New Bank of America Report Says Digital Currencies ‘Could Boost Economic Growth’ in Developing Countries

A new Bank of America (BOA) research study has found that both central bank digital currencies (CBDCs) and private digital currencies hold “a lot of potential” for increasing financial inclusion in developing countries. In the report, the bank also argues that such “digital currencies could reduce transaction costs and allow more economic activities in emerging market economies.” Digital Currencies and Financial Inclusion Still, the study findings show that while digital currencies are likely to “boost economic growth” in developing countries, their adoption will carry some risk. In addition, the study…

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Vaneck Files Prospectus With US Regulator to Launch a Bitcoin Mutual Fund

On June 21, the wealth manager Vaneck filed a prospectus to launch what it calls a Bitcoin Strategy Fund. The prospectus filed with the U.S. Securities and Exchange Commission (SEC) explains the fund will procure bitcoin exchange-traded products and futures. Vaneck’s Fund Will Invest in Bitcoin Futures and Pooled Investments Tied to the Leading Crypto Asset While the fund manager Vaneck waits to hear a decision about its exchange-traded fund (ETF) registration, the company applied with the SEC to release a mutual fund for investors who want exposure to bitcoin.…

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Salvadoran Representative Introduces Lawsuit Against the Bitcoin Tender Law for Being Unconstitutional

Jaime Guevara, a Salvadoran representative, presented a lawsuit against the recently approved bitcoin tender law today. Guevara alleges the law is unconstitutional and brings a series of changes that will cause problems for Salvadorans. Some people suspect Bukele’s regime is behind the representative’s demand due to its inability to applying this novel law. Salvadoran Representative Jaime Guevara Introduces Demand Against Bitcoin Law Jaime Guevara, a Salvadoran opposition representant, introduced a demand to deem the recently approved bitcoin tender law as unconstitutional. Óscar Artero, a co-signer of the lawsuit, agrees with…

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Privacy Is Key for Successful Digital Euro, Data Protection Body Says

The European Data Protection Board (EDPB) has issued a call for EU institutions to uphold privacy when designing a digital version of the euro. The agency is ready to provide advice on data protection matters surrounding the project. Meanwhile, an ECB executive has vowed that the digital euro will protect users’ privacy. EDPB Insists Data Protection Should Be a Priority in Eurozone’s CBDC Project The EDPB has shared its views on the privacy and data protection aspects of a possible digital euro in a letter addressed to European Union institutions.…

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As China Cracks Down on Bitcoin Miners, Stealth Miners and Mystery Hashrate Return

While on the surface it seems officials from five provinces in China have been cracking down on bitcoin miners, no one is quite sure how much hashrate is moving, which pools are affected, or where these miners will end up. A number of mining pools have seen hashpower percentages decline and Bitcoin’s overall hashrate has regressed as well. On the other hand, as several known pools have lost hashrate, processing power from “unknown” pools has increased a great deal. Pool Percentages Decline, Overall Hashrate Dips Lower There have been reports…

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Iran Seizes 7,000 Bitcoin Mining Machines

Iranian police have reportedly seized 7,000 bitcoin mining machines operating illegally in the country. The machines were found in an abandoned factory west of the capital. 7,000 cryptocurrency mining machines have been seized by Iranian authorities, state news agency IRNA reported Tuesday, noting that this is Iran’s largest seizure of cryptocurrency mining machines to date. Tehran police chief General Hossein Rahimi said that the mining machines were seized at an illegal mining farm — an abandoned factory west of the capital. Cryptocurrency mining is an authorized activity in Iran and…

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Crypto Bears Claw Markets Lower, Bitcoin Price Drops Below $30K, Analysts Still Optimistic

The price of bitcoin dropped to a new low in 2021, hitting $28,600 per unit Tuesday morning (EST). BTC has shed more than 10% in value over the last 24 hours and its market capitalization is now less than $600 billion. Bitcoin Price Plunges Below $29K Cryptocurrency markets have seen better days as the entire market capitalization of all 9,000+ crypto assets is down 12% at just above $1.2 trillion. Bitcoin (BTC) has shed 26.31% during the last seven days and 42% over the last 90 days. At the time…

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Bit Mining Moving 3,000 Bitcoin Mining Machines to Kazakhstan Following China Crackdown

Shenzhen-based Bit Mining has started shipping bitcoin mining machines to Kazakhstan as the Chinese government cracks down on bitcoin mining operations in the country. Bit Mining Ltd., a mining company based in Shenzhen, announced Monday that “it had successfully delivered its first batch of mining machines to Kazakhstan.” The company explained that bitcoin mining machines will be delivered to Kazakhstan in three batches. The first batch consists of “320 mining machines with a theoretical maximum total hash rate capacity of 18.2 PH/s,” Bit Mining claims, noting that they are “expected…

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Hedgeye: This Model Predicts Bitcoin at $1,000,000

Analysts at Hedgeye Risk Management, an investment research and financial media company based in Stamford, Connecticut, have analyzed the Bitcoin stock-to-flow argument. This framework suggests Bitcoin’s price potentially reaching $1 million by the latter half of 2020s, and as much as $10 million per BTC by the 2030s. “First they ignore you, Then they laugh at you, Then they fight you, Then you win” -Mahatma Gandhi At its recent peak, Bitcoin’s market cap hit $1.2 trillion. To give you some perspective, that’s bigger than the four largest banks in the…

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Portugal Begins Approving Cryptocurrency Exchanges — Two Licensed So Far

Portugal now has two approved cryptocurrency exchanges. The country’s central bank, the Banco de Portugal, has licensed Mind the Coin and Criptoloja. In Portugal, the central bank is responsible for registering entities that intend to act as virtual asset service providers (VASPs). The bank must also ensure that they are in compliance with the legal and regulatory provisions on the prevention of money laundering and terrorist financing (AML/CFT). Mind the Coin supports bitcoin, litecoin, and monero. “Buy bitcoin or other cryptocurrencies at our terminals or P2P online,” the company explained.…

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