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March 3, 2023The Revolutionizing Power of Crypto Payments: A Ripple and U.S. Faster Payments Council SurveyCrypto and blockchain technology are poised to revolutionize the antiquated and exclusionary payments industry, according to a <a href="https://ripple.com/reports/Blockchain_and_Crypto_in_Payments.pdf" rel="noopener noreferrer nofollow">survey</a> conducted by Ripple and U.S. Faster Payments Council.100% of the survey&#39;s respondents believe that these innovations can bring efficiency and cost savings to the payments industry. However, there is an urgent need for regulatory clarity to kickstart this transformation. Nearly 90% of respondents agree that crypto payments&#39; further adoption depends on regulators providing clear rules for the industry.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1596d4d8f6a44d029c2411b597bd9835.png" />The benefits of crypto payments are manifold. The report estimates that by 2030, cryptocurrencies and blockchain will save the payments industry roughly $10 billion in costs.In addition, 97% of the survey&#39;s respondents believe that these technologies will enable faster payments within the next three years. One of the primary advantages of crypto payments is that they drastically lower transaction costs and time, leading to savings for both businesses and consumers.The report states that the payments industry currently suffers from pre-funding, high transaction fees, slow settlement times, and opaque capital flows, all of which contribute to the ever-rising cost of sending and receiving money. For instance, as of 2022, the average cost of a cross-border remittance is 6% of the transferred amount, which is twice the U.N.&#39;s goal. Meanwhile, the average cost of a crypto transaction of the same scale is fractions of a percent.More than half of the survey respondents predict that most merchants will integrate crypto payments and start accepting a wide variety of cryptocurrencies for their services within the next one to three years. Similarly, over half of the respondents are considering integrating crypto payments into their own businesses in the future. However, only 17% have already done so. The report attributes the slow adoption rate primarily to regulatory ambiguity. Even the second most cited barrier to adoption, limited industry acceptance, is a side effect of not having clear regulations established for the industry.The Middle East and Africa are the most bullish regions on crypto payments, with approximately one-third of respondents from the region expecting to integrate crypto payments within the next 12 months. The report cites a growing appetite for broader financial access and inclusion as the reason for the bullish sentiment toward crypto payments in the region.In summary, while crypto payments have significant benefits for the payments industry, regulatory clarity is critical to unlock their full potential.Catch up on our published articles for the week!<h3 id="strong-news-strong">News</h3><ul><li>Mantle Core of BitDAO Proposes a $200 Million for Web3 Fund &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/mantle-core-of-bitdao-proposes-a-200-million-for-web3-fund/" rel="noopener noreferrer nofollow">Read more</a></li><li>Trademark Lawsuit Filed Against Coinbase Over Nano Derivative Products &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/trademark-lawsuit-filed-against-coinbase-over-nano-derivative-products/" rel="noopener noreferrer nofollow">Read more</a></li><li>IMF Supports Cryptocurrency Regulation Instead of Outright Bans &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/imf-supports-cryptocurrency-regulation-instead-of-outright-bans/" rel="noopener noreferrer nofollow">Read more</a></li><li>LendHub Protocol Exploiters Transfer $3.85M in ETH to Tornado Cash &gt;&gt;&gt;<a href="https://defi-planet.com/2023/02/lendhub-protocol-exploiters-transfer-3-85m-in-eth-to-tornado-cash/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Alchemy Pay, a Crypto Gateway Platform Obtains Indonesia License &gt;&gt;&gt;<a href="https://defi-planet.com/2023/02/alchemy-pay-a-crypto-gateway-platform-obtains-indonesia-license/" rel="noopener noreferrer nofollow"> Read more</a></li><li>bitFlyer Founder Seeks Reinstatement as CEO &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/bitflyer-founder-seeks-reinstatement-as-ceo/" rel="noopener noreferrer nofollow">Read more </a></li><li>Trezor Aims to Optimize Hardware Wallet Supply Chain by Manufacturing Its Chips  &gt;&gt;&gt;<a href="https://defi-planet.com/2023/02/trezor-aims-to-optimize-hardware-wallet-supply-chain-by-manufacturing-its-chips/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Japanese Tech Companies Sign Agreement on the Creation of the Japan Metaverse Economic Zone &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/japanese-tech-companies-sign-agreement-on-the-creation-of-the-japan-metaverse-economic-zone/" rel="noopener