[Re-sent] January 21, 2023

🪙Crypto salaries > 💵fiat salaries in Argentina

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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

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.

Asia

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.

Africa

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.

Eastern Europe

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.

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