Hello, crypto enthusiasts! Welcome back to the Coin Bureau, your reliable resource for everything crypto news. Today, we’re taking you across three continents and to the depths of the ocean, deviating from the usual US-centric news to keep you in the loop of the global happenings. Buckle up as we embark on an exciting journey!
Binance, Nigeria, and a Regulatory Misunderstanding
Let’s start with an unusual yet amusing twist in crypto regulatory news surrounding Binance and Nigeria.
Amidst rumors of the US SEC cracking down on Binance, Reuters broke news suggesting Nigeria’s Security and Exchange Commission (SEC) had banned Binance, the global crypto giant. However, the truth was slightly different. It turns out the SEC had banned Binance Nigeria Limited, an unrelated and unregulated company set up by an enterprising individual, Ahassan Ifsal Mugal Esquire.
Nigeria reportedly has 22 to 32 million crypto users, representing 10-15% of the population, despite the Central Bank's 2021 ban on commercial banks servicing crypto exchanges.
If you thought this incident was amusing, don’t be surprised! As they say, “only in crypto!”
The Central African Republic and its Bitcoin Journey
From Nigeria, we move to the Central African Republic (CAR). CAR had once made headlines for being one of the few countries to legalize Bitcoin as legal tender. However, due to its persisting civil war and lack of infrastructure, including internet access, the decision was repealed this March.
The CAR’s story is a stark reminder: while cryptocurrencies can provide financial access to unbanked populations, they cannot overcome fundamental infrastructure challenges alone.
EU’s Big Bet on Blockchain
Next on our global crypto news expedition is Europe, where the European Commission announced the launch of a new body —the European Digital Infrastructure Consortium (EDIC)— to oversee the creation and implementation of a blockchain bridging the gap between European citizens and public services.
This new body is to integrate various public applications ranging from digital identities and wallets to tracing and verifying goods, and even storing licenses to ensure easy transfer between countries.
Though this initiative is a step forward for the EU, the EDIC is expected to be functional only by 2024. So we have to hold our horses before celebrating this victory!
UK’s Regulated Crypto Future
Moving on to the UK, the Financial Services and Markets Bill (FSMB) recently passed by the Upper House of Parliament has created waves in the crypto world. The bill, which includes proposals to regulate not only stable coins but all cryptocurrencies, could make the UK a favorable destination for crypto enterprises. If approved, specific rules for the crypto sector could be enforced within 12 months.
Venture capital giant Andreessen Horowitz lauded UK’s move:
"While there is still work to be done, we believe that the UK is on the right path to becoming a leader in crypto regulation."
Trial of Doe Kwan in Montenegro
Away from regulation, we draw our attention to the ongoing trial of Doe Kwan, the brains behind the $40 billion collapse of Terra, UST, and Luna.
Despite the higher-than-normal drama associated with this case, including forged Costa Rican passports and accusations of multibillion-dollar crypto asset securities fraud, the final verdict is yet to be delivered.
Charles Hoskinson: On a Quest for Alien Remains
Lastly, we delve into the more intriguing realm of interstellar exploration, with Charles Hoskinson, the creator of Cardano, bankrolling an exciting expedition.
Hoskinson is part of a team looking for an unidentified celestial object that supposedly crashed near Papua New Guinea’s coast in 2014. The object’s discovery could potentially answer one of life’s greatest questions—whether there is or was intelligent life beyond Earth.
Certainly an unusual adventure for a crypto pioneer, but then, only in crypto!
So there you have it! A quick roundabout of the exciting and intriguing global happenings in the crypto world. From Nigeria to interstellar expeditions, we’ve got it all covered. Join us next time for more global updates!