Crypto Scoop: Crypto Adoption Scales Across The World

Christmas is two days away, but the crypto space hasn’t closed for festivities. In fact, we’ve seen fascinating new crypto initiatives. This week we review:

• Price moves of top cryptocurrencies
• Crypto initiatives in Nigeria
• Marshall Island legalises DAOs
• Twitter, Visa, and Amazon crypto NFT initiatives

BTC Price Dips Following FUD Surrounding Binance

Last week, the former FTX CEO, Sam Bankman-Fried (SPF), was arrested. However, this week, he was released on bail via a personal recognisance bond posted using SPF’s parent’s home as collateral. Since then, SPF has arrived in New York and is waiting to appear in court for criminal charges. 

However, news of SPF’s release on bail was nothing compared to the recent fear, uncertainty and doubt (FUD) cast over the crypto exchange, Binance. The recent FTX crash has left many in the crypto more sceptical for fear of a repeated series of events. Bitcoin’s price dipped below $17,000 as more FUD spread about the sustenance of the Binance crypto exchange. In response, Binance published a blog post in Chinese to address the issues that had caused the FUD.  

During the week, Blockchain investigator Peckshield reported that two ETH whales moved 13,103.99ETH and 9,878ETH that had been dormant since 2018. Peckshield says that the assets were last transferred in October 2018, when the price of Ether ranged roughly between $190 to $230. It is unclear what the whale sales mean, but ETH continues trading above $1,200 and BTC above $16,000. 

Nigeria Senate proposes a bill to recognise crypto assets

According to a recent study, three countries—Nigeria, South Africa, and Kenya—account for roughly 36.14 million or nearly two-thirds of the estimated 55.3 million cryptocurrency users spread across 33 African nations. Of the 33 African nations surveyed, Nigeria has by far the most cryptocurrency owners (40,5%).

According to a report, the Nigerian House of Representatives is expected to approve a bill granting the country's securities regulator the authority to classify cryptocurrencies as investment capital. According to Nigerian lawmaker Babangida Ibrahim, the Central Bank of Nigeria (CBN) is not well-suited to oversee cryptocurrencies. Ibrahim stated that the Securities Exchange Commission regulates the capital market, while the CBN controls the financial markets.

According to the report, if the Investments and Securities Act 2007 (Amendment) Bill is signed into law, it would allow the local Securities and Exchange Commission to "recognise cryptocurrency and other digital funds as capital for investment." Ibrahim asserted, "It is not about [the] lifting of the ban; we are looking at the legality: what is legal and within the framework of our operations in Nigeria."

Marshall Island passes law legalising DAOs

Decentralised Autonomous organisations (DAOs) are developed on the blockchain and governed by rules to automate decision-making and facilitate cryptocurrency transactions. A law in the Marshall Islands has been passed recognising DAOs as legal entities.

The law formally acknowledges DAOs and permits organisations with legal presence nationwide to use DAO structures and governance tools. Both profit and non-profit DAOs can register under the widely accepted LLC structure under the Decentralized Autonomous Organization Act of 2022. The new legislation establishes a DAO registry process supported by the regional business MIDAO.

Crypto Initiatives In Brazil And Sweden

The Brazilian President has signed into law crypto regulations that will be enforced 180 days from now. According to the law, digital assets are considered securities. They will be under the supervision of the Brazilian Securities and Exchange Commission, while other assets will be subject to regulation by a body that has yet to be established.

 Additionally, it creates a "virtual service provider" licence and paves the way for a new federal agency overseeing companies that deal in digital assets. Crypto service providers will need to acquire a license of operations.

The central bank of Sweden has indicated that it is getting ready to issue an e-krona if the government approves of an electronic currency. The central bank noted that as transactions become more digital, an e-krona might be used in addition to cash. A CBDC like the e-krona would also equal the value of the Swedish krona and lessen reliance on private payment services.

Twitter, Visa and Amazon Crypto, NFT initaitives. 

On December 21, Twitter added live market charts for the two biggest cryptocurrencies, Bitcoin and Ethereum. The social media platform now displays a chart with the most recent price information for the relevant cryptocurrency when you search for "$BTC" or "$ETH." 

Visa has proposed a blockchain account design that might let Ethereum users set up auto payments from a wallet they maintain. Visa suggests implementing automatic payments using Account Abstraction, an Ethereum feature that core developers are considering.

Amazon released a new series, 'NFTMe,' which examines NFT disruption and culture across the globe. On the programme, artists, collectors, and business professionals worldwide discuss their encounters with NFTs and how the fusion of art and technology has improved their quality of life. The following episodes look at the social impact of digital transformation, tokenisation in the music industry, how brands collaborate with NFTs, and how NFTs are helping to recognise and give voice to artists.