Content:
Google Opens Pandora’s box
Personal Journey Update
Weekly Fact
Quote of the Week
Google Opens Pandora’s box
Google change their stance on cryptocurrency advertising, opening doors for certain crypto products to be promoted across major search engines. The spotlight is on Bitcoin exchange-traded funds (ETFs), and the excitement is palpable within the cryptocurrency industry.
Key Points:
Effective Policy Update:
On January 29th, Google enacted a crucial policy update allowing the promotion of selected cryptocurrency products.
Bitcoin ETFs Take Center Stage:
Bitcoin ETFs are emerging as prime contenders benefiting from this policy shift.
The criteria align with financial products enabling investors to trade shares in trusts holding substantial digital currency pools.
Google's Transaction Power:
Google's formidable transaction processing capacity, with a daily search volume of 8.55 billion, is anticipated to boost investments in Bitcoin ETFs.
Nebulous Terminology:
The policy update introduces the term "cryptocurrency coin trusts," leaving room for interpretation.
The exact scope and types of permitted products under this term remain to be seen.
Grayscale Bitcoin Trust (GBTC) Transition:
GBTC, one of the largest Bitcoin trusts, transitioned into a spot Bitcoin ETF following SEC approval on January 10.
Previously exclusive to accredited investors, spot Bitcoin ETFs are now accessible to the general public, and regulated under the Securities Act of 1933.
Regulatory Safeguards:
The transition to spot Bitcoin ETFs brings an additional layer of regulatory security, potentially making them a safer avenue for Google's advertising efforts.
This contrasts with the previous exclusivity of GBTC shares to accredited investors.
Anticipation Building Since 2021:
Speculation surrounding Google's policy update has been growing since August 2021.
Cryptocurrency trader Michael van de Poppe expressed optimism about the potential influence of Google ads on Bitcoin-related products.
Personal Thoughts:
This move by Google has far-reaching implications for the cryptocurrency landscape, creating new opportunities and potential avenues for investment.
But… this could also lead to countless more crypto scams disguised as harmless Bitcoin ads.
Be careful what you click on out there or better yet, don’t click anything at all.
Ad-blocking browsers like Brave are a great start to avoiding nasty crypto scams that plague the internet.
Visa’s Vis-à-vis with Crypto
Visa is enabling crypto transactions by partnering with Web3 infrastructure provider Transak. This collaboration introduces a seamless method for crypto-to-fiat conversions without the need for centralized exchanges.
Key Points:
Global Impact:
Visa and Transak join forces to allow crypto-to-fiat transactions globally.
The integration uses Visa Direct to facilitate cryptocurrency withdrawals and payments.
Web3 Integration:
Users can withdraw cryptocurrencies from wallets like MetaMask to a Visa debit card.
Direct to Debit Card:
The integration empowers users to exchange crypto to fiat and make payments at 130 million Visa-accepted merchant locations.
Transactions occur in real-time through Visa Direct, providing users with a faster and more connected experience.
Merchant Adoption:
Crypto can now be seamlessly converted to fiat, expanding its utility for everyday transactions.
Global Accessibility:
Residents of 145 countries, including Cyprus, Malta, Singapore, Turkey, Portugal, and the UAE, can directly convert over 40 cryptocurrencies to fiat without relying on centralized exchanges.
Decentralized Platform Benefits:
Users of decentralized platforms like MetaMask, Ledger, and Trust Wallet can effortlessly off-ramp digital assets to Visa cards, enhancing usability.
Visa's Crypto Ventures:
Visa actively explores cryptocurrency use cases, building on past partnerships and support for stablecoins like USDC.
Compliance and Security:
Transak's involvement ensures compliance with KYC and AML regulations, creating a secure user environment.
The Inevitable Power Shift
The United Arab Emirates (UAE) has ventured into uncharted territory, breaking away from the traditional reliance on the US dollar. Instead, the UAE opted to transact with China using its newly introduced Digital Dirham, a digital rendition of its national currency.
Key Points:
Shift Away from the Dollar:
The UAE, a member of the BRICS alliance, makes a strategic departure from the conventional use of the US dollar in international transactions.
The move highlights the evolving dynamics within the BRICS coalition.
Digital Dirham Makes History:
Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Central Bank of the UAE, initiates the first cross-border payment of Dh50 million using the Digital Dirham.
The transaction is executed through the 'mBridge' platform, a collaborative initiative involving China, Hong Kong, Thailand, and the UAE.
mBridge Project Advancements:
Project mBridge, launched in 2021, aims to foster international collaboration and finished its first pilot in September 2022.
Representative Maxine Waters expresses concerns about the initiative being used to evade economic sanctions.
Strengthening Global Financial Center Status:
The UAE's goal is to strengthen its position as a global financial centre, emphasizing financial and monetary stability.
Strategic dedication to this objective is underscored by Sheikh Mansour.
Empowering Citizens and Expertise:
Commitment to empowering Emirati citizens and fostering expertise in various domains.
Focus on supplying the financial sector with highly skilled domestic personnel.
Innovative Projects and Financial Advancements:
Establishment of Al Etihad Payments, managing the local payment card system.
Introduction and explanation of the Aani immediate payment platform and supervisory technology project 'Suptech.'
Impact on the US Dollar:
UAE and China, with billion-dollar trade deals, using Digital Dirhams in payments could pose a significant challenge to the US dollar.
China encourages prioritizing indigenous currencies in trade settlements over the US dollar.
Digital Dirham and CBDC Strategy:
Digital Dirham is part of the UAE's central bank digital currency (CBDC) strategy, enhancing domestic and cross-border payments.
Aims include promoting financial inclusion and transitioning towards a cashless economy.
This landmark move by the UAE sets the stage for a new era in international transactions and prompts us to ponder the broader implications for global finance.
Personal Journey: Keeping it Simple
Not much to report this week.
I’m just keeping it simple and taking on tasks one at a time.
I start my manager course next week so I’ll let the ones interested know how it goes.
I’m finally getting on top of things at work which makes things a little less stressful.
One thing I am good at is separating work life from normal life. No matter how crazy it is at work, as soon as I get home I instantly get those troubles out of my mind and focus on other things.
I believe it’s because I always have something going on for myself. Whether it be a small project, sport, or even just a hobby. It’s the ability to look forward to doing something once you get home. It focuses the mind on something else allowing you to easily forget about any problems at work.
Another reminder of how important is to have hobbies and keep the mind active on things that are challenging and you enjoy.
I hope everyone had a great weekend a wish you a great week ahead.
Weekly Fact
The Deep Web is 400x bigger than the internet we know
The Deep Web are the sites that aren’t picked up by a search engine like Google. We generally associate the word Deep Web with the Dark Web but they aren’t actually the same thing. The Dark Web – which basically consists of encrypted websites with hidden IP addresses making their users and locations anonymous – is a subset of the Deep Web. Obviously, being able to hide identities like that will create a popular space for criminals to sell their illegal content, etc. But the Dark Web only takes up 0.01% of the Deep Web. The Deep Web is also just things like where your password-protected email accounts are held, parts of paid subscription services and other similar protected data. The Surface Web (what gets picked up by a search engine) only consists of 0.03% of the internet.
Quote of the Week
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