Below is a summary of the most relevant crypto news of the week.
The crypto world does not rest. Here is a brief review of the top crypto news of the week:
- Sentenced to 9 months in prison for buying cryptocurrencies.
- Ripple and Mastercard partner up.
- Bitso says present in Latin America.
- Argentina: Banco Galicia has closed an agreement with Agrotoken.
- Fintech Crecy launches its crypto credit card in Mexico.
Sentenced to 9 Months in Prison for Buying Cryptocurrencies
A Chinese national was sentenced to 9 months in jail and fined $689 after purchasing $13,067 worth of USDT.
The citizen was contacted by another person, who transferred 99,609 yuan to him. He then moved the money to his Alipay and WeChat accounts and bought USDT from there. These stablecoins were returned to the person who financed it, thus receiving a commission of 147 yuan, only $20 for the operation.
However, the sentence is given for “concealment crime” by the Fuzhou Mawei People’s Prosecutor’s Office, accusing the subject as a facilitator of “asset laundering”.
Partnership between Ripple and Mastercard
Ripple has been chosen by Mastercard to join efforts. According to Mastercard, the alliance is being convened to help achieve a greater understanding of the benefits and limitations of CBDCs and how to implement them in a safe, seamless and useful way.
In particular, seven companies dedicated to technology are part of the inaugural group. Among them is Ripple, which will make its new CBDC platform available.
Bitso’s Presence in Latin America
“This is an important step towards our mission of making crypto useful, and it places Latin America at the forefront of cryptocurrency-based financial services.”
Next, Bitso launches a Blockchain-based “International Payments” service to boost cross-border transactions and promote economic development.
According to the statement, international payments move an annual volume close to $200 billion. This figure is equivalent to 27% of global transaction revenue, with an increase of 6% per year.
Argentina: Banco Galicia Has Closed an Agreement with Agrotoken
Agrotoken, the first global tokenization infrastructure, reached a collaboration agreement with Banco Galicia to use agrotokens as backup to grant more beneficial credits to agricultural products in Argentina.
In this case, Agrotoken seeks to tokenize agricultural products, which allows farmers and ranchers to represent and market their products more efficiently. This means that farmers and ranchers will be able to use their agrotokens as collateral to obtain loans with favorable conditions, such as lower interest rates or more flexible payment terms.
Fintech Crecy Launches its Crypto Credit Card in Mexico
Crecy, the financial technology company, announced the launch of the Mastercard credit card, backed by Ethereum. Through the Crecy card, users can spend in Mexican pesos without having to sell their tokens, with the option to finance their purchases for up to 12 months. The Crecy credit card offers a series of characteristics that distinguish it from other cards on the market. For example, the absence of annual fees.
The Crecy card offers a wide utility, since it can be used in more than 90 million establishments around the world that accept Mastercard. Another significant advantage is its average annual interest rate (APR), which the company claims is three times lower than traditional credit cards.
By Audy Castaneda