Published in Newsletter at 16 April 2022
Issue 2, India slows down in crypto usage but Nigeria grows it, Man arrested in North Kore due violations
Welcome to Cyphraium’s Newsletter!
This is Issue 2 of this newsletter, in this newsletter we will see two different faces of the same coin, places where crypto is being adopted more, and places where the opposite is true.
Michael Levy is a NFT investor and crypto entrepreneur, currently launching a portal for NFT-collateralized loans called Flowty. Levy is not a diehard “crypto native” – and that’s what makes him significant. Digital collectibles are increasingly being used as collateral for loans. Lenders must decide if they’re willing to accept the collateral, and the counterparty can’t do anything.
Trading volume on top Indian crypto exchanges has declined 70% in the past 10 days. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders warning against ill effects. Many payment processing partners that offer Unified Payments Interface (UPI) accessibility have severed ties with crypto exchanges.
KuCoin’s “Into the Cryptoverse Report” highlights that many Nigerian citizens have started using cryptocurrencies as a viable alternative to store and transfer assets. Peer-to-peer trading is the most popular method among Nigerian investors to convert fiat into crypto assets. The value of the Nigerian naira has fallen by over 209% in the past six years. In October 2021, President Muhammadu Buhari introduced the country’s central bank digital currency, the eNaira. Numerous governments intend to use CBDCs as a digitized fiat replacement.
Ethereum Developer Virgil Griffith Sentenced to 5+ Years in US Prison for Violating North Korean Sanctions
Crypto developer Virgil Griffith sentenced to 63 months in prison for violating North Korean sanctions. Griffith pleaded guilty in September last year to one count of conspiracy to violate the International Emergency Economic Powers Act (IEEPA). The charge carries a maximum term of 20 years in prison. Virgil Griffith was sentenced to 63 months in prison and fined $100,000 for violating U.S. sanctions against North Korea. Griffith traveled to North Korea to present at the DPRK Cryptocurrency Conference.
Polygon is pledging $20 million as part of a push to fully offset the impact of its carbon-dioxide emissions this year. The company will also fund initiatives to create trading in carbon credits on the blockchain. Polygon’s network emissions in the 12 months to February 2022 amounted to 85,015 tonnes of CO2 emissions.
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