Today’s Bitmama’s daily roundup of crypto news We cover the latest developments in the field of cryptocurrency. From WhatsApp adopting technology to facilitate cryptocurrency transactions to the IMF’s report on Crypto displaces the Nigerian Naira and other emerging currency markets. There’s plenty happening in the first. Let’s get started.
WhatsApp allows crypto payments
Meta was which was previously called Facebook was trying to integrate cryptocurrency payments into its application – WhatsApp. This follows the decision to drop its plans to launch Libra which is its own digital currency , due to the regulatory issues. The WhatsApp cryptocurrency payments integration is made possible by Novi the wallets provider within the U.S market.
As per Novi Chief Executive Officer, Stephane Kasriel, the application is now able to handle transactions within of the app using an updated interface for money-sending. Users can select the amount that they wish to send and then confirm the transaction within the chat that they have with their recipient. The company said that using Novi will not affect the security of WhatsApp private messages and calls.
IMF is concerned that cryptos could be able to replace Naira as well as other currencies from emerging countries
The International Monetary Fund (IMF) is concerned that cryptocurrencies will become a major form of currency in Nigeria and other emerging countries. It further stated that the currency’s rise has made it difficult to secure the financial system of the world as outlined in the report entitled “Global Crypto Regulation Must Be Complete, Consistent and Coordinated’. The report was published on Thursday, December 9 2021.
The crypto assets pose the risk of more immediate and severe of currency swaps in emerging economies and emerging markets such as Nigeria According to Washington DC-based Fund. However, it has promised to ensure its stability in the global financial and monetary system.
Ethereum gas prices dropped 50 percent in less than two months
Ethereum (ETH) is the 2nd cryptocurrency regularly accused of having high transactional costs (gas). In the same way transactions fees have been soaring over the course of six weeks one week.
According to the data provided by third-party trackers Ethereum (ETH) gas levels, i.e. those dynamic fees that all Ether as well as ERC-20 transaction incur has been falling since the beginning of October.
The last time it reached its peak was on the 28th of October 2021. It was more than 191 Gwei. In other words, the average amount of transaction commissions fell nearly 50% in the time since the previous local peak.
In general, Ethereum (ETH) gas fee dynamics are related to the activities that is carried out by Ethereum or ERC-20 token owners. The greater the amount of activities, the greater the gas costs.
Thus, the peculiar negative trend of the average Ethereum (ETH) costs could likely be due to the lack of performance of Ether which makes it less appealing for traders and is a major reason for the stagnation of cryptocurrency markets.