The Defi Education Fund, an organization focused on defending and bringing clarity to decentralized finance, pondered on what the recent overruling of the so-called Chevron doctrine might mean for crypto. The organization explained that this decision marks a new chapter in the battle for clearer regulations in the crypto environment, putting Congress at the forefront […]
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Steam’s Clicker Game Sensation Opens Debate About NFTs And Crypto Gaming
A clicker game on Steam recently became the talk of the town after flipping some of the most popular games on the platform. ‘Banana’ became a sensation for its NFT-like rewards, which can be sold for over ,000 on Steam’s marketplace. However, the clicking phenomenon has sparked a debate among crypto community members about the state of crypto and web3 gaming.
Peeling Steam’s Clicker Game Sensation
Banana is an indie game on Steam that consists of clicking the image of a banana to obtain rewards. Although not the first of its kind, its players are rewarded with digital bananas every few hours. Rewards can go from common bananas worth pennies to rare bananas, which can be sold for up to ,300.
The free-to-play game hit the news after it surpassed some of the most popular titles on the platform. Banana flipped Elder Ring and Baldur’s Gate 3 in the most-played games list. The clicker game only came second to Counter-Strike 2.
As of this writing, the game remains the fourth most played game on Steam, with over 344,000 current players and a 578,000 peak in the last 24 hours. Moreover, it reached an all-time peak of 917,000 players earlier this month.
However, the simplicity of the game raised some alarms among gamers. Many believed the clicker game contained malware that turns devices into crypto miners. While others wondered if the game was a scam of sorts.
One of Banana’s developers, Hery, denied the accusations. Hery told news media outlet Polygon that it “is pretty much a stupid game” with bananas, not a scam.
Many users also speculated if the game was related to NFTs and cryptocurrencies, as it had an NFT-like feeling but without the blockchain technology. A Banana team member clarified that “Banana wants nothing to do with crypto.”
They explained that the game had no intention of integrating crypto as it doesn’t “mix well” with Steam. Additionally, they emphasized that it started as “a goofy game to collect some bananas on your Steam profile.”
Are Crypto And Web3 Gaming Going Banana?
Although Banana doesn’t plan on integrating with the crypto industry, the game sparked several conversations among the community. Several members took the opportunity to discuss its implications for web3 gaming.
A user highlighted the game’s popularity despite its simple mechanics, proposing the industry doesn’t need ‘AAA games’ to break out. Several community members agreed and suggested there’s a misconception about the type of games needed in web3.
Although complex and super action games are believed to be the only option, “dudes just wanna have fun and make points,” said an X user. Seemingly, the sentiment among many was that the industry is “making it more complicated than it is.”
Some users believe that Banana and similar games could help with web3 gaming. The meme quality of the game was pointed out as a potential catalyst for broader adoption.
Similarly, this week, Avalanche Gaming discussed Banana’s implications on its Gamified Show. According to Paul Bettner, game developer and co-founder of Playful Studios, Banana could be a getaway to the larger world of crypto gaming.
To Bettner, “the behavior that we all love and participate in web3 as degens and web3 and crypto native users is, in fact, universal.” While watching the phenomenon of Steam’s clicker sensation evolve, the game developer noticed that users were “a bunch of degens that don’t know they’re degens yet.”
Ultimately, he considers that “people are learning how to degen.” If most of these users knew “what a wallet or a blockchain was, they would realize they could do that at 1000x the scale on a blockchain.”
Largest Bank in Brazil Itau Unibanco Opens Cryptocurrency Trading to All Users
Itau Unibanco, the largest bank in Brazil and all of Latam, has reported the availability of cryptocurrency trading services for all its users. Through Ion, the bank’s in-house investment platform, customers can purchase bitcoin (BTC) and ether (ETH), a feature previously available to selected users. Brazilian Banking Giant Itau Unibanco Opens Cryptocurrency Trading Services for […]
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Central Bank of Brazil Opens Public Consultation on Virtual Assets Service Provider Rulemaking
The Central Bank of Brazil opened a new public consultation to obtain feedback for regulating the operations of virtual assets service providers (VASPs) in the country. The bank organized a questionnaire of 38 questions divided into different themes that can be partially, or fully answered until January 31, 2024.
Central Bank of Brazil Seeks Input on VASP Regulation
The Central Bank of Brazil is preparing to finally issue rules for Virtual Assets Service Providers (VASPs) operating in the country. The institution opened a public consultation seeking input from market participants and individuals to prepare the rules VASPs would have to follow, according to the faculties it received since the approval and sanction of the cryptocurrency assets law in December 2023.
