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International Monetary Fund In Talks With El Salvador For Compiling Bitcoin Adoption Statistics

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  • Crypto market cap: 1.28 trillion, up 2.06%

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News of the Day

Why it matters:

  • Gerry Rice, a spokesperson of the International Monetary Fund (IMF), stated that their team members are communicating with the Salvadoran government regarding tax and money laundering matters.

  • Even though the International Monetary Fund (IMF) disagreed with the government on the move of adopting BitcoIn as legal tender last year, it is still having regular talks with the Salvadoran government officials.

  • Rice specified the purpose of the ongoing talks, providing technical assistance to the government regarding bitcoin adoption statistics.

  • Earlier this year, the International Monetary Fund (IMF) urged El Salvador to drop the Bitcoin Tender Law, which might pose stability risks for the nation. However, president Nayib Bukele has stayed his course and keeps “buying the dip”.

Crypto daily spotlight

Brief introduction: Filecoin is a decentralized storage system that enables anyone to rent out spare storage space on their computer. Launched in October 2020, Filecoin aims to store data in a decentralized manner, and leverage its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor.

Why it matters:

  • Defense contractor Lockheed Martin (LMT) and the Filecoin Foundation plan to identify a satellite or other space-faring platform that can hold the technology to operate an InterPlanetary File System (IPFS) node

  • Marta Belcher, the head of policy and general counsel at Protocol Labs — a key player in the Filecoin ecosystem, said the idea is to reduce latency when downloading data from remote locations like the moon.

  • Joe Landon, vice president of advanced programs development at Lockheed, believes that the move is an emerging “space economy.”

Daily sector tracker

Daily News Roundup

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  • Bitcoin Records Eighth-week Losses For The First Time In Its History

  • Crypto Exchange Coinbase Added The BNB Chain And Avalanche to the Coinbase Wallets

  • Crypto Exchange Reportedly Seeks Acquisitions in Brokerage Space

  • GameStop Unveils Beta Crypto Wallet And Upcoming NFT Platform

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