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

Indian central bank RBI gears up for Web3 project amid talks with several banks
Bitcoin and Crypto Market news Friday, September 09, 2022 - 17:41

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Two days ago, Bitcoin (BTC) was on track to forming a double bottom near the $17,000 region. Today, it left the bears in shock with a 7% surge liquidating $240 million according to Coinglass. On other hand, blue chip non fungible tokens (NFTs) like BAYC, AZUKI, CryptoPunks were flipped by 3-digit Ethereum Naming System (ENS) NFTs in terms of trading volume even during this bearish climate. ENS is similar to the internet counterpart DNS. One can register .eth domains like 333.eth, god.eth and many more. But let’s look at what else is happening in the crypto world from RBI’s plan to release CBDC to FIFA’s bet on NFT trend and much more. Read on. 

RBI is gearing up for CBDCs

According to Indian media sources, the Reserve Bank of India (RBI) is in talks with fintech companies and banks for a trial run implementing central bank digital currency (CBDC). It is also reported that the US-based financial services company FIS was mentioned as one of the fintech companies with which the RBI had consulted.

The RBI is also in talks with public sector banks like State Bank of India (SBI), Punjab National Bank, Union Bank of India and Bank of Baroda on participating in the trial. The RBI has long stated that it was looking at a three-step phased implementation of a CBDC in 2022 and 2023. Indian finance minister Nirmala Sitharaman has spoken positively about the influence of CBDC in India’s economic growth.

FIFA jumps into NFT

Back during May 2022, Algorand became an official blockchain partner with FIFA. As the 2022 World Cup draws closer, the world’s soccer governing body, FIFA, announced the launch of an non fungible platform (NFT) called FIFA+ collect towards the end of this month to showcase soccer-related digital collectibles. 

FIFA+ collect is built on the Algorand blockchain, a Proof-of-Stake (PoS) competitor for Ethereum. These NFTs will be highlights of important soccer moments, imagery, and art. Memorable moments from the World Cup will also be shown as digital collectibles. 

Sony Music Files NFT-Related Trademark

Sony Music Entertainment, a major record company, has filed for trademarks related to NFTs and the Metaverse, according to an Attorney. The music industry giant plans to release downloadable audio and video recordings that feature live music performances. These recordings get authenticated with the help of NFTs. Sony Music also plans music tracks in the form of NFTs, according to the filing. 

Russia to turn to crypto

The Bank of Russia is weighing in on the possibility of legalizing crypto for facilitating cross-border payments in the near future. According to local news agencies, Russia's central bank and the Ministry of Finance have stated that it is becoming extremely difficult to perform cross-border settlements without cryptocurrency under the current geopolitical conditions.

Russia has always had a rocky relationship with the crypto industry. President Vladimir Putin recently proposed a new law that sought to ban the use of digital assets as payment in the country, despite several senior officials believing in the potential of crypto assets to make a difference in the economic growth. 

Mysten Labs invests in Web3

The California-based Web3 infrastructure company Mysten Labs launched a decentralized blockchain platform Sui back in March 2022. Mysten Labs revealed last week that it is investing in a fresh round of funding toward powering more Web3 applications and speeding up the adoption of its new blockchain.

The Mysten Labs team aspires to build a better blockchain by forgoing consensus for most transactions, allowing it to parallelize the execution of them and reduce latency, a technique known as casual ordering. A token named SUI is planned, which will be used to participate in the PoS network after mainnet launch, on an unknown future date.

Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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