Jamaica's central bank announced it will launch a pilot to test its CBDC next month, while in Argentina, Congressman José Luis Ramón is introducing a bill to pay salaries in Bitcoin. These 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.
Bitcoin and Blockchain Adoption
📍Visa CFO Vasant Prabhu notes that more and more people are using cryptocurrencies in their everyday lives. In a interview On CNBC, Prabhu revealed that Visa crypto card users have spent close to $1.000 billion so far this year on common purchases. Instead of fiat money, Visa crypto card users have spent $XNUMX billion on cryptocurrencies, are using their digital assets to pay in stores. Prabhu also pointed to Visa’s efforts to create an ecosystem that makes cryptocurrencies more usable every day.
📍A survey conducted by Nickel Digital Asset Management indicates that 80% of institutional investors want to continue investing in cryptocurrencies. The cryptocurrency management fund interviewed 100 wealth managers, hedge funds and institutional investors, of which 80% said they will expand their crypto investments in the next 2 years. According to the data, only 7% want to reduce their crypto investments and 1% want to sell all their digital asset holdings.
NFT and DeFi Markets
📍Data provider Dune Analytics revealed that NFTs have reached $2.500 billion in sales so far this year. According to figures from the supplier, cited by Reuters, the market for non-fungible tokens (NFT) reached a sales volume of $2.500 billion during the first half of 2021. On OpenSea, one of the most important NFT markets in the industry, the sales volume of non-fungible tokens reached a record last June, despite the general fall of cryptocurrencies.
📍Israeli President-elect Isaac Herzog will be sworn in as an NFT. According to informs According to local media, the government wants to commemorate the swearing-in of the newly elected president, son of Chaim Herzog, the country's sixth president, with an NFT showing the oath signed by his father when he took over the presidency of Israel in 1983. Isaac Herzog will also receive a copy of the oath signed by Chaim Herzog to display in his office.
CBDC and Central Banks
📍The Bank of Jamaica (BOJ) has announced that it will launch its CBDC pilot in August. BOJ Governor Richard Byles shared details of the pilot that the bank will begin implementing next month. According to a local media outlet, the BOJ will begin with a service test at its CBDC in all banks and financial institutions in the country. The pilot test, which will run until December, will allow for the analysis of the digital infrastructure and technical aspects involved in the issuance of a digital currency.
The bank governor also noted that the issuance and distribution of the CBDC digital currency will be fully integrated with the financial market infrastructure, or the Real-Time Gross Settlement System (RTGS), used by banks in the country.
Events
📍Blockchain Summit Latam and its weekly space “#bslAnalisis” organize the “Bitcoin in Paraguay, Hype or reality?” to discuss Paraguay’s crypto ecosystem. The Organization announced that the event that takes place virtually this Thursday, July 8, is focused on discussing the new legislation that the South American country is considering for the adoption of bitcoin and cryptocurrencies. The idea is to understand and analyze how the bitcoin ecosystem in Paraguay is currently doing, after the boost that El Salvador gave to the region with the approval of the Bitcoin Law.
Cristóbal Pereira, CEO of Blockchain Summit Latam, and Joaquín Morinigo from CriptoPy will participate in the event.
📍LYT21, which will take place on September 29, will focus on new technologies such as blockchain. The LYT21 event, which focuses on technology and logistics, has said that it will feature blockchain, artificial intelligence and the Internet of Things (IoT) as its main themes. LYT21 will be held online and free of charge, so anyone can participate.
Development and Technology
📍Blockchain infrastructure provider Alchemy comes to Ethereum's Polygon network. The provider, which calls itself the Amazon Web Services of the ecosystem blockchain, wants to build its solutions and services much more quickly and effectively using layer 2 of Ethereum, via Polygon. This scalability solution has gained great popularity this year, for offering developers a more effective and accessible digital ecosystem for the creation of decentralized applications (Dapps) interoperable with other networks.
Rules and Regulations
📍Argentine deputy José Luis Ramón has submitted a bill to the Argentine Chamber of Deputies to promote the use of Bitcoin in the country. On his Twitter account, the congressman said that he brought before the House a bill designed to give employees and service exporters the option of collecting their salary, in whole or in part, in cryptocurrencies such as bitcoin.
According to the report, the bill seeks to enable workers and exporters to strengthen their autonomy and preserve the purchasing power of their wages. Currently, the South American nation is facing a severe economic crisis. The possibility of receiving payments in bitcoin will be completely optional, if the bill is approved.
📍Russian Prosecutor General, Igor Krasnov reported that the country is preparing a new law that will allow it to confiscate cryptocurrencies and digital assets in cases of corruption and bribery. According to statements According to the Attorney General, the Russian nation wants to minimize the criminal and delinquent use of crypto assets in the country, noting that these have become sources of income for organized crime.
📍The Global DeFi Coalition calls on the FATF not to stifle decentralized finance, but to allow for self-regulation of the industry. The growth of DeFi In the past year, the Coalition has sparked great interest among regulators around the world. The Financial Action Task Force (FATF) wants to regulate the ecosystem considering the potential risk of financial crimes and illicit activities. However, the Coalition has proposed that the regulator allow self-regulation, so as not to undermine the innovation of this financial ecosystem.
The global organization, made up of more than 350 companies in the digital industry, presented a Valid identity document where it proposes the implementation of pragmatic and enforceable rules within DeFi, accepting the KYC standards applicable to the protocols. The Global DeFi Coalition also calls on the FATF to maintain a constant dialogue with the decentralized ecosystem, to understand the unconventional and cutting-edge functioning of this ecosystem and to adjust its regulations without stifling its future development.
Continue reading: Tim Beiko proposes August 4 as the date to activate London on Ethereum
