In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. From WhatsApp implementing technology to enable cryptocurrency transactions to IMF’s report on Crypto displacing the Nigerian Naira and other developing market currencies, there’s a lot happening first. Let’s get started.
WhatsApp implements crypto transactions
Meta, previously known as Facebook, has been working on embedding cryptocurrency payments inside of its app – WhatsApp. This is coming after dropping its plans to create Libra, its own digital currency due to regulatory concerns. The WhatsApp crypto payments integration is made possible via Novi, a wallets operator in the the U.S market.
According to Novi CEO, Stephane Kasriel, the application now supports transactions inside of the app via a new money-sending interface. Users will be able to choose the number of funds that they send and confirm the transaction directly in the dialogue with the recipient. He said using Novi does not change the privacy of WhatsApp personal messages and calls.
IMF worried cryptos may displace Naira, other currencies of developing countries
The International Monetary Fund (IMF) has expressed concern that cryptocurrencies would become a major currency in Nigeria and other developing countries. It also added that the currency has made it very difficult to protect the world financial system as disclosed in this report titled, ‘Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated’ released on Thursday, December 9, 2021.
Crypto assets present more immediate and acute risks of currency substitution in some emerging markets and developing economies Like Nigeria, according to the Washington DC-based fund. It however promised to safeguard the stability of the international monetary and financial system.
Ethereum average gas fee lost 50% in less than two months
Ethereum (ETH), the second cryptocurrency, is often criticized for high transactional fees (gas). At the same time, on average, transactional fees have been plunging for six weeks in a row.
According to data shared by third-party trackers, Ethereum (ETH) gas, i.e., the dynamic commissions all Ether and ERC-20 transactions are charged with, have plunged since late October.
Its last peak was registered on October 28, 2021, at over 190 Gwei. As such, the average value of transaction commissions lost more than 50% since the last local high.
Typically, Ethereum (ETH) gas fee dynamics are associated with the activity of Ethereum and ERC-20 token holders. The more activity, the higher the gas fees.
Therefore, the unusual negative dynamics of average Ethereum (ETH) fees can likely be attributed to the poor performance of Ether, which makes it less attractive for traders and contributes to the general stagnation of crypto markets.
