The Weekly Wrap 18

Iran plans to launch its CBDC this year, while Twitch bans livestream crypto gambling content.

The lowdown this week...

  • Iran plans to launch its CBDC by the end of September
  • Twitch announces its ban of livestream crypto gambling content
  • India and Pakistan face crypto regulatory obstacles stunting crypto growth
  • Hong-Kong firm plans has goals to raise $200 million for crypto

What's Brewing?

Iran plans to launch its CBDC by September 22

The Iranian Chamber of Commerce announced that they plan to make a pilot launch of their own CBDC this week. The “crypto-rial” has been in the works for several years, and was originally supposed to be launched in November. The goal of the CBDC is to promote financial inclusion and serve as a tool to compete with other Stablecoins worldwide.

Iran is moving full steam ahead with crypto adoption!
central bank of Iran building blue skies reflections blue 

The goal of the crypto rial is that it’s meant to counteract the corruption, that prevails Iran. The Iranian government has had a hostile stance toward crypto, especially this year when they decided to cut off the power supply of the country's legal crypto mining rigs. The CBDC will function on the Borna platform, using a Hyperledger Fabric, an IBM open-source distributed ledger technology platform. The trading and use of crypto is currently prohibited in Iran, but in August Iranians will start utilizing crypto as a valid mode of payment for imports.

Order in The Court!

Crypto adoption slows down in India and Pakistan due to regulatory bumps

According to a new Chainanalysis report, Pakistan and India experienced a significant drop in their global adoption, compared to last year. The decline is most likely due to the regulatory hurdles that surround both countries. India has had a hot and cold relationship with crypto, and it all started with a bill to ban it altogether - but it was never approved. Currently, two new taxes were introduced in India this year that drove the drop in the country’s ranking.

Indian crypto exchanges were affected by the 30% tax imposed by the government on crypto earnings in April 2022. News reports relayed a drop of 15-55% in trading volumes following this change. Pakistan on the other hand, has yet to impose solid regulations on the legality of cryptocurrencies. The government and the central bank imposed a complete ban earlier this year, and created 3 sub-communities to carry out the new policies. India and Pakistan are both dealt with challenging cards at the moment, but crypto adoption is still present in both countries nonetheless.

Talk of The Town

Twitch prohibits livestream crypto gambling content on its platform

Twitch unveiled recently, that it plans to ban any crypto-related livestream gambling content effective October 18th. Broadcasts showcasing gambling in all forms such as: dice games, Russian roulette and slots will be prohibited. The list also includes Stake.com, Duelbits.com, Rollbit.com, and Robot.com, and may even expand as the company continues to monitor the situation.

Twitch iOS App on iPhoneX reflective screen
Twitch ditches livestream gambling content.

This move came into effect due to a scandal revealed that a Twitch streamer was scamming viewers out of an alleged $200,000 to fund a Counter-Strike: Global offensive addiction. Top influencers and personalities pushed Twitch to reassess the content on its platform, since a handful of creators were promoting harmful content to its fans. Twitch seemingly was very loose about its livestream gambling rules previously, but this course of action has pushed them to re-evaluate livestream gambling on its platform. They announced that they will still allow sports betting, poker and fantasy sports content on their platform.

Crypto Rising

Tycoon-backed firm based in Hong Kong plans to raise $200 million for crypto

Adrian Cheng, a Hong Kong billionaire plans to raise $200 million for crypto purposes. Cheng's firm C Ventures began in Hong Kong and its crypto investments at the present moment include RTFKT Studios, Matrixport and Animoca Brands. The firm also has additional plans to to raise around $300 million for private equity and private credit card strategies for the next 1 and a half years.

Adrian Cheng posters colorful glasses suit iphone ring Asian man
Adrian Cheng raises $200 million for crypto adoption! 

The crypto fund plans to invest in a wide array of digital assets including: ETH, BTC and NFTs. The firm is also looking to expand to blockchain technologies and the development of blockchain infrastructure. C Ventures is one big player among many who are entering the crypto space with an enthusiastic and determined stance.

Food for thought:

  • Do you think that Twitch made the right move to ban livestream crypto gambling content?
  • How do you think the implementation of the crypto-rial will affect Iran's economy?
  • Do you think that crypto adoption will rise again in India and Pakistan?
  • Japan and Hong Kong are both experiencing a rise in crypto adoption - who do you think is more ahead of the game?

DISCLOSURE:‌‌‌‌

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.

Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.

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