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Business

Financial Stability Board to propose first global crypto rules in October

Following recent market volatility that underlined the necessity for regulation of the speculative crypto sector, the Financial Stability Board (FSB) has announced that it will propose robust global rules for cryptocurrencies in October.

“The FSB will report to the G20 Finance Ministers and Central Bank Governors in October on regulatory and supervisory approaches to stablecoins and other crypto-assets,” the FSB said.

The FSB which is a body of regulators, treasury officials, and central bankers from the Group of 20 economies (G20), has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk.

The FSB further claims that the recent instability in the cryptocurrency markets has brought attention to their volatility, structural vulnerabilities, and growing connections to the larger financial system.

“The failure of a market player, in addition to imposing potentially large losses on investors and threatening market confidence arising from crystallization of conduct risks, can also quickly transmit risks to other parts of the crypto-asset ecosystem,” the FSB said.

The financial board believes that if stablecoins are to be accepted as a form of payment, they must be subject to strict regulation.

Although the FSB does not have legislative authority, its members agree to implement its regulatory principles in their own jurisdictions.

The FSB also added that crypto assets are predominantly used for speculative purposes but don’t operate in a regulation-free space and must comply with relevant existing rules.

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Business

Binance is listed on the Bank of Spain’s cryptocurrency registry

The world’s largest cryptocurrency exchange, Binance, has registered a local unit with the Bank of Spain as a platform for virtual currencies with procedures in place against money laundering and financing of terrorism.

The bank said that registered providers have to comply with rules concerning money laundering and terrorism financing, however, it does not supervise the platforms’ financial and operating risks.

Binance tweeted last week emphasizing that its move is in conformity with the laws of the Spanish central bank and the registry in Spain will allow it to offer crypto asset exchange and custody in the country.

As the European Union develops new regulations on the industry, this registration in Spain shows that Binance continues to gain pace in Europe considering it was also recently added to national registries in France and Italy.

In order to create and sell digital tokens in the European Union, cryptocurrency companies will require a license and client protections, according to new regulations recently adopted by the EU to calm a volatile market.

Since new regulations are expected later in 2023, there is now no cross-border approval of crypto services throughout the EU. However, this will change.

Globally, there is no regulation of crypto assets in the European Union, national operators are simply needed to demonstrate safeguards to prevent money laundering.

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Technology

Russia’s Sberbank Completes First Digital Asset Transaction

Russia’s dominant lender Sberbank recently stated that it had carried out the first digital financial asset transaction on its own platform, with its subsidiary SberFactoring executing a 1-billion rouble ($16 million) transaction. This has happened after the bank received the trade Digital Financial Assets (DFAs) license in March of this year.

The Bank of Russia has long voiced skepticism over cryptocurrencies, but is more open to other digital assets and gave blockchain platform, Atomyze Russia, the first license to exchange digital assets.

The first transaction will occur within a month, according to Anatoly Popov, Deputy Chairman of the bank board, who announced this action. He revealed this in an interview with the state-backed media outlet TASS last month.

With the license, Sberbank assured users of its use of blockchain technology and smart contracts to trade digital assets.

Russia continues to monitor cryptocurrency transactions in the meantime because rules will likely soon be implemented by the Government.

However, there have been mixed signals from the country about the legal status of cryptocurrencies.

A Russian lawmaker Anatoly Aksakov recently said the country’s largest stock exchange, the Moscow Exchange (MOEX), has the potential of hosting a regulated crypto exchange.

In his words, “that division -which will work as part of a respected organization with great traditions and highly engaged in actively interacting with the central bank – will do an excellent job with the task of handling cryptocurrency operations.”

This is the polar opposite of what the Russian central bank has been saying about crypto. 

The bank’s Governor, Elvira Nabiullina said, “Cryptocurrencies should not be traded on organized market places because these assets are too volatile, too risky for potential investors.”

In the meantime, the US is pressuring Japan to close Russian-linked cryptocurrency exchanges in an effort to further isolate Russia’s economy. Russia has faced increased sanctions because of its invasion of Ukraine.

