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This week’s top-5 stories were set to take place in the crypto world.
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The US Federal Reserve has raised its short-term lending rate by 0.75 percentage points to a target range of 3.75%-4%, the highest level since January 2008. These could high rate risk for crypto assets going forward. That being said, there is a lot going on in the world of cryptocurrencies. Here are some highlights from last week.
RBI to launch first digital rupee pilot in India
The Reserve Bank of India (RBI) will start offering a pilot of e-rupee or central bank digital currency (CBDC) for some applications.
CBDC or central bank digital currency is legal tender issued by a central bank in digital form. When formally issued, it can be used as a form of payment and legal tender.
This digital currency can be converted into cash or any type of commercial currency. It increases financial inclusion because investors can use it as a legal means of not having a bank account.
It will initially be offered to the wholesale market before expanding to the retail market within a month. According to RBI, an e-commerce trial program will be launched within a month in some major sectors and closed user groups.
Canada to introduce crypto, stablecoin discussion
The Canadian government has announced that it is starting to address cryptocurrencies, stablecoins, and central bank digital currencies in its latest budget update.
The Fall Economic Statement, a budget released by the Deputy Prime Minister, is the government’s fiscal roadmap for the coming months.
The “digitalization of money” was included in a section with provisions for taxes, recovery from COVID and hurricanes, and budget decisions. The use of cryptocurrencies and digital assets around the world was celebrated.
Instagram users will soon be able to buy NFTs
Instagram will begin enabling more digital creators to issue and purchase non-fungible tokens (NFT) directly from the social media platform starting this week.
The platform has been testing NFTs on Instagram and Facebook since last year.
With this update, these digital creators will have access to a toolkit to help them create, display and sell NFTs. Polygon is the first partner Meta has selected for this feature.
NFTs will be available for immediate purchase within the Instagram app for users. According to Meta, the process will be done through standard in-app purchases on iOS and Android. Instagram also said that it is not removing the creator’s products for now.
Meta is testing this new feature with a small group of developers in the US and plans to expand to other countries in the future.
Moneygram launches crypto trading service for app users
Payments firm MoneyGram is extending its money management tools to cryptocurrency with a new in-app service. The business is introducing a new service that allows consumers in the United States to buy, sell, and hold cryptocurrencies through the MoneyGram mobile app.
Users have the opportunity to trade and save cryptos such as Bitcoin, Ethereum, and Litecoin, growing the variety of currencies that MoneyGram’s customers can use.
The innovation is made possible by the crypto exchange Coinme, in which MoneyGram made a strategic minority investment this year. MoneyGram also said in the announcement that it hopes to expand its selection of cryptocurrencies in the future as the company explores expansion into other markets in 2023.
Binance Pay support extends to Shiba Inu
Binance announced that Shiba Inu has been added to the list of supported cryptocurrencies on its crypto payment system, Binance Pay.
The new addition states that users can send, receive, and pay SHIB with Binance Pay for supported merchants.
It also applies to businesses available on the Binance market. Currently, Binance Pay supports more than 70 cryptocurrencies, including popular ones like Bitcoin and Ethereum.
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Denial: Giottus Crypto Exchange wrote this article as part of a paid partnership with The Minute News. Crypto products and NFTs are unregulated and highly risky. There may be no legal recourse for loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investments.
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