News of the week: Cuba authorizes Bitcoin payments and fork in Ethereum

Among the highlights of the week is the announcement of the Central Bank of Cuba according to which payments in bitcoin and cryptocurrencies are recognized in the Caribbean island. One of the main factors driving this measure could be the difficulty to send and receive remittances from abroad in dollars, according to Cuban media.

After surpassing USD 50,000 a week ago, the price of Bitcoin (BTC) falls and has remained in ranges around USD 45,000 to 49,000. On average, the pioneering cryptocurrency lost 2.4% over the course of these seven days. At the time of this writing, BTC is trading at USD 48,051, as reflected in the market price in Latin America and Spain, according to the CryptoNews price calculator.

With CryptoNews, interested parties can keep up to date on price changes in the bitcoin and ether market relative to their local currency. To do so, they can visit the BTC and ETH Prices section, which features a calculator for quick and easy conversions to their home currency.

Here are the most important news:

  • According to the provisions of the Extraordinary Official Gazette of this Thursday, August 26, the Central Bank of Cuba communicated that the use of “certain virtual assets in commercial transactions” is enabled throughout the country’s territory. The resolution leaves several aspects unclear, such as which cryptocurrencies may be used and which may not, and the quotation to be used for operations. Meanwhile, in Panama, a bill was presented to the National Assembly, which seeks to regulate all activities related to cryptocurrencies. The Central American country will evaluate using digital assets as an optional payment method.
  • On August 27th, Ethereum’s blockchain suffered an unexpected fork. A bug or error in the Geth client, the main software used in the nodes of this network, would have been exploited that day, generating a new blockchain. The developers urge to run a new Geth update released on August 24 to fix the bug. Meanwhile, the Ethereum Foundation announced that a set of projects operating in the DeFi sector, along with the Kraken exchange, donated $1.5 billion to accelerate the development of the Ethereum 2.0 execution layer.
  • In the coming days, the Bank of Spain will announce the necessary mechanisms for the registration of bitcoin and other cryptocurrency exchanges, as well as cryptoasset custody platforms. The measure responds to the provisions of Law 10/2020 on the Prevention of Money Laundering and Terrorist Financing. Meanwhile, the president of El Salvador, Nayib Bukele, confirmed that 200 bitcoin ATMs and 50 branches will be installed in the country to withdraw or send money. The devices that allow bitcoin operations will have a distinctive seal: the logo of Chivo, the wallet that the government will launch when the law comes into force.
  • On August 24, the U.S. Congress blocked the possibility of amendments to the so-called infrastructure law. The legislative proposal will not be modified before its vote in the House of Representatives because the Rules Committee agreed that the draft accepted by the senators will not have changes. Meanwhile, the dispute between the UK’s Financial Conduct Authority and Binance seems not to be over, as the regulator recently issued a statement saying that although the exchange “complied with all aspects of the requirements” requested, it still cannot conduct regulated business in that country.
  • According to a research conducted by Chainalysis, Argentina and Brazil are the Latin American countries where the protocols for decentralized finance (DeFi) are most used. The two South American countries ranked 16th and 17th respectively in the world ranking led by the United States, Vietnam and Thailand. Another study conducted by the firm Finder confirms that the global adoption of cryptocurrencies stands at 19%, with Vietnam being the country with the highest adoption. The survey showed that 14% of young adults in Mexico and Colombia own cryptocurrencies, while in Spain the percentage is 12%.

If you want to know the meaning of several words of the crypto-world terminology, you can check them out in the extensive CryptoNews Glossary.

ATL (All Time Low): is the antonym of ATH: All Time Low. It is the minimum price that a certain cryptocurrency has had with respect to the last ATH.