Brazilian President Signed Bill to Legalize Crypto Payments. OKX Announced Monthly Proof-of-Reserves System to Build Trust.

Crypto Bulletin – 23rd of December | Brazilian President Signed Bill to Legalize Crypto Payments | OKX Announced Monthly Proof-of-Reserves System to Build Trust

In the previous Crypto Bulletin, we saw that the BCBS, a powerful institution that decides the rules & regulations for almost all the banks across the globe, has approved banks to hold cryptocurrencies up to 2% of their total assets holding. Carrying the same momentum, the crypto space has another positive news from the adoption perspective. And OKX, one of the popular cryptocurrency exchanges has announced a Proof-of-Reserves to be released on monthly basis to increase transparency and build trust among the users.

1. Brazilian President Signed Bill to Legalize Crypto Payments

A few days ago, the Brazilian Chamber of deputies and Senate passed a bill that would permit crypto payments, and then on the 29th of November, the bill is moved to the President’s office for the last step. And today, Brazilian President Jair Bolsonaro signed and officially passed the bill and made it into law.

Brazilian President Signed Bill to Legalize Crypto Payments

Law includes an important aspect, the ‘virtual service provider’ license which has to be acquired by associated businesses, including crypto exchanges. Although the bill does not consider crypto as a legal tender, as the case in El Salvador. But the bill defined virtual and states assets as the following-

“a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment.”

It is a large step towards crypto adoption at a very large scale as well as with legal backup. This will definitely help in the widespread adoption as millions of Brazilian citizens will get introduced to crypto in a good way. But still, that does not reduce the work for crypto communities who has to keep working on educating and spreading awareness about crypto and secure ways of using it while keeping them in self-custodial wallets.  

2. OKX Announced Monthly Proof-of-Reserves System to Build Trust

Proof-of-Reserves is a concept brought into the picture by CZ, CEO of Binance, and swiftly adopted by entire centralized crypto exchanges to ensure transparency and increase trust among their customers. It is widely adopted after the FTX collapse, which brought dis-trust for centralized crypto industries. Now OKX, the second largest crypto exchange by trading volume has released the second report of Proof-of-Reserves which shows that the exchanges are well backed by the assets to support the withdrawals.

Along with the second Proof-of-Report, OKX has also announced that they will be publishing a monthly report of Proof-of-Reserves of exchange that will keep the trust among users. OKX Chief Marketing Officer Haider Rafique released a statement regarding PoR:

“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust. At OKX, we believe that PoR should be verifiable via open-source tools so that users can self-verify the balances and ownership of our reserve addresses.”

The recent OKX PoR report shows that the exchange is completely backing user's assets, it has the following users-to-exchange ratio:

BTC - 112,192 BTC to 113,754 BTC (101%)
ETH – 1,091,007 ETH to 1,124,295 ETH (103%)
USDT – 3,118,778,203 USDT to 3,137,965,012 USDT (101%)

OKX Proof of Reserve

You can check the report here.

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Crypto Bulletin by Cryptomanthan
Crypto Bulletin by Cryptomanthan

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