Daily Crypto News 6 October
Laos has announced a cooperation with Soramitsu, a Japanese distributed ledger technology (DLT) company, to do research on a central bank digital currency (CBDC). According to Nikkei Asia, the project will get out this month, following the signing of a memorandum of understanding between Laos' central bank and the Japan International Cooperation Agency to investigate CBDC development.The research will examine the activities of banks and other financial intermediaries within the financial system, as well as the Laotian public's overall transactional requirements.
The Brazilian Congress will debate a measure that governs cryptocurrency firms and raises penalties for crypto pyramid schemes and other illicit activity. The measure submitted on September 29 was previously authorized by a special commission of the Brazilian House of Representatives. According to a text published on the Brazil Congressional website, if approved by the plenary, the legislation, introduced by deputy Aureo Ribeiro, would require “virtual asset service providers to follow rules of communication of financial transactions, with identification of customers and record keeping.” In addition, the law would raise the punishment for money laundering. The bill would give firms in the industry 180 days to adjust to the new rules. The law comes as a growing number of Brazilians invest in cryptocurrency and as public awareness grows. Joo Manoel Pinho de Mello, Director of the Central Bank of Brazil (BCB), has stated that a substantial shift from paper currency to digital means of payment will occur in the coming years. Roberto Campos Neto, the country's head central banker, has stated that his country might be ready for a digital currency by 2022.
The Cosmos cross-chain network has been slowly developing with the projects that operate on top of it, and it has now hit a tipping point in terms of activity. The Inter Blockchain Communication protocol (IBC), which serves as the foundation of the Cosmos ecosystem, has experienced a rise in activity over the last month, with over one million transactions recorded. In March, Cosmos introduced the IBC to enable cross-chain decentralized finance and interoperable nonfungible token transfers. It has developed significantly in the last six months, welcoming new projects and blockchains into the ecosystem. Terra, Band, Kava, and THORchain's Chaosnet are among the other prominent projects that use the protocol. The Osmosis automated market maker is responsible for the lion's share of those IBC protocol transfers, accounting for 44% of the total, with the Cosmos chains accounting for 307,855 transfers, or 29% of the total, over the last 30 days. The IBC standard allows for the safe exchange of data between separate blockchains while scaling through sharding and sidechains for a variety of applications. Cosmos is only one of several networks that use the IBC protocol.
Topps released the first series of their 2021 NFT Major League Baseball (MLB) NFT collection, dubbed "Inception," at the end of August. Topps released the second batch of NFT MLB collectibles via the blockchain technology Avalanche a month later, in October. The new NFTs are based on the sold-out 2021 Topps Series 2 Baseball physical product and are available for purchase at toppsnfts.com. So far, Topps has dominated the market for Major League Baseball NFT cards and packs. Meanwhile, NBA Top Shot has added non-fungible token souvenirs associated with NBA stars and their most memorable events. Topps will lose its connection with MLB in 2026, since the league has signed a contract with sports clothing manufacturer Fanatics. It's very feasible that Fanatics will pick up the MLB NFT game from then on.