El Salvador deploys Bitcoin ATM, Twitter and Facebook to accelerate the layout

According to news on September 1, the Salvadoran government plans to deploy 200 Bitcoin ATMs in the country and connect them to the digital currency wallet Chivo. According to the news that ZB Research Institute learned from the Twitter of El Salvador’s President Nayib Armando Bukele, there will be 50 financial branches in the country that support Bitcoin deposits and withdrawals, and transactions will also be commission-free. Analysts believe that if overseas remittances occur, El Salvador will save a lot of intermediate costs every year.

El Salvador deploys Bitcoin ATM, Twitter and Facebook to accelerate the layout

In addition, according to the China National Currency (ZB) Research Institute, El Salvador will take effect on a series of laws related to Bitcoin next Tuesday, and Bitcoin and the U.S. dollar will be used as legal tender at the same time. El Salvador has released its first Bitcoin advertisement, which shows that Bitcoin will have the same legal tender status as the U.S. dollar. But not as a mandatory currency, people can freely choose whether to use Bitcoin or U.S. dollars for transactions.

On September 1, US CFTC staff clarified the fact that cryptocurrency assets are regulated by the CFTC or SEC in the United States. China Currency (ZB) Research Institute believes that the recent popularity of crypto products and other digital assets has caused people to worry about the tightening of cryptocurrency regulations. In fact, the CFTC does not regulate commodities (regardless of whether they are securities) but rather derivatives. Taste.

According to news on September 1, the Australian government is considering enacting new laws to strengthen the supervision of digital payment services of technology giants such as Apple and Alphabet’s Google. According to statistics from the China Currency (ZB) Research Institute, payments made through digital wallets have increased by 6% in the past two years, and digital wallet transactions have increased by more than 100%, reaching 2.1 billion Australian dollars. This move by the Australian government should be based on its financial system. Will be threatened by digital payment services.

On September 1st, Twitter launched the “Tip Jar” function. The latest beta version of Twitter will further extend the function. In the future, users can use Bitcoin to pay tips to content creators through Tip Jar. In the test version, the user method selects Bitcoin for rewards, but the code shows that Twitter already has a pre-set interface. In the official version of Tip Jar, Twitter will allow users to add bitcoin payment links.

At the same time, Facebook’s digital wallet Novi is recruiting staff related to encrypted digital positions in Singapore. China Currency (ZB) Research Institute believes that Novi may choose the Philippines as the preferred release location. According to statistics from ZB Research Institute, 82.7% of Filipinos are Facebook users, and the market penetration level is even slightly higher than that of countries such as the United States or Australia.

On September 1, it was reported that Raymond Chan, chief executive officer of Ether Securities Hong Kong, a subsidiary of the loan platform Jiufu, said that the R&D team in Singapore has increased its resources and will focus on the research and development of NFTs, Metaverse and other blockchain technologies and services.

According to statistics from China Currency (ZB) Research Institute on September 1, the opening volume of cyclical cargo contracts in the Bitcoin derivatives market has increased by 1 billion US dollars. Since the June low, futures contracts have increased by more than 4.1 billion US dollars. (+105%), the current $8 billion open interest level is similar to the level during the May sell-off and January-February 2021. China Currency (ZB) Research Institute believes that transactions in the derivatives market still only occupy a small share, and the degree of open positions is still relatively low.

This article was originally edited by ZB Research Institute


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