There is a new CEO of Bitcoin.com. Walmart is going after Libra. The U.K. is closer to crypto regulations. Let’s see what happened last week in the crypto world.
This is the second episode of Weekly Update, a series in which we present the most talked news from the last seven days. Last time, we wrote about McAfee, Justin Sun and Libra. Today, we have other interesting information.
Ver seems busy these days
Roger Ver is one of those people who have been in the cryptocurrency industry from the very beginning. He was early Bitcoin (BTC) investor, he is a Bitcoin Cash (BCH) leader, and until the last week, he was the CEO of Bitcoin.com.
He stepped down as the CEO and is now the Executive Chairman of Bitcoin.com. He was replaced by Stefan Rust, a tech entrepreneur.
That is not the only hot news concerning Ver. His name appeared in the lawsuit filed by Craig Wright. These two have been fighting for years now. Ver is a supporter of BCH, and Wright is mostly responsible for a hard fork of that currency. He created Bitcoin Cash Satoshi Vision (BSV). Wright has also claimed that he is the real Satoshi Nakamoto.
This time, Ver allegedly slandered Wright in a Youtube video back in April. As expected, the court dismissed Wright’s claims. Wright is one of the most annoying people in the industry, and it seems like that was just another case of seeking attention.
The U.K. and a crypto guidance
The U.K. Financial Conduct Authority (FCA) has issued its guidance on cryptocurrencies. The draft specified which coins are “exchange tokens”. Cryptocurrencies like Bitcoin or Ether fall into that category, which means that they are not regulated, but they apply to AML rules.
The FCA explained a definition of security tokens. In the guidance, they should behave like shares or debt instruments. The draft also describes utility tokens, which don’t have the same rights as regulated financial instruments. However, there isn’t any clear definition where stablecoins fall.
The whole guidance lacks specified definitions for many digital assets, though. Still, there is much work to be done until the U.K. will have the entire cryptocurrency industry regulated.
Walmart pursues its stablecoin
After Facebook’s announcing Libra, it became obvious that it is only a matter of time until other big companies will want to create their own cryptocurrencies. There isn’t anything shocking in that unless someone tries to copy other’s developments.
Walmart has filed an application with the U.S. Patent and Trademark Office. According to the filling, it will be a stablecoin. There are, however, many similarities to Libra.
Goal? To provide finance instrument for those who have limited access to banking services. That rings a bell, right? There are several other correlations between those two projects. What are the differences? There is at least one important:”Walmart Coin” could enable users to earn from the investment into the currency.
Walmart has been an active player in the blockchain industry so far. Developing its own cryptocurrency seems like just another step into that world.
Blockchain in guns?
Justifire, a Georgia-based gun manufacturer, has filed a patent application. They want to create a “black box” for guns. It will track every encounter with the gun. The company intends to use blockchain in the project.
We will make a full story about that later this week.
Litecoin made headlines last week. Why? There aren’t any new projects, neither the coin spiked significantly on the charts. There is, however, another important information. LTC is going through halving.
Dominik made a full article about what to expect from that process. Later this week, we will write a summary of the halving. What will happen? Will there be any changes? We will let you know.
And that’s everything for today. You can let us know what brought your attention in the last 7 days.
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