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Georgia is preparing to regulate its Bitcoin industry. Koba Gvenetadze, the governor of Georgia’s National Bank, told The Financial on Monday that the central bank has already drafted a regulatory statute in accordance with international norms.

According to Gvenetadze, the size of the Georgian crypto market is unknown due to a lack of regulation. The monthly transaction volume in September 2020, according to Moneyval, the Council of Europe’s money-laundering monitoring organization, was between 3.5 million and 5 million Georgian lari, or $1.09 million to $1.64 million. Moneyval recommended that Georgian authorities “strengthen the actual execution of its anti-money laundering and anti-terrorist funding measures” at the time.

According to the economictimes.com, the new bill complies with international Financial Action Task Force norms and was written with the assistance of IMF specialists. Virtual asset exchange and transfer services are now outlawed in Georgia. Clients who engage in virtual asset-related activities are regarded as high-risk and subject to “required additional preventative steps.”

Gvenetadze did not provide a timeframe for introducing regulatory legislation in parliament.

Georgia has always had a cryptocurrency mining business. For a country with a population of less than 4 million people, the country possesses around 1% of the overall Bitcoin (BTC) hash rate, which is impressive.

Despite having plenty of electricity, power outages in the isolated Svaneti area this winter were blamed on illicit private crypto mining. The national church stepped in to deliver a spiritual edict, desperate to end the damaging behavior. As part of an attempt to keep the population in the area stable, individual households are given free power.

The Central bank digital currency (CDBC) has been in the headlines since Jamaica’s central bank successfully completed the first pilot test in January. Jamaica’s prime minister, Andrew Holness, states about the CBDC adoption in the country. He predicted that the majority of the Jamaican population would be quick to adopt this transition to digital currency. Over 70% are already using the CBDC within five years. The prime minister also highlighted some insights about reducing the banking costs and the inclusivity of this currency. According to him, this digital currency will bring greater government accountability in the long run due to effective public resources tracking.

After admitting the initial challenges of the nationwide CBDC launch, Holness stated that the government is still trying to figure out better processes to safely help people access digital devices and the internet in general.

The Bank of Jamaica has been the pioneer of this transition and has completed the first nationwide pilot projects in the world. In collaboration with the Irish cryptograph firm eCurrency Mint in march 2021, this bank has conducted an eight-month-long pilot for this transition.

According to many reports, the bank has minted about 230 million Jamaican dollars(JMD) ($1.5 million)for the CBDC for insurance to deposit-taking institutions and authorized payment service providers of the country. BoJ issued over 1 million JMD($6,500) in CBDC for the BoJ’s banking department staff and 5 million JMD($32,000) for the National Commercial Bank, a leading financial institution in the country.

BoJ is also planning to add two new wallet providers for the CBDC, along with an upcoming nationwide rollout in the first quarter of the year. They are also planning to test out the transactions between customers of different wallet providers for more convenience.

Another pop-up was released regarding the Crypto bill by the Indian government. At this stage, the Indian Finance Minister of State came up with a clarification on the crypto bill status that is soon to come in the parliament within the prevailing year,

Indian Finance Ministry shows light on the status of Crypto Bill

Rajya Sabha (Indian parliament’s upper house) was a hotspot wherein crypto and bitcoin bill subject came into light in India. As per the recent updates, it is expected that the Crypto bill is going to be out in the Indian Lok Sabha (parliament’s lower house). The bill pays attention to imposing a ban on cryptocurrency with the establishment of an administrative framework on CBDC (Central Bank Digital Currency) as per the RBI (Reserve Bank of India).

After the public announcement for listing in the Lok Sabha, queries came in the Rajya Sabha for the bill. Anurag Thakur (Finance Minister of State) also explained the position of governing authority on digital currency for rupee and crypto.

Inquiries started rising on Tuesday in the Rajya Sabha regarding the bill framed for crypto. K.C. Ramamurthy (parliament’s member) raised a query: “No doubt, problems related to different cryptocurrencies including bitcoin tend to increase… Still I want to hear some words from the finance minister regarding any proposition related to the introduction of a bill that is well-suited to employ a control over a country’s cryptocurrencies.”

To this, Anurag Thakur released a response:

“Any administrative framework is not set-up by the regulatory authorities lie SEBI, RBI, and others on a proper straightforward cryptocurrency control since crypto is not a monetary currency, asset, commodity, or even security.”

Also, he added:

“At present, laws are not adequate to handle the matter with administrative control.” He said that the IMC (Inter-Ministerial Committee) kept a check on the matter and released reports.

Minister further said: “A gathering for the group of technology-empowered ones occurred as per the schedule,” paying light to the report given by another board of trustees along with the Secretary of Cabinet. In Final words, he announced:

“A final touch-up is going upon the crypto bill and it would soon reach the Cabinet’s desk.”