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Business

US urges Japan to close crypto companies with ties to Russia

According to a Financial Times report, the US Government has urged Japan to exert more pressure on cryptocurrency exchanges and miners that have links to Russia. The US authorities continued that the Japanese should work towards ensuring crypto companies operating within its territory sever all ties with Russia.

This is the US’ latest effort to ensure that the Russian economy is isolated from the rest of the world because of its invasion of Ukraine. According to the spokesperson for the State Department, the US Government will continue to take measures to ensure that sanctions against Russia are enforced.

According to sources, over 31 crypto exchanges having operating licenses in Japan are the target of the most recent call. However, the sources also pointed out that the US Government pinpointed the Irkutsk region in Siberia as a significant crypto mining zone where operations should be suspended.

In the meantime, in response to the US demand, Japan’s Financial Services Agency (FSA) has promptly renewed calls for the country’s exchanges and miners to break all current relations with Russia.

However, at the time of this writing, neither the FSA nor the US embassy in Tokyo had made any public statements regarding the development.

The latest action by the US government also isn’t surprising given the speculations that Russia might be able to evade the sanctions using cryptocurrency. However, the crypto community has vehemently refuted that idea.

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Business

University of Nairobi Graduate makes global waves with unique digital art

Jacque Njeri, a creative designer and artist from Kenya, finds comfort in creating things and seeing the world. With her most recent works, “Maasci” and “Genesis,” the University of Nairobi (UoN) alumnus paints pictures of an advanced technologically in Africa.

Njeri spoke to OkayAfrica during an interview where she stated that she wants to improve the existence and perception of African women by feminizing the images and people she portrays in her artworks.

She revealed that she is a major player in the Non-Fungible Tokens (NFTs) industry and is currently a resident of the Voice NFT hotspot website.

“The essence of Afrofuturism is progress in technology, progress in science and the perspective of the future. Joining the NFT space is an application of this message that we are trying to convey. We are updating this message,” she told the publication.

Her work highlights the significance of her background and pays tribute to her Kenyan roots and ancestors.

The Kenyan artist also created a project called “Genesis” which is based on the genesis of the Kikuyu people and the mythology surrounding their creation tale, in addition to presenting her project “Maasci” throughout Europe before the pandemic.

Njeri stated that the NFT marketplace provided a level playing field for African artists as it cuts through the traditional path of intermediaries selling their art on a global stage.

“I just completed my NFT residency at Voice and I hope that the experience I gained there will give me more opportunities to not only sell my own art, but also bring more artists to the field,” she stated.

“You have to develop yourself beyond making the work. With my experience and the basic work I’ve done, I’m consciously waiting for the fruits of it,” she added when speaking about her experience in the industry so far. 

The Kenyan artist pointed out that the sector requires resources and infrastructure, and that the introduction of a number of cryptocurrency companies with an interest in Africa has helped artists on the continent find new sources of income.

“It is now our responsibility to put ourselves in the center and take advantage,” she emphasized.

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Social Good

Johnny Depp donates funds from NFT sale to charity

Actor Johnny Deep recently sold off his NFTs from his art platform, Never Fear Truth, and donated all proceeds to aid charities in need. The platform announced that it had raised $800,000 in total donations and it was given to four organisations including Perth Children’s Hospital Foundation, Great Ormond Street Hospital Children’s Charity, The Footprint Coalition, and the Children’s Hospital of Los Angeles.

The Children’s Hospital of Los Angeles has been associated with Depp’s ex-wife Heard.

During the estranged couple’s recent defamation trial, it was revealed that Heard had failed to donate her $7m divorce payout from Depp as she had pledged to do in 2016.

During the trial, Heard said she had been unable to keep those promises due to the costs of her ex-lawsuit husband’s against her.

Additionally, the Aquaman actress said that she used the terms “pledged” and “donated” interchangeably. Later, she independently linked making the donations to paying off a mortgage over time to purchase a home.

“I pledged the entirety to charity. When you say you buy a house, you don’t pay for the entire house at one time. You pay it over time,” she said at the time.

After the announcement of Depp’s NFT sale, fans praised The Pirates of the Caribbean actor for his never-ending kindness.

