Last week in review: Visa to merge CBDCs with traditional finance

Crypto has hit the ground running in 2022, with last year’s adoption momentum being carried through into the New Year. Last week, Jack Dorsey gave a glimpse of what he’s been working on since stepping down as Twitter’s CEO, Visa committed itself again to a future in crypto, and Rio de Janeiro is diversifying its investments.

A lot happened — here are our top picks to come from it!

Visa to merge CBDCs with traditional finance

What

Visa has partnered with blockchain software company ConsenSys to bridge the gap between central bank digital currencies and traditional finance

Why

Visa has been consistently exploring ways of engaging with crypto markets, and this could be their next big entry into the space in 2022

What next

The payments giant hopes future customers will be able to use their CBDC-linked Visa card or digital wallet anywhere where Visa is accepted

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Morocco now North Africa’s leading P2P crypto trading nation

What

Research data reveals Morocco as North Africa’s leading peer-to-peer crypto trading nation

Why

Interest in cryptocurrency in Morocco has been rising despite local regulations

What next

Morocco’s central bank, Bank-Al-Maghrib has begun exploring the benefits of launching a digital currency

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UK crypto industry forms parliamentary digital assets group

What

The UK’s crypto lobby has launched a cross-party group of lawmakers

Why

The group composed of UK MPs and members of the House of Lords will work to make sure new regulation for digital assets supports innovation

What next

The group’s primary focus will be education according to the group’s founder

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US Federal Reserve Bank to release crypto report in the coming weeks

What

The Chairman of the Federal Reserve Bank Jerome Powell has said that the bank’s much-anticipated report on cryptocurrencies and central bank digital currencies (CBDCs) will be released in the coming weeks

Why

The US is yet to release an official plan for the way forward with cryptocurrency regulation and the rollout of a CBDC of its own, while other countries like China have announced that they are close to launching a CBDC

What next

Powell warned that the report has been delayed in the past, but when it is released, there will be an opportunity for public participation

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Jack Dorsey’s Block to improve Bitcoin mining hardware

What

Jack Dorsey’s Block (formally Square) has announced it’s working on new open source systems for Bitcoin mining to solve current problems faced by miners, as outlined by Thomas Templeton, Block’s General Manager for hardware

Why

Bitcoin mining hardware is often hard to find and inefficient, said Thomas Templeton, Block’s General Manager for hardware

What next

In a Twitter thread, Templeton said he wants the project to be developed “alongside the community” and aims to “make mining more distributed and efficient in every way, from buying, to setting up, to maintenance, to mining”

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Rio de Janeiro to invest 1% of reserves in Bitcoin

What

The Brazilian city of Rio de Janeiro announced that 1% of its treasury reserves will be stored in Bitcoin

Why

It’s part of a bigger move by the city to introduce cryptocurrency into its financial system

What next

Rio de Janeiro Mayor Eduardo Paes also revealed that citizens may soon be able to pay property taxes in Bitcoin

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Crypto crime levels fall, scams remain big business

What

Cryptocurrency crime levels are falling, but the number and success rate of scams remain doggedly high

Why

Authorities are getting better at beating crypto-crime, and cryptocurrency investors are getting more security conscious

What next

Better blockchain technology will make it even tougher for cyber criminals in the future

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Millions download China’s CBDC pilot app in first week

What

A pilot version of the wallet for China’s central bank digital currency, e-CNY, reached 16 million downloads in its first week of release

Why

The country has aggressively pursued the development of its central bank digital currency (CBDC) while continuing to crack down on the crypto industry inside its borders

What next

China’s digital yuan has been in development for seven years and is likely to be the first official central bank digital currency issued by a major economy

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Associated Press to launch NFT marketplace for its photographs

What

The Associated Press news agency is launching a non-fungible token (NFT) marketplace for its historic collection of photographs

Why

As the AP is a non-profit news cooperative, the proceeds of the sales will help fund its journalism

What next

The initial collection will be released over several weeks starting on January 31

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