9.4 C
New York
Monday, November 24, 2025
Home Blog Page 288

China: Bitcoin mining is also banned in Xinjiang

By
Christopher Patillo
-
0

Chinese Bitcoin miners are increasingly facing difficulties – at least if they rely on fossil fuels. New measures prohibit more miners from mining BTC. The hashrate has fallen sharply.

Local governments in China continue to crack down on Bitcoin mining farms. As the crypto news portal The Block reports, citing official documents, further mining farms in the provinces of Xinjiang and Qinghai are to be closed. According to this, miners in the Zhundong economic and technology development zone in Xinjiang are affected. The area is located in the autonomous prefecture of Changji Hui and is one of the coal-richest regions in the country. Since 2005, the Zhundong industrial region has been targeting black gold economically. Coal power, electricity, metallurgy and coal chemistry were among the most important industries in the economic zone in February 2019 .

But apparently not only black, but also digital gold was mined in Zhundong. Because according to the note quoted by The Block , the local government has asked the Bitcoin miners in Zhundong to cease their activities by June 9, 11:00 a.m. The background to the order is therefore the “Measures for the examination of energy saving in capital investment projects ” adopted by the National Reform and Development Commission of China . These aim, among other things, to “promote the scientific and rational use of resources in investment projects, to eliminate energy waste at the source, to increase energy efficiency and to strengthen the management of total energy consumption”.

Total ban in Qinghai

Meanwhile, Bitcoin miners in Qinghai Province also have to throw their ASICs in the grain. This emerges from an array out of the local State Office of Industry and Information Technology, the The Block reporter Wolfie Zhao shared on Twitter has .

It says:

It is strictly forbidden to initiate and approve different “mining” projects for virtual currencies in different regions, [furthermore] all existing “mining” projects for virtual currencies are to be closed completely.

Compared to Xinjiang, Qinghai plays a negligible role in the global Bitcoin mining business. In April 2020, the province provided just 0.26 percent of the total hashrate sponsored by China.

Bitcoin hashrate is weak

At the time of going to press, the Bitcoin hashrate recorded a significant drop in a 24-hour comparison. At around 111 EH / s, the hashrate is at its lowest level since November 2020.

Also Read:

China and Bitcoin: It remains ambivalent

Due to the strong temporal correlation between the hashrate drop and the shutdown of the mining operations in Zhundong, a causal relationship cannot be ruled out. However, it was recently shown in April that the hashrate can quickly recover from such drops. In addition, the Chinese government seems to be targeting coal-powered mining farms in particular. Bitcoin mining, which relies on renewable energies, is therefore not affected. On the contrary: As a source told BTC ECHO reports , China will do a pioneer in the field of sustainable Bitcoin are mining.

The Bitcoin course seems to have coped with the supposed horror news of the hashrate slump so far – with a daily increase of almost 7 percent, BTC is still defying the prophecies of doom .

NVIDIA CEO believes that the ARM deal will be completed soon : authorities resist

By
Edmund Hurtt
-
0

Even if the announcement by the graphics card manufacturer NVIDIA that it wanted to take over the chip group ARM was already more than six months ago, the acquisition has not yet been advanced. The main reason for this are competition authorities who are resisting the deal. NVIDIA CEO Jensen Huang was now surprisingly optimistic.

• NVIDIA announces multi-billion dollar takeover of ARM
• Authorities and competitors resist
• Acquisition dry this year?

NVIDIA is spending $ 40 billion on ARM

In September last year, the graphics card specialist NVIDIA announced that it would take over the chip manufacturer ARM . The company is expected to change hands for $ 40 billion . ARM is currently still in the hands of the Japanese Softbank, which only bought the group in 2016 and took it off the stock exchange, as reported by the Deutsche Presse-Agentur. The purchase amount consists of NVIDIA shares valued at $ 21.5 billion and cash of $ 12 billion. If certain success targets are met, NVIDIA Softbank will also pay an additional $ 5 billion. ARM employees can also receive NVIDIA stock, valued at $ 1.5 billion. According to the Bloomberg news agency, the Japanese company will receive $ 2 billion if the deal goes through.

