Bitcoin has been legal tender alongside the U.S. dollar in El Salvador since September 2021.  Now, the nation’s popular President, Nayib Bukele, added further fuel to his “rock star” persona with an announcement this past Saturday that El Salvador would be building the world's first "Bitcoin City," to be initially funded by bitcoin-backed bonds.

It’s another clear indicator of Bukele’s growing affinity for cryptocurrencies and he appears to be doubling down on his bet to harness the power of the digital assets in order to fuel further investments in the Central American country.  The government has already backed Bitcoin with a $150 million fund and, to incentivize Salvadorans to use it, the El Salvadorian government has offered $30 worth of credit to those using its digital wallet.

**The Liquid Network**
----------------------

It has been announced that the new city would be built [near the Conchagua volcano](https://en.wikipedia.org/wiki/Conchagua_(volcano)) - Conchagua consists of two overlapping stratovolcanoes and overlooks the Gulf of Fonseca.  The geographical location is a deliberate move to take advantage of the available geothermal energy, converting it to a source of power both for the city and for more Bitcoin mining activities.  "This is a fully ecological city that works and is energized by a volcano” Bukele commented at the closing a week-long promotional event for Bitcoin. 

Government officials stated that the country would issue $1 billion in “bitcoin bonds” in 2022 to raise additional resources to fund the construction of Bitcoin City. The bonds are going to be issued on “[the Liquid Network](https://liquid.net/)” - a sidechain-based settlement network that _enables faster, more confidential Bitcoin transactions and the issuance of digital assets_ according to information posted on the site.

The Liquid Network is managed by [Blockstream](https://blockstream.com/) who said that $500 million of the funds raised will be dedicated to building the infrastructure for the city and additional bitcoin mining in the region.  The other $500 million would be used for, what else, the purchase of more bitcoin cryptocurrency.

**Zero Carbon Dioxide Emissions**
---------------------------------

Not to be easily outdone, the government plans to build their innovative city to look like the crypto coin from the sky when it's built.  Taxes will also be noticeably lacking from the new city considering there will be no property, income or municipal taxes, and the city is expected to have a level of zero carbon dioxide emissions.  Utopian in every conceivable way.

Some Salvadorans have vocalized their trepidation at Bukele’s well-publicized love affair with digital currencies with some protests being held against the government for its unbridled embrace of the digital assets.  Still, they’ve done little to harm his popularity and credibility with voters. 

Ultimately, the city would be built with the hopes of attracting more foreign investment.  Those with influence over the project have mentioned sites for residential areas, malls, restaurants, and a port.  Also, the El Salvador president mentioned ideas like digital education, technology, and sustainable public transportation.

“This is going to make El Salvador the financial center of the world,” Bukele said.



El Salvador to become World’s First “Bitcoin City”

Crypto investors need to be aware of how a new US law impacts on the sector.

The $1.2 trillion infrastructure bill, recently signed by President Joe Biden, captured a lot of headlines, but not everyone noticed the measures aimed at crypto investors and exchanges.

Under the legislation ‘brokers’ (aka cryptocurrency exchanges) will have to issue a 1099-B. That means crypto exchanges will have to tell the IRS directly about crypto transactions.

Experts believe this will create tax reporting challenges for many crypto investors. For example, traders who use their own crypto wallet may find the information handed to the IRS contains inaccuracies. This is because the exchange’s reporting on trading activity will only have a limited view of what investors paid for crypto in the first place.

## What should crypto investors do?

If you want to stay on the right side of the law, and you should, then there are two major factors to consider.

Firstly, keep track of what you originally paid for your crypto, and keep it as accurate as possible, so you can reconcile your records with what the exchanges report to the IRS.

Secondly, consider finding a tax professional with crypto knowledge. This could help ensure even greater accuracy and assist you in being as transparent as possible about what cryptocurrency you hold and what you paid for it.

The IRS already considered cryptocurrency taxable property, this new reporting requirement makes it even more important for crypto investors to ensure they report activity accurately and completely.

The massive drop in value of Bitcoin and Ethereum in the hours after Biden signed the bill into law recovered slightly by mid-week.

It is thought the fall in value is more likely to relate to the general volatility of crypto rather than the new US law.

More [Business news](/news/category/crypto-business-news).

US Infrastructure Bill: Impact on Crypto

Regulation of crypto is a major talking point right now, but Indian Prime Minister Narendra Modi’s comments on the subject have left some baffled.

