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The upcoming upgrade to Bitcoin Cash’s network on 15 May will allow for smart contracts that are more efficient and comparable with those of Ethereum, according to software developer Jason Dreyzehner. Among the key improvements is the Cashtokens CHIP, which apart from enabling UTXO-level token creation, will also enable advanced on-chain applications like higher-security vaults and decentralised exchanges. Meanwhile, the Shanghai Cooperation Organisation (SCO), which covers more than half of Eurasia, is planning to switch to settlements in national currencies to move away from the US dollar.
This article originally appeared on news.bitcoin.com
This past week saw exciting updates in the world of cryptocurrency, with an announcement from Bitcoin ABC that they will be working on bringing smart contracts to the Bitcoin Cash network. Additionally, Senator Ted Cruz gave his thoughts on Bitcoin, and global efforts towards de-dollarization continued to gain traction.
Bitcoin ABC announced their plans to upgrade the Bitcoin Cash network to allow for smart contracts in the near future. Smart contracts are self-executing agreements on a digital ledger that automatically enforce the terms of the agreement. This would expand the capabilities of the Bitcoin Cash network, making it more versatile for a wider range of use cases beyond just sending and receiving transactions.
While Bitcoin has been gaining wider mainstream adoption, some US politicians have been wary of its potential impact on the economy. However, Senator Ted Cruz spoke positively about Bitcoin in a recent interview, stating that he believes it has the potential to “completely transform the way we do finance”.
Meanwhile, the global push towards de-dollarization continued, with more countries exploring digital currencies as a means of reducing their reliance on the US dollar. The Bank of Japan has announced plans to begin experimenting with a digital yen, while China’s digital yuan continues to be rolled out.
These developments are just a few examples of the ever-evolving landscape of cryptocurrency and its potential impact on our financial systems. As the world continues to explore the possibilities of digital currencies and blockchain technology, we can expect to see more exciting updates in the weeks and months to come.
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