Welcome to Barmy’s Daily Crypto News – November 4th, 2022
1. The Canadian federal government starts to launch a consultation on cryptocurrencies
In order to start the consultation, the Canadian government cited its worries about the potential threats that digital assets and the digitization of money may pose to its financial system.
In addition to its annual budget, the government’s “2022 Fall Economic Statement,” which was presented on Nov. 3 by Deputy Prime Minister Chrystia Freeland, serves as a financial update. The government’s plans for cryptocurrencies were described in a brief portion of the announcement titled “Addressing the Digitalization of Money.”
The country’s financial system regulation “needs to keep pace” with the way cryptocurrencies and money digitization are “transforming financial systems in Canada and around the world” according to the report.
The government stated that stakeholder consultations on digital currencies, stablecoins, and CBDCs would begin on November 3, however it is yet unclear which stakeholders will be included.
2. Japan’s Digital Agency launches DAO
The Digital Agency of Japan has established a research decentralized autonomous organization, or DAO, focusing on Web3 in an effort to coordinate national projects connected to digital transformation.
The Digital Agency stated that it intended to look into DAOs and features of digital assets that might be exploited for “cross-border crimes that abuse blockchain technology” and endanger user protection. According to the notice, the agency might analyze blockchain data in response to complaints from Japanese authorities about the digital asset market.
The organization stated that it was looking into more digital innovation projects, such as testing a nonfungible token (NFT) “that proves the work history of staff employees.” The group pointed out that, like many crypto assets, such a token would need to be exempt from the nation’s anti-money laundering and countering the financing of terrorism rules.
3. Mastercard Start Path program
The leading provider of global payments, Mastercard, continues to assist blockchain and cryptocurrency businesses as part of its fintech accelerator, the Mastercard Start Path program.
In order to encourage the adoption of cryptocurrency and blockchain technologies, Mastercard has selected seven additional sector companies for its Start Path initiative, the company said on Nov. 3.
The new group of businesses includes the Colombian stablecoin-focused company Stable, the Singaporean crypto payments site Digital Treasures Center, and the crypto gateway provider Fasset. In July, Mastercard and Fasset collaborated on digital solutions to advance financial inclusion in Indonesia.
The most recent Mastercard Start Path initiative also includes the brand-focused platform Uptop, the blockchain-based media fintech project Take Back the Mic, the Web3-focused social payments system provider Loot Bolt, and the privacy firm Quadrata.
According to the statement, one of the key objectives of the selected organizations will be to close the gap between Web2 and Web3.
4. Arbitrum’s number of total transactions has increased by 550% since August
Following the Nitro upgrade, Arbitrum transaction volume has increased dramatically and now accounts for over two-thirds of the transaction volume on the Ethereum base layer.
Ethereum scaling solution with layer-2 Since its Nitro upgrade in August, Arbitrum has had a significant increase in activity; as of now, it has about 62% more transactions than the Ethereum foundation layer.
According to data from Dune Analytics and a report released on Nov. 1 by cryptocurrency research company Delphi Digital, the total number of transactions on Arbitrum had surged by 550% from August as of the week ended Oct. 24.
Offchain Labs, a blockchain development company, created Arbitrum as a hopeful roll-up with the goal of scaling Ethereum smart contracts. Before sending huge batches of transactions from Ethereum smart contracts and decentralized applications to Ethereum, it employs optimistic rollup technology to bundle them off-chain.
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