⚖️Bitcoin's New Status in China,🚀Coinbase & Gemini Expand Borders,🔥More Trouble For Binance

September 30, 2023

Your 5 minute emerging markets web3 weekly update

In This Issue

Asia
🔸Landmark Ruling: Chinese Court Recognizes Bitcoin's Uniqueness and Intrinsic Value Amid Crypto Ban
🔸Gemini Bets Big On India, Aiming to Become Second Largest Hub After the US

Latin America and the Caribbean
🔸Coinbase Expands Global Reach with Bermuda Regulatory Approval for Perpetual Futures
🔸Survey Reveals Argentinians' Ongoing Demand for USD Stablecoins Amid World's 4th Highest Inflation Rate

Eastern Europe
🔸Binance Waves Goodbye to Russian Market, Sells Assets to CommEX Amid Regulatory Challenges
🔸Russian Quantum Center and Web3Tech Unveil Quantum-Safe Blockchain Platform

Africa
🔸Mauritius Enters CBDC Testing Phase, Island Nation Aims To Be Offshore Digital Banking Hub
🔸CoinFlip Enters South African Market, Nation Leads Continent in Crypto ATMs

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Asia

Image Credit: Midjourney

A court in Shanghai has officially recognized Bitcoin as a unique and non-replicable digital asset, acknowledging its scarcity and intrinsic value. In a report released on September 25, the court highlighted that Bitcoin, among various digital currencies, stands out as unique due to its distinctive properties. This acknowledgment adds legitimacy to Bitcoin and other digital currencies in China, despite the government's previous ban on cryptocurrency activities, and strengthens the legal argument that defines Bitcoin as personal property protected by law.

Gemini cryptocurrency exchange is investing 2 billion rupees ($24 million) in expanding its development center in Gurgaon, India, with a focus on areas such as compliance, security, and data pipelines. The center has seen significant growth since its May launch, employing over 70 staff and actively hiring across various roles. Gemini's India operations are set to become the second-largest after its U.S. headquarters, capitalizing on India's burgeoning blockchain and Web3 developer base, with around 50% of local and state-level governments integrating blockchain into their data management systems.

Latin America and the Caribbean

Image Credit: Midjourney

Coinbase has received approval from the Bermuda Monetary Authority to offer perpetual futures to qualified non-U.S. retail customers, marking a step in the company's global expansion strategy. The exchange plans to launch its regulated perpetual futures contracts on the Coinbase Advanced platform in the near future, aligning with its aim to collaborate with global regulators to establish a crypto regulatory framework. Coinbase seeks to provide secure and compliant services to users worldwide while shaping the legal framework for cryptocurrencies on a global scale.

A recent survey conducted in Argentina by Synopsis Consultores on behalf of cryptocurrency exchange Bitso revealed that nearly half of those surveyed expressed a willingness to buy US dollar denominated stablecoins, often referred to as "digital dollars" in Argentina, as a means of preserving the value of their savings amid the country's economic instability, high inflation (124% annually), and currency devaluation. The study also revealed a growing awareness of cryptocurrencies in the population, with 37% of respondents reporting knowledge about cryptocurrencies, up from 32% the previous month. However, 40.1% of Argentinians currently live in poverty, making it challenging for many to save or invest.

Eastern Europe

Image Credit: Midjourney

Binance has announced its exit from the Russian market, intending to cease all exchange services and operations in the country over the coming months. The exchange will sell its assets to CommEX, a newly launched venue, for an undisclosed sum. Binance cited incompatibility with its compliance strategy as the reason for its withdrawal from Russia, marking a significant move in response to regulatory pressures.

Russian Quantum Center - QApp and Russian blockchain developer Web3Tech have collaborated to develop Russia's first blockchain platform with post-quantum encryption. QApp and Web3 Tech's successful integration is especially relevant for businesses and government infrastructure. This initiative aims to enhance data security on the blockchain, particularly in the face of future quantum threats, as quantum computing capabilities continue to grow worldwide.

Africa

Image Credit: Midjourney

The Bank of Mauritius is progressing with its plans to launch a central bank digital currency (CBDC) and is set to initiate a pilot project within the next few months, marking the advanced stages of development. Governor Harvesh Seegolam confirmed that they have entered the experimentation phase for the CBDC project, originally announced in 2019, as Mauritius seeks to embrace financial technology and enable digital banking licenses. While expressing openness to new technologies, Seegolam emphasized the need to understand the potential implications of fintech advancements on economic activity, financial stability, and other aspects, while also highlighting the island's aspirations to become a hub for multinational treasury headquarters in the region.

South Africa's crypto ATM network is expanding with the installation of nine ATMs by Chicago-based company Olliv by CoinFlip. South Africa now has the highest number of cryptocurrency ATMs on the continent, and this expansion is expected to contribute to the growing adoption of cryptocurrencies in the country, where there are approximately 7.7 million crypto holders. The company also plans to offer an over-the-counter digital order desk service for institutional investors and high-net-worth individuals.

Thanks for reading and have a great week ahead!

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Written by Jon Lira. Connect with him on LinkedIn.

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