MicroStrategy doubled down on Bitcoin, acquiring another 16.796 bitcoins for its treasury reserve. In Nigeria, the SEC announced new regulations to encourage ethical practices with crypto assets. This and more news in this handy daily summary so you are always informed with those most recent events that happen within the crypto world.
📍The CEO of MicroStrategy, Michael saylor, confirmed that the company has just added 16.796 more BTC to its treasury reserves. With this new acquisition, MicroStrategy's reserve in Bitcoin It amounts to 38.250 BTC, equivalent to approximately $425 million.
MicroStrategy claims that the total purchase price of the bitcoins was $175 million, including transaction fees and expenses. Recently the company announced the possibility of expanding its BTC reserves to more than $250 million, which was the initial investment the company made in the cryptocurrency. However, many did not expect this move to happen so soon.
📍The interest in cryptocurrencies, and digital assets continue to awaken in Africa. In Nigeria, the Securities and Exchange Commission (SEC) announced the launch of new regulations for the control of cryptocurrencies and digital assets. According to the entity's statement, these are not regulations that prohibit the use of crypto assets in the region, but rather regulations that encourage the ethical and appropriate use of digital currencies and allow the development of a transparent, efficient and equitable.
“The overall goal of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately contribute to a fair and efficient market.”
📍Hossein Mozaffari, CEO of the Kish Free Zone Organization in Iran, offers that cryptocurrencies are used to finance the importation of cars into the country. In Iran, mining Bitcoin and other cryptocurrencies is legal, and even the government is developing a strategic plan that encourages the development of this activity, which is why Mozaffari considers it necessary to give appropriate use to the cryptocurrencies that are mined in the territory. The executive's proposal is based on the difficulties that the country has in obtaining foreign currency for the import of cars, so using crypto assets, with known origin and value, is one of the most viable options.
📍Meanwhile, in India, regulators are looking for ways to ban again commercial operations with cryptocurrencies. In the Asian country, the use of cryptocurrencies by citizens increased exponentially this year, so if the new law is approved, more than 1,7 million people will be affected. For its part, the country's government continues its technological development and innovation plans through blockchain and other disruptive technologies. The position the nation is taking is quite similar to that of China, which is developing its own network of blockchain services. BSN, but cannot provide services within the country due to current Chinese prohibitions that prevent the use of cryptocurrencies for commercial activities.
📍In Russia, Sberbank Switzerland AG, a subsidiary of the nation's largest and most important bank, is united a Komgo, a platform based on blockchain technology designed for commodity trade financing. The alliance seeks to strategically address the growing digitalization of trade finance.
📍Center Consortium, the center's consortium announced that Algorand is now the second official blockchain to offer native support for stablecoin USD Coin (USDC). Algorand's blockchain promises significant innovations to the USDC market, especially in relation to the scalability and speed with which transactions are carried out, contributing to the expansion of use cases for the stablecoin in a wide range of financial and payment applications. During the announcement, Silvio Micali, founder of Algorand stated that:
“This launch brings together the convenience of USDC and an advanced protocol for global financial exchange where Layer-1 smart contracts are as simple and secure as ordinary payments.”
📍In a recent report Presented by Chainalysis, the blockchain intelligence firm affirms that Eastern Europe is one of the favorite regions for cybercriminals and malicious actors to carry out illicit cryptocurrency and ransomware activities on the darknet. The report notes that the total volume of transactions made and sent from this region makes Eastern Europe account for more market activity on the global darknet than any other region in the world. It is expected that with the new entity of regulation that the European Union will implement, the illegal use of crypto assets can be mitigated and the correct and transparent use of all digital currencies present on the market is promoted.
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