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Retail goes Hello Crypto #LFG
In today’s dispatch we have:
Retail goes Hello Crypto
Coinbase goes bonkers on the bourges
Indonesia’s national crypto exchange
Reliance Retail, the top dog of retail in India, will start accepting retail payments in digital rupee, which might just give the country's new CBDC a much-needed boost.
And it's not just them - other merchants like Indian Oil and Cafe Coffee Day will also accept the e₹-R in their stores.
The Mukesh Ambani-led firm has partnered with ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to make this happen. Shoppers who want to pay with the e₹-R will be given a dynamic QR code for scanning at the store.
Reliance Retail has started accepting digital rupee payments at its Freshpik gourmet stores and plans to bring this feature to all its properties soon. Can't wait!
Retail Meets Crypto
Looks like crypto is making its way to the checkout line! Lately, we've seen a bunch of retailers hopping on the crypto bandwagon. Similar to Reliance, South African grocery retailer Pick n Pay started accepting Bitcoin in all its stores a few days ago.
The integration of blockchain in retail is a game-changer. It brings all sorts of incredible benefits like super transparency, top-notch security, and lightning-fast payments.
Companies can keep an eye on their supply chains like a hawk, track payments like a bloodhound, and detect fraud faster than you can say "blockchain". - All of this leads to stronger connections with customers and no more waiting around for payments.
Deloitte's Survey Breakdown:
75% of retailers plan to accept cryptocurrency or stablecoin payments within the next two years.
83% of retailers expect an increase in consumer interest in digital currencies.
Over 50% of retailers have invested over $1 million in enabling digital payments.
50% of retailers plan to use third-party payment processors to convert digital currency into fiat.
The complexity of making existing financial infrastructure compatible with digital currencies is the biggest challenge, cited by 90% of retailers.
Security of payment platforms, changing regulatory landscape, and the instability of the digital currency market are other barriers to adoption.
Over 50% of retailers agree that certain regulations are needed for cryptocurrency, including national guidance, clarity on tax implications, and the ability to hold digital currencies in a bank account.
Companies that help them onboard crypto include IBM, Coinbase, ConsenSys Software Inc, Nestlé, shopIN.nyc, BitPay, Portion, Buying.com, and Fluz.
Coinbase goes bonkers on the bourges
Coinbase Inc, a publicly traded cryptocurrency company in the United States, has won the dismissal of a consumer lawsuit filed in October 2021.
The lawsuit claimed that Coinbase sold unregistered securities.
Accused by customers who sought refunds for token purchases, trading fees, and potential losses on the platform.
In October 2021, the suit was filed in the federal court in New York.
The class-action suit investigated the sale or soliciting of 79 digital assets.
And just to be clear, the whole thing was about the sale of tokens through Coinbase. They told users about the tokens, what they were worth, and any promotions going on. Plus, they kept people updated on the crypto's price and gave them links to stories about it.
A recent filing states that a lawsuit against Coinbase was dismissed by U.S. District Judge Paul Engelmayer due to the plaintiffs' inability to demonstrate that Coinbase was the "immediate seller" or "held the title" of the tokens.
According to the judge, the court order references elements of Coinbase's user agreement that clearly state that users do not deal directly with the exchange when trading and that Coinbase acts as a facilitator or "agent" between buyers and sellers.
And because of all this, Coinbase shares jumped overnight and were up nearly 24% Thursday - still 76% below their all-time high of $357.39 set in November 2021.
Indonesia to launch national crypto exchange
Indonesia's Trade Ministry is getting ready to launch its very own national crypto exchange, and it's gonna be lit! They were aiming for a December 2022 debut, but hey, good things come to those who wait - it's now set for a June 2023 launch.
This is all a part of the regulatory reforms adopted by the Indonesian House of Representatives in December.
The Trade Minister, Zulkifli Hasan, spilled the beans at an event in Jakarta celebrating Crypto Literacy Month. The government is currently scoping out the most remarkable companies to join their exchange.
They're evaluating 25 exchanges registered with the Commodity Futures Trading Regulatory Agency, and currently, only the top five are in the race to join the squad!
"Let us not rush because if it is not ready, things will get messy. The government does not want this to massively take a toll on the public because people do not know much [about crypto trading]." says the Trade Minister.
MetaMask has added privacy features, such as phishing detection and custom RPC network/IPFS gateway options, to its browser extension.
The NFL is set to host its first virtual Super Bowl concert featuring Saweetie on Roblox during Super Bowl weekend.
India is striving to reach an agreement among G20 members on the framework for controlling digital assets by the end of this year.
Kraken, a cryptocurrency exchange, has shut down its Abu Dhabi office just one year after receiving the green light from regulators to operate in the area.
A survey by Solidus Labs showed a significant increase in crypto enforcement actions in the US in 2022, with federal and state regulators setting records.