What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact weekly review.
Selected articles in the weeky review:
The example of Russia demonstrates a situation that several nations are currently dealing with. There are different opinions among political institutions about the scope of nationwide crypto regulation. The Russian government wants to legalize cryptocurrencies to attract foreign investment, while the central bank takes a negative stance. Additional economic growth comes at the expense of total monetary control.
The Russian government and its central bank remain split over the legality of crypto even though Putin requested consensus.
Efforts around digital central bank currencies (CBDCs) are accelerating on an a global scale. China is at the forefront with the digital yuan, which has already seen a partial launch. The European Union will propose a draft legislation on the digital euro as early as the beginning of 2023. With this official announcement of the bill, it is clear that the region’s authorities want to move ahead quickly with the introduction of a digital currency.
The European Union is set to propose a digital euro bill in early 2023, further accelerating their plans around a potential CBDC.
The buzzword metaverse remains trending and is now being explored by Wall Street banks. The virtual universe offers a market opportunity of $1 billion in annual revenue, according to banking giant JPMorgan, as users on the Web3 market their work in a new way. In particular, the digital real estate space appears to be becoming attractive to institutional investors. According to the major U.S. bank, we are on the verge of the birth of a billion-dollar industry that will increasingly merge with our existing physical reality.
JPMorgan enters the metaverse as the largest U.S. bank with the opening of its Oynx Lounge in the crypto world Decentraland.
Fiat-pegged cryptocurrencies, also known as stablecoins, have become a major cornerstone in the crypto ecosystem. While today’s dominant stablecoins are issued centrally by bank-like institutions, algorithmic stablecoins such as TerraUSD (UST) offer an alternative.
An introduction to the leading decentralized stablecoin TerraUSD (UST), including its stabilization mechanisms, adoption history, and risks.
In addition: The NFT sector remains attractive for businesses and opens up new opportunities. Alfa Romeo is another established car manufacturer venturing into the sector, demonstrating that the use cases for blockchain technology come in many forms. A NFT that comes with a vehicle purchase is expected to secure historical data of a given car on the blockchain in a transparent and tamper-proof way.
The italian car manufacturer Alfa Romeo announced the first car with integrated NFT functions to verify vehicle data.
