Latest Crypto News JPMorgan on El Salvador’s Bitcoin Move, Miners Win In New York + More News

Newest Crypto News

Latest Crypto News JPMorgan on El Salvador's Bitcoin Move, Miners Win In New York + More News 101
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – exploring the stories flying beneath the radar of today’s crypto news.


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Adoption news

  • The question remains whether the designation of bitcoin (BTC) as legal tender by El Salvador has mechanical consequences for its remedy in larger markets under tax law, banking and financial regulations, and other locations, analysts in JPMorgan stated in a note. According to them, any such alteration in therapy would arguably be an unintended consequence of regulations and laws which significantly predate, and understandably failed to expect cryptocurrency, but these moves may be complex if this is the start of a wider trend among similarly situated, smaller countries. (Learn more: El Salvador Brings New Global Puzzle – What’s Bitcoin & How To Tax It?)
  • El Salvador’s choice to produce bitcoin legal tender is an “interesting experiment” with a speculative asset that doesn’t pass the test for being a dependable way of payment, based on Benoit Coeure, head of the Innovation Hub in the Bank for International Settlements, according to Reuters.
  • Jack Dorsey, CEO of Twitter, has hinted that it’s “only a matter of time” before the social network sees a Lightning Network integration. This was in reaction to an appreciative tweet for the layer 2 technology inside messaging program Sphinx Chat.
  • Brave Software, the firm behind the eponymous browser, announced they are starting a new browser-integrated content flow named Brave Today. The service will aggregate information content in 15 distinct categories from major media outlets, delivered anonymously to the user’s browser through Brave’s new personal content delivery network (CDN).

Mining information

  • New York failed to pass a measure that would place a hold on new large scale Bitcoin mining operations, wshu reported, including that The International Brotherhood of Electrical Workers marriage pushed back against the measure, saying it was unfair to their own associates.
  • The newly declared Bitcoin Mining Council, was formally launched. The council said it will serve to standardize energy reporting within the mining industry, but also for education. Its founders include the MicroStrategy head Michael Saylor, Tesla‘s chief Elon Musk, and particular Bitcoin miners in North America.
  • KEPCO, the South Korean state energy company, will begin auditing companies it suspects of illegally using cut-price power to mine crypto, reported Seoul Kyungjae. KEPCO supplies cut-priced, subsidized power to businesses and agricultural producers, but seems to be suspicious that some of these using cut-priced power have been mining crypto. The electricity provider cracked down on crypto mining-related abuses of subsidized power in 2018 – handing out a total of about USD 0.5 million in fines to 38 companies.

Banking information

  • Texas state-chartered banks can provide customers with virtual money custody services, so long as they have the ability to manage the risks while complying with the legislation, an official note from the Texas Department of Banking stated. This is a result of the fact that these custody services shouldn’t be that different from conventional ones, so the ability to supply these services exists within the current laws of the state.

Exchanges news

  • Binance-owned Indian crypto exchange WazirX has received a show cause notice in the Enforcement Directorate for breaching the Foreign Exchange Management Act via crypto trades worth more than Rs 2,790.74 crore, the jurisdiction revealed. However, the exchange claims they haven’t received any notice, but that they will comply and help the investigation should that occur.
  • CEO of crypto exchange Kraken, Jesse Powell, is having second thoughts about their direct record after seeing how competition exchange Coinbase performed following their list this past April, he told Fortune. The business is currently mulling an initial public offering (IPO), which gives bankers greater control over the pricing procedure rather than it happening organically on the marketplace, but the public introduction should occur in the next half of 2022.

Investment information

  • Copper, the London-based digital asset infrastructure supplier, said it has closed a USD 50m Series B financing round, co-led by B2B software investor Dawn Capital and Goal Global. Copper stated it will use the capital to expand its global footprint. They also aim to announce crucial high-profile hires and create a “significant investment” to further develop Copper’s product suite.
  • Provider of supply chain traceability Circulor has increased USD 14m in a Series A funding round led by enterprise fund The Westly Group. These funds are supposed to accelerate the company’s rapid expansion, especially the growth throughout North America and Asia, as the company has already sold its solution into the electric vehicle market.
  • GIC, Singapore’s sovereign wealth finance, has obtained a USD 70m stake in fintech and electronic asset company BC Group. This is a bit more than 8% of the issued share capital of BC Group, that’s the parent company of Hong Kong’s first licensed crypto exchange OSL, the company said.
  • Ethereum (ETH) frame Polygon (MATIC) is partnering with the job behind decentralized exchange (DEX) on the same network, 0x (ZRX), committing USD 10.5m to encourage Programmers and Projects and build a decentralized fund (DeFi) infrastructure on Polygon.
  • Boson Protocol, the project using smart contracts to electricity real-world trade, said it has signed an unspecified “six-figure” deal to buy a plot of land from Decentraland (MANA), the decentralized virtual social system powered by the Ethereum blockchain. The deal gives Boson Protocol the best to create a premium block of land, which can be known inside Decentraland as LAND, in the Vegas City gaming district, they added.

CBDCs information

  • The Central Bank of Nigeria (CBN) stated they may be launching their own digital money (CBDC) pilot project at the end of 2021, per Today. When the coin completely launches, it is going to be complementary to money notes, and would serve to simplify cross-border remittances.

Politics information

  • The plan of the President Nicolás Maduro has accused the opposition leader of providing gangland leaders with secret crypto funding. Feb El Nacional, Jorge Rodríguez, the leader of the National Assembly, has accused the opposition Voluntat Popular (People’s Will) celebration of committing of “employing thugs” to hand out dollars and crypto to “criminal gangs” in La Vega. The MP Tania Valentina Díaz shared a video of the pioneer asking where “the cryptocurrencies that [the Voluntat Popular Presidential candidate] Juan Guaidó” is “providing terrorist groups has come from.” The terrorists, he alleged, are “exchanging [tokens] to buy weapons.”

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