Headwinds from authorities and competing companies

However, not much has happened since the autumn announcement. Resistance came mainly from competition watchdogs, who have to agree to the takeover. According to t3n, the relevant institutions in Great Britain, China, Japan and the USA must approve the takeover, as the companies involved are based there. And there was actually headwind from Great Britain recently: Oliver Dowden from the British Ministry of Digital Science announced in April an intervention in the public interest that he wanted to carry out with regard to the ARM acquisition. For example, he informed the country’s competition and market authorities in writing of his decision and called on them to initiate a “phase 1” investigation to evaluate the transaction, as can be read on the British government’s website.

Also Read:

And Chinese technology companies such as Huawei are said to have expressed their concerns about the merger to the Chinese market regulation authority. It is currently unclear whether the ARM acquisition will actually be carried out. Analyst Carolina Milanesi also recently emphasized the uncertainty of the situation. “The chances are currently 50 to 50,” she told ARD in March. “There is a lot of concern in the industry. Unfortunately, the concerns come from companies that are considered monopolists themselves.”

Will the acquisition be completed in 2021?

However, NVIDIA’s CEO Jensen Huang is much more optimistic. At the Computex conference in Taipei in early June, he said that despite growing skepticism about their prospects, he was confident that the takeover would be a success, Bloomberg reported. The approval of the authorities will probably take place in the course of the year, but no later than 2022, said Huang. “I expect that this will take 18 months, that is later this year or early next year. I am confident about the transaction,” the agency quoted the CEO as saying. “Our companies are complementary, so we will inherently bring innovations that result from companies coming together and offering complementary things.” An earlier takeover also took a year and a half,

NVIDIA and ARM “complementary”

Nevertheless, Huang takes the concerns of the authorities and competitors seriously, as he emphasized at the virtual conference. “The regulatory authorities are checking: Is this good for competition? Is it promoting competition and bringing innovation to the market? Are there more customers to choose from, are there more offers and more options for customers?” The company can dispel these concerns: “You can see that our companies are in principle completely complementary,” Huang finally assured.
Nevertheless, the takeover is not yet dry. And a court case in which the Chinese ARM location is involved does not exactly simplify the tense situation. As early as June 2020, Allen Wu, who holds the executive position, was voted out of the company due to a conflict of interest, according to Bloomberg. Instead, the board has hired three employees to manage the Chinese unit. Despite this decision, Wu refused to vacate his seat – and has now filed a lawsuit against the three executives.

 

How Amazon customers can optimally benefit from the upcoming Prime Day

By
Edmund Hurtt
-
0
After Amazon had to postpone its shopping event to autumn last year due to the corona pandemic, Prime Day will take place again in summer this year. With these tips, Prime customers can make special use of the event days.
• Prime Day 2020 on June 21st and 22nd
• Amazon attracts with numerous promotions
• Offers adapt to pandemic

Prime Day 2021: Amazon increases offers

The online mail order company Amazon wants this year again attract numerous customers with its Prime Day. After the shopping event, which traditionally takes place in the summer months, was postponed to October last year due to the corona pandemic, the date for this year’s Prime Day has now been set. On June 21st and 22nd, Amazon customers who have a Prime subscription can benefit from the exclusive offers of the US giant, as the company writes in a press release. With more than two million offers, including from the product categories fashion, living, beauty and electronics, Amazon has roughly doubled the number of its special items compared to the previous year, according to “CNBC”. About one million of the Prime Day offers should also fall on products from small and medium-sized companies that Amazon wants to support with the campaign.Saudi Arabia , Portugal, the Netherlands, Mexico, Luxembourg, Japan, Italy, Germany, France, China, Brazil, Belgium, Austria and Australia.

