Crypto Scoop: Crypto and NFT Initiatives Thrive Across The Globe

As February draws to a close, we see more crypto and NFT initiatives. In this edition of the crypto scoop, we review:

• Solana shuts down Physical Store
• Zambia, Germany and Japan's crypto initiatives and regulations
• Paraguay's positioning as one of the biggest crypto hubs
• Opensea's cancellation of fees
• Music company Spotify's NFT initiative and more.

Crypto Adoption and Initiatives in Zambia, Japan and Germany

While the IMF argues that crypto should not be given official currency or legal tender status because of financial stability issues, several countries pushed out crypto adoption and regulations initiatives. 

According to the Ministry of Technology and Science website, the Bank of Zambia and the nation's securities regulator are "testing technology" to enable the regulation of cryptocurrencies. The government hopes to "achieve an inclusive digital economy by making this change."

The minister stated in the capital of Zambia, Lusaka, that "cryptocurrency is the future that the country desires to achieve, "However, to support this "revolutionary technology," a policy framework is needed.

Later this year, the Bank of Japan will launch a pilot test for a digital yen, its central bank digital currency (CBDC). According to Bank of Japan executive director Shinichi Uchida, the objectives of this new pilot programme are to evaluate the currency's technical viability and involve private companies in its development.

DZ Bank, the second-largest bank in Germany by assets, announced plans to provide cryptocurrency custody services. DZ Bank partnered with Swiss companies Metaco and Harmonize for its upcoming offering of digital currencies to institutional clients. According to the official press release, Harmonize intends to provide a flexible governance framework with customisable risk and compliance controls.

Paraguay's Potential To Become One Of The Biggest Crypto Hubs 

One of Latin America's most desirable locations for bitcoin miners is Paraguay, a nation not particularly well known for its cryptocurrency connections. According to mining insight company Hashrate Index, Paraguay, one of the smallest nations in Latin America, has the prerequisites to establish itself as the next major hub for Bitcoin mining. The company points out that Paraguay has many advantages, including an ample supply of environmentally friendly hydroelectric power sources.

The Deel Lab for Global Employment's most recent report indicates that most remote workers in Latin America prefer receiving payments in cryptocurrencies. Several factors, including the volatility of some local fiat currencies and the impact of high inflation levels in the area, are cited as the cause. 

OpenSea Cancels Marketplace Fees SpotifyAnnounces NFT Initiative

The leading non-fungible token (NFT) marketplace OpenSea announced that it is temporarily removing its marketplace fee, intensifying competition with popular no-fee marketplace Blur.

In a tweet, OpenSea said it would waive all marketplace fees for "a limited time" and set optional creator royalties at 0.5% as the default for all collections without on-chain royalty enforcement.

Spotify announced a new feature, "token-enabled playlists," allowing curated playlists to be actively played on its platform. The feature is still in its testing phase, will take three months, and can only be accessible to community members via a unique link. The pilot is only available for Android users in the US, UK, Germany, Australia and New Zealand. 

According to a press release, a Web3 incubator programme will be co-hosted by Tokyo-based Sony Network Communications and the multichain smart contract platform Astar Network. Applications for the programme are now being accepted, and Sony and Astar will work together to mentor Web3 projects that are "focused on the utility" of non-fungible tokens (NFTs) and decentralised autonomous systems (DAOs).