28 Apr 2022

The Friday Focus: Issue 31

Welcome to our Friday newsletter. Stay up to date with our weekly summary of the most important crypto happenings.
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Weekly crypto happenings (Apr 22 - Apr 29)
This week has been one of the most eventful for crypto in 2022. The global south continues its crypto adoption, with the Central African Republic becoming the second country after El Salvador to make bitcoin legal tender, while Panama passes very favorable crypto regulation. Crypto has become a popular store of value in inflation-ridden Argentina, and Buenos Aires now allows its residents to pay their taxes with crypto.In the US, we continue to see a divergence in the different regions’ crypto friendliness, particularly when it comes to bitcoin mining. In an important symbolic act, Forth Worth in Texas starts to mine bitcoin in the city hall. In contrast, New York State goes in the opposite direction, passing a bill blocking new bitcoin mining operations that are not fully powered by renewable energy.While the global south explores the benefits of crypto adoption, Europe remains more restrained in its regulatory efforts. An ECB executive said that the ‘lawless crypto industry needs harsh regulation,’ and European lawmakers advance discussions of controversial new crypto AML rules, despite a bank regulator warning these rules are so extensive that they can overwhelm authorities.We see new updates on crypto’s role in the Ukraine war. Finnish authorities plan to donate seized bitcoin to Ukraine. Having benefited from massive crypto donations, the Ukrainian government now bans its citizens from purchasing crypto with the local currency, attempting to prevent capital outflows.Traditional finance continues its crypto initiatives, as Fidelity plans to offer bitcoin in its 20 million 401(k) accounts, Goldman Sachs offers its first bitcoin-backed loan and explores the tokenization of assets, while Blackrock launches a blockchain ETF.
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