6th of October, 2021

Below is an outlook of today’s prices across the market. Bitcoin sees a steady increase over the days as it has a 2% rise in the past 24 hours while other coins, though performing well compared to last week, have an opposite movement today.

AMC Theatres, the world’s largest movie theatre chain, is getting closer to its aim of taking cryptocurrency payments by the end of the year, with crypto purchases for electronic gift cards now available.

CEO Adam Aron stated on Oct. 5 that AMC consumers can now buy digital gift cards with cryptocurrencies like Bitcoin (BTC) directly through the AMC website, mobile app, and theatres.

The new payment option was enabled by BitPay, a prominent crypto payment processor, and allows users to buy e-cards worth up to $200, according to Aron.

Among the digital assets approved for AMC e-card purchases, the CEO singled out Dogecoin (DOGE). Aron revealed in September that towards the end of 2021, AMC will accept DOGE as a cryptocurrency for ticket purchases.

Aron had launched a Twitter poll of 140,000 people, asking if AMC should accept DOGE as a form of payment for tickets. Aron said at the time:

“It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned”

Kristalina Georgieva, managing director of the International Monetary Fund, claimed that Central Bank Digital Currencies (CBDCs) are the most reliable type of digital money, speaking at a virtual event held by Bocconi University in Italy.

Cryptocurrencies are regarded as “de facto assets” by the IMF chief. They are, however, not backed by assets that keep their value stable and might fluctuate dramatically. She remarked that cryptocurrencies are difficult to think of as money in the history of money.

“It is very impressive how much the international community, the central banks, institutions like ours are now actively engaged to make sure that in this fast-moving world of digitalization, money is a source of confidence and helps the economy function rather than (being) a risk,” Ms Georgieva commented.

Despite the rising debt levels caused by the Covid-19 outbreak, IMF chief Christine Lagarde indicated that medium-term fiscal consolidation and growth will give Europe in a good position to prevent another debt crisis (like the one that occurred between 2007 and 2008).

To avoid a heightened pandemic-related debt burden, Ms Georgieva noted that countries would need to carefully prepare how to alter course to medium-term fiscal consolidation.

Georgieva also disclosed that 110 of the IMF’s member countries are investigating CBDCs at some point. The regulation of digital currency interoperability is a significant difficulty for such projects.

US Bancorp (commonly known as US Bank), America’s fifth-largest retail financial institution, is scheduled to offer cryptocurrency custody services for Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC).

According to CNBC, the service will be available only to institutional fund managers, and it will be co-administered by NYDIG, which will act as the sub-custodian.

The move by US Bank has underlined the growing entry of big-name traditional banks into the digital currency industry. While many have remained on the sidelines for years, the increasing demand for custody and related services among significant institutional clients has heightened interest in custodial and related services involving the developing asset class in the last year.

“Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class,” said Gunjan Kedia, vice-chair of the bank’s wealth management and investment services division. “I don’t believe there’s a single asset manager that isn’t thinking about it right now.” The bank’s executive also pointed out that the service will extend to other digital currencies, including Ethereum, soon.

The US Bank custodial services will be available only to fund managers based in the United States and the Cayman Islands. While this may appear to be a constraint for a service that is in great demand worldwide, the bank believes that the market in the United States would explode if the Securities and Exchange Commission (SEC) authorises the first Bitcoin ETF product. Clients will be required to provide adequate Know Your Customer (KYC) checks for their customers to use the service, according to Kedia.

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This information should not be used to make investment decisions, nor should it be considered advice to engage in investment activity. Trading digital assets carry a high level of risk and can result in the loss of your entire investment. Make sure you understand the risks involved and your level of experience and investing goals. Get independent financial counsel if necessary.

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