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Caribbean Islands, Dubai, Mumbai — Bitcoin Cash Adoption Continues to Swell Worldwide

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Caribbean Islands, Dubai, Mumbai — Bitcoin Cash Adoption Continues to Swell Worldwide

Bitcoin cash supporters are known for spreading adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption throughout the islands of the Caribbean, alongside places like Dubai, and Mumbai.

Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Crypto Adoption

According to the web page map.bitcoin.com, there are thousands of merchants worldwide that accept bitcoin cash (BCH) for goods and services. Moreover, if one was to visit the Reddit forum r/btc, they would notice a great deal of posts highlighting adoption in places like Dubai, Mumbai, St. Kitts & Nevis, and St. Maarten.

Bitcoin.com News previously reported on St. Maarten’s Parliament member, Rolando Brison, revealing he requested to get his entire salary converted into bitcoin cash. Map.bitcoin.com indicates there are over 160 merchants that accept BCH in the region.

Bitcoin cash is now accepted by the platform Caribeeats (caribeeats.com) and BCH can be used to get food and groceries delivered in more than 15 different countries. Caribeeats services regions like Barbados, Dominica, Grenada, U.S., Jamaica, Montserrat, St. Kitts, St. Lucia, and more.

Numerous Reddit posts and map.bitcoin.com reveal BCH is starting to see a presence in Dubai at establishments such as Masala Mantra, Tandoori Junction, Great Wok, Bermuda Diving Center, X Factor Restaurant, Franck Muller Middle East and India, Perfetto Pizzeria, and Business Village.

Similarly, BCH adoption is taking place in India’s de facto financial center, Mumbai, as well. In mid-April, Hosanna House Montessori School, a children’s school located in Mumbai, announced it has become the first Montessori school in India to accept BCH.

Caribbean Islands, Dubai, Mumbai — Bitcoin Cash Adoption Continues to Swell Worldwide

On June 2, Nahar Medical Center revealed it became the first medical facility in India to accept bitcoin cash. In Mumbai, BCH is also accepted at Jayant, Paramount Sports n Nutrition, Vig Refreshments, Super Waves, Copa, and the Haute Dog Pet Salon & Boutique Store.

Bitcoin cash has been gaining significant adoption in the Caribbean dual-island nation of St. Kitts and Nevis, as the region has a total of 159 merchants that accept BCH, according to map.bitcoin.com. Last month Club Dubai in St. Kitts revealed it accepts bitcoin cash (BCH) payments and Kentucky Fried Chicken (KFC) in St. Kitts has adopted BCH.

Caribbean Islands, Dubai, Mumbai — Bitcoin Cash Adoption Continues to Swell Worldwide

Bitcoin cash is also accepted at Burger King St. Kitts and the island’s Panda Supermarket accepts BCH. In St. Kitts, the crypto asset is further accepted at Sun Island Clothes, Karma Asian Cuisine, Econo Retail Shop, and Oracle Martial Arts Academy.

Merchants accepting bitcoin cash are prominent in a number of other regions worldwide including Anguilla, Antigua, Japan, Venezuela, Slovenia, Australia, Philippines, Vietnam, Ghana, Zimbabwe, Argentina, and more. Additionally, a good portion of the companies that take BCH for payments are accepting the digital currency directly, rather than using a third-party or payment processor.

The crypto-accepting businesses can be found on map.bitcoin.com, but BCH users can also leverage the websites Green Pages and Acceptbitcoin.cash in order to view brick-and-mortar and online merchants that accept the peer-to-peer crypto asset.

What do you think about all the merchants worldwide that accept bitcoin cash for goods and services? Let us know what you think about this subject in the comments section below.

Japan Adopts Legislation Establishing Legal Framework for Stablecoins

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Japan Adopts Legislation Establishing Legal Framework for Stablecoins

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd.

Law on Stablecoins Approved in Japan in Aftermath of UST Collapse

Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday.

