3 Interesting Stories Surrounding Cryptos Right Now
Have you noticed how cryptocurrencies have become such a pivotal piece of day-to-day living that nowadays there isn’t a day that passes by in which we don’t hear news or stories about anything and everything concerning said currencies?
Even in sports betting news sites, there’s usually at least one piece concerning Bitcoin or any other of the top-ranking cryptos in the market. At the end of the day, it shouldn’t come as a shock though, especially if you take into account the polarizing effect that cryptos have had on the global economic scene ever since they first appeared in the late 2000s.
Given this, here we bring you three interesting stories that have caught our attention recently in the world of cryptocurrencies and everyday living.
Staples Center Will Now Be Known as The Crypto com Arena
If you’re a fan of sports, like the NFL, NBA, or UFC for example, you’ve probably been noticing how more and more advertisement spaces and athlete-ridden endorsement deals regarding cryptocurrencies have started to pop up here, there, and everywhere. In a world where being able to be noticed stands above everything else when it comes to getting your products, services, and of course message out, crypto platforms have realized that there’s no better partner to get such high levels of exposure, as partnering up with all of the top professional sports leagues, teams, and athletes around.
Well, in the latest and most probably biggest move made to date by any crypto company looking for being able to reach the highest levels of exposure, Crypto.com, one of the world’s leading cryptocurrency trading companies signed and secured a 20-year, $700 million contract with the Anschutz Entertainment Group (AEG) which will now derive in the changing of the name of one of pro basketball’s most important arenas in the world, LA’s Staples Center. The Staples Center, where the Lakers and Clippers, two of the most popular teams in the NBA play their home games, will now be called the Crypto.com Arena, with the name debuting on Christmas Day when LeBron James and his Lakers welcome Kevin Durant’s Brooklyn Nets for a holiday showdown. If you want to talk major, mainstream exposure, a move like this is the best way to go about it.
El Salvador Wants To Shake The Bitcoin World With Tremendous Moves
El Salvador, the small country off the western coast of Central America made headlines once before after being the first country in the world to fully embrace and accept Bitcoin, the world’s most important and popular cryptocurrency as a legal tender in their economy. Although the third-world country is not necessarily known for its financial providence, this was seen as a very forward-thinking, strategic move on President Nayib Bukele’s side to try, and now President Bukele is doubling down on his efforts to strengthen the role of Bitcoin in their local economy.
One of the first moves is the plan to build an exclusive Bitcoin-only city, funded by using that same crypto in the southeastern region of the country, close to the Conchagua volcano. In said “ Bitcoin city” there will be no taxes charged except for the regular value-added tax which hovers over different services and product purchases, allowing for a smoother operation of the city. It is expected that the construction of the city will begin next year. On the other hand, the Salvadorian government is looking into partnering with one of the world’s leading digital asset infrastructure entities, Blockstream to raise sufficient funds for accomplishing a $1 billion Bitcoin bond. Said bond is expected to be used for both buying more Bitcoin and financing their domestic mining programs and groundworks.
The US Moving Forward On Cementing Banking Crypto Regulations for 2022
In a move that has been in part awaited by different economic sectors in the US, the government has been concocting plans for establishing serious, clarifying regulations when it comes to the use, investment, and trading of cryptocurrencies for banking entities around the country. This will mean that banks would have to be able to show any crypto activities in their balance sheets as well as holding assets and allowing facilities for crypto trading for customers through their representation, all in the hopes of being able to clear up the crypto and banking relationship as much as possible.
These regulations come in the wake of the clear understanding that cryptocurrencies have been going through massive growth periods, where the volatility factor they hold, as well as their decentralized nature, makes them turn into a plethora of both high risk and potential massive positive opportunity havens. Another way in which these regulations will help is by allowing officials to be able to study and point out the clear negative risks and deficiencies that banks might stumble upon when dealing with cryptos, all this to help avoid any criminal activities that could derive from said deficits.