This Week In Crypto #10

This week, the Central African Republic (CAR) became the second country in the world to make Bitcoin a legal tender, following in the steps of El Salvador. Its decision is already facing a opposition from within. How will international monetary organisations accept this?

In the meantime, in New York, lawmakers passed a bill that bans proof-of-work crypto mining licenses to companies for two years. Although this move positively impacts the environment, it makes players in the crypto mining space uneasy.

Here is a selection of top news in the global crypto space this week:

Bitcoin becomes legal tender in CAR

The Central African Republic (CAR) has made Bitcoin its official currency, making it the first in the African continent. President Faustin-Archange Touadera’s chief of staff, Obed Namiso, said members of parliament unanimously accepted the decision and that it was “a decisive step toward opening up new opportunities for our country.”

The CAR is one of the poorest countries in Africa despite being rich in mineral resources. However, the decision has been criticized by two of the country’s former prime ministers as a “serious offense” for not seeking guidance from the Bank of Central African States (BEAC). This may not be the last opposition to this decision, as international organizations criticized it in the past cryptocurrencies. 

Making a low is the easiest part, but with poor infrastructure, the CAR could face difficulty in implementing this policy.

POW crypto-mining fueled with non-green energy could be paused in New York

Lawmakers in New York passed a bill that bans crypto mining facilities using non-renewable energy from operating in the state. The bill imposes a two-year moratorium on issuing new mining permits for some select proof of work cryptocurrency.

This decision comes after the New York Assembly’s Ways and Means Committee members voted to send the bill to the entire assembly for voting.

 The bill will also propose an electric generating facility that utilizes a carbon-based fuel. Proof of work crypto mining demands more energy than proof-of-stake. A corresponding statement is being worked on at the New York State Senate.

Market Roundup

This week, the top gainer in the crypto market is ApeCoin, with prices rising by 61.38% in 7 days. Its price stood at $22.49 as of the time of writing, according to data by Coinbase. Following the top gainer is STEPN, whose price rose by 24.84% this week and stands at 3.86 dollars as of the time of writing.
According to Coinbase, Wrapped Centrifuge fell in price this week by 27.80% in the losers’ chart. Now, its price stood at $0.38. Also, Crypterium follows the top loser closely with a price loss of 27.72% in seven days and a price tag that stands at $0.32.

Market leader by capitalization, Bitcoin had an unstable run this week, opening at a few points below the $40,000 benchmark. It rose to $40,500 by midweek from a low of about 38,500 and declined sharply again. It stood at $39,741.21 as of the time of writing, according to the price data by Coinbase.

Also, Ethereum stood at $2,855.66 as of the time of writing. The price tag was preceded by a tumultuous movement and a fall of about 6% from a midweek high of $3,038.60 and a week opener of $2,947.54.

Part of Axie Infinity stolen crypto recovered

Binance founder Changpeng Zhao said the exchange intercepted and recovered $5.8 million, part of the $625 million worth of crypto stolen from Axie Infinity by hackers. According to law enforcement agencies in the United States, the crypto was stolen by North Korea’s Lazarus hackers. Zhao said the hackers spread the money, and part of it made it to Binance in over 86 accounts.

Legal status for cryptocurrency in Panama

The country’s lawmakers passed a bill seeking to give legal status to cryptocurrency in Panama. The bill, which is expected to be signed by President Laurentino Cortizo, aims to develop digital currency to attract more investments and generate employment. Cryptocurrency is in a legal grey zone in Panama. The regulation, when active, will make crypto an acceptable payment option in civil and commercial activities. It is not clear how this move will affect crypto holders concerning the payment of taxes. Still, countries such as India imposed a tax policy that many crypto stakeholders have criticized as harsh after giving crypto a legal status.

Bored Ape NFT hacked through social media

The Bored Ape Yacht Club (BAYC) followers received scam messages to mint unofficially issued NFTs when its Instagram and Discord accounts were hacked. Users received phishing links and messages asking them to mint land in the “OthersideMeta,” which was due to be launched this week. The accounts of those who clicked the link were compromised by hackers who transferred a new series of Bored Apes and Mutant Apes to new wallets. Fifty-four NFTs were stolen with a value of $13.7 million, according to OpenSea.

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