The world bank discusses the legalization of bitcoin, and the fear of global market slows down

On June 17, it was reported that the world bank discussed the relevant bill of El Salvador regarding bitcoin as legal currency. The world bank said that it would work to help El Salvador improve currency transparency and regulatory procedures. According to the statement made by the finance minister of El Salvador after negotiating with the world bank, the International Monetary Fund told El Salvador that the International Monetary Fund “has no objection” to using bitcoin as legal tender, and has requested the world bank to provide technical assistance so that bitcoin can become legal tender.

According to the ZB Research Institute, Rolando Castro, Minister of labor and social welfare of El Salvador, made relevant remarks on the legalization of bitcoin, saying that the government of El Salvador is currently discussing whether companies should use bitcoin to pay wages. The details of bitcoin’s monetization have not been disclosed, and it is not clear how employers can ease the volatility of cryptocurrency. The Ministry of economy and the Ministry of finance are working with the Ministry of labor and social welfare on this issue.

On June 17, Tunisian Finance Minister Ali KULI also made relevant remarks on the legalization of bitcoin in Tunisia, confirming that the legalization of bitcoin in Tunisia is in progress.

Panama is also in the process of legalizing bitcoin. According to the ZB Research Institute, Panamanian congressman Gabriel Silva plans to introduce a bill next month, which may involve the use of cryptocurrency as legal tender and the creation of tax incentives for crypto related enterprises.

On June 17, it was reported that the cryptocurrency exchange of South Korea (crypto asset operator) will no longer be able to handle the sales or exchange of crypto assets directly issued by itself or related personnel. The Financial Services Commission (FSC) announced today that it will give preliminary notice of the amendments to the implementation order of the specific financial information act before July 26.

According to ZB Research Institute’s understanding from FSC of South Korea, the implementation order of specific financial information law contains provisions prohibiting crypto asset operators, executives and employees from trading through exchanges.

According to ZB Research Institute statistics, affected by this policy, South Korea’s digital asset exchange has begun to stop trading some cryptocurrencies that are considered too risky for investors. Among the 20 exchanges that have obtained the certificate of safety management system, 11 have stopped trading in certain currencies or issued warnings. Some exchanges stopped trading in eight cryptocurrencies and listed 28 cryptocurrencies on the warning list.

Based on the above good news, ZB Research Institute statistics show that the fear of bitcoin investors gradually cooled after the correction. At present, the capital interest rate is neutral, the open position contracts are increasing, and the leverage trading is also increasing. ZB Research Institute believes that the legalization process of bitcoin in small economies is gradually affecting the global cryptocurrency market, and the investment sentiment of investors in the global market is gradually recovering. As of the morning of June 17, bitcoin was worth around $38000, according to ZB exchange data. The average cost of holding was 20% higher than that of May.

May 17 news, GM executives said, according to customer opinion will decide whether to open bitcoin to buy GM services.

According to the ZB Research Institute on the 17th, the Indian government is reviewing the proposed cryptocurrency-related bill in conjunction with regulatory agencies and other stakeholders, and whether it will completely ban cryptocurrency transactions in India. Whether cryptocurrencies can be supervised by the authorities, rather than banned outright. Which cryptocurrency-related activities can be allowed, which activities should be blocked, and many other issues are re-negotiated.

In terms of NFT, it was reported on the 17th that Fox Entertainment was investing US$100 million in its NFT project. ZB Research Institute learned from Fox entertainment that $100 million will be used to make “the first animation series ever planned completely on the blockchain” a reality. The NFT series will initially be driven by a show called “krapopolis” by Rick and Morty creator Dan Harmon.