Crypto Market Highlights March 22, 2022

Crypto Market Highlights: Legal & Bank News

  • Honduras may be the next country to legally recognize Bitcoin (BTC) as legal tender, following El Salvador. The country’s President, Xiomara Castro, has allegedly stated that the country should not be the only one “escaping dollar hegemony.” Castro also stressed Honduras’ right to “move towards the First World,” although the information was still unverified at the time of publishing. Notably, on March 18, famous crypto enthusiast Max Keiser, who has been spending time in and around the region, tweeted the Honduran flag, implying that something may be occurring there soon.
  • The Malaysian Ministry of Communications and Multimedia (KKMM) is apparently supporting cryptocurrency adoption, with the deputy minister urging the government to legalize cryptocurrency. Datuk Zahidi Zainul Abidin, Malaysia’s deputy communications and multimedia minister, stated that such measures will greatly benefit young people since the cryptocurrency business has grown in popularity among the younger population. He also stated that the KKMM is looking at measures to enhance young people’s engagement in the business.
  • Qatar’s central bank intends to digitalize the majority of its products, including the research, development, and deployment of a CBDC. The institution’s other instructions include the issuance of digital bank licenses. The bank has begun to examine several projects, the details of which will become clear in the coming months. The executive also stated that the bank, like many other central banks, intends to go down the central bank digital currency path.

Crypto Market Highlights: General News

  • Paris Saint-Germain, also known as PSG, is a French footballing powerhouse that has taken the first steps toward joining the metaverse. The Parisian club, which features world-renowned football superstars such as Lionel Messi, Neymar, and Kylian Mbappe among its ranks, has covered the following areas in its trademark application filed on March 16: Non-fungible tokens (NFT)-backed multimedia, Crypto wallets, Managing cryptocurrency transactions, Virtual clothing, Sports gear, Electronics.
  • Time Magazine will begin accepting ApeCoin, an Ethereum-based token released by the founders of the Bored Ape Yacht Club collection of non-fungible tokens, in the coming weeks. Time Magazine similarly auctioned off some of its most iconic covers as non-fungible tokens a year ago. After partnering with Grayscale, a subsidiary of Digital Currency Group, it also committed to holding Bitcoin on its balance sheet.
  • Fantom announced that Professor Bernhard Scholz will join Fantom as Chief Research Officer on May 1, 2022. Prof. Scholz is a faculty member at the University of Sydney, where he specializes in programming languages. He has taken a leave of absence to work full-time at Fantom for at least two years. Prof. Scholz’s research focuses on smart-contract execution, security, and performance. He has published extensively on programming languages and blockchains and has a strong understanding of the Fantom platform. He was recently appointed General Chair for the upcoming GPCE/Splash’22 conference and is widely recognized as an expert in his field.
  • The SushiSwap community initiated the proposal “Sushi Legal Structure”, planning to establish an association or foundation to reduce future risks. The SushiDAO will provide legal clarity regarding the rights and obligations of token holders and contributors, limit the liability of token holders and contributors, and create an apparatus to manage administrative issues for SushiDAO. In addition, various services entities can be created for contributors to the Sushi Protocol.
  • Equilibrium will be onboarded as the 12th parachain of the Polkadot network. It took them more than two years to become a part of the ecosystem since they released their whitepaper and started developments on the Substrate framework in February 2020. Their data shows that individual retail users with less than 10,000 DOT each helped them win the intensive auction. Onboarding as a parachain will be initiated after the second auction of the current batch comes to the end on March 31.
  • 29 users of the Li Finance (LiFi) protocol lost roughly $600,000, however, some of them have been compensated when a hacker exploited a flaw in the project’s smart contract. From wallets that had provided “unlimited approval” to the Li Finance protocol, the attacker was able to extract variable quantities of 10 different tokens. USD Coin (USDC), Polygon (MATIC), Rocket Pool (RPL), Gnosis (GNO), Tether (USDT), Metaverse Index (MVI), Audius (AUDIO), AAVE (AAVE), Jarvis Reward Token (JRT), and DAI were among the tokens that were stolen (DAI).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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