Taliban had a ‘massive chilling effect’ on Afghan crypto market: Report

October 6, 2022 Coin Telegraph

Afghan

Crypto value received in Afghanistan surged in the wake of the Taliban seizing power in August 2021, but crypto markets have flat lined under the regime.

The Taliban’s takeover of Afghanistan has had a “massive chilling effect” on the local cryptocurrency market, bringing it to an effective “standstill,” according to a recent report.

Blockchain analytics firm Chainalysis in an Oct. 5 report stated the Middle East and North Africa (MENA) region saw the largest crypto market growth in 2022 but noted that Afghani crypto dealers had three options: “flee the country, cease operations, or risk arrest.”

The report states after the Taliban seized power in August 2021, crypto value received in August and September that year spiked to a peak of over $150 million, then fell sharply the following month.

Before the takeover, Afghani citizens would on average receive $68 million per month in crypto value mainly used for remittances. That figure has now dropped to less than $80,000 post takeover.

*Graph from Chainalysis 2022 Geography of Cryptocurrency Report. Source:* *Chainalysis*

Afghanistan was 20th place in Chainalysis’ 2021 crypto adoption index released in October 2021, but now is at the bottom of the list following the Taliban takeover.

The reinstated Ministry for the Propagation of Virtue and the Prevention of Vice in charge of implementing Islamic law in the country is the reason for the change. Chainalysis explains the agency equated cryptocurrency to gambling declaring it haram — forbidden under Islamic law.

A large portion of the activity still undertaken in the country comes from money laundering from illicit sources such as bribes or drugs, an anonymous source cited to Chainalysis.

The individual added only a “small portion” is “young people who have a few hundred bucks” to day-trade digital assets.

SWIFT partners with Chainlink for cross-chain crypto transfer project

September 29, 2022 Coin Telegraph

blockchain adoption

The project will connect SWIFT's network to nearly every blockchain to allow traditional finance players access to digital and traditional assets on the one network.

Interbank messaging system SWIFT has partnered with price oracle provider Chainlink (LINK) to work on a proof-of-concept (POC) project which would allow traditional finance firms the ability to transact across blockchain networks.

Chainlink co-founder Sergey Nazarov announced the project at its SmartCon 2022 Conference in New York on Sept. 28 alongside SWIFT strategy director Jonathan Ehrenfeld Solé.

SWIFT is using the Cross-Chain Interoperability Protocol (CCIP) in an initial proof of concept.

CCIP will enable SWIFT messages to instruct on-chain token transfers, helping the SWIFT network become interoperable across all blockchain environments.https://t.co/8GOBNhzwCk pic.twitter.com/Pvm0Cex45e
— Chainlink (@chainlink) September 28, 2022

At the conference, Solé said there is “undeniable interest from institutional investors into digital assets” adding these traditional finance players want access to digital and traditional assets on one platform.

The POC utilizes Chainlink’s Cross-Chain Interoperability Protocol (CCIP) allowing SWIFT messages to instruct token transfers across nearly every blockchain network which, according to Nazarov, will accelerate adoption of distributed ledger technology (DLT) blockchains across capital markets and traditional finance.

The SWIFT interbank messaging system is the most widely used platform for traditional cross-border fiat transactions, connecting over 11,000 banks around the world. In August the system recorded an average of 44.8 million messages per day.

However, transactions on SWIFT's network can take several days to complete and the company has also been exploring blockchain and DLT technology and central bank digital currencies (CBDCs) to facilitate faster payments.

Chainlink added this collaboration with SWIFT allows financial institutions to gain blockchain capability without replacing, developing, and integrating new connectivity into legacy systems, something it said would require substantial modifications with an “exceptionally high” cost.

Mastercard CEO Michael Miebach said at a panel session in May on CBDCs that he doesn’t expect SWIFT to exist in five years, likely due to the rising competition from CBDCs for cross-border payments and settlements.

Mastercard later clawed back the statement, noting that Miebach simply meant that SWIFT's operations will continue to evolve from its current form.

Pantera CEO Dan Morehead Details ‘Biggest Existential Risk’ to Crypto Industry

September 28, 2022 The Daily Hodl

Sports sponsorship is helping legitimize crypto in Australia — Coinjar exec

September 19, 2022 Coin Telegraph

AFL

Luke Ryan of CoinJar says sporting partnerships “helps shift the image of crypto away from the idea that it’s only there as speculative mania.”

The sponsorship of high-profile sports and teams may be key to legitimizing the crypto industry to the general masses, according to Luke Ryan, Head of Content at Australian crypto exchange CoinJar.

In May 2021, the exchange became the first crypto company in Australia to sponsor an Australian Football League (AFL) club by partnering with the Melbourne Demons.

Speaking to Cointelegraph at the Australian Crypto Convention on Sept. 18, Ryan remarked the AFL partnership changed the discussion around cryptocurrency in the country and that “it gives cryptocurrency a bigger sense of permanence.”

“Perhaps prior to this real punch into the sporting mainstream it was very easy for a lot of people to think ‘oh, this cryptocurrency thing, it's going to fade away, or it has already faded away,’” he said.

“There's a real declaration of intent by the industry, not necessarily about ‘we sponsor this team, and then we got X number of new users’, it's more about we sponsor this team because we want to show the world we’re companies with consequences, with plans and long term visions, and a way of showing that is to align ourselves with a really established presence.”

Ryan believes sports partnerships also give the opportunity for crypto companies to break new ground in terms of their user base and adoption.

He noted that part of what drew CoinJar to partner with an AFL team was the idea of promoting crypto and the exchange “outside of the established true believers who already have their favored platforms.”

“At a certain point, you're all just hacking into the same market,” he added.

