The Chinese crypto industry at large is still reeling from the after-effects of PBOC’s stern warning against all crypto-related activity. On the one hand, long-time investors are buying up the dip; on the other hand, major companies like online shopping portals, exchanges, pools, etc., are shutting down all crypto activities in the country. Keep reading and find out more.
Bitcoin
According to an IMF report, interest and investment in cryptocurrencies are growing at an unbounded rate, especially in emerging countries. The IMF has concerns that this might present challenges to the global financial system.
Crypto investments in China are picking up steam, with investors buying the BTC dip even after the latest notice from PBOC that designated all crypto-based activities as illegal.
Ethereum
The PBOC notice has forced several top Chinese mining pools to shut shop. One of them is Hangzhou-based SparkPool, which is the second-largest Ethereum mining pool.
DeFi
France’s third-largest bank, the Société Générale, has taken a step into decentralized finance, after initiating direct interaction with DeFi Protocol MakerDAO. The bank has over 29 million clients and is one of the largest banks to interact with DeFi.
A bug in the latest Proposal 62 update to Compound’s Comptroller smart contract has led to payouts of millions of dollars in liquidity mining rewards.
Business
Coinbase Inc. suffered an exploit, in which yet unidentified threat actors were able to obtain access to some 6,000 user accounts that were compromised between March to May earlier this year.
Chinese e-commerce giant Alibaba has announced that it will stop selling all crypto mining equipment and related softwares from October 8, 2021, in light of the PBOC’s reinforced Bitcoin ban.
Technology
Miami Mayor Francis Suarez, who plans to make the city the crypto hub of the US, is continuing with the MiamiCoin project, which will integrate cryptocurrency in the city government.
The Thailand Tourism Authority (TAT) is considering attracting crypto holders to the country by launching and adopting a utility token – the TAT coin.
The research and product team at Visa has announced its new cross-chain Layer-2 interoperability concept, called the Universal Payment Channel (UPC), for smoother multi-chain payments.
Regulation
According to a report by the WSJ, the Biden administration is looking into the possibility of regulating stablecoins issuers as if they are banks.
During a US House Financial Services Committee session, Federal Reserve Chairman Jerome Powell admitted that a blanket ban on Bitcoin or any other digital assets could not be imposed.
NFT
Ripple has launched a $250 million fund to provide creators with financial, technical, and creative support to explore NFT projects and other tokenization projects on the XRP ledger.
Entertainment studio DC has partnered up with Palm NFT Studios to is drop new digital collectibles for the DC FanDome 2021 on October 5.
Trending social media platform, TikTok has partnered with online creators, celebrities, and media personalities to release a limited-edition collection of non-fungible tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
