El Salvador Bags Major Bitcoin Gains; Hong Kong's Stablecoin Push

El Salvador sees major Bitcoin profits and Hong Kong embraces stablecoins. You're watching Coin desk daily. I'm your host, Jen Sani. El Salvador is sitting on $84 million in profit from its Bitcoin holdings. Bitcoin's 250% rise over the past year has catapulted the Central American nations, Bitcoin Treasury to over $206 million. As of Tuesday, a 69% gain on initial capital. Data shows that El Salvador acquired its 2681. Bitcoin at an average cost of $42,600 in a post on X President Naib Bukele indicated that the nation is also earning revenue from a citizenship passport program. Bitcoin mining and Bitcoin revenue from government services. El Salvador made Bitcoin legal tender in 2021. Since then, goods services and taxes can all be paid with Bitcoin Nigeria invited then detained B's compliance head and Africa manager for two weeks that according to reports from the Wall Street Journal and wired, the executives were detained due to accusations brought on against the crypto exchange by Nigeria. In the past few weeks, reports emerged that the African country demanded $10 billion from b in penalties for enabling $26 billion of untraceable funds to be processed in the nation. The office of the Nigerian President did not immediately respond to a coin desk request for comment and Hong Kong's central bank has begun its regulatory sandbox for stablecoin issuers. Hong Kong Central Bank is inviting businesses interested in issuing a fiat backed stablecoin to join the sandbox. The sandbox provides regulatory leeway and aligns with Hong Kong's plans to regulate fiat backed Stablecoins which are cryptocurrencies pegged to the value of sovereign currencies like the dollar. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.