The US will not ban crypto
The Fed does not prohibit and wants to regulate crypto
The end of September ended in line with Plan B’s earlier forecast of $ 43,000. Bitcoin welcomed October with exciting growth to $ 48,000. The market also has new crypto news from the US government.
In the past few days, the fact that the US government has outstanding debt beyond the debt ceiling has had an impact on the financial market. The US Senate has passed a bill that will fund the government through December 3 and send it to the House of Representatives.
President Biden has signed an interim funding bill to prevent the government from closing down. At its most urgent, the US government signed and passed this preliminary bill very quickly. You can see that fiat money is printed so easily and quickly by the government. Added to this are the consequences of inflation and currency devaluation, and the poor and low-income people are hardest hit.
As for the US debt ceiling, it has been increased 90 times as the number has increased, and the last time is in 2019. The debt ceiling number has been increased many times and is almost meaningless to the control of national debt control. Recently Treasury Secretary Janet Yellen said today that she is in favor of removing the debt ceiling from Congressional control.
During the last meeting, the Fed chairman made it clear that the Fed has no plans to crack down on crypto or to ban it. He said that crypto needs to be regulated, especially stablecoins. Although crypto doesn’t have a clear law, the market is still active and indirectly driven by many related scattered laws. The fact that exchanges need to notify the government, users need KYC, or stablecoins need a guaranteed USD also shows the handling of the law.
Large social networks such as Twitter and TikTok are increasingly relying on crypto
The use of NFTs as avatars on Twitter has skyrocketed in the past six months, making their systems of origin and ownership a valuable feature for Twitter.
Twitter software engineer Mada Aflak tweeted a video allowing users to choose NFT as their profile picture on Twitter. From there, they connect to their preferred wallet (emulating standard wallets such as Coinbase, Trust, Argent and MetaMask) and then download all of their NFTs from OpenSea.
Upon completion, this profile picture will be displayed with an Ethereum verification mark similar to the blue check mark provided to verified Twitter users.
Even Tiktok, which previously banned crypto and related videos, has changed. The ByteDance-owned social media platform TikTok announced its entry into the world on NFT on September 30th. Calling it a new creator empowerment tool, TikTok announced the collection of His First NFT, TikTok Top Moments.
TikTok calls this a step designed to help creators achieve their goals in the fast-growing creator economy. These non-fungible tokens (NFTs) will be a way to reward creators for their content.
As for Visa, there have been many steps to go into depth and develop its future products using crypto as well. Visa has published a paper outlining its approach to blockchain interoperability for digital currencies.
The aim is to enable someone who owns a central bank digital currency (CBDC) to seamlessly make cross-border payments when the recipient receives a different CBDC. Currencies can be CBDCs or stablecoins, although it does suggest that stablecoins require authorized access.
The main purpose is to enable blockchains or account-based ledgers with different technologies to communicate with each other. From there, it is possible for stable coins or cryptocurrencies with different backgrounds to work together via the Visa interim solution.
Visa’s solution is a hub and Universal Payments Channel (UPC) that processes transactions outside of the blockchain to accommodate the scalability and potential costs and delays associated with blockchain payments.
Visa is heavily involved in the crypto market and the proposed solution will help the company continue to thrive as crypto evolves and current payment methods change.