Weekly Flip Thru: Google to Allow Crypto Payments, EU Lawmakers Make Progress on MiCA Regulation
Greetings and salutations, crypto followers! It’s time for another rapid review of the biggest crypto news that’s ripe for consumption. This week, Europe comes into focus as increased regulation coincides with notable corporate investment in the region. Meanwhile, one of the world’s biggest companies joins the rapidly growing list of vendors who accept crypto payments, and inflation fails to slow despite the Federal Reserve’s rate-hike efforts.
Get up to speed on some of the biggest crypto headlines for the week of October 17, 2022.
Google announces plans to accept crypto for cloud computing (CNBC)
As soon as early 2023, some Google customers will be able to use the Coinbase Commerce service to pay for cloud computing services with cryptocurrency. The cloud business represents 9% of Google parent company Alphabet’s total revenue (up from 6% just three years ago), so this move is a win for those who see crypto as a pragmatic utility. Google – which currently holds 10% of the cloud computing market versus Amazon’s 34% — hopes the added flexibility will attract Web3 companies and broaden its user base.
EU moves one step closer to crypto regulation (CoinDesk)
The “yays” had it easily last week, as the European Parliament Committee on Economic and Monetary Affairs voted 28-1 in favor of the Markets in Crypto Assets regulation (MiCA). This proposal would allow marketing from crypto services providers in exchange for national registration and commitment to certain regulations. The next — and very likely — step will be approval from the full European Parliament, followed by implementation beginning as soon as next year.
Two major investments indicate France is a new crypto hot spot (Crypto.com; TheBlock)
Ooh la la! Two big players in the crypto industry are setting up shop in France. Singapore-based platform Crypto.com is establishing its European HQ in Paris and investing 150 million euros into this expansion effort. Elsewhere, Binance announced a 100-million-euro investment in the country and a partnership with Paris-based startup Station F. "France is uniquely positioned to be the leader of [the crypto] industry in Europe," said Binance CEO Changpeng Zhao. These developments were timely, as they coincided with the Paris Blockchain Week Summit. Fun fact: crypto from anywhere outside of France is called sparkling currency. 😉
Inflation rises more than expected in September (The New York Times)
The Consumer Price Index (CPI) tracks the average prices paid by consumers for a predetermined collection of goods and services. When it goes up, it means American households are spending more on common items and in September, the reading jumped 8.2% year-over-year, exceeding what analysts were predicting. The “core” index, which excludes volatile food and fuel variables, rose 6.6%, marking the fastest annual increase in 40 years. America’s central bank (the Federal Reserve) has increased interest rates five times already this year in an effort to slow spending and calm inflationary pressures. The latest CPI news suggests that its November 2 meeting is almost certain to result in another hike. In response, the equity and crypto markets teetered up and down, as investors and analysts balanced the promise of more aggressive rate hikes with the reality of pricier goods.
The More You Know: The CPI represents more than 200 categories, broken down into eight groups: food and beverages, housing, apparel, transportation, medical care, recreation, education/communication, and “other.”
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