Welcome to the December 17th edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em review the weekly crypto news and attempt to answer the ever-relevant question: “Is this a thing?”
In last week’s edition of the weekly crypto news wrap-up, Neil and Em debated the NFT craze and how it’s getting a bit out of hand, Bitcoin beating PayPal, and the illustrious entrepreneur Jack Dorsey stepping down from Twitter.
This week, we’re back in business, as Neil and Em cover a Wall Street Journal article that suggests you might want to give your grandma some crypto, Whatsapp testing out a cryptocurrency feature, Russia getting search-and-seizure FOMO, and more.
Give your grandma an NFT
If we are talking about weekly crypto news that sets social media on fire, we would have to talk about the Wall Street Journal. The world-famous newspaper published a Christmas giving guide that featured a whole lot of cryptocurrency, and some people weren’t too pleased about it.
The story featured notable entrepreneurs in the NFT space, including Alex Salnikov, the CEO of NFT platform Rarible. The guide seemed a bit tongue-in-cheek, even featuring tungsten cubes.
What was so controversial about the article? It was certainly pro-cryptocurrency, but it was the tweet that seemed to anger the masses. The Wall Street Journal tweeted that you may want to consider getting your grandma an NFT, and many ended up dunking on the tweet or suggesting that it was ridiculous.
Is the NFT hate justified, and does the “hype need to die down a bit, or are people overreacting?
Neil says:
Sure, it’s definitely a bad gift for a grandma but I think the WSJ was trolling on purpose. I will say this though – gifting your grandma an NFT might be weird, but some of the people criticizing the article may not get their grandma anything at all! Humble yourselves. Remember to call your grandma on Christmas, too.
Em says:
I would totally give my grandma an NFT for Christmas! But then, I’m a certified troll and the only reason I’d be doing it is because it’s hilarious and nonsensical. NFTs are supposed to appreciate in value (theoretically), what’s an old person who’s not for this world much longer gonna do with one? They can’t even use gmail?
Bottom line:
Neil thinks this is an overhyped thing; Em thinks NFTs are gifts for younger people.
What do you think about gifting your grandma an NFT? Comment online using the hashtag #NFTforGrandma and tag @decentralpub. Your comment could be featured in an upcoming article.
Whatsapp testing crypto feature
Many crypto enthusiasts have speculated about when Whatsapp would finally consider incorporating crypto into their platform, and it seems like the day has come. Whatsapp launched a pilot program where a “limited number” of U.S. users can send and receive cryptocurrency within a chat. There are no fees.
The pilot program is operating thanks to the digital wallet, Novi, and the Pax Dollar stablecoin (USDP). Novi was developed by Meta (which owns Whatsapp). Once the Novi wallet is linked, users can reportedly send Bitcoin as easily as they send a message.
Could this be a move towards mass adoption, given how many people use Whatsapp?
Neil says:
Yeah…this is a pretty big deal. Whatsapp has over 2 billion users all over the world, and this is the kind of thing that makes crypto so simple and accessible. It’s also the most popular app in over 100 countries. They are just testing it now, but I do think this is a pretty big deal, beyond just regular weekly crypto news.
Em says:
Of course, Meta owning WhatsApp would want to use Novi. They’ve been trying to get that poor crypto project off the ground for agessssss. I can’t say I see myself using it but like with most of these sorts of things, the line we always hear ourselves saying is: adoption is adoption. I guess it still applies in this case.
Bottom line:
Neil thinks this is a big thing, Em thinks it’s an “eh, any adoption is good” thing.
Who do you agree with?
Swissquote plans exchange launch
Over the past several years, we’ve seen more traditional financial institutions embrace cryptocurrency. That trend doesn’t seem to be slowing down, and it’s no surprise that we are seeing more of that from Switzerland, one of the most pro-crypto countries in the world.
Swissquote is Switzerland’s largest online bank, and they plan on launching a cryptocurrency exchange platform. The online trading and investment platform hopes to launch the exchange by 2022, but it is unclear what cryptocurrencies besides Bitcoin they will offer. The company also plans to add staking services and stablecoins, as well.
