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Visa’s Bold Step Towards Ethereum, it was a big day for the crypto world yesterday,
as global payments giant, Visa signalled its stronger, sustained interest in crypto.

Topics
Visa’s New Dawn Towards Crypto
Visa Unlocking the Future
The Rise of Crypto

Visa’s New Dawn Towards Crypto

The firm released a paper outlining how it could one day collaborate with the Ethereum network on automatic payments.
This move by Visa is an exciting development
and shows that they are taking cryptocurrency seriously as an asset class and payment method.
The paper outlines how Visa could use smart contracts to facilitate automated
payments between two parties without any manual intervention or third-party involvement.

According to the company’s press release,
this would enable faster processing times while reducing costs associated
with traditional payment networks such as foreign exchange fees or cross-border transaction charges.

Additionally, it would also provide improved security measures due
to its decentralized nature which makes fraud more difficult for hackers and cybercriminals alike.

This announcement from Visa is yet another sign of mainstream adoption
of cryptocurrencies into everyday life, something that many have been predicting
for years but has only recently become a reality thanks to companies
like Tesla investing heavily in Bitcoin earlier this year (notably followed by other major corporations).

It seems clear now that we can expect even bigger moves from financial institutions
when it comes to incorporating digital assets into their operations over time;
especially considering recent reports indicating growing demand
amongst institutional investors who see digital currencies
offering potential hedging benefits against inflationary pressures caused
by quantitative easing policies around the globe during these unprecedented times, we find ourselves living through today!

Though such capability does not yet exist on the Ethereum main net, it would be enabled by Account Abstraction, a popular proposal that would allow user accounts to behave like smart contracts and feature pre-scheduled execution functions.
It’s clear that Visa sees cryptocurrency as a key part of its long-term payment strategy and these auto payments are just another sign of its commitment to crypto innovation.

Visa Unlocking the Future

While they may not have a dramatic impact on banking or payments right away,
it’s still exciting news for those who want more options when it comes
to transfer money securely without relying on centralized institutions or traditional banking infrastructure.

Crypto has already become an integral part of our lives today,
from buying groceries online using Bitcoin to paying the rent with Ethereum
and now we can look forward even further into the future when we will have access
to new ways of making automated transactions directly from our own wallets!
It’s only natural that companies like Visa recognize this potential
so early in order for them to stay competitive in what promises
to be an ever-evolving financial landscape powered by blockchain technology.

“We want to have an opportunity to actively contribute
to technical developments happening in the crypto ecosystem,” Catherine Gu, Visa’s Head of CBDC and Protocols, told Decrypt.
“The best way to do that is learning by doing—actually getting deeper into Web3 infrastructures
and blockchain protocols, areas I think are going to be really important for payments.”

The fall season is a flurry of activity for the world’s leading financial services companies,
and this year has been no exception.
Visa, PayPal, Western Union, and others have all filed trademark applications related to cryptocurrency in recent weeks.

Visa was one of the first to make its move into crypto when it announced that it would be launching a new payment system based on blockchain technology back in October 2018. The company has since expanded its offering with additional features such as instant payments via text message or email using tokens stored on a customer’s Visa card account, allowing customers to easily use their existing cards without having to switch providers or learn how cryptocurrencies work.

The Rise of Crypto

PayPal followed suit shortly after by filing trademarks related to digital currency storage solutions as well as peer-to-peer transactions involving virtual currencies like Bitcoin and Ethereum. It also launched an initiative called “Crypto Currencies Hub” which provides merchants with access to information about different types of digital assets available for purchase through PayPal accounts—enabling them more flexibility when making purchases online or at brick-and-mortar stores around the world…

Western Union also recently showed interest in entering the crypto space by filing trademarks associated with international money transfers involving virtual currencies such as Bitcoin Cash (BCH). This could potentially open new opportunities for businesses looking for cost-effective ways of transferring funds overseas while avoiding high fees charged by traditional banks…

Finally, Gu Group Inc., which specializes in researching disruptive technologies including blockchain solutions, is another major player that appears keenly interested in exploring what other possibilities lie ahead within this rapidly expanding industry…

It’s clear from these filings that many large organizations are taking notice of cryptocurrency’s potential power, not just those who specialize directly within this sector but even established players like Visa and PayPal who have already made strides towards integrating these emerging technologies into their respective offerings over time…

As we continue forward into 2020 it will be interesting to see how quickly these big names can bring some much-needed innovation onto our shores!

Oil goes up to $140 and new major decisions against Russia:Markets began the new week of risk-aversion after weekend developments regarding the Russian-Ukrainian conflict.

Evest follows all this in the following report.

