President Bukele’s El Salvador has become the first country in the world to adopt Bitcoin as legal tender—but the Salvadorans aren’t ready to lead the crypto reform just yet.
Arguably, what made cryptos so successful in the first place is the possibility of having a recognised valuable asset without the hassle of complying with banking and legal regulations.
Every crypto enthusiast knows well that big nations such as the USA or Japan are trying to regulate the cryptomarket. But they are also keeping a certain distance from fully implementing cryptos in national or global finance.
Recent investigations led experts to think that the one of the greatest heist in history – the theft of around US$534 million worth of New Economic Movement (NEM) cryptocoins – might be linked to Russian hackers, instead of North Korean ones as previously suspected.
Egypt has loosened its grip on cryptocurrencies. A ban issued in January 2018 by the current Grand Mufti, Shawki Allam, has now been lifted.
On May 2, the Wall Street Journal reported that social media giant Facebook had recruited financial firms and merchants to build its own cryptocurrency. On the same day, Libra Networks was registered in Geneva, Switzerland.
If there’s one only thing that discourage companies and retailers to implement crypto-based payments for their products is the extreme volatile nature of cryptocurrencies.