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El Salvador is positioning itself to be the capital of the world. At the weekend, the country's eccentric president, Nayib Bukele, plans to build a "Bitcoin City"-a tax-free paradise for Bitcoin bros the world over, powered by a volcano and funded by Bitcoin-backed bonds. In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment: "It's quite difficult to predict how innovators will take money and actually use money going forward. Earlier this year, the three top U.S. banking regulators-the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation (FDIC) and the Comptroller of the Currency (OCC)-finished several "policy sprints" designed to ready the country for crypto banking regulations. The Indian government will be considering a bill that would create a digital rupee starting as early as next week, but may also ban certain cryptocurrencies in the country. According to a Tuesday publication, India's lower house of parliament, Lok Sabha, will consider The Cryptocurrency and Regulation of Official Digital Currency Bill as one of 26 new bills when the government body convenes for its winter session next Monday. The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily freeze or close bank accounts belonging to individuals or entities accused of trading cryptocurrency. As the world quickly transitions into a global village thanks to the rapid penetration of internet networks, it is easy for some people to be left behind owing to the remoteness of their locations. You can find these stories and more at the link below:
Newsletter #185
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