RUSSIA & IRAN TO USE CRYPTOCURRENCIES FOR TRADE

Russia and Iran are heavily sanctioned countries that are excluded, to varying degrees, from the international financial system. As well as commencing trade in currencies with "friendly" countries, Russia and Iran are both headed towards using cryptocurrencies for global trade.

Wen Bitcoin adoption? :)

Iran has approved regulations for trading, mining, and paying for imports with Bitcoin or crypto

• Iran placed its first official import order that will be paid with cryptocurrencies. It served as a trial run for enabling the nation to conduct trade using digital assets, circumventing US sanctions that have harmed its economy.

RUSSIA: Digital asset adoption is necessary as a “safe alternative” for cross-border payments - PM Mikhail Mishustin

Bitcoin Euro Futures launched by CME!

• The contract will be listed on CME, cash-settled, and based on the CME CF Bitcoin-Euro Reference Rate. CME.

EL SALVADOR: President Bukele announced that Bitcoin Beach will get +$203m infrastructure investment.

• El Salvador's El Zonte beach has been branded "Bitcoin Beach." It has become famous for being the place where Bitcoin adoption started for El Salvador. The government will build much-needed public infrastructure that will improve life for the community and visitors alike.

Indonesia's biggest tech company, GoTo, just bought a Bitcoin exchange.

• GoTo purchased Kripto Maksima for 124.84 billion rupiah ($8.38 million). GoTo is backed by SoftBank, Alibaba, and Singapore sovereign wealth fund GIC.

WHOOPS! CryptoCom paid $10.5M to a customer instead of a $100 refund. It took them 7 months to notice the mistake

• The Melbourne woman and her sister embarked on a spending spree, splitting the millions between two different accounts and prioritizing a $1.35 million, five-bedroom home in Cragieburn as their main purchase. However, a judge in Victoria's Supreme Court mandated that the mansion be sold and that portion of the money be paid back.

BLOOMBERG: Bitcoin may have hit a floor after Powell's speech at Jackson Hole.

• Bitcoin has held steady around 20K, against expectations of a steep fall, indicating that a bottom may be forming. Still a lot of macro uncertainty and the global markets remain volatile. Let's see...

JP MORGAN: The majority of cryptocurrencies are "junk" and the use cases haven't fully evolved.

• Traditional financial institutions are hesitant to participate in cryptocurrency because regulation has not kept up with the growing industry, reports Bloomberg.

Eurozone inflation hits 9.1% - a new record!

• This inflation print came in higher than the 9% forecast by analysts up on the previous month, a record of 8.9% in July. Since November 2021, the headline rate has been climbing due to pressures on the world's supply chains. In February, war broke out in Ukraine, and drought during the summer in Europe contributed to an increase in food costs.

Thank you for reading and please share with your friends and colleagues.

Cheers,

Archie :)