Dacxi Crypto Wealth | This Week In Crypto | 26 - 1 February

This Week In Crypto | 26 - 1 February

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Dacxi

Jan 31, 2022

5 MIN

Belgian MP Accepts Salary in Bitcoin, Becomes First Politician in Europe to Do So

U.S. Government is Reportedly Preparing an Executive Order on Crypto

Google Cloud Sets Dedicated Team to Ramp up Blockchain Efforts

New York Bank With $8 Billion in Assets Intends to Offer Bitcoin Services

Reddit is Testing NFT User Profile Pictures, Just Like Twitter

 

This week, we had some interesting occurrences in the crypto space. We saw a Belgian MP accept a salary in Bitcoin. With this, he became the European politician to do so. Next, the Biden government is likely to come out with an executive order on cryptocurrencies soon.  

The social media giant Google's Cloud division is prepping for rolling out it's blockchain services at a grand scale. Also, banks continue to adopt cryptocurrencies with pomp, as a New York-based bank is soon to roll out Bitcoin services to its clientele. Also, Reddit seems to be following Twitter’s footsteps and may soon allow its users to set NFT profile pictures. So, let's dive straight into it now. 

 

Belgian MP Accepts Salary in Bitcoin, Becomes First Politician in Europe to Do So

The craze of bitcoin and the widespread acceptance of crypto has started to give rise to a new trend as many people from different streams have started to accept salary payments in cryptocurrencies. Christophe De Beukelaer, a member of the Belgian Parliament, is the latest to catch the crypto wave as he has decided to convert his salary into Bitcoin.

De Beukelaer has decided to accept his entire salary in Bitcoin throughout 2022, becoming the first politician from Europe to have converted his salary into bitcoin. 

The lawmaker said that his EUR 5,500 payment would be changed to bitcoin via Belgian crypto exchange Bit4You.

De Beukelaer represents the Humanist Democratic Centre (CDH) party and is currently in the opposition. He hopes that his move will inspire other lawmakers in the region to show a similar interest in the growing crypto technology.

 

U.S. Government is Reportedly Preparing an Executive Order on Crypto

The Whitehouse, under U.S. President Joe Biden, is reportedly preparing to release an executive order on crypto, which will push government agencies to conduct risk analysis on cryptos as a matter of national security.

The executive order, which will be issued in a national security memorandum, will assign some government entities to study cryptocurrencies, NFTs (non-fungible tokens), and stablecoins, with an aim to develop a regulatory framework.

It is reportedly said that the order is designed to look comprehensively at crypto assets and develop policies that will provide more rationality to the government in this space.

The National Economic Council, State Department, Treasury Department, and Council of Economic Advisers will be part of the initiative. Additionally, the White House National Security Council will also be involved, as crypto has economic implications for national security. The administration will also ask agencies to work on policies to regulate digital assets between countries.

 

Google Cloud Sets Dedicated Team to Ramp up Blockchain Efforts

Google Cloud has set up a new dedicated team of blockchain experts to ramp up blockchain efforts and help companies build secure Blockchain-based infrastructure.

The Digital Assets Team, which will be formed within Google Cloud, will support the needs of customers in the building, storing value, transacting, and developing new products on blockchain-based platforms, said the company in a blog post.

The company also said that blockchain and distributed-ledger-based companies like Theta Labs, Hedera, and Dapper Labs have already implemented Google Cloud in their activities for security, scalability, and flexibility.

Some activities that the team will undertake include providing dedicated node hosting/remote procedure call (RPC) nodes for developers, participating in node validation and on-chain governance with some partners, assisting users and developers in hosting their nodes, among others.

The company further said that it is also exploring opportunities in the future to enable Google Cloud customers to make and receive payments using cryptocurrencies.

 

New York Bank With $8 Billion in Assets Intends to Offer Bitcoin Services

Flushing Bank, a New York-based financial institution, plans to enable customers to buy, sell, and hold Bitcoins in a safe and secure environment.

The bank’s parent company, Flushing Financial Corporation, has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin services to its customers. 

John Buran, the CEO, and chairman of Flushing Bank has credited the company's adoption of bitcoin as part of its desire to be in line with growing trends in financial markets. He said, “As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”

The bank, which was founded in 1929, held slightly over $8 billion in total assets as of Q3 2021. The institution aims to launch its bitcoin services during the first quarter of 2022 and will provide additional details of its roadmap soon.

 

Reddit is Testing NFT User Profile Pictures, Just Like Twitter

Social news aggregator Reddit is testing a feature similar to Twitter that will allow users to set NFTs as their profile picture.

“We’re always exploring ways to provide value for users and communities on Reddit. At the moment we’re testing the ability to use NFTs as profile pictures (avatars) and verify ownership,” said Reddit spokesperson Tim Rathschmidt. “It’s a small, internal test and no decisions have been made about expanding or rolling out the capability,” he added.

Reddit has been working and experimenting on several initiatives around NFTs for some time. The company had even set up a dedicated page for NFT-related activities.

This NFT profile picture feature is currently in a testing phase, and it is quite uncertain if Reddit will even launch this specific feature as there’s still a bit of ambiguity surrounding its development.