[Wise Crypto Life] 20. Global Issues

 

[Wise Crypto Life] 20. Global Issues 

[Wise Crypto Life] 20. Global Issues

Although the cryptocurrency market is still in its early stages there are many developments regarding its development both good and bad. In this week's Wise Crypto Life, we will discuss various cryptocurrency news from all over the world.

Bitcoin & El Salvador

Bitcoin officially became El Salvador's legal currency on the 8th of this month. President Nayib Bukele bought a whopping 400 BTC (about 23 billion won) and released electronic wallets called “Chivo" to promote its use.

El Salvador passed the bill to adopt Bitcoin as a fiat currency in June, citing that it could reduce dependence on the dollar and save international remittance fees.

The news was received with mixed reactions not to mention opposing voices along with confusion on how to use “Chivo" a week after its official debut. However, there are already over 500,000 “Chivo" users, and the government is further encouraging its use by announcing an additional policy that exempts taxes for Bitcoin investments.

Will El Salvador be able to safely and effectively introduce it as a fiat currency?

Mastercard Acquires Blockchain Company

Global card company “Mastercard” has announced that it will acquire startup blockchain company “CipherTrace". Cipher Trace, which received a $15 million investment in February, boasts outstanding technological prowess such as tools that track illegal crypto use.

Mastercard is expected to enter the digital asset market with this new acquisition, making it a perfect time as demand for secure transactions while maintaining anonymity continues to rise. It is also interesting to note that Mastercard's stock prices have risen since their acquisition announcement.

Crypto Purchase in UK Post Offices

The UK introduced a service that allows people to purchase cryptocurrencies at state-run post offices this week. People may now use their mobile ID "Easy ID" to verify their identities and securely purchase crypto vouchers. Although there has not been noticeable movement yet, many people are inquisitive as to how this will change the flow of assets. True to its volatile nature, the cryptocurrency market keeps us on our toes with what new development awaits around the corner.