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Bill to make Bitcoin legal tender passes in El Salvador

The President of El Salvadors bill to make Bitcoin legal tender in El Salvador passed Congress with a supermajority just before 6AM UTC.　　In a Twitter Spaces conversation that began just after 5AM UTC with 22,000 listeners President Nayib Bukele said he would sign off on the historic law later tonight or first thing tomorrow.　　“It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place.　　He said that accepting Bitcoin would be mandatory for all businesses. “They have to take it by law,” he said of merchants in the country. If you go to Mexico they have to take your pesos.　　“In the case of El Salvador Bitcoin is going to be legal tender just as the US Dollar.”　　He revealed that he will be meeting with the International Monetary Fund on Thursday. The government will also be releasing an official Bitcoin wallet (however this will not be mandatory). The government intends to hold $150 million equivalent of Bitcoin in a trust fund in its development bank to assume the risks of merchants.　　Permanent residency will be available for those who invest 3 BTC in El Salvador. Asked if the country would put Bitcoin

2021-06-09Deep Dive

Elon Musk Di Ugut Anonymous ?

Elon Musk menjadi sasaran terbaharu kumpulan penggodam Anonymous. Dalam satu video yang menjelaskan salah laku Musk, Anonymous memberi amaran kepada Ketua Pegawai Ekskutif Tesla itu kerana telah memusnahkan kehidupan pelabur matawang kripto dengan hantara tweet nya. 　　Anonymous menyatakan tweet Musk jelas menganiaya pelabur kecil dan sikap tidak bertanggungjawab itu memberi kesan kepada mereka. 　　“Selepas membaca komen pada hantaran di Twitter, jelas sekali apa yang anda lakukan ke atas pasaran kripto telah menjejaskan kehidupan orang lain. Berjuta-juta pelabur benar-benar bergantung hidup ke atas pelaburan kripto untuk menambah baik kualiti kehidupan mereka,” kata Anonymous. 　　Kumpulan penggodam itu menuduh tweet Musk hanya untuk menguntungkan syarikatnya dan tidak mempedulikan masa depan matawang kripto. Malah, sudah beberapa kali tweet menyebabkan pasaran kripto mengalami kerugian berbilion dolar. Sebagai contoh, tindakan Tesla untuk tidak lagi menerima Bitcoin sebagai bayaran membeli kereta elektrik keluarannya. 　　Anonymous percaya Tesla sengaja membuat keputusan tersebut. Ini kerana Tesla menjana kebanyakan pendapatannya daripada kredit cukai karbon hijau daripada kerajaan di mana ia beroperasi. Jadi, sebab utama kenapa penggunaan Bitcoin dihentikan adalah supaya ia boleh terus menerima kredit berkenaan. 　　Memakai topeng Guy Fawkes yang menjadi identitinya, Anonymous menyifatkan Musk sebagai penjahat dalam filem James Bond. Seseorang yang membentuk imej sebagai individu berwawasan sedangkan sebenarnya

2021-06-09Deep Dive

EU Bank Reports Risks to Countries that Don’t Issue CBDCs

Large section of the report focused on the risks of EU member countries that may decide against CBDCs.　　 The EU is generally lagging other economic powers in the CBDC race.　　On Wednesday, June 2nd, the European Central Bank (ECB) issued a report that highlights the threat to monetary control for countries that decide not to launch a central bank digital currency (CBDC) of their own.　　The report titled The International Role of the Euro, led with, and lauded, the stability and global use of the euro fiat currency in the months following the COVID-19 pandemic, stating that “…the euro remains unchallenged as the second most widely used currency globally after the US dollar.”　　However, a large section of the report focused on the risks of EU member countries that may decide against CBDCs. The primary threat stated in the position paper, was that “foreign digital money” could leapfrog adoption of a digital euro, becoming the accepted standard for domestic and international payments.　　“The Report on the digital euro set out several scenarios in which the need to issue a digital euro may become important. For example, in the event that the use of cash in the euro area declined significantly, in order to

2021-06-09Deep Dive

Domino Effect: Which Countries Will Adopt Bitcoin Next?

