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Cryptocurrencies, unlike the traditional money and equity markets, operate round the clock, throughout the year. So, unlike stock, currency, money, or oil markets, there are no weekends when it comes to crypto.
As a result, the buzz around cryptocurrencies never fades – even on the days when stock markets are closed for holidays. This Monday morning is no different.
Here is a wrap of the hottest news from the world of digital currencies:
El Salvador takes the lead
It comes as no surprise when developed countries like the US, the UK or any other G7 countries take the lead in tech innovation and adaptability of new things. But this Central American country has startled everyone this time. El Salvador, which lags even developing nations in terms of economic growth, is ranked at a low 116 when it comes to purchasing power parity and has almost one third of its population living below the poverty line. But that has not stopped the country from risking a new innovation. At a time when policymakers have been averse to cryptocurrency, El Salvador’s government has embraced it, as the lawmakers have approved its President Nayib Bukele's proposal to embrace cryptocurrencies, making it the first country in the world to adopt bitcoin as legal tender. Mr. Bukele has further announced that the recently passed law that has made bitcoin legal tender, will come into effect from 7 September 2021. That is not it – even though use of Bitcoin as legal tender is still not mandatory, the government seems to be promoting it. The country is planning to give out starter accounts with US$30 to promote its use. Its Finance Minister Alejandro Zelaya said last week that the government will allocate US$120 million to establish as many as 4 million starter Bitcoin accounts. The accounts, which will operate as wallets, would be known as “Chivo,” a slang word meaning “cool," or nice.
Paraguay may follow suit
Following in the footsteps of El Salvador, Paraguay may also legalise the use bitcoin. A bitcoin supporting congressman from Paraguay has said that he will present bitcoin legislation in country’s Congress next month in a bid to make Paraguay a hub for cryptocurrency investors worldwide. The effort from the lawmaker comes just days after El Salvador passed a bill making bitcoin legal tender, according to the reports. These developments are likely to give a shot in the arm for the pro-bitcoiners.
South African Crypto brothers vanish
A pair of South African brothers – Ameer Cajee and Raess Cajee – have allegedly disappeared with bitcoins worth US$3.6 billion from their cryptocurrency investment platform Africrypt. The lawyers of affected investors said that they have not been unable to locate the scam brother duo. They also said that they have reported the matter to the nation’s elite police force, the Hawks. The law firm has also informed all the cryptocurrency exchanges around the world to be on the high alert in case the duo makes any attempts to to convert the digital coins.
