Individuals and businesses tend to look at crypto in two different ways. The first is that crypto and blockchain more broadly are transformative technologies that will reshape the finance and payments industries. This view is generally shared by people and companies who believe in cryptocurrencies.
The second view is that cryptocurrencies and blockchain are mostly scams, that regulators should crack down on the industry, and that the technology is useless.
The digital asset industry has been around for over a decadebut those two central questions that revolve around the utility and scalability of the sector in the real world remain unanswered — with both sides continuing to bolster their arguments and refine their key points.
Each week, PYMNTS rounds up the most pressing news and updates in crypto and Web3. And announcements for readers, tracking key data points throughout the industry’s journey to (or failure to) achieve meaningful and sustainable progress in global payments and commerce.
See also: From transaction to transformation: loyalty through blockchain Proposal
Don’t call it crypto
Jamie Dimon, CEO of JPMorgan Chase said On Tuesday (September 17), as the largest bank in the United States, JPMorgan Chase could be one of the biggest adopters of blockchain technology.
However, Dimon said that blockchain is just a good way to share data and continues to maintain a skeptical stance. towards “We’ve been talking about blockchain for 12 years, but not much has happened — it’s not like AI (artificial intelligence),” Dimon said.
PYMNT reported September 11th who JPMorgan Chase aim use its blockchain services to boost its corporate banking activities Market share in Switzerland.
The news comes as Japan is it seems he is considering whether to relax its rules for the cryptocurrency sector. The country’s thinking is driven in part by a growing number of Japanese companies exploring blockchain-related initiatives. Japanese companies include Sony, Telegraph and Telephone of Japan, Toyota engine And Mitsubishi Financial Group UFJ, who is the country’s largest bank, according to the report.
Elsewhere, efforts regulate The Indian government’s steps to grow the cryptocurrency sector have not hurt the adoption of digital currencies among the population. Actually, the country now leads the world on blockchain research firm’s 2024 ‘Global Adoption Index’ String analysis.
Crypto Payments and Blockchain Currencies
If Australia creates a digital currencyThis will probably be the wholesale variety, not the retail variety. This is according to a report released on Wednesday (September 18) by the country’s central bank, saying there is not yet a “clear public interest case” for issuing a retail central bank digital currency (CBDC) in Australia. Reserve Bank of Australia (RBA) noted that its assessment could change as costs and benefits become better understood.
The latest central bank report arrives on the heels of New research this week shows that 134 countries study CBDCs. These countries represent 98% of the global economy, according to the findings of think reservoir Atlantic Council.
The most recent data shows that all G20 countries are exploring CBDCs, with 44 countries piloting digital currencies, compared to 36 nations in 2023. The think tank’s report shows that three countries have launched CDBCs (the Bahamas, Jamaica And (Nigeria), while two countries explored digital currencies before cancelling them: Ecuador and Senegal.
On the private sector side things, Visa and Singapore-based digital payment solutions provider dtcpay have partnered to help consumers and businesses convert digital currencies to fiat currency and make digital payments. By integrating dtcpay digital payment capabilities Together with Visa’s global payments network, the collaboration will provide access to 130 million merchants in more than 200 countries and territories, the companies said. said Wednesday.
Crypto in Court
THE Securities and Exchange Commission (SECOND) Tuesday announced a settlement with audit firm Prager’s half-breed that understand costs related to company audits FTX. In In one action, the SEC alleged that Prager Metis issued two audit reports for FTX between February 2021 and April 2022 that falsely stated that the audits complied with generally accepted auditing standards.
At the same time, FTX Co-founder Sam Bankman-Fried apparently wants a new trial, arguing that a federal judge hamstrung his defense. Bankman-Fried, 32, was found guilty last year of orchestrating an elaborate multi-billion dollar fraud at FTX — which declared bankruptcy in 2022 — and was sentenced to 25 years in prison.
And elsewhere, cryptocurrency trading platform eToro Agreed to Pay $1.5 Million Government Settlement, SEC Says announcement September 12. The settlement stems from accusations that eToro’s platform operated an unregistered broker and clearing agency, facilitating the buying and selling of certain crypto assets as securities.
