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Curious about the world of cryptocurrencies? Our weekly summary gives you a window into the financial future. Discover the latest trends with an exclusive look at the news that is transforming the way we think about the crypto world. Read on and discover the endless possibilities this exciting field has to offer!
For example, Argentina has expanded Cryptocurrency regulation, providing greater clarity to taxpayers. On the other hand, Ripple is about to launch its Stablecoin RLUSD, after obtaining approval from the NYDFS. Meanwhile, the founder of Binance has asked the crypto community to focus on useful projects, instead of obsessing over memecoins.
In legal news, Craig Wright has suffered another court defeat in his bid to claim to be Satoshi Nakamoto, while Ecuador has clamped down on Worldcoin, shutting down businesses that collected biometric data in exchange for cryptocurrency.
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Argentina takes a crucial step towards cryptocurrency regulation
The Customs Collection and Control Agency (ARCA) has significantly expanded the scope of the Classifier of Economic Activities (CLAE) to include a wide range of operations related to cryptoassets. Among them is:
- Crypto Mining. Crypto validation services for data and/or transactions related to cryptocurrencies. And cryptocurrency custody services, listed as “Cryptocurrency Custody Services.”
- Buying and selling cryptocurrencies on your own. Services designed to facilitate the management of transfers, purchase, sale, investment and/or exchange of cryptocurrencies through electronic management platforms, digital portals and/or mobile applications.
With this modification, the Argentine Treasury seeks to provide greater clarity to taxpayers who operate with cryptocurrencies, establishing a more precise regulatory framework for their registration. However, it is important to highlight that this measure does not introduce significant changes in the current tax treatment of these assets.
Ripple Gets Green Light for Its Regulated Stablecoin?
According to a report from Fox Business, in the coming days, the New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ RLUSD Stablecoin. So the company has plans to launch this Stablecoin on December 4 December.
NYDFS approval is crucial as it grants RLUSD a regulated status that will increase trust and acceptance in the financial sector. With this, Ripple will be able to position itself as a direct competitor against giants like Tether and Circle.
CZ attacks memecoins: “We need real Blockchain applications”
Binance founder Changpeng Zhao (CZ) believes that memecoins are distracting the crypto community and has called on the sector to create real solutions again: “I’m not against memes, but memecoins are becoming a bit rare now. Let’s build real applications using Blockchain.
I am not against memes, but meme coins are getting “a little” weird now.
Let’s build real applications using blockchain.
— CZ 🔶 BNB (@cz_binance) November 26, 2024
However, CZ has clarified that it respects the freedom of each individual to invest in whatever they want, including memecoins. In fact, it calls on the developer community to focus on creating projects with real utility, beyond simple fun.
Not trying to end anything. 😆 Everyone has their choice on what to invest or hold. Just encouraging more builders.
— CZ 🔶 BNB (@cz_binance) November 26, 2024
Appeal rejected: Craig Wright still not recognized as Satoshi Nakamoto
The UK Court of Appeal has rejected Craig Wright’s attempt to appeal a High Court ruling that he is not Satoshi Nakamoto. The court noted that the appeal arguments contained “multiple lies” and “fictitious authorities.”
In itself, the judge formally rejected the Australian computer scientist’s claims of being the mysterious creator of Bitcoin. In its analysis, the court called some of Wright’s legal arguments, particularly the “Anderson v. the Queen” case, “AI-generated hallucinations.”
This new judicial defeat seems to mark the definitive end of Craig Wright’s claims to be the creator of Bitcoin, leaving intact the mystery about the true identity of Satoshi Nakamoto.
Ecuador stops trade in biometric data
Ecuador clamped down on Worldcoin, now known as World, by shutting down several businesses that offered cryptocurrency in exchange for biometric data, such as iris scanning. This action was taken due to concerns about the privacy and security of personal data.
📢 This November 22, two establishments in Quito in which between 50 and 60 cryptocurrencies were offered in exchange for scanning people’s irises and faces were closed, reported the Metropolitan Control Agency. 👉 https://t.co/NLAGYea0Z0 pic.twitter.com/GEQPF8U56w
— Ecuavisa Noticias (@EcuavisaInforma) November 22, 2024
Specifically, the Metropolitan Control Agency (AMC), with the support of police agents, closed two data collection centers in the city of Quito. According to authorities, the stores operated informally, offering between 50 and 60 tokens to people in exchange for scanning their irises and faces. These activities violate privacy protection laws in Ecuador.
I end with this phrase from Jack Dorsey: “I believe that Bitcoin will become the single currency of the Internet.”
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