The lowdown this week...
- Romania plans to use NFTs for official documents
- Bitcoin is here to stay amidst evolving technologies
- BitMex co-founder receives 30 months of probation instead of jail time
- Mastercard will enable direct NFT purchases amid current bear market
- Jack Dorsey and Jay-Z will offer free crypto classes on Bitcoin Academy
Romania plans to offer citizens a secure NFT marketplace
Romania’s National Institute for Research and Development In Informatics (ICI) revealed an ongoing project designed to simplify life for its people. So, what is it exactly? The ICI has proposed an institutional NFT marketplace where citizens can have the ability to access, store, and transfer official documents securely on a digital ledger - all through the power of NFTs.
“NFTs represent provenance of creation and ownership for digital assets, such as government documents. Being recorded on a distributed public ledger, everything is transparent and traceable, thereby the sharing of data between government institutions can be enhanced, reducing bureaucracy and improving the efficiency and effectiveness of government services.”
Beniamin Mincu, CEO of Elrond Network
Some of the supported document types include birth certificates, driver's licenses, and land/property deeds. After the project is initiated, Romanians will be able to access all of their NFT documents from a single location. Clearly, the Romanian government and Elrond Network are intent on tackling a new internet economy together - which will add more layers of security to official documents and eliminate the hassles of bureaucratic issues. Despite the turbulent financial times, there is a silver lining of hope in the form of decentralized finance.
Order in the Court!
BitMEX co-founder skips jail time and goes on probation
Benjamin Delo, co-founder of cryptocurrency exchange BitMEX - was recently found guilty for violating the Bank Secrecy Act (BSA). The sentence took place in the federal court of New York, and resulted in a guilty plea. Delo admitted to failing to implement and maintain the Anti-Money Laundering (AML) program.
Some prosecutors objected, and argued that he should serve at least a year in jail or even a two-year probation. His light sentence puts an end to a legal journey that began in 2020 - when one of BitMex's first employees was also charged with similar violations. Delo regrets his clash with the judicial system and promised that this would be the last time. Since Delo is a citizen of Hong Kong, he plans on serving his probationary service in the US rather than his home country.
Talk of The Town
Ben Zhou, Bybit's founder says Bitcoin isn't going anywhere
Bitcoin (BTC), the largest cryptocurrency by market cap - has risen another 5.7% in the last 48 hours, according to data from Coinmarketcap. Despite the current bear market, Bybit founder Ben Zhou remains positive about educating people on the benefits of crypto and Bitcoin.
“Education is one part. We focus on teaching people why and how is crypto playing a part,"
Ben Zhou, Founder of Bybit
The firm's partnership with RedBull Racing has allowed them to expand their reach to beginners in crypto. Education is one of their top priorities, and one of the topics included the recent collapse of Terra. Zhou states that the collapse could have happened with anyone, and it's important to be prepared for these mishaps. He continued to express his positivity in Bitcoin by saying that even though the future may be uncertain - Bitcoin is here to stay.
Bitcoin Academy's founders are aimed at teaching crypto 101
Shawn Corey Carter, aka Jay-Z - was raised in Brooklyn's Bedford-Stuyvesant neighborhood. One of his big dreams now is to give back to his community by teaching financial literacy. Recently, he's teamed up with Block's CEO Jack Dorsey to create Bitcoin Academy - which will comprise of both online and in-person classes. The project is scheduled to launch at the end of June.
The program is only open to people residing in Marcy Houses and also includes a "crypto kids camp." The camp will grant participants a mobile hotspot, and a nominal amount of Bitcoin to begin with. Classes take place two nights a week until September, and will be taught through the educational groups Crypto Blockchain Plug and Black Bitcoin Billionaire. This isn't the first collaboration they've had, and certainly not the last.
Food for thought:
- What do you think would be a meaningful feature to add to crypto wallets?
- What do you want to invest in currently?
- Bitcoin or Ethereum?
- What would you want to study at Bitcoin Academy?
- What are your financial goals for 2021?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
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