Sat. Aug 13th, 2022

Cryptocurrencies have garnered the recognition of numerous household names in recent years, and the hymns of praise are continuing

Putin says crypto can be used for payments

Russian President Vladimir Putin has joined the long list of Bitcoin admirers after admitting earlier this week that cryptocurrencies can be used as a means of payment. He made this comment while replying to CNBC host Hadley Gamble at the Russian Energy Week event . Putin admitted that using cryptocurrencies to pay for goods and services is perfectly fine. However, he believes that it is still too early for Bitcoin to replace the US dollar with global traders. Putin also addressed Bitcoin's enormous energy consumption in mining, stating that it was a major obstacle to widespread adoption of the cryptocurrency.

The president's comment comes a few days after Russian Deputy Finance Minister Alexei Moiseyev declared that the country has no intention of banning Bitcoin and other cryptocurrencies. China has banned cryptocurrency services and transactions. However, the United States and Russia have now stated that they have no intention of following in China's footsteps when it comes to cryptocurrencies. Russians are allowed to buy and invest in cryptocurrency projects, both domestic and foreign.

China's stance on cryptocurrencies will get tougher

The Chinese government has banned cryptocurrency services and transactions in the past few weeks. Authorities have also banned cryptocurrency mining. However, the government does not want to leave it at that, but is now trying to condemn those who engage in crypto activities in China. China-based crypto journalist Colin Wu said the government will judge its ban and could arrest those involved in cryptocurrencies in any way.

As cryptocurrency bans tighten in China, messaging platform WeChat has reportedly blocked searches for leading crypto exchanges, Binance and Huobi. WeChat users get no results when searching for Binance or Huobi in either English or Chinese. The move is similar to what the Weibo social media platform and search engine Baidu did earlier this year when they blocked searches for Binance, Huobi and OKEx.

After banning cryptocurrency exchanges in 2017, Binance ceased operations in China. However, its peer-to-peer platform continued to operate and enabled Chinese citizens to access cryptocurrencies through this medium. Binance gave earlier this week announced that it will discontinue its P2P service in China by the end of the year. The crypto exchange will delist the Chinese yuan (CNY) to comply with the recent ban on cryptocurrency services by the People's Bank of China.

The NFT competition is now even tougher

The non-fungible token (NFT) space is perhaps the fastest growing in the cryptocurrency sector right now. In the third quarter of 2022, the NFT transaction volume topped the $ 10 billion mark for the first time in history. As more media companies, digital artists, and celebrities enter the market, it is expected that the NFT space will continue to grow. Because of this, the largest cryptocurrency exchanges are eager to capitalize on this growth and expand their business. This week, two of the leading crypto exchanges launched their own NFT marketplaces.

FTX.US, the US branch of the FTX exchange, announced that it has fully launched its NFT marketplace. The marketplace aims to enable users to buy and sell a wide range of Solana-based NFTs. Although FTX has operated a marketplace in the past, it has been limited to supporting NFTs minted on the FTX platform. Now FTX has expanded its services to NFTs in the Solana ecosystem.

Coinbase , the US-listed crypto exchange, also announced earlier this week that it would be opening an NFT marketplace. The marketplace will offer NFT trading services to its users as the demand for digital art increases. To date, more than 1.4 million people have signed up on the waiting list to access Coinbase's NFT functionality. Coinbase and FTX join Binance to offer NFT trading services to their customers as the market continues to expand.

Visa to bring digital artists to the NFT world

Payment giant Visa has launched a program to help digital artists get started in the NFT world. The company has partnered with Micah Johnson to launch a program to help digital artists enter the NFT marketplace. As part of the program, digital artists will learn how to use non-fungible tokens to sell their work. Visa will give digital artists a chance to showcase themselves and ensure their work is seen by more people around the world.

Earlier this week, the media company ViaComCBS entered into a partnership with the NFT startup RECUR. As part of the partnership, RECUR will create a platform that enables users to exchange NFTs for the numerous brands and franchises of ViaComCBS. As a result, RECUR will develop NFTs for the numerous characters from Paramount Pictures, CBS, MTV, Nickelodeon, Showtime and Comedy Central. The platform will allow fans to buy, collect and trade NFTs from across the media company's portfolio.

The DeFi market is now worth over $ 200 billion

Another sector of the cryptocurrency space that has seen massive growth in recent months is decentralized finance (DeFi). A new report revealed that the DeFi ecosystem is now worth $ 200 billion , up 100% since June 2022. The Total Value Locked in DeFi Logs (TVL) surpassed the $ 200 billion mark for the first time in history . The Ethereum blockchain is still home to most of the DeFi protocols and accounts for over 60% of the TVL in DeFi. Binance Smart Chain and Solana follow by a large margin in second and third place. However, Ethereum is losing its market dominance as the other blockchains are taking market share from it.

Stripe is entering the crypto sector again

Stripe, one of the leading fintech companies in the world, wants to get back into the crypto space three years after leaving. The company is hiring a new cryptocurrency team and will task them with developing and building its cryptocurrency offering. Stripe ended support for Bitcoin in 2018, but it is now working on offering cryptocurrency services again.

The post Weekly Report: President Putin Recognizes the Role of Cryptocurrencies in Payment Transactions appeared first on BitcoinMag.de.

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.