Crypto News this week.
Bitcoin seems to be having a great week this week with it crossing $10,000 and retracing to $9800.
Beyond the price action, a major development happened this week in the crypto space.
OCC clears US banks to offer Crypto custody services in the US
Probably one of the biggest bullish news in the US around cryptocurrencies came from The Office of the Comptroller of the Currency (OCC), which clarified that Banks must provide the custody services to its customers including digital assets. In a press release, OCC confirmed that: “From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.” This move ensures that banks are able to provide custodial services to its customers for cryptocurrencies like bitcoin. This stamp of approval could open up a vast majority of investors ‘dipping in’ to crypto.
MasterCard expands Cryptocurrency program
Mastercard announced “the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market. Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program for emerging brands and fintechs, giving them access to everything they need to grow quickly.” Wirex recently received Mastercard’s principal membership to offer crypto services to the consumers on MasterCard platform.
Visa reveals its outlook on Crypto payment
Visa has revealed its outlook on crypto payments on its network. In a somewhat positive spin on the digital currency move, Visa has praised the advantages of crypto payments, “We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.” Visa did point out that there is a lot to do on the legal and policy framework side of things and that Visa has been “Visa has been engaging with policy makers and global organizations to help shape the dialogue and understanding of digital currencies; this includes our work with the World Economic Forum and our collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).”
DC Financial Services Law: Bitcoin deemed ‘money’
When Larry Dean Harmon tried to argue that ‘he cannot be tried for money laundering’ because Bitcoin is not money. Well, the federal court tossed his argument out of the window declaring that “Money “commonly means a medium of exchange, method of payment, or store of value,” Chief Judge Beryl A. Howell wrote for the U.S. District Court for the District of Columbia. “Bitcoin is these things.” While Bitcoin is considered as ‘property’ under the IRS tax laws, this federal court ruling brings to light that Bitcoin is money for in the court of law. This variation in the eyes of federal law and tax law will potentially continue to exist in the foreseeable future.
ESPN goes Crypto with eSports on Blockchain
ESPN has unveiled its ‘pre-launch’ online gaming on Blockchain enabled for crypto payments. This platform is expected to facilitate micro transactions. “As per a research done by 3EA Limited, a global strategic management consulting group, e-sports and online gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of the Blockchain technology,” said Mr. Chris Parker, one of the Directors of ESPN Global.” The ability of Blockchain to facilitate ‘micro transactions’ without the need for central financial institutions could revolutionise the space.
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