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Forbes - Stablecoin season 🍂

Good Wednesday morning. This is Billy Bambrough, here with your latest batch of crypto news and analysis.

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24-hour crypto market snapshot
Avalanche (-7%) $118.14
Cro (+20%) $0.9343
Flavor of the week 😝
The cryptocurrency market remains subdued this week ahead of the Thanksgiving holiday weekend. The bitcoin price is this morning up by almost 1%, following ethereum's 3% rise. The rest of the crypto top ten is painting a mixed picture, with solana and Binance's BNB both climbing slightly and cardano down by 5%.

Meanwhile, everyone's jumping out of shiba inu and into cro, apparently. The dogecoin rival is currently down 20% over the last week, while Crypto.com's cro has doubled in price and is now approaching $1 per cro. Dogecoin itself is back in the crypto top ten, as measured by CoinMarketCap, after last week's big gainer avalanche dropped 8% since this time yesterday.

Good to know: Stripe says it’s open to accepting crypto for payments, three years after ending bitcoin support
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Creating a catalyst ⚗️
Regulation required: The fast-growing $140 billion stablecoin market that's spurred central banks around the world to begin experimenting with so-called central bank digital currencies (CBDCs) requires regulation clarity before institutions will increase their exposure to digital assets, according to a Bank of America research note out yesterday. According to the bank, the publication of the U.S. Treasury report, “Report on Stablecoin” (RoS), earlier this month is an "indication of urgency" for the regulation of stablecoins, given their potential to become a viable payments method and could be a catalyst to mass adoption, it was reported by Coindesk.

Why it matters: Oversight for stablecoins is needed because they are now a "systemically important asset," Bank of America analysts wrote, pointing to their $141 billion market capitalization and quarterly transaction volume of over $1 trillion in 2021.

Holding talks: Blockchain startup Figure Technologies and other financial technology companies—a group named as the USDF Consortium—have been holding talks with U.S. regulators about how to issue a stablecoin that satisfies regulators, it was this week reported by Bloomberg, which named officials from the Federal Reserve, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp as being at the meeting, citing "people familiar" with the matter.

Britcoin's breaking the bank: The U.K.'s Bank of England (BoE) yesterday admitted that commercial banks would be hit hard by plans for a digital pound backed by central bank reserves. "Banks would have to adapt… They would lose a revenue stream from payments," Jon Cunliffe, the deputy governor for financial stability at the Bank of England, told a House of Lord’s committee meeting on CBDCs, it was reported by London's City AM. Modeling produced by the BoE in June predicted that up to 20% of retail bank deposits could move into a CBDC, according to Financial News, which interpreted the comments as "banks don’t need to worry about Britcoin." The BoE and the U.K.'s Treasury are currently consulting on whether to roll out a so-called Britcoin CBDC, though if given the green light it's not expected to launch before 2025.

Meanwhile, in Brazil... The Central Bank of Brazil (BCB) is planning to kick off a digital currency pilot program next year, BCB President Roberto Campos Neto said last week, it was yesterday reported by Coindesk, citing local media outlet Estadao. Reports emerged last week India is also weighing a 2022 CBDC pilot.

The bottom line: It's stablecoin season and everyone's eyeing a slice of CBDC pie.

Now read this: World watches through its fingers as El Salvador makes Bitcoin legal tender
India crypto ban confusion 🤔
🤯 Panic briefly hit cryptocurrency markets yesterday after it was (once again) widely reported India is poised to ban all but a few cryptocurrencies, with reports pointing to a new financial regulation bill that's set to be introduced in the upcoming winter session of India's parliament. However, the bill’s name and description are exactly the same as a bill that was expected to be discussed in February, eagle-eyed reporters at The Block spotted.

📉 Crypto prices tanked on Indian crypto exchanges after the bill was announced, Coindesk reported. Bitcoin fell more than 13% on WazirX, while shiba inu and dogecoin both dropped 15% following the ban reports.

🚫 This morning, Bloomberg reported more-or-less what was previously expected: that India is merely "considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors," citing "people familiar with the matter." It's thought the legislation may impose a minimum amount for investments in cryptocurrencies while banning their use as legal tender.

Good to know: Crypto U.S. constitution bidder refunds hit by high fees
Bitcoin, I choose you! 👉
Fold app users will be able to catch bitcoin rewards
Fold app users will be able to catch bitcoin rewards Fold
📲 Niantic Labs, the company behind the viral augmented reality app Pokemon Go, has partnered with bitcoin rewards app Fold to allow users to hunt for bitcoin via augmented reality.

🗣️ "Welcome to the bitcoin metaverse, or whatever you want to call it," Fold wrote in a blog post announcing the partnership. Meanwhile, Niantic announced on Monday it's raised $300 million from hedge fund Coatue at a valuation of $9 billion in order to build the "real-world metaverse."

🤳 The Fold Niantic deal comes amid surging interest in the so-called metaverse, generally understood to be a combination of social networks, virtual reality, augmented reality and video that will see users interact and exist within a fully digital, online universe.

Now read this: The Metaverse and ‘Web 3’ aren’t even here and they’re already cringe
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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