Pakistan’s Says Crypto Will ‘Never Be Legalized’ [ Crypto Espresso 5.19.23 ]

It's Friday and not a moment too soon I'm your host Andrew and this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines and here's The news first up Pakistan's government Remains Resolute in its opposition to Cryptocurrencies despite retail users Turning to digital assets amidst Political turmoil minister of State for Finance and revenue Aisha Gauss Pasha Declared that cryptocurrencies will Never be legalized in Pakistan citing The conditions set by the financial Action task force to keep the company Off the gray list Banks and Pakistan Have already warned customers against Engaging in cryptocurrency trading Despite the increasing popularity of Digital assets in the country amidst Concerns of a sovereign default and Limited access to physical US Dollars Due to import restrictions Pakistani Retailers are converting their salaries Into stable coins to hedge against Further economic volatility the annual Trading volume for pakistan-based Wallets has risen to 25 billion dollars Reflecting the growing demand for crypto In the country the Bitcoin 2020 23 Conference known as the largest Bitcoin Gathering in the world kicked off in Miami Beach this week with a noticeable Decrease in attendees at least compared To previous years while the event

Attracted about 35 000 participants in 2022 organizers expect only about 15 000 Attendees this year the decline in Digital asset prices and a series of Cryptocurrency-related controversies Have dampened the enthusiasm surrounding The conference leaving some chairs empty And less buzz in the air attendees Voiced their observations noting the Absence of the usual crowd and the Subdued atmosphere Andre Hicks a regular Attendee attributed some of that decline To a decrease in disposable income for The average person pointing to factors Such as high inflation Hicks emphasized That people prefer to participate in a Conference where bitcoin's price is Rising rather than during a period of Depressed prices this year's event Featured speakers like U.S presidential Candidate Robert F Kennedy and author Michael Lewis bought the reduced Attendance and enthusiasm reflects the Ongoing crypto winter that's affecting The industry digital Bitcoin art and Assets a Tim draper-backed nft Marketplace has announced the launch of What it claims to be the first Bitcoin Nft Marketplace leveraging RGB smart Contracts the platform aims to Facilitate the migration of nfts from Ethereum to bitcoin more efficiently Than Bitcoin ordinals have done debuzz CEO Gideon Nuys sees this as a

Significant milestone in transitioning The internet into Bitcoin emphasizing The compatibility of the RGB protocol With the existing Bitcoin infrastructure While acknowledging the robust interest In both ordinals nfts and brc20 tokens News expressed the skepticism towards These Innovations he referred to brc20 Tokens as the dumbest technical Experiment in crypto criticizing their Inefficiency and lack of Effectiveness When trying to force ethereum functions Into Bitcoin in contrast diba aims to Provide enhanced security privacy Scalability and reduced transaction fees By leveraging RGB smart contracts Diva's Launch also includes the promotion of a Bit mask a Bitcoin only crypto wallet Capable of holding unique digital assets Like music and art the president of the Financial action Task Force t Raja Kumar Has called on the G7 advanced economies To lead the way in implementing the Watchdog's recommendations to combat Illicit Financial flows through Cryptocurrencies in a strongly worded Letter called an end to the Lawless Crypto space Kumar emphasized the need For Urgent action to close down Lawless Spaces that enable criminals terrorists And Rogue states to exploit crypto Assets the financial action task force Has urged countries to adopt its updated Requirements including the controversial

Travel rule that mandates crypto service Providers to collect and share Information on high-value transactions To prevent money laundering and Financing of terrorism Kumar highlighted That progress in implementing the task Force's updated requirements on crypto Assets has been well relatively poor With 73 percent of countries still Non-compliant or only partially Compliant with the standards while Analysts estimate that only a small Percentage of crypto transactions are Online awful Kumar believes these Figures might just be too low he Emphasized the importance of G7 Countries taking the lead and fully Implementing the task Force's Global Standards to ensure collective success In combating illicit Financial Activities facilitated by those gush Darn cryptocurrencies and finally in the U.S during a hearing on financial Services subcommittee on digital assets Financial technology and inclusion That's a mouthful lawmakers debated two Proposed bills aimed at regulating Stable coins the main point of Contention revolved around whether state Or federal Regulators should have a Stronger role in overseeing these assets While the Republican bill would allow Stablecoin operators to choose the state That they register in the Democratic

Bill emphasizes Federal involvement and The appropriate regulator lawmakers also Expressed concerns about the potential Impact of stable coins on the US Dollar's Effectiveness and the country's Sanctions enforcement capabilities some Argue that the U.S should take the lead In regulating stable coins to ensure Effective oversight and prevent offshore Issuers from freely creating Dollar-backed stable coins the hearing Highlighted the importance of addressing Risks to Consumers and maintaining the US Dollar's role in global Commerce Through regulated stable coins and Here's something that just cannot be Regulated your willingness to like this Video subscribe to our YouTube channel And click on that little bell icon to Get buzzed whenever a new crypto Espresso video goes live thoughts on Today's episode drop me a line in that Comment section below your host Andrew He always reads that stuff questions About our headlines or crypto in general Take the plunge and ask Alex in that Description below Alex is always a great Resource for all things web 3 and the Metaverse and that about does it for Today again I've been your host Andrew These have been your headlines and Ladies and gentlemen The weekend See you Monday