The week was as bustling as usual, but there was something abnormal, at least from my perspective, because in this part of the globe where I live, we are struggling with internet cuts due to an issue with the undersea cables. It's uncertain whether it's an act of sabotage or a malfunction, but we're experiencing slow internet and often no connection at all.
There are certain websites where I can work, but the vast majority are inaccessible.
However, whenever possible, I peek around to see how the ecosystem is faring and to leave some summaries of the week's events. In South Africa, the government plans to register 60 cryptocurrency businesses. The southern African country says it has cataloged over 300 companies in the field and has requested them to submit paperwork to comply with the law, warning of consequences for non-compliance.
South Africa, along with Nigeria, is one of the most active countries in cryptocurrency trading on the continent and has a considerable number of people holding cryptocurrencies in their portfolios.
Michael Saylor, the CEO of MicroStrategy, once again made headlines this week by announcing that his company had bought 12,000 bitcoins and was raising another $500M to buy more Bitcoin as a treasury reserve. This caused the company's stocks to trade high during the week, even surpassing Amazon in the traditional market.
But the biggest highlight was for the President of El Salvador, who started the week by announcing that his country was profiting from its investment in Bitcoin. El Salvador is the world's first country to adopt Bitcoin as legal tender since 2021 and has been investing in the asset daily.
Nayib Bukele also announced that the Salvadoran parliament had approved a law cutting transfer fees from the previous 30% to 0% on all money transfers and international investments, encouraging foreign investment and money inflow from Salvadorans working abroad who want to send money home.
Following these announcements, El Salvador's leader didn't stop there and once again used his X (formerly Twitter) page to tell his fellow citizens that the country intended to store all its treasury of over 400 million dollars in a cold wallet and store it in a physical vault within El Salvador. It was a surprise to the world to realize that the country holds more Bitcoin than many think, as it currently holds over 5,650 BITCOINS.
Today, he once again came into the spotlight to announce that the country bought another 1 Bitcoin and sent it to its strongbox, making it the first one to be sent since the decision to store the treasury in the country was approved. He asserts that the country will continue to buy 1 Bitcoin daily until purchasing with fiat is no longer sustainable.
So, these were some of the news items that stirred the crypto space, and despite my work difficulties, I managed to gather them to bring to you, hoping you'll continue to support from your end, after all;
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