Addressing the Sydney Dialogue, Modi made comments on [Bitcoin (BTC)](/coins/btc) and crypto regulation.

He said: ‘Democratic nations should work together on cryptocurrency to ensure it does not end up in the wrong hands.’

## Modi's Words on Twitter

Although it is unclear what the ‘wrong hands’ are, Modi’s words were considered important enough to be repeated on his [official Twitter feed](https://twitter.com/narendramodi).

His account tweeted: ‘Take cryptocurrency or Bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in \[the\] wrong hands, which can spoil our youth.’

Also during the address Modi said: ‘We are at a historic moment of choice. Either all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion or choice, domination or development.’

## Social Media Speculation

The comments sparked social media speculation that India may be on the verge of a China-style crackdown. Many, however, felt the comments meant little more than Modi supports responsible crypto regulation.

There is interest in India’s crypto stance, as the country is reported to be considering its own central bank digital currency (CBDC) project. This could arrive next year, although progress by the central Reserve Bank of India (RBI) has been considered slow.

A media report in India this week said the RBI is still examining ‘matching domestic priorities with design features’.

While limited trials of the proposed CBDC are pencilled for next month, a national rollout looks unlikely any time soon.

Despite the way some have interpreted Modi’s comments, India is thought unlikely to want to restrict crypto access in the way China has.

Do Modi's Comments Signal Crypto Shift in India?

Facebook, and parent company, Meta, have been in the media a lot lately.  While not all of the headlines have been good, a recent one that announced the company’s mega investment of $10 billion into creating “the metaverse” should pique the curiosity of crypto communities around the world. 

Metaverse is more than a new buzzword, and it is _not_ unique to Facebook.  Microsoft is another industry titan trying to lay its own claim to this so-called metaverse. They may, in fact, be _leading_ the charge considering how Microsoft has already adapted several technologies currently used in these environments.

## What _is_ a metaverse? 

The term was first used in Neal Stephenson’s 1992 science fiction novel, "Snow Crash."  In it, Stephenson hatched the term when he described avatars who would connect and congregate in 3D buildings and other virtual reality environments.  In our world, metaverses are best defined as digital universes that people access with a virtual reality headset. This allows them to work and play in an imaginary, digital realm.  It’s virtual reality at its finest.

Here’s where it gets interesting – the leading members of the technology brain trust are convinced that the metaverse represents _the future of the internet_, and it’s rapidly evolving.  With metaverses making more strides into becoming a reality, we are learning that to truly become _fully_ immersive worlds with their own economies, they need to have a form of currency.

That’s where digital assets come into play as they are often paired with blockchain VR social platforms. This is so that people can buy items within the game, such as land, weapons, or other items that can be traded with other players. 

## Top 3 Cryptocurrencies for Metaverses

Here are three of the top cryptocurrencies well positioned to serve as the economic backbone of future metaverses:

### **SAND**

The Sandbox is a virtual world (metaverse) where players can build, own, and monetise their gaming experiences in the Ethereum blockchain using the platform’s token, (SAND).  SAND has a current market cap of over $2 billion and the Hong Kong-based gaming platform very recently raised $93 million from SoftBank. SoftBank is apparently committed to watching Sandbox further expand its digital world.

### [**Decentraland**](https://decentraland.org/)

Decentraland is another blockchain-based metaverse powered by the ETH blockchain.  Here, users can purchase plots of digital real estate called "LAND.”  Users are then able to buy plots of LAND using the metaverse’s in-game cryptocurrency token, (MANA).  Users can both purchase LAND in this metaverse as well as use their MANA tokens to pay for in-world goods and services.  At present, MANA has a market cap of over $4 billion and since trading at around $0.08 this past January, MANA has shot up to $3.18 today.

### [**Enjin**](https://enjin.io/)

The self-proclaimed “largest gaming community platform” currently boasts more than 250,000 gaming communities and more than 18 million registered players.  The Enjin Coin (ENJ) is an Ethereum-based coin with a market cap of almost $3 billion.  The main use case for Enjin is creating ENJ backed assets that can be accessed in games.  For example, developers can create items such as weapons, and back them with a certain amount of ENJ coins. 



Metaverse from Facebook has Begun- 3 Coins to Watch

Crypto earnings have led to 4% of Americans quitting work in the last year, according to new research.

The numbers are lower than many may expect, given the huge profits spoken about in the cryptoverse. Plus, the majority of that 4% were people working in low-salary jobs (less than $50,000 a year).

