What were crypto industry participants talking about this week?

Former CEO Arthur Hayes said that it is necessary to quickly develop norms for regulating the digital asset market because of the fact that the new government will have more pressing problems after the U.S. elections. According to the expert, crypto coins and tokens need to be categorized as speech protected by free speech laws. “The capital needed to support laws aimed at developing cryptocurrencies could be diverted to more pressing foreign policy issues. So regulatory clarity should be sought now, before the political landscape changes after the election,” Hayes said.

The head of the Central Bank of Brazil Roberto Campos Neto spoke about the introduction of cryptocurrency and plans tokenization of the banking sector. According to the politician, the main obstacle in launching the CBDC is the scaling issue. “The main question was how to ensure the adoption of the digital real nationwide without jeopardizing the privacy of the participants in the settlement. The dilemma is that there is no solution yet: how to ensure the decentralization, programmability and privacy of the CBDC at the same time,” explained the president of the Bank of Brazil.

Ferrari will accept payments from customers of European offices in bitcoins. The company allowed the introduction of the BTC-payment scheme by the end of this year in the states where crypto-assets are legally used in the sale and purchase of goods. Such countries include El Salvador, Canada and Australia. “Most dealers in Europe have already transitioned or are in the process of transitioning to the new bitcoin payment system,” the company said.

CryptoQuant founder Ki Young Ju believes bitcoin is going through an accumulation phase as large investors are very active in transferring the cryptocurrency to their wallets. In July, about 358,000 BTC were sent to the wallets of long-term owners of the digital asset. “These addresses are not exchange addresses, are not owned by miners and have no outflows. They are mostly wallets of long-term owners of cryptocurrencies. Right now, bitcoin is in the accumulation phase,” said Ki Young Ju.