Crypto News: Zimbabwe shares plans for digital coin, and the awakening of Bitcoin whales
Welcome to this week‘s crypto news summary. All the essential news and events in the crypto world from last week (April 24 to April 28) are summarised below, so you‘ll be entirely up to date again before you head into the weekend.
Zimbabwe's central bank is to launch a gold-backed digital currency
In an attempt to protect their own currency, Zimbabwe's central bank is launching an initiative to link a digital currency to gold. This new digital currency will be considered legal tender.
Zimbabwe suffers enormously from inflation. As recently as February this year, inflation stood at 92%. The initiative for a new currency is to protect the population from the sharp depreciation against the US dollar. Zimbabweans can exchange small portions of their current Zimbabwe dollars for the new digital version linked to gold.
However, this initiative is not entirely new: in America, the dollar was linked to gold until 1971. This meant you could exchange your dollars for an amount of gold determined by law. This price was set in advance and was thus the price at which the US government bought and sold gold at the time.
Visa seeks new software developers to expand crypto team
Visa, the major payment provider, is looking for backend developers to join their crypto team. The company is keeping a close eye on the crypto sector and is working on blockchain solutions for their products.
Visa's vice president and head of crypto Cuy Sheffield shared the vacancies on its own twitter channel. He indicated that Visa has an ambitious roadmap for a crypto product and is looking for new colleagues to find solutions for the adoption of blockchain networks and stable coin payments.
Sheffield also indicated at a 2023 Tel Aviv StarkWare event that Visa is testing payment options with the stable coin USDC on the Ethereum blockchain. That way, they want to create the ability to process crypto payments in dollars.
Bitcoin whale moves 11 million Bitcoin after 12 years
After this person has held Bitcoin in his wallet for a whopping 12 years, a transaction took place. This 'whale', or someone who owns between 100 and 1,000 BTC, had not moved any Bitcoin since 2011.
Now this whale has moved as much as 400 Bitcoin to another address. These Bitcoins have a value of about $10 million. However, the transaction fee was only $5.22 USD.
It is difficult to determine the reason for moving the 400 Bitcoins. Despite the transparency of the blockchain, this is unfortunately unclear. It is notable, however, that a lot of Bitcoins have been moved in the last two weeks by addresses that have been sitting on their hands for a long time.