Weekly Report (22– 28 May 23) | What Happened This Week In Crypto

This Report will provide you with some essential and quick news about cryptocurrencies that happened around the world.

1) China Publishes Web3 Development White Paper

China has had a rocky relationship with cryptocurrencies in the past, but the government is starting to grasp the possibilities in connected industries. For instance, on May 27 local news site The Paper claimed that the government had issued a white paper designed to encourage growth and development in the web3 business…[continue reading]

2) Nigerian Cryptocurrency Exchange Suspends Withdrawals After BTC/Naira Settlement

As consumers voice their worries on social media, action is being taken to restore stolen funds and tighten security. Patricia, a Nigerian website for buying and selling cryptocurrencies and gift cards, has had a security compromise, forcing swift action to protect its consumers. The site has temporarily disabled withdrawals as a security measure…[continue reading]

3) Senate Candidate Cynthia Lummis Opposes Joe Biden’s Crypto Tax

Bitcoin mining is divisive and has gotten governments in hot water before because of the massive amounts of electricity it consumes. In the most recent incident, President Joe Biden’s administration has emphasised its intention to impose a severe tax system on the practice…[continue reading]

4) South Korean Authorities Said The Coinone Executive Agrees To The ‘Facts’ They Presented

Mr. Jeon, formerly the head of listings for Coinone, has been accused of collecting more than 2 billion won ($1.5 million) to list dubious tokens, such as the exclusively listed ‘Furiever Coin,’ a cryptocurrency project tied to an abduction and murder probe in Seoul’s Gangnam neighbourhood. The prosecution claims that “Mr. Ko,” Jeon’s broker, enabled the transactions…[continue reading]

5) Grand Theft Auto (GTA) 6 Will Have Play-To-Earn Model With Crypto

The next Grand Theft Auto 6 game has been said to feature play-to-earn gaming mechanisms where players may earn cryptocurrency in the real world. The next instalment in the popular game series is rumoured to be released in 2024, and a tweet yesterday seemed to hint at this…[continue reading]