Daily Crypto NewsEDITION #321, 06 October 2021

Feijoada with a bitcoin flavor

Hey Moni Maker

Today, in 2010, Instagram became available for download. From the usual "family album for everyone," the social network has turned into a swag machine. From now on, it became cool not to buy an expensive car but to show it on Instagram - preferably with more filters and hashtags with likes.

But we are crypto warriors, and we know that bragging about luxury is not a cool thing. Better to be humble on social media and read the Digest. Let's go!

Lawmakers in Brazil are working on establishing a regulatory framework that would make it easier to invest in Bitcoin and other cryptocurrencies while making it tougher on scammers and hackers.

Brazil’s legislature recently approved the draft of Bill 2.303 / 15, which seeks to regulate digital currencies. The bill was originally introduced by Deputy Expedito Netto. But now, Deputy Aureo Ribeiro of the Solidariedade Party has proposed an updated draft that seeks to give Bitcoin legal status as a “payment currency” in the country.

At the moment, Bitcoin is unregulated in Brazil, and its use in commerce is discouraged. The new law, if passed, would give Bitcoin legal standing in the country for the first time. The bill, however, stops short of calling for Bitcoin to be recognized as "legal tender" (i.e. an official, state-sanctioned currency), though it is unclear how a "payment currency" would be defined by the new law.

So what?

Buy a ticket to Brazil

Everyone is speaking about Arbitrum! That's why we decided to make a sequel to our guide.

Check it, share it and like it! Or there will be no airdrop on Arbitrum :(

While you were breaking the hearts of cool girls, bitcoin broke $50k!

What does it mean:

– If S2F model will work out, we touch $63k soon;

– To track coins, you need a tracker. Moni is the best way to do it.

Why do we make these digests? Not because we want you to ignore them! So check the NFT Digest, it’s right here, good?

Press: Solana into cybersports? TikTok and Twitter are rushing into crypto. Dapper Labs and NFL. Digest and NFT.

Bank of America has published its report “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, providing an in-depth analysis of the current state of the blockchain industry from cryptocurrencies to DeFi and NFTs.

The report says that the industries of cryptocurrencies and decentralized finance services have grown to the point of being “too large to ignore.”

BofA’s researchers note that nearly 221 million users have exchanged cryptocurrencies or used a DeFi service, with steady growth.

Circle, the company behind the USDC stablecoin, has been under investigation by the U.S. Securities and Exchange Commission (SEC) since July 2021, according to the company’s regulatory filings. “In July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations,” the company said.

“We are cooperating fully with their investigation,” Circle added.

In August, Circle and the SEC faced off for a second time in the summer, with the stablecoin-backer agreeing to pay the regulator over $10 million after Poloniex—a former subsidiary of the company—operated as a digital asset exchange without the requisite permissions.

Lord Fusitu’a, a member of the Tongan parliament, believes the country can follow El Salvador’s example and accept Bitcoin as legal tender, according to the Financial Review.

“Tonga is the highest remittance-dependent country on earth. Between 38% and 41.1% of our GDP, depending on which World Bank figures you use, is remittances,” Fusitu’a said.

“To get those remittances to Tonga, Western Union takes a 30% bite out of them, on average. It can be 50%. In El Salvador, it’s closer to 50%,” he added, laying out a common justification made by Bitcoin advocates for using the leading crypto as legal tender.

Fusitu’a is not just convinced by Bitcoin’s potential to make remittances cheaper, he is also fully sold on Bitcoin itself.

“Bitcoin is the first truly global natively open monetary system. Blockchain is the most optimal storage medium for money if your goal is decentralization and complete, egalitarian democratization of money,” he said.

ERC-20 is a standard for Fungible tokens in Ethereum Network and it's capable of smart contracts and used in DApps. It's the most popular standard of the token nowadays and used everywhere. Utility tokens, Governance tokens, Meme tokens and etc – this is all ERC-20 in Ethereum. Examples are UNI, 1inch, 0x, AAVE, COMP, SNX and etc.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)