- EmergingCrypto.io Web3 Weekly Update
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- September 05, 2022
September 05, 2022
šA week of crypto regulation: Iran, Georgiaš, Paraguay, Brazilš
September
05, 2022 I View in your browser I Sign up here
All the emerging market blockchain & crypto news you needin less than 5 minutes
In This Issue
Asiaā¢REGULATION: Iran ratifies crypto regulations including the use of crypto for international paymentsā¢USE CASE: Japanese retailer issues blockchain-based bond direct to customers
Eastern Europeā¢REGULATION: Georgia expected to adopt legal framework to bolster crypto industryā¢CBDC: Sanctioned Russian bank trials digital ruble via its mobile app
Latin America & The Caribbeanā¢REGULATION: The President of Paraguay vetoed crypto regulatory frameworkā¢REGULATION: Brazilian Chamber of Digital Economy Cryptocurrency and Blockchain Committee urges approval of 'Bitcoin Law'Africaā¢CBDC: Nigerian eNaira fully integrated with country's interbank settlement systemā¢ADOPTION: Central African Republic's top court rules crypto initiatives unconstitutional
Asia
Image Credit: Amin Ahouei
REGULATION: Iran ratifies crypto regulations including the use of crypto for international payments (1 minute read)
The government of Iran has ratified legislation that defines rules for crypto mining and authorizes crypto-based payments for use in international trade according to the Minister of Industry, Mine and Trade, Reza Fatemi Amin. Under an agreement between the Ministry of Industry and the Central Bank of Iran, imports from outside Iran can be settled with cryptocurrencies instead of the US dollar or euro. Last month the head of Iranās Trade Promotion Organization (TPO) said that Iran registered its first import order using cryptocurrency as payment.
Japanese department store, Marui, issued a blockchain-based corporate bond direct to customers without an intermediary. Marui used the security token platform, Securitize, to issue the bond. Costs were able to be reduced by issuing the bond directly to customers without a middleman, and smaller denominations were made available as part of the process. However, bondholders can't resell the bond and have to hold the one-year bond until maturity.
Want more Asia news?ā¢CZ hits back at claims Binance is a Chinese companyā¢Taliban Bans Crypto in Afghanistan, Releases Arrested Crypto Dealersā¢Sam Bankman-Fried: No, FTX is Not Acquiring Huobiā¢Citi, HSBC join Marketnode pilot for blockchain fund settlement in Singapore
Eastern Europe
Image Credit: Malkhaz Tchubabria via Wikimedia Commons
The government of Georgia has approved an updated legal framework for its financial sector that includes regulation to attract crypto companies to enter Georgia. The legislative package is expected to be adopted by its parliament during its fall session and incorporates EU directives including the EU Tax Services Directive (PSD2), Capital Requirements Directive (CRD), and Virtual Asset Service Provider Directive (VASP). According to the Minister of Economy and Sustainable Development of Georgia, Levan Davitashvili, adopting EU Directives is the first step for Georgia to become a crypto-hub.CBDC: Sanctioned Russian bank trials digital ruble via its mobile app (3 minute read)
Western sanctioned Russian bank, Promsvyazbank (PSB), completed a successful trial of Russia's CBDC via its mobile app. Users were able to transfer the digital ruble with final settlement to other PSB clients, to companies with accounts at other Russian banks, and balances were immediately updated and reflected on usersā digital wallet on PSB's mobile app. The ability to provide final settlement will help businesses automate payments and internal business processes according to Senior Vice President Alexander Chernoshchekin, who heads the bankās digital business unit.Want more Eastern Europe news?ā¢Russian PM takes cue from Iranās crypto payment permit for importsā¢Hackers try to sell NFT of Belarusian leaderās supposed stolen passportā¢Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europeā¢Wanted Turkish crypto exchange founder detained in Albania
Latin America and The Caribbean
Image Credit: Palacio do Planalto from Brasilia, Brasil via Wikimedia Commons
REGULATION: The President of Paraguay vetoed crypto regulatory framework (2 minute read, original article in Portuguese)
A law that would've regulated cryptocurrency exchanges and mining in Paraguay was vetoed by the country's President, Mario Abdo BenĆtez, last week. The presidential veto stated that cryptocurrency mining requires large amounts of energy that could impact long-term sustainability efforts, and the high use of capital and low use of labor does not generate added value. The framework will now return to both legislative chambers for review.REGULATION: Brazilian Chamber of Digital Economy Cryptocurrency and Blockchain Committee urges approval of 'Bitcoin Law' (1 minute read, original article in Portuguese)
The Cryptocurrency and Blockchain Committee of the Brazilian Chamber of Digital Economy is urging politicians to fully approve Brazil's pending regulatory framework. According to the group, the framework is essential for the development of the Brazilian market while maintaining an environment for innovation. The Chamber argues that by approving the regulatory framework, it will position Brazil as an attractive digital asset market, increase credibility and security, stimulate innovation, and attract new investors.Want more Latin American & Caribbean news?ā¢CVM points out bottlenecks and ācryptoā regulation may return to square one (Portuguese)ā¢Rio sanitation company tests blockchain in carbon credit project (Portuguese)ā¢Hashdex and BTG Pactual Bring Cryptocurrency Fund to Chile (Portuguese)ā¢ItaĆŗ to trial DeFi for FX as part of Brazilās central bank lab
Africa
Image Credit: Oytemike Princewill via Unsplash
Nigeria's central bank digital currency (CBDC), the eNaira, is now fully integrated with the Nigeria Inter-Bank Settlement System (NIBSS) per the Central Bank of Nigeria on Twitter. Merchants and consumers will now be able to transfer funds from their eNaira wallet to any bank account in Nigeria. Since launching in October 2021, over 250K consumers and 17K merchants have downloaded an eNaira wallet, with over 200K transactions processed worth roughly ā¦3.9B (USD$9.3mm at current exchange rates).
ADOPTION: Central African Republic's top court rules crypto initiatives unconstitutional (2 minute read)
The Constitutional Court of the Central African Republic (CAR) ruled last week that the country's offer to international investors to purchase e-residency, citizenship, and land with cryptocurrency as unconstitutional. The country's top court argued that nationality did not have a market value and that residency required a physical stay in the country. In April, the CAR became the first African country to make Bitcoin legal tender.