The President of the Central African Republic, Faustin-Archange Touadéra has said that Sango Coin is the foundation on which the country will build its future. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Sango Coin, the Central African cryptocurrency
📍The Central African Republic has launched Sango Coin, a national cryptocurrency to stimulate the economy and boost investment. During the launch event of the Sango Project on Sunday, Central African President Faustin-Archange Touadéra announced the creation of his own cryptocurrency, Sango Coin, which will be the foundation on which the country will build its digital future.
Sango Coin is a national cryptocurrency backed by Bitcoin, the country’s president said, though he did not elaborate further. In April this year, Touadéra called Bitcoin “universal money.”
The Central African Republic was the second nation in the world to adopt Bitcoin as legal tender, as El Salvador did in September last year. In addition to this, it reported on its plans to create a blockchain system for the tokenization of its precious metals.
Warba Bank opens headquarters in Decentraland and The Sandbox
📍Warba Bank is the first Kuwait-based Islamic bank to enter the Metaverse. The Sandbox and Decentraland are the two blockchain metaverses, based on the Ethereum chain, that were chosen by Warba Bank to make its entry into the digital world.
According to reported For the banking institution, the Metaverse is one of the biggest current trends globally, which will help the entity to digitally transform itself to offer its clients a new range of innovative products and services.
The metaverse will bring Warba Bank closer to new generations, such as Generation Z and Alpha. It will also help strengthen communication channels with its regular customers.
Warba Bank Vice President for Treasury and Support Services Anwar Bader Al-Ghaith also said that the new products the bank will launch through blockchain metaverses will help reflect its image as one of the region's pioneering entities in driving digital transformation.
Other major global banks, such as JP Morgan and HSBC, have also made their entry into the digital world. JP Morgan launched a lounge in the Decentraland metaverse earlier this year for educational and service purposes. Meanwhile, HSBC has purchased a plot of land in The Sandbox to open new virtual spaces for fans of e-sports and video games.
Is a crypto rally expected?
📍JP Morgan strategist Nikolaos Panigirtzoglou believes the worst of the cryptocurrency bear market is about to end. According to Business Insider, JP Morgan strategist published a note to investors noting that the implosion caused by recent events in the crypto market could soon end.
Two of the main reasons What could push the crypto market in another direction are the injection of capital by companies in the industry that are intervening to help others in trouble and stop the contagion, and healthy venture capital investment, which has not seen major variations despite the loss of value of cryptoassets since the collapse of the Terra ecosystem.
Panigirtzoglou said the crypto crash is also putting an end to the “deleveraging that has overtaken the crypto sector in recent months.”
However, despite the strategist's positive forecasts, an immediate recovery of cryptocurrencies in the market is not expected, the media outlet noted.
📍On the other hand, A German bank believes Bitcoin could regain more than 30% of its value this year. Frankfurt am Main-based Deutsche Bank believes Bitcoin's price is likely to follow the S&P 500's rise and recover to $28.000 per unit by the end of this year, according to Bloomberg.
At the time of this edition, Bitcoin is trading at around $19.200 by BTC.
SEC Receives Another Bitcoin Spot ETF Application
📍VanEck tries again with the SEC and submits another application to launch a Bitcoin ETF. US asset manager VanEck has sent a new request to the U.S. Securities and Exchange Commission (SEC) to seek approval for the creation of a Bitcoin exchange-traded fund (ETF).
The SEC recently rejected an application submitted by Grayscale, the world's largest digital asset manager, to convert its Bitcoin Trust (GBTC) investment product into the first spot Bitcoin ETF on U.S. soil.
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