Inside the Crypto Dimension #13
Blockchain in China 🇨🇳 | UAE opens virtual office in Metaverse 🇦🇪 | Busan competes for World Expo 2030 with Metaverse 🇰🇷 | Do Kwon saga continues 🏃♂️ | Kazakhstan to legalize cryptos 🇰🇿
Previous issue contained news on big companies and their takes on NFTs and cryptos. This time we have countries and their stand on the blockchain. The United Arab Emirates is opening a virtual office in the Metaverse. South Korea is using Metaverse as a way to compete for World Expo 2030. Kazakhstan is planning on allowing Russians to exchange their cryptos for local currency. China is heavily investing in blockchain education but preventing the use of cryptocurrencies at the same time. Could that approach lead to new use cases for blockchain?
The saga of Do Kwon continues. Interpol is after the founder of Terra/Luna, but Kwon tweets that this is not the case. Some strange Bitcoin is found in exchanges and South Korea’s government is asking to freeze these assets. What a mess…
Cryptocurrency prices are not doing anything. It is Friday and Bitcoin is in the familiar range, this morning at around 19 5000 USD. Ethereum has not changed much either, staying at the 1 300 USD.
To put it short - the numbers are the same as before. So just try to hang on even though the cold breeze is blowing in the crypto world 🥶.
Let’s dive into the news. Keep on scrolling! 👇
News and Stories from the World of Cryptos
BlackRock’s newest ETF invests in 35 blockchain-related companies - Metaverse ETF in the making?
BlackRock, the largest asset manager in the world has just launched a new ETF (Exchange Traded Fund). The ETF includes blockchain companies such as miners and exchanges. In addition to this fund, BlackRock is rumoured to be planning a Metaverse-related fund as well.
'Decentralization Under Centralization': How Chinese Universities Teach Blockchain
China is investing in blockchain technology, but banning cryptocurrencies. In 2020, 14 Chinese colleges had blockchain technology undergraduate degree programs. The blockchain technology is considered to be an important technology in the future, but cryptocurrencies not. China has banned crypto transactions, initial coin offerings (ICO), crypto mining and cryptocurrency trading. This is not necessarily a bad thing, as it leads to innovation and developing new use cases, outside the monetary use. Will this make China a true blockchain superpower in the coming years? There are correct pieces in place and incentives to drive a different adoption from rest of the world.
Busan taps K-pop metaverse to win 2030 World Expo bid
Busan, South Korea’s second-largest city is competing to host the World Expo in 2030. As one of their promotion campaign, the city has decided to open a virtual space for visitors. The virtual space features entertainment and even K-pop performances. This is continuation to the fact that Busan has announced to be a regulation free zone for blockchain.
Do Kwon Saga Continues
Do Kwon, the co-founder and spokesperson behind Terra/Luna is in the middle of an interesting saga. Previously, Interpol announced a red notice, asking for international help on finding Do Kwon. To which Do Kwon tweeted, that he is not on the run:
Now, South Korean authorities have requested crypto exchanges OKX and Kucoin to freeze over 3000 BTC that are reported to be tied to Do Kwon. Kucoin followed the request, but OKX has not. To make things even more interesting is the fact that Kwon has previously claimed to have used all the BTC to prevent the crash of TerraUSD coin.
Again, Do Kwon denies everything. And again, in Twitter:
The amount of contradicting stories and the fact that Do Kwon keeps on tweeting, makes this a pretty interesting saga.
UAE Ministry of Economy opens up new headquarters in the Metaverse
The United Arab Emirates ministry of economy has made an announcement that they are opening new headquarters in Metaverse. This will be a virtual office where people can hold meetings, network and even sign legally-binding agreements. This is part of Emirates plan on investing heavily on blockchain and Metaverse technologies. It does sound familiar to hype that happened around Second Life virtual world a long time ago, when for example when Sweden opened embassy in Second Life.
Kazakhstan ready to legalize crypto as Russians flock to the country
The war in Ukraine continues and it is causing interesting developments in the neighbouring countries. Many Russians have fled, fearing of being conscripted to the army and sent to the front lines. As Russian credit cards are not accepted in many countries anymore and bank accounts can become inaccessible, people have taken a look at cryptos. Kazakhstan, one of the neighbouring countries is seeing the flock of Russians and are planning on legalizing crypto. This way, the country of Kazakhstan could benefit from the arriving Russians and the people would get hold of some of their money after leaving the country.