Crypto: Cuba, SA, Hungary & more news

From the latest bitcoin reform laws passed in Cuba to South African smart identity, the crypto world is amped up. As the world of digital trade evolves, more countries are participating in crypto adoption. 

Cuba Forays Into The Crypto World

The world of cryptocurrency is filled with excitement as Banco Central de Cuba (BCC) issues legislation to recognize cryptocurrencies.

From late August, the central bank expressed interest in recognizing and regulating crypto. With BCC issuing a resolution in 215/2021, the bank formally recognizes crypto. It ensures its legitimacy for commercial use and investments in Cuba. Not only that, but it will also help Cubans experience easier remittance flow from overseas despite the prohibitions from the United States since global money transfer services such as Western Union have called it quits after immense pressure from Washington. 

The order became official on Wednesday. Even though it opens a floodgate of new possibilities, BCC is not without its share of concern for its anonymity feature that makes it easy for dark entities. However, with this, the country has followed the footsteps of El Salvador. It can be indeed seen as a major step in enriching Cuba’s cryptocurrency industry and struggling economy.

Also Read: El Salvador Announces BTC Tax Exemption by the Government for Foreign Investors

What’s Happening In the South African Crypto Sphere?

South Africa’s government has stated that they’re making their digital ID development a priority. To ensure the country’s economic benefits, the digital identity policy of the government must take full effect. The ministry has announced that the development of integrated solutions by businesses shall be a high priority for all stakeholders. 

South Africa plans to provide self-sovereign digital identity (SSDI) and protect citizens’ virtual data. Absa, the South African bank service stated:

“Once adopted on a large scale, SSDI lowers transaction costs, protects customer information, and limits the opportunity for cybercrime.”

Moreover, it is high time for South African consumers, investors, and the private and public sectors to come together in this process. Therefore, they are working collectively towards achieving the common smart identity goal. South Africa is successfully enabling a robust and trusted digital identity. It has the potential to generate great economic value as well as resolve inclusion-related conflicts. The digital identity crisis has restricted access to essential government services like financial services, education, and other critical services to the citizens. It has also limited access to international business. 

Recently, South Africa’s government had established an integrated biometric database hoping to expand the country’s digital identity, and simplify service delivery.

Hungary Did What? 

Remember when Elizabeth Warren called the Bitcoiners a “shadowy faceless group of super coders.” Well, Hungary has now built a faceless statue in honor of Bitcoin creator Satoshi Nakamoto. This “faceless super coder” invented a decentralized protocol enabling people to perform value transactions in real-time without barriers. 

Just because someone protects their identity online does not mean they have ill intentions, something Warren is yet to understand.

The bronze statue is located in Graphisoft Park. Sculptors Gergely Réka and Tamás Gilly brought it to life. The statue captures the famous mantra of “we are all Satoshi.” It reflects the impact of Satoshi’s invention i.e. Bitcoin in everyday life. The unknown identity of Satoshi Nakamoto makes the faceless statue more interesting. 

Other Events In The Crypto World

A malicious software, Ransomware is posing a threat to the crypto world. But not to worry, because Bitcoin is successfully combating it. 

“The blockchain ledger on which Bitcoin transactions are recorded is an underutilized forensic tool that can be used by law enforcement agencies and others to identify and disrupt illicit activities,” attests Michael Morrell, former acting director of the U.S. Central Intelligence Agency. 

In simpler words, blockchains are highly efficient in fighting cyber theft and other crimes. Therefore, it’s a “boon for surveillance” without a doubt.

Also Read: Blockchain’s Instrumental Role in Shaping the Future of Cyber-Crime Investigations