November 14, 2022

FTX was NOT the only news last week…🤔

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All the emerging market web3 news you need in less than 5 minutes

In This Issue

Asia•CBDC: The Monetary Authority of Singapore and the New York Fed collaborate to experiment with CBDCs•PARNTERSHIP: CoinMENA exchange partners with real estate company to enable property purchases with crypto in Bahrain

Latin America and The Caribbean•INVESTING: Itaú Asset Management and Galaxy Digital Holdings launch Bitcoin ETF in Brazil•PAYMENTS: Mexican exchange expands QR crypto-payments in Argentina to all LATAM customers

Africa•METAVERSE: South African bank exploring how to expand services in the metaverse•CBDC: Zimbabwe launches consumer survey on CBDCs

Eastern Europe•REPORT: Central Bank of Russia exploring ways to integrate crypto and blockchain into its financial system•LAW ENFORCEMENT: Turkey planning to collaborate with Russia to combat crypto crime

Asia

Image Credit: Kraken Images via Unsplash

The Monetary Authority of Singapore is partnering with the Federal Reserve Bank of New York to experiment with wholesale central bank digital currencies (wCDBCs) and cross-border payments. The two regulators will use wCBDCs as a settlement asset to measure whether it can reduce settlement risk and test CBDC network interoperability. The project will not advance any policy outcome or is it meant to signal any decision by the US Federal Reserve to issue a CBDC.

Bahrain-based crypto exchange, CoinMENA, has partnered with Carlton Real Estate, a Bahrain-based real estate agency, to allow investors to purchase property in the Kingdom with crypto-assets. Carlton Real Estate will accept stablecoins like USDT and USDC, however, it's unclear whether other cryptocurrencies will be accepted in the future. CoinMENA co-founders said in a joint statement, "As adoption continues to grow in the region, we see significant opportunities to use cryptocurrencies to purchase real-world assets. Crucially, this partnership also signals to the market that cryptocurrencies are maturing and gaining mainstream acceptance as a viable medium of exchange."

Latin America and The Caribbean

Image Credit: Ewan Kennedy via Unsplash

Brazil's Itaú Asset Management has launched the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11) via a partnership with Galaxy Digital Holdings on the Brazilian stock exchange, B3. Galaxy’s global head of asset management, Steve Kurz, described Brazil as “a hotbed of crypto adoption.” Itaú and Galaxy may bring an ether-focused ETF to Brazil next.PAYMENTS: Mexican exchange expands QR crypto-payments in Argentina to all LATAM customers (2 minute read, original article in Portuguese)

Bitso has expanded its QR crypto-payment solution to all of its customers in Latin America when paying for goods and services in Argentina. Bitso initially launched this service to Argentinian customers in late September and became the first exchange to offer QR crypto-payments in the country. Due to high inflation in Argentina (83% in September 2022), it is becoming increasingly common for people to exchange their earnings for stablecoins and other cryptocurrencies, and use crypto for everyday payments.Want more Latin America & Caribbean news?•FTX looks for $9.4 bln in rescue funds, Bahamas freezes some assets•El Salvador President Denies Storing Bitcoin on FTX: Binance CEO•Febraban, ABCripto and Other Associations Ask Congress to Approve Crypto PL (Portuguese)•Banco do Brasil invests in blockchain startup and opens the door to the cryptocurrency market (Portuguese)•Brazilian-owned BTC miner thrives in the bear market by investing in alternative energy sources (Portuguese)

Africa

Image Credit: Micheal Ogungbe via Unsplash

Last month, the South African bank, Nedbank, became the first African financial services provider to purchase land in the metaverse, acquiring land in Ubuntuland, an Africa-based metaverse project. Nedbank's early exploration into the metaverse is primarily focused on learning how their clients engage in the metaverse and what they expect and may want from a financial services provider in the metaverse. While not presently offering any financial services, Nedbank is developing its brand in the metaverse as part of its "beyond banking" strategy.

The Reserve Bank of Zimbabwe (RBZ) is conducting a CBDC Consumer Survey to gather feedback on CBDC design and its overall acceptance by the general public. The RBZ believes the involvement of residents and stakeholders will foster “a broad and transparent public dialogue regarding the potential benefits and risks of CBDC.” Some of the questions measured the public's awareness and understanding of cryptocurrencies and CDBCs and gauged the importance of features such as privacy, transparency, and transaction speed.

Eastern Europe

Image Credit: Mohd Azrin via Unsplash

Western sanctions has lead Russia to look for ways to integrate crypto and blockchain technology into the Russian financial system, according to details in a report published last week by the Central Bank of Russia (CBR). Some areas the report focused on included regulating digital assets, consumer protections, digital property rights related to smart contracts and tokenization, and accounting and taxation proposals. The report references the CBR’s consideration to open its domestic market to foreign issuers of digital assets from "friendly countries," meanwhile, making no references to the Russian war in Ukraine, sanctions, or the impact of sanctions on the domestic economy.LAW ENFORCEMENT: Turkey planning to collaborate with Russia to combat crypto crime (2 minute read)

Turkish law enforcement and judicial authorities will partner with their Russian counterparts to fight cybercrime. One area of focus will be curbing the use of crypto and other virtual assets for criminal purposes. High ranking officials from Russia and Turkey met in Ankara last week to sign a two-year cooperation agreement.Want more Eastern Europe news?•The Bank of Russia opposed the use of private cryptocurrencies in settlements (Russian)•Banks Testing the Digital Ruble Developed Mobile Applications for Clients (Russian, State Media)•The head of VTB believes that cross-border payments in cryptocurrencies will develop (Russian, State Media)

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