A United Nations commission weighs in on El Salvador’s move to accept BTC as legal tender, warning the Latin country of economic, financial and legal challenges ahead. Following a series of warnings by world’s organizations and financial institutions, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) warns that accepting BTC as legal tender may pose money-laundering risks for El Salvador.
ECLAC Executive Secretary Alicia Bárcena revealed in an online conference that the commission is waiting for the country to make a decision to adopt Bitcoin. She explained, “The adoption of [BTC] as legal tender raises macroeconomic, financial and legal challenges, which the truth requires much more careful analysis.” She expressed that the country may also face scrutiny and risks from the Financial Action Task Force (FATF), the world’s highest authority working against money laundering and terrorist financing.
Last month, El Salvador Legislative Assembly approved the Executive’s proposal to adopt BTC as legal tender that would circulate just like the dollar in the country. The proposal is set to take effect on September 7 this year. However, El Salvador’s President Nayib Bukele noted that its use would be optional.
While a country embraces one digital currency legally, an online ‘world’ limits its growth—at least the misleading investment information created by poorly informed users.
Social Media platform TikTok bans investment promotions including digital currencies and trading platforms. In the updated TikTok’s branded content policy, the social media giant prohibits promotions of all financial services and products globally. This comes after an increasing number of misleading content and branded videos by some creators are reportedly making money off individuals looking for investments or ‘get rich quick’ schemes through affiliate links.
In June, Tiktok announced its partnership with Citizens Advice and launched an education series on research-based financial information. Their aim is to help users make informed financial decisions and become alert to misinformation.
In other news, a BSV incubator is looking for an idea that can turn into a viable startup business.
Satoshi Block Dojo is seeking the best BSV business ideas to participate in its 12-week program. Described as “an ongoing hackathon,” Satoshi Black Dojo aims to nurture, train and mentor the best start-up entrepreneurs and developers in the BSV space.
Networking and matchmaking are key features of Block Dojo’s program, and according to co-founders Craig Massey and Richard Boase, the group can access a broad network of business angels. They said Block Dojo could potentially pitch the idea to as many as 60,000 individuals in the London region.
Do you have what it takes? Head to Blockdojo.io to apply.
This week, CoinGeek premiered the latest episode of BSV Stories—featuring Claire Celdran, who visited Dubai to learn more about blockchain in the Middle East, and how Bitcoin Association is planning to help promote BSV enterprise blockchain to the region.
Learn more about what the United Arab Emirates government is doing to support blockchain initiatives.
Catch BSV Stories – Episode 4: The Middle East’s Blockchain Race on CoinGeek’s YouTube channel.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.