Indian government launches blockchain initiative; Central African Republic Forms Committee to Draft Crypto Bill

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Bitcoin started 2023 on a high note, reaching its highest price in 2023. Cryptocurrency momentum is building as investors hope for a reversal from the monetary tightening that alarmed market participants last year . On that note, here are some of the top stories from the crypto industry this week.

Indian government launches blockchain initiative

Indian government’s top public policy think tank, NITI Aayog, has introduced a blockchain module in collaboration with the cryptocurrency-focused 5ire and Network Capital, a mentorship and career development platform.

The project is expected to be sponsored by NITI Aayog’s Atal Innovation Mission (AIM), which currently has Atal Tinkering Labs (ATL) in over 10,000 schools in India.

This partnership with 5ire is crucial as the startup caught the eye after raising $100 million in July to become the world’s first blockchain unicorn with sustainability at its core. It aimed to be in line with the Sustainable Development Goals defined by the UN. This collaboration is also a step towards India’s digital transformation.

Central African Republic Forms Committee to Draft Crypto Bill

The Central African Republic has set up a 15-member committee to draft a bill on the use of cryptocurrencies and tokenization in the country.

The committee responsible for drafting the cryptography bill includes 15 experts from five ministries, including the Ministry of Mines and Geology, the Ministry of Agriculture and Rural Development, the Ministry of Water, Forests, Hunting and Fishing , etc.

After El Salvador, the Central African Republic became the second country to adopt bitcoin as legal tender in April 2022 and plans to list its Sango cryptocurrency on exchanges later this year. The bill aims to encourage the development of the digital asset industry and potentially help the stunted local economy.

IMF Proposes Five-Point Crypto Regulatory System

The International Monetary Fund (IMF) has released a five-point regulatory agenda to help regulators manage risk in the crypto industry.

The recommendations come on the heels of a fateful year for the crypto market that saw the failure of major stablecoin TerraUSD, crypto-focused hedge funds including Three Arrows Capital, and major crypto exchanges. currency like FTX.

According to the IMF, these problems can be solved by strengthening financial regulation and supervision as well as creating global standards that provide regulators with a uniform set of guidelines to work on.

Nike’s Web3 platform will reward creators for designing virtual sneakers

Global sportswear brand Nike’s new non-fungible token (NFT) platform, .SWOOSH, invites users to design their own digital wearables.

Community members are invited to enter a contest called #YourForce1 which challenges users to create a visual storyboard on Instagram showcasing their shoe design. Nike will offer $5,000 each to the four chosen winners. They will also have the opportunity to collaborate with Nike designers to create their own unique digital shoes.

Nike has spent years leveraging its Web3 strategy. Prior to releasing .SWOOSH, the company acquired digital fashion house RTFKT to take its first steps into the metaverse.

Amazon launches the NFT initiative

E-commerce giant Amazon plans to launch a “digital asset business” with an NFT initiative in spring 2023.

According to reports, Amazon has partnered with more than 10 crypto projects to support its NFT initiative. Amazon will focus on different sectors with plans to get into NFT games.

The platform will also reward players with unique items in the form of NFTs. Amazon has recently explored several other Web3 initiatives.

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Disclaimer: This article was written by Giottos Crypto Exchange as part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss arising from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investments.