Last week in review: Facebook reverses crypto ban as executive steps down

Facebook has changed the game for crypto startups, German government has taken their crypto curiosity to the next level, and would you put down $2.4 million for a patch of virtual real estate? Because someone did.

It was a busy week in crypto – here are our top picks to come from it!

Facebook reverses crypto ban as executive steps down

What

David Marcus, the head of Meta’s cryptocurrency efforts steps down as Facebook reverses crypto ban

Why

This comes after Meta failed to successfully create a cryptocurrency that would be used to send money via Facebook products

What next

Stephane Kasriel will replace Marcus and Facebook’s new policy will allow more retail investors access to cryptocurrencies

German government calls for new approach to crypto in coalition agreement

What

The new German government has cited crypto in its coalition agreement, advocating for an equal playing field between traditional finance and “innovative business models”

Why

According to a rough translation of the 177-page agreement published on Nov 24, the government intends to make European financial market supervisory law fit for digitisation, complex group structures and new business models

What next

The agreement also calls for joint European supervision for the crypto sector and obliges crypto asset service providers to consistently identify the beneficial owners

Bank of England’s Bailey voices concerns over El Salvador Bitcoin acceptance

What

Bank of England Governor Andrew Bailey has spoken out against El Salvador’s use of Bitcoin as a national currency

Why

He believes the average citizen of El Salvador will not be sufficiently informed about the volatility and fundamentals of cryptocurrencies

What next

El Salvadorʼs president, Nayib Bukele, intends to build the worldʼs first “bitcoin city” powered by a volcano and financed by bitcoin bonds.

India’s finance minister rules out Bitcoin as legal tender

What

India’s Finance Minister Sitharaman says central government has no plans to accept Bitcoin as legal tender in the country

Why

The standpoint of the Indian government is that because cryptocurrencies are not issued by sovereign states but rather private enterprises that lack intrinsic value

What next

The ‘Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ is set to be introduced during the winter session, outlawing most cryptocurrencies

Thailand to become ‘crypto-positive society’

What

Thailand is creating the foundations to become a “crypto-positive” society

Why

The tourism Authority of Thailand is spurring on crypto users from around the world to visit and spend cryptocurrencies without having to convert

What next 

Thai tourism plans to create a crypto ecosystem that will issue its own crypto tokens

South Africans and other developing nations among top NFT adopters globally

What

South Africa places 12th for non-fungible token (NFT) adoption globally, a survey revealed

Why

NFTs have had a major resurgence in the latter half of 2021, with some digital art pieces fetching millions of dollars in the NFT marketplaces

What next

The survey further revealed that 9.4% of South Africans surveyed planned to own an NFT in future

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