The partnership between Crypto.com and DataMesh enables cryptocurrency payments for everyday purchases in Australia. Crypto.com users can purchase gasoline and other items at 175 OTR fuel and convenience stores.

Crypto.com and Australian FinTech company DataMesh announced the first scalable payment solution under a new partnership to enable everyday crypto payments.

The collaboration is set to enable digital payments for some point-of-sale purchases in Australia without the need to convert the funds into fiat money. Notably, however, the securities watchdog also issued new warnings about large cryptocurrency ownership and lack of regulations last week.

Partnership to Boost Domestic Demand

The partnership between Crypto.com and DataMes is reportedly due to increased retail and institutional demand.

The statement underlined that “customers with a Crypto.com wallet can buy everyday items, such as petrol, coffee and sandwiches at 175 OTR fuel and convenience store sites in Victoria, South Australia and Western Australia, using their cryptocurrency, by accessing via Crypto.com to scan a QR code on his/her phone.”

Meanwhile, Peregrine Corp, the owner of the OTR stations, plans to expand the capacity to another 250 retail sites across the country, including some Krispy Kreme stores. Karl Mohan, General Manager for Asia-Pacific at Melbourne-based Crypto.com, stated that Australia is poised for a cryptocurrency revolution, adding the following:

“Our latest research shows that 55% of traders and consumers want to transact in cryptocurrency and this innovation within OTR Stores is bringing these ambitions to life and ensuring Australia is at the forefront of the evolution of crypto payments.”

The companies cited a survey by independent research firm PureProfile, outlining the demand for and obstacles to cryptocurrencies as an everyday payment solution. According to the survey, within a year, a third of merchants say they are or will be ready to accept cryptocurrency payments, while 60% would be ready within three years.

DataMesh Group CEO Mark Nagy had this to say:

“We know that merchants are looking to many alternative payment instruments, including crypto, as an opportunity to diversify their payment flows and attract new customers, so we are determined to offer integrated processing capabilities that make crypto payments fast and accessible to all involved.”

Meanwhile, Australia’s securities watchdog declared last week that cryptocurrency ownership in the country makes a “strong case for regulation.”

ASIC Continues to Push for Regulations

A survey of 1,053 individual investors conducted in November by the Australian Securities and Investments Commission (ASIC) found that cryptocurrencies came in just after the equity asset class in the national market as the most popular investment option.

Of the 44% of retail investors who held crypto, about 25% held it as their only investment, the researchers noted. But interestingly, ASIC emphasized that more people turned to YouTube videos and other social media platforms for information. Essentially choosing influencers over expert financial advisors to make these digital investment decisions.

ASIC President Joe Longo stated that, “with so many new investors active in the financial markets, the research builds on our understanding of retail investors and helps us consider where our regulatory efforts are warranted.”

 That said, the Reserve Bank of Australia (RBA) had previously announced a year-long research project into the benefits and drawbacks of a central bank digital currency (CBDC).

By Audy Castaneda

The draft deals with the legality and economic potential of DAOs and aims to attract companies like those working in the web3 space through regulation. DAOs could function much more flexibly if they were non-profit associations, as they would follow their usual work style.

A US economic zone recently drafted a new regulation recognizing DAOs as non-profit associations without legal personality or limited liability companies. After releasing a draft to the public, the Catawba Digital Economic Zone (CDEZ) expects to receive feedback by September 10^th.

The draft focuses on issues like the legality and economic potential of DAOs and aims to attract companies through regulation. Other companies that it examines include those working in the web3 space.

The CDEZ primarily seeks to recognize DAOs as non-profit associations or limited liability companies without legal personality. It already established regulations that define digital assets in July.

If DAOs functioned as non-profit associations, they could function much more flexibly. That way, they would follow their usual work style rather than having to comply with formal requirements.

The Regulation of Cryptocurrencies Advances in the United States

After working on crypto assets regulation for years, the US has started to move much faster on it. In that regard, this has been a year of many developments in terms of potential rules or policies. There might be further changes in the next few months.

The US Federal Reserve (Fed) recently released guidelines for crypto firms seeking to open master accounts. Some businesses that think this would allow them to serve customers better have applied for these before the regulatory agency.

US senators also drafted a bill to authorize the US Commodity Futures Trading Commission (CFTC) to regulate the cryptocurrency market. Despite various actions affirming the ability of the SEC to regulate cryptocurrencies, the CFTC does it by law.

Regulators View Stablecoins as a Priority as the Fed Reflects on CBDCs

US regulators seem to view stablecoins as a priority, a topic they have discussed repeatedly in 2022. The authorities believe that laws ensure stability and that the TerraUSD case has only accelerated any reviews in that niche.

At a Fed conference, some speakers said that the potential of cross-border CBDCs remains limited. They consider that the rule of law, stability, network effects, and market depth are advantageous to fiat currencies.

Although the United States is studying a CBDC, there has not been much progress. A Federal Reserve governor also commented that he views this technology as overvalued.

