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Bitcoin has kicked off 2023 on a positive note, rallying to its highest price in 2023. The momentum for cryptocurrencies is increasing as investors hope for a reversal in the monetary tightening that alarmed market players last year. On that note, here are some of the top stories from the crypto industry this week.
Indian Government's apex public policy think tank, NITI Aayog, has introduced a blockchain module in collaboration with the cryptocurrency-focused 5ire and Network Capital, a platform for mentorship and career development.
The project is set to be sponsored by NITI Aayog’s Atal Innovation Mission (AIM) which currently has Atal Tinkering Labs (ATLs) in over 10,000 schools in India.
This partnership with 5ire is crucial as the startup gained attention after raising $100 million in July to become the world's first blockchain unicorn with sustainability at its core. It aimed to be in line with the Sustainable Development Goals set forth by the UN. The collaboration is also a step towards the digital transformation of India.
The Central African Republic has set up a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokenization in the country.
The committee responsible for drafting the crypto bill comprises 15 experts from five ministries including the Ministry of Mines and Geology, the Ministry of Agriculture and Rural Development, the Ministry of Water, Forests, Hunting and Fishing, and others.
Following El Salvador, Central African Republic became the second country to embrace bitcoin as a legal tender in April 2022 and plans to list its Sango crypto coin on exchanges later this year. The bill is set to encourage the development of the digital asset industry and potentially aid the hindered local economy.
The International Monetary Fund (IMF) has released a five-point regulation scheme to help regulators manage risk in the crypto sector.
The recommendations come in the wake of a fateful year for the crypto market which saw the failure of prominent stablecoin TerraUSD, crypto-focused hedge funds including Three Arrows Capital, and major cryptocurrency exchanges like FTX.
According to the IMF, these issues can be resolved by strengthening financial regulation and supervision as well as by creating global standards that provide regulators with a uniform set of guidelines to work from.
Global sportswear brand Nike’s new non-fungible token (NFT) platform, .SWOOSH is inviting users to design their own digital wearables.
The community members are invited to participate in a contest called #YourForce1 that challenges users to build a visual storyboard on Instagram showcasing their footwear design. Nike will offer $5,000 each to four chosen winners. They will also receive a chance to collaborate with Nike designers to build their own unique digital footwear.
Nike has spent years tapping into its Web3 strategy. Before it released .SWOOSH, the company acquired digital fashion house RTFKT to take its first steps into the metaverse.
E-commerce giant Amazon is planning to launch a “digital assets enterprise” with an NFT initiative in spring 2023.
According to reports, Amazon has partnered with over 10 crypto projects to support its NFT initiative. Amazon will focus on different sectors with plans to dab into NFT gaming.
The platform will also reward players with unique items in the form of NFTs. Amazon has been exploring several other Web3 initiatives of late.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.