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Summary of Past Week Articles March 11, 2022

Stripe’s Crypto Support Has Returned, and NFT Support Has Also Been Launched:

Stripe has added support for cryptocurrencies and non-fungible tokens (NFT). In addition, cryptocurrency exchange FTKS and its US affiliate have also joined up for payment and customer knowledge services with Stripe (KIC).

The Stripe co-founder John Collison stated that Stripe now supports crypto businesses such as stock exchanges and digital wallets. Stripe clients can identify verification, fraud prevention, and more, apart from a financial transaction. According to him, users can trade NFTs within seconds from more than 33 countries. 

The Stripe website claims that users from 180 countries can deposit currencies via a dozen payment methods. Surprisingly apart from cryptocurrencies and NFTs, the platform also supports fiat money, claiming that it is designed to increase conversions and reduce fraudulent operations. 

Stripe’s crypto functions might not be suitable for all countries, which is why the support page addresses the matter stating that the businesses might need additional information depending on the way they were set up. 

While the company first accepted bitcoin (BTC) payments in 2014, they discontinued them in 2018, noting that it had become “less effective for payments” in the last couple of years, citing block size constraints, slow confirmation periods, and increasing costs as causes.

eBay is planning to launch a ‘digital wallet,’ and it has hinted at ‘fractionalization’:

eCommerce giant eBay is exploring adding new payment methods to their platform.

The company representatives have announced that they will launch a digital wallet at the beginning of the summer. 

However, their crypto-related information was rather scanty. For example, the company noted fractionalization, which may mean using non-fungible tokens. But, there is nothing solid in eBay materials to confirm this speculation. 

Regardless of the suspected intentions of the company, it seems that the community is rather excited by the prospects of trading with cryptocurrency. 

Caribbean CBDC is back online after a two-month hiatus:

DCash, a digital form of the Eastern Caribbean dollar (XCD), is back online as of Wednesday, after being offline for over two months owing to a technical issue.

The central bank digital currency CBDC issued by Eastern Caribbean Central Bank has been offline since January. ECCB previously mentioned that the problem was in a certificate of the hyper ledger fabric hosted on the DCash ledger, which expired. 

A few days ago, an operator in CBDC wrote on Facebook that the platform is fully operational. However, ECCB also added that the venue had been upgraded and tested before the currency was operating. 

The eastern Caribbean dollar is a fiat currency widely used by eight countries in the area, closely dependent on the US dollar at a rate of XCD 2.70 per one dollar.

Biden’s Crypto Executive Order has divided the crypto community:

After US President Joe Biden issued an Executive Order titled “Ensuring Responsible Development of Digital Assets,” American crypto traders and investors are expected to face a fresh slew of rules.

The document will provide a framework for stricter and more coherent regulations according to statements. However, it appears that some argue the coherency related to the act. 

According to the debate, one side thinks that the document lacks vital areas, while others believe it might bring legitimacy and fairness to the industry. 

The crypto pressure group Coin Center also spoke out, with Peter Van Valkenburgh, the center’s Director of Research, putting a positive spin on things, declaring that the order was “all in all” “excellent stuff.”

One person referred to the order as a “nothing burger,” while another claimed that “the policy language” in the order caused her to have the “opposite reaction.”

How South Korea’s Next President May Impact East Asian Crypto, Economy, and Politics:

Yoon Suk-yeol, the leading opposition People’s Power Party candidate, has won the battle to become South Korea’s next President.

Crypto policy was a crucial battleground in his narrow victory — by less than a percentage point – over his centrist Democratic Party opponent.

The People’s Power Party has generally been tough on Pyongyang, but Moon has accommodated. The war in Ukraine has already inflamed Pyongyang’s ire, and as a result, Pyongyang appears to have been pushed to the bottom of the political agenda worldwide.

A more hostile relationship with Seoul may exacerbate this. However, the South Korean economy faces existential dangers. Tougher sanctions against Russia could have a significant impact on South Korea.

Yoon has promised to reduce the hefty capital gains tax on many homeowners and restructure the tax system. This is also expected to include the upcoming crypto tax levy, which will take effect in 2023.

Who is the President-elect of South Korea?

His career began as a public prosecutor in 1994 and progressed through the ranks to become Prosecutor-General under current President Moon Jae-in.

Yoon decided to run as an independent candidate in the 2021 election but was eventually persuaded to join the People’s Power Party campaign as its official candidate: he has eight months of political experience.

Yoon is set to enter office in early May after receiving 48.6 percent of the vote against Lee Jae Myung – 47.8%.

Next Month, Japanese Crypto Exchanges Will Enforce FATF’s Travel Rule:

At the beginning of April, all of Japan’s cryptocurrency exchanges will adopt the Financial Action Task Force’s (FATF) Travel Rule. That means most of East Asia’s most powerful trading platforms will begin complying with the contentious protocol before the law even requires them to.

The Travel Rule essentially forces platforms to eliminate anonymity in crypto transactions to combat money laundering. However, East Asian trading platforms, which are among the most strictly regulated globally, have been eager to show they can comply even in the absence of legal impulses.

As of April, all crypto transactions done through Japanese exchanges must provide the following information: 

  • The name of the recipient Data of the transaction’s origin (and whether or not the transaction originates from an exchange) 
  • And data about the recipient’s address and whether or not the recipient’s wallet is housed on an exchange. 

A second phase, scheduled for October, will require further information on the recipient, as well as information regarding the “purpose of the transaction.” However, exact details are “still to be determined.” 

Anyone performing transactions costing more than $865 will also be required to provide further details. As previously reported, South Korea’s leading cryptocurrency exchanges are either coordinating on joint Travel Rule compliance efforts or pioneering their approaches months before the law requiring them to do so is enacted.

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