Welcome to the Crypto Weekly Update, where we organize all the latest developments from the previous week for your reading pleasure. The Crypto Weekly Update will be released every Monday afternoon. Think we can improve? Let us know in the comments section below!
Google Bans Crypto Ads
Google has decided to ban advertisements related to cryptocurrencies in a move that surprised few. Facebook decided to exclude cryptocurrency advertisements earlier this year. That means no more ads for ICOs, investment advice, and software wallets.
The move was generally seen as bad news. Big companies are making a move away from blockchain and crypto, right?
Maybe not. The move should be effective in limiting the amount of scams and suspect projects that receive cash inflow. The already established projects like Bitcoin, Litecoin, and Ethereum don’t need advertisements anymore because they are well known within the investment community.
Small,legitimate projects won’t hurt much either. They achieve more by building communities around the project. This helps generate organic advertising through word of mouth.
The only projects that will be hurt by this are the scams. This will help drive investment money into the projects that need it the most.
Abra Makes a Splash Into Crypto
Abra is an application that helps users buy foreign currencies as well as Bitcoin and Ethereum. Now Abra is offering additional cryptocurrency options to its platform including Ripple, Ethereum Classic, and OmiseGo.
But that’s not the most exciting news to take away from this. The platform is going to utilize the Bitcoin and Litecoin networks in order to hedge against volatile price movement. According to the team:
“To develop the new wallet and integrated exchange, Abra built a first-of-its-kind platform using price-stabilized crypto tokens, called stablecoins, that facilitates holding both fiat coins as well as cryptocurrencies through a combination of litecoin and bitcoin based smart contracts.”
This is pretty big news because Abra could have chosen a variety of platforms to provide this functionality. It shows that the LTC and BTC platforms actually have application purposes.
To read more click here.
Congress Will Try to Use Blockchain
The Joint Economic Report is a yearly publication produced by both houses of Congress. It’s like the State of the Union for the economy. The paper assesses the nation’s economic health and summarizes areas of improvement moving forward. And this year blockchain and crypto got their own section.
The report notes that blockchain can be used by government agencies to improve economic activity. It moves on to say:
“Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.”
It makes sense that the government would embrace blockchain network technology. Blockchain can help the government deliver a variety of services it already provides in a cheaper and more efficient way. It can help our government and its people if it’s used in the right way.
Click here to learn more.