The United Kingdom will adopt crypto assets and regulate stablecoins as a means of payment

Source: Observatorioblockchain

The UK will safely adopt crypto assets and regulate certain types of stablecoins as a means of payment. The new United Kingdom Financial Services and Markets Bill that provides for the adoption of crypto assets has the mission of guaranteeing the permanence of the country at the forefront of new technologies and innovations. The Bill repeals hundreds of laws from the EU and allows the creation of financial market infrastructure sandboxes. Nadhim Zahawi, the current finance minister, has said the new legal framework will strengthen the UK’s position as a leading technology hub as the country safely embraces crypto assets.

United Kingdom, crypto assets and stablecoins

«By introducing this bill, we are repealing hundreds of onerous EU rules and harnessing the benefits of Brexit to ensure the financial sector works in the interests of British citizens and businesses,» Zahawi said. In the words of the British Government, this is legislation to improve the competitiveness of the financial services sector and unlock tens of billions of pounds of investment across the UK economy. «Consumers will be protected through legislation that safeguards access to cash for generations to come,» the statement said.

It should be remembered that former Finance Minister Rishi Sunak, one of the favorite candidates to replace Boris Johnson, was the one who commissioned the institution that mints coins in the country to create an NFT. Sunak was the first to talk about stablecoins as a form of payment. During his time as minister, he also said that he would initiate a program to explore the feasibility of using Distributed Ledger Technology (DLT) for sovereign debt instruments. He has also committed to drawing up a consultation on regulation of the crypto sector by the end of the year.

Sunak will compete for the position as Prime Minister of the country with the British Foreign Minister, Liz Truss. The winner will be announced on Monday, September 5.

french banks

French banks lead crypto asset services in Europe. BNP Paribas announced that it will offer new custody and trading services for bitcoin and other crypto assets. BNP Paribas is the largest bank in Europe and the sixth largest in the world by volume of assets. Société Générale, another of the most important banks in the region, is also preparing to offer services with crypto assets. 

The Taiwanese government announced new bans on cryptocurrencies. As reported by a local media, Taiwan’s financial authorities want to prohibit citizens from using cryptocurrencies through credit cards. Taiwan’s FSC submitted a letter requesting banks and credit card issuers not to incorporate cryptocurrencies into these products. The measure, according to the financial authority, seeks to protect users. 

The FBI reports more than $40 million in losses through fraudulent cryptocurrency wallets. The FBI warned about fraud and scams executed through malicious services. Fraudsters have stolen nearly $43 million using fake crypto wallets, the agency said.

The Ukrainian government will use the money from the NFT sale to restore the monuments destroyed in the war . In a statement, the Ministry of Culture and Information Policy of Ukraine reported that the country will begin to restore its heritage and monumental institutions. Ukraine has raised about $1.3 million through the sale of NFTs. 

A vote approved in the state of California allows politicians to accept donations in cryptocurrencies during their campaigns. The California Fair Political Practices Commission has decided to repeal the ban on cryptocurrency donations in the state. Which allows politicians to accept crypto donations during campaign periods. 

French banks lead crypto asset services in Europe

Polygon and the new solutions to scale Ethereum

Polygon Introduces zkEVM Zero Knowledge Scaling Solution. Polygon Hermez technology lead Jordi Baylina presented the Polygon zkEVM solution at the Ethereum conference in Paris. A solution based on Zero Knowledge (ZK) technology, compatible with the Ethereum Virtual Machine (EVM). The scalability proposition is key to Web3 development.

Xiaomi wants to adopt blockchain to create virtual humans with unique genetics. The Chinese phone and electronic equipment maker has announced plans to reproduce genetically unique virtual humans, using the blockchain. The company filed a patent to create a decentralized storage system that will allow keeping a genetic record of virtual people. Blockchain will allow the information of virtual characters to be stored to guarantee that they are unique, non-replicable and destructible.

What is Soulbound, the token to build the Web3 society

Renewable energy consumption in Bitcoin miners is close to 60%, according to the Bitcoin Mining Council. According to data published in the organization’s latest quarterly report, the use of renewable energy in Bitcoin mining continues to grow. According to the data, the mix of renewable energy in BTC mining has grown by 6% in the last year. For its part, the energy efficiency of the network has increased by 46% in the same period. 

Stablecoins resist and flourish in the crypto winter

Stablecoins resist

Stablecoins endure and flourish in the crypto winter. Despite the Terra ecosystem debacle, the stablecoin market is showing healthy signs. USDC, BUSD, and DAI, which are among the top stablecoins, have gained market dominance. These stablecoins have maintained their parity with the dollar, demonstrating their strength and stability. However, USDT, the most capitalized stablecoin in the industry, has seen its market dominance drop considerably. USDT lost its parity with the dollar in April. It currently maintains a 1:1 value with the fiat currency, but its market capitalization has fallen precipitously. 

