We’re back again with your weekly news bites 😋. There’s so much happening in the crypto space and last week some things caught our attention. First of all, see how covid-19 affected crypto use. Also, shout out to the African crypto space, you’ll see why. Microsoft is warning users about a new comupter virus. Switzerland is bursting our heads with their latest law. South Korean is doing some really cool stuff with Blockchain, and the US is making major moves. Enjoy!
Covid-19 Has Made More People Use Crypto, Says ECB President
Covid-19 has changed a lot of things about the world, including the way people use crypto. This period has seen the rise of decentralised financial services and other new interesting things. According to Christine Lagarde, president of the European Central Bank (ECB), more people started using crypto during the lockdown.
She also hinted that Euro central bank officials will soon conclude talks of a European central bank digital currency (CBDC).
Small African Crypto Payments up by 55% in 1 Year
You know those problems Africa has with sending money across continents? Well, crypto is helping us solve that problem. In the past 1 year, crypto payments under $10,000 (₦3.8 million) have increased by 55%. This means if there were 5 million payments last year, there are now about 8 million.
Let’s burst your head, Nigeria is in the lead 🤯.
Data from Chainalysis shows that there are more than 600,000 monthly African crypto transfers. This tells us that more people and businesses are discovering the positive side of crypto. It also shows a new way people are dealing with unstable national currencies, high transfer fees, and regulatory problems.
Microsoft Warns Users About a New Crypto Stealing Virus
People! Shine your eyes 👀. These hackers are doing the most! There’s another virus in town. Anubis, a new crypto stealing computer virus won’t let windows users rest. Yeah, it’s crazy! Last week we warned you about Krypto Cibule. Last week microsoft warned everyone about Anubis. There are many crypto stealing viruses out there so you have to be careful of the links you open. You also have to be careful of the files you download.
Switzerland Has Passed New Laws in Support of Cryptocurrency
Swiss lawmakers have done it again. This month, they passed another set of laws that support cryptocurrency/blockchain. They cover crypto exchanges, and recovering customer’s funds in case of security breaches.
Earlier this year, Switzerland passed its Blockchain Act successfully. The country was hailed as crypto friedly and forward thinking for its accommodation of crypto firms. Swiss laws also made the news last week for letting citizens of the Zug region pay taxes in crypto.
South Korea Uses Blockchain for Employee ID Verification
Daegu, South Korea’s 4th largest province, is using blockchain to verify employee identities. According to the Korea Internet & Security Agency (KISA), they’ll launch the system in October. It will be connected to a smartphone app that people can use any time.
There’ll also be a blockchain token called KISA Coin. This token will be used by employees to get rewards, bonuses, snacks, and office supplies. KISA will be the first South Korean public institution to use Blockchain technology.
The US Wants to Add Blockchain to their Commerce Studies
In the spirit of more people using cryptocurrencies, the US is making major moves. The gist we’re hearing is that the US is working on two bills to explore blockchain in commerce. The US committee on Energy and Commerce has already approved the bill and passed it to lawmakers. This may seem like random news but here’s what it really means for you:
As far as commerce is concerned, the US is a major player. If they start using blockchain to power important commerce processes, then more people will use blockchain globally. This means that the current cryptocurrencies will become more important. There will also be newer coins with more interesting uses. Hopefully, they approve the bill. Fingers crossed 🤞🏾.