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In todays blog I'm going to cover this weeks weekly cryptocurrency and NFT news. All sorts of news has been happening around the world recently in terms of crypto. This is why I wanted to cover all of what's important that's been going on this week. You don't want to miss out on this news as a lot of it will be effecting the market in some way. Lets now get into the blog post so sit back and read as a whole lot has been happening this week.
Crypto news happening in the U.S
The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a federal government wide approach to the currencies and tokens. The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto touching on topics such as financial regulation, economic innovation and national security. The initiative will also aim to coordinate agencies’ work on digital currencies throughout the executive branch, the people said. The plan would push departments that have given scant attention to crypto to focus on it. Officials have also considered appointing a White House crypto czar to act as a point person on the issue, sources said. The White House declined to comment on the crypto initiative. The draft directive is part of an effort by the White House to craft a sweeping strategy for cryptocurrencies. Which have become a growing concern for U.S regulators as they’ve become wildly popular with the average American.
In other news though we have reports now saying that bitcoin is now bigger in terms of value then the 3 largest banks in the united states. Then we have more news that more government officials are getting into bitcoin and cryptos. With a report saying that united states senator Cynthia Lummis has bought up some bitcoin. Which is great news as it shows that more and more government officials are checking and getting into cryptocurrencies. But in other news speculation is building that the SEC could approve a Bitcoin ETF as soon as this week. Further proving the fact the government is being more adaptive to cryptos then ever before. Miami Mayor Francis Suarez said it’s “a major priority” for the city to be able to pay government employees in Bitcoin. “I want us to differentiate ourselves as a crypto capital of the United States or of the world,” the mayor said. Miami will issue a request for proposal this month to help create that payment mechanism, and to let city residents pay fees and potentially even taxes in Bitcoin.
International and global news
In terms of international news the bank of England has came out recently saying that "bitcoin and other cryptocurrency assets don't pose a major risk to financial stability". Then back over in el Salvador we have the government putting their bitcoin gains to use by building a veterinarian clinic with the money its made from bitcoin so far. So far it seems bitcoin is doing more good then harm to el Salvador which is great news for cryptocurrency as it shows that whole governments can adopt them and do better for themselves through it. El Salvador is now starting to rub off on its neighbors as Paraguay and Panama are now looking into making bitcoin legal tender. Which just goes to show that el Salvador is ahead of the game and will be the example for the rest of the world to follow.
Canadas largest Bitcoin ETF is set to open up to mutual fund investors. Vladimir Putin the leader of Russia has recently stated that Cryptocurrency "has the right to exist and can be used as a means of payment," Vladimir Putin said in an interview with CNBC. The Russian president's comments come at a time when digital currencies are drawing increasing scrutiny from regulators around the world, including a crackdown in China and the possibility of new regulations coming in the U.S. Moscow has sought other alternatives to trading in dollars since being hit with sanctions in 2014 following Russia's annexation of Crimea. But Putin said it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russia’s exports.
Companies adopting cryptos
Facebook Inc will invest US$50 million to partner with organizations to responsibly build the ‘metaverse’ - a digital world where people can use different devices to move and communicate in a virtual, augmented reality. According to the statement, the success of the metaverse depends on the collaboration of several companies, the involvement of human rights and civil communities with the aim that it is developed in a responsible, inclusive and empowered way. This is a huge investment into the NFT space and provides an optimistic future ahead. Coinbase has announced that it will now be rolling out Coinbase NFT. Which the company says will be a "peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever." The initial market launch will support Ethereum based standards, with plans to roll out multichain support later. The company said it wants creating an NFT to be as simple as tapping a few buttons. The company also stated that "Anything more complicated is a barrier to creativity," it said in its statement.
Visa is building a program that will support artists who want to use NFTs to sell their work. They will select a small group of creators through an application process and then help them learn about the crypto, blockchain, and NFT industry. which makes it easier for mainstream celebrities to get into the industry and be more knowledgeable on it. Then we have billionaire CEO of Starwood Capital, an investment firm with over $95 billion under management, has revealed that he owns bitcoin and ether.
Cryptocurrency news and updates
Cross chain decentralized exchange THORSwap appears to be on the path to recovery after the THORChain network was taken offline following major exploits just three months after it entered its guarded launch. The Cosmos powered network aims to support decentralized trades executed across different blockchain networks such as the Bitcoin and Ethereum blockchains. According to an October 12 progress report, the team behind the project’s decentralized exchange THORSwap has so far restored functionality to four of the five networks it supported prior to it going down in July.
Polkadots parachains are officially ready to launch on it's mainnet come November. Polkadot’s parachains are the most integral components of its network. They represent the diverse and specialized blockchains that connect to the Polkadot’s Relay Chain. They also constitute the multichain aspect of Polkadot’s architecture and are the final piece that put it all together. Polkadot announced that parachains are ready to be launched, and the team, spearheaded by Gavin Wood and Robert Hebermeier revealed that the first auction will begin on November 11th, 2021.
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