Weekly Update #17: Formula 1, Banque De France And Carbon Footprint

Dominik Olech
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New month, new week, new Weekly Update. Check what’s new happened in the crypto world over the last seven days.

Thanksgiving is already behind us, so we can start to count down days to holidays. But before Christmas come, let’s take a look at the news from the cryptocurrency industry. See what new has happened since the previous week!

Blockchain game by Formula 1

Ready for a surprising crossover? Forthcoming blockchain game F1 Delta Time, a blockchain game provided by famous auto racing Formula 1, is holding an auction of non-fungible tokens. Of course, also related to F1.

Non-fungible tokens are kind of crypto assets that can’t be exchanged. Every particular token is unique, which makes them a perfect solution for all types of games based on collectibles mechanics. Probably the most popular one is the famous CryptoKitties

The auction has started on November 28th. Every NFT token is representing one of the famous F1 cars, which will be later included in the F1 Delta Time. Moreover, contributors have a chance to win 30 ETH during the event. 

French central bank will use blockchain?

As we recently pointed in one of our articles, the year 2019 has been dominated by governmental initiatives on the fields of the blockchain technology and cryptocurrencies. So, it isn’t surprising that every week comes with new examples of such ideas. This time, it comes from France.

Denis Beau, the first deputy governor of the Banque de France, has opted for settlements and payment systems basing on distributed ledger technology. He noticed that the tokenization of financial assets, alongside the support of blockchain technology, might be an answer to the market’s demands. Beau believes such implementation would improve the overall work of all banks in Europe. However, he also pointed on potential problems in introducing modern technologies into the traditional system.

On the opposite side of Europe, however, the Bank of Russia stated that it would support the eventual cryptocurrency ban. It looks like we still have to wait a while until the nations’ Old Continent comes to an agreement (and cryptocurrencies aren’t the only field where such agreement is needed).

Will Chinese stablecoin aim retail payments first?

Mark Zuckerberg told recently that Chinese stablecoin will be the main rival of Facebook’s Libra. Now, these words found confirmation in the statement of Xiaochuan Zhou, former head of the People’s Bank of China. He believes that China is a too big market for the initial release of DCEP (Digital Currency, Electronic Payment), so the stablecoin will target the retail market in economies with smaller populations. 

In the meantime, Japan is also likely to consider its own stablecoin. Although the previous voices from the Bank of Japan’s denied such plans, in the last report of Bank’s Institute for Financial Research, some legal issues of digital currency have been discussed.

New crypto bill in South Korea

Cryptocurrency situation South Korea is rather complicated. On the one hand, many startups and crypto initiatives have roots here. On the other, the country’s policy is reluctant toward the digital assets at some point, especially in the context of ICO initiatives. Now the situation may change, with the new law on its way. 

South Korea’s National Assembly has passed the bill, which will regulate the cryptocurrencies. The new law categorizes virtual currencies as digital assets, which is a huge step for the formalization of their legal status. All crypto-related businesses are obliged under the new law to prevent money laundering and register in the Financial Services Commission (FSC). Crypto entrepreneurs also need to provide oversight system meeting Financial Action Task Force (FATF) standards.

Microsoft discovers a new crypto-stealing malware.

The American technology giant revealed recently that new malware, Dexphot, is attacking computers around the world. The software is designed to steal processing power to conduct cryptocurrency mining silently. It already infested about 80,000 devices. As usual, in such a situation, better run some additional diagnosis via your antivirus program.

Bitcoin isn’t a threat to the climate

Recently, we discussed the case of Bitcoin’s electricity usage in one of our articles. The situation appears to be more complicated than most of the media reports have claimed.

According to new researches, Bitcoin’s carbon footprint isn’t as bad as many have thought. As New Scientist magazines recently informed, the cryptocurrency industry may have a much lower impact on the climate of our industry. Susanne Köhler and Massimo Pizzol from Aalborg University in Denmark have noticed that previous assumptions were wrong because they didn’t go into details of regional carbon emissions. 

In China itself, aside from the coal-heavy Inner Mongolia, much of the electricity use of bitcoin mining comes from the water power plant. However, even if Bitcoin doesn’t contribute to it as much as we may think, global warming is a severe problem, and we should all take it seriously.

Image by Denis Costille / shutterstock.com

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