Visa Likens Blockchain to the Internet, US Issues Positive New Crypto Regulation

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(as of 11:00 AM Singapore Time, September 7, 2023) 

This morning, large market cap cryptocurrencies remained relatively stable across the board, with Bitcoin (BTC) remaining comfortably on the high end of $25K and Ethereum sticking around at the position it has remained at for most of this week at $1.6K. Very few large market cap cryptocurrencies saw any movement above a percentage point, despite some interesting news surfacing overnight. 

Over in the US, the US Standards Board, a jurisdiction that has recently made a name for itself for being particularly tough on the cryptocurrency and blockchain industry, unanimously voted in favor of an accounting change long sought by crypto companies regarding the recording of cryptocurrency holdings. Under the current rules for recording cryptocurrency holdings, companies must document them at their initial cost and reduce their value with an “impairment charge” if their worth falls below the original cost. However, any increases in value cannot be accounted for. The new FASB rules mandate that companies report digital assets at their current market value, thereby incorporating frequent price changes. Any gains or losses will be reflected in the income statement, providing a more comprehensive view of their financial impact.

Overnight, the Head of Blockchain at payments giant Visa Cuy Sheffield shared some bullish thoughts on cryptocurrency, blockchain, and the industry as a whole moving forward. Sheffield likened blockchain technology to the early internet, acknowledging its imperfections and controversies. He expressed optimism about the potential of blockchain networks, drawing parallels to the initial skepticism surrounding the internet’s development. Sheffield anticipates that blockchain technology will mature in terms of efficiency, cost-effectiveness, and user-friendliness over the next decade. Notably, established financial institutions like Visa are showing a growing interest in cryptocurrencies and blockchain, with Sheffield suggesting that Visa’s payment network will expand to incorporate various blockchain networks, stablecoins, and central bank digital currencies (CBDCs) or tokenized deposits in the future.

In more news of business giants making moves in blockchain, Google has introduced a policy update for cryptocurrency-related ads, permitting the promotion of blockchain video games incorporating NFTs (non-fungible tokens). Set to be enforced on September 15, this move represents Google’s effort to establish a regulated yet open approach to blockchain technologies and NFT implementations, especially in games. Advertisements for games offering in-game cosmetic items, weapons, or other in-game items as NFTs are now allowed. It remains, however, that Google’s policy prohibits ads for crypto or NFT games where players can wager or stake NFTs in exchange for real-world value, including NFTs themselves. Nevertheless, the move is a step in the right direction, and is a positive signal for the blockchain industry. 

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