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Crypto Exchange Regulation Check

One Month Of BTC: Ups And Downs Of El Salvador’s Bitcoin Adoption

Technical glitches and other issues have plagued BTC adoption among Salvadorans in the last month. Lets see what happened in the last month of BTC as a legal tender in El Salvador.　　Controversial BTC Tender In Action　　It has been a month since the Central American country of El Salvador officially adopted Bitcoin as legal tender in the country in a bid to improve the democratization of its economy. Under the leadership of President Nayib Bukele, the government also launched the Chivo wallet app and ATMs to facilitate easy transactions and withdrawals between Salvadoreans in and outside the country. The Chivo ATMs can also provide instant conversions between BTC and USD and around-the-clock money withdrawal services.　　However, in the one month that it has actually been in use, the Chivo app has been plagued by technical glitches that are proving to be a roadblock in its popularity. The landmark move by the country has been heavily discussed by several global leaders and industry experts. Ethereum co-founder Vitalik Buterin had also addressed the concerns behind the rapid officialization of the crypto, calling the move ‘reckless.’　　Widespread Adoption Among Citizens　　A considerable percentage of the country‘s population has already dabbled with bitcoin in the past month. Remittances

2021-10-12Deep Dive

Nearly 45% of Consumers Around the World Will Use Crypto for Payments by 2023: New Study

A new study conducted by an information technology company indicates that crypto payment method adoption is primed to skyrocket in the next two years.　　The Capgemini Research Institute surveyed customers and industry stakeholders around the world to provide an analysis of the worlds current payments landscape. The think tank also combed through statistics from the Bank of International Settlements, the European Central Bank, the International Monetary Fund, the World Bank, and other central banks.　　Capgemini notes that less than 10% of consumers around the world currently use cryptocurrencies for payments. However, the research institute predicts nearly 45% of customers will use the emerging payment method within the next 1-2 years due to the growing need for cross-border payments in addition to concerns about high transaction fees.　　Capgemini also says crypto credit cards are leading the way in terms of adoption.　　“Cryptocurrency market volatility indicates a lack of maturity. Still, crypto-linked cards are taking the lead in the crypto-payments space fueled by global card player initiatives to create a fertile crypto-payments ecosystem.”　　The study, however, still thinks the outlook for cryptocurrencies and stablecoins is “hazy,” citing the mixed reactions to crypto assets by governments around the world. Capgemini says Russia, India, and the United Arab Emirates

2021-10-12Deep Dive

Will Bitcoin drop below R200 000?

Bitcoin, the worlds first cryptocurrency, is booming all around the world. The currency has grown over 18000%, since its conception in 2010. Crytocurrency has open the doors to many people becoming millionaires, and even billionaires, all around the world. Bitcoin is a decentralised currency, meaning there is no one party that controls the currency. Since Bitcoin there has been many currencies that came into conception, Ethreum, Ripple and Dogecoin, to name a few. Cryptocurrencies have been a good invested idea since its conception, as seen many people making money.　　In the week of September 24, something big happened in the world of crpyto currency. China has decided to ban all crypto-currencies from their country. China has decided to make all transactions of cryto-currencies illegal inside of the country. This was to roll out there new digital national currency. Their goal is to root out all illegal activity, and rumored to have roll out their new national digital currency. This could have huge effects on the South Africa Forex industry. Since the boom of Bitcoin in 2018, many South Africans have started investing thousands of their well well earned money into Bitcoin. Many businesses now offer Bitcoin has a form of payment

2021-10-12Deep Dive

Almost twice as many Salvadorians have a Bitcoin wallet than a bank account

In just over a month since Bitcoin became legal tender in El Salvador, almost twice as many Salvadorians have a Chivo wallet than a bank account.　　In his most recent post on the uptake of Chivo on October 3, President Bukele said 3 million Salvadorians were using the wallet; this equates to 46% of the population.　　In comparison, data from 2017 shows that 29% of Salvadorians had a bank account. Funnily enough, this fell from 35% in 2014, according to Statista.　　At this early stage, this would suggest the Bitcoin experiment in El Salvador is on track. However, given the public‘s opposition to it, people question President Bukele’s motivations in continuing to push ahead with it.　　 Are the people for or against Bitcoin？　　Despite the international outcry and public protests, President Bukele has remained unwavering in his support of Bitcoin.　　Salvadorians who are against the idea say Bitcoin favors well-resourced speculators. But as far as using it as currency, they maintain that extreme volatility means everyday people lose out.　　As well as that, critics draw attention to the privacy implications of using Chivo. They raise concerns that the wallet requires users to consent to microphone and contact access.　　With some surveys saying two-thirds of Salvadorians oppose the

2021-10-12Deep Dive

G7 Nations Set to Release Guidelines For CBDC Issuance

The G7 council consisting of seven industrialized nations is set to issue guiding principles for issuance of Central Bank Digital Currencies (CBDC). The G7 council comprises Britain, Canada, France, Germany, Italy, Japan, and the United States, however, none of the G7 members have yet issued a CBDC.　　The draft guidelines reportedly consist of 13 points with the main focus on transparency and privacy. The draft rules could be endorsed during an upcoming meeting of financial chiefs on Wednesday in Washington.　　The draft guidelines acknowledge the growth of digital payments over the past couple of years and the rising popularity of cryptocurrencies in general. The draft also talks about the need to focus on user privacy and security. The draft guidelines said even though issuance is a sovereign decision of a country, the CBDC must,　　“Set out a common set of principles, and underscoring the fundamental importance of shared values such as transparency, rule of law, and sound economic governance, these principles can guide and inform exploration of retail CBDC in the G-7 and beyond.”　　Can G7 Help Boost CBDC Plans？　　The debate around CBDCs has risen with China‘s progress in the field. The world’s most populated state is years ahead in CBDC implementation as it