The bank introduced a 38-item questionnaire that can be answered totally or partially, indicating the numbers and themes respondents want to address in their statements.
Each question is part of a broader subject of the public consultation, including areas such as asset segregation and risk management, activities developed and virtual assets traded, hiring essential services, governance and conduct rules, cyber security, providing information and protecting customers, transition rules, and general manifestations.
The issue of asset segregation has significance, given that it was initially proposed to be part of the final text of the approved cryptocurrency assets law, but was finally left out due to the limitations it would impose on the operations that VASPs could conduct. Tax exemptions for mining projects leveraging renewable energy were also left out of the final text and might be affected by these rules.
The public consultation process will be open until January 31, 2024, and all answers will be publicly available for review on the bank’s page.
What do you think about the public consultation of the Central Bank of Brazil to regulate the operation of VASPs? Tell us in the comments section below.
China Opens Digital Yuan Park in Shenzhen
Shenzhen has become home to an industrial park established to promote China’s central bank digital currency (CBDC). Several financial companies are already settling there, the Chinese megacity announced while unveiling almost a dozen initiatives to boost the digital yuan use in the region.
Shenzhen to Invest Million in 3 Years to Develop Digital Yuan Ecosystem
The city of Shenzhen, a global center for technology, manufacturing, and finance in the Chinese Guangdong province, has launched the country’s first business and industrial park for the purpose of promoting China’s CBDC.
The digital yuan (e-CNY) park is located in the city’s Luohu district, reported the China Internet Information Center (China.org.cn). Nine financial companies, including the fintech platform Lakala Payment, have already set up offices there, according to the state-run portal.
The district government announced 10 initiatives to back the development of the local digital yuan ecosystem. A total of 100 million yuan (.7 million) will be allocated to the realization of the plan over the course of the next three years.
The funds will be used to support the digital economy sector, facilitate payment solutions across various industries as well as to promote the implementation of smart contracts and encourage e-CNY operations. Huang Tuo, head of the Luohu financial services department, commented:
The establishment of China’s first such park marks a significant milestone in the nation’s digital currency development process.
China launched the digital yuan as a pilot project in 2019 and since then 26 cities have joined the trials with 5.6 million merchants accepting the CBDC as of 2022. By the end of June this year, the total number of e-CNY transactions had reached 950 million, with a total value of 1.8 trillion yuan.
The organizers of the Luohu park hope to attract branches of commercial banks working with the digital currency system and other specialized entities to build an e-CNY industrial cluster. Startups in the digital yuan business can receive incentives of up to 50 million yuan. All enterprises establishing presence in the park will be able to take advantage of rent-free space for up to three years and apply for loans with low interest rates, the report noted.
Do you think China will create more digital yuan industrial parks in other cities? Tell us in the comments section below.
Argentina Opens Probe Into Worldcoin Personal Data Treatment Procedures
The government of Argentina informed it had opened an investigation into the data collection activities that Worldcoin is executing in the country. The Public Information Access Agency (AAIP), the data comptroller in the country, sent a letter to the Worldcoin Foundation requesting information about how the personal data of Wordcoin users is treated.
Argentina to Probe Worldcoin Data Treatment
The government of Argentina has announced that it started a probe into Worldcoin, the biometric ID and wallet project, and its data procedures. The Public Information Access Agency (AAIP), the data comptroller organization in the country, sent a letter on August 7 to the Worldcoin Foundation requesting data to verify that the company is taking all the measures available to protect the privacy of the citizens participating in the project.
The formal probe follows a legal complaint presented by Daniel Monastersky, partner at Data Governance Latam, based on possible violations of the Personal Data Protection Act and the lack of compliance in dealing with the biometric data collected.
In a recent press release, the government stated that if issues are found after this probe, they “will take appropriate steps to address any identified issues and ensure that the company complies with security and privacy standards.”
According to the AAIP, the Wordcoin Foundation must follow the procedures established in the Personal Data Protection Act, which include registering with the institution, delivering information about its data treatment policies, indicating the reason for requiring data, and informing about the time of conservation of this information.
Furthermore, Worldcoin also needs to detail the safety and confidentiality measures it applies to safeguard the personal information of Argentine citizens.
International Opposition
While Sam Altman, one of the co-founders of the Worldcoin project, has publicly stated that its goal is to register 2 billion people, the project has gained opposition in several countries of the world due to its intrusive personal data requirements, which include scanning the irises of the users to verify their identities.
Argentina is the latest of several countries currently probing the operations of the Worldcoin Foundation. French and Bavarian data regulators are also on top of the foundation regarding data treatment practices.
