INTRODUCING | Fayda, the New Ethiopian National ID, to Be Primary Identification...

The cryptocurrency industry has spent a total of $56.44 million on lobbying efforts in the United States from 2019 to 2023, according to a new analysis of OpenSecrets data.

Approximately 66 companies and 12 organizations, totaling 78 non-individual entities, have actively engaged in lobbying activities in Washington, United States for issues related to cryptocurrency.

CRYPTO LOBBYING | 2023

Notably, crypto lobbying spend in 2023 has amounted to a significant 19.7% of Wall Street lobbying so far, or 3.7 percentage points higher than in 2022. This figure does not include Q4 expenditure.

The comparison suggests that crypto lobbying growth may… pic.twitter.com/ERPZfP42Lw

— BitKE (@BitcoinKE) November 20, 2023

In the period from 2019 to 2023, lobbying expenditures related to cryptocurrency were at their lowest in 2019 and 2020 amounting to $2.99 million and $2.54 million respectively. In 2019, crypto’s lobbying expenditure represented only 2.9% of the Wall Street lobby, and in 2020, it accounted for 2.3%.

The 30 largest lobbying spenders in the crypto industry constitute 82.1% of the total lobbying expenditure over the past five years. These companies and organizations are ranked based on their total lobbying expenditure from 2019 to 2023.

Below are the top 20 lobbyists in the cryptocurrency industry:

The leading three representatives in crypto lobbying have maintained their involvement for the past five consecutive years. Additionally, three other entities:

• Chamber of Digital Commerce
• The Bitcoin Association, and
• Anchorage Digital

have consistently participated in crypto lobbying over the last five years.

Several companies began lobbying for the first time in 2022, notably companies such as Crypto.com, TaxBit, Tether, and Kraken, who quickly rose to be among the top 15 lobbyists that year. The number of unique entities taking part in crypto lobbying increased from  37 unique entities in 2021 to 57 entities in 2022.

Consequently, lobbying expenditures in the crypto industry reached a record high of $22.23 million, more than doubling year-over-year.

The U.S. crypto lobby has spent $20.19 million in 2023 to date, which does not include Q4 expenditure. As such, 2023 crypto lobbying spend could potentially overtake the $22.23 million spent in 2022.

Moreover, 2023 crypto lobbying expenditures have constituted a noteworthy 19.7% of Wall Street lobbying thus far, marking a 3.7 percentage point increase compared to 2022.

That comparison implies that the growth in crypto lobbying may potentially outpace Wall Street in the coming years as the crypto industry endeavors to wield greater influence in Washington.

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

________________________________________

________________________________________

Ethiopia has taken the next step to introduce a new national identification scheme after the government awarded a $300,000 contract to Madras Security Printers Private Limited for the printing of 1 million copies.

INTRODUCING FAYDAY – THE NATIONAL ETHIOPIAN ID

An Ethiopian resident who holds a Fayda Number will be able to get access to any digital-based services given all over the country. pic.twitter.com/JBxpq9psIi

— BitKE (@BitcoinKE) November 21, 2023

So far, according to the National Identity Program (NDIP), the process, which began in 2022, has registered over 3.5 million Ethiopians for the national IDs, referred to as Fayda.  The government aims for universal registration of all adults from the 120 million populace by 2025.

Currently, the most common form of identification in Ethiopia is referred to as the Kebele ID, estimated to cover 90-95% of Ethiopians, primarily designed to indicate a person’s residential address. This is used in conjunction with other functional identification documents like driver’s licenses and international passports to verify an individual’s identity.

The upcoming Fayda cards will be integrated into the existing functional ID systems utilized for various purposes, including the residence credential that Ethiopians commonly use for daily identification. These cards will be personalized to include biometric data for authentication to access a range of public services, and also perform identity verification for on-boarding to new bank accounts.

The National Bank of Ethiopia (which is the Central Bank of Ethiopia) and the NDIP aim to enroll all bank customers for digital identification during the 2023/2024 fiscal year. This initiative aims to expedite the government’s goal of achieving greater financial inclusion.

According to the Central Bank, the implementation of Fayda as the primary identification method for banking operations will lead to substantial enhancements in transparency, stability, and security within Ethiopia’s financial sector.

Presently, Know Your Customer (KYC) processes are predominantly reliant on paper-based and manual methods, and the National ID Program (NIDP) aims to substantially expedite these verification checks.

In a related development, though not directly connected to Fayda, a digital identity system for teachers and students is to be introduced using the Cardano blockchain for the Ministry of Education.

As reported by Fortune, a local media outlet, Input Output HK, the company behind the Cardano blockchain, was awarded the contract to provide this system to 5 million students and 750,000 teachers. This initiative aims to combat academic fraud and enhance the management of student records.

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

__________________________________________

__________________________________________