Many events are happening in the crypto world but some of the news reports coming through are more relevant than others. JPEX has skimmed through the contents and finds the following as the most important for our customers to take note of.
National Australia Bank Has Completed World-First with Cross-Border Stablecoin Transaction
On Tuesday, March 14, the National Australia Bank (NAB) achieved a new milestone after completing an intra-bank cross-border transaction using a stablecoin issued by the financial institution.
The latest has been lauded by many stakeholders of the blockchain technology, decentralized finance, and digital currency economy, in particular, regulators, since this is the first time a major financial organization has completed such an act using a layer one (1) public blockchain.
Vitalik Buterin’s Ethereum blockchain was used and the highlight was the reduction of cross-border transaction settling time from days to minutes. “Bringing multi-currency stablecoins to market demonstrates NAB’s focus on simplifying international banking protocols to increase speed and transparency while lowering costs and reducing complexity for customers,” Drew Bradford, NAB Executive General Manager said.
Cardano Total Value Locked (TVL) Up More than 140% in 2023
Cardano is one of the most talked about blockchain technologies and its native asset in the form of ADA is one of the most demanded in the industry.
The growing popularity of decentralized finance (DeFi) applications on Cardano has led to a significant spike in the amount of liquidity poured into its dApps in 2023.
According to data from DeFiLlama, Cardano TVL has spiked by more than 140% after it soared to approximately $124 million on March 18 after beginning the year with a value lock of around $50 million.
Much of the TVL rise has come from dApps like Miniswap, Indigo, WingRiders, Djed Stablecoin, MuesliSwap, Liqwid, SundaeSwap, Optim Finance, Aada, and Lending Pond.
Belgian Foreign Minister Has Called for a Ban on Cryptocurrencies
Johan Van Overtveldt, a member of the European Union (EU) parliament has called for a ban on the entire decentralized finance industry.
He made this known via a tweet on his Twitter account on Friday, March 17. His comments come after the current crisis that has mired centralized financial institutions across the globe.
According to the EU member, if governments can place bans on the use of drugs across the region, then the same stance should be taken on an industry which he cites as providing no real social or economic value.
Lawmakers in the EU parliament will be meeting in April to continue with the discussion of the regulation of the cryptocurrency industry.
UK Residents to See Crypto Assets in Separate Category of Tax Forms
A new report by the Treasury of the United Kingdom (UK) has introduced an amendment to the self-assessment forms for cryptocurrencies. From 2024/25, a separate category for crypto assets in tax return forms will come into effect. This has been welcomed by several stakeholders of the Kingdom’s tax system including Gary Ashford who is the Deputy President of the Chartered Institute of Taxation (CIOT).
“Highlighting the need to declare crypto asset transactions in the tax return will help raise awareness of people’s obligations in the area,” he said.
Over the period, positive market sentiment saw cryptocurrencies on JPEX such as Conflux (CFTX), Immutable X (IMX), Fantom (FTM), dYdX (DYDX), and Bitcoin (BTC) saw multiple percentage gains.