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A woman holds a black cross with a sign against Bitcon during a protest against President Bukele's government in El Salvador.
Hard Numbers: Salvadorans snub crypto, Chinese heart QR codes, Nigerians go cashless, Europeans shop online
2: El Salvador's crypto bro President Nayib Bukele has gone all in on Bitcoin, but his citizens are not yet sold on crypto for remittances, a lifeline for the economy. So far this year, only 2% of the money from Salvadorans working abroad was sent to their families using digital currencies.
3.5 trillion: The value of digital payments in China will reach a whopping $3.5 trillion by the end of the year, almost double the figure in the US. China is fast becoming a mobile-first economy, in part because sellers are allowed to make their own QR codes without purchasing fancy tech.
29 billion: Move over, Canada — Nigeria (!) now wants to become the world's first 100% cashless economy by embracing the eNaira. A year after launching the digital currency, the government says that full use of it will increase GDP by $29 billion over the next decade.
67: Two-thirds (67%) of the EU's adult population purchased stuff over the internet in 2021, according to a new survey. The highest adoption of online e-commerce was reported in the Netherlands and the lowest in Bulgaria.
EU's proposed DSA and DMA laws would broadly regulate digital economy
Marietje Schaake, International Policy Director at Stanford's Cyber Policy Center, Eurasia Group senior advisor and former MEP, discusses trends in big tech, privacy protection and cyberspace:
What are the DSA and the DMA?
Well, the twin legislative initiatives of the Digital Services Act and the Digital Markets Act are the European Union's answer to the challenges of content moderation online and that of the significant role of major market players, also known as gatekeepers in the digital markets. And the intention is to foster both more competition and responsible behavior by tech companies. So the new rules would apply broadly to search engines, social media platforms, but also retail platforms and app stores.
Are these laws on the books yet?
Well, not quite yet. And I think this is where there might be some confusion. The news this week was that the rapid agreement among the ministers of member states was significant, and the European Commission had already presented its position. So now the three-way negotiations with them and the European parliament are next before the laws can be finalized and then have to be implemented across the EU. But the rapid adoption by ministers does show that updating laws for the digital economy is a key priority for European leaders.
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