The fear and uncertainty surrounding cryptocurrencies has grown in the last week as a result of several significant developments.
Binance, the world’s largest cryptocurrency exchange, was at the heart of much of the exchange. It was not only prohibited in the United Kingdom, but it was also barred from operating in other developed countries such as Japan and Canada.
Meanwhile, in China, the country’s continued crackdown on Bitcoin mining has brought BTC China (BTCC), the country’s oldest cryptographic exchange, to a halt.
Back home, India is debating whether to levy a crypto-monetary foreign exchange tax. The government implemented a 2% equalisation levy last week, and this time there is speculation that the government will impose an 18% Cryptocurrency Transactions Goods and Service Tax (GST).
But it’s not all doom and drabness. Germany, for example, is about to pass a new law that could pave the way for more investment in cryptography. Formula One recently signed a $100 million sponsorship agreement with crypto.com.
Coinbase intends to launch an app store for decentralised apps (DApps), similar to Apple, the technology behind the iPhone, which has received the most attention in the last seven days.
New Door for Crypto
Google, the world’s most powerful company, has largely managed to keep the crypto-movement at bay. This is no longer the case as of today.
Theta Labs, a venture-backed blockchain company, has formed a new partnership with Alphabet subsidiary Google Cloud. Google Cloud will introduce a new service that will allow Theta blockchain network users to deploy and manage nodes. Perhaps most importantly, the Theta network’s validator – which will serve all of Europe – will be hosted on Google Cloud.
This is a small step for Google, but make no mistake: the business is blockchain. “It’s one of our first validators, but we have a lot of crypto clients,” Allen Day’s Developer explains. “Through our public dataset programme, we have already made data for Bitcoin, Ethereum, and six other cryptocurrencies available. That will be the next step.”
A validator is one of the fundamental components of a blockchain network that determines whether or not a transaction is legitimate. A decentralised network cannot function without it.
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