Month: March 2023

French lawmakers propose ban on crypto influencer promotions

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French lawmakers have proposed a ban on the promotion of certain financial products and services by electronic means, including crypto assets, in order to protect consumers from potential risks.  The proposed amendment is to Bill no. 790, aimed at combating scams and excesses by influencers on social networks. The amendment also proposes placing a ban on advertising health products, gambling and video games using similar mechanisms. The proposal reviewed by the Economic Affairs Committee targets commercial influencers who promote financial products and services that present a risk to consumers, such…

SVB collapse chilled NFT trading volumes: Nifty Newsletter, March 15–21

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SVB collapse chilled NFT trading volumes: DappRadar The recent collapse of the Silicon Valley Bank (SVB) resulted in dwindling numbers for NFT trading volumes, with traders holding on to their assets amid the banking crisis in the United States. Before the crisis, NFT trading volumes were around $68 million to $74 million. After SVB collapsed on March 10, the trading volume declined, falling to $36 million on March 12. In addition, the daily NFT sales count also dropped by 27.9% between March 9 and 11. Continue reading… Dubai to Abu…

Blockchain messaging is going to replace Telegram and Discord

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A new era of messaging applications will soon cross the chasm of Web3 mass adoption. Web3 messaging applications will become an integral part of the blockchain ecosystem, allowing users to communicate with each other and interact with decentralized applications (DApps) and the protocols themselves in a secure, direct, decentralized manner. This editorial will discuss the benefits and challenges of Web3 messaging applications and their impact on the future of communication. Web3 messaging protocols, such as the Extensible Message Transport Protocol (XMTP), are implemented on a decentralized communication network, using a…

US Federal Reserve Increased Interest Rate by 0.25% despite Banking Crisis

Irrespective of its current leanings, the Federal Reserve will implement additional rate hikes to correct the strain that is still being felt in the economy by the average consumer. The United States Federal Reserve through the Open Market Committee (FOMC) has increased its interest rate by 25 basis points (0.25%). The rate hike was as expected and it was implemented despite the recent bank failures that have caused a crisis of confidence in the financial sector. The days leading up to the conclusion of the FOMC policy meeting were filled…

US Central Bank’s Fednow Payment Service to Launch in July, Economist Calls Timing ‘Suspicious’ – Economics Bitcoin News

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According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner, however, believes the timing of the Fednow rollout is “suspicious,” and he suggests that “maybe it’s all about rolling out” a central bank digital currency (CBDC). Fednow Payment Service Prepares to Facilitate Instant Payments, Economist…

‘No shortage of passion in the Parisian people’ for PBW amid protests — Animoca Brands CEO

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Robby Yung, CEO of metaverse ecosystem developer Animoca Brands, seemed to suggest that, despite the recent attempts to debank crypto and protests on the streets of Paris, confidence in the space was undeterred. Speaking to Cointelegraph on March 22 at Paris Blockchain Week, Yung said the local government had provided a “warm embrace” for crypto and blockchain enthusiasts amid many overflowing trash bins, protests and burned-out vehicles. France’s capital city has seen massive protests since the government pushed through a bill without a vote in the legislature that would raise the…