The cryptocurrency market, devoid of Bitcoin (BTC), remains range-bound with a slight bullish bias. Bitcoin remains ultra-bullish as it attempts to consolidate above the $50,000 level. While writing this article, Bitcoin was trading at $52,537, an increase of 1.4% in the last 24 hours. Ether (ETH) was trading flat at $3,912. XRP has gained 3.5% to trade at $1.35.
Major altcoins, which have gained ground in the past 24 hours, are Polkadot (DOT, $33.96, 0.10%), Tron (TRX-$0.1052, 1.3%), Tezos (XTZ-5.53, 1.80%), Stellar (XLM-$0.4121, 4.6%), Bitcoin SV (BSV-$191.75, 0.3%), ChainLink (LINK-$34.41, 3.50%), Bitcoin Cash (BCH, $780.25, 3.90%), VeChain (VET, $0.1496, -0.6%), IOTA (IOTA-$1.86, 4.40%) and Solana (SOL, $170.75, 21.30%).
Major altcoins, which have lost ground in the past 24 hours, are Cosmos (ATOM, $25.25, -5.10%), Dash (DASH-$253.35, -2.50%), Uniswap (UNI, $29.01, -2.1%), Internet Computer (ICP, $77.61, -7.70%), EOS (EOS-$6.09, -1.10%), Cardano (ADA-$2.81, -2.8%), Dogecoin (DOGE, $0.3049, -3.10), and Polygon (Matic, $1.63, -1.70%).
Government level initiatives
The Republic of Cuba recognizes cryptocurrencies and will set up regulations
The Republic of Cuba has chosen to legally endorse and govern cryptocurrencies. In this regard, on August 26th, the government’s official gazette has published details regarding the recognition. As per the resolution, the Central Bank will set guidelines to track the use of cryptocurrencies on the island. Furthermore, the bank will work towards the provision of licenses to cryptocurrency-related service providers on the island. Notably, the government has made it clear that it will not permit cryptos to be utilized for any unlawful activities.
Following the notice, the country has become the first North American nation to legalize cryptos and set up regulations. The popularity of Bitcoin and altcoins are rising in Cuba, primarily due to prohibitions slapped by former US President Donald Trump. As cross-border remittance between the US and Cuba is very difficult, cryptocurrency seems to be the only alternative.
Bitt wins eNaira development contract from the Central Bank of Nigeria
The Central Bank of Nigeria (CBN) has awarded the CBDC (eNaira) development contract to Bitt, an international financial technology firm with expertise in digital currency solutions. The trial of eNaira is planned to begin in October. The startup played a crucial role in the roll-out of the Eastern Caribbean Central Bank’s CBDC trial in April 2021.
Bitt’s CEO, Brian Popelka, said, “Bitt is proud to partner with the Central Bank of Nigeria to launch the first live retail CBDC in the largest economy in Africa. Digitizing the Naira will benefit the entire Nigerian financial ecosystem.”
Presently, 23.70% of the Nigerian population remains unbanked. This is primarily due to huge fees involved in financial services, travel time, issues with documents proving identity, and even lack of trust in institutions. CBDC, the digital form of cash, would assist in making cash more accessible and pave the way for the population to partake in Nigeria’s budding e-commerce economy.
The CBN also hopes to improve cross-border payment efficiency. Last year, Nigeria’s aggregate remittances totaled $17.20billion. A CBDC may allow quick, straightforward remittance between Nigerians living outside and within the country. Notably, Medici Ventures, the 100% subsidiary of Overstock, administers Bitt, but is currently a limited partnership venture fund.
Private sector initiatives
Rakuten to launch a NFT platform
Japan headquartered Rakuten, also referred to as a digital behemoth, is planning to roll out a non-fungible token (NFT) platform. While the core business is retail with multiple online shopping platforms offering a range of incentives across the globe, the company is also involved in finance and sports.
Notably, the firm is the shirt sponsor and major associate of the popular soccer club FC Barcelona for which Lionel Messi played for a long-time. The firm also sponsors the NBA team Golden State Warriors, Tokyo Open, and the Tennis Davis Cup, in addition to baseball teams, ladies golf, and Rakuten Eagles. Across the globe, the firm has over 1.40 billion registered users, in addition to 100 million in Japan.
Rakuten, in the spring of 2022, intends to roll out a marketplace for users to purchase NFTs in several sectors, including entertainment and sports. Furthermore, the company also aims to club several aspects of its business with NFTs. In fact, the firm has openly stated that it will start offering NFTs as prizes. The company also envisions taking NFTs beyond the crypto community. Rakuten, in a media release, has stated, “We aim to ‘democratize the NFT market’ so that a wide range of users can feel the value of owning NFTs by changing the market environment of NFTs.”
Miscellaneous
Facebook joins ID2020
Facebook is the latest enterprise to join ID2020, a worldwide public-private collaboration established by Gavi, Accenture, IDEO, The Rockefeller Foundation, Microsoft, Mercy Corps, and Mastercard, and many more top-notch firms. The main objectives of the association are to guarantee that individuals take control of their digital identities and also make them compatible with multiple platforms, while maintaining privacy. Facebook-owned brands such as WhatsApp and Instagram have 2.90 billion monthly active users (MAUs).
ID2020 executive director Dakota Gruener said, “[..]. We could not be more pleased to welcome Facebook to our rapidly growing community.”
The onset of the COVID-19 pandemic has paved the way for the creation of digital identity solutions that can ensure privacy. ID2020 established the Good Health pass Collaborative involving over 125 organizations to assist the interoperability of solutions.
As several health pass solutions came into existence, interoperability was urgently needed for airlines and other industries. In this regard, in June, the Good Health pass Collaborative published a draft blueprint for document interoperability and the conclusive document earlier in August.
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