Kenya to Legalize and Introduce Bitcoin trading

News on the Blockchain, January 11th, 2025

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🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 779

• Market Cap: $3.29T (-0.88%)

• 24h Volume: $126.43B (-15.77%)

• Bitcoin Dominance: 56.9% (+0.14%)

• Ethereum Dominance: 11.9%

• ETH Gas Price: 2.76 GWEI

• Fear & Greed Index: 48 (Neutral)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $8.6B (6.8% of total)

• Stablecoins Volume: $115.36B (91.25% of total)

• Coin with Highest % Change: GRS (+54.51%)

🚀 Trending on DexScan:

1. CPU/SOL: $0.002259 (+3825%)

2. AIOS/SOL: $0.04683 (+7774%)

3. shigga/SOL: $0.002210 (+2394%)

4. LOOMO/SOL: $0.0001369 (+175%)

5. SHIBAI/SOL: $0.0001776 (+436%)

🔥Heat Map:

📈 Preview On Today’s News:

1. - Kenya to Legalize and Introduce Bitcoin trading

2. - CFPB Proposes Enhanced Protections for Crypto Payment Privacy and Fraud Prevention

3. - Germany Charts a Bold Course for Bitcoin Integration

Keep reading below for more!

Today’s News:

1)

Kenya to Legalize and Introduce Bitcoin trading

Kenya is set to legalize cryptocurrency trading, including Bitcoin, as the government prepares new legislation to create a fair and stable market for crypto assets. Treasury Cabinet Secretary John Mbadi stated that the initiative aims to capitalize on the benefits of virtual assets while addressing risks such as fraud, money laundering, and terrorism financing. This marks a significant policy reversal from the 2015 ban on cryptocurrency as tender, driven by increasing adoption, with nearly 10% of Kenyans holding cryptocurrencies according to a 2022 UN report. The draft policy, launched in December, positions Kenya alongside other African nations like South Africa and the Central African Republic in embracing crypto operations.

• Legislation in Progress: Kenya is developing laws to legalize and regulate cryptocurrency trading, focusing on creating a stable market while mitigating associated financial risks.

• Policy Shift from 2015 Ban: This move reverses the previous prohibition on crypto as tender, responding to growing adoption with about 10% of the population holding cryptocurrencies.

2)

CFPB Proposes Enhanced Protections for Crypto Payment Privacy and Fraud Prevention

The US Consumer Financial Protection Bureau (CFPB) has introduced two proposals aimed at protecting consumers from crypto payment fraud and invasive data collection. The first proposal targets preventing excessive surveillance on digital payment transactions made via big tech platforms by limiting data collection practices, while the second seeks to strengthen fraud protections for users of digital payment systems, including those involved in crypto activities. The initiatives come amid ongoing debates over regulatory changes with potential leadership transitions that could impact the proposals, and public feedback is being solicited with deadlines set for March 31 and April 11.

• Protecting Consumers: The CFPB plans to limit intrusive data collection on digital transactions and enhance fraud protection measures, ensuring that user data isn't misused for personalized pricing or other non-transactional purposes.

• Regulatory Developments: As the current administration faces potential changes in leadership, the proposals highlight efforts to modernize payment laws, with public comments invited to shape the final rules.

3)

Germany Charts a Bold Course for Bitcoin Integration

Policymakers in Germany are actively shaping a future where Bitcoin plays a central role in the nation’s financial framework, spurred by proposals introduced at a recent Blockchain Roundtable in the German Parliament. Key initiatives include the issuance of blockchain-based government bonds to enhance market transparency, the potential designation of Bitcoin as a reserve currency by the government or EU, and the launch of Bitcoin ETFs in Europe to attract regulated investment. These strategic moves come on the heels of Germany's auction of 50,000 BTC, which initially impacted market prices, and reflect an effort to capitalize on the opportunities that have been overlooked in the past. Politically charged debate has accompanied these initiatives, with figures like Christian Lindner arguing that Germany risks falling behind countries like the US in harnessing cryptocurrency benefits.

• Strategic Proposals: Introduction of blockchain bonds, use of Bitcoin as a reserve currency, and the launch of Bitcoin ETFs aim to transform Germany’s financial system and boost investor confidence.

• Market and Political Impact: The auction of 50,000 BTC influenced market trends, while renewed interest in Bitcoin is intertwined with political debates and upcoming federal elections.

Disclaimer:

The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.

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