The Crypto Currier 25th October

This week's biggest news in blockchain and crypto in the Crypto Currier:

Crypto-friendly Rishi Sunak could bring in much needed changes to the UK as the new Prime Minister. Controversial stablecoin Tether is to be available to cash out into local currency at 24,000 cash points in Brazil in a move to helped the nation's unbanked. Global police organisation Interpol is launching in the Metaverse to train police in online crime and a new ruling in Singapore declares NFTs to be property, which might raise confidence in cartoon monkeys and other JPEGs.

Santander bank trials blockchain platform for used cars in Brazil

A local branch of Santander Brasil bank is testing a blockchain-based tokenisation platform for transferring ownership of used cars in Brazil. The platform, built in partnership with Parfin, a digital custody and Web3 infrastructure provider in Latin America, aims to automate the process of transferring ownership of vehicle registration on successful payment by deploying smart contracts based on a delivery versus payment. (Cointelegraph)?Read More

EU plans blockchain energy trading trial. May restrict crypto mining

The?European Commission?has published a document outlining plans to digitalise the energy sector. It plans to develop an experimental platform for blockchain-based energy trading, as well as mentioning actions to restrict energy use for crypto mining during the current crisis. The plan mainly involves?renewable energy?projects which allow households to provide solar-generated power to the grid or a local microgrid, with compensations recorded on blockchain. The plan has already brought up some regulatory issues.?(Ledger Insights) Read More

Crypto-Friendly Rishi Sunak to Become UK Prime Minister Following Truss Exit

Rishi Sunak, who is said to be crypto-friendly, is to be the next Prime Minister of the UK. As finance minister, he announced he wanted to turn the?U.K. into a crypto hub and helped usher in the Financial Services and Markets Bill, which, if passed into law, could give local regulators?broad power over the crypto industry. This would include bringing asset-pegged crypto like stablecoins into the scope of payments regulations, possibly avoiding further stablecoin debacles in the UK. Under his leadership, the Royal Mint which creates coins, was tasked with creating a?non-fungible token?(NFT) collection, which has?yet to come to fruition. Given the state of British politics it'll be interesting to see what actually happens….. although the crypto community widely seem to see Sunak as a good thing.?(CoinDesk) Read More

Tether USDT To Be Available At 24,000 ATMs In Brazil

Tether has announced that USDT stablecoin will be available at 24,000 ATMs across Brazil from 3rd November. This means that users in Brazil will be able to convert Tether stablecoins to Brazilian Reais at “Banco24Horas” ATMs. This move could potentially help some of Brazil's 34 million unbanked. “The difficulties and limitations imposed by inflation and a less-than-inclusive financial system has excluded many of Brazil’s citizens from being able to participate in the country’s growing economy.” Tether CTO Paolo Ardoino said “Adding tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system. This will bring major changes not only to the payments industry but to the entire Brazilian financial ecosystem.” There are many though who still question what Tether is backed by. (Bitcoinist) Read More

Crypto Custodian Fireblocks Furthers Push Into Payments With Tools Suite

Digital asset custodian Fireblocks has launched a new set of tools to help spread adoption of crypto payments regardless of location.?The Fireblocks Payments Engine offers merchants immediate access to fiat-to-stablecoin conversion for customer payments and aims to allow its clients to process digital payments more quickly and securely. It will enable users to send funds abroad to convert money from one fiat currency to another for lower fees by circumventing traditional banking networks. Ran Goldi, vice president and head of payments said “Merchants can now get paid within a few hours instead of a few days, and that's power to a merchant”. He added that this could help merchants by improving cash flow. (CoinDesk) Read More

Tesla’s unrealised?Bitcoin?losses rise to $170M in 2022 from $1.5 billion investment

According to its latest Q3 earnings report filed with the United States Securities and Exchange Commission, Tesla invested a total of $1.5 billion into?Bitcoin since early 2021.?Of this, it is currently sitting at a $170 million unrealised loss from the change in the fair value of its investment. Over the last two years the car manufacturer realised a $64 million gain. Under accounting rules these losses can apparently be deducted against profits to reduce tax liabilities. (Cointelegraph) Read More

New Crypto Regulations in the UK??

Amendments to a draft UK bill on stablecoins would grant new powers to the Financial Conduct Authority to regulate crypto more broadly, which include banning unlicensed entities from advertising and operating. The added language to the bill would bring the UK closer to the EU in regulatory clarity, a move welcomed by many in the industry. (Zed Tarar ) Read More at Coindesk

Crypto Lender Voyager Customers Could Recover 72% of Funds if Sale Is Approved

Court documents have shown that customers of bankrupt crypto lending platform?Voyager Digital might be able to?recover 72% of their investments?if a bid by FTX US to buy the lender goes through. This isn’t certain yet though, the sale won't close until a judge approves Voyager's?bankruptcy payout plan and the deal could still be scrapped if a higher bid comes through. (CoinDesk)?Read More

77.1% of Salvadorans think the gov’t should ‘stop spending public money’ on?Bitcoin

77.1% of respondents in a recent survey said they want the Salvadoran government to stop “spending public money on?Bitcoin.” 24.4% said they’ve used Bitcoin as a means of payment since the country’s government recognised it as legal tender last year.?95% didn’t feel their lives had gotten better since Bitcoin became legal tender.?The study?interviewed 1269 individuals and was?published ?by?José Simeón Ca?as Central American University?in El Salvador. (Cointelegraph) Read More

Israel’s stock exchange TASE reveals plans for blockchain, digital assets, crypto

Israel’s stock exchange operator?TASE ?is planning to venture into digital assets and crypto in a five year strategic plan. It has also said it will assist the Ministry of Finance in launching blockchain-based?government bonds.?TASE?CEO Ittai Ben-Zeev said the exchange is planning a trading, clearing and custody service and is also considering exporting its DLT, blockchain and tokenisation technologies to other small and medium exchanges.?The Israeli Security Authority has found that 52% of new investors in Israel allocate up to 10% of their portfolio to digital assets and 30% of investors hold digital assets. It estimates that Israelis hold 10 billion shekels ($2.8 bn) in digital assets. (Ledger Insights)?Read More

INTERPOL unveils Metaverse for global police training

Interpol, the global police organization, is going into the Metaverse to help police understand it.?“In order for police to understand the Metaverse we need to experience it,” said Madan Oberoi, INTERPOL’s Executive Director of Technology and Innovation.?Interpol?has created an Expert Group to make sure its new virtual worlds are ‘secure by design’.?The organisation is concerned about potential metaverse crimes, data theft, counterfeiting, ransomware, sexual assault and harassment, all of which affect children as well as adults in the metaverse. (Ledger Insights) Read More

NFTs?Can Be Considered Property, According to Singapore High Court Ruling

Non-fungible tokens (NFT) can be considered property, the Singapore High Court has said. Justice Lee Seiu Kin of Singapore High Court has issued a ruling that?NFTs meet certain legal requirements, such as being distinguishable from other similar assets and having an owner who can be recognised by third parties, are to be considered property by law. The judge's decision may be important for the future of NFTs giving more confidence to investors and traders that their status as property is recognised in law. (CoinDesk)?Read More