Nigeria partners with Bitt Inc. for CBDC rollout, Salvadoran retirees protest Bitcoin Law and other news

Nigeria's central bank partners with fintech firm Bitt Inc. for CBDC rollout

View this email in your browser One week in review:  Aug. 29–Sept. 4 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Nigeria's central bank partners with fintech firm Bitt Inc. for CBDC rollout Central bank digital currencies (CBDCs) — which some have described as the spawn of Satan — were making headlines this week after multiple countries ramped up efforts in developing their own digital money. On Aug. 30, it was reported that the Central Bank of Nigeria (CBN) issued preliminary guidelines for its proposed e-naira digital currency. On the following day, news broke that Barbados-based fintech firm Bitt Inc. signed on to work as the technical partner for the CBN's e-naira rollout. Singapore is also looking to get in on the action, with the Monetary Authority of Singapore shortlisting 15 "Global CBDC Challenge" participants to help build an in-house retail CBDC. To make things worse, reports also surfaced on Sept. 2 that the central banks of Australia, Singapore, Malaysia and South Africa announced a joint initiative dubbed "Project Dunbar" to trial international settlements using CBDCs. Read more #2. Retirees in El Salvador protest against Bitcoin adoption Apparently, the notion of a peer-to-peer decentralized currency is lost on the elder generation of El Salvador, as local retirees and veterans took to the streets to protest over the adoption of BTC as the country's official currency. The anti-Bitcoiners reportedly marched through the capital to express their dismay over fears that the asset would be used for pension payments and cited BTC's unstable price as a reason for concern. A Salvadoran news outlet also reported that crypto expert Mario Gómez was arrested by local police without a warrant, with law enforcement seizing his phone and attempting to get a hold of his computer. Gómez has regularly spoken out against the adoption of BTC as currency. However, the police released a statement asserting that the arrest was part of a financial fraud investigation. El Salvador's Legislative Assembly also passed legislation for a $150 million Bitcoin Trust this week, supporting the development of crypto infrastructure and services across the country. Read more #3. Twitter to allow users to add BTC and ETH addresses to profiles, per leaked screenshots Twitter, the social media platform led by Bitcoin (BTC) maxi Jack Dorsey, is reportedly looking at adding a Bitcoin and Ether tipping feature for content creators on the platform. According to leaked screenshots posted via Twitter on Sept. 3, the latest update is believed to be a part of Twitter's "Tip Jar" feature, and adds to reports from earlier this past week that stated the firm would enable Bitcoin tipping for content creators. While the reports are unofficial at this stage, Twitter product lead Kayvon Beykpour hinted that there may be an announcement soon when he retweeted a post about the BTC tipping feature on Sept. 1 with the lighting and "soon" arrow emojis. Read more #4. Prediction of the week. 'Remarkable' on-chain metrics could spell Bitcoin, Ethereum bull market return — New report Bitcoin and Ethereum (ETH) each run on their own public blockchains, meaning folks can analyze BTC and ETH activity on those networks. On-chain analysis involves trying to make sense of blockchain activity and derive possible conclusions or outcomes. Glassnode, a blockchain intelligence company, released a report this past week which took a look at blockchain activity for Bitcoin and Ethereum. The report pointed out a comparison between current activity and activity back in the latter half of 2020 (which ended up in a significant price surge for both assets). "It is notable that current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020," the report detailed. The report also noted that blockchain activity for ETH and BTC is low compared to what it was on both networks when BTC and ETH topped out in price earlier in 2021. Yet, price and "trends in supply dynamics" for both assets tilt bullishly, in contrast to the lessened on-chain activity — basically meaning that further bullishness could lie ahead. Bitcoin rallied back above $50,000 this week, although throughout Bitcoin's price history, September has not generally proven to be a particularly bullish month. Read more #5. FUD of the week. BitConnect promoter pleads guilty over Ponzi scheme as platform faces new SEC charges Crypto meme favorite and notorious Ponzi scheme BitConnect made the headlines this week after the U.S. Securities and Exchange Commission (SEC) filed charges against the platform, while former director and promoter Glenn Arcaro pled guilty to separate charges for his involvement with the firm. The Department of Justice announced on Sept. 1 that Arcaro pled guilty to charges alleging conspiracy to commit wire fraud. Arcaro admitted to earning around $24 million from his fraudulent activities, including misleading investors of the profit-earning potential of BitConnect's "Trading Bot" and "Volatility Software." He has been ordered to pay back the full amount to investors. In a parallel action in the long-running saga, the SEC charged BitConnect, its founder Satish Kumbhani, former director Arcaro, and Future Money Ltd. with running a fraudulent, unregistered securities offering that netted $2 billion between 2017 and 2018. Read more #6. FUD of the week. 23yo Venezuelan allegedly steals $1M in BTC from clients after faked abduction According to local authorities, a 23-year-old Veneuzuelan swiped 23.66 Bitcoin, worth around $1.15 million, from investors and then faked his own kidnapping to try and get away with it. Suspect Andrés Jesús Dos Santos Hernández is believed to have posed as a financial advisor before soliciting BTC from several unlucky investors. On Aug. 29, Douglas Rico, the director of Venezuela's Scientific, Criminal and Criminal Investigations Corps, issued a statement asserting that Hernández likely staged the abduction as his clients' Binance accounts have had a distinct lack of digital assets since his supposed disappearance. Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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