The long-awaited crypto executive decree is signed, crypto donations in Ukraine reach $100 million, and now you can pay for movies with meme coins. These stories and more this week in crypto.
US Takes First Steps To Regulate Crypto
US President Joe Biden has issued an executive order to ensure the responsible development of cryptocurrencies, marking the first time the United States has taken steps to regulate digital assets. The order recognizes the popularity of cryptocurrencies and their potential to disrupt the traditional financial system. The news was widely greeted with relief by the crypto industry which feared strict rules would stifle the space.
EU: Russian sanctions already include crypto
The European Commission has clarified the EU’s position after concerns were raised about a possible loophole in the crypto market that could allow Russian sanctions to be dodged. EU officials have indicated that the existing sanctions do enough to include crypto and minimize the risk of oligarchs using crypto to move their money.
Crypto donations to Ukraine approach $100 million
Ukrainian Deputy Minister of Digital Transformation Alex Bornyakov said crypto donations now amount to nearly $100 million. Speaking at an online briefing, he described how crypto has helped Ukraine since the Russian invasion. When the national bank is not really working, crypto helps to make quick transfers and get results almost immediately.
Credit Suisse Report Backs Bitcoin
According to Credit Suisse, the Russian-Ukrainian war will create a new financial order from which bitcoin stands to benefit. The investment bank predicts that Western sanctions against Russia are likely to cause a paradigm shift in the way the world organizes currency and reserves, concluding that after this war ends, “money” will not will never be the same again.
Block’s Bitcoin wallet will contain a fingerprint sensor
Payments company Block, formerly known as Square, said the new bitcoin wallet it is building will enable fingerprint sensors for transactions. The company wants its customers to be able to unlock their wallets securely, but with ease – an unlikely combination that the company says has never existed on the market.
Polygon network suffers 11 hours of downtime
Layer-2 Ethereum Polygon scaling solution was down for 11 hours. Now, developers informed users of planned downtime to implement planned network upgrade, but the downtime lasted longer than expected because the upgrade caused a problem with the ability of the network to reach consensus. The team released an interim fix and assured users that all on-chain funds and data are safe.
AMC Theaters Accept Meme Plays
Adam Aron, CEO of AMC Theaters, announced that AMC now accepts dogecoin and shiba inu for online purchases using Bitpay to process payments. With the integration of Bitpay, AMC Theaters now accepts several other cryptocurrencies, including bitcoin, bitcoin cash, litecoin, XRP, and ether.
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That’s what happened this week in crypto, see you next week.