Autor Cointelegraph By Arnold Kirimi

Religious services move to metaverse amid COVID-19 concerns

Many religious denominations now offer interactive digital locations to supplement traditional services, but unique to COVID-19 is the opportunity to experience spirituality in an immersive 3D environment through virtual reality (VR) technology.As per a report by NZ Herald, Garret Bernal and his family were reportedly absent from a recent Sunday service during their quarantine for COVID-19 exposure. So he donned a VR headset and tried praying in the metaverse.He was instantly transported to a three-dimensional virtual realm of pastures, cliffs and rivers as the representative of a pastor guided him and others through computer-generated images of Biblical passages that came to life. Bernal, a member of the Church of Jesus Christ of Latter-day Saints, stated:”I couldn’t have had such an immersive church experience sitting in my pew. I was able to see the scriptures in a new way.”Religious leaders like DJ Soto, a pastor based in Fredericksburg, Virginia, have espoused the benefits of VR and consider it a step forward in human self-realization. The future of churchgoing, according to him, is in the metaverse because “it reaches people who can’t physically go to church” due to COVID-19 or other aspects. Speaking to Cointelegraph, DJ Soto emphasized that “conversations about technology and spirituality need to coexist,” stating that: “We have people who attend due to COVID-19, or for lack of accessibility to their physical church. We are a Web3 church, a first of its kind, that will lead Christianity into the brave world of cryptocurrency, DAOs, blockchain and other next-generation technologies. Conversations about technology and spirituality need to coexist. We are living in the best of times to experience innovation like this and we are looking forward to the journey ahead.”The VR church is entirely based in the metaverse, and it aims to develop loving spiritual communities across the virtual realm, said Soto. Per the Herald, there was little interest in attending during the first year and Soto frequently found himself preaching to a small group of individuals, most of them atheists and agnostics, who were more interested in discussing religion. However, the document states that his group has since expanded to around 200 people.Related: Rise of Web3: Metaverse tokens surge as Meta’s share price plungesThe report cites another clergyman, Reverend Jeremy Nickel, a Unitarian Universalist minister who lives in Colorado and calls himself a VR evangelist. His idea was to build a community and “get away from the brick and mortar” when he established SacredVR in 2017. However, it wasn’t until the COVID-19 pandemic that the group’s membership grew from a few dozen to hundreds of people.

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New Alfa Romeo SUV uses NFT and blockchain to track car records

Italian carmaker Alfa Romeo has unveiled its latest vehicle, the Tonale SUV. The firm claims that it is the first in the industry to connect each vehicle to its own blockchain-based token, which can keep track of the car’s whole life cycle.One of the most distinctive features of this SUV is that each car is linked to an accompanying NFT. The Tonale NFT, according to Alfa Romeo, certifies a car upon purchase and then simply records and keeps data during the vehicle’s lifespan. Francesco Calcara, Alfa’s head of global marketing and communication, said:”Upon customer’s consent, the NFT will record vehicle data, generating a certificate that can be used as a guarantee of the car’s overall status, with a positive impact on its residual value.”Automobile companies are increasingly investing in the NFT market, which is forecasted to reach $240 billion by the end of the decade — minting unique collectible digital tokens that are sometimes included with vehicle purchases. Related: Automakers are minting NFTs, but is there a strong use case?Blockchain is now being linked to everything from real estate deals to sports fan engagement tokens. Nonfungible tokens (NFTs) have recently generated headlines as businesses race to get on board with this new technology.Other luxury car makers such as Lamborghini, Rolls-Royce and Mercedes-Benz have experimented with NFTs. Lamborghini, for example, launched its first NFT project, “Space-Time Memory,” a set of five pictures showing a Lamborghini Ultimae going into space.Lamborghini goes to space with nonfungible tokens.The Italian carmaker announced its first NFT project called “Space Time Memory:” a series of five photographs of a Lamborghini Ultimae going into space.https://t.co/xodoFr71UQ— Cointelegraph (@Cointelegraph) February 1, 2022Mercedes recently teamed up with Art2People to develop a limited-edition Mercedes-Benz NFT collection inspired by its G-Class vehicle lineup.

