OTC’s Weekly Retrospect 21/11–25/11/2022

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. Binance aims to allocate $1 billion for crypto recovery fund
2. Coinbase survey shows 62% of investors increased allocations over 12 months
3. Japan’s central bank to issue experimental digital yen in early 2023
4. Crypto Paradise? El Salvador Preps New Law To Pave Way for All Crypto
5. JPMorgan Registers Trademark For Crypto Wallet

Story Summaries;

1. Binance intends to allocate $1 billion for a proposed industry recovery fund, while its CEO revealed intent in a new bid for assets of bankrupt cryptocurrency lending firm Voyager by its United States-based business.
2. About 59% of investors are currently using or planning to use a buy-and-hold approach, according to the poll. The survey interviewed 140 institutional investors to get a read on current sentiment and outlook toward digital assets since the start of the current crypto winter.
3. The Bank of Japan will work with several unnamed financial institutions to stress test a central bank digital currency. Tests will include how deposits and withdrawals can work, and also what happens when no internet access is available. A decision will be taken in 2026 on whether to formally adopt a digital yen.
4. El Salvador is doubling down on its bet on cryptocurrencies even in the midst of a bear market. The first country to declare Bitcoin as legal tender is now working on a Digital Asset Issuance Law, which would facilitate operations with any crypto asset. The novelty of the law is that it separates crypto assets from all other assets and financial products, thus creating a tailor-made regulatory framework for them.
5. According to an official document published on Nov. 21, 2022, JPMorgan has officially registered and patented the “J.P. Morgan Wallet” under the United States Patent and Trademark Office (USPTO). This new enrolment will see the legacy bank offer crypto and bitcoin services to its existing pool of customers.

And that’s all for this weeks news! Wishing you a great weekend and as always, Happy Friday!