cryptocurrency

FIFA could create a FIFA token

FIFA President Gianni Infantino has suggested that the organisation may develop its cryptocurrency to engage with football fans worldwide. Speaking at President Trump’s White House Crypto Summit, Infantino shared FIFA’s interest in launching a digital token, emphasising its potential to connect with the sport’s five billion supporters.

While no official plans or timelines were revealed, the idea signals FIFA’s growing interest in blockchain technology as a tool for fan interaction and financial growth. Trump responded enthusiastically, joking that such a coin could one day be worth more than FIFA.

Following the announcement, a cryptocurrency unrelated to FIFA named ‘FIFA’ skyrocketed by 357,000% due to market confusion, briefly reaching a valuation of $8.2 million. Meanwhile, the summit introduced key crypto policies, including a US Strategic Bitcoin Reserve, indicating a shift in regulatory approach under Trump’s administration.

As FIFA prepares for the 2026 World Cup in North America, Infantino’s statement highlights the growing intersection of cryptocurrency and football, suggesting that digital assets could play a significant role in the sport’s future.

For more information on these topics, visit diplomacy.edu.

Spanish bank BBVA gains approval for crypto trading

Spanish banking giant BBVA has received approval from the country’s financial regulator to offer Bitcoin and Ether trading to its clients.

The lengthy process, which began years ago, is now complete after the bank awaited clear regulations under the EU’s MiCA framework.

BBVA initially explored launching crypto services in Switzerland due to its established regulatory environment, but with MiCA now fully in effect, the bank has secured approval in Spain.

BBVA’s recent expansion into crypto trading in Turkey through a local subsidiary led to this development.

Other major European banks have also entered the crypto space, with Deutsche Bank developing an Ethereum rollup and Société Générale launching a euro stablecoin. BBVA’s move signals the growing institutional adoption of digital assets globally.

For more information on these topics, visit diplomacy.edu. 

Solana co-founder opposes Trump’s US crypto reserve plan

Anatoly Yakovenko, co-founder of Solana, has voiced strong opposition to President Trump’s idea of creating a US crypto reserve, arguing that the proposal undermines the very principles of decentralisation by placing control in the hands of the government.

Yakovenko believes that a true crypto reserve should be based on measurable and objective criteria to ensure fairness and decentralisation, rather than being managed by the government.

The US reserve, which is intended to include major cryptocurrencies like Bitcoin, Ethereum, and Solana, has sparked debate within the crypto community.

Yakovenko clarified that he had not been consulted about the inclusion of Solana in the reserve and that he did not support the idea of a national crypto reserve.

He instead advocated for state-run reserves, which he sees as a way to hedge against potential mistakes by the federal government.

While many in the crypto industry are preparing for the White House Crypto Summit, where several high-profile figures will attend, Yakovenko has not confirmed whether he will be joining the event.

Some sources suggest that Ripple CEO Brad Garlinghouse lobbied for Solana’s inclusion in the reserve to make the case for XRP stronger, though Yakovenko has denied this claim.

For Yakovenko, decentralisation remains the core value of crypto, and any initiative that places power in the hands of a central authority risks undermining the entire ecosystem.

For more information on these topics, visit diplomacy.edu. 

Singapore minister warns against crypto investments amid rising fraud

Singapore’s Minister of State for Home Affairs, Sun Xueling, has issued a strong warning about the risks of investing in cryptocurrency, citing an alarming rise in fraud cases.

During a parliamentary debate on 4 March, she explained that the anonymous nature of digital assets makes them easy targets for criminals, contributing to a sharp increase in financial losses. Fraud linked to cryptocurrency scams now accounts for a quarter of the $1.1 billion in fraud cases reported in the country.

Scammers increasingly use digital assets to evade traditional banking security checks, often instructing victims to convert their money into cryptocurrency.

Hacking, phishing, and fraudulent investment schemes have become more common, with one of the largest scams last year resulting in a loss of $125 million. Sun urged the public to avoid cryptocurrencies, stressing the high risk and slim chances of recovering stolen funds.

Despite the rise in scams, Singapore’s regulatory landscape continues to evolve. The Monetary Authority of Singapore oversees local cryptocurrency operations under the Payment Services Act, but many foreign exchanges remain outside its jurisdiction.

To combat rising fraud, the country recently passed the Anti-Fraud Protection Bill, which allows authorities to block transactions from suspected victims who ignore warnings.

As Singapore balances crypto adoption and consumer protection, businesses are increasingly embracing digital payments, particularly stablecoins. The entry of major players, such as Robinhood, into Singapore’s crypto market is set to boost the adoption of blockchain-based transactions.

For more information on these topics, visit diplomacy.edu. 

Cryptocurrency adoption surges with over 824 million people owning digital assets

A new report from venture capital firm Epoch reveals that over 824 million people globally now own some form of cryptocurrency, marking a significant surge in adoption.

Rapid growth is largely fuelled by strong price performance, increasing institutional interest, and the rise of accessible investment options such as Bitcoin ETFs. Bitcoin continues to lead the charge, with an estimated 422 to 455 million owners, or roughly 5% of the world’s population.

While cryptocurrency ownership has traditionally been dominated by younger men, the study notes a shift in demographics, with more women now entering the space.

Approximately 13% of women aged 26 to 45 report owning Bitcoin, a figure influenced by ‘ownership by association’ through spouses or partners. The shift highlights the growing legitimacy and accessibility of digital assets, especially with traditional financial institutions backing crypto ETFs.

Institutional and corporate investments are further accelerating crypto adoption. The launch of Bitcoin ETFs has provided a regulated pathway for large investors, while corporations like Microsoft and Amazon are exploring Bitcoin as a reserve asset.

The report predicts that if the top ten US companies allocated just 5% of their cash reserves to Bitcoin, it would result in a $40 billion inflow into the market.

