14 January

In a ruling that is “almost identical to the El Salvador bill,” Tongan bigwig Lord Fusitu’a anticipates that his country could adopt Bitcoin by November. Tonga is a remote island nation that relies upon remittances from countries, including Australia, New Zealand and the United States.

The remittance use case was one of the primary drivers for El Salvador adopting BTC as legal tender. According to the World Bank, Tonga’s remittance as a percentage of gross domestic product is substantially higher than El Salvador, at 39% vs. 24%, respectively.

In 2021, it was widely speculated that Tonga would become one of the next countries to adopt BTC as legal tender.”

See Also: Pakistan Explores Crypto Ban as Stance Hardens: Reports
See Also: Iota selected for Phase 2A of EU blockchain initiative

“In a jampacked report on digital assets, Fidelity asset management theorizes that miner movements indicate the Bitcoin cycle has a lot more room to run. Key on-chain metrics indicate Bitcoin miners are in “massive” BTC accumulation mode.

As Bitcoin miners have the most financial incentive tho make the best guess as to the adoption and value of BTC (…) the current bitcoin cycle is far from over and these miners are making investments for the long haul.

We wouldn’t be surprised to see other sovereign nation-states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.

In essence, more regulation and better products will open up the crypto space, ‘bringing a greater portion of the hundreds of trillions in traditional assets into the digital asset ecosystem.’ Combined with miners’ hodling, it could lengthen the cycle and drive BTC to new highs.

See Also: Cryptocurrencies Pull Back as Traders Remain Cautious
See Also: DeFi Alliance Becomes ‘Alliance DAO’ After $50M Raise From 300 Web 3 Leaders

Customers will eventually be able to use their CBDC-linked Visa card or digital wallet anywhere that Visa is accepted globally. The payments firm said its crypto teams plan to work with central banks on pilot and prototype cases starting in the spring.

If successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted and secure – that’s an attractive proposition for policy makers.”

See Also: BIS, Swiss National Bank, SIX Exchange Complete Wholesale CBDC Trial

“The Blockchain-based Service Network (BSN), a government-backed blockchain project in China, is working on infrastructure that would support businesses and individuals to build platforms and apps to manage NFTs.

Officially called the BSN-Distributed Digital Certificate (BSN-DDC), the project aims to support the deployment of non-crypto NFTs by offering application programming interfaces for the development of user portals and apps where fiat money would be the sole payment method. All the gas fees on the BSN-DDC network are paid with fiat money.

Public chains can’t be legally operated within China.”