Singapore exchange Zipmex suspends withdrawals. The company said in a tweet that the decision is due to a combination of circumstances beyond its control. Like the volatile market conditions and the financial difficulties of its trading partners. Withdrawals, he said, will be on hold until further notice.

Blockchain.com announces the dismissal of about 150 people, approximately 25% of its workforce. The exchange makes these moves following its exposure of $270 million in loans to bankrupt Three Arrows Capital (3AC). The units most affected by the layoffs are those in Argentina, the United States and the United Kingdom.

Bit2Me goes shopping and acquires the Peruvian exchange Fluyez. The Spanish company Bit2Me has acquired Fluyez, the first cryptocurrency exchange in Peru. With this purchase, Bit2Me underlines its commitment to the Latin American crypto market, as part of its international growth strategy. Leif Ferreira, CEO of Bit2Me, specified that the Peruvian exchange will continue to operate independently.

Tesla sell bitcoins

Tesla holds about 10,000 bitcoins, after selling about 75% of his holdings. Tesla, owned by Elon Musk, sold 75% of its bitcoin holdings in the second quarter. However, the company still has about 10,000 BTC deposited on its balance sheet, currently valued at about $228 million. Tesla invested $1.5 billion in BTC a year ago, saying it believed in the long-term potential of digital assets. Musk explained that the decision to sell has to do with the need to maximize the company’s cash position. He also indicated that he will possibly increase his investment in bitcoin in the future. 

Dogecoin Core 1.14.6 implements a number of improvements to the network code to ensure its security and improve its efficiency. Dogecoin developers present a new software update with several improvements and code changes, in order to make the network more secure and efficient. One of the most notable changes implemented is the reduction of the recommended “dust” to 0.01 DOGE and the update of the translation system. 

News about NFT and Metaverse

Microsoft will ban NFTs and blockchain technology in Minecraft. The gaming company reports  that some companies have recently released NFT implementations associated with Minecraft files. NFTs and blockchain can also be used to create Minecraft collectible NFTs, allowing players to earn NFTs through activities done on a server or earn rewards for activities outside of the game, the company explains.

The arguments for the ban is that NFTs and other blockchain technologies create digital properties based on scarcity and exclusion. “NFTs do not include our entire community and create a rich-have-not scenario. The speculative pricing and investment mindset around NFTs draws attention away from the game and encourages speculation. This is incompatible with the joy and long-term success of our players,» says the company.

Dubai and the Metaverse

Dubai launches growth strategy focused on the Metaverse. The strategy of the famous futuristic city of the United Arab Emirates has been presented by the crown prince of Dubai, Hamdan bin Mohammed. He will create 4,000 new companies dedicated to the Metaverse, generate 40,000 new jobs and $4 billion in revenue over the next 5 years. 

FC Barcelona will auction an NFT of a legendary goal by Johan Cruyff at Sotheby’s. Futbol Club Barcelona has announced the launch of an NFT work of art together with Sotheby’s, one of the oldest and most prestigious auction houses in the world. The digital artwork titled “In a Way, Immortal”, pays tribute to the late Dutch soccer player Johan Cruyff. Hendrik Johannes Cruijff is considered the best soccer player in Europe and the second in the world, behind Pelé. The FC Barcelona NFT artwork will be auctioned at Sotheby’s on Friday, July 29. The starting price of the NFT is  $22,000.  Sotheby’s will accept payments in fiat money and in cryptocurrencies such as BTC, ETH, USDC and DOT.

LG registers its trademark for NFTs and the Metaverse. The global home appliance brand LG has submitted a trademark application to the USPTO. In said request, the company reveals its interest in creating SmartTV software to integrate NFTs. In addition to launching other products related to the crypto world and the Metaverse. 

Gamium and Telefonica

Telefónica invests in Gamium, the metaverse that wants to connect all metaverses.  Telefónica has invested in Gamium, the company that develops a decentralized metaverse whose avatars can be used to interact in other metaverses. Both companies reported in a statement that the investment, the amount of which has not been disclosed, has been made through Wayra, Telefónica’s open innovation initiative. Gamium is focused on digital identities and users will participate in it through an Avatar, which will represent their unique digital identity.

Telefónica invests in Gamium, the metaverse that wants to connect all metaverses

Time will launch an edition dedicated to the Metaverse in August. The publication will explain its concepts and its potential in different industries. The author of the main text is Matthew Ball, a partner at Epyllion, a company that makes investments, provides advisory services and produces television shows, movies and games. EpyllionCo’s portfolio includes among others Dapper Labs, Mirror.XYZ and One More Multiverse.

The San Juan de Dios Hospital in Zaragoza (Spain) offers medical services through a platform based on virtual reality. At the moment, the space will be dedicated to answering questions or consulting the available services. The San Juan de Dios Hospital in Zaragoza is the first medical center in Spain to offer services through a virtual platform.  

At press time, the market capitalization of cryptocurrencies is $1,015,404,403,550.35  ($1.015 billion).