ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 84

Published date:

 Argentina Greenlights Bitcoin in Landmark Policy Update

In a significant policy shift, Argentina will now regard Bitcoin as a legally recognized currency for entering contracts. The nation's Foreign Minister Diana Mondino confirmed citizens can use BTC to strike agreements, broadening crypto acceptance amid economic instability.

Mondino's validation coincides with sinking value of the Argentine peso. New reforms from President Javier Milei that cut energy subsidies and devalued the peso 50% reflect inflation raging over 140%. With the peso in freefall against the dollar, BTC provides a potential store of value.

Acceptance also follows Bitcoin posting strong gains, up 65% in three months. As the nation grapples with a decade of hyperinflation averaging 40% annually, adopting cryptocurrency offers potential protection. However, industry experts say more clarity is still needed from regulators on crypto rules. For now, Argentina grants BTC a place in the legal economy through its ability to underwrite contracts.

 Meme Coin Frenzy Propels Solana DEX Volumes Past Ethereum

Benefiting from explosive interest in canine-themed digital assets, decentralized exchange trading on the Solana blockchain has flipped Ethereum's volumes for the first time. Spiking speculation around tokens like BONK and Dogwifhat have generated massive trading on platforms like Orca and Mango Markets.

Data from Defi Llama shows Solana DEX activity reached $9.03 billion over the past seven days, overtaking Ethereum's $8.83 billion. Meme tokens BONK and WIF saw parabolic price gains as volumes ballooned, with WIF achieving a 376,000% price increase since launching a month ago.

The surge has provided another boost for the native SOL token, pushing it above XRP and a new 2023 peak price of $89. Developers say the flip reflects Solana's rapid maturation and decreasing costs relative to Ethereum. However, Ethereum still maintains larger overall adoption metrics like total value locked.

 Survey Finds Vast Majority of Law Enforcement Need Crypto Education

A new survey from blockchain analytics company TRM Labs finds that nearly all law enforcement professionals believe they require more education on cryptocurrencies. The report polled over 300 officers, with 93% working in the US. It found that while 40% of cases now involve digital assets, fewer than half of agencies utilize blockchain analysis tools.

Alarmingly, 61% said their organizations lack sufficient technologies for confronting sophisticated crypto criminals. Over 90% receive some crypto training but report needing expanded curriculum. Cryptocurrency-centered crimes arealso projected to comprise 51% of probed offenses by 2027.

As investigations increasingly involve complex decentralized technologies, analysts say proper tools and schooling are critical. However, over half of respondents identified staffing shortages as a top barrier. The findings underscore an urgent need for improved resources to help lawful trail more illicit crypto flows.

 Russian Leader Signs CBDC into Law

Russian President Vladimir Putin has approved a change integrating the nation's central bank digital currency into its tax code. The new law formally defines terms like "digital ruble account" and establishes guidelines for taxation of transactions conducted with the CBDC.

The amended rules carve out Russia's legislative position on the project as it moves ahead. They allow authorities to recuperate digital currency if sufficient traditional funds are unavailable from taxpayers. Operators must also supply documents confirming written-off sums from accounts.

Experts say the update provides a framework for Russia's digital ruble push, widely seen as a strategic response to sanctions. The Bank of Russia aims to enable citizen use of its CBDC starting in 2025. With Putin's approval, Russia has now tied its budding CBDC project firmly into the formal banking system through inclusion in the tax code.

 First Song Posted to Base Blockchain in NFT Collaboration Launch

Layer 2 platform Base has teamed up with blockchain music provider to enable the minting of songs as NFTs through its network. The inaugural track released under the partnership is "Based," a blockchain-themed song from artists Reo Cragun and Heno.

Using the cheaper and faster Base layer, musicians can now upload music directly as NFTs without requiring crypto purchases. With lyrics celebrating the tech, "Based" marked the first copyrighted track published natively on the blockchain.

Analysts say the partnership will bring greater exposure and opportunity to the artists. By lowering barriers, more musicians may embrace crypto-powered monetization models. It comes as the traditional music industry increasingly experiments with Web3 integration through blockchain releases.

. . .

Are there any crypto trends and issues that seem unclear to you?

A suggestion or comment?

Or do you just need an ELI5 (explain like I am 5) on a particular crypto term or topic?

Feel free to drop us a line below and we’ll do our best to shed more light. We are always here to answer your questions.

Follow us on Twitter and Telegram for more info including notes on new crypto gems set to break out onto the big stage.

Don’t miss out!

Related articles