🔴Reactions to BTC Price Drop | This Week in Crypto – May 23, 2022

More and more countries push for crypto regulation, FTX launches stock trading and Ethereum is getting closer to the proof of stake model. These stories and more this week in crypto.

G7 Countries Call for Crypto Regulation

G7 countries have called for the swift and comprehensive regulation of cryptocurrency in light of the Terra stablecoin collapse last week. The countries’ finance ministers and central bankers are asking the Financial Stability Board, or FSB, to advance consistent and comprehensive regulation before the next G7 gathering.

Developing Nations Discuss Bitcoin

Central bankers and financial chiefs representing 44 nations met in El Salvador this week to discuss financial inclusion and the digital economy. El Salvador President Nayib Bukele hosted representatives from Africa, Asia and Latin America to share the experiences of the rollout of bitcoin in the country.

El Salvador Expected to Default

Meanwhile the poor global market conditions and Bitcoin’s price slump are hurting the bonds issued by El Salvador’s government. The bitcoin bonds are now trading at 40% of their original value and investors are doubting whether the country can meet its next debt payment. Market conditions have led several credit agencies to downgrade the country’s rating.

Portugal Moves to Tax Crypto

The Portuguese Finance Minister has revealed that the government is looking into the taxation of crypto profits which would bring an end to Portugal’s position as a tax-free crypto haven. The country is studying other European nations’ regulations and working on a framework to prevent gaps for any income gains to be obtained without taxation.

FTX US Launches Stock Trading

Leading cryptocurrency exchange FTX has announced it is expanding its services to stock trading. The company aims to allow select US users to trade and invest into stocks and ETFs with orders routed via Nasdaq. FTX says that stock trades will be commission-free, and that payment for those investments can be made with the stablecoin USDC.

Ethereum’s Merge Scheduled For  August

The most anticipated event in Ethereum’s 7-year history could come in August as the project’s co-founder, Vitalik Buterin confirmed the date of the merge of proof of work and proof of stake chains. The merge has been postponed several times to make sure the network continues to function correctly, but the team wants to avoid any further delay.

Jack Dorsey: Bitcoin is the Internet’s Only Money

Twitter founder Jack Dorsey spoke on Bitcoin’s crucial role in the evolution of his payment firm Block during his keynote speech at the company’s investor day. Dorsey told investors that Block, formerly known as Square, plans to go beyond just payments and build a deep ecosystem around crypto and blockchain. He also stated that Bitcoin is the only native currency of the internet.

Saylor Still Optimistic about Bitcoin’s Price

Microstrategy’s CEO Michael Saylor remains a strong advocate of Bitcoin despite last week’s crash. In an interview, he predicted Bitcoin will go into the millions, maintaining that bitcoin is the future of money. Saylor confirmed that his investment firm is in it for the long term.

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That’s what’s happened this week in crypto, see you next week.