Alluding to the trial, one person wrote: “And this, ladies and gentlemen, is philanthropy. And the difference between an unfulfilled pledge, and a straight donation. I’m certain these organizations are very grateful.”

Another said, “Every time I think I couldn’t be prouder of that man, he proves me wrong. AMAZING.”

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Business

First global water cryptocurrency, South Africa’s $H20N, raises $150 million

South African based enterprise, H20 Securities, a business that created the world’s first water cryptocurrency, raised $150 million through its token sale and listed on the BitMart exchange, the first of several exchanges they plan to join in the upcoming months.

$H2ON is the world’s first Water Utility Cryptographic Token that enables a quicker deployment of water infrastructure and solutions.

The ApeSwap DeFi platform has also listed the token. The listings indicate that it is possible to buy and sell $H2ON tokens.

The initiative has recently received financial support from GEM Digital which contributed a $150M investment.

This investment from GEM Digital, a $3.4 billion Bahamas-based assets investment firm specializing in alternative investments shows their belief in the power of H2O Securities new water delivery infrastructure system, the H2O Water Network powered by the cryptocurrency ($H2ON).

H2ON is designed to connect real-world water producing plants via Internet of Things (IoT) to the blockchain and controlled by immutable smart contracts.

Network participants in the H2O Water Network can use their $H2ON Token holdings to connect more water plants to the H2O Water Network, add water network services and buy or pay for services connected to the H2O Water Network.

According to Julius Steyn, Founder and CEO, H20 Securities:

“We believe that through H2O Securities’ H2O Water Network, that combines the strengths of traditional and decentralized finance (DeFi), as well as the linking of real-world water producing assets with blockchain markets, we can produce more water infrastructure faster and more cost effectively thereby contributing to a more sustainable future.”

By purchasing a $H2ON token, you can access the H2O Water Network and receive one or more units of water. The $H2ON Token can be freely traded on any DEX or CEX where the token is listed and can be staked for periods between 30 and 730 days.

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Business

Former Tik-Tok Gaming Head Launches His New Blockchain Video Platform

Jason Fung, former head of TikTok’s gaming unit, announced that he left TikTok to launch Meta0, a startup focused on blockchain video games. Fung claimed that in order to establish Meta0, he had to take the great risk of leaving his comfortable corporate job at TikTok.

However, as a tech executive with a background of extensive work for large companies in the gaming industry, he wanted to bring new solutions to video game developers.

The former Tik-Tok executive said:

“Right now, if you look at any developer when they implement NFT or blockchain into their games, they have to choose one blockchain, be it Polygon, Solana, or Binance Smart Chain. But imagine a more compatible option.”

Jason aspires to lead the cryptocurrency sector in building a blockchain architecture that will allow various metaverse to be linked.

The new startup is currently working on a blockchain technology-based protocol that will allow developers to grow their gaming edge across different blockchains and give the user the flexibility to transfer their NFTs between networks.

Meta0 is currently under the leadership and work of six people and two co-founders. The early-stage company completed its first fundraise round but the raised fund amount has not been disclosed yet. 

The crypto market is currently seeing a considerable decline, making it difficult for large crypto enterprises to sustain their operations. However, this condition still presents a significant chance for new entrepreneurs to establish and demonstrate a stronger presence in the more promising stage of this market.

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Social Good

Princess Charlene Introduces Her First NFT Collection to Aid in Fundraising for South African Children

Princess Charlene of Monaco’s foundation has launched an NFT art collection. The commissioned artwork is aimed at raising funds for hungry children in South Africa.

A press statement released recently stated that,

“It is well known that HRH Princess Charlene, through the Princess Charlene of Monaco Foundation, has saved many lives worldwide. Saving lives is her passion, and she acts on this passion through her Foundation’s different initiatives, including the #LearnToSwim (drowning prevention) and #ChasingZero (rhino preservation) campaigns. However, during her visit to South Africa, she realised that you couldn’t save children from drowning and not also save them from starving.”

The 15-piece #OurVisionTogether artwork was created by South African artist Junaid Sénéchal-Senekal. 

Princess Charlene of Monaco Foundation South Africa expressed her fondness of the work saying, “Not only is it breathtaking to look at, but each unique piece is also registered as an NFT with a single purpose.”

