FFATH 🚀 Global Crypto Adoption On The Raise 💱 Ruble Stablecoin 🐘 Update on Sango Initiative
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Headlines
🚀 Over 320 million crypto users in the world (Must read!)
🚀 Ruble Stablecoin on its way following DAI model
⚖️ SEC Chairman Gary Gensler said proof-of-stake cryptocurrencies could qualify as securities
🏦 Singapore's biggest bank DBS to acquire land in The Sandbox
🚀 BNB Chain and Google Cloud work together to advance the growth of Web3
🏦 Schwab, Citadel Securities, Fidelity, and other Wall Street firms start crypto exchange EDX markets
🎨 New York’s Museum of Modern Art considers buying NFTs
🎮 Fortnite Creator's Epic Games launches first NFT Game
🎵 Bored Ape NFT band to make music with Beyoncé and Timberlake
🦊 Opera Crypto Browser integrates MetaMask
🏎️ Lamborghini is set to roll out its second round of NFTs
🏎️ Porsche24 and Team GP Elite partner with Syscoin to Launch NFT Collection
📺 American teen comedy Mean Girls (2004) may soon be making a Web3 comeback
🥤 Starbucks brewing in Web3
👉 Linux is working on open-source wallets
⚖️ Update: OFAC says US individuals may apply for a licence to withdraw crypto deposited into Tornado Cash
⚖️ Huobi to delist Monero and other privacy coins
Featured Story
🐘 Sango Initiative shut down by CAR’s highest court
If you’ve been following along with Far From All Time High, you will be familiar with the Sango Initiative. In case you missed it, in April the Central African Republic (CAR) became the second country to adopt Bitcoin as a legal tender. This move was quickly followed by President Faustin-Archange Touadéra’s project to develop a national crypto-currency that would allow foreign investors to gain “e-residency” by purchasing and holding the Sango coin for three years.
According to President Faustin-Archange Touadéra’s cabinet, Sango Coin would revolutionize the country’s economy by decentralizing ownership of its natural resources through tokenization and provide a route to financial independence away from the CFA Frac.
Much to the dismay of Sango backers, the Central African Republic's Constitutional Court on Monday ruled that these aspects of the project were unconstitutional. In addition, The Bank of Central African States (BEAC) declared CAR’s move to adopt a new cryptocurrency law, including making Bitcoin (BTC) legal tender, was in gross violation of the regional banks’ regulations. That’s right, the centralized banking institution established in 1973 with France to enforce the use of the CFA Franc did not like the idea of one of its members adopting alternative currencies. Enter surprised Pikachu meme here:
While these setbacks certainly put the future of Pan African crypto adoption into question, President of the CAR, Faustin-Archange Touadéra seems so committed to pushing through his economic agenda that he has set up a committee to draft a new constitution for the country.
Of course, these developments come alongside international brokers Schwab, Citadel Securities and Fidelity launching their own crypto marketplaces in the United States. This begs the question; if private centralized institutions in the West can invest in the future of finance what’s so wrong about governments of the global south doing the same? Maybe the Western institutions are using their influence to buy up as much as they can before onboarding the global south. Maybe its all unrelated, completely separate instances resulting in West once again getting first dibbs.
Insider News
👉 Crypto lender Maker turns to staked Ether to reduce USDC influence
🚀 20M $CRV deposited in Stake DAO
⛏️ An NFT minted after The Merge cost $60,000 in transaction fees
👉 Tether's USDT launches on Near blockchain
⚖️ Warrant for Do Kwon’s arrest
🎮 Rarible partners with Immutable to broaden its gaming NFT offerings
💩 Daniele is out of Wonderland
👉 Ribbon's expansion into the credit market
🎮 Esports teams to get playable NFT characters in Immutable's Guild of Guardians
👉 Scaling Solana with Nitro?
⚠️ Magic Eden will protect creators’ royalties
🔥 Solana Summer Camp winners
👉 Poloniex made an ETF for ETH POW
👉 Celsius CEO Mashinsky is not giving up
Reads
📚 It Starts With Inflation - Ray Dalio
📚 Does ETH Became Deflationary - Kraken did the math
📚 Base Layer Neutrality - Paradigm
📚 Bringing IBC to Ethereum using ZK-Snarks - Gavitgoel
📚 4488 and Done - Polynya
📚 Understanding Fee Accounting in Uniswap V3 - DeFi Bull
📚 Goldfinch Deep Dive - David Shuttleworth
Data
📊 Top 10 chains by total value locked over time
📊 A Rally Off the Bear Market Lows
📊 Sudoswap analytics
Builder and tools
🛠️ Tracking MEV-Boost relays and block builders by Anish Agnihotri
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