The details are contained in research released by Civic Science.

While the headline was the crypto earnings had created newfound wealth and job freedom for many in the US, just 4% of respondents said they had quit their job due to crypto earnings. Plus, only 7% said the knew anybody who had.

The research company, outlining its findings, said: ‘While crypto wealth is undoubtedly growing, that doesn’t necessarily mean any significant portion of people are quitting their jobs as a result. 11% of the general population reports either having personally quit their jobs, or knowing someone who has, as a result of their crypto investments.

‘Surprisingly, however, when crossing by income, we see that the larger portion of those quitting their jobs as a result of their crypto investments are those in the lowest income brackets.

‘This data implies that crypto investments may have provided life-changing levels of income for some, while the wealthier owners of crypto use it more as another form of asset diversification rather than source of income. And further data elaborates this point.’

It added: ‘Respondents who are active or occasional traders on the stock market are significantly more likely to have invested in cryptocurrency. So, while heavier stock investors may not be quitting their jobs as a result of any crypto gains, they are the ones driving much of the market.’

Civic Science observes that these traders appear to have started to shift the original purpose and function of cryptocurrency.

It said: ‘At its inception, cryptocurrency, and the blockchain technology behind it, was intended to provide a form of digital currency that was independent of government involvement (protecting it from periodic economic collapse) while also remaining safe, secure, and relatively anonymous (which also made it a haven for some criminal financial activity). But in its current function, it has begun to closely resemble a (highly volatile) stock.’

Crypto Earnings: Don't Give Up The Day Job

Crypto payment cards are on the way for the Asia Pacific region, thanks to partnerships involving Mastercard.

Mastercard has partnered with Amber, Bitkub and CoinJar, cryptocurrency service providers in Asia Pacific, to launch crypto-funded Mastercard payment cards. This will make it easier for consumers and corporates to spend cryptocurrency on physical or digital Mastercard payment cards

The agreements mean that, for the first time, consumers and businesses in the region can apply for crypto-linked Mastercard credit, debit or pre-paid cards. The cards allow them to instantly convert cryptocurrencies into fiat currency, which can be spent everywhere Mastercard is accepted.

## Mastercard Crypto Program

Mastercard’s partners are based in Thailand and Australia, offering cryptocurrency purchase and exchange services. The companies are the first APAC-based cryptocurrency platforms to join [Mastercard’s global Crypto Card Program](/news/article/mastercard-uk-hiring), designed to make it simpler and faster for crypto firms to bring secure, compliant payment cards to market.

Digital currencies are not currently widely accepted, so this crypto payment card converts the holder’s cryptocurrency to fiat, rather than transferring crypto to the merchant.

It will work online and offline, with currency always entering the Mastercard network as fiat currency.

Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard, said: ‘Cryptocurrencies are many things to people; an investment, a disruptive technology, or a unique financial tool.

‘As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative. In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.’

Michael Wu, Founder and CEO of Amber Group, added: ‘Amber Group is committed to serving clients with best-in-class technology and innovative product offerings. By joining forces with Mastercard, we will leverage our combined technology, solutions, and expertise to offer users in applicable jurisdictions a more streamlined digital finance experience.’

## A Sophisticated Card Solution

Founder and Group CEO of Bitkub. Jirayut Srupsrisopa. said: ‘Thailand is one of the most crypto-oriented markets in Asia Pacific, and so turning that broad asset ownership into something which is usable in an everyday context is a major step forward for Bitkub and our customers.

‘To make this happen, we are very pleased to be connected to Mastercard via our valued payments partner 2C2P to create a sophisticated card solution that allows crypto users to make payments by converting cryptocurrency to traditional fiat currency. I believe that our strong partnership will accelerate consumers’ use of crypto as a means of commerce, making payments more efficient and facilitating new economic activity for businesses worldwide.’

CoinJar CEO. Asher Tan. concluded: ‘As one of the world’s longest-running crypto exchanges, we’re thrilled to partner with a global giant like Mastercard to make cryptocurrency more accessible and useful than it’s ever been before.’

Mastercard Joins Crypto Payment Cards Project in Asia

Blockchain and cryptocurrency market technology should be taught in schools, according to the incoming New York mayor.

The comments come just days after New York Mayor-elect Eric Adams said he wanted to receive his first three wage packets in Bitcoin (BTC).

