More adoption use cases in Argentina, a stablecoin for Asian emerging markets, BoK against crypto, regulations from Venezuela, Russia hodling gold, arguments as for Moshe Hogeg's Stox whitepaper, OSC to allegedly interfere with the QuadrigaCX case, Italy to digitalize municipal routine
- Argentina enables locals to top up public transport SUBE cards with BTC. The cards are prepaid magnetic cards, available for purchase all over the city. This project is made possible by integrating Alto Viaje’s loading services with fintech startup Bitex.
- IBMR introduces macroeconomic stablecoin, ARCC, for Southeast Asian emerging markets. The International Blockchain Monetary Reserve (IBMR) announced the launched of the Asia Reserve Currency Coin (ARCC) with a ‘social proof-of-work’ network, which substitutes mining with electricity with mining by means of socio-economic participation through a mobile app.
- South Korea central bank, the Bank of Korea, warns that a national cryptocurrency will have negative effects on financial stability. According to a report done by the bank’s researchers, a central bank digital currency will trigger liquidity loss and interest rate hike.
- Venezuela begins to regulate and tax cryptocurrency remittances. The cryptocurrency regulator of the country, the National Superintendency of Crypto Assets and Related Activities, announced the enforcement of the law. A monthly limit is determined and up to 15% of the transaction total will be taxed.
- Russia holds the lead for storing massive amounts of gold and experts suppose switch to bitcoin will be made. Last year, the country sold a majority of its US treasury stocks to buy 274 tons of gold. Nick Szabo, a computer scientist, communicated what he thinks the reason behind the gold reserves is. He says that central banks possess gold due to the need for a part of the reserves to have minimal trust which serves as a fallback against trust-based assets.
- Lawyers for Moshe Hogeg, founder of Stox, state the blockchain company whitepaper is not binding. The lawyers responded to the lawsuit by relating that the whitepaper is only for descriptive purposes. Stox was brought to court by a Chinese investor who claims that only $5 mln, out of $34 mln funds raised, were used for the benefit of the company.
- Reuters reports that the Ontario Securities Commission (OSC) will be looking into QuadrigaCX and the missing $190 mln worth of cryptocurrency. The statement did not confirm if an official investigation will be conducted.
- Italy’s Municipality of Bari partners with technological firm SIA to digitize guarantee policies management. The innovation project will use SIAchain will to technologically convert the public administrative (PA) procedures of the municipality for efficiency, avoidance of errors, and fraudulent activities. This is the first blockchain application initiative by the country.