OTC’s Weekly Retrospect 16/05 — 20/05/2022

Every week we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Major news stories this week;

1. UK Proposes Regulations That Would Recognize Stablecoins as a Form of Payment
2. President Nayib Bukele Announces 44 Countries To Meet In El Salvador To Discuss Bitcoin
3. New Data Confirms that Many Bitcoin Miners Kept Operating in China Even After Ban
4. Dubai Eyes Crypto Hub Status as Global Regulators Remain Cautious
5. U.S. Court Rejects Tether’s Bid to Conceal Reserve Records from the Public

Story Summaries;

1. Despite the recent collapse of Terra’s UST stablecoin, the U.K. government will move forward with proposed regulations that would facilitate stablecoins’ use “as a recognised form of payment”. Fiat-backed stablecoins “have the capacity to potentially become a widespread means of payment”.
2. Late on Sunday night, El Salvador President Nayib Bukele announced on Twitter that 32 central banks and 12 financial authorities from 44 countries are to meet on May 16, to discuss financial inclusion, digital economy, banking the unbanked, El Salvador’s Bitcoin rollout and its benefits in the country.
3. Following China’s crackdown on bitcoin mining last year, a large number of miners were seemingly plugged back into the network by September 2021, according to the most recent data from the Cambridge Centre for Alternative Finance (CCAF). In fact, China still had the second-largest share of the network’s hash rate share (21.11%).
4. With the political will and newly announced regulatory clarity, which is already attracting crypto FDI, the emirate of Dubai is betting hard on global business and consumer interest in cryptocurrencies to continue. Dubai is doubling down on its efforts to place itself at the front and centre of the technology.
5. The petition that Tether (USDT) presented to the supreme court of the state of New York asking permission to block the public from viewing documents that explain the composition of Tether’s reserves over the last few years has been refused. Tether is the biggest stablecoin issuer in the crypto markets right now.

Wishing you a happy and relaxed weekend ahead from all of us here at OTC Supply… as always, Happy Friday!