This Week in Crypto…

Over the weekend…

China’s President Xi Jinping encouraged members of the G20 to have an open and accommodating attitude towards central bank digital currencies. China’s adoption of digital currencies is heightened by a recent Goldman Sachs report predicting China’s planned digital yuan will account for 15% of total consumption payments in 10 years.

On Monday…

PayPal CEO Schulman says he’s Bullish on Bitcoin as a currency. In an interview with CNBC Squawk Box on Monday, Schulman predicts the global inevitability of Central Bank digital currency as well as claiming cryptocurrencies will have more use cases.

On Tuesday…

Russia’s Gazprombank debuts Bitcoin trading in Switzerland. Gazprombank Switzerland, a subsidiary of one of the largest banks in Russia, has piloted its Bitcoin (BTC) transaction service following regulatory approval by Swiss regulators.

SEC Chairman Jay Clayton explains US crypto regulation, calls Bitcoin a store of value. During an interview with CNBC Squawk Box, Jay explained how the U.S. government is regulating bitcoin, crediting the rise of the digital asset to the inefficiencies of the current payment system.

On Wednesday…

Australia and Singapore to trial ‘paperless’ trade using blockchain technology. In order to simplify cross-border trade with Singapore, a blockchain trial was launched this week under the Australia- Singapore Digital Economy Agreement (DEA).

Democratizing Bitcoin’s hash rate takes center stage at the mining summit. A rush to accumulate Bitcoin by institutions and corporations has contributed to a rise in mining revenue, which, in turn, has caused a surge in demand for new and secondhand ASIC miners.

On Thursday…

Bitcoin price suddenly drops 11% as whales move BTC to exchanges. Bitcoin dropped to $17,250 after nearly hitting $19,550 during the day’s trading.

US Senator-Elect Cynthia Lummis Wants Congress to leave Bitcoin alone. In an interview with Bitcoin Magazine’s Peter Chawaga, Lummis explains why she believes the federal government should take a back seat and give states free rein to innovate in the Bitcoin and crypto markets.

On Friday…

Venezuela’s popular shopping outlet, Rattan, announced it will start accepting payments in Bitcoin (BTC) and a number of altcoins. The deal will allow Rattan Plaza shoppers to use Cryptobuyer’s Pay solution to spend Bitcoin, Litecoin, Dash, Ethereum, Binance Coin, Dai, Tether, and Cryptobuyers’s own native ERC-20 based crypto asset.

For more information on these stories, visit:

China’s adoption of digital currencies: https://www.coindesk.com/chinas-xi-asks-g20-countries-to-be-open-and-accommodating-to-cbdcs

Paypal adoption of bitcoin: https://www.coindesk.com/paypal-dan-schulman-bitcoin

Bitcoin transaction service in Russia: https://cointelegraph.com/news/russia-s-gazprombank-debuts-bitcoin-trading-in-switzerland

SEC Chairman Jay Clayton on Bitcoin: https://news.bitcoin.com/us-cryptocurrency-regulation-sec-chairman-jay-clayton-bitcoin/

Australia- Singapore to trial blockchain application for trade:https://www.coindesk.com/australia-singapore-cross-border-trade-blockchain

Bitcoin hash rate news: http://cryptopost.com/democratizing-bitcoins-hash-rate-takes-center-stage-at-mining-summit/

Bitcoin price drop: https://cointelegraph.com/news/bitcoin-price-suddenly-drops-11-as-whales-move-btc-to-exchanges

US Senator-elect on Bitcoin: https://dailyhodl.com/2020/11/25/us-senator-elect-cynthia-lummis-wants-congress-to-leave-bitcoin-alone/

Bitcoin adoption in Venezuela: https://cryptonews.com/news/venezuelan-retailing-heavyweight-starts-accepting-bitcoin-al-8432.htm