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- [Re-sent] January 21, 2023
[Re-sent] January 21, 2023
🪙Crypto salaries > 💵fiat salaries in Argentina
January 21, 2023 I View in your browser I Sign up here
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Your 5 minute emerging market web3 weekly update
In This Issue
Latin America and The Caribbean🔸Argentinian workers prefer to be paid in crypto🔸Brazilian crypto custody, trading, and tokenization platform secures $15 million in funding
Asia🔸China's CDBC can now be used to purchase investment products🔸Hong Kong investment fund raises $500 million to promote mass adoption of web3 technologies
Africa🔸Carry1st raises $27M, plans to advance publishing and digital content creation platform in Africa🔸Bank of Tanzania progresses on introducing CBDC
Eastern Europe🔸Russia and Iran join forces to launch a gold-backed stablecoin for cross-border trade🔸Ukraine Deputy Prime Minister to receive salary in central bank digital currency
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Latin America and The Caribbean
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Image Credit: Art Rachen via Unsplash
Due to the current economic crisis in Argentina, the number of Argentinians who are being paid in cryptocurrency grew 250% in the last year, according to Bitwage, a platform for collecting salaries in crypto. Bitwage's CEO, Jonathan Chester, said that "in Argentina the use of cryptocurrencies became a necessity" due to rampant inflation. The cryptocurrency Argentinian workers preferred to be paid in are stablecoins such as USDC or DAI.Brazilian crypto custody, trading, and tokenization platform secures $15 million in funding (2 minute read, Portuguese)
Parfin, a platform for custody, trading, tokenization, and management of digital assets, has raised $15 million in funding from investors that include the Brazilian stock exchange, B3. The company plans to use the funding to continue developing existing and new products and for global expansion. One of its products is Parchain, a permissioned blockchain for decentralized finance (DeFi) and tokenization of regulated assets.
Want more Latin America and Caribbean news?•Revolution: the traditional financial market will be entirely tokenized (Portuguese)•Bolsa OTC Brasil launches a tokenized financial asset within the sandbox of the Central Bank (Spanish)•Banco Bradesco wants to start trading Bitcoin and cryptocurrencies, ‘it’s something that’s in our plans’ (Portuguese)•In the middle of the bear market, Brazil gains a new fund to invest in Web3 initiatives (Portuguese)•Nexo sues Cayman Islands regulator (Russian)
Asia
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Image Credit: 愚木混株 cdd20 via Unsplash
Soochow Securities, in collaboration with the Bank of China, has officially launched a digital RMB payment function for investment advisory products. The company said it will continue to expand the breadth and depth of cooperation with local governments and banks to steadily expand the coverage of digital RMB application scenarios and user base in the securities industry. Soochow Securities has been working with the Bank of China, China Unicom, and other digital RMB research institutions to research and form multiple digital currency innovative application solutions in the securities field.
Hong Kong-based investment fund, HashKey Capital, has raised $500 million in a funding round to push mass adoption of web3 technologies. The fund will invest in projects and companies that are working to develop infrastructure, tools, and applications that will drive the mass adoption of blockchain and crypto technologies. HashKey Capital has invested in web3 projects such as Animoca Brands, Polygon, Moonbeam, and Blockdaemon.
Want more Asia news?•Lazarus Group Moves 41,000 Ethereum Nabbed From Harmony Bridge Hack•World’s first Cardano-based electric vehicle project to debut in Sri Lanka•Japanese regulators want crypto treated like traditional banks•COSCO Shipping subsidiary issues first bill of lading on GSBN blockchain•Saudi Arabia Embraces the Metaverse at WEF: A New Era of Digital Living
Africa
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Image Credit: Giorgio Trovato via Unsplash
Africa-based web3 games publisher Carry1st has raised $27 million in a funding round led by Bitkraft Ventures. The funds will be used to expand the capabilities of Pay1st, the company’s monetization-as-a-service platform, which allows third-party publishers to make money in Africa. Carry1st aims to bring blockchain gaming to the African market and create a new form of digital entertainment.
The Bank of Tanzania is researching and exploring the potential of issuing a central bank digital currency (CBDC) to increase the efficiency and inclusiveness of the financial system. The bank has formed a multidisciplinary technical team to examine the practical aspects of a CBDC and has organized conferences, sessions, and collaborated with international organizations to gain a better understanding of the subject. The Bank of Tanzania has adopted a phased, cautious, and risk-based approach to the adoption of a CBDC and will continue to monitor, research, and collaborate with stakeholders before providing information on the way forward to the general public.
Want more Africa news?•UABA and Office of the President, Zambia, Partner to Train Top Government Executives on Blockchain Technology•African-based Roqqu crypto exchange acquires a blockchain license to operate in Europe•Blockchain in business, DAO technology transforming Africa’s web3 ecosystem•SARB governor: CBDCs must tackle a “serious challenge” at WEF 2023•The 5 Obstacles to Crypto Trading and Adoption According to Regular Africans
Eastern Europe
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Image Credit: Jingming Pan via Unsplash
Russian and Iranian authorities are planning to launch a gold-backed stablecoin that will be used as a means of payment in foreign trade settlements. The launch of the project may take 6 months, according to Alexander Brazhnikov, the executive director of RAKIB, a Russian cryptocurrency and blockchain industry trade group. Technical details of the new stablecoin have not been released yet.Ukraine Deputy Prime Minister to receive salary in central bank digital currency (2 minute read)
Ukraine's Deputy Prime Minister, David Arakhamia, has announced that he will take his salary in the country's central bank digital currency (CBDC) as part of a pilot program to test the technology. The CBDC, known as the e-hryvnia, is currently being developed by the National Bank of Ukraine. Ukraine's minister for digital transformation, Mykhailo Fedorov, said the National Bank of Ukraine will introduce a new tax law for crypto and a CBDC law by next year.
Want more Eastern Europe news?•Aksakov said that the digital ruble will not have an expiration date (Russian)•The Deputy Minister of Finance announced disagreements on the bill on mining (Russian)•Bulgarian parliament sets up interim commission on Nexo crypto bank case (Russian)