JPMorgan on Bitcoin move from El Salvador, miners win in New York + more news

Source: Adobe / luzitanija

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Adoption News

  • The question remains whether El Salvador’s appointment of Bitcoin (BTC) as legal tender has mechanical implications for its treatment in larger economies under tax law, banking and financial regulations, and other areas, analysts at JPMorgan said in a note. In their view, such a change in treatment would arguably be an unintended consequence of laws and regulations that are significantly older and understandably did not foresee cryptocurrency, but these steps can be complicated if this is the start of a broader trend among similar, smaller ones. is nations. (More Info: El Salvador Brings A New Global Conundrum – What Is Bitcoin And How Is It Taxed?)
  • El Salvador’s decision to make Bitcoin legal tender is an “interesting experiment” with a speculative asset that fails the test as a reliable tender, according to Benoit Coeure, head of the Bank for International Settlements’ innovation hub, reports Reuters.
  • Jack Dorsey, CEO of Twitter, has indicated that it is “only a matter of time” before the social network sees a Lightning Network integration. This was in response to an appreciative tweet for Layer 2 technology on the Sphinx Chat messaging app.
  • Brave Software, the company behind the browser of the same name, announced the launch of a new browser-integrated content stream called Brave Today. The service aggregates news content in 15 different categories from major media companies, delivered anonymously to the user’s browser via Brave’s new Private Content Delivery Network (CDN).

Mining news

  • New York has failed to pass a measure that would stop new large-scale bitcoin mining operations, WSHU reported, adding that the International Brotherhood of Electrical Workers had opposed the measure on the grounds that it was unfair to its members .
  • The recently announced Bitcoin Mining Council has officially been launched. The council said it will standardize energy reporting within the mining business, but also for education. The founders include MicroStrategy boss Michael Saylor, Tesla boss Elon Musk and certain Bitcoin miners in North America.
  • KEPCO, the South Korean state-owned energy company, will begin auditing companies suspected of illegally using electricity at reduced prices to mine crypto, Seoul Kyungjae reported. KEPCO provides cheaper, subsidized electricity to industries and agricultural producers, but appears suspicious that a number of those who use cheap electricity have been secretly mining crypto. In 2018, the electricity company went through the abuse of subsidized electricity in connection with crypto mining and imposed a total of around $ 0.5 million in fines on 38 companies.

Bank messages

  • According to an official statement from the Texas Department of Banking, Texas-approved banks can offer virtual currency custody services to their customers as long as they are able to manage the risk in compliance with the law. This is because these custody services shouldn’t be very different from the traditional ones, so the authority to provide these services is already in the applicable laws of the state.

Exchange messages

  • Binance-owned Indian crypto exchange WazirX has received a complaint from the Enforcement Directorate for violating the Foreign Exchange Management Act through crypto transactions valued at more than 2,790.74 billion rupees, the agency announced. However, the exchange claims that it did not receive such notification, but that it will comply and assist the investigation should this happen.
  • Kraken crypto exchange CEO Jesse Powell is considering its direct listing after seeing how rival exchange Coinbase performed after its listing last April, he told Fortune. The company is now considering an initial public offering (IPO) that would give bankers more control over the pricing process rather than organically in the market, but the public debut should be in the second half of 2022.

Attachment messages

  • Copper, the London-based digital asset infrastructure provider, announced that it has closed a $ 50 million Series B funding round, jointly led by B2B software investor Dawn Capital and Target Global. Copper said it would use the funds to expand its international presence. They also plan to announce key high profile appointments and make a “substantial investment” to further develop Copper’s suite of products.
  • Supply chain traceability provider Circulor has raised $ 14 million in a Series A financing round led by venture fund The Westly Group. These funds are intended to accelerate the company’s rapid growth, particularly expansion in North America and Asia, as the company has already sold its solution to the electric vehicle industry.
  • GIC, Singapore’s sovereign wealth fund, has invested $ 70 million in fintech and digital asset company BC Group. That’s just over 8% of the issued share capital of BC Group, the parent company of Hong Kong’s first licensed crypto exchange OSL, the company said.
  • Ethereum (ETH) Framework Polygon (MATIC) works with the project behind the decentralized exchange (DEX) on the same network, 0x (ZRX), and is committed to $ 10.5 million to support developers and projects and a decentralized financial infrastructure (DeFi) to build on polygon Poly.
  • Boson Protocol, the project that uses smart contracts to fuel real-world trade, said it had an unspecified “six-figure” deal to buy land in Decentraland (MANA), the decentralized virtual social platform powered by the Ethereum blockchain is operated, signed. The deal gives Boson Protocol the right to develop prime property, designated LAND within Decentraland, in the Vegas City Gaming District, they added.

CBDCs news

  • The Central Bank of Nigeria (CBN) said it may launch its own digital currency pilot (CBDC) by the end of 2021, per Today. Once the coin is fully inserted, it will complement the banknotes and serve to facilitate cross-border transfers.

Political news

  • The regime of Venezuelan President Nicolás Maduro has accused the opposition leader of providing gang leaders with secret crypto funding. Per El Nacional, Jorge Rodríguez, chairman of the National Assembly, has accused the opposition Voluntat Popular party of “hiring thugs” to distribute dollars and crypto to “criminal gangs” in La Vega. MEP Tania Valentina Díaz shared a video of the guide asking where “the cryptocurrencies” [the Voluntat Popular Presidential candidate] Juan Guaidó ”“ provided that terrorist groups have come ”. The terrorists, he claimed, “trade” [tokens] To buy weapons. “

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