His latest comments, during an interview with [CNN](https://edition.cnn.com/), reinforced his stance on cryptocurrency technology, with Adams suggesting schools should be teaching crypto.

## 'The New Way of Thinking'

He said: ‘We must open our schools to teach the technology, to teach this new way of thinking.’

Adams described cryptocurrency as ‘a new way of paying for goods and services throughout the entire globe’ as he urged schools to prepare students for the ‘new way of thinking’ created by by blockchain technology and digital assets.

In part, his call for crypto education was prompted by his experience with young New Yorkers. He told CNN: ‘When I talked about blockchain and Bitcoin, young people on the street stopped and asked me “What is that?”.’

## New York Should Remain a Centre of Innovation

The comments by Adams received a mixed reaction on social media, with some saying cryptocurrency technology ‘must’ become part of school curricula and others arguing schools should remain focused on teaching core subjects and the basic concepts of finance first.

During the interview, Adams suggested he will encourage businesses in New York to accept cryptocurrencies as payment. While he insisted such a move would be taken carefully to ‘get it right’, Adams insisted it was necessary to ensure New York remains a ‘center of innovation, no matter what that innovation is’.

If the school plan suggested by Adams was implemented, New York wouldn’t be the first US city to do so.

Earlier this year, a bill was passed by the Georgia House of Representatives which called for state education officials to implement in high schools a financial literacy programme which would include crypto.


Teach Global Blockchain Technology in Schools: NY Mayor

It's time for Twitter Crypto... social media giant Twitter is creating a team dedicated to cryptocurrency and related tech, it has been announced.

Taking to the platform on Wednesday, [Tess Rinearson](https://twitter.com/_tessr) confirmed she has been appointed to lead the new team.

She said Twitter Crypto will explore future opportunities to support users with an interest in cryptocurrency and digital assets as it looks to ‘push the boundaries’.

## A New Team for Crypto

Rinearson, who has previously worked at Interstellar and Tendermint, tweeted: ‘I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies.

‘As I build out the team, we’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly “gets” crypto (hello bitcoin tipping & NFTs!) but there’s so much more to explore here.

‘First, we’ll be exploring how we can support the growing interest among creators to use decentralised apps to manage virtual goods and currencies, and to support their work and communities.

‘Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.

‘And, of course, we’ll be working closely with the @bluesky team to help shape the future of decentralized social media (and to make sure that Twitter stays on the cutting edge of this new landscape, too!).’

She concluded: ‘Twitter Crypto will underpin all of this work, and serve as a “center of excellence” for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product. If this sounds exciting, please get in touch!’

## Jack Dorsey Influences Crypto Adoption

The Twitter Crypto move isn’t entirely a surprise, given founder Jack Dorsey’s public position on crypto. His firm Square Crypto made its first appointment back in 2019, former Google product management expert Steve Lee, for example.

In addition, Square last year bought $50m of BTC and, in July, it said it is trying to buld a hardware wallet.

Dorsey has already said Bitcoin will be a big part of his commercial future. Earlier this year, he confirmed he was putting money forward to help fund BTC development, both in a venture which also involved rapper Jay-Z and through the Massachusetts Institute of Technology (MIT).

Twitter Embraces Crypto with Dedicated Team

Bitcoin miners in the mining industry are planning to move towards nuclear energy as pressure to go green increases.

According to Harry Sudok from [GRIID](https://grid-mining.com/?a=about), nuclear energy presents a 'tremendous opportunity to introduce enormous amounts of clean, carbon-free energy' to the base load. Sudok spoke at the Bitcoin and Beyond Virtual Summit earlier this month for American Bitcoin mining company, GRIID.

## Hopes for Nuclear Expansion

He said; “The growth rate is largely focused around solar and wind right now, and that’s just the reality of the programs that have been rolled out over the last 8-10 years. But what we’d love to see is an expansion of nuclear".

GRIID is a renewable energy company that specialises in solar and wind power. They have been mining since 2013 and offer full service to their customers who want to get involved with Bitcoin, but don't know how to start.

## Benefits of Using Renewables

Sudok believes the industry needs widespread adoption of renewables before it can be successful globally. He also wants more people to understand the benefits of using renewables. He said; “We need to communicate all the positive things that are happening in renewable energy, not just reduced emissions".

Sudok claims that GRIID has experienced an exponential growth rate for 12 months. They have expanded their customer base and staff numbers during this period.

