Canada & Tanzania CBDC Plans, Celebrity NFT ‘Concierge Service’ + More News

Adoption Africa Australia Bitcoin Canada CBDC

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Sumejja Muratagić-Tadić

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Sumejja Muratagić-Tadić

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Sumejja is a freelance copywriter from Sarajevo, Bosnia and Herzegovina, who delights in pulling things apart to see how they work. That does not necessarily mean she puts them back together; she's...

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Last updated:

June 26, 2023 06:54 EDT

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CBDC news

• The Bank of Canada should issue a central bank digital currency (CBDC) that can be converted into a “loonie,” the colloquial term of the Canadian dollar, as cryptocurrencies grow in popularity, a new report by C.D. Howe Institute said. Such a feat by the Bank of Canada will require any potential stablecoins to be well designed and regulated to make them attractive to Canadians, they added.
• Tanzania plans to introduce its own digital money, following similar decisions in several emerging markets including Nigeria, which was the first to make the move in Africa, Bloomberg reported. The Bank of Tanzania Governor Florens Luoga said that the country is ensuring it will not get left behind when it comes to these types of innovations.

Adoption news

• Crypto payments firm MoonPay has quietly launched a new ‘concierge service’ to help celebrities and the super-rich purchase non-fungible tokens (NFTs) and cryptocurrency. TV host Jimmy Fallon explained that he had used MoonPay’s services to acquire an NFT piece during an interview with digital artist Beeple.
• Financial services firm Fintonia has launched its Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund in Singapore, per Fund Selector Asia. The bitcoin (BTC) assets in the fund will be secured with a licenced and insured custodian with expertise in crypto/digital assets security and technology, and the fund manager is regulated by the Monetary Authority of Singapore (MAS).
• Digital asset management company Arcane Crypto will apply for a dual listing on OTCQB, a US trading market operated by OTC Markets Group for securities not listed on a national exchange. They expect their listing to be approved during Q1 2022, after which the securities will be available to all US investors.

Regulation news

• The Australian Tax Office (ATO) has said it can’t rely on crypto investors to keep track of their crypto transactions and profits, even though most investors try their best. ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations, and that the ATO has been working on ways to “nudge” people in the right direction such as pre-filling data on tax returns to prompt crypto users to report their investments.
• The UK Law Commission has said that England and Wales do not need statutory law reform for smart legal contracts in the digital asset space, as they are permissible within England’s and Wales’ current legal framework. The authority recommended only “an incremental development of the common law” as needed for existing frameworks, but also encouraged any parties to smart contracts to explain risks relating to “the performance of the code” and any other necessary terms.

DeFi news

• Decentralized application (dApp) platform DappRadar is repositioning to a full-scale dApp store called The World’s Dapp Store. The company also announced plans to introduce its native RADAR token, which will help the business decentralize in the future.