Daily Crypto News | December 18th, 2022

2022.12.18 Daily news 1

Welcome to Barmy’s Daily Crypto News – December 18th, 2022

1. Metamask users can now purchase ETH using the payment provider Paypal

Users of Metamask can now buy ethereum (ETH) using the payment service Paypal, according to Consensys.

The first Web3 wallet to use PayPal to increase the success of on-ramp transactions is Metamask. In essence, after the owner of Metamask logs into the Paypal platform via the wallet, the cooperation will enable customers to use their Paypal account to buy ethereum (ETH).

A “series of announcements” will be connected to the Metamask mobile wallet, according to Consensys’ blog post, and the Paypal integration with Metamask is just one of them. Through the seamless purchase of cryptocurrency through Metamask made possible by this Paypal integration, customers in the United States will also be able to effortlessly explore the Web3 ecosystem.

2. The G20 countries aim to build a policy consensus on crypto assets

On December 13–15 in Bengaluru, the G20’s finance and central bank representatives convened for the first time under India’s chairmanship. G20 countries seek to forge a consensus on crypto asset policy in order to improve global regulation.

The policy viewpoint adopted should inform the regulation. In fact, developing a global consensus on a strategy for regulating crypto assets has been listed as one of the top goals. The category accounts for over 85% of global GDP. Cryptocurrency regulations require universally accepted standards.

It is evident that we require globally accepted criteria for regulation in the wake of the recent crypto crisis. Making progress in that direction and being able to do that by 2023 would be a tangible result.

3. Bitvavo announced to prefund the locked assets, preventing DCG-induced service disruption for users

For off-chain staking services, The Digital Currency Group and its affiliates (DCG), which controls Bitvavo’s digital assets and deposits totaling $296.7 million (280 million euros), ceased payments due to liquidity issues during the weak market. However, Bitvavo said that it would prefund the assets that were frozen, shielding consumers from DCG-caused service interruption.

Furthermore, Bitvavo asserts that DCG’s debt would not negatively affect its ongoing business activities because the firm “has been profitable from its beginning and is in a financially sound position.” Even if DCG didn’t uphold their half of the contract, the corporation nonetheless provided assurances about the status quo.

The digital assets managed by Bitvavo, which are owned 1:1 and completely redeemable by the users, total close to $1.7 billion in deposits.

4. Kazakhstan found feasibility in launching its in-house CBDC

After China and the United States, Kazakhstan is the third-largest Bitcoin mining country in the world. Kazakhstan found it feasible to develop its own internal central bank digital currency (CBDC).

Kazakhstan’s CBDC will be merged with BNB Chain, a blockchain that the cryptocurrency exchange has constructed, according to Changpeng Zhao, CEO of Binance, who made the announcement in late October. The main reason the nation conducted research on CBDC was to see if it could raise financial inclusion, encourage competition and innovation in the payments sector, and boost the country’s worldwide competitiveness.

The pilot study on offline payments and programmability suggested that market participants and infrastructure actors be included for various situations and suggested clarifying wording for the government’s regulators to use. The internal CBDC should be made available as early as 2023, with a progressive increase of capabilities and entry into commercial operation until the end of 2025, according to the central bank of Kazakhstan.


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