noreferrer nofollow">Read more</a></li><li>MyAlgo Users Advised to Withdraw Funds As Reason for $9.2 Million Hack Still Unknown &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/myalgo-users-advised-to-withdraw-funds-as-the-reason-for-the-9-2-million-hack-is-still-unknown/" rel="noopener noreferrer nofollow">Read more</a></li><li>Solana Co-founder Debunks Claims That On-Chain Voting Is to Blame for Network Problems &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/solana-co-founder-debunks-claims-that-on-chain-voting-is-to-blame-for-network-problems/" rel="noopener noreferrer nofollow">Read more</a></li><li>Sepolia Enables ETH Withdrawals Following Successful Implementation of Ethereum Shanghai Upgrade &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/sepolia-enables-eth-withdrawals-following-successful-implementation-of-ethereum-shanghai-upgrade/" rel="noopener noreferrer nofollow">Read more</a></li><li>Binance Dismisses Forbes Report, Calls It FUD &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/binance-dismisses-forbes-report-calls-it-fud/" rel="noopener noreferrer nofollow">Read more</a></li><li>Visa and Mastercard Halt Efforts to Promote Cryptocurrencies Following Industry Downturn &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/visa-and-mastercard-halt-efforts-to-promote-cryptocurrencies-following-industry-downturn/" rel="noopener noreferrer nofollow">Read more</a></li><li>Arab Emirate to Establish Crypto Company Free Zone &gt;&gt;&gt; <a href="https://defi-planet.com/wp-admin/post.php?post&#61;7273&amp;action&#61;edit" rel="noopener noreferrer nofollow">Read more</a></li><li>iDenfy Partners With Residenture to Streamline KYC Compliance Through Automation &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/idenfy-partners-with-residenture-to-streamline-kyc-compliance-through-automation/" rel="noopener noreferrer nofollow">Read more </a></li><li>Finoa Receives License Approval From German Regulator BaFins &gt;&gt;&gt;<a href="https://defi-planet.com/2023/02/finoa-receives-license-approval-from-german-regulator-bafin/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Former Economic Advisor Daleep Singh Warns US CBDC Could Crowd Out Crypto Ecosystem &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/former-economic-advisor-daleep-singh-warns-us-cbdc-could-crowd-out-crypto-ecosystem/" rel="noopener noreferrer nofollow">Read more</a></li><li>Platypus Finance Launches Compensation Platform for Customers After Suffering $9.1M Hack &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/platypus-finance-launches-compensation-platform-for-customers-after-suffering-9-1m-hack/" rel="noopener noreferrer nofollow">Read more</a></li><li>Solana Promises to Improve Network Performance &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/solana-promises-to-improve-network-performance/" rel="noopener noreferrer nofollow">Read more</a></li><li>Jack Dorsey’s Decentralized Twitter Alternative, Bluesky, Now Available on App Store &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/jack-dorseys-decentralized-twitter-alternative-bluesky-now-available-on-app-store/" rel="noopener noreferrer nofollow">Read more</a></li><li>Hodlnaut’s Founders Want to Sell the Company Instead of Going Through With Liquidation &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/hodlnaut-founders-want-to-sell-the-company-instead-of-going-through-with-liquidation/" rel="noopener noreferrer nofollow">Read more</a></li><li>Deribit, a Crypto Options Exchange to Offer Bitcoin Volatility Futures &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/deribit-a-crypto-options-exchange-to-offer-bitcoin-volatility-futures/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Over 400 Bitcoin ATMs Out of Service in First 60 Days of 2023 &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/over-400-bitcoin-atms-out-of-service-in-first-60-days-of-2023/" rel="noopener noreferrer nofollow">Read more</a></li><li>Aggrieved Investor Names BlockFi Executives and Gemini in a Lawsuit &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/aggrieved-investor-names-blockfi-executives-and-gemini-in-a-lawsuit/" rel="noopener noreferrer nofollow">Read more</a></li><li>Ceffu, Binance’s Custody Arm to Apply for License in Singapore &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/ceffu-binances-custody-arm-to-apply-for-license-in-singapore/" rel="noopener noreferrer nofollow">Read more</a></li><li>Digital Yuan Gets Poor Reception In Hong Kong &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/digital-yuan-gets-poor-reception-in-hong-kong/" rel="noopener noreferrer nofollow">Read more</a></li><li>South Dakota Proposes Bill to Redefine Money, Excludes Bitcoin &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/south-dakota-proposes-bill-to-redefine-money-excludes-bitcoin/" rel="noopener noreferrer nofollow"> Read more</a></li><li>US Faster Payments