After pandemic year 2020: focus on entertainment and travel


As the vaccination campaign has progressed, the offers have also adapted to the current situation this year, as CNBC continues to write. These are now focusing on entertainment and travel, as the current pandemic status allows more freedom. Last year, some products were offered that customers used within their own four walls. “This year the opposite direction will be taken again,” explains consumer analyst Julie Ramhold from DealNews.com to the television station. This year it is mainly hot air fryers, grills and outdoor games, but also televisions, headphones and Lego-Stones that can be found in the Amazon offers. The tech group’s own devices are not neglected either: Amazon wants to offer the e-book reader Kindle, the video doorbell Ring and the Apple TV competitor Fire TV at a discount. “I always expect that there is a great deal out there on an item that everyone buys,” said Ramhold of the wide range of offers. (More: Facebook’s stablecoin Diem subordinates itself to CBDC )

Prime subscription required

A Prime subscription is required to benefit from the offer days. If you do not have this yet, the expert advises you to conclude the 30-day free test phase of the premium service. After that, you will be billed either monthly or annually. The prices for the service vary by country, in Germany there are 7.99 euros per month. Calculated over the whole year, the Prime service costs 69 euros. In addition to free premium shipping, Amazon also wants to lure its customers with the video service Prime Video, the music service Amazon Music and other Prime benefits. In the US, Prime customers also qualify for discounts from grocer Whole Foods, which is also part of Amazon.

Students and trainees can also save: These groups of people qualify for a free test phase of six months with appropriate proof. And afterwards you will also receive a 50 percent discount on the current tariff.  ( Apple intensifies competition with Facebook & Co.)

Notifications via Amazon app

In addition to the free test phase, Ramhold advises bargain hunters to get the Amazon app from GooglePlay Store or Apple’s App Store, as these provide a good overview of the upcoming offers. If you are interested in a deal, you can add it to a watch list. As soon as the offer price applies, interested parties will receive a push notification on their smartphone. As soon as you have secured the offer price, however, it is important to hurry: customers have to complete the purchase within the next 15 minutes, otherwise the full contingent may already have been used up. If the desired product is not included in the current offers, you can still put it on a corresponding watch list and thus be notified of future promotions.
It could also be worthwhile to compare the Prime offers with the previous price trend or with the sales prices of other retailers, as the business magazine Forbes writes. There are several online portals for this purpose, which provide this information on a large number of products. (Also Read: Google is changing the rules for search engine selection on Android)

Note special actions

It can also be worthwhile to look out for promotions in advance. This year, Amazon lures customers with a voucher for 10 euros if certain small businesses are used for shopping before the event. Customers can redeem this on Prime Day. The promotion is valid until June 20th before the credit can be redeemed from June 21st. The mail order company also repeatedly offers promotions in which customers can top up their Amazon account with credit and this is topped up with free bonus credit. Often, however, such campaigns only apply to selected customers of the online provider.
Forbes also advises Prime customers to ask Amazon’s voice assistant Alexa for appropriate offers. Customers can use the smart loudspeakers by asking “What are my Prime Day offers?” indicate special promotions that are exclusively reserved for Alexa users.

“Insider tip”: Use an Amazon credit card

Another “secret” is also Amazon’s own Visa – credit card , so Forbes on. When you register, you receive a credit of 40 euros in Germany. While customers who do not have a Prime membership have to pay 19.99 euros annually in fees, this amount is completely eliminated for Prime subscribers. For purchases on Amazon itself, premium customers get back up to three percent of the purchase amount, as the company writes. Up to 0.5 percent of the purchase price will be credited to all other payments made with the credit card.
With these tips, Amazon customers can secure additional discounts on this year’s Prime Day. And if you don’t feel like shopping online, you can watch the Prime Day Show instead. In the accompanying event – exclusively for Prime members – performances by the musicians Billie Eilish, HER and Kid Cudi can be seen, as Amazon informs.

After El Salvador: is the Bitcoin adoption wave now rolling through Latin America?

