The African country of Central Africa Republic has adopted Bitcoin as legal tender alongside the CFA franc following the example of El Salvador.
Although the FX market has been generally stable over the last month, significant volumes of foreign currency purchases by banks pursuing overseas settlements create some additional pressure. As a solution to this, Ukraine has banned Bitcoin purchases with national currency amid martial law.
My thinking on stablecoins has evolved greatly since I started writing about them four years ago. There are things I’ve gotten right (their emergence as a killer app for blockchain), things I’ve gotten wrong (the viability of Dai), things I was early on (adoption for vanilla payments) and things I remain conflicted on, like the viability of the undercollateralized AKA algorithmic variety.
A crypto analyst warns that the stock market may trigger a crypto market crash. The present macro factors indicate that a huge correction is on the way, which might bring digital assets down with it.
According to Bitbo statistics, the 19 millionth bitcoin was just mined, having left just under 2 million BTC for miners to distribute into circulation as the Bitcoin infrastructure ticks through a predetermined issuance schedule till it approaches the 21 million supply limit and stops creating new bitcoin.
Bloomberg has reported that Exxon is now mining bitcoin with excess gas which will not only increase revenues but also help the environment.
The present volume and liquidity of the Bitcoin market raises doubts about whether the peer-to-peer currency can be extensively employed in global trade at this time. Nevertheless, Russia has chosen to accept Bitcoin and gold for natural gas.
According to the White House, US President Joe Biden signed an executive order on Wednesday for the creation of digital dollar directing the government to evaluate the risks and benefits of developing a central bank digital currency, as well as other cryptocurrency concerns.
The city of Lugano, Switzerland, will make bitcoin legal tender and allow citizens to pay for public service fees or taxes in bitcoin, city director Pietro Poretti co-announced in an event livestreamed on Thursday alongside mayor Michele Foletti and CTO of Tether Paolo Ardoino. The city has already worked with over 200 merchants to propel the adoption of bitcoin and Lightning payments.
NFTs are gaining a lot of traction these days since they're a great method to show off and market your digital artwork which has led to everyday technology questions like what is an NFT and how is it different from cryptocurrency?
