It should be noted that the topic of cryptocurrencies is getting more and more popular every day, and now the French president has also commented on it. As Emmanuel Macron noted last week, he believes that the Web 3.0 niche is very promising, and France and Europe, in his opinion, may well lead the way. That said, Macron also noted that he doesn’t believe in a financial sector that regulates itself. Read more about the French president’s comments here.

Where can Bitcoin be used?

According to Cointelegraph’s sources, a bill on cryptocurrencies was introduced by the Minister of Digital Economy, Posts and Telecommunications, Justin Gurnack. It was eventually unanimously approved by lawmakers in parliament despite opposition protest.

The cryptocurrency law aims to create an enabling environment for the inclusive growth of the crypto-sphere in the region, meaning equal access to it for all comers. Zako also noted the growing difficulties in sending money abroad and believes that the adoption of cryptocurrencies will help solve this problem. The new law will allow businesses and enterprises to make cryptocurrency payments, as well as enable tax payments in cryptocurrency through authorised organisations.


It should be noted that Bitcoin's recognition as an official tender in the country could really help citizens who are working in another country and sending money to relatives. The same can be said for users of coins who wish to use them to pay for goods and services.

However, as a full-fledged investment vehicle, BTC may not be suitable for a country. A prime example is El Salvador, which bought 1,801 BTC at an average exchange rate of $47,828 for a total of $85.56 million. As of today, at a BTC exchange rate of $39,150, that amount is equivalent to $70.51 million. That puts the state's loss at $15.05 million.

El Salvador’s President Nayib Buquele

Unfortunately, the beginning of the week was not without negative news. Renowned cybersecurity company Peckshield revealed the existence of numerous phishing websites for a Web 3 application called STEPN the previous day. According to Peckshield, hackers insert a fake MetaMask plugin with which they can steal sid phrases from STEPN users.

As a reminder, a sid- or mnemonic phrase is a unique combination of 12, 18 or 24 words. They allow you to manage the contents of your cryptocurrency wallet and consider yourself a full-fledged coin owner. Accordingly, in this case, the scammers simply want to steal the keys to access the victim's address and transfer the crypto to their own wallet.

Phishing attack notification

When cybercriminals receive a sido, they gain full control of the user interface of the STEPN platform, where they can connect the stolen wallets to their own or “claim” to distribute coins. Peckshield urged STEPN users to contact support as soon as possible if they find anything suspicious in their accounts.

STEPN

To recap, STEPN is a Solana-based blockchain game in which gamers buy NFT tokens and then earn in-game Green Satoshi Token (GST) coins for daily walks. Their movement is tracked by a GPS tracker in their smartphones. The coins can later be sold on cryptocurrency exchanges, meaning a certain amount of altcoin can be earned for each distance walked.


We believe that even such a government decision will have a positive impact on digital assets. Still, the recognition of cryptocurrencies by the government is still the best argument in favour of coins for investors who have not yet had time to get acquainted with the field. This means that even an incomplete legalisation will help popularise crypto-assets - both within and outside of the state in question.