A warm welcome is shown by the Indian cryptocurrency community on the explanation shared by the MoS (Minister of State). Indian Crypto Exchange, Wazirx’s CEO, Nischal Shetty spoke up with news.Bitcoin.com: “I see it as a good signal. Probably, discussions would prevail about the crypto bill and hence it won’t be a hurried-up decision. Generally, I consider it as an improvement sign that will shower positivity.”

Bitcoin users and investors should cheer up. Bitcoin price has again touched a sky high of $42,000 as on January 8th. The price has surged by almost 9% in just three hours. Since a high premium was offered by Coinbase, many US buyers drove up the markets as they started accumulating Bitcoins. Bitcoins are receiving continuous selling pressure from Asian regions especially from South Korea.

After the rise in Bitcoin price to $42,000, it has again witnessed a decline of almost 7% within a time frame of 8-hours. The sell-off of Bitcoins coincided with whale activities in major bitcoin exchanges. Infact trading in Altcoin also saw a similar rising trend.

Bitcoin whales have been selling en masses since the starting of 2021. When the price of bitcoins first surpassed the mark of $40,000, large whales in the bitcoin market began to sell Bitcoins. Within a time frame of three hours, mega sales on the Binance platform sold off bitcoins 4-times more. Thus, this leads to extreme volatility in the market.

What’s next for Bitcoins?

At the present moment, the Bitcoin market is trying to make a balance between the whales taking the profit on their position and the new buyers in the market who are in a rush to accumulate all Bitcoins. There has been high volatility in the bitcoin market ever since the price of Bitcoin reached a high of $30,000. Due to the coming of high flow of capital into the bitcoin sector through Coinbase, it is expected that the upside momentum of bitcoins will be sustained in the upcoming future too.

When High net worth individuals try to purchase bitcoins, they try to move out the Bitcoin from the centralized exchanges due to security reasons. Thus, the outflow of bitcoins from Coinbase would mean that the Bitcoin will accumulate heavily in the United States.

Sentiments around bitcoin remain positive even if there is an upsurge in the price for the last three months. A chief investment officer at Arcane Research in a tweet said that Bitcoin can witness an even bigger surge in price.

At the current price of Bitcoins at $40,000, the market value of Bitcoins is valued at $740 billion. In the long term, it is anticipated that bitcoin’s value will surpass that of Gold in the coming future.

What are you waiting for? Brace for the impact and make an investment in Bitcoins.

Stores of Pizza Hut in Venezuela have now started accepting crypto as a payment option at their outlets. Consumers can use Bitcoins to pay their products. The US-based pizza chain is one of the first food chains to adopt such payment options in South America, followed by Burger King and Church’s Chicken.

CryptoBuyer has partnered with another brand, Mega Soft to improve the adoption of cryptocurrencies at more than 20000 business outlets and shops in Venezuela. Officials of Pizza Hut say that it is important to address the needs of young people and modern adults who want to use such technologies for their everyday activities.

Pizza Hut’s popularity in Venezuela

Customers can now use CryptoBuyer to buy pizza at several restaurant chains and pay with cryptocurrencies like BTC, LTC, DASH, BNB, BUSD, ETH, and DAI. Apart from that, consumers can also use its native token XPT. Pizza Hut is a popular fast-food chain in Venezuela, and it has a presence in several popular locations, including the capital city Caracas. Other than that, Pizza Hut also has stores in Maracay, Barquisimeto, and Maracaibo.

Growth of CryptoBuyer

CryptoBuyer is a cryptocurrency merchant gateway startup based in Panama. Not only that, it also runs several Bitcoin ATMs across South and Central America. The company is working hard towards promoting cryptocurrency payments in this region. It has included US-based fast-food giants Burger King, Pizza Hut, and Tamanaco Intercontinental Hotel in Caracas. Apart from that, it is also associated with Traki, which is the largest retail chain store in this region.

First commercial Bitcoin purchase

Interestingly, the first documented purchase using Bitcoin was to buy pizza from Papa John’s store in the US. In 2010, programmer Laszlo Hanyecz made the first documented use of Bitcoin purchase and paid 10000 BTC, which is now worth about $181 million. The use of cryptocurrencies has become a norm with most businesses that want to attract young users towards their products and services.

Some firms which promote online services also accept cryptocurrencies and even offer discounts for using such currencies on their platforms. In this way, users will get attracted towards such platforms in the long run. Many young users are comfortable using Bitcoins and other cryptocurrencies to pay for products and services online. The trend of restaurants accepting such payments at their outlets will increase soon when popular outlets start using them regularly.

Due to the changing financial landscape in recent times, the European Union has been looking forward to integrating cryptocurrencies and blockchain technology processes in its processes as well within the next few years. Reuters recently reported that the European Union is fast-tracking the integration of blockchain technology and introducing regulations that would encourage the use of cryptocurrencies. The move by the European Union is primarily due to the fact that it would help ease cross-border payments and transactions due to the convenience, efficiency, and security afforded by blockchain technology.

