Daily Crypto NewsEDITION #318, 01 October 2021

Well, wat? We're not China lol

Hey Moni Maker

Today the whole world celebrates International Coffee Day. So, we want to appeal to the producers and propose making exceptional coffee for crypto people. Each 5-litre bottle should have a different caffeine content: stiffer for NFT-sales, medium for DIOR, smaller for listings, etc.

We all like tonic drinks, don't we? But Digest gets tonics from the news. So let's go!

Federal Reserve Chair Jerome Powell today told Congress he has "no intention to ban" cryptocurrencies as China has done.

Powell's response came after questioning from Rep. Ted Budd (R-NC) during a hearing of the House Committee on Financial Services on the response of the Treasury Department and Federal Reserve to the COVID pandemic.

"Is it your intention to ban or limit the use of cryptocurrencies, like we're seeing in China?" Budd asked the central bank's top regulator, prefacing it by quoting Powell's July comments that the creation of a digital dollar might make stablecoins irrelevant.

"No," responded Powell, clarifying that he had been referring to stablecoins in his earlier testimony, not to all cryptocurrencies.

"No intention to ban them," he said today, in reference to cryptocurrencies. "But stablecoins are like money market funds, they're like bank deposits, but they're to some extent outside of the regulatory perimeter. And it's appropriate that they be regulated. Same activity, same regulation."

So what?

Interestingly, a lot of people have presented this news as "the SEC wants to regulate all cryptocurrencies. Well, yes, they do, but so far they only want to regulate stablecoins.

Anyway, drop your opinion on it in the chat!

What would happen if you invested $1000 in BSC in October 2020?

Ugh, for the year $CAKE gave 36x and BNB gave 13x!

Okay, leave FOMO, we know what you need to do. You need to download Moni and put your BSC wallet there to track cool BSC coins and catch 100x from now and always.

Here's the link, don't lose it, or it will be too late again.

Dogecoin co-founder Billy Markus has said that Dogecoin (DOGE) needs an Ethereum bridge and inclusion by NFT marketplaces as a payment option in order to boost adoption of the cryptocurrency.

“Two things I believe would help Dogecoin: Completion of DOGE-ETH bridge, and NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases,” Markus said in a tweet.

Hey, bro! What about Elon Musk's tweets?!

Twitter's senior software engineer, Mada Aflak, made a video here showing what the process of using NFT through Tweeter would look like.

Not reviews from Moni Talks, of course, but it's okay too. It looks interesting. Jack is cool, mass adoption bla-bla-bla.

The Bank of England today announced members of two forums that will explore a potential central bank digital currency (CBDC) in the UK. The forum members include PayPal and Google bigwigs among representatives from many Silicon Valley giants.

CBDCs are digital versions of a fiat currency—like pound sterling, the euro or dollar—backed by a central bank.

The UK has so far been comparatively slow, and has only announced research into such an asset. But today’s announcement shows that the Bank of England is at least consulting with top experts in the tech and finance space. The forum will research and provide feedback to the Bank on how a CBDC could—or couldn't—work in the UK.

A newly introduced upgrade to the DeFi interest rate protocol Compound Finance has contained a bug that leaves some users with unusual amounts of COMP token as rewards to be claimed.

"Unusual activity has been reported regarding the distribution of COMP following the execution of Proposal 062," Compound Labs, the team behind the Compound protocol, tweeted on Wednesday night.

"No supplied/borrowed funds are at risk -- Compound Labs and members of the community are investigating discrepancies in the COMP distribution," it added.

The purpose of the Proposal 62, which went into effective a few hours ago, was to split the COMP distribution to liquidity suppliers and borrowers based on governance-set ratios instead of the previous 50/50 share model. Minor bugs are also to be patched in the new upgrade.

Hence "the impact is bounded, at worst, 280,000 COMP tokens," Leshner said. That is worth about $80 million as of press time.

Ripple is launching a $250 million fund focused on exploring new use cases on non-fungible tokens (NFTs) on the XRP Ledger (XRPL).

The fund, unveiled Wednesday as part of Ripple’s XRPL developer summit, will aim to foster innovation in tokenization with a focus on NFTs.

Creators, brands and marketplaces will be given support to explore how the XRPL’s speed and cost can support new uses for NFTs.

The Creator Fund is being launched by Ripple in partnership with NFT marketplaces Mintable and mintNFT, and brand design agency VSA Partners.

Ripple has been relatively absent so far from the NFT battleground, which has largely been dominated by Ethereum, with other ecosystems such as Solana also competing.

TikTok has announced plans to release NFT collectibles based on popular videos on the social sharing service.

The first NFTs include works from Lil Nas X, Gary Vaynerchuk, Grimes, and more.

Listing is the process when a particular coin first appears on an exchange. When coins are listed on popular exchanges, such as coinbase, they often going to the moon.

And more you can find in our Glossary!

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