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Bitcoin adoption in Africa grows 1,200% in one year

The continent is the third fastest growing bitcoin economy in the world, driven by retail users looking to save and transfer money.

Bitcoin adoption in Africa has exploded over the past year, increasing by more than 1,200%, according to a report from Chainalysis.

The increase in activity in the region has been driven by retail investors who turn to Bitcoin every day to save, send remittances, and conduct peer-to-peer (P2P) transactions.

Artur Schaback, COO and co-founder of the P2P exchange Paxful, told Chainalysis that his platform has seen strong growth in African countries over the past year, especially 57% in Nigeria and more than 300% in Kenya.

In fact, Africa has the highest volume of P2P bitcoin exchanges in the world, as citizens often face banking restrictions at centralized bitcoin entry points.

The ability to buy and use Bitcoin on P2P markets without authorization has also allowed African citizens to bypass government transfer restrictions and move more funds across borders. In 2019, sub-Saharan Africa received at least $ 48 billion in remittances, according to a study by the Brookings Institute. In addition to remittances, Schaback also said that Bitcoin enables African merchants to conduct international business transactions more efficiently.

Users turn to P2P marketplaces to buy Bitcoin and pay for the goods they want to import, which is more efficient than using the traditional banking system. “If you are working with a partner in China to import goods for sale in Nigeria or Kenya, it can be difficult to send enough fiat currency to China to complete your purchases,” Schaback said. “It is often easier to buy Bitcoin locally on a P2P exchange and then send it to your partner.”

The Nigerian government has attempted to respond to the growing awareness and use of Bitcoin on its territory by announcing plans to develop e-naira, its central bank digital currency (CBDC). However, according to Adedeji Owobi, CEO of blockchain consultancy Convexity, citizens have not shown much interest and can continue to use the far superior cash that is Bitcoin. “Last week, at a Nigerian crypto users’ clubhouse, I asked the group if they would use e-naira if the central bank introduced it,” Owonibi told Chainalysis. “

The overwhelming majority of participants said no because they expect the same instability and management problems with Naira today.” Bitcoin and Lightning together have the potential to endow not just Africans, but people around the world with healthy money, financial freedom, and individual sovereignty – achievements that would actually undermine CBDC.

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London-based investment firm launches new vertical for digital asset investments

Brevan Howard Asset Management LLP made two major announcements today, outlining its future plans for cryptocurrency expansion.

First, the hedge fund hired Colleen Sullivan to lead its crypto vertical. Second, it is launching a new vertical for investments in digital assets. These are important announcements to optimize your cryptocurrency venture capital and private investment activities. CEO Aron Landy said in a statement:

«La croyance de Brevan Howard dans l’immense diversité des opportunités au sein de l’espace des actifs numériques et l’importance de cela pour les macro-investors à long term is the raison pour laquelle nous sommes ravis d’accueilir Colleen au sein of the society “,

Prior to her association with Brevan, Sullivan was a co-founder, CEO and partner of Chicago-based CMT Digital.

Her division focused on crypto asset trading, blockchain technology investments, as well as legal and political engagement in the vertical sector. And now that the hedge fund is looking to expand into the same tech vertical, it has also introduced a specialized division called BH Digital. In early April, the UK fund allocated 1.5% of its $ 5.6 billion fund to digital assets. Also, in addition to Bitcoin, it has already delved into other liquid tokens and crypto startups. Even before these announcements, founder Alan Howard had already made personal investments in crypto.

He is said to have owned a 25% stake in One River Asset Management and he is said to have interests in crypto companies like Copper. co. and Elwood.

The former CEO reportedly has at least nine investments in crypto companies. Lately, many hedge funds like Tudor Investment Corporation and Third Point are reviewing the crypto waters. As recently as last week, Bain Capital Ventures (BCV) submitted an application for a crypto-focused fund called BCV Crypto Fund I, L.P.

Why the Increase in Hedge Fund Investments A PwC 2021 report on global hedge funds explains why. The main reason most hedge fund managers gave for including digital assets was “general diversification.” Aside from that, “exposure to a new value-creating ecosystem” and its ability to “hedge against inflation” were other reasons for the growing popularity of cryptocurrencies among hedge fund investments.

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Croatian e-bike company Greyp Bikes integrates payments with cryptocurrencies

Greyp Bikes, a company founded by Croatian entrepreneur and innovator Mate Rimac, has integrated encrypted payments into their online invoicing system.

Thanks to a partnership with payment service provider Paycek, all of its high-tech cycling products can now be purchased in nine different currencies. Greyp Bikes accepts cryptocurrencies for its electric bikes Greyp Bikes from Croatia has taken a new step towards becoming one of the technological leaders in the world of cycling.

The company introduced support for payments with nine major cryptocurrencies through a partnership with Paycek, the country’s leading crypto payment processor: BTC, ETH, BCH, XLM, XRP, DAI, EOS, USDT, and USDC. Recently he announced: Greyp News everyone!

Cryptocurrencies can now be used to directly purchase Greyp bikes. “Greyp has always been at the forefront of technology in the cycling world, so this was the next logical step in the development of the brand,” added high-performance e-bike maker Sveta Nedelja. The company also noted that customers could purchase their bikes using cryptocurrency before partnering with Paycek, but crypto payments are now simplified and fully integrated into the online payment process on its Greyp website. .com have been integrated. Paycek is a platform developed by Croatian financial technology startup Electrocoin. The payment processor has already helped other local businesses accept cryptocurrencies.

More than 45 Tifon gas stations in Croatia launched crypto payments through Paycek earlier this year, while Electrocoin allowed the Croatian publication to offer a crypto exchange service at their post offices two years ago. . “This decision should come as no surprise to anyone who is watching what Livno-born entrepreneur Mate Rimac does with both his cars and bikes,” commented the information portal Total Croatia in its report on Greyp’s decision. integrate payments with crypto-currencies. The Croatian businessman founded Greyp Bikes in 2013 as a sister company of Rimac Automobili, an electric sports car maker he founded in 2009.

