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World Bank Shows Worry Over Central African Republic’s Sango Crypto Hub

Daily Market Wrap

  • Crypto market cap: 1.20 trillion, down 5.49%

  • BTC price stands at USD 28,934, down 3.01%

  • ETH price stands at USD 1,739, down 10.48%

  • Top gainer:TrueUSD (TUSD), up 00.00%

  • Top loser: TerraClassicUSD (UST), down 45.53%

News of the Day

Why it matters:

  • “We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector and public finance at large, in addition to environmental shortcomings.” the World Bank told Bloomberg via e-mail

  • According to the World Bank, a $35 million grant announced on May 5 aims for the Central African Republic (CAR) to upgrade and digitise its public financial management system

  • In fact, the World Bank has never been enthusiastic about nation-state Bitcoin adoption. It claims that it will be “physically impossible” to fund the planned Sango crypto hub, which the president announced on Tuesday

Crypto daily spotlight

Brief introduction: PoolTogether is a crypto-powered savings protocol based on Premium Bonds, which incentivizes users to save their cryptocurrencies by offering them the chance to win awards from the interest generated by the collected funds. A lawsuit, filed by a software engineer named Joseph Kent, has challenged the legality of PoolTogether’s operation, saying the scheme is essentially a lottery and prohibited under New York law.

Why it matters:

  • Leighton Cusack, the founder of PoolTogether, said in a tweet that he hopes to raise 769 ETH to fight against the lawsuit

  • At press time, PoolTogether has already accumulated over 72 ETH, with donors of the founders of Uniswap, Variant Fund, Bankless, and KOL 0xngmi

  • According to a previous report from WSJ, a software engineer, Joseph Kent, questioned the legality of PoolTogether’s operation after depositing $10 USD last October

Daily sector tracker

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  • JPMorgan Joined Blockchain Analytics Startup Elliptic’s $60 Million Series C

  • Cathie Wood’s Ark and 21Shares Take Another Try For Spot Bitcoin ETF

  • MetaMask Partners With London-based Asset Reality To Investigate In Recovering Plans For Stolen Crypto

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