Paraguayan congressman Carlos Rejala officially presented his bill to regulate the cryptocurrency industry to the country's National Congress on Wednesday. These and more news are in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Swiss company ShapeShift wants to become an open and decentralized company. ShapeShift CEO Erik Voorhees said that for decentralized finance to be truly open and immutable, it needs organizations that maintain these same characteristics. Voorhees noted that ShapeShift is highly committed to decentralization, which is why it will be dissolving its entire corporate structure. The company will evolve towards a community-owned cryptocurrency platform, governed by the community itself.
CBDC and Central Banks
📍The vice president of the United States Federal Reserve (FED), Randal Quarles, believes that the issuance of a CBDC may be “redundant.” Quarles stated that stablecoins are not assets to be feared, so the creation of a CBDC for the dollar may not be so indispensable for the United States. In the past, Quarles has saying that stablecoins can expand the potential of the current payment system, while the potential benefits of a Federal Reserve CBDC are not entirely clear.
On the other hand, Jerome Powell, president of the FED, said The Federal Reserve will release its first report on CBDCs, stablecoins, and cryptocurrencies in general next September. The report is expected to outline the advantages, benefits, risks, and implications of issuing a CBDC for the dollar, as well as the role of the United States in the cryptocurrency industry.
NFT and DeFi Markets
📍Uniswap comes to the Optimistic Ethereum mainnet. This Wednesday, Uniswap, the protocol DEX most important of the ecosystem DeFi, reported that its V3 iteration had been integrated with Ethereum's scalability network, Optimistic, in alpha release. release indicates that the integration will help it optimize its performance and surpass traditional user experiences. It will also help DEX users save much more on fees, as transaction fees will be much cheaper and more accessible thanks to Optimistic.
Development and Technology
📍Colombia is advancing as one of the Latin countries most focused on the cryptocurrency industry. The Latin American nation is implementing a regulatory sandbox, which allows several national banks to experiment with cryptocurrency financial services, under the supervision of the Financial Superintendence of Colombia. The sandbox is also helping regulators evaluate regulations for the industry. Even the Mayor's Office of Bogotá, capital of Colombia, is developing a project to implement blockchain technology and ensure transparency in the management of resources. This Wednesday, the Blockchain Summit Latam made a new episode of the #bslAnalisis program to learn about all the advances of the regulatory Sandbox in the country.
He too Ministry of Information and Communications Technology of Colombia presented a project, next to the innovation laboratory of the Interamerican Development Bank, IDB Lab, to promote the adoption of blockchain in the public sector, as a tool that will contribute to the fight against corruption.
Rules and Regulations
📍Paraguayan deputy Carlos Rejala officially presented the bill for cryptocurrencies in the country. On Twitter, Rejala noted that there are high expectations regarding this bill regulating cryptocurrencies in Paraguay. The deputy noted that once the bill is approved, the country will position itself as a leader in Bitcoin and other cryptocurrencies mining in a sustainable and sustainable manner; he also indicated that the cryptocurrency bill will also help boost Paraguay's financial and technological development and innovation, making it a world-class nation.
Although the creation of a favorable law for bitcoin and cryptocurrencies in Paraguay was one of the most anticipated regulatory projects by the crypto community, after the approval of El Salvador’s Bitcoin Law, many now point out that they are confused about the objectives of this project. First, the proposal indicates that neither bitcoin nor other cryptocurrencies will be legal tender in Paraguay; therefore, the country’s Central Bank does not recognize them as a form of money. Paraguay is focusing on the regulation of crypto mining activity and the marketing of digital assets.
📍Three new Chinese provinces announce bans on Bitcoin and cryptocurrency miners. Henan, Gansu and Anhui are joining China's crackdown on cryptocurrency mining activity in the country. Local authorities said the measures against miners are intended to ensure energy supplies for their populations in order to avoid a deficit in the coming years. With these measures, pronouncements, there are now 8 provinces in China that have asked cryptocurrency miners to disconnect their equipment and abandon activity in their regions.
📍In Japan, Aichi police authorities arrest members of the “Oz Project” scam. Those arrested by the Aichi police were promoting Project Oz, through events and conferences, as a financial investment platform where users could double their investments in less than 4 months, using cryptocurrencies and Artificial Intelligence (AI).
According to report According to Asahi Shumbum Digital, the scammers received their victims' investments in local currency, the Japanese yen, then transformed them into cryptocurrencies and managed them through an AI platform, which carried out automatic operations, to multiply the investments and offer the supposed returns to the victims. However, several lawsuits for fraud from investors, who never received the promised returns or their investments, alerted the authorities, who carried out an investigation determining that it was a pyramid scheme. The Project Oz scam managed to collect nearly 6.000 billion yen, with an average value of 55 million dollars, from about 20.000 victims across the country.
Cybersecurity
📍Those affected by the latest ChainSwap hack will be compensated by the protocol. The developers of the DeFi protocol ChainSwap reported The platform announced that users affected by the hack that the platform suffered a few days ago, in which it lost $8 million of its liquidity, will be compensated. The protocol will also launch a new audit program to correct all its errors and security flaws, in order to guarantee the security of investors and their funds. ChainSwap was also the victim of a similar exploit earlier this month, in which it lost $800.000. Users affected in that first hack were also compensated by the platform.
Continue reading: Brazil gives the green light to the first Ethereum ETF in the country and in Latin America