With the new law, Japan becomes one of the first major economies to develop such a framework after last month’s collapse of the terrausd (UST) stablecoin and its sister cryptocurrency terra (LUNA). The development caused a major market slump and loss of confidence in stablecoins.

According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to redeem them at face value. Only licensed banks, registered money transfer agents, and trust companies will be able to issue them in Japan.

An example is a stablecoin that the Mitsubishi UFJ Trust and Banking Corp. plans to circulate. The banking unit of the Mitsubishi UFJ Financial Group Inc. revealed that its Progmat Coin will be fully backed by the yen and redeemable.

Japan’s new legislation does not address, however, existing asset-backed stablecoins from overseas issuers like tether (USDT) or algorithmic stablecoins. Japan’s digital asset exchanges do not currently list such cryptocurrencies, the report notes.

Stablecoins, of which the leading ones include USDT, Circle’s usd coin (USDC), and binance usd (BUSD), have a combined value of over $160 million. Although they are supposedly safe for holders, regulators around the world have been working to adopt regulations for this type of crypto asset due to their role for the whole crypto market, highlighted by the terrausd implosion. Ensuring investor protection is another major consideration.

The new legal framework adopted by the Japanese parliament will take effect in a year. Meanwhile, the country’s Financial Services Agency (FSA) intends to introduce regulations governing the activities of stablecoin issuers in the coming months.

Do you expect other major economies to adopt dedicated legislation for stablecoins in the near future? Tell us in the comments section below.

Japan’s Second Largest Bank To Launch Institutional Bitcoin, Crypto Custodial Services

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Sumitomo Mitsui Trust will partner with Bitbank to form a company focused on institutional custodial services for bitcoin and other cryptocurrencies.

  • Japanese bank Sumitomo Mitsui Trust is launching a new company for institutional clients looking for custodial services for bitcoin and other cryptocurrencies.
  • The new company will be called Japan Digital Asset Trust and is a joint-venture with 85% ownership belonging to Bitbank, and 15% belonging to Mitsui Trust.
  • The venture reportedly has $2.3 million of committed capital for launch and expects to raise a total of $78 million.

Sumitomo Mitsui Trust, Japan’s second largest bank, is creating a new company called Japan Digital Asset Trust to offer custodial services for bitcoin and other cryptocurrencies for institutional clients, according to a report by Nikkei Asia.

The new company will hold assets like bitcoin and other cryptocurrencies for large investors and corporations because the company reportedly believes investors will feel more comfortable if the custody of those assets can be held by trusted financial institutions.

Japan Digital Asset Trust will be a joint-venture with a majority ownership belonging to Bitbank, a Tokyo-based cryptocurrency exchange, who will control 85% of the venture. The remaining 15% ownership will be owned by Mitsui.

The new venture is reportedly expected to have $2.3 million in capital for launch and is expecting to raise enough capital from investors to reach a goal of $78 million.

This announcement follows the news that Japanese competitor bank Nomura Holdings Inc. also recently announced they would be creating a subsidiary to offer custodial services to institutional clients looking to acquire bitcoin and other cryptocurrencies.

When zoomed out to the global scale, the adoption of bitcoin as an institutional asset class is rising as Mitsui Trust joins other financial institutions such as BNY Mellon who just last year backed a cryptocurrency exchange. Similarly, Fidelity authored Bitcoin First, which was a resource to show institutional investors why they should invest in bitcoin before any other cryptocurrency, and has subsequently offered bitcoin-based products.

Global banking leader Morgan Stanley also released a report discussing bitcoin’s viability as a currency following the events of Jack Maller’s announcement at Bitcoin 2022 where he announced that Strike, his Bitcoin infrastructure company, had integrated with the largest point–of-sale provider in the world.

Japanese Broker Nomura To Launch Bitcoin, Crypto Subsidiary: Report

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Japan’s largest investment banking broker is set to launch a subsidiary focused on institutional bitcoin and cryptocurrency products.

