Encryption news at a glance for the month of October

News about the crypto space, blockchain technology and finance are becoming increasingly important in reporting. What’s next for central bank digital currencies (CBDCs) globally? How do banks and other companies operate in the crypto space? It is becoming increasingly difficult to keep track of things.

But no worries! We at the “Bitcoin, Fiat & Rock’n’Roll” podcast do this for you, summarizing monthly the most important news about traditional and crypto-native finance as well as blockchain technology.


Markets-in-Crypto-Assets Regulation takes the next hurdle

The European Council approved the proposed law with a majority of 28 to 1. A plenary vote in the EU Parliament now follows. It is currently expected that the bill will be passed within the next few months.

Tron tokens will become the official means of payment in the Caribbean island nation:

Tron blockchain tokens, including governance token TRX (market cap: $6 billion.) and USDT on Tron, have been official offerings in Domenica since early October. In the island state of 70,000 inhabitants, among other things, tax can now be paid with the tokens.

Google partners with Coinbase for crypto payments:

Google plans to offer cryptocurrency payments for cloud services to select customers starting in 2023. For crypto payments and storage, Google is working with Coinbase. The offer will be made available to other customers over time.

FTX cooperates with Visa:

Visa will issue a crypto debit card in 40 countries. This payment card enables crypto exchange FTX users to use their cryptocurrencies to make payments at millions of merchants. Users should not incur any costs.

Binance Smart Chain stopped due to bridge hack:

Within a few days, Binance Smart Chain (BSC) was the victim of a hacker attack, temporarily stopped working and eventually performed a hard fork. The quick intervention prevented the loss of hundreds of millions of US dollars. But is the central control of the blockchain the real evil?

Hacker attack on DeFi project Mango Markets:

After the hacking of the DeFi project, the associated DAO is overwhelmingly in favor of the hacker receiving a huge “reward” for his repayment.

Securities and Exchange Commission (SEC) suing Kim Kardashian:

The US Securities and Exchange Commission has filed charges against Kim Kardashian for promoting a cryptocurrency offered and sold by EthereumMax on social media without disclosing the payment received for it.

Ripple dismisses lawsuit against SEC, and XRP pumps:

Both the US Securities and Exchange Commission and Ripple have filed motions for summary judgment, asking the judge to rule in their favor without a hearing. In parallel, XRP tokens instantly increase in value.

The risk for Tether stablecoin is further reduced:

Tether Limited, the company behind the Tether stablecoin, continues to dump risky assets, according to a report. Accordingly, the stock of risky “commercial paper” was recently reduced to zero. In return, US government bonds were bought. For some time, the industry has been calling for greater transparency and less risky assets in the Tether reserve.


CeFi and companies

Deutsche Telekom supports the Ethereum blockchain:

Telekom subsidiary T-Systems MMS will provide the Ethereum network with infrastructure in the form of validation nodes.

Circle expands USDC stablecoin support to five new blockchains:

USDC will be compatible with Arbitrum, Cosmos, NEAR, Optimism and Polkadot. Expanding multi-chain support for USDC opens the door to innovation for institutions, exchanges, developers and others.

Coinbase secures in Singapore Digital assets allow:

Cryptocurrency exchange Coinbase Global Inc. received a digital asset license in Singapore. Regulators there are stepping up their vigilance following the high-profile bankruptcies of crypto firms such as Three Arrows Capital.

Nomura invests in Fnality:

Nomura announced an investment in Fnality, an interbank payment and settlement platform that uses blockchain technology and is now backed by 17 major financial institutions.

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Central Bank Digital Currencies (CBDCs)

China’s central bank reveals figures for digital yuan consumption:

According to China’s central bank, the digital yuan has now been used for more than 360 million transactions in 15 provinces and is currently accepted by 5.6 million merchants. The cumulative transaction volume at the end of August was almost 14 billion US dollars.

The European Central Bank (ECB) comments on wholesale CBDC:

Speaking at an event organized by the Deutsche Bundesbank, ECB Executive Member Fabio Panetta expressed the ECB’s thoughts on its own wholesale CBDC.

The ECB publishes a report on the current project status of the digital euro:

The report looks at the milestones the ECB has reached in the digital euro project and the next steps to be taken. A decision for or against a digital euro should be made in a year.

India moves ahead with CBDC project:

A concept paper by the Central Bank of India provides insight into the current status of its CBDC project. The paper explains motivation, design issues and general implications. The next steps are also explained.


Microsoft and Meta bring Office 365 to Metaverse:

Meta Platforms has partnered with technology giant Microsoft to bring a suite of Microsoft Office 365 products to Meta’s virtual reality platform, encouraging businesses to work in virtual environments.

NFT trading volume down 97% from peak in January:

They have fallen from $17 billion at the beginning of 2022 to just $466 million in September, according to data from Dune Analytics. The waning NFT craze is part of a broader crisis in the crypto space.

Dubai Plans New Financial Metric Gross Metaverse Product:

The new metric will show how new technology will contribute to the economy of the future. Sectors to which the metric is applied include tourism, education, retail, real estate and government.

It’s lonely in the Metaverse:

Data from DappRadar suggests that Metaverse platforms Decentraland and The Sandbox each have fewer than 1,000 “daily active” users despite being valued at $1 billion. Platforms caution that these numbers do not tell the whole story.

Zuckerberg’s Metaverse takes a quality break:

Zuckerberg ordered a quality break for the rest of the year. He directed the meta task force to first improve the basics before aggressively expanding. Some employees warned that morale suffered as teams were restructured to accommodate Zuckerberg’s new vision.

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