Crypto Weekly Bytes –Libra’s Competiton and a Bill

Its 2414 and the people of the future are using Bitcoin, Litecoin, Libra (?) and other cryptocurrencies to transact. There’s something very noticeable missing, there’s no sight of fiat currencies.

That’s a future we see and it seems the producers of Netflix TV series, Altered Carbon may be thinking the same.

What if (some) movies were a foretelling of the future?

Uber for BAT

Basic Attention Token (BAT) the token associated with the Brave browser last week revealed that its tokens can now be exchanged for real-world rewards offered by over 250,000 top brands and merchants. Some of the brands include Uber, Domino’s, Xbox, Playstation, Amazon and Apple.

For now its only available in the US but with some luck maybe soon?.

The Bill for Crypto

You know how we mentioned last week that South Korea had passed a cryptocurrency bill, it looks like the US is also heading in that direction.

United States congressman, Paul Gosar introduced a bill “Crypto-Currency Act of 2020,” aimed at providing clarity, regulation and legitimacy to crypto assets in the United States.

The bill divides digital assets into 3 categories crypto-commodity, crypto-currency and crypto-security. With each category governed by an existing financial regulator. According to the congressman, Paul Gosar “America can’t afford to sit on the sidelines with this one”.

And very importantly it has it had over 50 major companies that have pledged support. 

Libra’s Competiton

While Libra is rethinking its initial plan to have one global cryptocurrency, it now has a competitor on the horizon. Its competition, a project called Celo has its own cryptocurrency and an Ethereum-based blockchain.

The 50 founding members who make up Celo’s Alliance for Prosperity include blockchain.com, Coinbase ventures, Anchorage, Bison Trails Co., Coinbase Ventures, Andreessen Horowitz and Mercy Corps

Celo’s cryptocurrency, the Celo Dollar is a stable coin that is pegged to the US dollar and is scheduled to launch in April.

Etheruem’s corona effect

At the start of 2020, Ethereum was one of the best-performing altcoins but it seems Corona got to it.

Last week crash which affected most cryptocurrencies and even traditional assets saw Ethereum lose more than 45% of its value sending the crypto down to $127.23.

Although the sell-off in $30 billion worth of volumes being traded.

Seizing Crypto

The Investigative Committee of the Republic of Belarus is looking to gain authorisation from lawmakers to enable seize cryptocurrencies like Bitcoin from criminals.  According to the Committee it has encountered problems investigating criminal cases involving cryptocurrencies.


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