Welcome to our recap of the major stories in the crypto world! Here’s what has happened in the past week:
More countries set to adopt BTC?
Nayib Bukele, president of El Salvador, organised a meeting with 44 other countries’ central banks and financial authorities to discuss BTC rollouts in their own countries.
Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country.
— Nayib Bukele (@nayibbukele) May 16, 2022
These countries have a high proportion of their population being ‘unbanked’, such as Rwanda, Haiti, Egypt, Jordan and Ghana.
We previously hosted Mr. Gabriel Goh for a Fireside Chat, and you can check out his opinions on El Salvador adopting BTC here.
With more countries beginning to accept BTC and other cryptocurrencies, could this be the wave that sparks greater crypto adoption?
Things get worse for Terraform Labs
Amidst the chaos of LUNA and UST, Terraform Labs CEO Do Kwon is facing many issues.
A police report was made against Do in Singapore,
— Watcher.Guru (@WatcherGuru) May 14, 2022
he is due for a hearing with Korea’s ruling party,
— Crypto Trends (@CryptoTrends) May 17, 2022
and members of the Terraform Labs legal have resigned.
BREAKING: Terraform’s legal team has reportedly resigned following the $UST crash.
— Watcher.Guru (@WatcherGuru) May 17, 2022
To save the Terra network, Do proposed a ‘fork’ of the Terra network.
11/ TFL will be initiating a governance proposal for the network fork in the next few hours – if the proposal passes, then it will coordinate the fork with validators next Friday 05/27.
— Do Kwon 🌕 (@stablekwon) May 16, 2022
A fork represents a copy of the original source code, that may be slightly altered.
You can read the entire proposal here.
While many platforms on the old Terra network have signalled their support for the fork,
What happened to Terra and Lunatics was unfortunate.
However, we need to preserve the community and move forward. The new proposal is a step in the right direction.
As always, Stader will continue to build and support #Lunatics.
Share your suggestions and support the proposal https://t.co/Mu1NhBemnK
— Stader Labs (@staderlabs) May 16, 2022
the community seems to be strongly against the idea.
ICYMI: Terra community seems dead set against Do Kwon’s fork proposalhttps://t.co/aJ9UeGPeuO
— The Block (@TheBlock__) May 17, 2022
Furthermore, some key players in the crypto space have disagreed with this idea.
Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, also questioned the idea of hard forking the Terra blockchain.
5/ The last few days, we tried hard to support the Terra community. In my tweets, I am simply pointing out the potential issues from my understanding. Minting, forking, don’t create value. Buying back, burning does, but requires funds. Funds that the project team may not have.
— CZ 🔶 Binance (@cz_binance) May 15, 2022
CZ mentioned that “Minting and forking, does not create value”. Instead, he is recommending buying back and burning the LUNA token to revive its market value.
This is a similar idea that was brought up by the community, where they are gunning for a token burn of LUNA.
The voting for the proposal ends in about 5 days’ time, but it seems that LUNA 2.0 will be a reality soon.
If you are still unsure of what exactly happened last week, you can check out our analysis on the UST depeg here.
NFTs are now considered assets?
A man in Singapore has won a court injunction which prevents “any potential sale and ownership transfer” of an NFT that he previously owned.
Interesting case – and if I'm not wrong, the first case on NFTs in Singapore. The good news is that the courts have recognised that NFTs can constitute legal property (no surprises there).
Curious to see how enforcement of the judgment will take placehttps://t.co/J8vRklDd2t
— LegallyBullnde.eth (@LegallyBullnde) May 18, 2022
The NFT in question is the Bored Ape Yacht Club (BAYC) NFT #2162, which the man claims that it was “wrongfully taken” from him.
BAYC #2162 is currently being sold on the OpenSea marketplace.
The Singaporean man was believed to have used his BAYC NFT as collateral to take out loans. In the event that he could not pay back the loan in time, the borrower would take possession of the NFT.
A lender, “chefpierre”, used the ‘foreclose’ option to wrongfully seize control of the BAYC NFT.
This ruling by the High Court implies it recognises NFTs as assets.
In a similar situation, the High Court in England and Wales ruled that NFTs are considered legal property, after 2 “Boss Beauties” NFTs were stolen from Lavinia D. Osbourne’s digital wallet.
These NFTs are part of a woman-led initiative, and owning one NFT will receive perks like tickets to an exclusive music festival, and access to future collaborations.
With such rulings, courts are able to “take jurisdiction over assets sited in the decentralised blockchain”.