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Both positive and negative news took place in the crypto industry in the last week of June. El Salvador announced plans to use the Chivo e-wallet when it implements bitcoin as legal tender. Each person that downloads the wallet will get $30 worth of BTC. This is indeed a positive note. However, the passing of John McAfee came as a shock to many. The crypto community will remember McAfee for his controversial statements and love for adventure.

That said, this week’s roundup will highlight South Africa’s rush to finalise its crypto regulatory framework and other top stories.

South Africa Rushes to Finalise Regulatory Framework

In light of recent crypto scams in South Africa, the central bank is rushing to finalise its regulatory framework.

“We are trying to put in place the regulatory framework quickly. Our view is that crypto is a financial product and should be regulated as a financial product,” said Kuben Naidoo, the Deputy Governor of the South African Reserve Bank (SARB).

According to Naidoo, the new timeline will see SARB complete the regulatory framework in three to six months. This could mean that strict rules are imminent for stakeholders in South Africa’s crypto industry.

“Now we are defining this as a financial product and if there are scams where the public is being duped, given incorrect or false information, it is certainly a market conduct issue that should be taken seriously,” he added. “We are of the view that cryptocurrencies are risky and we want to ensure that the financial sector is aware of those risks and pricing for those risks properly.”

Binance Launches NFT Marketplace

Artwork by Goran Pin – NFT Artist

The Binance NFT marketplace went live on June 24. Users can now buy and bid on non-fungible tokens (NFTs). At the moment, minting of NFTs is only available to select artists and partners.

The marketplace also offers exclusive premium events like exhibitions and mystery boxes. Mystery boxes give users a chance to win normal, rare, and super rare NFTs. Users do not have to go through identity verification to trade NFTs. Also, users can buy NFTs using BNB, ETH, and BUSD.

Earlier in June, Binance announced its collaboration with 100 creators who would feature their content on the marketplace. One of those creators is an African artist known as Osinachi.

South African Crypto University Enrols 50,000 Students in 3 Days

As reported in an article on Face 2 Face Africa, South Africa’s Crypto U has enrolled 50,000 students from around the world in just three days. The online university provides lessons on trading, bitcoin basics, investment, and smart contract deployment on Ethereum. Some of its courses are paid for while others are free.

“We believe in financial freedom, especially through cryptocurrency, because it does not discriminate. The 21st-century is the knowledge economy and to succeed in such an environment, one needs to constantly up-skill oneself with relevant education and that is what we are here for,” said Grey Jabesi, the owner of the university.

Crypto U has offices in Cape Town and Johannesburg.

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