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Russian gov't and central bank agree to treat Bitcoin as currency

The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets, set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.Kommersant notes that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.The report also highlights that cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) would have to be declared or be considered a criminal act. Those who illegally accept cryptocurrencies as payment will attract fines.This news comes after months of speculation about how the Russian government would handle digital currencies. While it is still unclear what this decision will mean for businesses and citizens in Russia, it seems that the country is slowly warming up to the idea of cryptocurrencies.Related: Russian central bank registers nation’s first digital asset managerIn January, the Bank of Russia called for a nationwide crypto ban in a report that warned about the speculative nature of the industry. The bank also stated that financial firms should not facilitate crypto transactions as part of that proposal to ban digital assets. However, the proposal generated opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, said that the government should regulate crypto rather than prohibiting it entirely. He warned that a total ban might result in Russia falling behind in technologyReports have also emerged that President Putin supports efforts to regulate the country’s crypto mining sector.

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Bybit partners with Cabital to offer EUR and GBP fiat onramps

Today, Singapore-based crypto exchange, Bybit, announced a new partnership with digital assets institution Cabital for EUR and GBP on-ramp integration. Bybit crypto exchange platform users can now use EUR and GBP to buy cryptocurrency directly on the system through Cabital’s fiat on-ramp solution, with no transfer fees between their Bybit and Cabital wallets. According to the release, Cabital’s fiat-to-crypto on and off ramp service allows Bybit customers to purchase cryptocurrencies at reduced gas costs without having to leave the platform.Bybit is Cabital’s first partner to use its fiat on and off-ramp infrastructure for cryptocurrency exchanges. Ben Zhou, co-founder and CEO of Bybit, explained that the Cabital’s goals of developing an innovative and dependable crypto experience are in line with theirs, adding that: “We at Bybit are thrilled to embark on this new partnership with Cabital, and look forward to empowering folks from all walks of life in realizing their financial goals through crypto. Let’s revolutionize the industry together.”In late January, Bybit announced that it would put $134 million into the BitDAO Treasury in the form of Ether (ETH), Tether (USDT), and USD Coin (USDC), as well as the completion of Ethereum layer-2 solution Arbitrum integration.Related: Bybit crypto exchange to impose KYC rulesBybit’s integration of the Arbitrum network allows users to deposit and withdraw ETH, USDT, and USDC on the Arbitrum network. Other advantages include less expensive gas fees than those on Ethereum’s mainnet, faster transaction speeds and reduced latency owing to Arbitrum’s optimistic roll ups.

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Singapore saw 13x jump in crypto investments in 2021: KPMG

Singapore has seen a tenfold increase in crypto-related investments last year worth $1.48 billion, up from $110 million in 2020, according to KPMG’s Pulse of Fintech report.As per the study, the city-state has long been recognized as a center of cryptocurrency activity, with over $1.48 billion in investment completed last year alone.KPMG suggests that the increase is in part due to government efforts to stimulate the capital market, such as establishing a special-purpose acquisition company (SPAC) listing framework to position the country as a choice location where fast-growing firms and unicorns can go public.This year, regulators are ramping up their efforts to regulate speculative digital assets. Even as authorities impose even more regulation, KPMG forecasts that Singapore’s crypto investment will remain strong this year.As reported by Cointelegraph, the central bank ordered cryptocurrency firms to stop advertising their services to the general public in early January. Furthermore, most applicants have failed to pass the licensing procedure for permits to operate a regulated cryptocurrency business in Singapore.Per the KPMG report, the majority of cryptocurrency and blockchain investments last year were focused on software and underlying infrastructure rather than services. The nascent sector made up a third of total fintech investment in Singapore, which rose to $3.94 billion last year as per KPMG.KPMG also highlighted that Asia-Pacific’s fintech investing hit a record high of $27.5 billion in 2021, with total funding surpassing $17.4 billion in the second half alone (compared to $11.5 billion in 2020). In 2021, venture capital funding rose to $19.6 billion from $11.5 billion in 2020.

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