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The biggest crypto news and ideas of the day Sept. 3, 2021 Sponsored by Welcome to The Node.
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Today's must-reads Top Shelf CHINA CRACKDOWN: The People’s Bank of China has again warned banks and payment services providers to stay away from virtual currencies. In its 2021 Financial Stability Report, the central bank said crypto, peer-to-peer lending, online asset management and crowdfunding have been “rectified” and will once again come under normal supervision. The PBOC and other authorities have been cracking down on crypto and related industries since mid-May, enforcing its anti-crypto stance from 2013 and 2017. UNISWAP INVESTIGATED: The U.S. Securities and Exchange Commission is investigating the developer of decentralized exchange Uniswap, seeking information about how investors use the exchange and how it is marketed, according to a Wall Street Journal report citing people familiar with the matter. While detail is still scant regarding what the SEC wants to know, the news is a sign of the regulator showing intent to wield greater oversight of DeFi, something Chairman Gary Gensler has hinted at in recent comments. SALVADORAN SKEPTICS: The majority of Salvadorans disagree with their government over adopting bitcoin as legal tender, according to a Central American University poll. Nearly 70% of the 1,281 people surveyed either disagreed or strongly disagreed with using bitcoin as legal tender, though about 90% also did not have a clear understanding of bitcoin. The bitcoin law will take effect on Tuesday. SBI HODLIN’: Japanese financial services group SBI Holdings intends to launch a cryptocurrency fund targeted toward long term retail buyers before the end of November. The fund could total several hundred million dollars in bitcoin, ether, XRP, bitcoin cash, litecoin and other cryptocurrencies and require a $9,00 to $27,000 minimum investment, according to Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K.
–D.K.
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What others are writing... Off-Chain Signals Fractionalized Doge NFT valued at $225 million after SushiSwap auction (The Block)Solana’s NFT scene is picking up, and now owners can display their collectibles on Audius (Decrypt) New York Times with a data- and graphics-heavy look into Bitcoin Energy Consumption –D.K.
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Unique.One: Using NFT marketplaces for philanthropy
Many different potential use cases for non-fungible tokens (NFTs) have come to light in the last few years, including art, gaming, luxury ownership and collectibles. UniqueOne.Network (UON) has been exploring that since the launch of its marketplace Unique.One, which was created to give economic alternatives to artists around the world who have been affected by COVID-19 lockdowns.
Putting the news in perspective The Takeaway Bitcoin Won’t Save the Afghan People Over the past few years, the residents of countries in financial distress have increasingly turned to cryptocurrency. In Venezuela, the Philippines, Kenya and Nigeria, crypto adoption has been bottom-up. In El Salvador and Cuba, governments are moving to formalize the role of crypto in ways that could make it easier for citizens to use. Zerden, who served at the embassy from 2018-2019, is now an Adjunct Senior Fellow at the Center for a New American Security, and runs a consulting firm focused on cryptocurrency.
Much of even that tiny amount came from foreign aid, which will now be severely constrained. Outside of major cities, necessities like water and food have remained hard to come by, to say nothing of the hardware and know-how needed to use crypto networks.
–David Z. Morris
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