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This Week in Crypto...

August 29, 2021

During the weekend, the Monero Project officially launched its Atomic Swap implementation program. The program was developed by the cross-blockchain protocol COMIT Network and provides a new trustless way to exchange between Monero (XMR) and Bitcoin (BTC). Following the launch, Monero, the largest privacy-focused cryptocurrency by market capitalization, surged 20%.

Blockchain fintech company XREX concluded a $17 million pre-A investment round. The company’s reported mission is to utilize blockchain technology to solve dollar liquidity shortages in emerging markets.

On Monday,

Iran announced it would lift its ban on crypto mining in September. Since May, Iran has banned crypto mining in order to prevent overloading its electrical grid during hot summer months. The government expects crypto acceptance in Iran to grow substantially over the next year. Iran’s tax agency recently called for a legal framework for crypto trading activities.

Liquidity market protocol Benqi reached $1 billion in total value locked (TVL), less than a week after launching on the Avalanche (AVAX) network, a major milestone that highlights the explosive growth of decentralized finance (DeFi) lending services.

On Tuesday,

Swiss bank InCore announced it will collaborate with Crypto Finance AG and Swiss IT consulting firm Inacta to introduce a tokenization tool using the Tezos blockchain. Tezos is a decentralized, open-source, proof-of-stake blockchain network. InCore Bank also announced the upcoming launch of institutional-grade storage, staking and trading services for Tezos.

Japan’s financial regulator, the Financial Services Agency (FSA), has started discussions around imposing stricter regulations for cryptocurrencies in an effort to provide better protection to Japanese investors. They push comes mainly from concerns about price manipulation and money laundering. Japan was among the first countries to recognize cryptocurrencies in their financial system.

On Wednesday, 

Reuters released a report on Muhammad Ali, an Afghan refugee and aspiring crypto miner who was arrested in Turkey after fleeing Afghanistan. His goal was to mine Bitcoin or Ether in Afghanistan before the recent Taliban takeover. He claimed that the Taliban will soon impose restrictions on smartphones and cameras, and compromise internet access.

Supply chain management platform VeChain has announced a new blockchain initiative designed to help businesses openly track and report their carbon emissions data. The new service combines decentralized ledger technology with a software-as-a-service (SaaS) business model. VeChain claimed that a public blockchain solves the problems of trust and transparency when collecting companies’ carbon emissions data by providing transparent accountability for all layers of the supply chain network.

On Thursday, 

Microsoft won a blockchain-related patent for techniques for implementing a cross-chain token management system. The patent describes a “ledger-independent token service,” or a software service enabling individuals and organizations to create and manage tokens across multiple distributed ledger networks and platforms.

Bitcoin ATM operators DigitalMint and Coinsource have launched the Cryptocurrency Compliance Cooperative (CCC), a new association that aims to establish compliance standards for the Bitcoin ATM industry. The association specifically targets Bitcoin ATMs to ensure Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.

On Friday, 

Honduras got its first Bitcoin ATM. It was installed by local company TGU Consulting Group and allows users to purchase BTC and Ether using the local fiat currency, lempira, provided they are willing to scan their IDs and disclose certain personal information. Neighboring El Salvador is currently installing Bitcoin ATMs across the country in preparation for BTC being accepted as legal tender starting on Sept. 7.

The Cuban government announced it is planning to recognize and regulate cryptocurrencies for payments. Cuba’s central bank will establish rules for normalizing cryptocurrency transactions. Cuban authorities are also expected to distribute relevant licenses to businesses based on the crypto-related services they provide. Cubans have grown fond of cryptocurrency as Trump era restrictions made accepting cash bank deposits in US dollars difficult.

For more information on these stories, visit:
Monero (XMR) surges after launch of Atomic Swaps. (crypto-news-flash.com)
XREX Accrues $17 Million Funding from pre-A Investment Round to Address Dollar Issue with Blockchain | Coinspeaker
Iran Will Lift Mining Ban in September - CoinQuora
BENQI DeFi Platform Hits $1 Billion in Total Value Locked (crypto-news-flash.com)
Swiss-based B2B InCore Bank rolls out new tokenization tool on Tezos | Invezz
Japanese regulator eyes new strict rules for exchanges (coinjournal.net)
From bitcoin dreamer to fugitive, fleeing the Taliban for Turkey | Reuters
VeChain combats China greenhouse gas emissions with digital SaaS platform | Invezz
Microsoft Secures Patent for Ledger-Independent Token Service | Finance Magnates
Bitcoin ATM operators set up association to counter money laundering (cointelegraph.com)
Honduras gets its first Bitcoin ATM | Blockchain24 | The Goa Spotlight
Cuba to recognise, regulate cryptocurrency | Business and Economy News | Al Jazeera

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