Nigeria’s SEC announced its intention to create a robust and clear legal framework for cryptocurrency. The Central Bank and the SEC will be working together to make this happen. Timi Agama, Registration, Exchanges, Market Infrastructure and Innovation Head, stated: “Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets. For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.”
Chinese banks WeBank and MYbank will be helping the People’s Bank of China increase user exposure to the digital Yuan in ongoing pilot programs.
Twitter CEO Jack Dorsey donated 1 Bitcoin to the Bitcoin core development nonprofit Brink.
Africa’s Standard Bank Group partnered with Hedera Hashgraph as they become the first African node operator. Ian Putter, head of DLT and blockchain at the bank, stated: “We have completed [proofs of concept] have solutions in production and are partnering with these parties to scale and exploit these cross-border trade solutions. A key focus for us is to continue exploration and experimentation with this technology as it rapidly evolves, through partnerships and leveraging existing solutions to speed up implementation and scaling.”
The Canadian bank VersaBank announced they will be launching their own Stablecoin backed by Canadian dollars. They also plan to roll out stablecoins backed by the US dollar and the euro.
Federal Reserve chair Jerome Powell spoke about the potential of a digital dollar at a House Financial Services Committee hearing. Although he believes that it is critical for the Fed to develop a digital dollar, he stated it falls on legislators to provide a legal framework first.
Charlie Munger criticized Bitcoin at a Daily Journal annual meeting, stating, “I don’t think Bitcoin is going to end up [being] a medium exchange for the world. It’s too volatile to serve well as a medium of exchange.”
Damien Hirst, British artist, will be selling 8 prints that accept Bitcoin and Ether as payment. The prints are on sale until March 3rd.
Curio, an NFT platform, will be selling NFT’s based on American Gods, a Starz TV show. The goal of the token is to modernize fan engagement.
FATF has announced it is will soon release an update to its regulations for VASPs and cryptocurrencies, following a three day plenary session discussing the topic.
For more information on these stories, visit: Ripple: https://wyobiz.wyo.gov/Business/FilingDetails.aspx?eFNum=092146190173058252221028192059054170185160076233 Nigeria: https://cointelegraph.com/news/crypto-market-too-big-to-ignore-says-nigeria-sec Digital Yuan: https://www.bloomberg.com/news/articles/2021-02-22/china-enlists-ant-backed-mybank-in-expanding-digital-yuan-trial?sref=323RPL5z Brink: https://twitter.com/bitcoinbrink/status/1364250436669161474 VersaBank: https://www.prnewswire.com/news-releases/versabank-to-launch-vcad-worlds-first-bank-issued-deposit-based-digital-currency-301234498.html Powell: https://www.c-span.org/video/?509249-1/federal-reserve-chair-jerome-powell-testifies-house-financial-services-hearing&vod Munger: https://www.youtube.com/watch?v=Pp4CvjNw-9Y Hirst: https://www.instagram.com/p/CLudcuzMpad/ American Gods: https://cointelegraph.com/news/nfts-based-on-starz-show-american-gods-coming-soon-from-curio FATF: https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-february-2021.html
Yesterday's trading was mixed. Early in the session, even with reports of economic slowdown in the US, traders were still buying, maybe thinking it solidified the accommodative Fed policies.
Yesterday’s narrative was somewhat bittersweet. On the one hand, Fed policies remain hyper accommodating, which is positive. On the other hand, the accommodating stance is based on lingering concerns about the economic recovery in the US (and also globally).
Bitcoin has fallen back below $40,000 today, as the denial from Amazon of the impending acceptance of Bitcoin as a payment method came through. Prices returned to our support level of $36,500 before rallying once more, a sign that this move may be supported by more than just click-bait headlines.