Key Takeaways
- Orica works with a non-governmental organization to construct a school in Uganda using NFTs.
- Following the publication of 'Bitcoin City,' the IMF advises El Salvador against using Bitcoin as a medium of exchange.
- According to Bitkub's Founder, Thailand's GDP could be multiplied by six if the country embraces cryptocurrencies.
A recent development in the nonfungible token (NFT) space is growing social scalability, which uses digital art to collect revenue for charitable purposes. Another example of technology being used for good is Orica, an ethical fundraising platform that assists artists and social impact organizations (SIOs) in developing and selling NFTs.
Orica collaborated with an NGO at the Malta AI & Blockchain Summit, or AIBC Malta, to dump NFTs on its platform and then use the profits to establish a school in Uganda.
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The school is located on the Ssese Islands, an 84-island archipelago in Uganda's Lake Victoria. The Bbanga Project is an Austrian-registered non-profit with social NGO status in Uganda. This means that all donations are subject to scrutiny by Viennese charity and tax officials.
Following the announcement of 'Bitcoin City,' the IMF advises El Salvador against using Bitcoin as legal tender.
The International Monetary Fund (IMF) has advised El Salvador against using bitcoin as a legitimate currency due to the numerous risks associated with cryptocurrencies. The remarks came just one day after Salvadoran President Nayib Bukele declared his intention to build a "bitcoin metropolis" powered by a volcano and funded by bitcoin bonds.
According to the International Monetary Fund, El Salvador should avoid using bitcoin as a legal means of exchange.
The International Monetary Fund (IMF) urged El Salvador on Monday not to use bitcoin as legal tender, citing several risks associated with the cryptocurrency.
El Salvador has become the world's first country to accept bitcoin as legal tender in addition to the US dollar, which it has used for the past two decades. The country's bitcoin policy went into effect in September. El Salvador has also acquired 1,120 bitcoins, according to El Salvadoran President Nayib Bukele.
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Before requesting IMF resources, the IMF dispatches Article IV missions to member countries to meet with authorities. According to the IMF, "acceptance of bitcoin as legal money, regulation and oversight of bitcoin service providers, and the e-wallet Chivo were also considered."
Thailand should use cryptocurrency to boost the country's GDP (Report)
Jirayut Srupsrisopa, CEO and Founder of the crypto exchange Bitkub, is said to have encouraged Thailand's government to begin investigating the virtual currency market.
The market capitalisation of the sector is roughly five times that of the country's GDP. As a result, he noted, it has produced a large number of wealthy individuals who can contribute to the Thai economy.
Thailand could benefit from wealthy cryptocurrency investors.
As a result of the rise of the virtual currency sector, individuals with strong financial abilities have emerged. According to The Bangkok Post, Jirayut Srupsrisopa, the CEO of Bitkub, believes that the Tourism Authority of Thailand (TAT) should shift away from traditional marketing in order to attract some of those wealthy crypto investors.
Before the outbreak, the South-East Asian country was one of the most visited in the world, with tourism accounting for roughly 20% of GDP. Because of its tropical atmosphere, beautiful beaches, and low cost of living, most people choose to live there and work abroad. According to Srupsrisopa, crypto investors have the potential to revolutionize Thailand's economy if they establish themselves in the country.
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The COVID-19 epidemic forced "The Land of Smiles" to close its borders to visitors, resulting in significant economic damage. With vaccination temperatures rising, Thailand reopened its doors to visitors in early November.
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