More traditional banks in Switzerland are apparently interested in crypto after Switzerland’s stock exchange got regulatory approval for its digital asset exchange.
Will we eventually see U.S. banks launch crypto exchanges?
Neil says:
You know, I’ll be honest – I don’t see this happening in the U.S. The exchanges have already branded themselves…do you really think Bank of America is going to suddenly try to compete with Coinbase? The sad truth: they’re already probably too late. The Swiss are more progressive when it comes to crypto, that’s why this is possible.
Em says:
I could see this becoming a thing. Adoption is not slowing down, that’s what every crypto enthusiast promises themselves. And, as more and more of these institutional renovations happen, the more true that becomes. I like to see banks exploring this stuff—crypto will be entrenched before you know it.
Bottom line:
Both Neil and Em agree this is a good thing.
We have a consensus!
Banking giants love blockchain
There’s no question about it: banks are embracing blockchain technology left and right. Even cryptocurrency critics have admitted that the blockchain will disrupt various industries in the future, and that certainly includes traditional finance.
Wells Fargo and HSBC are using a blockchain-based platform to settle global forex trades. The platform will settle FX trades in as little as three minutes, and it completely sidesteps CLS, the traditional Federal Reserve regulated third-party commonly used for legal finality regarding forex transactions.
The platform was provided by Baton Systems, a payment provider known for its proprietary CORE distributed ledger. The two banking giants agreed to use the ledger, which means they agree to adhere to the Baton Rulebook. The Baton Rulebook is the regulatory framework for Baton Systems designed to provide legal clarity regarding settlements.
Will more banking giants turn to blockchain for forex settlements?
Neil says:
I’ll be honest – I’m more surprised that this isn’t happening more regularly. We know that blockchain can disrupt finance completely (look at the rise of DeFi), but maybe there’s just too much forex regulation. Either way, this is great to see…just surprised we didn’t see it sooner.
Em says:
I think this is cool. International exchanges have always been one more way that fiat currencies gouge our eyes out and there’s nothing the people have been able to do about it. Using blockchain to settle transactions doesn’t completely solve the problem of fiat, but slowly and surely changing the landscape is a plus, imo.
Bottom line:
Neil thinks this is a “better late than never” thing, Em thinks this is a cool thing.
What do you think? Can they both be right?
Bad idea of the week: Russia wants to take your Bitcoin
It may be nearing Christmas time, but Russia looks to be offering cryptocurrency investors nothing but a lump of coal. Russia’s version of the FBI, the Investigative Committee of Russia, is requesting that the government allow them to freeze wallets and seize crypto as needed.
The agency argues that the decentralized nature of crypto is making it more difficult to seize assets from accused criminals. As if that wasn’t bad enough, the Bank of Russia is now banning Russian mutual funds from investing in crypto.
This story is interesting given the fact that it follows a similar story in the United States. Last week, we pointed out that the U.S. government had actually seen their seized Bitcoin triple in value, and it makes you wonder whether Russia got jealous of all those American gains. Regardless, it sets a dangerous precedent.
Neil says:
It’s no secret that Russia is trying to crack down on crypto, but I honestly am not sure how it really even works. There are plenty of people trading crypto in China even though the government doesn’t like it. The DeFi sector there is booming. Regardless, this is obviously terrible for mainstream crypto adoption in Russia.
Em says:
Honestly, I wouldn’t expect anything less from Russia. After all, they’re the bad guys in every move for a reason, amirite??? Authoritarian governments grabbing more authoritarian power is a shock to literally no one on earth. Now, in my most scolding-mother-like tone I say, “Let this be a lesson to you all. Do you want that to happen to you?”
Bottom line:
Both Neil and Em agree this is a bad idea.
What do YOU think? (Just because Neil & Em agree, doesn’t mean you have to!)
Meme of the week
As always, Em brings you your meme of the week:
We will be back next week on December 24th with our Decentral Publishing Weekly Crypto News Wrap-Up. Until then!
