25 December

“The bitcoin-holding U.S. senator is trying to “fully integrate” crypto into the U.S. financial system, an aide said. Lummis, who sits on the Senate Banking committee, wants nothing short of full normalization for digital assets in the U.S., the aide said.

Her upcoming bill will propose doing just that with federal rules for stablecoins, consumer protection provisions and updated taxation guidance, as well as a new watchdog: a self-regulatory organization administered by the executive branch’s securities and swaps regulators.”

“Global interbank messaging network Swift plans to explore how it can support interoperability in the tokenized asset market. Swift is planning a series of experiments in the first quarter. The experiments will use central bank digital currencies (CBDCs) as well as established forms of payment.

The organization, which links more than 11,000 institutions, aims to support the issuance, delivery-versus-payment and redemption processes, demonstrating how it could support ‘a frictionless and seamless tokenized digital asset market.‘”

The marketplace will provide custody, and the exchange is figuring out how to determine the liquidation value of NFTs deposited so that users can use them as collateral for loans.

While decentralized finance project NFTfi, founded in February 2020, and crypto lender Nexo already offer NFT-backed loans, Kraken will probably be the biggest exchange thus far to try it.”

A senior executive at newly-branded Meta reportedly urged staff to explore ways in which the company could embrace blockchain technology.

My overall guidance is to target a deep compatibility with the blockchain. There aren’t many places where I expect us to depend on it exclusively yet, but if we see an opportunity to work jointly with entrepreneurs in the Web3 space I expect it to be worth the effort.

Bosworth also acknowledged users who are choosing decentralized equivalents over traditional social media and tech platforms.”

See Also: Consultants Are Entering the Metaverse – Literally

Bitcoin and other cryptocurrencies have grown increasingly popular in Turkey, where inflation has soared and the country’s currency, the lira, hit record lows against the U.S. dollar earlier this year. Many consumers have seen crypto as a way to circumvent these issues.

But the growing acceptance has challenged the authoritarian Erdogan, who has been looking to strengthen the lira and bolster Turkey’s struggling economy. In April, Turkey’s central bank said it was banning the use of cryptocurrency for payments, although it remains legal to hold crypto in the country.

The law is ready, we will send it to the Parliament soon without delay.”

See Also: Paraguay moves a step closer to regulating digital currency

“The November 2021 update identifies 9 jurisdictions with an absolute ban and 42 with an implicit ban.

Absolute bans refer to those that make cryptocurrencies illegal. Implicit bans refer to those which prohibit banks or other financial institutions from dealing in cryptocurrencies or offering services to people or businesses that involve crypto.

Countries [with an absolute ban] are Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia.”

See Also: Japan’s Taxes on Crypto Firms Are Leading Some to Leave the Country

“The foundation announced a Dogecoin “trailmap” which is explores eight projects including the launch of LibDogecoin and GigaWallet. The Dogecoin Foundation, boasts some well-known board members and advisers, including Ethereum co-founder Vitalik Buterin.

In its roadmap the foundation said it is working with Buterin on ‘crafting a uniquely Doge proposal for a ‘community staking’ version of Proof of Stake (PoS) that will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network.'”

See Also: Telegram CEO Endorses TON Blockchain Spin-Off Toncoin