This week’s roundup will feature titles on crypto payments, CBDCs, and digital wallet regulations. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Ferrari to start accepting crypto payments in the US [source: CoinDesk]
Ferrari has started accepting crypto payments from customers in the US which extends a hand to providers such as Bitcoin, Ether and even stablecoin USD. In recent years we have seen the drive for crypto in commerce, which initially stood on shaky ground because of the unpredictability of the currency. And whilst regulations are still not clear over the crypto, it has not hindered people investing in them. Ferrari’s step will allow them to tap into a market of spenders who can afford the brand but may have assets tied into alternative currencies, like crypto. The trial will be interesting and holds both high risk and high reward. – Jovi
- China opens a Central Bank Digital Currency industrial park [source: Cointelegraph]
The government is taking steps to bolster the e-CNY ecosystem using the digital yuan, and this is the first park dedicated to the CBDC. In efforts to further evolve the presence and acceptance of technology, the government also announced 10 initiatives to boost the development of the digital coin’s ecosystem, involving growingly popular advancements such as smart contracts, payment solutions and hard wallets. This correlation of housing and the e-CNY will uplift the uptake of the digital yuan which will bring wider benefits to the economy in the future. – Jovi
- Australia’s government has set plans to regulate digital wallet providers such as Apple and Google [source: Finextra]
Regulations are constantly rapidly evolving, and the growing use of mobile wallets exceeds the pace at which regulations can keep up. With new payment methods and the evolving payment landscape, regulations sit in place to acknowledge and mitigate risks. The amendment to the Payment Systems Regulation Act 1998 to encapsulate new payment methods will encompass providers such as Apple and Google and hold them to a greater level of accountability. This could be a positive step to ensure fairness, greater security and operation. – Jovi
See you next week, back in the blog for your next weekly news roundup.