Aug 24, 2022
How the Russian Invasion Dramatically Changed Ukraine’s Blockchain Strategy To Focus On The War
Ukraine became one of the world’s most crypto-friendly nations when it created its national cryptocurrency, the e-hryvnia, with legislation to legalize digital assets and make it one of the globe’s most crypto-friendly countries. The e-hryvnia was scheduled to debut near the end of 2022. However, in the wake of Russia’s invasion, all of those plans were abandoned. Instead, the Ukrainian government sought methods to utilize its expertise in crypto and digital assets to raise funds for the war effort.
The attention that crypto donations received may have aided fundraising, but the industry’s focus also highlighted several stumbling blocks and ethical concerns. In one such example, the government held a token giveaway, dubbed an “airdrop,” to the cryptocurrency community, but it turned out that scammers were attempting to capitalize on an otherwise respectable initiative. The giveaway had to be canceled less than 24 hours after it was announced.
Ukraine appears to be trying to benefit from crypto while simultaneously attempting to prevent Russia from participating in the crypto market. Amid all of this commotion, donations have continued to come into the country, Crypto prices have stalled, and Russians are liquidating crypto in the UAE to seek safe havens.
Should the U.S. Issue a Digital Dollar, Which Could Compete with Crypto Assets?
Bitcoin price rose sharply after US President Joe Biden signed a new executive order that will require the government to evaluate the risks and benefits of establishing a central bank digital dollar as well as other cryptocurrency issues. The executive order is part of a strategy to boost responsible innovation while mitigating risk for consumers, investors, and enterprises.
To address the growing threat of cybercrime and maintain a healthy financial system, the president has ordered that the key US federal agencies conduct reports on “the future of money” and the role cryptocurrencies will play. The main goals of the order include to improve existing U.S. payments system and to expand financial inclusion, particularly among low-income individuals. Another key aspect mandates that the government evaluate the technological infrastructure required for a possible US Central Bank Digital Currency (CBDC).
Given the dollar’s position as the world’s main reserve currency, officials said that the United States was taking great pains to decide whether — and how — to develop a digital dollar. They stressed that the U.S. dollar remains underpinned by key fundamentals, including a commitment to transparency, the rule of law, and the full independence of the Federal Reserve.
How Proof of Stake Is Expanding the Crypto World for Investors
The IRS and many others are taking cryptocurrency to be a potentially serious contender in the financial markets. Recently, Investors are turning to cryptocurrency for its relative stability during the economic collapse in the Ukraine/Russia conflict. For a long time, the crypto space was dominated by two factions: experts looking to take advantage of the system at every opportunity and novices hoping for a lucky break. A new development in the crypto world, dubbed Staking, makes it easier for typical investors to enter into crypto investing.
In a decentralized network, it’s difficult to authenticate things. This is why many early cryptocurrencies used Proof of Work as a validation process. Proof of Stake nodes have allowed investors to stake their assets, rather than just watch them gather dust in digital wallets. The Proof of Stake method is an excellent option for anybody who has limited time but would like to grow their crypto assets, and there are many projects available that can cater to a wide range of risk tolerance levels and investment objectives.
eBay Lays Out Growth Plans and Unveils Digital Wallet. But There’s No Crypto News
Is eBay prepared to take crypto payments?
During its Investor Day presentation Thursday (March 10), eBay showed a “digital wallet” slide, according to reports. Despite the fact that the firm has not yet made any official statements, rumors have circulated claiming that eBay will begin taking bitcoin payments when late last month the company’s CEO stated in an interview that the company would “dive deeper” on payments and advertising. eBay announced that they are continuing to look at new forms of payment, but didn’t specifically say anything about cryptocurrency. They did mention how accepting Google Pay and Apple pay were successful in addition to other options such as BNPL (Afterpay) which is appealing for Gen Z consumers.
In May of 2021, eBay began selling non-fungible tokens (NFTs) under categories such as trading cards, music, entertainment, and art. Therefore, people were already trading NFT on the platform even before the company made this announcement.
According to eBay’s vice president of products, payments, and risk, just over half of its revenue comes from abroad. As a result, mobile international buying and cross-border transactions must operate as smoothly as local purchases.
US Department of Labor Urges ‘Extreme Care’ Before Adding Crypto to 401(k) Plans
The United States Department of Labor is warning 401(k) plan sponsors to “exercise great caution” before adding cryptocurrency choices into their investment menu for employees’ retirement accounts. The DOL warned against risks associated with this new trend, which makes it difficult at times even when trying to invest wisely, owing to heightened market volatility, paucity of past performance data, and fraudulent activities. As a result, the Employee Benefits Security Administration (EBSA) will take “necessary action to protect plan participants and beneficiaries. Steps to take would include requesting that plan sponsors who offer crypto investments explain how they will manage the aforementioned risks.
The United States’ president, Joe Biden, has signed a first-of-its-kind executive order on cryptocurrencies, instructing federal agencies to collaborate in their approach to the sector. According to a fact sheet accompanying the Biden order, the “whole-of-government” effort to regulate cryptocurrencies focuses on consumer protection, financial stability, illicit uses, leadership in the global financial sector, financial inclusion, and responsible innovation.
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