Cryptocurrency news for the week #7
In today's blog post we will cover the weekly cryptocurrency news for this week. A lot has happened over the week so make sure you read the whole article to make sure you are informed on the market. As lot's of adoption news has happened over the week which makes this post a great read. All of these news events and headlines will affect the market so make sure you correlate your cryptos and news so that you don't make a wrong decision or miss out. Let's now however get into the weekly crypto and NFT news and headlines.
Crypto news happening in the U.S
When Eric Adams new York's new mayor takes office as Mayor on Jan 1 he says he’s going to take his first three paychecks in Bitcoin. He also said New York will be the “center of cryptocurrency”. During NFT NYC there were many NFT’s being displayed on the biggest screens in Times Square. They are also starting to be displayed at bus stations, on taxi cabs, and even on the screens at gas station fuel pumps now. Making them easier to be seen by the public which is making it easier for NYC to make it the center of cryptocurrency. It seems like Texas and Miami will have to compete with another location in America to be the center of cryptocurrency it seems. However, it seems Miami is stepping its game up as it says it will now pay citizens bitcoin dividends directly into their bitcoin wallets.
International and global news
India is going to host its first-ever official meeting with the countries top cryptocurrency holders in the country today as of writing this blog (11/15/21). The lower house of parliament has listed the meeting as “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges,” to be hosted by the Parliamentary Standing Committee on Finance on November 15. The invited members are the members of the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council ( BACC). In some more Asian news, Coinbase Pro is announcing plans to launch a stablecoin pegged to the Japanese yen, reportedly the first of its kind. GYEN (GYEN) bills itself as the “first regulated digital Japanese yen.” The project says it is 100% fiat-backed. In mining news The Russian government says cryptocurrency mining should be recognized as an entrepreneurial activity under Russian law and taxed accordingly, representatives of key ministries in Moscow and the parliament have indicated. Officials believe the regulatory move would benefit both the state and the crypto industry respectively. According to data from The University of Cambridge, Kazakhstan contributed to 18.10% of the world's bitcoin mining hash rate, the second largest in the world now.
Companies adopting cryptos
It seems soon after Facebook decided to join the metaverse by changing their name from Facebook to meta that many others started to follow suit. Companies such as Microsoft are working on 3D avatars and immersive meetings. Nike also filed a patent for virtual clothing which will most likely be used in the metaverse. Credit company Mastercard has partnered with three digital asset platforms in Asia to issue payment cards that will allow consumers in the region to convert bitcoin and other cryptocurrencies into fiat currencies. Mastercard announced on Tuesday that it’s joining hands with Hong Kong’s crypto finance firm Amber Group, Thailand’s crypto exchange Bitkub and Australia’s trading platform Coinjar. The partnership intends to introduce cryptocurrency-linked credit, debit, and prepaid cards for both individuals and businesses across the Asia Pacific. Cardholders will be able to instantly convert bitcoin and other digital currencies into fiat currencies, which can then be spent online or offline with any of the merchants that accept Mastercard payments. If you pay for tickets online then you can use bitcoin and Ethereum to pay for AMC tickets online on its website now. Which is another great step towards mass adoption now.
In real estate news Latin American real estate leader la Haus is now going to start accepting bitcoin as payment. The Universal Music Group has created a band of four virtual apes called Kingship. Which combines two hot digital concepts that you’ve likely read about in the past year NFTs and the metaverse. The NFT band is the first of its kind and will most likely be a new experiment with the results being unknown.
Cryptocurrency news and updates
on Sunday, Nov. 14, Taproot, the long-anticipated Bitcoin upgrade, activated at block 709,632, opening the door for developers to integrate new features that will improve privacy, scalability, and security on the network. There hasn't been a single bitcoin update in the last four years. The Taproot update improves transaction privacy and efficiency. Furthermore, it also enables smart contracts which will make Bitcoin more scalable as well. One of the most popular NFT marketplaces OpenSea has officially surpassed $10 Billion in sales. Proving furthermore that NFTs are getting more and more popular with the public as time passes. This is great for cryptocurrency overall as it means it will bring in more adoption.