Both El Salvador and Paraguay have signaled their pro-Bitcoin intent. But as pointed out by @GaryLeland, Brazil and Panama have also declared an interest in following suit.　　This then begs the question, which other countries also intend to adopt Bitcoin？ More so, given the mainstream aversion to the leading cryptocurrency, why is this happening？　　Could El Salvador Be The First Country To Formally Adopt Bitcoin？　　The President of El Salvador, Nayib Bukele, dropped a bombshell on Saturday after he said he would introduce a bill to Congress this week for the formal adoption of Bitcoin as a legal tender.　　If successful, El Salvador would be the first country to officially use the cryptocurrency to attract investment and enable more residents to participate in the formal economy.　　This was soon accompanied by a tweet from Bukele doubling down with no capital gains tax on Bitcoin and immediate permanent residency for crypto entrepreneurs.　　The comments were flooded by crypto enthusiasts, including Binance CEO Changpeng Zhao, indicating their approval and expressing an interest in moving there.　　Bukele has come forward to say his reasons for endorsing Bitcoin are many. But ultimately, it comes down to improving economic prosperity and financial inclusion in a country where 70% of people do not

2021-06-09Deep Dive

Cathie Wood：energy-use concerns surrounding bitcoin will help boost the adoption of renewable mining

Cathie Wood thinks recent environmental, social, and governance (ESG) concerns surrounding bitcoins energy usage will only help boost the adoption of renewable mining and solar power.　　In an ARK Invest webinar on Tuesday, the famed fund manager said that the controversy was “a good thing” and reiterated previous claims about bitcoins energy use being a net positive for the adoption of renewable energy.　　“Half of the solution is understanding the problem,” Wood said. “I think that were probably going to see the scaling out of solar because of bitcoin mining much faster now than we would have seen without this controversy.”　　The rise in ESG concerns only highlights something Wood and her team believe isnt really an issue. ARK Invest and Jack Dorseys Square produced a white paper elaborating their stance in April.　　The paper, titled “Bitcoin is Key to an Abundant, Clean Energy Future,” claimed that bitcoin has “network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity.”　　Wood referred to her top crypto analyst, Yassine Elmandjra, for a breakdown of these claims in the Tuesday webinar.　　Elmandjra said:　　“With bitcoin mining integrated into a solar-battery system. Energy providers can basically play the arbitrage between electricity

2021-06-09Deep Dive

NFT art marketplace extends range with sports and staking partnerships

A peer-to-peer marketplace for NFT artwork is expanding its horizons, partnering with a project forming farming pools and a fantasy sport site that uses NFT player cards.　　A new peer-to-peer marketplace for NFT artwork is branching out, having formed partnerships with a sports gaming site and a decentralized farming pool as it prepares to launch.　　Polkally is primarily creating a digital art bazaar intended to make it easier for independent and amateur artists to showcase and sell their art, while offering galleries and collectors an inexpensive venue. It supports both direct sales and dynamic auctions of artwork created as nonfungible tokens.　　Calling NFTs “the natural evolution of art,” Polkally CEO Chloé Bigot said: “Polkally is at the forefront of this great revolution, providing the interoperability and seamless experience that the ecosystem lacks.”　　Polkally has moved out of that niche in announcing a partnership with UniFarm, a decentralized staking solution that pools groups of DeFi protocols together into “cohorts” that allow to stake any one of the participant tokens to farm all the others. Polkally is part of Cohort 11, which also features OpenDeFi, UniFarm, Idavoll Network, Ispolink, and Chromia.　　UniFarm incentivizes stakers to keep their fund locked by adding tokens from another cohort member to

