Krystal Newsflash (20th May 2022)

By Krystal DeFi | Krystal DeFi | 21 May 2022


Welcome to our recap of the major stories in the crypto world! Here’s what has happened in the past week:

More countries set to adopt BTC?

Nayib Bukele, president of El Salvador, organised a meeting with 44 other countries’ central banks and financial authorities to discuss BTC rollouts in their own countries.

These countries have a high proportion of their population being ‘unbanked’, such as Rwanda, Haiti, Egypt, Jordan and Ghana.

El Salvador is the first country to adopt BTC as legal tender, with the Central African Republic being the second and Panama rumoured to accept it too.

We previously hosted Mr. Gabriel Goh for a Fireside Chat, and you can check out his opinions on El Salvador adopting BTC here.

With more countries beginning to accept BTC and other cryptocurrencies, could this be the wave that sparks greater crypto adoption?

Things get worse for Terraform Labs

Amidst the chaos of LUNA and UST, Terraform Labs CEO Do Kwon is facing many issues.

A police report was made against Do in Singapore, he is due for a hearing with Korea’s ruling party, and members of the Terraform Labs legal have resigned.

To save the Terra network, Do proposed a ‘fork’ of the Terra network.

A fork represents a copy of the original source code, that may be slightly altered.

You can read the entire proposal here.

While many platforms on the old Terra network have signalled their support for the fork, the community seems to be strongly against the idea.

Furthermore, some key players in the crypto space have disagreed with this idea.

Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, also questioned the idea of hard forking the Terra blockchain.

CZ mentioned that “Minting and forking, does not create value”. Instead, he is recommending buying back and burning the LUNA token to revive its market value.

This is a similar idea that was brought up by the community, where they are gunning for a token burn of LUNA.

The voting for the proposal ends in about 5 days' time, but it seems that LUNA 2.0 will be a reality soon.

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If you are still unsure of what exactly happened last week, you can check out our analysis on the UST depeg here.

NFTs are now considered assets?

A man in Singapore has won a court injunction which prevents “any potential sale and ownership transfer” of an NFT that he previously owned.

The NFT in question is the Bored Ape Yacht Club (BAYC) NFT #2162, which the man claims that it was “wrongfully taken” from him.

BAYC #2162 is currently being sold on the OpenSea marketplace.

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The Singaporean man was believed to have used his BAYC NFT as collateral to take out loans. In the event that he could not pay back the loan in time, the borrower would take possession of the NFT.

A lender, “chefpierre”, used the ‘foreclose’ option to wrongfully seize control of the BAYC NFT.

This ruling by the High Court implies it recognises NFTs as assets.

In a similar situation, the High Court in England and Wales ruled that NFTs are considered legal property, after 2 “Boss Beauties” NFTs were stolen from Lavinia D. Osbourne’s digital wallet.

These NFTs are part of a woman-led initiative, and owning one NFT will receive perks like tickets to an exclusive music festival, and access to future collaborations.

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With such rulings, courts are able to “take jurisdiction over assets sited in the decentralised blockchain”.

Do you think more countries will adopt BTC as legal tender? Will LUNA 2.0 be successful? Do tweet us or send us a message on Telegram to let us know!

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Krystal DeFi
Krystal DeFi

Krystal is a non-custodial multi-chain platform to easily access popular DeFi services and manage NFTs. Swap, earn passive income, manage your portfolio & benefit from our rewards programme. Now supporting services on 10 blockchains.


Krystal DeFi
Krystal DeFi

Krystal is a non-custodial multi-chain platform to easily access popular DeFi services and manage NFTs. Swap, earn passive income, manage your portfolio & benefit from our rewards programme. Now supporting services on 10 networks.

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