Those supporting CBDCs usually highlight that they offer higher speed and security when paying, as well as efficient implementation of monetary policies. Among the latter, they mention the direct manipulation of interest rates in the accounts of users.

The use of CBDCs involves a high level of control from the governments issuing them. For example, the eYuan will allow China to track the transactions conducted by citizens.

By Alexander Salazar

Opinno promises immersive experiences and more future plans for its metaverse. It will have meeting tables, reception rooms, networking spaces, meeting points, and spaces for future events.

The technology consultancy Opinno announced the opening of its first office in the metaverse for its Ecuadorian clients. With this move, Opinno became one of the first known virtual spaces in the country. The company plans to offer an immersive and interactive experience to its customers.

The consultant explained the following on its social networks:

“We are already in the #Metaverse! Our mission is to generate impact and for this #innovation is key. We have developed our first #metaoffice, a space where our clients can enjoy an immersive experience and get to know our services up close. #technology #transformation.”

Opinno’s Launch Details

According to iT Now magazine, Opinno’s metaverse will have meeting tables, reception rooms, networking spaces, meeting points, and spaces for future events, where it will offer its services of digital transformation, product design, open innovation, automation of processes, among others.

Francisco Mestre, General Manager of Opinno Ecuador, specified the following:

“We are committed to the Metaverse because we are convinced of its potential to reach new target audiences, strengthen ties between the client and the company, create new ways of doing business and expand our operations. This space is also added to other communication channels that we currently have and that will allow us to be in contact with our clients in a different and innovative way.”

Crypto Adoption in Ecuador so far

Ecuador has shown a slower crypto adoption in the last year compared to other countries in Latin America; however, in May, the ATM manufacturer General Bytes announced the installation of the first Bitcoin (BTC) cashier / ATM in Ecuador, which began operating during the weekend of May 21-22 in the municipality of Cuenca.

It was a Bitcoin ATM that was installed in the commercial area of ​​La Cigale, which has restaurants and entertainment centers. Reactions on Twitter were supportive, but also skeptical about “the usefulness of the ATM.”

Ecuador has shown interest in cryptocurrencies since last year, when the rural area an hour and a half from Ecuador’s capital, Cuenca, announced that it was beginning to use Bitcoin (BTC) as a payment method for local businesses to try to revive the local economy, with the help of the entrepreneur Mauricio Rubio, who points out the following:

“A peasant, agro-ecological community, where everything they plant does not involve using any type of chemicals, is trying to defend self-sustainability, reforestation, and life at three thousand meters of altitude. A woman asked me one day, why don’t you come and explain to us what this Bitcoin thing is?”

By Audy Castaneda

BTC broke out from the ascending support line that had been in place since July 12^th, suggesting a move to the downside. The breakout of the rising wedge indicates that the drop is part of wave A of a corrective A-B-C structure.

The price of the pioneering cryptocurrency has recently dropped, indicating that its bullish trend has ended.

Over the last month, Bitcoin has moved primarily to the upside after breaking above a descending resistance line in place since late March.

However, it did not maintain its upward trend and could only hit a local high of USD 25,211. That level was considerably below the 0.382 Fibonacci retracement resistance at USD 29.370.

After that, Bitcoin dropped and created a long top wick until hitting a low of USD 23,180.

The daily Relative Strength Index (RSI) broke out from the ascending support line that had been in place since the bullish move began. Those drops are often a sign that the previous upward trend has ended.

The nearest support area might be around USD 21,550 if the downward trend remains.

The Short-Term Analysis of the Bitcoin Price

The six-hour chart shows BTC has traded within an ascending parallel channel following its low in June. Those ranges often contain corrective patterns, implying that a breakout might occur.

Bitcoin has also generated a bearish divergence at the resistance line of that channel. Then it broke out from the ascending support line that had been in place since July 12^th.

The six-hour chart aligns with the daily time frame, suggesting a move to the downside.

The Analysis of the BTC Wave Count

The primary wave count suggests that Bitcoin has completed wave five of a main diagonal due to the ongoing decline, shaping the rising wedge. The breakout suggests this belongs to wave A of a corrective A-B-C structure.

A drop toward the 0.5-0.618 Fibonacci retracement support between USD 20,500 and USD 21,400 might occur before resuming the upward move.

According to the most likely long-term wave count, the price has already reached the bottom.

Bitcoin is trading at around USD 23,483 and has accumulated a 0.3% gain over the last 24 hours. While its daily trading volume is above USD 22.18 billion, its market capitalization is about USD 449.09 billion, according to CoinGecko.

Meanwhile, Ether Is among the Best-Performing Cryptocurrencies

The expectations for what may happen on Ethereum due to the Merge will lead many to acquire ETH. That may lead the native cryptocurrency of the network to appreciate significantly in the short term.

Technical analysis shows that the next resistance would be in the USD 2,200 area. If the price broke through that barrier and continued to rise, it would find resistance between USD 2,500 and USD 2,700.

If Ether exceeded those resistances, it should face the USD 3,000 psychological barrier. When that happened in October 2021, it moved steadily toward the all-time high, close to USD 4,900.

By Alexander Salazar