Last week in review: Google has launched its own blockchain division

The markets may have been quiet as Bitcoin teased the $38,000 mark, but last week was still a busy one for crypto. Executive orders Stateside are expected soon, Google is once again dabbling in blockchain tech, and El Salvador’s President Bukele remains steadfast in his Bitcoin mission.

Here are our picks of the biggest stories from last week.

US government expected to release executive order on crypto by February

What

Senior officials in the Biden administration are currently drafting the government’s cryptocurrency strategy to be presented to the President in the coming weeks

Why

The paper will reportedly outline the various challenges and opportunities posed by cryptocurrencies, including a possible government stance on central bank digital currencies (CBDCs)

What next

The Biden administration has called for input from numerous federal agencies to detail the impact of cryptocurrencies on each jurisdiction

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Google has launched its own blockchain division

What

Software giant Google has reportedly started a new division centred around blockchain technology

Why

Google wants their new blockchain division to handle distributed computing and data storage technologies

What next

There is much speculation about what these developments could mean, as some observers believe this is Google’s response to competitors in the space

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President Bukele laughs off IMF’s Bitcoin warning

What

The International Monetary Fund (IMF) has warned El Salvador of what it perceives as risks to its “financial stability, financial integrity, and consumer protection” if it continues with Bitcoin as legal currency

Why

The IMF comments in the Article IV economic evaluation follows an annual staff team visit to El Salvador during which it collects economic and financial information and assesses its current financial situation. These visits apply to all member states

What next

El Salvador applied to the IMF for a loan of $1.3 billion last year to help ease its financial struggles but talks have been grounded by Bukele’s Bitcoin ambitions. Bukele has responded to the IMF’s warning by tweeting a meme featuring the Simpsons

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Ethereum developers leave ETH 2.0 behind in roadmap update

What

In a recent blog post, the Ethereum Foundation has updated its naming conventions moving from ETH 2.0 to ‘Consensus Layer’, removing the terms ‘Ethereum 1.0’ and ‘Ethereum 2.0’

Why

The change is designed to avoid any future confusion over terminology and any scammers looking to exploit misunderstandings

What next

Potential dates for the scheduled merge of the consensus layer are still unknown

Read the full story here

To catch up on other big stories to come from last week, be sure to check out these headlines

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