The automaker is now partly owned by Porsche and Hyundai from VW group. In July, Porsche and Rimac announced the creation of a joint venture that will include Volkswagen’s high-performance brand Bugatti. Greyp’s integration of cryptocurrencies is not the only such example in the bicycle industry. British company Toba Electric Bikes, which sells electric bikes of the Spanish brand BH, introduced support for BTC and BCH payments and in 2019 in collaboration with the targeted trading platform Cryptophyl. launched its own utility token in SLP.

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Crypto Mining must be registered and imposed in Russia, said the President of the Financial Markets Committee

Extraction of cryptocokence must be recognized as a company and tax imposing as such, according to Anatoli Aksakov, the Chairman of the Financial Markets Committee of the Parliamentary Russian Federation. The legislator also thinks that the Russian regulation of digital currency must refine.

Changes that can influence mines, taxes, the definition of digital currency.

Discussion on the coming changes in digital currency legislation in Russia, the Chief of the Financial Markets Committee in the State Duma, Anatus Aksakov, expressed his view that Cryiptomoderencia Mining must be added to Russian business activities and to impose more.

The treatment of the mining of the encryption and the taxation of related cryptocurity transactions is one of the areas that will probably be affected by the statutory changes during the fall session of the Russian Parliament. In conversation with the press agency TASS on the limit of the Moscow Financial Forum this week, Aksakov has developed:

As it is a kind of commercial activities, of course, it is necessary to enter the recording, assign a corresponding code and the introduction of taxes.

The member was positive that the changes in terms of digital currencies are to be expected, as Duma has already adopted the first reading law which deals with the imposition of the “Encryptic fact”. At the beginning of this month, the Chairman of the Committee on Legislation, Pavel Kracheninnikov, Interfax said he’s waiting for the law to reach the Underhouse’s soil in the coming months.

Anatoly Aksakov also pointed out that the use of the legal concept related to cryptocurences, as defined, leads to confusion. The concept of “digital currency” to a digital currency of the Central Bank (CBDC), which can be obtained from the Bank of Russia, but it can also be understood as cryptomocurencie, explained the legislator. Aksakov thinks that both must be clearly distinguished.

The Chairman of the Financial Markets Committee emphasized that more discussion, which means “digital currency” needed to determine. Although cryptocurence is known as a digital currency in Russian law, Aksakov stated that it was used as a financial and financial asset instrument for investment purposes and not as a means of payment.

The high-end member of the Russian Parliament added that the Russian Bank should also be set on a digital ruble for the problem and to obtain publishing. The monetary authority announced a plan to digitize the national currency of FIAT last October. The Central Bank will prepare a prototype of the CBDC at the end of this year.

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Major Korean exchanges secure name account agreements with local banks

Major cryptocurrency exchanges in South Korea have reached agreements with Korean banks to continue issuing real name accounts, media announced.

The agreements, even if they are not yet permanent, will allow trading platforms to register with tax authorities before the September 24 compliance deadline.

Bithumb, Coinone and Korbit have partnerships with Korean banks Banks have reportedly agreed to continue issuing real name accounts on major digital asset exchanges in South Korea.

The agreements have yet to be finalized, but the confirmations received will allow the forex trading platforms to complete their registration with the country’s tax authorities before the regulatory deadline expires at the end of this month. On Wednesday, a spokesman for Nonghyup Bank announced that the institute had agreed to renew agreements to issue real-name accounts for traders Bithumb and Coinone.

According to a report by Korea Jongang Daily, the agent confirmed that the bank will provide the exchanges with the necessary documents to finalize their contracts. The current agreements with the two crypto platforms are expected to expire on September 24th, when the new, stricter industry regulations passed in March are enforced.

While the previous contracts were renewed every six months, this time the bank refused to disclose the terms of the last contracts, the English edition of Joongang Ilbo noted. In this regard, Shinhan Bank announced that it will continue to issue real name accounts for Korbit, another leading Korean exchange. However, the bank noted that the confirmation does not mean that the contract with the crypto company has been officially renewed.

The document was released for the exchange to continue its registration process, a spokesman explained, and further details: The partnership renewal will be announced before the September 24th deadline, but for now we will be canceling it for later.

According to the Korean newspaper, the statement suggests the bank is considering potentially expanding its partnership with Korbit but will likely wait for the exchange to be registered with the Financial Services Commission (FSC). The post cites another source as saying that the final announcement will likely be “last minute”. The current contract expires after September 24th. Korea’s four largest cryptocurrency exchanges will continue to operate under stricter rules Registration with the Korea Financial Intelligence Unit (FIU), an anti-money laundering agency under the FSC, is an important requirement for the country’s current crypto regulations.

To enroll, Korean exchanges must not only partner with a bank to implement the real name account system, but also obtain an Information Security Management System (ISMS) certificate from the Korea Internet and Security Agency. The country’s four major crypto trading platforms have now successfully met both conditions. Upbit, the largest volume of transactions, was recorded last month.

The Korean online bank K Bank provides real-name accounts for the platform. However, the entire registration process can take up to three months. During that time, the financial regulators will review the filing and approve the application, the FSC noted earlier this week. In addition to Upbit, Bithumb, Coinone and Korbit, 17 other exchanges have also received ISMS certification, according to an article in the Chosun Ilbo newspaper.

However, small cryptocurrency trading platforms struggled to convince Korean banks to provide them with the necessary services under the revised Special Fund Act. 59 Exchanges have not yet met the requirement and may have to close after the stricter rules come into effect.