India Has Sixth Largest Crypto Population, Canada Bans Algorithmic Stablecoins
Outlook money
Here are some of the most important developments from the crypto world in the last few days
According to Tipalti, a global payment automation partner system, India currently ranks sixth in the world for crypto ownership, with 7.10 percent of its population owning crypto assets.
China ranks first, despite widespread bans on crypto services and transactions, with 16.23 percent of its nationals owning cryptocurrencies, according to Tipalti. The US has the world’s second-largest proportion of the population owning crypto assets at 13.38 percent, followed by Singapore at 11.05 percent.
“Singapore has the most promising digital economy with a score of 10. It is the 5th largest integrated circuit exporter in the world with exports worth US$62.7 billion in 2020, while total tech exports in the same year were 193, reached $93 billion,” the report said.
“China has by far the highest annual technology exports at $942.31 billion. Denmark has the fastest average internet speed of any country in our study at 123.96 Mbps,” it added
Indonesia is the country with the highest technical and data science skills, while Greece scores best in the National Cyber Security Index.
Canada bans algorithmic stablecoins
Canadian securities regulators have listed new legal requirements for crypto companies. Stablecoin platforms are now also increasingly being scrutinized.
Stablecoins are cryptocurrencies designed to maintain a relatively “stable” value, usually in relation to a typically non-volatile asset, such as a dollar. a fiat currency.
Now, crypto asset trading platforms require prior written approval from the Canadian Securities Administrators (CSA) for clients to purchase or deposit stablecoins or other Value Referenced Crypto Assets (VRCAs).
“Obtaining consent means meeting the many due diligence requirements of the admins, including ensuring the stablecoin is fiat-backed,” CSA quoted decrypt as saying.
“For greater certainty, we would not expect to issue consent in respect of any VRCA that is not fully backed by an adequate reserve but maintains its value through an algorithm,” CSA wrote.
Blur founder exposed as 24-year-old high school dropout at MIT
The founder of Blur, a cryptocurrency that has been topping trend charts for the past few weeks, has revealed his identity after users on Crypto Twitter started pieced it together.
Tieshun Roquerre, who goes live as Pacman, is a co-founder of Blur, the non-fungible token (NFT) marketplace that has quickly overtaken OpenSea as the top-grossing NFT exchange.
Roquerre, 24, was a software developer who worked at e-commerce site Teespring before dropping out of high school, Decrypt reported.
He then co-founded StrongIntro before spending two years at the Massachusetts Institute of Technology (MIT). He then dropped out of MIT to found a crypto domain startup called Namebase.
Blur now holds an 80.6 percent market share among NFT exchanges, while OpenSea occupies about 14.5 percent based on trading volume.