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Hey Waivly Crew! 🌊 The Chinese state-backed Blockchain Services Network (BSN) is moving closer to supporting NFTS that are not connected to cryptocurrency. A Bank of America digital asset strategist has predicted that Solana could become the “Visa of the digital asset ecosystem”.

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China aims to separate NFTs from crypto

China is planning to draw a strong line between cryptocurrencies and NFTs with a new project developed by state-backed Blockchain Services Network.

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The Blockchain Services Network will introduce an infrastructure later this month to support NFTs that are not linked to cryptocurrency or public blockchains.

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The infrastructure, BSN-Distributed Digital Certificate (BSN-DDC), will offer application programming interfaces for businesses or individuals, enabling them to build their own user portals or apps to manage non-crypto NFTs. Only Chinese yuan will be allowed for purchases and service fees.

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Due to regulatory restrictions on public networks within China, the BSN is using “open permissioned blockchains” instead. Permissioned blockchains put governance in the hands of selected participates.

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While cryptocurrency transactions are illegal in China, He Yifan, CEO of BSN’s tech support provider Red Date Technology, has made it clear that NFTs “have no legal issue in China” as long as they are distanced from crypto.

TSMC plans to spend $44 billion to expand chip manufacturing

The chip manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC), plans to spend roughly about $44 billion to expand and increase its manufacturing capacity this year.

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TSMC’s latest earning release says that the company expects its capital spending to be between $40 to $44 billion in 2022, which is up from their spending in manufacturing last year that was recorded to be $30 billion.

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The increase in spending and expansion of manufacturing is not unexpected for TSMC since they have stated before that they are planning to spend about $100 billion to expand chip manufacturing through 2023.

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CEO of TSMC, CC Wei, made a statement to the Financial Times that the reason for expanding chip manufacturing is that TSMC has observed: “end-market demands slowing down in terms of units, but silicon contents are increasing.” Wei noted that the demand for chips will remain high regardless of the current global chip shortage.

The Waves

👛 Crypto wallet integration coming to Twitter

🚗 Porsche augmented reality program takes things to a whole new level

🐕 Tesla now lets you buy some merch in Dogecoin

😲 BlueNoroff hackers steal crypto using fake MetaMask extension

Crypto Special

Bank of America says Solana will become the ‘Visa of crypto’

Research from Bank of America is suggesting that Solana could become the “Visa of the digital asset ecosystem.”

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In a research note earlier this week, Bank of America digital asset strategist Alkesh Shah said that the Solana blockchain could become an equivalent of Visa for the world of cryptocurrency and NFTs, thanks to its focus on scalability, ease of use, and low transaction fees.

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“Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has trade-offs, illustrated by several network performance issues since inception,” Bank of America analyst Alkesh Shah wrote in the note. “Ethereum prioritizes decentralization and security, but at the expense of scalability, which has led to periods of network congestion and transaction fees that are occasionally larger than the value of the transaction being sent.”

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The Solana network launched in 2020, and ever since, its native token SOL has grown into the fifth-largest cryptocurrency with a market capitalization of $47 billion. While Ethereum is still the most popular blockchain to support NFTs, Solana has been used to mint over 5.7 million.

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Pakistan to ban use of cryptocurrencies

According to local media, The State Bank of Pakistan (SBP) is seeking to ban all cryptocurrency transactions.

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In a document submitted to the Sindh High Court this week, several Pakistani authorities, including deputy governor of the SBP, Sima Kamil, argued that cryptocurrencies like Bitcoin are illegal and should no longer be used for trade.

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Local news channel Samaa TV later reported that the document cited at least 11 countries, including China and Saudi Arabia, that have opted to ban cryptocurrencies. Along with a ban on all crypto activity, the SBP also recommended imposing penalties against crypto exchanges.

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While the Sindh High Court (SHC) has been examining the status of digital currencies, this is the first time that the central bank has offered a stance on the asset class. In October, the court first instructed the government to regulate cryptocurrencies within three months.

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