There are quite a few interesting updates on Crypto recently. Let me pick a few that caught my attention recently!
(1) LUNC – up 440% over the past 60 days. Crypto is very volatile and crazy indeed? Did you join the fun to huat or maybe just gloating at the sideline?
If you sort by marketcap, it is bigger than Near and FTX but slightly smaller than Atom. Crypto is really crazy isn’t it?
Image credit: CoinGecko
(2) BAB TOKEN
What is BAB Token? Binance is introducting its very own account-bound BAB Token. It is the first-ever soul-bound token on the BNB Smart Chain. BAB tokens are non-transferable tokens that work as identity credentials for Binance users who have completed KYC verification.
Features of the BAB Tokens:
- Non-transferable: Users cannot transfer BAB tokens to other users.
- Revocable: Users can revoke their BAB tokens.
- Unique: One verified Binance user ID allows the user to mint one BAB token only on a certain chain.
Gas fee applies whilst minting BAB tokens, which will be deducted from the user’s Funding or Spot Wallet on Binance. The initial gas fee is fixed at 1 BUSD. Users may revoke their minted BAB tokens, after which there will be a 72-hour lock period. Users may mint new BAB tokens after the lock period
Remember that I have mentioned about Soul-Bound token in my previous post? Seems like the future is coming earlier!
(3) Bank of Russia agrees to legalize crypto for cross-border payments
The Bank of Russia, the nation’s central bank, has acknowledged that cross-border payments made via cryptocurrency transfers are to be legalised. According to TASS, the Russian central bank has changed its mind about how to regulate cryptocurrency and is now working with the Russian Ministry of Finance to legitimise its use for international payments. Alexei Moiseev, Russia’s Deputy Finance Minister has stated that the Bank of Russia and the Finance Ministry anticipate legalising cross-border cryptocurrency payments soon. The need for local cryptocurrency services in Russia was emphasised by Moiseev, who pointed out that many Russians use international sites to create cryptocurrency wallets. (Source)
What does the above imply?
Another country realized the Cross-border transaction is crucial amidst the current chaotic geopolitical climate. Instead of the global SWIFT (which most Russian Banks are terminated from the network following the Russia’s invasion of Ukraine) Crypto is likely the solution for FAST transfer of money.
This truly reflect another a powerful important use case for digital cryptocurrencies and the future of Crypto!
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