By
Ismael Brooks
-
0

After El Salvador’s historic step, a wave of Bitcoin adoption now seems to be rolling through Latin America. Meanwhile, New York is easing its mining ban.

Last Tuesday’s crash aftershock seems to have finally been overcome. Even today, large parts of the crypto space are again in the plus. For example, the crypto currency Bitcoin gained 10 percent overnight. In a seven-day comparison, the digital store of value can thus make up further ground. At press time, Bitcoin is trading at $ 36,801.

, it was mainly the bullish news from El Salvador that helped Bitcoin to jump in price. As a reminder: the Central American state officially declared Bitcoin to be legal tender yesterday – a novelty within the crypto space.

Legalization now appears to have sparked a wave of adoption in Latin America. The number of political-born crypto advocates on the continent is growing. For example, Paraguay announced a Bitcoin project with PayPal just a few hours later. And politicians in Mexico want to continue promoting cryptocurrencies. For example, the governor of the state of Oaxaca Eduardo Murat Hinojosa wrote on Twitter :

I will continue to promote crypto-coins and advocate a legal framework in the Mexican House of Representatives.

Eduardo Murat Hinojosa on Twitter

He also wants to lead Mexico “to the top” in the crypto and fintech sector. After the tweet, the politician reinforced his crypto support by adding laser eyes to his profile picture. In addition to Hinojosa, Indira Kempis Martinez, a senator from the state of Nuevo León, also changed her profile picture and came out as a supporter of the crypto movement.

Although many individual investors in Mexico rely on Bitcoin and Co., authorities in the country complained last year that cartels were increasingly using cryptocurrencies for money laundering. At the time, the head of the Mexican Attorney General’s Cyber ​​Investigations Unit said that the country’s law enforcement agencies did not have the resources to fight money laundering if cryptocurrencies were involved.

El Salvador is making Bitcoin legal tender

New York State Passes Bitcoin Mining Bill

Meanwhile, good news is also coming from Mexico’s northern neighbor. About a month ago, a message from the US state of New York caused a sensation in the crypto space, BTC-ECHO reported . The local government planned a ban on mining operations. This law has now been passed with a majority of nine votes. At the last moment there was a change to the draft that no longer holds all miners in the state in kin custody. Because according to the new paper, only those digital miners who use carbon-based fuel sources to generate energy should stop their activities.

Previously, the Senate sought a ban for three years, and this time frame is no longer applicable. In return, however, any new mining projects that are not based on renewable energy sources will be prevented. In addition, the law obliges miners of Bitcoin and Co. to document the energy consumption, the ecological footprint and the energy sources of every mining device.

Facebook’s stablecoin Diem subordinates itself to CBDC

By
Dave Triplett
-
0
Once heralded as the future of global finance, Facebook’s stablecoin Diem (formerly Libra) appears to be subordinate to digital central bank money. Christian Catalini, chief economist behind Diem, apparently sees the crypto project more as a complement to a state-run CBDC.
• Stablecoin Diem should only be pegged to the US dollar
• Diem only as a supplement to state CBDC
• Silvergate Capital should provide the infrastructure for Diem

The strategy change of the Facebook currency

The ambitious project started in 2019 under the name “Libra”. A new, digital payment system with the digital currency Libra should be launched worldwide. Designed as a stablecoin, Libra should be linked to a currency basket consisting of dollars , euros , pounds , yen and Singapore dollars . In the meantime, the crypto project has been renamed from Libra to Diem (December 2020), the head office has been relocated from Switzerland back to the USA and the US dollar remains the only local currency for the stablecoin to be mapped for the time being. Close cooperation with US regulators also appears to be a central part of the new Diem strategy. Here Diem is apparently only supposed to play a subordinate role behind a digital central bank currency (CBDC – Central Bank Digital Currency). (Also Read: Ripple (XRP) brings sidechains into play)