Bitcoin Miners Look Towards More Sustainable Energy

A senior UK Government member has admitted a retail central bank digital currency (CBDC) for the country may not arrive until the second half of this decade.

While confirming it will take ‘several years’, John Glen, Economic Secretary to the Treasury, also sounded a note of caution about whether a UK CBDC will even go ahead.

The UK is actively exploring the potential for a retail central bank digital currency to complement to cash and bank deposits.

If it proceeds, it would be a new form of digital money, denominated in Sterling and issued by the [Bank of England](/news/article/bank-of-england-crypto), for everyday payment use.

## Delivering UK CBDC Would Require Lots of Work

In early 2021, the UK Chancellor of the Exchequer created a taskforce to explore a retail central bank digital currency and moves to engage stakeholders including consumer groups, businesses and tech experts. The intention is to ensure UK authorities approach consideration of a CBDC in a coordinated way.

So far, no decision has been taken, and more consultation is due to start next year.

Delivering an update on the project, Mr Glen said: ‘Exploring and delivering a UK CBDC, if there were a decision to proceed, would require carefully sequenced phases of work, which will span several years.

‘HM Treasury and the Bank of England will publish a consultation in 2022 setting out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model.

‘If there is a decision to proceed following the consultation, a development phase would include the publication, by the Bank of England, of a technical specification to explain the proposed conceptual architecture for a UK CBDC. This development phase could involve in-depth testing of the optimal design for, and feasibility of, a UK CBDC.’

## Liaising with International Partners

This could then lead to a build and testing phase, but Mr Glen warned : ‘Given the scale and national importance of such a project, this phase would likely take several years and could involve the development of large-scale prototypes and live pilots.

‘Were the results of each of these phases to conclude that the case for CBDC were made, and that it were operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade.’

The UK Government will also liaise with international partners on the global implications of any such move.

Bank of England CBDC Would Take ‘Several Years’

Tesla CEO, Elon Musk, recently asked his Twitter followers whether or not he should sell 10% of his stocks shares in the company.

Tesla became the first car company in the market to be worth more than $1 trillion in the past year. This may be a good opportunity for investors with potentially high returns, as the company has shown previously.

## Musk Has $3.6 billion in Shares

Tesla shares are now around $363.54, meaning Musk's shares in the company are worth something in the ballpark of $3.6 billion. When you compare that to his net worth outside of Tesla it seems like nothing. He is currently estimated to be worth over $20 billion (via [Bloomberg](https://www.bloomberg.com/europe)).

Musk ran a poll on Twitter that gave people the chance to vote for their decision. He tweeted: **"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?"**

The results showed that 57.9% voted yes- he should sell 10% of his Tesla stock. In total, around 3.5 million followers voted.



Will Elon Musk Sell £21bn of Tesla Stocks?

The adoption of blockchain technology continues apace with new and exciting avenues, presenting themselves on a weekly basis.

There is no more exciting environment than virtual reality and the metaverse right now. It seems as if these two worlds are the perfect fit for blockchain technology.

## GameFI Eco-System Fund

With this in mind, cryptocurrency trading giant FTX released details today of a brand new investment fund targeting [Gamefi](https://hub.gamefi.org/#/), the Metaverse and Web 3.0 companies. As a joint venture between FTX, Solana Ventures and LightSpeed Venture Partners, the ‘GameFi Eco-System Fund’ is allocating $100 million to invest in gaming studios, technology companies and ‘other projects’.

## Web 3.0

Web 3.0 can be thought of as the next evolutionary step of the internet. Through the use of artificial intelligence, decentralised networks and blockchain technology, the internet is set to undergo a revolutionary transformation. With many people viewing the evolution of Web 3.0 as less than 2 years away, the launch of the ‘GameFi Eco-System Fund’ is evidence that large investors are taking this space seriously.

This new version of the internet will be faster, fairer and have less need for central points of control and authority. Now, artificial intelligence and machine learning take the leg work out of administering and authenticating internet content.

## Play to Earn

Amy Wu of LightSpeed Venture Partners said gaming was a massive opportunity to ‘bring the next billion users to Web 3.0’. The global gaming market is currently estimated to be worth around $100 billion. Many analysts are expecting those figures to double in the next two years due to new concepts, which appeal to a much wider audience.

Mobile games like Axie Afinity and HeroFi have shown how blockchain technology and NFTs can be successfully incorporated into the gaming universe. Play to Earn gaming concepts have become huge hits in the Far East. Users can generate, trade and earn cryptocurrency by simply playing games on their mobile phones.

