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The potential of the crypto ecosystem has shone through the cracks of inflation and collapsing market, even though 2022 proved disastrous for investors. Despite the setbacks, the industry has remained hopeful for what the coming year may offer. Here are some of the top stories from the crypto industry this week to start the year off right!
Australia becomes 4th largest crypto ATM hub
Australia overtakes El Salvador to take over as the fourth-largest hub for Bitcoin ATMs. Australia recorded 219 ATMs heading into 2023, whereas El Salvador, the first nation to legalise Bitcoin, has fallen even another position in terms of total crypto ATM installations.
At this rate, Australia will likely surpass Asia's current estimate of 312 crypto ATMs. The total number of crypto ATMs worldwide is 38,602, out of which 6,071 ATMs were installed in 2022 alone.
Currently, Spain is the third largest crypto ATM hub with nearly 226 crypto ATMs. The United States tops the charts with the highest number of crypto ATMs, followed by Canada.
Indonesia to launch national crypto exchange in 2023
Indonesia aims to launch a national cryptocurrency exchange in 2023 as part of its regulatory reform, with plans to bring regulatory scrutiny by the Financial Services Authority (FSA).
This reform involved moving regulatory oversight over the industry in the country. Before the reform, Bappebti, a commodities-focused agency, had jurisdictional power over the cryptocurrency space in Indonesia.
Alongside the introduction of a national cryptocurrency exchange, Indonesia is also working on the introduction of a Central Bank Digital Currency (CBDC). With this, Indonesia aims to embrace cryptocurrency and provide related services for citizens of the country.
Indian Government to launch Crypto Awareness Campaign
The Indian government is set to launch a crypto awareness campaign conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs.
Centre has been working on a crypto policy since 2019 but nothing has been concluded. Indian Finance Minister Nirmala Sitharaman said the government plans to discuss crypto regulations with the G20 members.
Despite having no regulatory framework for digital assets, the Indian government is taxing crypto income at 30% and has imposed a 1% tax deducted at source (TDS) on crypto transactions.
Turkey to use blockchain-based digital identity for online public services
The Turkish government intends to use blockchain technology for Turkeyâ€™s digital government portal E-Devlet, which is used to access a wide range of public services.
This will guarantee that only verified users can access the portalâ€™s valuable services, allowing citizens to take advantage of the governmentâ€™s offerings safely and securely.
Vice President of Turkey, Fuar Oktay, during the Digital Turkey 2023 event revealed that citizens will now be able to use blockchain-based digital identity to access e-wallet applications.
Turkey has been very involved in blockchain-based projects over the years, but very few have come to culmination. The country announced the plan in 2019 for a national blockchain infrastructure.
Polygon eclipses BNB Chain in transactions
Polygon has overtaken BNB Chain as the most used smart contract blockchain recording more transactions than BNB Chain over December 2022.
Polygon processed over 99 million transactions compared to BNB Chainâ€™s 98 million last month. Although Polygon has achieved this feat twice in 2022, BNB Chain has been racking such numbers for years. This is a significant achievement for Polygon, as it indicates the robust demand for its platform and the trust that users and developers have placed in it.
Polygon, previously known as Matic Network, is a blockchain platform that aims to make it easy for developers to build and deploy decentralized applications.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.