As per the EU document tracked by Reuters, the European Union is looking to build a comprehensive framework regarding the assimilation of DLT or distributed ledger technology and blockchain technology in its financial landscape. The framework would also address the security concerns and risks associated with the use of such technology. The rationale behind the EU’s interest to encourage blockchain technology is primarily the need for cashless systems in today’s date. As of now, over 80 percent of the payments in the European Union is done through cash. It has become a hygiene issue, especially due to the ongoing global pandemic.

There is an urgent need for instant and secure cashless payments systems the world over, and the strategy adopted by the European Union clearly highlights it. Going by the EU’s current planning, the cashless systems should be in place by the end of next year. The European Union hopes to replace cash use with digital payment systems by developing and integrating relevant technologies and creating awareness among the end-users. The ongoing pandemic has defined the “new normal” for everyone in every aspect of life, and with regards to payments, digital and cashless payments are the new normal.

Even though the European Union is yet to confirm the adoption of any particular cryptocurrency, the EU’s central banks might come with one go-to currency. It is plausible that the European Union and its Central Bank decides to adopt stablecoin or the CBDC (central bank digital currency) for payments. There are many countries within the European Union that are testing the possibilities of launching the central bank digital currency as the primary go-to cryptocurrency for digital payments. Some of these countries include France, Sweden, and Switzerland.

Developing and launching a stablecoin for an entire continent seems like a mammoth undertaking. Still, if it is only specific to the European Union, it can work well with the existing fiat currency. The fear of cryptocurrency taking over completely is unfounded when it works in conjunction with the fiat currency. In any case, it is good news for the crypto market as the European Union’s adoption will build trust and add confidence among the consumers worldwide, not to mention that it brings awareness about the need for cryptocurrencies globally.

The European Union is well-known for developing, welcoming, and encouraging new technologies, and blockchain technology are no different. It enjoys a wide-scale academic as well as political support in the European Union, which is evident from the fact that its executive body launched European Blockchain Partnership in 2018. It functions at a political level across all the countries in the EU. It is working towards the mass adoption of blockchain technology to benefit its citizens, societies, administration, and economies.

Many of the larger industries in the European Union with a high CAGR of compound annual growth rates are moving towards blockchain solutions and blockchain technology adoption. The early adoption of new technologies and welcoming digital innovation has always worked to the EU’s advantage. In the context of blockchain technology too, it seems to be no different, and rightly so.  

Swiss parliamentarians approved a new financial and corporate regulation changes package that acknowledges the cryptocurrency and blockchain industries.

According to a Swiss Information Article, the Government changed several regulations, from the bankruptcy to the exchange in shares.

The new regulation determines the legalities of digital stock transactions and the legal mechanism to regain intangible properties from distressed firms. It also specifies the regulatory criteria for conducting cryptocurrency trade so that the possibility of money laundering of cryptocurrency is mitigated.

This amendment comes after adopting the “Blockchain Act” by members of the Parliament in the summer of 2020 without any objection.

The latest version of current laws will presumably come into practice at the beginning of next year. This is supposed to offer Switzerland a huge boost to the blockchain and cryptocurrency industry and digital finance.

Today, Switzerland has over 900 blockchain and cryptocurrency firms, including Facebook’s Libra, with over 4,700 workers.

The European Nation has played an important role in the banking and finance environment, renowned mainly for its stunning alpine scenery and luxury products. It was also swiftly accepted blockchain and crypto-currency, after which time it assisted the experimentation of both established and emerging firms.

Also, public and private industries in Switzerland are working with this technology alongside the state, seeking to drive for blockchain and cryptocurrency progress.

In Switzerland, private crypto-monetary banks have appeared. After the Swiss financial market supervisory authority issued Swiss banking licenses, Sygnum and Seba Crypto AG became the country’s first cryptocurrency banks in 2019.

According to a Swiss Data report, after the legislation had been passed in an unfinished way by the House of Representatives, the Blockchain Act in Switzerland was formally reformed by the Senate.

As detailed, the reformed Blockchain Act has provided crucial updates from bankruptcy to the exchange of shares. In compliance with the new laws, an established legal framework has been developed for exchanging digital shares only. The reformed legislation further aims to outline the legal procedures for recovery from distressed corporations of intangible properties. The legislation should be enforced in the first quarter of 2021, depending on indications.

The county currently houses some 900 blockchain businesses with an approximate overall workforce of around 4.700 as gleaned in the Swiss Information survey. Switzerland is recognized as the fast-growing center for the blockchain market in the world. These statistics will improve if the current bill is introduced in full.

The laws currently being reformed will set a remarkable precedent for stronger and equitable blockchain legislation from the Swiss Federal Council. The topic of its influence is essential to many as the wishes have been heard, and the Blockchain Act has been reformed.

The latest regulation is supposed to shed new light on technology and its related technologies by the extremely blockchain and crypto wary Swiss banking industry. Failure to help blockchain and cryptocurrency will make current banks lose customers for the two blockchain companies Sygnum and Seba Crypto AG, Switzerland’s highest banking authority, the financial sector surveillance authority.