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Dogecoin prices surge as Elon Musk takes ownership of Twitter. With immediate effect, he also fired the top executives of the influential social media platform. Apart from that, here are some significant stories from the previous week.
Lawmakers in the United Kingdom have finally voted to recognize crypto assets as regulated financial instruments and products in the country. The bill reasserts the country's intention to become a global cryptocurrency hub.
The bill suggests “a range of measures to maintain and enhance the UK’s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country.”
The draft bill also included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the US dollar or gold.
But before the regulations become law, the law must then pass the House of Lords, the upper house of Parliament, followed by royal approval by King Charles III.
The International Criminal Police Organization (Interpol) is getting ready to tackle an ever-growing list of potential crimes in the metaverse by donning its virtual reality headsets. Interpol introduced this at the 90th Interpol General Assembly in New Delhi.
The newly launched system will allow police officers across the world to connect in a virtual model of Interpol's Lyon headquarters. There they can participate in various immersive training routines for different policing work, including forensic investigation.
According to Interpol, one of the main reasons for its move into the metaverse is that criminals are already using the technology to commit crimes, and over the coming years, public adoption rates are projected to rise considerably. The metaverse will hopefully provide a more streamlined and efficient way for its various outfits across the globe to communicate and work with each other.
Stablecoin issuer Tether is set to make tether (USDT) available at 24,000 ATMs in Brazil. The company announced that its token would be available at ATMs on a national level thanks to the integration that Smartpay, a third-party crypto tech company, has developed with Tecban, an ATM provider.
The users of Smartpay services will be able to send and receive USDT using these widely available ATMs. These ATMs will serve customers in 1,000 cities in Brazil.
This expansion is important for including more Brazilians in the alternative financial system of cryptocurrency. According to Tether, Brazilians transacted 1.4 billion USDT in August across 79,836 operations.
According to Polygon and Dune Analytics data, the trade volume of Reddit non-fungible token (NFT) avatars has surpassed $1.5 million.
The gain accounts for more than one-third of the collection’s $4.1 million in total trading volume since its inception. At the same time, 3,780 digital collectibles reached a new all-time high in the daily sales volume of Reddit NFTs.
Since their launch in July, more than 2.9 million collectible avatars have been minted. Correspondingly, the total number of wallets holding Reddit NFTs is currently at 2.8 million.
Reddit avatars are created by independent artists and are minted as NFTs on the Polygon blockchain. Reddit originally designed the venture to empower artists to create NFT artwork and monetize their collectibles on NFT marketplaces.
Financial services firms PayPal and Western Union filed several new crypto trademark applications with the United States Patent and Trademark Office (USPTO) to offer a wide range of crypto services.
With the most recent applications, PayPal will adopt a new name and logo. Other applications highlight PayPal’s intention to begin exchanging, trading, and processing transfers of digital assets and cryptocurrency.
Western Union’s latest attempt to enter the crypto domain includes the services offered by the applications including managing wallets, exchanging digital assets and commodities derivatives, issuing tokens of value and brokerage, and insurance services.
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Disclaimer: This 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.