Regulation

Bitcoin mining companies in the west yield has become more accessible and profitable, as the pool of miners competing to form tokens shrinks due to China's strict crackdown on the country's crypto operations. Miner competition is currently at a considerable low; thus, mining companies are seeing higher profits. Moreover, these profits are more significant than the losses due to the drop in BTC. Therefore the gains are positive overall. Stock prices of some of the biggest bitcoin mining companies saw…

The revised Act on Reporting and Use of Certain Financial Transaction Information could cause a shutdown of multiple cryptocurrency exchanges. The exchanges could sue the South Korean government under these circumstances. Each exchange must submit a document by Sep. 24 showing that a bank has given a real-name bank account according to the act. Cryptocurrency exchanges in South Korea, considered to have many coins on their trading platforms, are at risk of being denied access to personal bank accounts, a…

Belgium authorities have arrested Vitae executives suspected of an alleged crypto scam that saw over 220,000 investors lose their money. Seven properties were raided across East and West Flanders and Limburg. In addition, virtue currency totaling more than 1 million in Euros and luxury cars have allegedly been seized by Mendy Z. and Shrage P., the executives. The Rise of Vitae Token Fraud In early 2018 Vitae Token started as Vitae Coin. It was rapidly renamed and promoted by the…

The deputy governor of the People’s Bank of China, Li Bo, confirmed that foreign visitors and athletes would be able to use China’s digital currency dubbed as the electronic Chinese yuan (e-CNY) during the 2022 Winter Olympics. Going Global China hopes to make e-CNY an international digital currency and a convenient alternative to the regular dollar as a marketing stunt. Unleashing the CBDC during the competitions could also assist the country in maintaining monetary sovereignty as regions such as Beijing,…

El Salvador made headlines this week after it became the first country in the world to declare bitcoin as legal tender. The Central American country's congress passed the bitcoin bill proposed by President Nayib Bukele on Thursday by a "supermajority''. The BTC price rose shortly after the vote, climbing 5% to $34,239.  Following the ratification of El Salvador's bill into law, volume outflows from bitcoin OTC desks, a solid indicator of institutional buy interest, have been surging. The data below…

El Salvador will utilize newly discovered geothermal resources to build a Bitcoin( BTC) mining hub in the country.  Salvadoran President, Nayib Bukele, revealed this in a tweet celebrating the digging up of a well that'll provide about 95 MW of steam power. Mr. Bukele took pride in the facility, stating that it would provide 100% clean energy from the country's volcanoes. He suggested that he'd started designing a BTC mining hub around the well. I’ve just instructed the president of…

One of the commissioners at the United States Securities and Exchanges Commission has warned against too strict rules on cryptocurrencies. She says that her colleague’s efforts to impose such regulations will give investors a tough time doing business in the US. Instead, Hester Pierce wants financial regulators to adapt accordingly to the growing cryptocurrency market cap. Mrs. Pierce said the idea that regulators have to grasp every tiny detail of financial aspects vastly discourages innovation. She continued to say,  “I…

The Salvadorian Congress garnered 62 out of 84 votes on Wednesday morning to become the first country to recognize bitcoin as a legal tender officially. President Nayib Bukele, who proposed the bill approved by Congress, is set to sign it later today. Making History According to El Salvador'sSalvador's proposed bill, its citizens can now pay bills and taxes in bitcoin. Exchanges within the country's borderline will not be subject to profit tax. Article 7 of the bill states that businesses…

After discovering that about two-thirds of the local transactions in Denmark are crypto-related, the country is cracking down on crypto. Revamping the Old Law According to the Danish tax ministry, the country's present tax system, which is nearly a century old, isn't built to deal with the issues brought by crypto assets. It noted a greater danger of fraud as well as a high rate of filing errors. Denmark will first define the specific issues that cryptocurrencies represent to tax…