The long awaited executive order regarding crypto is signed, crypto donations in Ukraine reach $100 million and now you can pay for movies with meme coins. These stories and more this week in crypto.
US Makes First Steps to Regulate Crypto
US President Joe Biden has issued an executive order to ensure responsible development of cryptocurrencies marking the first time the US has taken steps toward regulating digital assets. The order acknowledges the popularity of cryptocurrencies and their potential to disrupt the traditional financial system. The news has largely been greeted with relief by the crypto industry which feared that strict rules would stifle the space.
EU: Russian Sanctions Already Include Crypto
The European Commission clarified the EU’s position after concerns were raised of a possible loophole in the crypto market that might allow for the dodging of Russian sanctions. EU officials indicated that the existing sanctions do enough to include crypto and played down the risk of oligarchs using crypto to move their money around.
Crypto Donations to Ukraine Approach $100M
Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov, said that crypto donations now amount to close to $100 million. Speaking in an online briefing he described how crypto has been helping Ukraine since the Russian invasion. When the national bank is not really operating, crypto is helping to perform fast transfers and get results almost immediately.
Credit Suisse’s Report Backs Bitcoin
According to Credit Suisse the Russian-Ukrainian war will create a new financial order from which bitcoin is set to benefit. The investment bank predicts that Western sanctions on Russia are likely to cause a paradigm shift in the way the world organizes money and reserves, concluding that after this war is over, ‘money’ will never be the same again.
Block’s Bitcoin Wallet Will Contain a Fingerprint Sensor
Payments firm Block, formerly known as Square, said the new bitcoin wallet that it is building will enable fingerprint sensors for transactions. The company wants their customers to be able to unlock their wallets securely, but with ease – an unlikely combination that the company said historically has not existed in the market.
Polygon Network Suffers 11 Hours Downtime
Layer-2 Ethereum scaling solution Polygon was down for 11 hours. Now, developers notified users of an expected downtime to implement a planned network upgrade, but the downtime lasted longer than expected, as the upgrade caused a problem with the network’s ability to achieve consensus. The team released a temporary hotfix and assured users that all funds and data on-chain are safe.
AMC Theaters to Accept Meme Coins
Adam Aron, the CEO of AMC Theaters, announced that AMC is now accepting dogecoin and shiba inu for online purchases using Bitpay to process the payments. With the integration of Bitpay, AMC Theaters now accepts several other cryptocurrencies, including bitcoin, bitcoin cash, litecoin, XRP, and ether.
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That’s what’s happened this week in crypto, see you next week.