Cuba adopting Bitcoin to China’s digital yuan pilot program’s success
1) Cuba ranks second when it comes to googling Bitcoin.
Citizens of Cuba don’t have access to digital payment platforms like PayPal, UnionPay, and Stripe and travel restriction due to the coronavirus pandemic has made transaction troublesome hence they have to look for alternatives. In October Erich García, said
We do not have access to payment platforms like Stripe, Visa, Mastercard, Paypal, or Union Pay. We do not have access to anything, to any of those resources. What technology has allowed us to dream, see other scenarios? Blockchain and Bitcoin.
To rescue citizens of Cuba — Mario Mazzola, an Italian-Cuban entrepreneur had launched Cuba’s first decentralized Bitcoin exchange Qbita in April 2020.
2) Cayman Islands Government will regulate the Virtual Assets service providers (VASPs).
Ministry of Financial Services of the Cayman Islands Government declared that it has started a regulatory framework for virtual asset service providers (VASPs). In a press report, The Ministry of the country believes that there this move has built up the
Ability to regulate and attract persons and entities that deal with virtual assets as a business.
The first phase of execution is in progress which aims at compliance with and enforcement of Anti-Money Laundering and Countering the Financing of Terrorism rules. While the second phase of execution is will include licensing requirements and prudential supervision which is expected to start in June 2021.
3) Reserve Bank of Australia will work on a research project related to CBDC.
The Reserve Bank of Australia (RBA), Australia’s central bank and banknote issuing authority will work with Commonwealth Bank (CommBank), an Australian multinational bank to find the potential use of a wholesale central bank digital currency in Australia. In this project Perpetual, an Australian investment and trustee group and ConsenSys, a blockchain software technology company are also involved.
4) Bitcoin became part of the Halloween celebration.
Brad Mills, a cryptocurrency user gave away Bitcoin gift card worth $400 to Canadian kids. He filled the Halloween box not only with chocolates and candy-like most of us but also with 2 Bitcoin gift cards and also filmed the reaction of kids who got them. He also shared the same on Twitter.
5) Pilot program of China’s digital yuan is picking up pace.
Yi Gang, governor of the People’s Bank of China announced digital yuan pilots have processed over 4 million transactions to date and the total amount of transactions is 2 billion yuan. In the initial trial, only 4 cities had been included Shenzhen, Chengdu, Suzhou, and Xiongan but now 5 more cities have been added.