Council and Ripple Report Reveals Global Leaders’ Strong Support for Crypto &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/us-faster-payments-council-and-ripple-report-reveals-global-leaders-strong-support-for-crypto/" rel="noopener noreferrer nofollow">Read more</a></li></ul><h3 id="strong-articles-strong">Articles</h3><ul><li>What You Need to Know About the Paxos and Binance USD (BUSD) Stablecoin Controversy: Using the SEC vs. Paxos controversy as a case study, this article will offer a comprehensive discourse on the challenges of compliance and regulation in the cryptocurrency industry, with emphasis on the legal challenges facing it, the existing regulations for stablecoins, as well as the future of stablecoin regulations and its implications for traders, investors and the wider crypto market &gt;&gt;&gt; <a href="https://defi-planet.com/2023/02/what-you-need-to-know-about-the-paxos-and-binance-usd-busd-stablecoin-controversy/" rel="noopener noreferrer nofollow">Learn More</a></li></ul><h3 id="strong-in-other-news-strong">In Other News…</h3>Privacy and Security in the Spotlight: Tornado Cash Contributor Builds New Privacy ToolIn the crypto world, privacy, and security are of utmost importance. Last year&#39;s controversial <a href="https://home.treasury.gov/news/press-releases/sm0410" rel="noopener noreferrer nofollow">banning</a> of the Tornado Cash &#34;coin mixer&#34; by U.S. authorities has prompted Ethereum developers to create a solution that will keep regulators and law enforcement at bay. Enter Privacy Pools, a fork of Tornado Cash created by Ameen Soleimani and one other developer.Soleimani is no stranger to the world of crypto privacy solutions, having been an early contributor to Tornado Cash. While he did not contribute to the project&#39;s code, he helped steer its direction during its formative days, besides contributing to Tornado&#39;s initial funding through the developer&#39;s MolochDAO. Now, he has set his sights on creating a better version of Tornado Cash that will pass regulatory muster.Privacy Pools allows users to send and receive Ethereum anonymously while proving that they are not North Korean bad actors or criminals. This new feature is designed to assuage the concerns of regulators and law enforcement, who have been cracking down on <a href="https://defi-planet.com/2022/09/what-are-crypto-mixers-a-comprehensive-overview-of-tornado-cash/" rel="noopener noreferrer nofollow">cryptocurrency privacy</a> tools.The team behind Tornado Cash was targeted by Dutch police, who <a href="https://defi-planet.com/2022/08/us-intelligence-claims-tornado-cash-dev-previously-worked-for-company-with-links-to-russias-fsb/" rel="noopener noreferrer nofollow">arrested</a> the app&#39;s main developer Alexey Pertsev. He is set to remain in jail until an April hearing. Meanwhile, Privacy Pools is set to release a demo of its new coin mixing app tomorrow. While it has yet to be audited, the hope is that regulators will be less interested in sanctioning it because it helps them accomplish their goals.With Privacy Pools, Ameen Soleimani aims to create a tool that will enable people to use Ethereum securely and anonymously without fear of reprisal from regulators or law enforcement. This is just the beginning of a conversation about the future of cryptocurrency privacy, and we are excited to see where it leads.<h3 id="strong-spotlight-on-interesting-projects-strong">Spotlight on interesting projects</h3>Goracle<a href="https://www.goracle.io/" rel="noopener noreferrer nofollow">Goracle</a> is the first dynamic, decentralized oracle service on the <a href="https://defi-planet.com/category/explore/algorand/" rel="noopener noreferrer nofollow">Algorand</a> blockchain. Goracle’s purpose is to provide simple oracle solutions which assist dApps built on Algorand to access off-chain data securely, accurately, and quickly.  <a href="https://defi-planet.com/category/explore/goracle/" rel="noopener noreferrer nofollow">Goracle</a> intends to help businesses, organizations, and users re-imagine how real-time data is directed and exchanged.Goracle was founded by <a href="https://www.linkedin.com/in/abdul-osman-b3924b25" rel="noopener noreferrer nofollow">Abdul Osman</a> who is also the CEO.To find out more visit their <a href="https://www.goracle.io/" rel="noopener noreferrer nofollow">website</a>, join their <a href="https://discord.com/invite/Pe8rwyPvKp" rel="noopener noreferrer nofollow">Discord</a> and follow them on <a href="https://twitter.com/GoracleNetwork" rel="noopener noreferrer nofollow">Twitter</a> and <a href="https://www.linkedin.com/company/algoracle/" rel="noopener noreferrer nofollow">LinkedIn</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/116a2954becb49099a8b5c7143ea8154.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #41 | Block by Block: Crypto, Blockchain, and the Future of Payments 🧱💸

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