This Week in Crypto: Through April 7, 2023
Apple Puts Bitcoin White Paper on Macs, DeFi Is Under the US Treasury's Microscope, and the IRS Seeks Public Input on NFT Taxation
Bitcoin:
These are digital or virtual currencies that use cryptography for security and are designed to function as a medium of exchange.
Hidden Inside MacOS, the Bitcoin White Paper
Coindesk | Sam Reynolds
“Satoshi’s vision exists in every version of MacOS from Mojave to Ventura, but is not in the older High Sierra (10.13) or earlier.”
America’s First Nuclear-Powered Bitcoin Mining Center Reveals Q1 Results
Finfold | Ana Nicenko
“After launching its services in Pennsylvania, the first 100% nuclear-powered Bitcoin (BTC) mining facility in the United States, run by the cryptocurrency mining company TeraWulf, is already reaping impressive results and recording constant progress while continuing to ramp up its operations.”
Stablecoins:
These are cryptocurrencies that are designed to maintain a stable value relative to another asset, such as the US dollar or another cryptocurrency.
Stablecoin Tether's Market Capitalization Nears Record High of $83B
CoinDesk | Omkar Godbole
“The market cap has increased by 20% this year mainly on account of aggressive issuance on Ethereum's rival, Tron.”
Latin America’s Biggest Investment Bank Just Launched a Stablecoin on Polygon
Decrypt | Mat Di Salvo
“Latin America’s biggest investment bank, Brazil-based BTG Pactual, today announced the launch of its own stablecoin. Rio de Janeiro-based BTG Pactual said in a Tuesday statement that its BTG Dol token, available for clients now, is priced in U.S. dollars.”
Decentralized Finance (DeFi):
This subsector of cryptocurrency includes decentralized applications (dApps) that provide financial services, such as lending, borrowing and trading, without the need for traditional financial intermediaries.
US Treasury Raises Illicit Finance Concerns Over DeFi Industry
Investopedia | Kevin George
“The risk assessment includes recommendations for the U.S. government to address illicit finance risks in the DeFi industry. The guidance aims to extend the United States' anti-money laundering (AML) and countering the financing of terrorism (CFT) supervision to address gaps related to the nascent blockchain finance sector.”
PancakeSwap V3 Launches On BNB Chain and Ethereum
The Defiant | Tarang Khaitan
“PancakeSwap, the leading decentralized exchange (DEX) on the BNB Chain, has launched its V3 iteration on BNB Chain and Ethereum, featuring improved capital efficiency and an overhauled fee structure.”
Non-Fungible Tokens (NFTs):
These are unique digital assets that are stored on a blockchain and can be used to represent ownership of a variety of things, including art, collectibles and in-game items.
David Bowie Unreleased Record Debuts as Music NFT
Cointelegraph | Amaka Nwaokocha
“Gala Music, a Web3 startup subsidiary, is launching 3,003 NFTs on April 14, with an unreleased version of David Bowie’s ‘Let’s Dance’ included.”
The IRS May Tax Certain NFTs at a Higher Rate in the Future — Here’s What to Know
CNBC | Cheyenne DeVon
“The Internal Revenue Service wants the public to weigh in on its plan to tax some NFTs the same way it taxes tangible collectibles such as artwork or precious metals. Taxpayers have until June 19 to comment on the proposal.”
Central Bank Digital Currencies (CBDCs):
These are digital versions of a country's fiat currency that are issued and backed by the central bank.
India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources
CoinDesk | Amitoj Singh
“India's retail central bank digital currency (CBDC-R) architects are aiming to scale the user base of the digital rupee to one million users, and have prioritized solving the challenge of creating an offline version, two people familiar with the matter told CoinDesk.”
Robert F. Kennedy Jr. Says FedNow CBDC Is “The Slippery Slope To Financial Slavery”
The Dales Report | Benjamin A. Smith
“The rhetoric around Central Bank Digital Currencies (CBDCs) continues to ratchet up as concerns grow about the long-term viability of the U.S. Dollar’s reserve currency status. Yesterday, prominent Biden administration dissident Robert F. Kennedy weighed into the debate, calling the Federal Reserve’s FedNow system ‘the slippery slope to financial slavery and political tyranny.’”
Regulation
Crypto regulation refers to the set of laws, policies and guidelines that governments
Int’l Securities Body IOSCO Prepares Crypto Regulation Report for 2023
Cointelegraph | David Attlee
“The International Organization of Securities Commissions (IOSCO) will launch a consultation for its regulation report on crypto assets in Q2 2023. The final recommendations from the organization are planned to be published by the end of 2023.”
Germany’s New Regulation Paves Way for Tokenized Digital Shares
CryptoSlate | Oluwapelumi Adejumo
“Germany continues its crypto-friendly stance by introducing a new law allowing companies to issue crypto shares. The German Ministry of Finance said it was working on the Future Financing Act, a law ‘intended to support private asset accumulation and mobilize more private capital for future investments.’ Other key improvements include the reduction of minimum capital for IPOs to €1 million to enable more investments in small companies and startups.”