Looking ahead, the study suggests that nation-states are also considering Bitcoin as part of their reserves. With Bitcoin’s unique characteristics, such as liquidity, scarcity, and independent custody, it could potentially surpass gold as a sovereign reserve asset in the coming decade.

The continued growth in adoption signals a promising future for cryptocurrencies, bolstered by increasing awareness and new use cases.

For more information on these topics, visit diplomacy.edu. 

New Hampshire moves closer to allowing Bitcoin investments

New Hampshire’s Bitcoin bill has cleared a major hurdle, passing the House Commerce and Consumer Affairs Committee with a 16-1 vote. The bill now moves to the House floor, where lawmakers will decide whether to allow the state treasurer to invest up to 5% of certain state funds in Bitcoin. While the bill does not mention Bitcoin by name, it limits investments to digital assets with a $500 billion market cap, making Bitcoin the only eligible cryptocurrency.

Introduced by Republican Keith Ammon and co-sponsored by Democrats Chris McAleer and Carry Spier, the bill originally proposed a 10% allocation but was later amended to 5%. It also permits investments in gold, silver, and platinum while removing provisions for stablecoins and staking. Treasurer Monica Mezzapelle has expressed interest in using the bill’s framework if it becomes law.

New Hampshire joins several US states, including North Carolina, Oklahoma, and Texas, in advancing Bitcoin-related legislation. Meanwhile, at the federal level, former President Donald Trump has proposed a Crypto Strategic Reserve, which is expected to be composed primarily of Bitcoin.

For more information on these topics, visit diplomacy.edu. 

Russia considers crypto trading trial for elite investors

Russia is considering an experimental cryptocurrency trading programme for top-tier investors, requiring a minimum holding of 24 million roubles ($250,000).

The Ministry of Finance and the Bank of Russia are leading discussions on the initiative, which aims to establish a regulated space for crypto trading.

Whilst the project remains in its early stages, it would allow professional investors to engage in the market under government supervision.

Currently, Russians can own crypto but cannot use it as legal tender, and there is no centralised exchange for digital assets in the country, forcing traders to rely on foreign platforms.

Despite the ban on domestic exchanges, Garantex, a Russian-based platform sanctioned by the US and the EU, remains operational.

The exchange, headquartered in Moscow, enables rouble transactions through major Russian banks, raising concerns over regulatory oversight and enforcement.

For more information on these topics, visit diplomacy.edu. 

Vietnam moves to regulate crypto with new legal framework

Vietnam’s Ministry of Finance is set to introduce a legal framework for digital assets and cryptocurrencies, with plans to launch a state-licensed digital currency exchange.

Deputy Minister Nguyen Duc Chi confirmed the initiative, highlighting the government’s goal to bring oversight and legal protections to the growing sector.

The move follows Prime Minister Pham Minh Chinh’s call for clear regulations to manage digital assets. The Ministry of Finance and the State Bank of Vietnam are working on rules to ensure investor safety whilst fostering innovation.

The proposed exchange would allow individuals and businesses to trade digital assets under state supervision, whilst companies may soon be permitted to issue virtual assets for financial mobilisation.

Vietnam lacks formal legal definitions for digital assets, pushing many blockchain firms to register abroad. The absence of clear rules has led to lost tax revenue and limited domestic oversight.

However, with Vietnam ranking among the world’s top three countries for digital asset ownership, seeing $120 billion in inflows in 2023, the government aims to regulate and harness the sector’s potential.

For more information on these topics, visit diplomacy.edu. 

Belarus eyes crypto mining to use surplus energy

Belarusian President Aleksandr Lukashenko has urged officials to strengthen the country’s energy infrastructure and consider cryptocurrency mining to utilise surplus electricity.

Addressing newly appointed Energy Minister Aleksei Kushnarenko, he highlighted the need to upgrade 5,700km of power networks essential for homes and electric vehicles. While high-voltage systems are stable, weaker areas require reinforcement to prevent outages like those in the Gomel Region.

Belarus has been exploring crypto mining for years, with Energy Minister Viktor Karankevich confirming in 2021 that a feasibility study was conducted.

Lukashenko wants to accelerate these efforts, citing global demand for digital assets and the country’s potential to attract investors or establish state-backed mining operations. Officials have been given responsibility for streamlining regulations and presenting concrete plans.

Alongside crypto mining, Lukashenko promotes increased electricity use for heating and hot water, supported by plans for a second nuclear power plant.

He sees this as a long-term strategy to ensure energy reliability and economic growth, positioning Belarus as a key player in the digital asset space and sustainable energy development.

For more information on these topics, visit diplomacy.edu. 

El Salvador faces new IMF restrictions on Bitcoin transactions

The International Monetary Fund (IMF) has urged El Salvador to stop public-sector Bitcoin purchases as part of its $1.4 billion funding deal with the country. In newly issued documents, the IMF stressed that the government should not voluntarily accumulate Bitcoin or issue any debt instruments tied to it.

Méndez Bertolo, the IMF’s executive director for El Salvador, stated that the fund aims to improve governance, transparency, and economic resilience while mitigating Bitcoin-related risks.

Recent amendments to the Bitcoin Law have clarified Bitcoin’s legal nature, ensuring that its acceptance remains voluntary and that tax payments continue in US dollars. The public sector’s role in Bitcoin adoption has also been scaled back.

The IMF reaffirmed its stance that El Salvador’s Bitcoin engagement should remain limited, in line with international financial policies.

The government has committed to enhancing regulation and supervision of digital assets, aligning with evolving global standards. Despite these restrictions, President Nayib Bukele has continued to acquire Bitcoin, with the country’s holdings now reaching 6,100 BTC.

For more information on these topics, visit diplomacy.edu.