Diem is subordinate to state CBDC – just an addition

Progress in crypto regulation in Washington was cited as the reason for the return to the US, according to Anton Livshits of BTC-Echo. In addition, Christian Catalini, chief economist of the Diem project, clearly subordinates himself to the authorities and a state-owned CBDC: “The public sector has a great competitive advantage in developing everything to do with stability, money, value preservation and macro-prudential policy we don’t want to change anything. Rather, we want to build on this infrastructure and use it to accelerate use cases for consumers both domestically and worldwide, “said the economist. Here Catalini envisions a state CBDC as the basic layer of a multi-layered model in which Diem acts as a complementary payment network. (Check: Binance (BNB) coin prediction: Is it still worth to buy 2021)

Working with a bank

Furthermore, the Diem project will in the future work together with the Californian bank Silvergate Capital , as Astrid Dörner from Handelsblatt reported. The US bank is supposed to provide a large part of the infrastructure for the cyber currency. In cooperation with Silvergate Capital, a stable coin is to be brought onto the market that is linked one-to-one to the US dollar. The coin will be issued via Silvergate and use the bank’s infrastructure, as the Diem Association itself announced. The Californian bank is known as a crypto advocate and the crypto trading venues Coinbase and Gemini are also Silvergate customers. (More: El Salvador is making Bitcoin legal tender )

The start of the stablecoin Diem

While the market for decentralised cryptocurrencies is moving more and more into the focus of investors and has recently experienced a certain hype, as can be seen from the performance of Bitcoin or Ethereum , according to Handelsblatt it is still unclear when the Diem project will start. By contrast, CNBC’s Ryan Browne reported in April this year that the Diem Association intends to launch a pilot project with a stable coin pegged to the US dollar in 2021. The pilot project should not be accessible to everyone and is likely to focus on transactions between individual consumers.

Ripple (XRP) brings sidechains into play

By
Ismael Brooks
-
0

Ripple’s ecosystem is growing. Sidechains are now also planned.

Smart contracts are not the only thing that can do with Ethereum. Because as from a blog post by Ripple chief developer David Schwartz, Ripple is planning the introduction of federated sidechains. DeFi applications and smart contracts should then also be able to run on these . According to Schwartz, developers should be able to set up their own sidechains with relatively little effort, which should be managed by a so-called federator. With the help of the federator, which establishes the connection to the ripple main ledger, interoperable blockchains can also be built.

Ripple sidechains are becoming interoperable

According to Schwartz, tokens could then also be exchangeable between the various blockchains. The advantage of the solution proposed by Schwartz is, on the one hand, that the new sidechains are easy to use. On the other hand, developers can significantly expand the Ripple ecosystem, which was previously limited to payment transactions. The design of the protocol rules for the new sidechains is also entirely up to the creativity of the development teams. For example, sidechains that do not charge transaction fees are conceivable.

The possibilities are limitless: A sidechain can be strictly permissioned or permissionless, centralized or decentralized,

Also Read:

 

Google is changing the rules for search engine selection on Android

By
Ismael Brooks
-
0

Google ( alphabet C (ex Google) ) will no longer charge rival search engine providers for inclusion in a selection list on Android smartphones in Europe. In addition, the list is to be expanded from four to twelve services, as Google announced in a blog entry.

Google introduced the additional option for new registrations on devices with its Android 2019 operating system after the EU Commission accused the group of unfair competition. The commission was bothered by the fact that Google’s search app is preinstalled on the devices by default and that many users do not even get to consider competing providers.According to the solution that Google presented at the time, three competitors who win a bidding process are included in the selection in addition to their own search engine. They should indicate how much they would be willing to pay to Google if they were selected by the users. In Germany, Microsoft’s Bing as well as info.com and PrivacyWall are currently the Google alternatives offered. The process was partially criticized by competitors.