The Princess further expressed her excitement on her personal Instagram where she wrote, “Excited about my first NFT collection, commissioned for my #feed2gether project in collaboration with @louisoosthuizen57. Thank you to the artist @junaidssart who put his heart and soul into this creation, as well as his health for fasting for the entire duration of this work, by doing what he experienced is a tragic reality for many and something most take for granted every day, it highlights the importance of this project.”

The Princess Charlene of Monaco Foundation South Africa’s collaboration with Louis Oosthuizen’s Foundation57 and Junaid aims to advance the #feed2gether mission by raising money that will have a significant positive impact on the lives of numerous children.

“Louis and I have heard our children’s hungry cries, and we refuse to let hunger have the final say in the Rainbow Nation. Louis started the iPapa57 feeding scheme in South Africa in 2019, and our #feed2gether project is an extension of the program,” Princess Charlene added in a statement.

Louis added, “The more people and companies join us, the more we can help children in need and improve their lives. We are excited to partner with the Princess Charlene of Monaco Foundation to raise funds for the #feed2gether project.”

For further information about buying an NFT, email info@pcmfsa.com.

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Technology

Kenyan start-up AfyaRekod launches Blockchain-Driven Universal Patient Portal

AfyaRekod, a Kenyan-based enterprise launched a fully automated Universal Patient Portal yesterday. This is a blockchain-driven platform that will transform the face of patient care across Africa and globally.

Patients and the medical professionals treating them will have real-time access to their health data and medical history through the secure central platform. This will not only ensure effective ongoing medical management but also critical, timely information in an emergency.

Medical records are a crucial management tool for health, alerting healthcare providers about prescriptions, chronic illnesses, prior issues, and treatments, ultimately enabling them to choose the best course of treatment. Misdiagnosis can delay the treatment of the underlying condition and is a major issue. In the USA, a nation with a highly developed healthcare system, there are over 12 million cases of patient misdiagnosis each year, according to an IOM report published in 2015. Misdiagnosis can be avoided, but only if medical records are precise and portable.

Kamara witnessed firsthand how a lack of medical records and static data could result in poor medical management when a friend passed away after receiving the wrong treatment in an emergency. The upsetting occurrence inspired Kamara to create an AI platform that would track health data with the goal of bridging the gap between health care and treatment for patients, medical experts, providers, and organizations everywhere at any time.

With seed funding from Mac Venture Capital and Next Chymia, AfyaRekod was officially established in 2019 as an Adanian Lab start-up.

The pandemic has also pushed the fast-forward button, making health data analytics and accessibility more urgent and AfyaRekod being a patient-centered healthcare innovation, is set to tackle this global issue.

“We identified the capture and storage of accurate data across every possible level of infrastructure as a core problem. Bringing real-time access to data was the solution. Our tool now allows patients to create a portal with all their health data and most importantly gives patients sovereign rights of ownership of their data. The patient logs in and sees all the information from the hospital. They don’t have to ask the hospital or beg for information. It’s their right to have access to it”, said Kamara.

The AfyaRekod platform extends to include doctors, offering a digital clinic with a B2B platform, tele-pharmacy tool, and e-prescription platform. For providers, the platform has multiple functionalities such as hospital management, patient management, knowledge management, and inventory management, as well as an AI-driven reporting tool that allows organizations to make strategic decisions, predictions, and early identification using data analytics. NGOs and other related organizations can register and manage their target groups on the platform.

AfyaRekod is part of the NVIDIA AI program via AICE Africa and has over 150,000 users in Kenya alone and is launching in Nigeria, SA, and Zambia in July. AfyaRekod is accessed via an app (android and iOS) and web portal. Currently, in their B2B product, AfyaRekod has onboarded over 50 hospitals.

Some of the key partnerships that the enterprise has include, The Association of Sisterhoods of Kenya (AOSK), Healthy Mind Foundation (Nigeria), Alchemy (South Africa), AURA (South Africa), GE Healthcare, Telkom, The Africa Block-Chain Center, The AI Center of Excellence,  Adanian Labs, and Lishe Living among others.