RABIT Weekly news (W1 Apr 2022)

RABIT -
  • Bridgewater Associates plans to invest in products linked to Bitcoin prices
    Coinbase Launches Cardano Staking Service
  • Russia allows Bitcoin payments for natural gas transactions
  • Prohibition of PoW Mining, which resulted in rejection, can be re-voted at the plenary session of the EU Parliament in April.
  • PoW Mining Ban Bill moves to New York State Assembly. If the Bill will be passed by the Senate, a three-year mining ban.
  • Morgan Stanley Sees DeFi Remaining ‘Fairly Small’ as Growth to Slow due to Regulations and Over-Collateralization
    • Total assets locked in DeFi to about $200 billion from around $600 million in 2020
    • DeFi is hack-prone and at risk of financial crime given anonymity is a key feature
  • The New York Fed said, "We highly expect the potential for stablecoins to serve a very useful purpose in payments but it should be clearly regulated."
  • At the BIS Innovation Summit, Fed Chairman Jerome Powell said, "Stablecoins, CBDC and digital finance more generally will require changes to existing laws and regulation or even entirely new rules and frameworks. and we haven't made any decisions about CBDC."
  • Former BoA executive David Wu says the launch of the CBDC in the U.S. could be a crackdown on existing digital currencies, as in China, which would have a negative impact.
  • China sets tough penalties for cryptocurrency mining in accordance with laws and regulations
    • designation of ‘mining’ as a ‘culling industry’
  • Binance changes from a tech company to a global financial company, preparing to form a board of directors
    • Binance is in talks with sovereign wealth funds and big intestors for investments
  • Bitcoin-only exchanges in Europe are on the rise.
    • Complete refusal to support altcoin transactions that distort the nature of Bitcoin's existence.
    • The goal is to become a savings app rather than a short-term profit on transaction fees.
  • Terra founder plans to buy a whopping US$10 BILLION worth of Bitcoin for UST stablecoin reserves
    • Currently has deposited nearly 24,955 BTC

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