OTC’s Weekly Retrospect 06/06–10/06/2022

Every Friday we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Major news stories this week;

1. PayPal Ups Crypto Push: Users Can Now Move Coins to Other Wallets and Exchanges
2. Jamaica Becomes First Country to Make a CBDC Legal Tender
3. DeFi-Driven Speculation Pushes Decentralized Exchanges’ On-Chain Transaction Volumes Past Centralized Platforms
4. Key US Senators Introduce Crypto Bill Outlining Sweeping Plan for Future Rules
5. Ethereum’s Ropsten proof-of-stake ‘test merge’ goes live

Short Summaries;

1. PayPal is finally allowing cryptocurrency holders to transfer their digital assets off its platform to other wallets and exchanges. By allowing its customers to send and receive crypto, PayPal has become the world’s largest blockchain-enabled consumer digital wallet.
2. Jamaica’s central bank has officially recognized the “Jam-Dex” central bank digital currency (CBDC) as legal tender, becoming the first country to do so. The Bank of Jamaica (BoJ) has legalized its CBDC in a move to provide an alternative to its cash-based economy.
3. While most CEX transactions happen off-chain on centralized databases and captured on their order books to save on transaction fees, every DEX transaction occurs via smart contracts on-chain. But DEXs now have a confident lead in on-chain transaction volume.
4. Their bill would liberate small-scale purchases of goods and services from the mire of tax implications by making transactions of less than $200 tax-free potentially clearing a path for a cryptocurrency that acts more like a currency.
5. In preparation for the Ethereum merge happening later this year, developers have activated the merge on the Ropsten test network. This merge is critical to check if client software using Ethereum nodes performs without any glitches.

Wishing you a happy and relaxed weekend ahead from all of us here at OTC Supply… Happy Friday!