El Salvador has officially made Bitcoin acceptable as legal tender yesterday, after facing a series of backlashes and protests from its concerned citizens. With this situation, privacy activist and information security whistleblower Edward Snowden weighed in on the implications of the law.

According to Edward Snowden, the recent implementation of Bitcoin ($BTC) as legal tender in the country would place pressure on competing nations to do the same, that is, to acquire Bitcoin, even if “only as a reserve asset.” Snowden further explained that Bitcoin’s technical design “massively incentivizes early adoption,” and that “[...] latecomers may regret hesitating.”

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Big-money players accounted for the majority of transactions in the decentralized finance crypto market in Q2 2021.

The decentralized finance (DeFi) market appears to no longer be the domain of retail actors alone as the institutional investment footprint in the crypto market segment continues to attain more significant levels.

According to blockchain intelligence firm Chainalysis, institutional investors played a major role in DeFi adoption in Q2 2021.

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IOTA Foundation has been selected as one of the seven fintech firms set to participate in the preliminary pre-commercial procurement process for the European Blockchain Services Infrastructure (EBSI) to build a network of blockchains across the European Union (EU). The non-profit blockchain firm will compete with the rest to win a contract to develop and install a network of blockchain nodes to enhance communication, transfers, services, and records across the continent.

EBSI launched in 2019 via the European Blockchain Partnership to enhance the services between governments, citizens, and enterprises across Europe using blockchain technology. According to the release statement, the blockchain nodes will improve “the efficiency and trust of EU-wide transactions, enhance the mobility of citizens, enterprises, and goods, reduce Europe’s environmental impact” while remaining compliant to laws and enhance the growth of fintech hubs across the continent.

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Bitcoin and cryptocurrencies have surged over the last couple of months, with the bitcoin price hitting highs of around $52,000 per bitcoin—up from under $30,000 just a few months ago.

The price of top ten cryptocurrencies ethereum, cardano, Binance's BNB, Ripple's XRP, solana and dogecoin have also rocketed in recent weeks, with most major cryptocurrencies far outpacing bitcoin's latest rally.

Now, with the Central American country of El Salvador gearing up to adopt bitcoin as legal tender alongside the U.S. dollar this week, social media users coordinating bitcoin purchases to coincide with the $30 worth of bitcoin that's being distributed to all Salvadorans.

Read the original article on Forbes

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Afterpay says Australian merchants could "benefit considerably" by transacting with cryptocurrencies instead of traditional payment cards, slashing fees being paid to card issuers, banks and the operators of payments rails.

Read the original article on IT News

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The South Korean central bank, the Bank of Korea (BOK), has officially begun testing its prototype of digital KRW.

The bank has decided to carry out a two-stage central bank digital currency (CBDC) pilot, with the first stage running from this week until June next year, tasked with testing focus on tech feasibility and utility. The BOK will then follow this up with a second set of tests to address privacy-related issues and explore possible further usage cases, such as cross-border remittances.

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With an average gas cost of $40, it is no surprise that layer-two platforms are surging in terms of usage.

Layer-two scaling protocols for Ethereum have surged in adoption in recent months as gas prices climb again, and the L2 ecosystem is now processing more daily transactions than the Bitcoin network according to recent findings.

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Solana, which boosters tout as a long-term competitor to Ethereum, has seen its SOL token triple in value in roughly 3 weeks.

The cryptocurrency linked to the Solana network has jumped to the seventh spot among the world’s top 10 largest virtual coins amid optimism that the blockchain could be a long-term competitor to Ethereum.

Solana’s SOL token has tripled in about three weeks and now has a market value of more than $41 billion, according to CoinGecko.

Read the original article on Al Jazeera

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El Salvador President Nayib Bukele announced on Twitter that his government has bought 200 BTC on Monday, a day before the country’s Bitcoin Law, which will make the cryptocurrency legal tender within the Central American nation, goes into effect.

“El Salvador has just bought it’s first 200 coins,” he wrote. “Our brokers will be buying a lot more as the deadline approaches. #BitcoinDay #BTC”

Read the original article on Coindesk

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NFTs are seeing a ferocious resurgence.

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