“A supermajority of the El Salvadoran legislature voted to adopt bitcoin as legal tender early Wednesday morning.
The bill that was just passed will mandate all businesses to accept bitcoin for goods or services, but the government will act as a backstop for entities that aren’t willing to take on the risk of a volatile cryptocurrency. A trust that the government will set up at the Development Bank of El Salvador to instantly convert bitcoin to U.S. dollars will assume merchants’ risk.
Bukele provided further details about his vision, pitched as an effort to boost financial inclusion in a country where only 30% of citizens have access to financial services. Users won’t necessarily have to use a government wallet, Bukele said.
Bukele also said in the same Twitter Space conversation that the country is designing a new law that would grant permanent residency to any individual who invests three BTC into El Salvador’s economy.”
“DeFi markets for derivative instruments – meaning futures contracts, for example – may not be legal under the Commodity Exchange Act, a U.S. law that governs such products and requires them to trade only on regulated designated contract markets (DCMs), Commodity Futures Trading Commission (CFTC) Commissioner Dan Berkovitz said in a speech to the Asset Management Derivatives Forum.
DeFi markets, platforms or websites are not registered as DCMs or SEFs [swap execution facilities]. The CEA does not contain any exception from registration for digital currencies, blockchains or smart contracts.
Berkovitz also expressed concerns that DeFi markets trading derivatives may not share the same protections that their centralized counterparts offer.
In a pure ‘peer-to-peer’ DeFi system, none of these benefits or protections exist.”
“Qinghai is the latest coal-based crypto mining hub that is set to completely eliminate the industry. The news came on the heels of another crackdown notice against some crypto miners in Xinjiang, and follows Inner Mongolia which had previously imposed restrictions on miners.
The local government cited the central government’s concerns about high energy-consuming industries and environmental pollution. The use of coal in particular has drawn attention from the government, which is seeking to reduce its carbon footprint.”
“Victory Capital is planning to enter the crypto market through a private fund for accredited investors that will track the Nasdaq Crypto Index (NCI).
The Texas-based company also plans to launch private funds tracking the Nasdaq Bitcoin Reference Price Index and the Nasdaq Ethereum Price Index.“
“The bill, whch was sponsored by Senate Majority Leader Chuck Schumer (D-N.Y.), passed in a 68-32 vote late Tuesday. It includes distributed ledger technologies and cybersecurity as one of 10 “key technology focus areas.” A second provision will require the federal government to examine the potential national security implications of China’s digital renminbi.
This is a national security issue, and if the U.S. does not respond we will be left behind. This amendment will put our research and development efforts regarding blockchain and financial innovation into high gear, something that is desperately needed.
The bill must pass the House and be signed into law by President Joe Biden before it can take effect.”
“In an attempt to connect real-world shopping with the virtual world of games, Boson Protocol bought a plot of land for $704,000 on the Web3 game Decentraland. Decentraland, where the mall’s being built, is an – Ethereum-based game that parcels out land as NFTs.
Boson, a blockchain protocol, provides decentralized infrastructure for trading tokenized real-world items. The company will build a mall for global brands to open up shop on the piece of digital real estate.
Boson would enable users to turn a digital sneaker purchased—or earned in a game—into a real-world sneaker through an NFT-certified barcode on their phones that they can take to real, brick-and-mortar shops down the street.”