From Smart Contracts to Ted Cruz’s Take on BTC: The Buzzworthy Highlights of the Week’s News, Including Global De-Dollarization Efforts

Bitcoin Cash Network to Introduce Efficient Smart Contracts in Upcoming Upgrade, Says Developer Jason Dreyzehner; Shanghai Cooperation Organization to Move Away from U.S. Currency in Settlements

Bitcoin Cash is set to undergo a network upgrade on May 15th that will allow for advanced on-chain applications like higher-security vaults, decentralized exchanges, and bridged sidechains. Software developer Jason Dreyzehner says that this upgrade will make smart contracts comparable to Ethereum, but remarkably more efficient. The upgrade will also provide a 1000x efficiency advantage, making Bitcoin Cash a more scalable and cheaper option. This improvement proposal, known as the Cashtokens CHIP, is viewed as a boon to economic freedom by proponents.

The Shanghai Cooperation Organization (SCO), the world’s largest regional organization that covers more than half of Eurasia, intends to transition to settlements in the currencies of its members. The plan is to abandon the US dollar in mutual payments, but participating nations have yet to consider a common currency. This move away from the US dollar reflects a growing trend among nations to move towards national currencies.

Syrian President Bashar Assad has called on BRICS nations to lead efforts to abandon the US dollar in international settlements. At a meeting with China’s top diplomat for the region, Assad urged the use of the Chinese yuan for cross-border trade. This move is seen as a way to reduce Syria’s reliance on the US dollar, which has been affected by international sanctions.

US Senator Ted Cruz has expressed his support for Bitcoin, saying that he remains “incredibly bullish on bitcoin” which he described as the “alpha in the crypto sphere.” According to Cruz, people are attracted to bitcoin because they see it as a hedge against inflation and also as an “important check” against government spending. His comments come as the US government continues to debate the regulation of cryptocurrencies.

In conclusion, Bitcoin Cash is set to undergo a significant network upgrade that will make smart contracts comparable to Ethereum, but more efficient. The Shanghai Cooperation Organization’s move away from the US dollar reflects a growing trend among nations to move towards national currencies. Syrian President Bashar Assad has called on BRICS nations to lead efforts to abandon the US dollar in international settlements, while US Senator Ted Cruz has expressed his support for Bitcoin as a hedge against inflation and government spending. These developments reflect the evolving landscape of global finance and cryptocurrency.

Martin Reid

Martin Reid

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