In the ever-evolving world of cryptocurrencies, staying up to date with the latest news and developments is crucial for investors and enthusiasts alike. To help you catch up on the most significant events from July 23-29, here’s a recap of Hodler’s Digest, covering updates on US crypto legislation, the launch of Worldcoin, and Russia’s Central Bank Digital Currency (CBDC).
1. US Crypto Legislation:
The United States has been at the forefront of discussions surrounding cryptocurrency regulations. Last week, the Senate passed a $1 trillion infrastructure bill that included provisions related to cryptocurrencies. However, concerns arose over the bill’s broad definition of “brokers” and its potential impact on the crypto industry. Critics argued that the bill’s language could impose burdensome reporting requirements on entities that do not have access to customer information, such as miners and software developers. The crypto community rallied together to propose amendments that would clarify these definitions and protect innovation within the industry.
2. Worldcoin Launch:
Worldcoin, a new cryptocurrency project, made headlines with its ambitious plan to distribute tokens to every person on Earth. The project aims to create a universal basic income (UBI) system by giving away tokens to individuals based on their biometric data. Worldcoin plans to use facial recognition technology to verify identities and prevent fraud. While the concept of UBI through cryptocurrency has garnered attention, concerns have been raised regarding privacy and security implications associated with collecting biometric data.
3. Russia’s CBDC:
Russia has been actively exploring the development of a Central Bank Digital Currency (CBDC). Last week, the country’s central bank, the Bank of Russia, announced that it had completed the first pilot test of its digital ruble. The pilot involved issuing digital rubles to a limited number of participants who were able to use them for various transactions. The successful completion of this pilot marks an important milestone in Russia’s journey towards a digital currency. The Bank of Russia aims to launch a full-scale pilot in 2022, with the ultimate goal of a nationwide rollout.
As the crypto industry continues to gain traction globally, regulatory developments, innovative projects, and CBDC initiatives are shaping the future of digital currencies. Staying informed about these updates is crucial for anyone interested in the world of cryptocurrencies.
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