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Binance Boss Talks Crypto Adoption And Regulation With President of Central African Republic

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Binance Boss Talks Crypto Adoption And Regulation With President of Central African Republic

Summary:

  • Binance CEO Changpeng Zhao met with Faustin-Archange Touadéra, the president of the Central African Republic.
  • The pair met this week to discuss crypto adoption and crypto regulations among other relevant matters.
  • CAR recently adopted Bitcoin and launched the Sango sidechain project.
  • CZ recently met with the Ivorian president to discuss similar topics, as reported.
  • Data shows that crypto has emerged as a hot topic across Africa in recent months. Five African countries ranked in the top 20 on Chainlysis’ Global Crypto Adoption Index.

Changpeng Zhao, the CEO of leading crypto exchange Binance met with the president of the Central African Republic to discuss digital assets shortly after the country adopted Bitcoin on a national level and launched a blockchain-power project dubbed Sango.

Zhao and President Faustin-Archange Touadéra held talks on Friday. The meeting was confirmed by CZ himself who tweeted about the event to his 6.7 million followers on Twitter. Crypto regulations and adoption were chief among the topics discussed, per Zhao’s post.

The pair also talked about education and investment strategy.

Notably, CZ’s visit comes shortly after the country announced its controversial decision to adopt Bitcoin (BTC). 

Despite stiff warnings from financial regulators like the IMF and the World Bank, CAR proceeded with its BTC legalization and also launched Sango, a blockchain-powered initiative with a token component. The nation also approved BTC as a reserve asset, EthereumWorldNews previously reported. 

Binance Chief Meets With Leaders To Drive Crypto Adoption

Friday’s meeting with President Faustin-Archange Touadéra marks the second African leader CZ has met with this year. Zhao also held talks with the Ivorian president back in July. 

These visits are supposedly strategic as Africa has emerged as a hotspot for cryptocurrencies. Chainlysis ranked five African countries including Nigeria and Kenya in its top 20 on its Global Crypto Adoption Index report.

Binance Boss Talks Crypto Adoption And Regulation With President of Central African Republic 13
Chainlysis Global Crypto Adoption Top 20

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Ethereum

Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

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Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

TL;DR

  • Ben Armstrong, also known as BitBoy Crypto warns his followers that he is planning something which will change the crypto industry forever. 
  • BitBoy Crypto is a Youtube influencer that has more than 1.5 million followers on his YouTube account.

The controversial but well-known youtube crypto influencer Ben Armstrong, also known as BitBoy Crypto by his Youtube community, posted a tweet yesterday saying that he is working on something huge that will permanently change the crypto industry. 

‘I’m working on something huge. So big that it will permanently change crypto as we know it. We are going to be taking power from the ultimate gatekeepers in the United States government. That’s all I can say for now.”

BitBoy Crypto

BitBoy crypto is a famous crypto influencer that has amassed over 1.5 million followers on his Youtube account and almost 1M followers in his official Twitter account. His influence is significant in the crypto industry, albeit it is also riddled with controversy along with other crypto influencers. 

A CNBC Report shows that BitBoy Crypto and other crypto influencers openly accept large crypto promotions to promote various crypto projects. He also confirmed that he could easily make $100,000 per month only through his promotions. 

According to this CNBC report many of the cryptocurrency ventures BitBoy has promoted have plummeted in value, such as Ethereum Yield, Cypherium and MYX Network. BitBoy deleted these promotional videos shortly after. 

Armstrong has previously said that he discloses all his paid partnerships

US Government Recently Sanctioned Tornado Cash

The US government only recently announced that they would prohibit American citizens from interacting with mixers such as Tornado Cash. The crypto community was not pleased with this decision, and some community members called this a “War on Code” or a direct attack on privacy.

Forks of Tornado Cash and other alternatives to use Tornado Cash after the ban are already being posted all over Twitter.

It is unclear whether Bitboy is planning to do something related with the recent sanctions or if his tweet is entirely unrelated.

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

TL;DR

  • Acala network, the defi protocol for Polkadot, has suffered a breach, and its stablecoin depegged from the dollar. 
  • Acala Network’s aUSD stablecoin currently sits below $1, dropping as low as 0.58 at one point.
  • It is reported that hackers collected approximately $1.2 Billion $AUSD.

Polkadot’s decentralized finance protocol Akala Network is in significant trouble as reports show that the hub suffered a breach today, causing its stablecoin to depeg from the dollar.

Acala Network reported today via their official Twitter account that the team had noticed a configuration issue that affects the stablecoin AUSD.

They passed an urgent vote to pause operations on Acala to investigate and mitigate the problem.

We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.

— Acala (@AcalaNetwork) August 14, 2022

Users quickly identified the attacker’s wallet on Twitter. The wallet currently holds more than 1 billion $AUSD according to SubScan.

Binance’s CEO CZ quickly confirmed on his official Twitter account that the compromise occurred due to a bug in the iBTC/AUSD pool. 

According to CoinMarketCap, the stablecoin is currently 11.67% under $1, sitting at $0.88.6.

“We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD.” Acala reported on their Twitter account today.

“If you are a whitehat/recipient of errorneously minted aUSD or swapped token from these aUSD that are not on Acala, please transfer them to addresses below :

On Polkadot: 13YMK2eYoAvStnzReuxBjMrAvPXmmdsURwZvc62PrdXimbNy

On Moonbeam: 0x7369626cd0070000000000000000000000000000 5″

Acala Network also has paused most chain functions until further notice.

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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