“It's a real ongoing question for cryptocurrency as a whole, how do we move out from this 5 to 10% that we now talk to, to the 20 to 50%, and we've started to think a bit more about what it might look like to start getting more actively involved in sponsorship.”

The partnership between CoinJar and the Melbourne Demons has also meant other teams and the AFL itself have learned more about crypto, which Ryan supposes has made the asset more normalized to the organization.

“It’s meant they’ve had the space to ask questions and look into it a bit more and be like ‘ah, that’s quite interesting, we could really use that to better create a relationship with the fans.’”

“I think it's leading to a much more open attitude towards things like non-fungible tokens (NFTs) and how they can be harnessed, it's all still primordial in the AFL sphere, but I certainly know there are very active discussions the AFL has got going.”

Ryan says the speculative nature of crypto is “undeniably what has gotten a lot of people into it” but isn’t what will make for a sustainable future entity. He added that “at some point, there has to be this transition towards actual products that people want to use.”

The AFL first 3,800 strong NFT collection in August sold out in under 12 hours raising an estimated $130,000 or more USD Coin (USDC). The AFL has already stated plans to expand its crypto offering to game day events, tickets and the chance to meet players in the Metaverse.

Vietnam, Philippines, India, China Among Top Countries for Crypto Adoption, Chainalysis Global Index Shows

September 16, 2022 Bitcoin.com

Emerging markets lead global adoption index: Chainalysis report

September 14, 2022 Coin Telegraph

Coin Telegraph

Lower-middle income countries hold a majority of the positions in the top 20 countries in terms of crypto adoption.

While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption.

In a report titled The 2022 Global Crypto Adoption Index, blockchain data platform Chainalysis analyzed the millions of crypto transactions worldwide, web traffic and other on-chain metrics to determine which countries are on top in terms of cryptocurrency adoption.

The results show that in terms of crypto adoption, emerging markets are at the forefront. According to the data, lower-middle-income countries like Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia hold positions in the top 20 countries in terms of overall index score, with Vietnam holding the number one spot.

Upper-middle-income countries like Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador have also made it into the list while the United States and the United Kingdom are the only representatives of high-income countries within the index.

Apart from the adoption rankings, the report also showed that even though adoption became slower amid the bear market, adoption levels are still higher than what the industry witnessed before the bull run of 2020.

On Sept. 9, two Bitcoiners went on a mission to get merchants within the U.K. to adopt Bitcoin (BTC). British BTC advocates James Dewar and MSW went to a town in England to speak to restaurants and cafés in an attempt to convince them to accept Bitcoin. Out of 63 shops, 3 were persuaded and accepted BTC on the spot.

In an interview in August, Coinfirm executive Durgham Mushtaha told Cointelegraph that Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures will drive more mainstream crypto adoption. According to the executive, the next bull run will be driven by an improved crypto image where fears dissipate.

Canadia’s new opposition leader is a Bitcoiner

September 13, 2022 Coin Telegraph

Bank of Canada

The new Conservative Party of Canada leader has previously advocated for financial freedom through crypto tokens, smart contracts and decentralized finance.

Canadian politician and noted crypto advocate Pierre Poilievre has taken the helm of Canada’s Conservative Party, which looks set to give the current administration a run for its money in the next federal election.

The pro-crypto politician reportedly won the leadership of the Conservative Party of Canada in a landslide victory on Sept. 10, securing 68.15% of the electoral points up for grabs, an far outpacing his nearest opponent Jean Charest who received just 16.07 % of the vote.

Poilievre has been a member of the Conservative Party since 2003, first winning office in the 2004 election. He has since served as a Member of Parliament for seven terms and held various roles including Shadow Minister for Finance and Minister of Employment and Social Development.

Poilievre has been known as a supporter of crypto and Bitcoin (BTC), advocating for more financial freedom through tokens, smart contracts, and decentralized finance.

His latest appointment means that Canadians may be able to eventually vote for a pro-crypto Prime Minister in the 2025 federal election, which is set to take place on or before Oct. 20, 2025, to determine who will be the 45th Canadian Prime Minister.

Earlier this year, Poilievre urged the Canadian public to vote for him as leader to “make Canada the blockchain capital of the world,” adding:

“Let people take back control of their money from bankers & politicians."

Let people take back control of their money from bankers & politicians.

Expand choice, lower costs of financial products, create thousands of jobs.

Get your membership. So you can vote for me as leader. To make Canada the blockchain capital of the world: https://t.co/d9I1ky9w2t pic.twitter.com/qQrJct9gKK
— Pierre Poilievre (@PierrePoilievre) March 28, 2022

In March, YouTube channel BITCOIN posted a video of Poilievre at a Tahinis Restaurant during his leadership election campaign talking about his support for crypto, saying: "We must keep cryptocurrencies legal."

"People should have the freedom to choose other money. If the government is going to abuse our cash, we should have the freedom to use other, higher quality cash."

He also briefly spoke about ideas to simplify crypto taxes, rules and regulations so there was a consistent law across Canada.

In the same video, he bought chicken shawarma using the Lightning Network.

However, Poilievre has offered very few specifics on how his party would implement the regulation and adoption of crypto if they unseat current Prime Minister Justin Trudeau's Liberal party.

The Conservative Party of Canada currently holds 16 out of 105 seats in the Senate and 119 out of 338 in the house of commons, while Trudeau's Liberal government has a minority government with 160 seats in the house of commons.

To form a majority government requires at least 170 seats in the house of commons.

Canada made its foray into the global digital asset space when its Parliament passed a national law on digital currencies in 2014.

The Canadian regulatory council also created a new preregistration filing for crypto platforms in August of this year.

Only a relatively small number of Canadians currently hold BTC, according to the Bank of Canada Financial System Review released in June 2022 — with about 13% of Canadians owning some in 2021, up from 5% in 2020.

Crypto Adoption