January 28, 2023

šŸš€Boosting Trade with Blockchain: Brazil & Argentina Discuss Launching Common Currency

January 28, 2023

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Your 5 minute emerging market web3 weekly update

In This Issue

Latin America and The CaribbeanšŸ”øBrazil and Argentina Discuss Plans for Blockchain-Based Common Digital Currency to Boost Regional TradešŸ”øBrazil's Largest ATM Network Launches in GTA's Metaverse

AfricašŸ”øCentral African Republic Sets Up 15-Member Committee to Revive Crypto DreamsšŸ”øSouth Africa's New Crypto Ad Rules Move To Protect Investors

AsiašŸ”øFBI: North Korean Hackers Steal $100 Million from US Crypto FirmšŸ”øUAE's Pro-Crypto Approach Is Compliance with International Standards

Eastern EuropešŸ”øRussia Offers To Help Cuba Digital Transform Its EconomyšŸ”øResidential Crypto Mining May Be Banned In Russia Due to Blackouts and Fires

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Latin America and The Caribbean

Image Credit: Manny Becerra via Unsplash

Brazil and Argentina are expected to announce more information about a common digital currency for trade in the region that runs parallel to their national currencies. The idea is to facilitate exchange transactions and other bureaucratic procedures that make business between countries very difficult. The currency could be a blockchain-based token or stablecoin and would be used in financial and commercial flows, reducing operating costs, external vulnerability, and utilize smart contracts.Brazil's Largest ATM Network Launches in GTA's Metaverse (3 minute read, Portuguese)

Banco24Horas, the largest ATM network in Brazil, has announced the launch of its first space in Rockstar North's Grand Theft Auto 5 Roleplay metaverse. This will allow gamers to deposit or withdraw the in-game currency, $GTA, and use it to buy various items and services within the game. Banco24Horas will also be the official institution of the avatars' banking application, which is accessed through the players' virtual cell phones and will maintain its features such as bill payment, transfer, and receiving money.

Africa

Image Credit: Aboodi Vesakaran via Unsplash

Central African Republic (CAR) is introducing a more comprehensive legal framework for cryptocurrencies, despite the constitutional court declaring its previous plans unconstitutional. President Faustin-Archange Touadera announced that a new bill will be drafted by a committee of 15 experts from various ministries in his cabinet. CAR's parliament adopted a bill for cryptocurrencies in April 2022, but in August 2022, the country's top court declared initiatives under the country's crypto transformation project unconstitutional.

South Africa's Advertising Regulatory Board has released new guidelines that require crypto advertisements to clearly state that investing in crypto assets may result in the loss of capital, as the value is variable. Advertisements must be both balanced and simply worded while avoiding the presentation of past performance in such a way that creates a favorable impression of the advertised product or service. Influencers and ā€œambassadorsā€ are allowed to share factual information only and cannot offer advice on trading or investing in crypto assets, or promise benefits or returns.

Asia

Image Credit: Sandeep Swarnkar via Unsplash

The FBI has officially confirmed that the Lazarus Group, a hacker group associated with North Korea, was responsible for the theft of $100 million from US crypto firm Harmony's Horizon bridge last June. The FBI also stated that the same group used a privacy protocol called Railgun to launder over $60 million worth of ether stolen during the theft, with a portion of the stolen ether subsequently sent to several virtual asset providers and converted to bitcoin. The FBI said North Korea's theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.

UAEā€™s Minister of State for Foreign Trade, Thani Al-Zeyoudi, said that crypto will play a significant role in the countryā€™s global trade in the future. He also emphasized the importance of establishing global governance for cryptocurrencies and crypto companies, and stated that as the UAE develops its crypto regulatory framework, it will aim to become a hub for crypto-friendly policies with adequate protections in place. The statement follows the recent introduction of new regulations by the UAE Cabinet requiring entities involved in crypto activities to obtain a license and approval from the Virtual Asset Regulatory Authority (VARA) or face fines up to $2.7 million.

Eastern Europe

Image Credit: Gayatri Malhotra via Unsplash

Russia has offered to help Cuba's economy by creating a digital settlement center based on a digital peso. This proposal was discussed during a meeting between representatives of the Russian and Cuban governments, including the Presidential Commissioner for the Protection of Entrepreneurs' Rights and the Head of the Central Bank of Cuba. The proposal includes a digital bank and a smartphone-based platform for buying and paying with an official digital peso.Residential Crypto Mining May Be Banned In Russia Due to Blackouts and Fires (6 minute read, Russian)

While Russia continues to work out the bill on the legalization of mining in the State Duma, the country is considering banning mining in residential buildings and energy-deficient regions in order to prevent power blackouts and fires caused by the overloading of power grids. The Irkutsk region has become the center of home shadow mining, taking advantage of low electricity tariffs for the population. Experts have called the proposals logical, but some have argued that they are redundant, stating that openly working miners are entrepreneurs and should be taxed accordingly.

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