Worldcoin’s verification operations in Kenya have been suspended since August 2. On August 6, Kenyan police raided Worldcoin offices, confiscating the devices for storing users’ data.
What do you think about the probe procedure opened by the Argentine government against Worldcoin? Tell us in the comments section below.
Latam Insights — Honduras Opens Public CBDC Consultation, Venezuela Applies to Enter BRICS
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Honduras opens a central bank digital currency (CBDC) consultation, Venezuela applies officially to join BRICS, and Trubit launches Pix payment integration in Brazil.
Honduras Opens CBDC Issuance Public Consultation
The Central Bank of Honduras has opened a public consultation regarding issuing a central bank digital currency (CBDC). The public consultation marks the next phase of a plan to modernize the country’s payment systems. In a report issued by the bank, titled “The Future of Money and Payments in Honduras, which route to Follow?” the institution considers the implications and changes it must apply to its legal system to adopt a CBDC.
The poll asks users about the central bank’s role in the national payments system, proposing a series of options to modernize it, including launching a CBDC, designing a bank-managed payments system, and promoting the adoption of stablecoins.
Honduras faces challenges on the financial inclusion front, as only 33% of the population had access to a bank account by 2021 while the rest relied on cash, according to the National Commission of Banks and Insurance. In 2017, 75% of the payments were made using physical money, per Mastercard numbers.
Venezuela Officially Applies to Be Part of BRICS
The government of Venezuela has presented an official application to join the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa. Venezuelan President Nicolas Maduro stated that he was optimistic about the reception of the proposal by the bloc.
He stated:
Venezuela made its proposal to join the group and we hope it will be positively valued by the nations that integrate it.
Venezuela has the support of Brazilian President Luiz Inacio “Lula” de Silva, who in May told Maduro he favored the entrance of Venezuela into BRICS. The applications of at least 25 nations will be discussed in the next BRICS summit that will be held in South Africa later this month.
Trubit Integrates Pix Payments in Brazil
Trubit, a Latam-focused cryptocurrency wallet and exchange platform, has integrated Pix functionality into its platform, marking its entrance into the Brazilian market. According to the Brazilian central bank, Pix is the most used payment system in Brazil, accounting for 30% of the transactions made in 2022, surpassing the usage of more traditional payment methods like credit and debit cards.
With Pix’s integration, Trubit allows Brazilians to deposit and withdraw Brazilian reales into its platform. “We believe this milestone integration will facilitate a much easier and faster user experience on our TruBit platform,” said Maggie Wu, CEO of TruBit. In June, the company launched MMXN, a Mexican peso-pegged stablecoin.
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What do you think about this week’s Latam Insights report? Tell us in the comment section below.
Base Opens Ethereum Bridge, Mainnet to Launch August 9
Base, the Ethereum L2 (layer 2) scaling layer backed by Coinbase, has opened bridging for selected assets from Ethereum. In a blog post, the protocol also announced that the Base mainnet deployment was slated for August 9, allowing free access to developers to launch their apps on top of it.
Base Opens Ethereum Bridging, Announces Mainnet Launch
Base, the Ethereum L2 (layer 2) scaling layer built by Coinbase, announced it will open its mainnet on August 9, allowing apps to be deployed by any developer interested in the network. Also, to prepare for this launch, the protocol has already opened access to bridge selected ERC-20 tokens to the Base layer from Ethereum.
At launch, the bridge only allows bridging ethereum, Coinbase staked ethereum, dai, and USDC, to Base. The bridge also processes withdrawals of the same assets to Ethereum. However, more options could be added in the future. Base is already part of the top ten scaling solutions with the most value locked according to L2beat, a protocol aggregator.
With the Ethereum bridge opening, Base has reached its peak value, registering more than million in total value locked (TVL). The network also experienced an explosion in its TVL due to the issuance of meme token bald on June 30, which started a rally that allowed its value to rise 40,000% in just 48 hours, only to fall to its launch levels shortly after.
The ‘Onchain Summer’
Also, as part of the launch of the new L2 chain, the protocol will be sponsoring the “Onchain Summer,” defined by Base as “a month-long on-chain festival put on by 50 of the best builders, brands, products, artists, and creators,” giving users something to do on-chain “highlighting art, music, gaming, advocacy, and more.”
The full lineup of collaborators for this event will be announced on August 9. Nonetheless, Coinbase has posted a video linking this event with brand names such as Coca-Cola and Atari, and well-known cryptocurrency names like Opensea, Pixelmon, and Optimism.
Also, the protocol will use 100 ETH to give grants to developers and builders in partnership with Prop House, an infrastructure platform that allows users to assign capital to creators.
