May 9, 2022

May 2, 2022

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EmergingCrypto.io Weekly Update May 1 - May 7

Asia

Image Credit: FIFA via Wikimedia Commons

Algorand will be the FIFA World Cup's official blockchain wallet provider

If you're a fan of football (soccer), crypto, and planning to attend the FIFA World Cup in Qatar, you're in luck because the tournament will have a blockchain-supported wallet. FIFA has signed an agreement with the layer-1 protocol, Algorand, to become the official blockchain platform of FIFA and wallet provider. This is FIFA's second crypto sponsorship. In March 2022, FIFA also inked a sponsorship deal with Crypto.com for the upcoming world cup. (Read more on EmergingCrypto.io; Read more on UNLOCK Blockchain) 

Dubai's virtual asset regulator becomes the first regulator in the metaverse

Dubai’s Virtual Assets Regulatory Authority (VARA) has become the first regulator to set up its headquarters in the Metaverse. The Emirati regulator selected The Sandbox as its preferred virtual world where it will serve as the primary channel to provide services and assistance to virtual asset service providers (VASPS) to initiate applications, enable safe adoption, drive global interoperability, enable licensed individuals and entities to enter the metaverse, and openly share knowledge and experiences with consumers and regulators to raise awareness. (Read more on EmergingCrypto.io; Read more on Blockchain.News)

Africa

Image Credit: Takmihan / Brand Press

African play-to-earn gaming guild, Gamic Guild, to participate in Binance's incubation program

Lagos-based, Gamic Guild, was selected as one of 14 projects to participate in the 4th season of Binance's incubation program and the only African project in the cohort. A decentralized play-to-earn gaming guild, Gamic Guild wants to lower the barriers to entry for Africans to participate in play-to-earn gaming. The guild is doing this by offering scholarships to enable players to start playing and earning crypto. Binance Labs, the venture capital and incubation arm of Binance, will provide ongoing support to Gamic Guild and the 13 other projects selected that are developing solutions in infrastructure, DeFi, gaming, metaverse, SocialFi, and fintech. (Read more on EmergingCrypto.io; Read more on BitcoinKE) 

Crypto companies court Kenya's largest energy company to provide renewal energy for crypto mining

Kenya's state owned energy company, KenGen, is developing a green industrial park that will be supplied with competitively priced geothermal energy. Crypto-mining companies have been approaching KenGen to set up operations in the planned energy park. Bitcoin miners require substantial amounts of electricity to supply their operations and is one of the main criticisms of Bitcoin's proof-of-work consensus model. Calls to use renewable energy in crypto mining have been steadily growing over the years given the environmental impact, and KenGen may be a source for some miners. Over 80% of the energy supplied to Kenya come from renewable sources comprising of geothermal (39.2%), hydro (45.3%), thermal (14.1%), and wind (1.4%). (Read more on EmergingCrypto.io; Read more on BitcoinKE)

Eastern Europe

Image Credit: Max Kukurudziak via Unsplash

This week we're highlighting two opinion pieces by two crypto company CEOs about crypto, sanctions, and Ukraine.

Op-Ed by Uldis Tēraudkalns, CEO of NexPay, a Lithuanian fintech startup providing banking infrastructure for the digital assets industry

In the first Op-Ed we're highlighting, Uldis Tēraudkalns, CEO of NexPay, discusses how crypto has been a solution for Ukrainian refugees fleeing to neighboring countries to get their funds out of Ukraine. However, sanctioned Russians can also use it to circumnavigate western sanctions and move large funds of money out of Russian. He brings up the debate between regulation and morality. On the one hand, many people in the crypto community argue for decentralization, even though digital currencies can be used by criminals. On the other hand, he brings up the relativity of morality and what might be offensive to one person may not be offensive to another person. Nevertheless, he argues that more can be done from a regulatory perspective as the industry continues to mature. Regulation may not be perfect to prevent the use of crypto by bad actors, but the invasion of Ukraine by Russia is clear to him that regulation is needed to prevent the use by aggressors and to help refugees. (Read more on EmergingCrypto.io; Read more on Cointelegraph) 

Op-Ed by Przemysław Kral, CEO of Zonda (previously BitBay), Poland’s largest cryptocurrency exchange

In the second Op-Ed we're highlighting, Przemysław Kral, CEO of Zonda, talks about the moral dilemma he and his company felt about withdrawing from the Russian market, trying to balance free-market ideals, and a sense of moral duty as a devastating war unfolds in Ukraine. Despite the philosophical nature of decentralized cryptocurrencies like Bitcoin, Przemysław recommends that as an industry leaders should not let the pursuit of financial independence to take precedence over good morals and calls for a collaborative response to Russia's invasion of Ukraine. Recommended actions include rejecting requests for new accounts from consumers in Russia and Belarus, and freezing accounts located in these regions. (Read more on EmergingCrypto.io; Read more on Cointelegraph)

Latin America

Image Credit: Ewan Kennedy via Unsplash

Central Bank of Brazil offers free DeFi courses

The Central Bank of Brazil will begin to offer free DeFi courses to introduce students to the basics of DeFi and contextualize it within the broader financial and crypto ecosystem. The course will be divided into two parts: the first will introduce the infrastructure behind DeFi, and the second will teach solidity, the smart contracts programming language, and the basic components of Web3 and DeFi-based systems. After students complete the course, they will develop a smart contract project in a competition where the winner will receive a grant funded by Mercado Bitcoin, Brazil's largest crypto exchange. (Read more on EmergingCrypto.io; Read more on Cointelegraph)

Cubans are adopting crypto as a response to ongoing US sanctions

Rounding off this week's newsletter, Cubans are adopting crypto as a response to ongoing US sanctions. With the rollout of mobile Internet on the Caribbean Island, the crypto market is blossoming and over 100,000 Cubans are estimated to be using cryptocurrencies. US sanctions have been in place since 1962 when the Kennedy administration proclaimed a trade embargo between the two nations. Restricted to participate in the international financial system, making electronic payments on the island nation is very difficult. However, peer-to-peer payments via decentralized cryptocurrencies like Bitcoin and Ethereum appear to be a way to circumnavigate US sanctions and allow Cuban people and businesses to take part in this borderless payment channel. Crypto use is forcing the Cuban market to develop, and the Cuban Central Bank issued regulations in late April requiring virtual asset service providers to obtain a license in order to operate on the island. (Read more on EmergingCrypto.io; Read more on Bitcoin Magazine)

Thanks for reading and have a great week ahead!