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This week in crypto...

August 15, 2021

Over the weekend, Alchemy Pay, a crypto payment firm, announced that it would be launching virtual crypto-linked cards that would accept more than 40 cryptocurrencies. The cards will work across MasterCard and Visa networks.

United States senators Mark Warner and Kyrsten Sinema introduced an amendment to the proposed infrastructure bill that would ease the burden on cryptocurrency tax reporting for miners and wallet providers. 

On Monday 

The total crypto market value broke $1.9 trillion for the second time since May. This recent bullish trend has seen crypto markets surge $700 billion, or 58%, over the past 21 days.

Vancouver Biennale, a Canadian public art exhibition organization, finished its 1,800 square meter installation on the Cambie Street Bridge in Vancouver. The installation is a blockchain-based augmented reality experience that can be viewed with iOS and Android devices. 

On Tuesday 

The US Senate passed a $1 trillion infrastructure bill.  Within the bill is a plan for tighter rules on businesses handling cryptocurrencies and expanding reporting requirements for brokers, including a mandate that digital asset transactions worth more than $10,000 are to be reported to the IRS. 

The Bank of Jamaica (BoJ) minted the first batch of its CBDC at a financial ceremony. The BoJ plans to issue $1.47 million of digital Jamaican dollars to deposit-taking institutions and authorized payment service providers. 

On Wednesday 

The Bank of Ghana (BoG) partnered with German banknote and securities printing company Giesecke+Devrient (G+D) to pilot a retail central bank digital currency (CBDC) in Ghana. This is the latest in Ghana’s digitization strategy, the “Digital Ghana Agenda,” which aims to digitize data and government services. 

Venmo announced a new feature that allows users to purchase crypto using cash back rewards. This “Cash Back to Crypto” service currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). 

On Thursday 

The Iranian National Tax Administration (INTA) called to establish a legal framework for the taxation of crypto trading platforms in Iran. This comes two months after President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to preserve and protect national interests.

Chilean Peso-backed stablecoin CLPX went live on the Stellar payment network. CLPX was designed to be a better alternative to traditional remittance services. The stablecoin provides users with lower transaction fees and allows them to use the copper-linked Chilean peso as a hedge. 

On Friday 

Argentina President Alberto Fernandez publicly announced his support for an Argentinian central bank digital currency (CBDC) and Bitcoin (BTC). He endorsed BTC as a hedge against inflation, a big issue for Argentina during its previous administration. The announcement came a few days after the head of Argentina’s central bank, Miguel Pesce, said that digital assets were a threat to economic stability and suggested tighter regulations for the sector. 

Polygon, the layer-2 protocol, acquired rollup project Hermez Network for $250 million. It will be merged into Polygon’s line of products under the name Polygon Hermez. This will mark the first complete merger of two blockchain networks. 

    

For more information on these stories, visit:
Alchemy Pay to launch support for crypto-linked “virtual” cards (yahoo.com)
2 senators introduce pro-crypto amendment to infrastructure bill. It may be not enough - LATOKEN Moments
Crypto market hits $2 trillion again after three months as Bitcoin, Ethereum, altcoins jump (msn.com)
Blockchain-based digital art installation to launch on Vancouver bridge (cointelegraph.com)
Infrastructure bill passes US Senate — without clarification on crypto (cointelegraph.com)
Jamaica’s Central Bank Mints $1.5M Batch of New CBDC - BeInCrypto
Bank of Ghana to Pilot e-Cedi CBDC Alongside Giesecke+Devrient - BeInCrypto
Venmo enables users to automatically buy crypto with ‘cash back’ rewards (cointelegraph.com)
Iran tax agency to legalize crypto exchanges - Coin Rivet
Chilean Peso Stablecoin “CLPX” Now Live On Stellar Network – Cryptovibes.com – Daily Cryptocurrency and FX News
President of Argentina open to Bitcoin and a CBDC, but central bank says no (cointelegraph.com)
Polygon Merges With Hermez Network in $250M Deal - CoinDesk

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