Here’s what happened this week in Bitcoin.
Financial giant, Wells Fargo is developing a U.S. dollar-linked stablecoin that will run on the firm’s blockchain platform. Dubbed Wells Fargo Digital Cash, the tokenized dollar will be used in a pilot for internal settlement across the company’s business.
Snowden’s new book, “Permanent Record,” sheds further light on global surveillance by US agencies. In the wake of its release, the US government is suing Snowden for not obtaining clearance from the CIA or NSA for information revealed in the book. This week, Snowden tweeted regarding the lawsuit, saying that “this is good for Bitcoin.”
About 6,000 retail stores in The Philippines, including all 7-Elevens, are now selling Bitcoin. The new service is offered in partnership with crypto firm, Abra. Filipinos will be able to buy Bitcoin for cash, in amounts between 500 and 100,000 Philippine pesos, at a 2% fee.
The recent high gas prices on the Ethereum network stem from a single smart contract. The contract is shown to belong to “Fair Win,” a Chinese gambling contract said to be a Ponzi scam, and has used nearly $1 million in gas over the last 30 days.
And finally, just like Iran and Venezuela, North Korea is creating a national cryptocurrency as a way to counter severe economic sanctions. Details are scarce at this time but it seems the new coin will be a separate asset, and not linked to the North Korean won.
That’s what happened this week in Bitcoin. See you next week.