This week’s top-5 stories curated to catch up with the crypto world.

CBDC-R users to hit 50000 users by Jan-end El Salvador passes law allowing Bitcoin-backed bonds
Bitcoin and Crypto Market News Friday, January 13, 2023 - 18:38

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After a gloomy year-end, the world’s largest digital currency by market cap, Bitcoin surged to its highest price in more than two months after the Consumer Price Index (CPI) report revealed a slowdown of inflation. With a steady price increase over the previous 12 days, Bitcoin has begun 2023 off strong, giving investors hope. Apart from that, here are some of the top stories from the crypto industry this week.

AR Rahman enters metaverse platform, unveils ‘Katraar’

Internationally acclaimed Indian music composer AR Rahman has announced the launch of his metaverse project 'Katraar' on Twitter on his 56th birthday.

Rahman’s metaverse project ‘Katraar,’ is a digital platform for up-and-coming musicians and artists. He described the word, 'Katraar’ as a group of learned people who can change the world. 

Musicians and artists can directly upload their creations to this digital music portal and monetize them. This includes using unique NFTs in music, art, and storytelling. Katraar is set to empower the artists of this generation by making new emerging technologies easily accessible.

Additionally, the Oscar-winning musician will make some of his original works accessible on the Katraar platform, which will be deployed on the Hedera Network of the HBAR Foundation.

CBDC-R users to hit 50,000 users by Jan-end

The number of retail users of the Reserve Bank of India’s (RBI) digital currency (CBDC-R or e₹-R) is anticipated to reach 50,000 at the end of this month. On December 1 of last year, the Reserve Bank of India began a pilot project for e₹-R.

Right now, there are about 16000 users for the retail pilot of CBDC and have conducted transactions worth ₹64 lakhs.

e₹-R is a digital token, a form of fiat currency that is being distributed through financial intermediaries, namely the banks. The same denominations that are currently used for notes and coins are used for the CBDC. 

In October 2022, RBI announced its decision to launch CBDC. Like cash, the CBDC will not earn any interest and can be converted to other forms of money, like deposits with banks.

El Salvador passes law allowing Bitcoin-backed bonds

El Salvador has passed landmark legislation providing the legal framework for the world’s first sovereign blockchain bond. The bill passed with 62 votes and is set to become law after it is approved by President Bukele.

The Bitcoin-backed bond, known as the “Volcano Bond” will be used to pay down sovereign debt and fund the construction of the Bitcoin City and create Bitcoin mining infrastructure.

The bill aims to attract national and foreign investors while creating new financing opportunities for citizens, companies, and the government. In 2022, El Salvador established Bitcoin (BTC) as their legal tender.

Mastercard to launch new Web3 artist accelerator program

Payments giant Mastercard is teaming up with Polygon to establish an accelerator program to help musicians build their careers via Web3.

The Mastercard Artist Accelerator program is for artists, including musicians, DJs, and producers, and is set to kick off during Spring 2023 with a live-streamed artist showcase. 

The chosen artists will receive training on how to leverage blockchain technology and build their personal brands using NFTs and the metaverse. Along with the resources and tools, Mastercard will also provide exclusive access to events, song releases, and more. 

For users who are not chosen for the program, Mastercard is also offering a nonfungible token (NFT) collection called the "Mastercard Music Pass." 

AWS, Avalanche to bring blockchain technology to enterprises, governments

Amazon Web Services has partnered with Ava Labs to accelerate enterprise, institutional, and government adoption of blockchain technology.

The collaboration aims to increase the network's robustness and flexibility for developers while also making it simpler for individuals to launch and manage nodes on Avalanche.

Avalanche is a blockchain that is designed to support NFTs, Web3 games, and a unique technology it calls “Subnets,” which act like custom blockchains built on Avalanche. 

Ava Labs will provide "Subnet deployment" as a service through the AWS Marketplace as part of its agreement with Amazon, enabling any business or organization to hire Ava Labs to launch a custom Subnet on the AWS platform. 

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DisclaimerThis article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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