Africa is one of the regions which is drastically affected by financial calamities such as inflation, currency devaluation, and other destructive policies. And hence, Africa has widely adopted the cryptocurrency for payments, and now the update is the retail giant in South Africa ‘Pick n Pay’ is about to accept Bitcoin as a method of payment, if this goes well then it will be a massive adoption of the crypto space at the retail level. And in the recent Underwood vs Coinbase, a lawsuit alleging Coinbase selling unregistered securities has been dismissed by the Judge.
1. Crypto Adoption: Over 1,500 Retail Stores to Accept Bitcoin in South Africa!
Africa has always been the center of financial calamities whether it be inflation or corruption in the administration and government, and that is why it is also a center of crypto adoption to tackle those issues. If I may recall, the initial purpose of crypto or Bitcoin was to tackle all the issues of traditional fiat currency and replace it in a way so that it can be used for day-to-day transactions. And South African retail giant ‘Pick n Pay’ is carrying that forward.
Pick n Pay is one of the largest retail giants in South Africa, they have announced that Bitcoin payments will be accepted at over 1,500 retail stores which include grocery, clothing, and many other essential shops. Although, there will be a testing phase of three months, after successfully testing, things will be rolled out. Pick n Pay will be using the Lightening Network of Bitcoin for payments, which means there won’t be large transaction fees, and customers can use Bitcoin for daily small transactions as well.
This adoption will definitely help crypto space to expand and reach out to mainstream users, but there are a lot of questions and debates around Lightening Network and its nature of centralization. It will be interesting to see how the crypto space as a whole takes it. But sure, this adoption will encourage other players to get on board!
Class Action Lawsuit Against Coinbase Dismissed by US Judge
There was a class action lawsuit filed against Coinbase claiming that Coinbase has sold unregistered securities to the customers. The case was filed in the Southern District of New York and in Judge Paul Engelmayer’s courtroom. Coinbase is one of the first crypto exchanges to go public and that’s why it was closely looked at by critics as well as the crypto space.
Another important thing that makes this case more important is that the CEO of Coinbase Brian Armstrong was one of the defendants. Judge Paul Engelmayer dismissed the lawsuit on the basis that there is a contradiction in the previous and current complaints by the same complaint filed by the plaintiff. Although it is a small win for Coinbase there are plenty of other ongoing class action cases. It will be interesting to see how Coinbase works out with these lawsuits and being one of the first publicly listed crypto companies, it will shape the future of the crypto space at a regulatory level, and guide the upcoming crypto companies.
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