigerian finance bill, which aims to amend the country's various tax statutes, contains provisions which allow the government to tax cryptocurrency and other digital asset transaction was proposed.
Be Mobile Africa, a South African digital-only bank (also referred to as a "neo bank"), is said to have launched a crypto payment gateway that enables merchants to convert payments made in digital currencies to fiat money. According to Cédric Jeannot, CEO of the digital-only bank, the initiative will help small businesses to "preserve wealth in unfavourable economic conditions."
Crypto Initiatives in Uzbekistan, Spain, Indonesia
Uzbekistan has approved regulations for the issuance and circulation of digital assets. The primary goal of this action is to create a system that will enable local businesses to raise capital through coins and tokens.
The Bank of Spain (BDE), the central bank of Spain, announced its intention to start testing wholesale central bank digital currencies (CDBCs). According to the Bank of Spain, the study can help determine how much it can adapt to the "needs and demands of an increasingly digital society."
Bank of Indonesia Governor Perry Warjiyo has also announced developments in its plans to launch a central bank digital currency, or CBDC, for "various digital economic and financial transactions.
Crypto.com and Coca-Cola Launch NFT Collection Inspired by FIFA 2022
To commemorate the Qatar 2022 FIFA World Cup, Coca-Cola and Crypto.com have introduced an NFT collection. The "heat maps" representing the player movements and standout moments during the tournament served as the foundation for the collection. Fans can purchase 10,000 NFTs made by GMUNK based on these heat maps on the Crypto.com NFT platform.
In order to track soccer balls that are used to score goals, the top Spanish soccer league, Laliga, has announced the implementation of a new system that will use blockchain. A third-party company, Gol-Ball, will supply the system that will certify these balls so that users may buy them through legitimate markets or raffles.
The system, which will go into effect following the world cup in Qatar, will track every ball used in every game, separate them, and show which ones were used to score each goal. Previously, this was impossible because each football was rotated and mixed in with the others.
Javier Mascherano, a football legend for Barcelona and Argentina, has joined the top fiat-crypto payment gateway Alchemy Pay as an ambassador. Javier noted he would collaborate closely with Alchemy Pay on future co-branded NFT launches.
Warner Music, Polygon and LGND launch a Web3 music platform
LGND has announced a multiyear partnership with Warner Music Group and blockchain network developer Polygon to launch a Web3 music platform called LGND Music. LGND Music, set to debut in January 2023, is intended to be a music and collectables platform that enables users to play their digital collectables while on the go.
Chosen Warner Music Group artists can introduce digital collectables on the app and desktop platforms. Special content and carefully curated experiences will allow creators to engage with their fanbase.