These grants will be directed to various activities related to Base, including delivering art, building innovative apps and protocols, defending and advocating crypto, advocating for sensible legislation, and building applications using account abstraction.
What do you think about the launch of Base and its Ethereum bridge? Tell us in the comments section below.
Bitcoin Miner Genesis Digital Assets Opens 3 New Data Centers in South Carolina
Genesis Digital Assets (GDA), one of the world’s largest bitcoin mining companies, has opened three new data centers in the western region of South Carolina. The facilities represent GDA’s continued expansion in the United States, where its data centers now account for over 2% of Bitcoin’s total hashrate.
Genesis Digital Assets Reveals 3 New South Carolina-Based Mining Facilities
According to GDA, the first facility opened near Anderson in February and has a capacity of 18 megawatts (MW). Two more data centers launched in March between Union and Lockhart, adding 15 MW. By opening the sites, GDA disclosed it created about 150 local jobs and contracted 95% of the construction work to South Carolinians.
“I am extremely proud of the entire GDA team for opening these new facilities in only a few months,” said Ankit Joshi, the head of North America for GDA. “We were impressed to see how these local communities welcomed us so warmly as an opportunity for their economy.”
The company’s announcement highlights that abundant clean energy factored into the location selection. The Pacolet center is near hydroelectric plants, while Anderson utilizes environmentally friendly transformers. GDA says the data centers will further strengthen the local grid by returning excess power.
Twelve months ago, Genesis Digital Assets revealed it had acquired the capacity to mine with approximately 708 MW of electricity. At that time, the company mined bitcoin in four locations in Texas and one location in North Carolina. The company boasts of having built more than 20 industrial-scale mining farms in North America, Europe, and Central Asia.
“The opening of these new data centers is perfectly in line with our commitment to expand our fleet on clean energy resources,” said GDA CEO Andrey Kim. “Our goal is to be industry leaders and show the world that bitcoin mining can be very ESG-friendly.”
GDA is not the only mining operation that is expanding. In 2023, several firms have announced that they have purchased thousands of machines and broken ground on new facilities. A million crypto mining farm is set to be built at a hydropower plant in Kyrgyzstan, according to reports last week. Additionally, a study published in late June found that the bitcoin mining industry is “one of the largest users of sustainable energy.”
What do you think about Genesis Digital Assets announcing three new mining facilities in South Carolina? Share your thoughts and opinions about this subject in the comments section below.
Largest Russian Bank Sberbank Opens Developer Access to in-House Defi Platform
Sberbank, the largest bank in the Russian Federation, announced that it opened access to its in-house decentralized finance (defi) platform to allow developers to test its capabilities. Reports indicate that Sberbank’s Comunity, the Ethereum-based blockchain decentralized finance solution, will leave the open testing phase later this year.
Sberbank Opens Defi Platform for Testing
Sberbank, one of the leading financial institutions in Russia, has announced that it will be opening developer access for its in-house built decentralized finance solution, called Comunity. Alexander Nam, head of Sberbank’s Blockchain Lab, stated that now other developers can connect their solutions to the Comunity platform in a testing capacity.
Sberbank’s Comunity defi platform’s development was announced in February, when the service was already in closed beta testing phases, according to Sberbank’s blockchain laboratory product director Konstantin Klimenko. He also stated that Comunity was slated to start its open testing phase in March.
Sberbank’s Comunity is a Russian Ethereum-based blockchain development that seeks to link traditional banking services with cryptocurrency, allowing its customers to experience these services using Russian rubles and with the support of a regulated financial institution.
The bank received a license to issue digital assets on March 2022 and conducted the first digital transaction through its subsidiary Sberfactory. The transaction issued a one billion ruble instrument with a 3-month maturity.
State of Crypto in Russia
Sverbank’s blockchain conference also served to show the progress and popularity of cryptocurrency assets in the country. Data revealed at the event indicated that 17 million Russians, accounting for approximately 12% of the population, possessed cryptocurrency wallets.
Also, in the same way, more than 3 million Russians are actively engaged in cryptocurrency activities like speculation trading and staking tokens, showing that cryptocurrencies have penetrated the Russian market.
In an intervention during the event, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, offered some insight into how the Russian legislative body was dealing with cryptocurrency regulation issues.
Aksakov stated that the oversight of the cryptocurrency market in this regard is expected to be delivered to the Federal Taxation Service, a federal body dedicated to registering legal entities and natural persons as individual entrepreneurs.
Aksakov explained that taxing crypto was one of the most critical issues and that the State Duma strived to balance innovation and compliance with the upcoming cryptocurrency regulatory framework being discussed.
What do you think about Sberbank opening its defi platform for testing? Tell us in the comments section below.