Topics:

Oil rises to a new record and approaching 150 dollars

The House of Representatives considers embargoing oil imports from Russia

Chinese customs: Sino-Russian trading volume increased by 38.5%

Another blow to Russia American Express suspends transactions in the country and a similar resolution from Visa and Mastercard

The Russian economy is expected to decline by 7%

Oil rises to a new record and approaching 150 dollars

On Monday, oil prices rose to their highest level since 2008, to almost $140 per barrel, following reports of a possible US embargo on imports from Russia.

In an interview with NBC, Secretary of State Anthony Blinken said the United States is “actively discussing”,
with its European allies the possibility of phasing out Russian oil imports.

Two Bloomberg sources said that Washington might impose an embargo without the participation of European allies.

In the meantime, no decision has been taken on this matter.

House Speaker Nancy Pelosi hinted that the House of Representatives is considering ,
the possibility of drafting a bill to embargo the import of Russian oil.

US official data show that Russia accounts for nearly 3% of US oil imports.

Against the backdrop of data from Washington, Brent oil futures rose by 18% in early trading on Monday and at one point exceeded $139 per barrel.

The futures price is about $129 per barrel.

“We believe that Brent crude could reach $185 per barrel by the end of the year if supply disruptions from Russia continue,”
analysts at JPMorgan Chase said.

The House of Representatives considers embargoing oil imports from Russia

The US House of Representatives is considering drafting a bill to embargo Russian oil imports.

“The House of Representatives is currently considering strong legislation that will further isolate Russia from the global economy“

“Our bill will embargo imports of Russian oil and energy products to the United States,
eliminate normal trade relations with Russia and Belarus,
and will be the first step towards preventing Russia from joining the World Trade Organization.

We will also allow the executive branch to raise tariffs on Russian imports.”

Pelosi also announced that Congress plans to provide $10 billion in aid to Ukraine this week.

“The Biden administration has requested $10 billion in humanitarian, military and economic aid to Ukraine.

This week Congress intends to pass emergency funding under our comprehensive public finance legislation,” the spokesman said in a statement.

American lawmakers from both parties had earlier called for sanctions affecting the Russian oil sector.

In the meantime, the White House administration asked Democratic senators not to support the law.

The adoption of the document may encourage other countries to follow the United States, which is likely to increase prices globally.

Chinese customs: Sino-Russian trading volume increased by 38.5%

Chinese-Russian trading from January to February 2022 was $26.43 billion,
an increase of 38.5% over the same period last year, according to Chinese customs statistics released Monday.

According to the General Customs Administration of the People’s Republic of China,
Russian exports to China increased by 35.8% over this period to $13.8 billion,
and Russia imported goods and services from China by $12.6 billion, with an annual growth of 41.5%.

In 2021, Russian-Chinese trade reached a record high of over $148.8 billion, an increase of 35.8% over 2020.

Another blow to Russia American Express suspends transactions in the country and a similar resolution from Visa and Mastercard

International payment company American Express suspended transactions in Russia and Belarus due to a private military operation in Ukraine,
following a statement by the company’s CEO Stephen Square.

The statement said: “As a result, American Express cards issued worldwide will not operate in stores or ATMs in Russia.

In addition, cards issued by Russian banks in Russia will not operate outside the country on the American Express global network.

Business operations in Belarus.

The Foundation earlier stopped working with partner banks on the sanctions lists.

Visa and Mastercard announced on Sunday the termination of work in the Russian market.

On March 10, these payment system cards issued in Russia will not operate abroad and will not be accepted for payment in foreign online stores.

These cards will continue to operate as usual within the country until the expiration date,
as operations have been processed through the national payment card system since 2015.

The Russian economy is expected to decline by 7%

Rating agency Moody’s predicted that the economy of the Russian Federation in 2022 ,
will decline by 7% against the backdrop of severe sanctions and their consequences.

In 2023, Russia’s GDP will continue to decline,
according to the release of the agency dedicated to downgrading the Russian Federation’s sovereign rating to a near-hypothetical level of “Ca”.

This is one of the first related forecasts about the depth of the Russian economy’s collapse.

So far, most analysts whose previous assessments have become irrelevant after the severe wave of sanctions, have not published any new projections.

“The continued depreciation of the ruble will have adverse economic consequences of increasing inflation and falling living standards,” the statement said.

While foreign exchange flows from Russian oil and gas exports could mitigate the impact of severe sanctions,
Moody’s believes this does not rule out a high probability of long-term economic shocks and increased vulnerability to shocks.

In addition, further tightening of sanctions against Russia by Western countries could affect a vital source of foreign exchange and government revenues.

The Agency warned that Russia would not soon be able to restore its investment rating, which it had until recently, even under an optimistic scenario.