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- šŖEl Salvador Bitcoin Update, šØBinance's Terror Link, šAfrica's Next CBDC
šŖEl Salvador Bitcoin Update, šØBinance's Terror Link, šAfrica's Next CBDC
Your 5 minute emerging markets web3 weekly update
In This Issue
Latin America and the Caribbean
šøThe El Salvador Experiment: An Update on Bitcoin's Role a Legal Tender
šøBitso Becomes First Cryptocurrency Company Authorized to Offer Credit in Brazil
Asia
šøIsrael Seizes Binance Crypto Accounts Linked to Hamas and Islamic State Terrorism
šø3AC Co-Founders in Hot Water in Dubai Over Launch of Unlicensed Crypto Exchange
Eastern Europe
šøUkrainian Police and the FBI Team Up to Crack Down on Virtual Asset Exchanges Used for Laundering Illegal Funds
šøExperts Skeptical of Russian Digital Financial Assets Market Despite Recent Revival
Africa
šøNigeria Adopts National Blockchain Policy to Drive Economic Diversification
šøMauritius to Launch Digital Rupee CBDC Pilot Phase in November 2023
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Latin America and the Caribbean
Image Credit: Midjourney
El Salvador's adoption of bitcoin as legal tender has brought positive benefits including increased access to technology, which has transformed business transactions in the country, according to El Salvador-based legal expert HĆ©ctor Torres. Bitcoin is primarily used as a store of value, but cryptocurrencies, including stablecoins, have seen a rise in daily transactions. Although there is no additional tax for bitcoin, there is a legal vacuum with respect to the status of all other cryptocurrencies.
Mexican cryptocurrency exchange Bitso has become the first company to receive a Direct Credit Society license from the Central Bank of Brazil. The license enables Bitso to offer credit options to Brazilian customers, as well as payment and investment options. The exchange has seen rapid growth in Brazil since launching in April 2021, with over one million users in its first year of operation in the country and an 85% growth rate in stablecoin transactions.
Want more Latin America and Caribbean news?
ā¢Digital Bank Revolut Now Offering Crypto Investments in Brazil
ā¢Cryptoverse: Digital coins lure inflation-weary Argentines and Turks
ā¢Brazil reaches 1.6 million unique CPFs trading cryptocurrencies and breaks record, according to Federal Revenue data (Portuguese)
ā¢Brazilian Association of Banks seeks to create a consortium to participate in a digital real pilot (Portuguese)
ā¢Latin American company Galactic Holdings raises 10 million in financing round (Spanish)
Asia
Image Credit: Midjourney
Israel's National Bureau for Counter Terror Financing (NBCTF) has seized approximately 190 crypto accounts at Binance since 2021, including two it said were linked to the Islamic State and dozens of others connected to Hamas. The NBCTF stated that the seizure was aimed at preventing terrorist activities and impairing the ability of the Islamic State to achieve its goals. Binance has not commented on the matter, but has stated that it collaborates closely with international counter-terrorism authorities and screens users for terrorism connections.
Dubaiās Virtual Assets Regulatory Authority (VARA) has issued a written reprimand to five individuals including Kyle Davies and Su Zhu, the co-founders of collapsed hedge fund Three Arrows Capital (3AC), over the launch of Open Exchange (OPNX), which is offering virtual asset exchange services without securing regulatory licenses. OPNX launched its exchange on April 4th, prompting VARA to issue an Investor and Marketplace Alert before sending the written reprimand on April 18th. VARA officials say they issued OPNX and its founders with two Cease and Desist orders in February and March respectively.
Want more Asia news?
ā¢Bhutan is silently mining Bitcoin for years since BTC was $5,000
ā¢Hong Kong presses banks to provide services for crypto companies
ā¢South Korean Publisher Neowiz Launches $10M Polygon Game Accelerator
ā¢Hong Kong counsels seek better crypto protections
ā¢Dubai Crypto Market Takes Step Forward as BitOasis Receives First Broker-Dealer MVP Operational License from VARA
Eastern Europe
Image Credit: Midjourney
Police in Ukraine, in collaboration with the FBI, have shut down nine virtual asset exchange services that offered anonymous exchange of cryptocurrencies, enabling the laundering of illegal funds obtained through malware attacks and online fraud. The infrastructure of the network was blocked and domain names removed, with visitors to the affected sites now seeing a confiscation banner. Law enforcement officers are currently identifying those involved in the multi-level international operation.
Seven digital financial assets issues were announced in Russia in April, amounting to around RUB 1 billion. Most of the offerings were sold by Sberbank, while Alfa-Bank carried out the placement of financial obligations of Rostelecom for RUB 750 million. Experts, however, are still skeptical of the digital financial assets sector in Russia, stating that only large players have access to the market and placements are more of a "tribute to fashion" than genuine financial instruments.
Want more Eastern Europe news?
ā¢Experts predicted the relocation of large foreign miners to Russia (Russian)
Africa
Image Credit: Midjourney
Nigeria's Federal Executive Council has approved a National Blockchain Policy as part of its strategy to diversify the economy and reduce dependence on the oil and gas sector. The focus is on promoting the adoption of distributed ledger technology in the public sector, with hopes that it will spur private sector adoption and the development of new blockchain business models. The country has already made progress in blockchain literacy, with the National Information Technology Development Agency awarding 30,000 blockchain scholarships, and plans to establish a National Blockchain Sandbox involving various agencies for testing blockchain applications.
The Bank of Mauritius is set to launch the pilot phase of its CBDC, the digital Rupee, in November 2023, with the governor prioritizing the development of a central bank digital currency since 2020. The digital Rupee aims to protect monetary sovereignty, assist with anti-money laundering, combat the financing of terrorism, and ensure commercial banks' involvement in the CBDC journey. With previous advancements in blockchain technology and regulations for digital assets, Mauritius is positioning itself as a center for innovation in the blockchain space.
Want more Africa news?
ā¢Machankura, Africaās Leading Bitcoin USSD Service, Goes Live in Ghana
ā¢StorsPay, a Nigerian Decentralized Retail Investing Platform, Raises $320,000 and Gets Accepted into Techstars NYC Accelerator
ā¢Kenya considers tax on crypto, NFT transfers and online influencers
ā¢Nigeriaās SEC Plans to Allow Asset-Backed Tokens But Not Crypto
ā¢Nigeriaās Bitcoin-Focussed Entity, Fedi, Raises $17 Million in Series A Round to Build Out Bitcoin Chat App for Communities
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