Also Read:

As of September, none of the providers should have to pay anymore, Google emphasized on late Tuesday. The five most popular search engines – including Google – in a country should be displayed first in the list according to data from the analysis company Statcounter. Their order is randomly shuffled every time. The remaining seven places will be equipped with a selection of the remaining providers. There are also no special search engines for individual topics such as travel or price comparisons in the selection

Court issues arrest warrant for fugitive bankers in Cum-Ex scandal

By
Dave Triplett
-
0

The accused former client advisor of the Swiss bank J. Safra Sarasin does not want to face the German judiciary. Now the district court is responding with an arrest warrant.

For a long time it looked as if a Swiss banker wanted to face his criminal tax proceedings in Germany . The public prosecutor’s office accused the former client advisor of the Swiss bank J. Safra Sarasin of having been guilty of serious tax evasion and professional gang fraud in numerous cases. Potential damage: 461 million euros. But then the defendant suddenly declared that he did not want to appear at the trial . He is innocent and will stay in his Swiss homeland.

Now the Bonn Regional Court reacted. The responsible 13th major criminal chamber canceled the dates for the main hearing, which was supposed to start on June 14th. In addition, the court issued an arrest warrant against the banker, which must now be considered volatile.

De facto, the banker evades the German judiciary. The statement made by his defense counsel does not change that. They had stated that their client’s decision not to take an active part in the criminal proceedings as a Swiss citizen did not create any risk of flight.

As a customer advisor to Bank Sarasin, the defendant sold Cum-Ex funds to wealthy customers in Germany for a number of years, including long-time AWD boss Carsten Maschmeyer and drugstore entrepreneur Erwin Müller. The exorbitant return ultimately came from the German tax fund. The funds calculated with the reimbursement of capital gains taxes from stock transactions with (cum) and without (ex) dividends that had not been paid to the state.

Cooperation or confrontation

Also Read:

In several interrogations by the Cologne Public Prosecutor’s Office, the defendant had shown himself to be cooperative and also contributed a lot to the clarification of the facts. For this contribution, he could probably have counted on a significant reduction in punishment.

This is shown by the two previous criminal judgments in the Cum-Ex case: two British stock exchange traders were only sentenced to suspended sentences because of their educational assistance. The former general agent of MM Warburg Bank, on the other hand, is said to have been imprisoned for five years and six months. He was not very cooperative.

The current arrest warrant is now directed against a Swiss citizen. It is therefore unclear whether there will be an extradition. Tax evasion is generally not a reason for extradition in Switzerland , but commercial gang fraud is . It depends on how the Swiss judiciary judges the matter.

A similar constellation already exists in the case of tax attorney Hanno Berger. Berger is also charged with serious tax evasion and commercial fraud, and arrest warrants have also been obtained against him. Berger has lived in exile in Switzerland for many years – so far the German judiciary has not been able to extradite him.

World Bank raises global GDP growth forecast to 5.6% in 2021

By
Edmund Hurtt
-
0

Global GDP in 2021 will increase by 5.6%, is predicted in the June review of the World Bank (WB) “Prospects of the world economy” (Global Economic Prospects, GEP).

This is the fastest rate of recovery from a recession in 80 years, mainly driven by strong recovery in economic activity in several large countries.

Meanwhile, many emerging market and developing countries continue to struggle to cope with the COVID-19 pandemic and its aftermath, the report said.

In the January GEP, the WB forecasted the growth of the world economy by 4% this year, thus, in June, the forecast was immediately improved by 1.6 percentage points.

Despite the economic recovery, global production by the end of this year will be about 2% lower compared to forecasts made before the start of the pandemic.

About two-thirds of emerging and developing economies will not be able to compensate for the decline in per capita income by 2022.

The pandemic has undermined gains in poverty reduction and contributed to increased instability and other long-term problems in low-income countries with a vaccine gap.

“Despite encouraging signs of global economic recovery, the pandemic continues to exacerbate poverty and inequality among people in developing countries around the world,” said World Bank Group President David Malpass. especially in low-income countries.”

