This week’s top-5 stories curated to catch up with the crypto world

SA to accept crypto as asset class Central banks face key decisions on digital currency
Bitcoin and Crypto Market News Friday, July 15, 2022 - 20:16

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Crypto lender Celsius Network has filed for bankruptcy, making it the third high-profile crypto firm to do so in the past two weeks. The firm joins Three Arrows Capital as well as another lender, Voyager Digital, on the list of major crypto firms filing for bankruptcy protection. Despite the daily ups and downs the industry faces, it is expanding. From Polygon entering the Disney Accelerator Program to develop AR, NFT, and AI to digital assets-based fintech startup Fasset Technologies partnering with payments giant Mastercard to drive financial inclusion in Indonesia and more... Read on.

South Africa to regulate crypto as financial asset

South Africa's Reserve Bank (SARB) announced that it will start regulating cryptocurrencies as financial assets and not currencies in the next year. 

According to the Deputy Governor of SARB, cryptocurrencies, specifically Bitcoin, provide numerous advantages to the monetary system.

Crypto exchanges anticipate that this step would accelerate in the country as the cryptocurrency space has been left to develop organically in South Africa, with no clear-cut regulations issued by the SARB until recently. 

With an estimated six million South Africans owning cryptocurrencies, the nation has emerged as a pioneer in the adoption of cryptocurrency.

South Africa’s National Treasury budget review published in February 2022 formally introduced the move to declare cryptocurrencies as financial products. The state also plans to enhance the monitoring and reporting of cryptocurrency transactions to comply with exchange regulations in the country.

Central banks face key decisions on digital currency

International agencies are advising central banks to consider interoperability early in the design of central bank digital currencies (CBDCs). Central banks will have to take essential decisions on cross-border access for a digital version of their currency to serve as a means of payment effectively, a committee at the Bank for International Settlements said.

The Bank for International Settlements, the International Monetary Fund, and the World Bank urge that CBDCs should be programmed in advance to avoid interoperability issues. 

A recently released report looks at three options for cross-border interoperability that address challenges including high costs, low speed, limited accessibility, and the lack of transparency.

International collaboration on CBDC design is necessary to overcome cross-border payment challenges, and many CBDC design features remain undecided in the numerous CBDC projects currently underway.

Disney Accelerator Program to develop AR, NFT, and AI 

Media and entertainment giant Disney announced the 2022 participants of its accelerator program which begins this week. The only blockchain-based platform chosen from the six companies is Polygon.

Previously known as Matic Network and rebranded in 2021, Polygon is a scaling and interoperability framework for building Ethereum-compatible blockchains that seek to address some of Ethereum's significant limitations.

This is a business and development program designed to spur the growth of innovative companies around the world. The company is looking to develop new technologies in augmented reality (AR), non-fungible tokens (NFT), and artificial intelligence (AI).

Each participating company will receive direction from Disney's top leadership team as well as a committed executive mentor throughout the program.

Participants will receive investment funding, access to co-working space on the entertainment giant's creative campus in Los Angeles, and mentorship from Disney executives, entrepreneurs, investors, and industry experts in the entertainment and technology sectors.

Hyundai reveals Metaverse plans with NFTs and virtual products

South Korea's car giant Hyundai has dived deeper into the Metaverse, unveiling its metaverse plans with NFTs and virtual products. According to a recent tweet posted by trademark attorney Mike Kondoudis, Hyundai is planning to offer non-fungible tokens (NFTs) and publish NFT-backed content for the media.

In addition, the car giant company shall also issue Hyundai virtual products like toys for simulation and virtual reality, sports equipment, headgear, clothing, sports gear, footwear, eyewear, pictures, and work of art.

However, this is not Hyundai's first foray into the NFT industry. In April, it joined other renowned car manufacturers like Mercedes-Benz, by issuing its own NFTs by creating a community-based collection, setting it apart from its competitors.

Mastercard partners with Fasset to drive financial inclusion in Indonesia

Global payments platform Mastercard has partnered with Middle Eastern global digital asset gateway, Fasset, to expand its financial services to Indonesia.

The collaboration aims to expand financial inclusion in the country and extend opportunities to its local economy. According to reports, there are currently over ninety-two million unbanked people in Indonesia, and the collaboration between Mastercard and Fasset aims to use the digital asset market in furtherance of financial inclusion goals.

Indonesia currently leads in cryptocurrency ownership worldwide in terms of percentage adoption. According to a survey conducted by crypto platform Gemini, 41% of surveyed participants in Indonesia own digital assets.

Mastercard also expanded its network for nonfungible token (NFT) markets recently. 

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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.

 

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