2021-06-09Deep Dive

‘Net Neutrality’ Father Tim Wu Owns At Least $1 Million in Bitcoin

Tim Wu – a leading antitrust expert at the White House – owns between $1 and $5 million in bitcoin. His crypto investment represents the largest chunk of his portfolio.　　The Critic Turned out to Be a HODLer　　According to Politico, Tim Wu – who is also an attorney and a legal scholar – holds Bitcoin at least $1 million, representing between 25% and 43% of his total assets. He also holds between $100K and $250K worth of Filecoin (FIL).　　It is worth noting that the 49-year-old White House advisor has not always been fond of Bitcoin. Back in 2017, he called it a “bubble.” Despite agreeing that the primary cryptocurrency “might work fine as a store of value that you can sell”, Wu opined that it is very insecure:　　“Bitcoin isnt backed by any sovereign, and unlike a stock or a bond, it gives you a claim to nothing other than Bitcoin itself.”　　Tim Wu, who spent years arguing for the concept of “net neutrality” – the idea that the internet should be free of control from the government or companies that provide it, refused to comment on the news about his crypto investment.　　Popular Change of Hearts　　The story with the White House advisor who

2021-06-09Deep Dive

DeFi Policy Issues Included in WEF Adoption Report

The World Economic Forum released its Decentralized Finance (DeFi) Policy-Maker Toolkit, providing regulators with guidance for DeFi adoption.　　WEF created the toolkit in collaboration with the Blockchain and Digital Asset Project at the Wharton School of the University of Pennsylvania. It includes contributions from academics, legal practitioners, DeFi entrepreneurs, technologists, and global policy-makers and regulators. This is the second such report from WEF, after its initial release, DeFi Beyond the Hype.　　Interest in cryptocurrencies and DeFi rose significantly during the pandemic, leading to an acceleration in investment. According to the report, the value of digital assets locked in DeFi smart contracts grew 18-fold in the past year, from $670 million to $13 billion. Additionally, the number of associated user wallets grew 11-fold, from 100,000 to 1.2 million, and the number of related applications grew from eight to more than 200.　　Foundational DeFi understanding for policy-makers　　In light of this surging adoption, WEF recognizes the industrys potential to transform the financial system, so the toolkit includes several policy proposals to help mitigate its risks. First, it provides a foundational understanding of the factors important for policy-makers. It also provides an overview of DeFi, while exploring and illustrating its benefits and risks with case studies.　　Aside from

2021-06-09Deep Dive

How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

Things are moving fast in El Salvador. Since president Nayib Bukele announced a proposal to make Bitcoin legal tender in the country, the whole world seems to be watching. Both investors and crypto business owners are exploring their options in El Salvador and the presidents Twitter profile pic shows laser eyes.　　In the video shown at the Bitcoin 2021 conference in Miami, Bukele said, “In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy, and in the medium and long term, we hope that this small decision can help us push humanity at least a tiny bit into the right direction.” And that direction is the separation of money and state.　　One of the tenets of the Bitcoin community, the hope that hyperbitcoinization will bring a world in which the state will no longer be in charge of the money supply. They‘ve abused their power enough. They’ve stolen the wealth of the individuals through inflation ten times too many. And whos going to be in charge？ Every one of us and nobody at the same time. Just like Bitcoin is everywhere and nowhere at the same time.　　The world has not seen hard money

2021-06-09Deep Dive

Trillion-Dollar Big Tech Giant Amazon Latest To Show Interest In Building With Crypto

Amazon is the latest big tech giant to show interest in the budding DeFi market. The Seattle-based tech company turned heads in the cryptocurrency market after its recently published job listing highlighted the companys interest in recruiting a candidate well informed on the blockchain and DeFi market.　　New job listing suggests that Amazon may have stepped into the DeFi market　　The position which was tagged Head of Product, Blockchain‘’ seeks to recruit a candidate with a deep understanding of Blockchain, and an awareness of how the technology can be integrated to serve companies and individuals. It also noted Amazons intention to advance its services using the technology, along with DeFi.　　Excerpts of the job description reads;　　“The candidate will have a track record delivering outstanding products at scale in emerging spaces, and is passionate about blockchain, distributed systems, and cloud scale software. Ideally you will have experience delivering products or innovations in the blockchain space, and in particular DeFi or Traditional Financial Services.”　　Like Amazon, GameStop also hinted at taking a step into the DeFi market. Back in April, the American video game retailer included NFTs and Blockchain understanding as a requirement for the role of a security analyst. Clearly, the adoption of cryptocurrencies and

2021-06-09Deep Dive
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