As the health crisis eases, it will be necessary to tackle the long-term impact of the pandemic and take action to stimulate green, sustainable and inclusive economic growth without losing sight of maintaining macroeconomic stability, he said.

The growth rate of US GDP in 2021 will reach 6.8%, the World Bank predicts. This will reflect large-scale fiscal support and an easing of pandemic-related restrictions.

In other developed countries, economies are also strengthening, although not so significantly.

Among emerging market and developing economies, an impressive 8.5% recovery is expected this year in China’s economy, reflecting pent-up demand.

In general, in this group, GDP growth is projected by 6% under the influence of increased demand and growth in prices for raw materials (excluding the PRC – by 4.4%).

Also Read:

However, the recovery of savings in many countries is hampered by new surges in the incidence of COVID-19 and a lag in the pace of vaccination, as well as, in some cases, the refusal to continue economic support.

El Salvador is making Bitcoin legal tender

By
Ismael Brooks
-
0

El Salvador introduces Bitcoin as legal tender. Was that the redemptive blow for the crypto market?

El Salvador makes history. The smallest country in Central America introduced Bitcoin as legal tender on Wednesday June 9th . El Salvador is the first country in the world to go this way. As the President of El Salvador announced via Twitter, the parliament passed the law with an absolute majority of 62 out of a possible 84 votes. However, the approval of the parliamentarians was considered certain in advance, as the ruling party Gran Alianza por la Unidad Nacional (Great Alliance for National Unity) has an absolute parliamentary majority.

The law is historical. After all, El Salvador is the first country in the world to raise Bitcoin to legal tender status. There is now compulsion to accept BTC. From now on, Bitcoin will complement the US dollar (El Salvador no longer has its own national fiat currency since 2001) as a currency.

A look at the text of the law also proves that BTC is not a second-class currency. There it says, for example: “Prices may be expressed in Bitcoin”. And: “Everyone who acts economically has to accept Bitcoin”. Citizens of the country are also allowed to pay taxes in BTC from now on.

Bukele in Twitter chat


Shortly before the vote in parliament, El Salvador’s President Nayib Bukele was available to answer questions in a Twitter Spac, a kind of clubhouse alternative for voice chats, organized by Nic Carter. Within a very short time, the online event attracted over 22,000 interested listeners. For example, Bukele announced a trust fund for the expansion of the digital infrastructure in order to make the actual exercise of the law even feasible. After all, you need both internet access and at least one smartphone to actually use Bitcoin. First and foremost, Bitcoin is supposed to lead to improved financial inclusion of the population, the majority of whom have no access to financial infrastructure.

Bitcoin mining in El Salvador?

During the talk, President Buklele also touched on climate issues. For example, he promoted the building of Bitcoin mines in the country. The geographical location is predestined for this, as the country has cheap and above all green electricity that is generated via geothermal energy.

Perhaps someone would like to build a mining farm in El Salvador that does not generate CO2 emissions. That would not only be cheap because the energy would not have to be transported, it would also be environmentally friendly.

Nayib Bukele

Bitcoin has advantages for everyone. Other countries are now looking to El Salvador. If we succeed with the law, it can be assumed that Bitcoin will also be introduced as legal tender elsewhere. And then Bitcoin takes the next level of development. We are then no longer talking about one or two countries in which BTC is used as legal tender; that would be the domino effect. We then talk about an established currency.

Nayib Bukele

How the people in the country will use their new money will be seen in the future. For Bitcoin, however, it was undoubtedly bullish news, as the first nation states have now arrived in the Bitcoin standard. On a daily basis, the key crypto currency is 5 percent up, and since the parliamentary decision it has been 2.4 percent.

The overall market is now looking much brighter. At 1.6 trillion US dollars, the crypto market is a good three percent up on the previous day.

1...287288289...400Page 288 of 400

Business

News

Technology

Entertainment

Blockchain

Contact us

Email: [email protected] || [email protected]

©Copyright 2020-2023 | CityTelegraph | All Rights Reserved