OTC’s Weekly Retrospect 30/01–03/02/2023

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. Bitcoin in Nigeria hit a 60% premium due to imposed limits on ATM cash withdrawals amid an ongoing effort to accelerate its shift to a cashless society.
2. Strike to Enable Cross-Border Payments in the Philippines With Bitcoin Lightning.
3. Dorsey-Backed Bitcoin Tipping Enabled ‘Twitter Killer’ Damus Is Live.
4. The UK government has published proposals for crypto-asset regulation it hopes will “manage” the risks of the “turbulent industry”.
5. Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March.

Story Summaries;

1. The price of Bitcoin in Nigeria skyrocketed this week to well above global market levels amid continued efforts by the central bank to push its citizens into digitalized cash and imposed limits on ATM cash withdrawals. At the time of writing, the price of 1 BTC on the Nigerian crypto exchange NairaEX was 17.8 million nairas, equating to a whopping $38,792. This was more than a 60% premium over the current market price of Bitcoin, around $23,700.
2. The digital payments company, Strike, is extending its international money transfer service that operates on Bitcoin’s Lightning Network to the Philippines in an effort to tap into the country’s $12 billion remittance industry, which is one of the biggest in the world. According to a press release, the money transfer service Send Globally will be made accessible in the Philippines beginning on January 31.
3. Damus, a decentralized social media platform that was partially funded by Jack Dorsey, has launched. The social media platform runs on the Nostr protocol and states that users fully control the network. The app features Bitcoin tipping and censorship resistance, the project is yet another decentralized Twitter alternative to hit the market.
4. The UK Treasury says that will allow crypto to benefit from the “confidence, credibility and regulatory clarity” of the existing system for financial services, as set out in the UK’s Financial Services and Markets Act 2000 (FSMA). It wants to create a level playing field between traditional and emerging financial services, where the principle is “same risk, same regulatory outcome”.
5. The Ethereum scaling network Optimism, which operates as a layer two (L2) network, announced plans to upgrade its network in March. The upgrade, named “Bedrock,” aims to increase transfer speed, lower fees, and enhance compatibility with the Ethereum Virtual Machine (EVM). The Optimism Foundation stated in its proposal, “The Bedrock upgrade is a major step towards a multi-chain future.”

And that’s all for this week's news! Wishing you a great weekend head!