Welcome to Nonfungible Tidbits, a weekly roundup of stories in crypto, NFTs and their associated realms.
Our lead story this week is Thailand’s upcoming ban on crypto funds for items and providers. We’ll additionally cowl Jerome Powell’s remarks on crypto legal guidelines, a brand new debit card from Robinhood, NFL blockchain sponsorships and up to date emblems filed by Meta concerning crypto.
Stay tuned for extra subsequent week.
Thailand bans crypto funds for items and providers
Thailand’s securities regulator introduced that crypto funds for items and providers can be outlawed beginning April 1. The ban is meant to fend off monetary instability, in accordance to the nation’s Securities and Exchange Commission. The danger of cyber theft was cited as one other concern.
The barring of crypto funds comes when cryptocurrency possession in Thailand is excessive. Over 20% of the inhabitants ages 16 to 64 owns cryptocurrency, in accordance with the Bangkok Post. Though crypto funds can be unlawful, cryptocurrency investments are nonetheless allowed.
Fed Reserve Chairman says crypto wants new guidelines
During a banking panel on Wednesday, Federal Reserve Chairman Jerome Powell raised considerations in regards to the dangers related to cryptocurrency, noting extra US regulation will seemingly be required. “Our present regulatory frameworks weren’t constructed with a digital world in thoughts. Stablecoins, central financial institution digital currencies, and digital finance extra usually, would require adjustments to present legal guidelines and regulation and even solely new guidelines and frameworks,” Powell mentioned.
Powell’s remarks come after President Biden’s executive order earlier this month, which directed federal businesses to give you coverage concepts for the cryptocurrency trade and look into the potential of a .
Robinhood unveils new debit card with crypto rewards
Robinhood introduced the launch of a brand new debit card that permits customers to earn crypto and inventory rewards. Cardholders can spherical up purchases and make investments the distinction, aka “spare change,” in crypto or inventory, and Robinhood will provide a ten% to 100% bonus on rewards earned on the finish of every week (this bonus is capped at $10 per week). This card will substitute its present crypto debit card and at present has a waitlist.
Robinhood made headlines final 12 months through the GameStop inventory frenzy, which created steep dips and rises within the inventory worth, and value hedge funds billions. You can learn in regards to the GameStop inventory saga right here.
NFL says restricted blockchain sponsorships OK for groups
The National Football League issued a memo this week permitting NFL groups to settle for restricted blockchain sponsorships. The sponsorships, that are topic to NFL approval, might final not than three years and stadium signage is prohibited. Restrictions for cryptocurrency and fan tokens will stay in place. The memo additionally famous that groups might settle for NFT-related sponsorships, additionally topic to NFL approval.
Meta (Facebook) information emblems for crypto exchanges, tokens and wallets
This week Meta, the not too long ago renamed guardian firm of Facebook, filed emblems overlaying cryptocurrency exchanges, tokens and wallets. Meta CEO Mark Zuckerberg introduced final week that NFTs could be coming to Instagram, one other social media platform owned by the multinational expertise conglomerate.
Meta has held digital forex aspirations for a while. The firm tried to launch its personal stablecoin cryptocurrency referred to as diem, however deserted its plans and bought off the remaining belongings earlier this 12 months. The new emblems counsel Meta could also be taking one other shot at creating cryptocurrency merchandise.
Thanks for studying. We’ll be again with loads extra subsequent week. In the meantime, try this story from Queenie Wong on procuring within the Metaverse.