Central African Republic adopts Bitcoin as legal tender

Bitcoin

The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as legal tender, following on from El Salvador's decision in September last year.

Despite being rich in mineral wealth, CAR is one of the world’s poorest countries and has suffered from decades of conflict.

According to DataReportal, CAR has the lowest internet penetration rates of any country in the world – excluding North Korea – at just 7.1%. As such, the incentives...

EU Parliament passes proposals to hinder cryptocurrency privacy

EU flags outside the EU headquarters.

European Union (EU) lawmakers have supported controversial proposals to outlaw anonymous crypto transactions.

More than 90 lawmakers from the EU Committees on Economic and Monetary Affairs (ECON) and on Civil Liberties, Justice and Home Affairs (LIBE) voted in favour of the measures.

The new rules would extend anti-money laundering requirements that apply to conventional fiat payments over EUR 1,000 to the European crypto sector.

However, they would also remove...

Australian competition watchdog sues Meta over crypto scam adverts

Facebook (Meta)

The Australian Competition and Consumer Commission (ACCC) is suing Meta for allowing alleged scam advertisements for cryptocurrency investments.

Australia’s competition watchdog said the adverts used local celebrities and fake media articles to promote and endorse their schemes.

Entrepreneur Dick Smith and television presenter David Koch were amongst the Aussie celebrities used to trick users into trusting the promotions, despite having never personally approved...

Ukraine legalises crypto sector as donations for defence reach £75m

Russian Invasion of Ukraine

Ukraine has passed a law that establishes a legal framework for cryptocurrency in the country.

The virtual asset bill passed through the Ukrainian Parliament last month and was signed into law by President Volodymyr Zelenskyy on March 16.

Since raising more than £10 million from posting crypto wallet addresses on its official Twitter account in February, the Ukrainian government has been at full throttle trying to make the most of international crypto...

Biden executive order on cryptocurrency to land this week

US Dollar

President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark a major step in the United States’ regulation of digital assets, according to Bloomberg.

The move comes amidst mounting concerns over Russia’s use of cryptocurrency to dodge the sanctions resulting from its invasion of Ukraine.

Treasury secretary Janet Yellen said: “We will continue to look at how the sanctions work and evaluate whether or not there are liquid...

Ukraine government raises £10m after posting crypto addresses on Twitter

Ukraine Flag

The government in Ukraine has raised more than £10 million through thousands of crypto donations after posting wallet addresses on Twitter.

In a less than conventional crowdfunding method, the country’s official Twitter account has made public two addresses, one for Bitcoin and another for Ether and Tether, a stablecoin pegged to the value of the US dollar.

https://twitter.com/Ukraine/status/1497594592438497282

Since February 26, said wallets have netted more...

Vitalik Buterin criticises Canada’s protest response as “dangerous”

Canada Trucker Protests

Decentralised blockchains are not all about being the “Wild West” of the technology industry. In many ways they can keep governments in check and “bring the rule of law back”, says Ethereum founder Vitalik Buterin.

Buterin, who grew up in Canada, laid out his position on governments overstepping their authority in response to Ottowa’s trucker protests during a Coindesk interview at the ETHDenver conference.

Truckers have spent the better part of a month...

India announces digital rupee rollout and 30% crypto tax

Taj Mahal, India

India is carving out its central bank digital currency (CBDC) plans with a digital rupee launch set for the coming financial year, as well as a 30% crypto tax.

In Tuesday’s speech on the upcoming year’s budget, Indian finance minister Nirmala Sitharaman confirmed the launch of a CBDC by 2023 to boost economic growth.

“Introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and...

China pilots national blockchain development initiative

Central Bank of China

The Cyberspace Administration of China (CAC) has launched a national initiative to encourage blockchain development and innovation across a number of regions and industries, according to Cointelegraph.

In a notice, the CAC and other government agencies called for the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and...

Bank of America expects US CBDC launch between 2025 and 2030

US Dollar

The Bank of America (BoA), the US’ second largest bank after JPMorgan Chase, believes a central bank digital currency (CBDC) for the US dollar is “inevitable”, Bloomberg reports.

According to BoA digital asset strategists Alkesh Shah and Andrew Moss, CBDCs represent the next step in the advancement of electronic currencies.

The bank expects a digital US dollar to be rolled out between 2025 and 2030.

Plans for an American CBDC have been bubbling to the...