Government

Venezuela is amidst one of the toughest economic recessions in the country’s history. To reinforce their standing, its citizens turn to Bitcoin. The flagship cryptocurrency tends to be more stable than the Bolivar, or the Petro, an oil-backed crypto issued by the Venezuelan government.

Venezuela faces lots of issues due to the sanctions imposed by the United States of America against the authoritarian regime of President Nicolas Maduro. Therefore, its citizens face the need for tools and ways that would allow them to circumvent the economic crisis in the country.

Binance Uganda, an arm of the greater Binance Global has notified all its Ugandan clients on the new date of closure, which is now set for December 15. A Binance user from Uganda, Joel Odota, notified CoinIdol, a world blockchain news outlet, that he received a notification email from the company.

South Korea is known for its friendly stance on innovations including cryptocurrency. The country has even announced plans for releasing their own CDBC dubbed the digital won. However, they also show support to businesses dealing with other digital currencies.

The Ukrainian government is making efforts to spread awareness about blockchain, bitcoin and cryptocurrency among common folks. The Ministry of Digital Transformation announced an online briefing on launching a blockchain and cryptocurrency TV series.

The Political Affairs Committee of South Korea’s National Assembly has informed the Financial Services Commission (FSC) on numerous attempts of hackers to break into the country’s financial institutions. Cryptocurrency exchanges became the main target.

Global fast-food giants McDonald’s and Starbucks have never been included into the trials of digital yuan. None of the brands confirmed its participation in the testing program.

Several countries, including the US and China, are working on their own digital currencies (Central Bank Digital Currency or CBDC). Is this about giving people more freedom over the payments or control over the financial flow? What is in it for the government and its citizens?

Cryptocurrency industry becomes less decentralized and anonymous and more regulated and controlled. Government authorities require crypto exchanges to disclose transaction data of their customers. And the exchanges seem to be quite collaborative in these terms.