More [GameFi news](/news/category/gamefi).


‘GameFi Eco-System’ Fund $100m launch

An Australian bank is claiming to be the first in the country to offer customers the ability to buy, sell and hold crypto assets, directly through its app.

Commonwealth Bank (CBA) says it has partnered with [Gemini](https://www.gemini.com/) and Chainalysis to design a crypto exchange and custody service that will be offered to customers through a new feature in the CommBank app.

A pilot will commence in the coming weeks before being rolled out to more customers next year. CBA will give customers access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

## Customers Access Crypto as Investments

The bank says many customers want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of crypto exchanges.

CBA CEO Matt Comyn said: ‘The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

‘We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security and confidence in a crypto trading platform.

‘In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track-record of serving large institutions. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.’

## Building Trust

Michael Gronager, CEO and Co-Founder, Chainalysis, added: ‘Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely. We are thrilled to be a part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market.’

More [Business news](/news/category/crypto-business-news).



Crypto Assets Banking Arrives Down Under

Crypto exchange [KuCoin](https://www.kucoin.com/) has launched a 'virtual skyscraper' in the Bloktopia metaverse.

KuCoin will be housed in the tower’s 5th floor. The virtual building will have 21 levels and will hope to house other content creators, including Polygon and Avalanche.

The company is set to join an already well-known spread of blockchain companies based within the virtual skyscraper, including its parent company High Fidelity, Everdragons and Black Bull Capital.

## A Dynamic Environment

Black Bull Capital’s CEO, Trevor Koverko, described the building as a “dynamic environment” for blockchain companies.

He told [Cointelegraph](https://cointelegraph.com/): "I think it's going to be really unique and different, and it's going to be so cool."

"What we've done with this project is create something where you'll have people from all different walks of life and you'll have a very interesting cross-section of people that companies can go to, to service their needs."

People will be able to virtually communicate with eachother and interact within the space.

The space is host to various virtual and augmented reality activities.



KuCoin Crypto Launches Metaverse Space

You need to take care to avoid becoming the victim of crypto cons, and a new alert has been issued about visiting popular websites.

The [Washington Post](https://www.washingtonpost.com/) has warned that slightly misspelled versions of the URL, or website address, of popular cryptocurrency exchanges are being snapped up and could be used by scammers. The aim, it seems, is to take advantage of people who want to access a genuine site, but type too quickly and make a mistake.

## Misspelt URLs- Watch Out

It points to a Brazilian man who paid more than $200,000 for a handful of domains which looked like misspelt URLs of well-known crypto sites.

The article, by [Jeremy B. Merrill](https://www.washingtonpost.com/people/jeremy-b-merrill/), adds: ‘The high price paid for the web addresses, sometimes called domains, indicates someone thinks they’ll make a substantial profit. Domains ending in dot-com cost around $10 per year and scammers often rely on ones that are even cheaper.’

It quotes Stony Brook University computer science professor Nick Nikiforakis as saying: ‘There’s a very real monetisation opportunity. If someone steals your credentials, they can immediately start transferring your money out of your account.’

Merrill’s article continues: ‘And, if they do, users have no recourse, Nikiforakis said, especially because they’ve lost cryptocurrency, rather than regular money. Cryptocurrency, a form of digital money that has lately soared in price, relies on cryptography to make sure that only the owner of a “wallet” can spend the money it contains. But, once that wallet is stolen, that security works to protect the thief, meaning it’s nearly impossible to get it back — even with a court order.’

##  The Real McCoy

The Washington Post admits that it is unclear whether cryptocurrency owners have lost money to the typo websites. However, some of the websites hosted on URLs which appear to be typos of genuine crypto companies do mirror the look of the real McCoy.

The article observes that companies often buy up mistyped versions of their real web addresses to protect users against potential attacks.

Nikiforakis evaluated one of the typo URLs at The Washington Post’s request and said it ‘showed tell-tale signs of a “phishing tool kit” that provides a ready-made way to spoof common websites’.

The article adds: ‘Nikiforakis believes that such expensive domain names could be using spearphishing — a phishing campaign aimed at a small number of handpicked people. “You’re not going after me and you with a few hundred bucks in your accounts, but people with millions of dollars in their crypto accounts,” he said.

