There is a new development in the crypto market globally, so many financial institutions and government officials are now keying into this trending digital currency and it is working for them, I will be bringing you up-to-date news on the crypto market.
New Development In Crypto Market
There is a rising development in the Crypto market trending at the moment in various works of life, people are beginning to see reasons why they need to use crypto as means of tender to business.
There are several types of crypto in the market today but bitcoin is the biggest and has been controlling other cryptos.
Here is some recent development in the crypto market:
EU Introduces Crypto Ban, Oil Price Cap in Latest Russia Sanction
The paper also introduces a blanket ban on cryptocurrency transactions with Russian nationals and residents, in addition to targeted sanctions on those connected to the annexation referendums and Russian defense sector executives.
The price cap on Russian oil carried by European companies was also approved by EU ambassadors, with the goal of reducing Moscow’s profits and stabilizing the price of energy globally.
Binance Smart Chain Halted Over Potential Exploit
Today, October 7, 2018, transactions on the Binance blockchain, also known as the BNB Chain and Binance smart chain, were suspended after a potential network exploit was discovered through an increase in erratic activity.
Binance CEO Changpeng Zhao later said that a vulnerability on a cross-chain bridge, BSC token hub, resulted in excess BNB and the chain had been blocked, allowing crooks to escape with more than $570 million in digital assets.
European Parliament Vote In Favor of Crypto and Blockchain Tax Policies
The European Union Parliament approved a non-binding resolution that aims to use blockchain technology to combat tax evasion and coordinate tax policies on cryptocurrencies.
According to the legislative body, the resolution recommended that national tax administrations use blockchain technology to facilitate efficient tax collection and that authorities in its 27 member states consider a simplified tax treatment for cryptocurrency users who engage in sporadic or small transactions.
TON Network Launches Telegram Wallet Bot for P2P Crypto Trading
When the wallet bot first debuted in April, Telegram users could purchase and send Toncoin (TON) via chat messages.
With the most recent version, users will be able to buy and sell cryptocurrencies using the Telegram app, with exchange services serving as the guarantee for each transaction.
Although the site claims to allow anonymous P2P transactions, customers are required to give the bot their cell phone number in order to deposit, swap, or buy cryptocurrency.
Japan to Invest in Metaverse and NFT Expansion
In a policy speech on Monday, Japan’s prime minister Fumio Kishida stated that non-fungible tokens, or NFTs, and metaverse services are part of the nation’s investment strategy for the digital transformation.
In his address to the Japanese parliament, Kishida stated that the nation will continue to put its emphasis on fostering the societal adoption of digital technology and would support initiatives to increase the use of web3 services that make use of the metaverse and NFTs.
McDonald’s Starts to Accept Bitcoin and Tether in Swiss Town
Multinational fast food chain McDonald’s started accepting Bitcoin as a payment method in the 63k populated city of Lugano in the Italian-speaking region of Switzerland, which is becoming a hotspot for crypto adoption in western Europe.
In march 2022 the city of Lugano announced it would accept Bitcoin and Tether and the LVGA token as legal tender, this is well received by the city and it has a way of boosting the economy of the city.
Conclusion
Blockchain which is the mother of all cryptos has come to stay, digital assets should be what you need in this era of digitalization and civilization world.
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