COINDESK DAILY: El Salvador Bags Major Bitcoin Gains; Hong Kong's Stablecoin Push

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 12 March 2024

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

Host Jennifer Sanasie breaks down the latest news in the crypto industry from El Salvador's bitcoin gains to Hong Kong's stablecoin plans. To get the show every day, follow the podcast here. "CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, including El Salvador's major gains from the recent bitcoin (BTC) rally. The Central American nation is sitting on $84 million in unrealized profit on the holdings it first started acquiring in September 2021. Plus, the Binance saga continues in Nigeria, and Hong Kong starts a regulatory sandbox for potential stablecoin issuers. - Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Register now at consensus.coindesk.com. - This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:51.4	El Salvador is sitting on $84 million in profit from its Bitcoin holdings.
0:57.0	Bitcoin's 250% rise over the past year has catapulted the Central American nation's Bitcoin Treasury to over $206 million as of Tuesday, a 69% gain on initial capital.
1:10.5	Data shows that El Salvador acquired its 2,681 Bitcoin
1:15.3	at an average cost of $42,600. In a post on ex, President Naib Bukele indicated that the
1:23.2	nation is also earning revenue from a citizenship passport program, Bitcoin mining, and Bitcoin
1:29.1	revenue from government services. El Salvador made Bitcoin legal tender in 2021. Since then,
1:36.0	goods, services, and taxes can all be paid with Bitcoin. Nigeria invited, then detained
1:42.9	Binance's compliance head and Africa manager for two weeks.
1:47.3	That's according to reports from the Wall Street Journal and Wired.
1:50.9	The executives were detained due to accusations brought on against the crypto exchange by Nigeria.
1:56.9	In the past few weeks, reports emerged that the African country demanded $10 billion from
2:02.3	finance in penalties for enabling $26 billion of untraceable funds to be processed in the nation.
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