ALBAWABA - This week in Crypto News Recap, Ethereum's upgrade to free up $29 billion in staked Ether, Canadian University Dubai hits a roadblock, and Banco do Brasil enables tax payment using crypto.
All that and more so let’s begin.
Banco do Brasil offers tax payment options with Crypto
Banco do Brasil, a leading Brazilian bank, has introduced a new and convenient way for taxpayers to pay their tax bill using cryptocurrencies. The bank has partnered with Brazilian cryptocurrency company Bitfy to offer this option to Brazilian taxpayers with crypto holdings under the custody of Bitfy.
Source: Shutterstock
The bank stated that this partnership not only provides ease and convenience for customers, but also has the potential to increase the use and accessibility of cryptocurrencies throughout the country with the assurance of a trusted bank offering consumer protection.
Ethereum upgrade to release $29b worth of staked Ether
Developers and users of Ethereum are getting ready for a major upgrade, following the Merge which signified the blockchain's shift towards being nearly carbon neutral. The upgrade, referred to as Shanghai, is scheduled for next month and will have significant effects on Ether (ETH), the blockchain's original token and the second largest cryptocurrency by market capitalization.
The Merge altered Ethereum's transaction processing method, shifting from energy-intensive computer systems to a proof-of-stake model. This new method rewards validators who place Ether as collateral for the opportunity to add transactions to the Ethereum blockchain ledger.
Although the Merge took place last year, users have been staking Ether as early as December 2020, and approximately 14 percent of all Ether tokens are currently staked, valued at approximately $29 billion according to Staking Rewards. The Shanghai upgrade will allow validators to withdraw their assets if they choose to do so.
Canadian University Dubai's Cryptocurrency Payment Initiative stalls
The Canadian University Dubai (CUD) and Binance Pay's partnership to accept course fees in cryptocurrencies hit a snag just a day after it was announced.
Dear CUD Community,
— CUDubai (@CUDUAE) February 10, 2023
For technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice.
We apologize for any inconvenience. pic.twitter.com/b9rERYHR7g
The private university in Dubai aimed to provide domestic and international students the option of paying their tuition and fees using cryptocurrencies, providing them with an easier way to access the Canadian curriculum in Dubai.
Binance Pay, which was launched by the crypto exchange Binance, offers businesses the ability to accept cryptocurrency payments. The university's initial statement claimed that the partnership with Binance allowed it to adapt to the evolving digital payment landscape.
