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This Week in Crypto – 8/15/22

Posted on August 15th, 2022 by RockItCoin

In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.

76% of Businesses Expect to Use Crypto in the Next Three Years, According to Report
In crypto adoption news, crypto payment solutions company Ripple published a report on crypto trends in business and found that 76% of surveyed financial institutions expect to use crypto in the next three years. Many of them also said that they would consider holding cryptocurrency – mainly as a hedge against inflation, but also to make payments. While regulations may change and markets adapt, these are encouraging figures for global crypto adoption.

Mark Cuban Being Sued for Promoting Now Bankrupt Voyager Digital
Billionaire and Dallas Mavericks owner Mark Cuban is being sued in a class action lawsuit for promoting Voyager Digital, a cryptocurrency broker that filed for bankruptcy in July. Plaintiffs argue that Cuban marketed Voyager to followers as a low-risk, fee-free platform to get into crypto. However, when they used the service, there were hidden fees and many lost funds through the bear market. While cryptocurrency is relatively easy to get into, always do your own research!

Bank of Russia Creating a Digital Ruble by 2024
The Bank of Russia announced that they are testing a digital ruble and plan to roll it out by election time in 2024. To do this, all banks and credit institutions must be connected to the central bank’s digital platform and conduct test transactions over the next couple of years. Russia had banned the use of cryptocurrency as payments for goods and services in July, showing the countries’ stance on monetary control.