‘That contrasts with the typical business model for phishing attacks, which tend to use large numbers of cheap domains, to minimize the costs of detection. “If I buy a .xyz \[domain\] for one dollar and I can make two dollars by the time someone blocks me, I’m ahead,” he said.’

How to Avoid a Crypto Scam

'Squid Game' token has recently collapsed as it is revealed to be a scam. The token was inspired by the popular Netflix series, Squid Game.

The pre-sale for Squid Game Tokens got off to a ridiculous start on 25 October, which saw the price of one token rise to $196. Within days it had plummeted back down to just below $20.

Gizmodo has traced some transactions made by the site's founders that appear to reveal plans to move funds into offshore bank accounts.

## Reddit Thread

A Reddit thread from 29 October posted by a user called Squid\_Help tried to dispel rumours that the project was a scam. They claimed that "SquidCorp's founders have been working on the project late into the night and at weekends for several months now". The post has since been deleted, according to Gizmodo.

This type of scam is usually known as a 'rug pull' by crypto investors. It's when promoters of an ICO use fake claims to try and generate hype in order to pump up the value of their tokens, before cashing in. The scam was popularised by Wolf of Wall Street Jordan Belfort and is often known as a 'pump and dump' scheme. This is where people would buy stocks that had been tipped off to some type of positive news.

## Watch Out For Scams

The value of cryptocurrencies can be extremely volatile, which means it's easy for scammers to make money this way. There are other, more sophisticated variants of the scam that are harder to protect against.

Many people had their doubts after the website for the token had misspellings and grammatical errors. The website and social media pages have since disappeared.


Squid Game Crypto Collapses in Reported $3m Scam

Burger King has announced a partnership with [Robinhood](https://robinhood.com/us/en/) to offer millions of prizes in crypto through the BK rewards program. The rewards program was initially launched in September.

The Miami-based burger chain announced on Wednesday that it has teamed up with California brokerage Robinhood Markets to give away $100,000 in the hottest new financial product around: Bitcoin.

## The BK Crypto Program

Through its BK Crypto program, which is available for a limited engagement at only eight stores in the greater Palm Beach, Florida area (so don't get too excited Miami-Dade county residents), customers can buy the chain's signature Whopper sandwich with Bitcoin, Ethereum, Litecoin or Bitcoin Cash.

Customers can enter to win 20 BTC, 200 ETH or Sm DOGE when they spend over $5 in store or on the app. Users must have a Robinhood account in order to receive the prizes.

## The Whoppercoin

This is a relatively novel tactic for a major corporation to combine their rewards program with cryptocurrency. However, it isn't the first time that Burger King has offered crypto incentives to customers at its restaurants.

In 2014, Burger King Russia gave away Bitcoin-themed Whoppercoin tokens with their purchase of a Whopper. Each token was worth 10 rubles which formed part of the first wave of Russian ICOs. The promotion ran again for two weeks between July 25th and August 8th, 2017.

Burger King and Robinhood Partner for Crypto Rewards

Facebook (FB) announced Friday that it has formed a new company called ‘Meta’. The news comes as the Senate is set to vote on stronger privacy protections for Facebook users, following significant scrutiny of the social network’s data practices. The metaverse will be a 3D virtual world that will be 'more immersive'.

The House passed new privacy legislation this week. It will require companies like Facebook to get their users' permission before they can share their personal information with advertisers.

The new company is led by Meron Gribetz, who has been described as a "reality visionary." When asked about what its business strategy will be, Facebook said it's focusing on hardware and software development through the lens of augmented reality (AR). CEO Mark Zuckerberg announced that the 3D world would include NFTs.

"It’s going to take ecosystem building, norm setting, and new forms of governance and this is something that we’re really going to focus on,” Zuckerberg said.

Pundi X has been building out a network of retail devices over the past couple years. The company has a goal of enabling "any store to buy, sell and accept cryptocurrency as payment." The company's initial plan was for consumers to spend their digital tokens on everyday items from groceries to transportation. Now it seems Facebook is pushing NFTs into that same physical, real-world realm.

**Privacy will be built in Facebook Metaverse from "day one"**
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Zuckerberg assured the public that privacy and safety will be built into the metaverse along with interoperability.

He reiterated; "Privacy and safety need to be built into the metaverse from day one.”

And so we've gone from a world of isolated VR headsets, to one where we will have our own token economy that locks us into an all-encompassing social metaverse. This isn't science fiction anymore. What used to feel like the distant future is now just around the corner.



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