Inside the Crypto Dimension - Wednesday 7th of September 2022
The Merge is approaching | Binance to convert stable coins to BUSD | Blockchain and Climate change | Nigeria create free-zone for Cryptos | Russia plans to allow cryptos despite previous opinions
September started with Bitcoin taking a plunge and going under 19 000 USD. Ethereum is continuing to fluctuate around the 1500 USD mark. The crypto winter keeps on going.
The Ethereum merge is closing and it will be interesting to see how that will affect the crpypto markets. Will there be a dip after the Merge is done? Will the Ethereum transaction volumes peak high?
As usual, Just try to hang on even though the cold breeze is still blowing in the crypto world 🥶.
Not much more to mention about the prices. So, let’s dive into the news. Keep on scrolling! 👇
Midweek News and Events from the World of Cryptos
Ethereum Merge happening next week
Vitalik Buterin, the main guy behind Ethereum announced in Twitter that the Merge will be happening around 13-15th of September. That is just a week away! Exciting times!
Binance to Auto-Convert USDC, USDP, TUSD to BUSD (Binance USD)
If you have used Binance as a central exchange for your crypto trading, you might have some stable coins on your account. Binance announced that they will be converting all stable coins to BUSD. BUSD is short for Binance USD, a stable coin that was created and is being maintained by Binance itself. As all of these stable coins are (or should be!) the same value, Binance will convert the coins to BUSD in 1:1 ratio. The auto conversion will happen on 29th of September. Check out the announcement for more details!
Blockchain seeks a role in fighting climate change
An interesting podcast episode by Financial Times talks about Blockchain and the climate change. Carbon credits have been discussed a lot and many Blockchain companies have taken a try at bringing carbon credits to Blockchain. The episode discusses about the dangers, hoaxes, problems and opportunities in the Carbon system.
Camilla Hodgson
I think there is a lot of PR in this space. This is one of the problems, actually. There are a lot of groups that have sprung up that are talking about blockchain solutions to climate change in general, and a lot of them are talking specifically about carbon markets. And it’s a little hard to tell who the serious people are and who’s just jumping on the climate bandwagon.
Nigeria, Binance in Talks for Digital City to Develop Blockchain
Nigerian government has announced that they are planning on creating a “virtual free zone” for blockchain and digital economy. The goal for this project is to diversify the economy from plain oil industry. The government of Nigeria is teaming up with Binance to create this special zone. Similar kind of plans are currently underway around the world, for example in Dubai. How these turn out to be, is the interesting question.
Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached
Russian government has sent rather mixed signals about cryptocurrencies. In the past, Russia has been negative on the use of cryptos. However, as the war in Ukraine wages on, Russia is suffering from restrictions imposed by many countries. It seems, that Russia sees cryptocurrencies as a way to get past these cross-border payment restrictions. Will this really work and what kind of reaction will this cause in the West? Again, this is one interesting signal on the future (and perhaps dangers) of cryptocurrencies