Discover the top news in crypto for the week!
Representatives from over 40 countries met to discuss Bitcoin while more crypto regulations are coming across the globe. Meanwhile, the TerraUSD crash is leading to more discussions about stablecoins and novel concepts in crypto. Find out the top 5 crypto news of this week.
The Crypto Explorer podcast: Regulating the world of crypto composer
A new week, a new episode of The Crypto Explorer podcast. In this episode, Sygnum’s Aliya Das Gupta, Luka Müller, and Magdalena Boškić discuss crypto regulations. Amid the TerraUSD crash, Sygnum Bank’s experts are evaluating how crypto regulations have evolved in recent years, their state in Switzerland, and future changes. This week, Sygnum Bank also released a new edition of the Digital Nugget, exploring more about the TerraUSD event and its impact on the market. Read more
How Africa’s tech sector can thrive - and it’s not all about legalising bitcoin
The Central African Republic (CAR) became the second country to adopt bitcoin as legal tender, but more countries in Africa can benefit from a crypto standard. The multitude of currencies used across African countries is one of the reasons for people to adopt digital assets and facilitate cross-country trade. On the investment side, African startups have already raised close to $5 billion as a mobile-first continent, while crypto has the potential to boost that funding. Read more
UK Treasury en route to legalising stablecoins amid Terra’s UST crash
The UK department of treasury is looking to regulate stablecoins amid a broader crypto strategy to make the country attractive to investors. A treasury spokesperson added that stablecoins ‘will be part of the Financial Services and Markets Bill announced in the queen’s speech.’ Amid the UK recognising stablecoins, the EU is planning to launch its Central Bank Digital Currency (CBDC), the digital euro, within four years. Read more
A16z addresses downturn in inaugural state of crypto report
One of the most active venture capital firms worldwide, Andreessen Horowitz (a16z), released its inaugural state of crypto report. A16z’s new report highlights how the Web 3 emergence is offering people across sectors more benefits than Web 2 companies ever did, with more decentralisation and freedom. Additionally, a16z explored how Web 3 and DeFi still rely upon Ethereum while estimating that the new decentralised internet could reach 1 billion users by 2031. Read more
President Nayib Bukele announces 44 countries to meet in El Salvador to discuss bitcoin
More governments are evaluating the bitcoin standard after El Salvador made BTC legal tender, recently followed by the Central African Republic. El Salvador’s president is uniting representatives from central banks and financial authorities of over 40 countries, from South America to Africa, to discuss bitcoin. More countries (e.g., Panama) may be coming out with similar bills to El Salvador, making bitcoin legal tender, while other countries like China have defined a national blockchain strategy.
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