2021-10-12Deep Dive

Why The China Crackdown May Be Just The Push The DeFi Market Needs

China‘s crackdown on crypto has had negative effects on the crypto space as a whole and decentralized finance (DeFi) has not been left out. The news of China’s crypto ban saw prices go down across the board, given that China has always been a big part of the crypto space.　　Despite the negative effects the crackdown has had on the space, many believe that this may be a good thing for the market going forward. One of these investors is DeFiance Capitals, Arthur Cheong.　　The interesting thing about Cheong is the background that he had before entering the crypto space. Oil trading was Cheongs specialty before he quit the space and took a rather sudden plunge into the crypto space. But instead of going through the formal point of entry like Bitcoin and Ethereum, Cheong had bet big on the decentralized finance space.　　The investors big break had come in the form of a $100,000 investment in the decentralized finance market, which he had made into Axie Infinity when the asset was trading at a mere eight cents. Before this, Cheong had founded DeFiance Capital, through which he had placed his big bet on DeFi.　　The investment in Axie Infinity had paid off big

2021-10-12Deep Dive

Ethereum › Analysis Ethereum (ETH) devs looking to delay difficulty time bomb, what could this mean

Last week, Ethereum devs Tim Beiko and James Hancock posted proposal 4345 to delay the difficulty time bomb until May 2022.　　The difficulty time bomb refers to a process that would make Ethereum mining increasingly harder to do. The idea is to arrive at a point where mining is no longer profitable.　　When that happens, the blockchain would grind to a halt as miners switch off their equipment or move their mining resources to other chains. This intends to gradually phase out miners as part of Ethereums switch from proof-of-work (PoW) to a proof-of-stake (PoS) network.　　Throughout this transition process, the mining community has undergone a great deal of uncertainty. While ETH 2.0 is inevitable, theres no doubt miners are happy to prolong the current situation to maximize their profit potential.　　But, more to the point, what can we deduce from another proposed delay to the difficulty time bomb？Whats the story behind the Ethereum difficulty bomb？　　The London upgrade, which went live on August 5, was all about proposal 1559 – fee market change for more predictable gas fees.　　However, this upgrade also contained a number of other proposals that made the cut. Those being:　　EIP-3198: BASE FEE opcode　　EIP-3529: Reduction in refunds　　EIP-3541: Reject new contracts starting with

2021-10-12Deep Dive

Texas Democratic Party aims to use NFT sales for fundraising efforts

Front Row, a marketplace geared towards progressive organizations, has said it will be partnering with the Texas Democratic Party to pilot a program aimed at raising money for candidates and causes using nonfungible tokens.　　In an Oct. 11 announcement, Front Row said it had already minted digital images of key moments related to the progressive movement, and listed the nonfungible tokens (NFTs) for sale. Some of the featured NFTs include “wanted” posters depicting conservative Texan lawmakers fleeing the state.　　Front Row says that the funds raised through its NFTs will go “directly towards political groups and individuals,” but did not specify how it planned for the digital purchases to be compliant with current campaign finance laws. Under U.S. law, candidates for federal offices appear unable to receive more than $5,800 from a single individual for the sale of one or more NFTs.　　“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder Parker Butterworth, likely referring to Republicans. “We cant wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives.”　　Keeping in

2021-10-12Deep Dive

Economist Steve Hanke Explains How Bitcoin Adoption Conjures A Nightmare For El Salvador’s Economy

Prominent American economist Steve Hanke has been criticizing El Salvador‘s bitcoin gambit ever since it was publicly revealed. Hanke doesn’t believe the adoption of bitcoin as legal tender is a good idea for El Salvador. Specifically, he says it is a nightmare for the economy of the Latin American nation.　　How The Bitcoin Experiment Hurts El Salvadors Economy　　El Salvador‘s law legalizing bitcoin became effective in early September. Bitcoin’s biggest supporters have hailed the nations embrace of the number one cryptocurrency, asserting that the move will usher in a new era of economic and financial freedom for people in El Salvador. President Nayib Bukele bought 700 BTC after the nationwide rollout adoption.　　But not everyone is praising Bukele — or celebrating his decision to adopt bitcoin as legal tender.　　In an October 11 tweet, Steve Hanke, professor of applied economics at Johns Hopkins University and ex-economic advisor to President Ronald Reagan, postulated that Salvadorans are encountering technological challenges and significant financial losses on a daily basis. Truth be told, the state-run Chivo wallet unveiled at the outset of the program has been bug-riddled, frustrating even committed users of the technology.　　The economist further indicated that El Salvador‘s creditworthiness has also been tarnished, with the nation’s

2021-10-12Deep Dive

Texas Democratic Party aims to use NFT sales for fundraising efforts

Front Row, a marketplace geared towards progressive organizations, has said it will be partnering with the Texas Democratic Party to pilot a program aimed at raising money for candidates and causes using nonfungible tokens.　　In an Oct. 11 announcement, Front Row said it had already minted digital images of key moments related to the progressive movement, and listed the nonfungible tokens (NFTs) for sale. Some of the featured NFTs include “wanted” posters depicting conservative Texan lawmakers fleeing the state.　　Front Row says that the funds raised through its NFTs will go “directly towards political groups and individuals,” but did not specify how it planned for the digital purchases to be compliant with current campaign finance laws. Under U.S. law, candidates for federal offices appear unable to receive more than $5,800 from a single individual for the sale of one or more NFTs.　　“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder Parker Butterworth, likely referring to Republicans. “We cant wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives.”　　Keeping in

2021-10-12Deep Dive
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