Visa Cryptocurrency

DeFi Gains From China Crypto Ban

DeFi Gains From China Crypto Ban
Written by publishing team

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Also: Against Cryptocurrency: The Moral Argument for Bitcoin’s Limitation

CRYPTO Ban in China sends merchants flocking to DEFI

Last Friday, China repeat A blanket ban on digital asset transactions – one of several regulatory actions against the industry that the state has issued in recent years. However, the details of the announcement indicate that the measures may be stricter this time. More than a dozen government offices and institutions participated in the signing of the decree, which closed the remaining loopholes in the previous clampdown campaigns on the sector. A handful of cryptocurrency service providers, including exchanges Binance and Huobi, and mining pool service StarkPool, have limited access to Chinese users or shutdowns.

Merchants responded quickly, flocking to decentralized exchanges (DEXs), markets that operate without intermediaries, and to push Associated tokens, such as Uniswap, SushiSwap and Curve, to soar more than 20%, outperforming the heaviest levers in the market, bitcoin and ether. Sunday, DEX derivatives dYdX registered Daily trading volume of over $4.3 billion, surpassing Coinbase’s $3.7 billion. Analysts are now speculating that the latest ban may lead to a further boost to the decentralized finance industry.

Cross Payments Center, with visa permission

With multiple and historic crypto partnerships Buy NFTVisa has established itself as one of the industry’s biggest supporters. But she doesn’t plan to stop there. On Thursday, Payment Processor the summary A plan for what it calls a “Universal Payment Channel” (UPC), which would link multiple blockchain networks that would facilitate transactions between various stablecoins and central bank digital currencies (CBDCs). “Think of it as a ‘global adapter’ between blockchains, allowing central banks, businesses, and consumers to seamlessly exchange value, regardless of the shape of the currency,” wrote Kathryn Jo, Visa Global Product Leader for Central Bank Digital Currency at Visa. Although the project is still in its early stage, Visa has shared a sample of the project’s underlying smart contract, along with a research paper and policy guidance for central banks and regulators on the implications of its research.

Advertising can not be timely, as Regulators around the world are increasingly drawing attention to central bank currencies and stablecoins. In the United States, there is the President’s Working Group on Financial Markets, which is centered on the Department of the Treasury, the Federal Reserve is expected To release reports on the role of stablecoins in the economy in the coming weeks.

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in another place

Federal Reserve Chairman Jerome Powell: The United States Has No Plans To Ban Bitcoin And Cryptocurrencies [Bitcoin Magazine]

Senators demand Treasury study on mining with new bill [The Block]

Ripple starts a $250 million fund to attract NFT creators [Bloomberg]

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