“Decentralized finance (DeFi) firm Truflation is building a new gauge to track inflation independent from the government and in real-time. Think of it as a competitor to the Consumer Price Index (CPI), and one where officials can’t move the goalposts.
The centralized state isn’t going to provide reliable inflation stats. It’s the black box. We don’t know how they made the survey, how they executed it and so on … and the surveys are quite dubious to us as opposed to real price data of the sales point that you can get from real merchants or aggregators
The key difference between the CPI and the Truflation index is that while the government uses survey data to measure inflation, Truflation looks at price data. The Truflation index measures and reports inflation changes daily by using current real-market price data from sources like Zillow, Penn State and Nielsen, among others.
Truflation, which runs on Chainlink and is therefore accessible and visible for everyone, currently measures a 13.2% inflation rate, as opposed to 7.9% measured by the CPI in March.”
“Mallers said Strike would partner with Shopify’s global network of merchants to allow for payments across the Bitcoin Lightning network – for those merchants who want to opt in. Strike [also] partnered with NCR (NCR), the world’s largest point-of-sale (POS) supplier, and payments firm Blackhawk.
Strike’s integration enables Shopify merchants to diversify their existing payment options and reach untapped global markets and purchasing power. By instantly converting bitcoin (BTC) payments to dollars, Strike removes certain complexities merchants face in holding bitcoin.
Maller’s announcement could supercharge an explosion in mainstream adoption for Lightning Network. Earlier Tuesday, stock and crypto trading hub Robinhood Markets (HOOD) said its new wallet would add support for bitcoin transactions on the Lightning Network.”
“The update to Arbitrum will cheapen fees, speed up transactions, and make it easier for native Ethereum apps to interface with the Layer 2 chain. Arbitrum’s fees, which were usually around 50 cents to $1 before the update, will be cut by at least 50%.
Arbitrum is currently Ethereum’s largest rollup solution, with nearly $2.5 billion total value locked (TVL).”
“On Thursday, the FDIC issued a financial institution letter requesting that banks should notify their regional FDIC director of their crypto activities. According to the letter, the FDIC will review the information, ask more questions if necessary, and then issue “relevant supervisory feedback.”
Because the vast majority of banks – including every national bank – in the U.S. are FDIC-insured, the new requirements mean that nearly all banks with crypto exposure – including Wall Street titans like Bank of America and Goldman Sachs – must now disclose their crypto activities to the regulator.
Under Acting Chair Martin Gruenberg, the banking regulator has issued warnings about the potential for the “rapid introduction of … digital asset products into the financial system” to pose systemic risks. In February, Gruenberg said the FDIC and other regulators needed to provide “robust guidance” to the banking industry on how to manage the risks posed by crypto.”
See Also: Top US Bank Watchdog Warns of Stablecoins’ ‘Lack of Interoperability’
See Also: CLabs to Work With eCurrency to Integrate CBDCs With DeFi
See Also: South Africa finishes technical PoC for wholesale CBDC settlement system
“The policy arm of U.S. Senate Republicans has issued a policy paper on crypto, signaling the GOP is making its way toward a more unified approach to crypto regulation.
While the paper touts the potential for crypto to “reduce transaction costs and speeds and to increase privacy,” it also calls attention to crypto’s role in “nefarious purposes” like ransomware attack payments, scams, speculation and drug trafficking.
Though nothing in the paper is new information, the paper itself is noteworthy because it demonstrates the development of a more cohesive Republican policy position on crypto. Senate Republicans have been, on the whole, more supportive of the crypto industry than Senate Democrats, but policy efforts have been sporadic.”
“Adam Back’s Blockstream and Jack Dorsey’s Block (SQ) are building a pilot crypto mine in Texas that will be powered by a Tesla (TSLA) solar installation and batteries.
The mine will have a relatively tiny 30 petahash/second in computing power and energy capacity of just 1 megawatt (MW). The project will be completely off-grid, said Back, with a Tesla 3.8 MW solar array powering the mine.
Real-time operational and financial information about the mine, including its energy consumption and hashrate, will be publicly available in a dashboard. The data is intended to inform the public debate around off-grid mining and whether it can fund the expansion of solar power.“
“Russian payments to EU crypto wallets will be capped at €10,000 ($10,900) under sanctions measures published in the European Union’s official journal Friday. The limit is intended to stop wealthy Russians from circumventing a cap on investing in the EU introduced in the wake of the Ukraine invasion.
The law prohibits providing high-value crypto wallet, account or custody services above the limit to Russian people or entities, with an exemption for those who are EU nationals or residents.
European Central Bank President Christine Lagarde recently warned crypto was being used to evade sanctions, despite little evidence.”