Weekly News Round-up: 17/07/2022- 23/07/2022

• Neeti
• September 07, 2022

Due to your busy schedules, are you having trouble keeping up with the cryptocurrency industry? Then, we are at your disposal and develop into wonderful partners. As a result, we’ve compiled a selection of some of the most popular crypto news stories for you to read.

Dubai’s latest Metaverse strategy will result in generating 40,000 jobs

The Dubai government has revealed their metaverse strategy of adding $4 billion to the country’s economy in the next five years. The strategy would generate many job vacancies in the sector. The emirates want to build a digital future, and the country’s economy could benefit from it.

According to Sheikh Hamdan bin Mohammed, Crown Prince of Dubai:

The Dubai Metaverse Strategy is an “integrated plan” that aims to position the emirate among the top 10 cities that will shape the emerging technology’s future globally. The plan is the “next revolution in the technological and economic field that will affect all aspects of life over the next two decades”.

The strategy aims to multiply the metaverse by five times and the volume of blockchain businesses by two.

Polygon zero-knowledge EVM Rollup aims at cheaper Web3 transactions

Using zero-knowledge cryptographic protocol, also known as zk proof, Polygon zkEVM, runs in complete compatibility with current Ethereum-based smart contracts, developer tools, and wallets. Before sending numerous transactions to the Ethereum blockchain as a single transaction, Polygon combines them using the zk proof algorithm.

Lower gas prices, which can be distributed among the several senders engaged in the transaction, derive from the ability to transmit numerous transactions as a single transaction. This reduces the gas fees when compared to sending the transactions separately across the Ethereum blockchain.

Crypto.com to soon integrate Google Pay as an option to buy cryptocurrencies

Android users can now pay with Google Pay when purchasing cryptocurrencies on the international cryptocurrency wallet and cryptocurrency trading platform Crypto.com. Over 100 million users of Google Pay are thought to be available, all of whom might benefit from the newest payment method for bitcoin marketplaces.

When the integration launches next week, customers who have linked their Google Pay accounts with a debit or credit card will be able to select the payment method when using the Crypto.com app. An estimated 50 million people worldwide can access the exchange’s list of more than 250 cryptocurrencies.

South Korea postponed the 20% tax on crypto until 2025

According to reports, the South Korean government has delayed the 20% tax on cryptocurrency earnings by two years. The contentious 20% tax on cryptocurrency earnings was originally scheduled to take effect on January 1, 2023, but it has been postponed to 2025.

Government representatives unveiled their new tax reform ideas on Thursday, delaying the crypto tax policy until 2025 and claiming the need for time to prepare investor safety measures. The original intention was to impose an additional 20% tax on cryptocurrency gains surpassing 2.5 million won ($1,900) over the course of a year.

Web3 leads Venture Capital interest in the Blockchain Industry in Q2 of 2022

In the second quarter of 2022, Cointelegraph Research reveals that deals and trends made by venture capital (VC) were majorly in the blockchain sector. Roughly seven out of the top ten most active VCs chose Web3 as the sector of choice for investment.

Compared to the $14.66 billion invested in Q1, the $14.67 billion invested in Q2 is roughly flat. However, the bulk of that investment was made in April, before the last two months of a significant decline in the global stock market, which forced even the most optimistic cryptocurrency investor to concede the bear market had begun.

The good news is that despite this, money kept pouring into all facets of the cryptocurrency industry.

Well, that was all for the week!

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