  • Japanese brokerage Nomura will reportedly launch a subsidiary to offer bitcoin and other cryptocurrency services to institutional clients.
  • The wholly-owned unit will have a staff of 100 by 2023, a report said.
  • Nomura executed some of its first trades with bitcoin derivatives last week.

Nomura Holdings Inc., Japan’s largest investment banking group, is launching a new subsidiary focused on institutional client services for bitcoin and other cryptocurrencies, according to a report from the Financial Times.

Sources close to Nomura explained to FT that the staff of the wholly-owned subsidiary will reach 100 people by the end of 2023 and compile multiple cryptocurrency services under one roof. The staff will reportedly be largely recruited from outside, however Nomura executives will still oversee the company.

One of Nomura’s executives reportedly stated, “If we don’t do this, then it’s going to be more difficult down the line to be competitive.”

The executive continued to explain that while there is risk involved in offering cryptocurrency-based services, the opportunity cost of failing to offer these services is simply too high.

“Any asset class at the moment that has discounted cash flow is all under huge stress in an inflationary environment. But I think…many managers will be looking and thinking about potentially allocating towards blockchain technology and blockchain opportunities,” the executive added.

Initially, Nomua will transfer 15 employees to the new cryptocurrency-focused subsidiary which will see Jez Mohideen, Nomura’s current chief digital officer, at the helm of its new wholesale business. As of now, Nomura’s new business is yet unnamed.

Last week, Nomura made headlines as it began trading bitcoin derivatives with non-deliverable, cash-settled options and a mix of other futures with standard options. The institutional interest Nomura is witnessing happens as the Bitcoin price has endured a sizable correction, erasing all gains made in 2021.

Japan’s Largest Broker Nomura Now Offers Bitcoin Derivatives

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Nomura Holdings began trading bitcoin derivative contracts this week including options and futures citing increased institutional demand.

  • Nomura Holdings, Japan’s largest brokerage, now offers bitcoin-based derivatives.
  • Available derivative contracts are non-deliverable forward and options, as well as futures and options contracts.
  • Nomura’s economic consulting arm Nomura Research Institute launched a crypto-asset index in 2020.

Nomura Holdings Inc, Japan’s largest brokerage and investment bank, began trading bitcoin derivatives contracts to its Asian clients after a rise in institutional demand “significantly” increased, according to a report from Bloomberg.

Tim Albers, head of forex structuring in Asia ex-Japan, reportedly said Nomura will offer non-deliverable forwards and non-deliverable options to be settled in cash, as well as bitcoin futures and options contracts, which are further explained below.

Nomura’s first trade was facilitated by CME Group Inc.’s platform with Cumberland DRW LLC serving as the market maker as they specialize in bitcoin and other cryptocurrency based financial derivatives. Nomura interestingly made this trade at a time when many are fearful of an impending bear market.

“There has been significant volatility recently,” Albers explained. “Once the dust settles, valuations will become more attractive for institutional clients. We’re pretty excited to get this off the ground,” noting that this offering “marks the start of our journey into the space.”

Albers explained Nomura expects the market to “mature” with time as regulators become more involved with the ecosystem making it more attractive to investors over the long-term. “As a result, volatility should reduce over time,” Albers stated.

The term non-deliverable refers to the underlying asset, which in this case would be bitcoin. For these derivatives, the asset of bitcoin is never actually traded. Only the amount invested into the derivative is traded, hence the underlying asset becomes non-deliverable and settled in cash.

Options contracts give an investor the right, not the obligation, to purchase an underlying asset. Forwards create an obligation for the investor to buy or sell the underlying asset, while futures contracts are a binding agreement between two parties to buy or sell the underlying asset at a fixed price.

“Options enable investors to trade volatility directly and protect against downside risks,” Rig Karkhanis, the bank’s head of global markets for Asia ex-Japan reportedly said in a statement.