Bitcoin Industry

Thousands Joined Anti-Bitcoin March in El Salvador, BTC ATM Torched.
Wednesday saw another anti-bitcoin (BTC) protest in El Salvador, this time with a mass march against the country’s president taking to the capital’s streets.
Several thousand people gathered yesterday to march to San Salvador’s central plaza, protesting President Nayib Bukele himself, AP News reported. The protesters argued that Bukele has too much power concentrated in his hands, and that he has weakened the courts’ independence. These marchers are firmly against his seeking re-election in 2024.
Additionally, they are against the decision to make BTC legal tender, which many expressed by wearing ‘no to BTC’ shirts, or carrying signs that stated ‘no to dictatorship’ and ‘we were defrauded by Bitcoin’.
The protesters were further angered by the Chivo wallet’s ongoing issues. The app’s system is overwhelmed by the number of users attempting to seize the USD 30 worth of BTC bonus issued by the government with each account.
Bukele recently admitted that launching the new system within three months was “too big of a challenge,” maintaining that the mistakes are already being fixed. He further claimed that a number of Chivo’s technical-related problems had been “95% addressed,” while remaining issues would be ironed out “in the next few days.”
Bukele also claimed just two days ago that Chivo had over a half-million users or around 8% of the country's population.
Per opposition lawmaker Claudia Ortiz, “Bitcoin was a very big economic decision, and it was done totally illogically, sent to congress and passed the same day,” Bloomberg reported. “We are going through a profound fiscal crisis with high cost of living and unemployment and the government’s response, instead of serious economic policy, is to adopt Bitcoin as legal tender,” she said, adding that it’s unclear who was behind the vandalism.

@bitcoin_industry

Читать в телеграм

2021-09-16 20:00:31

Russian Central Bank Tells Domestic Banks to Block Crypto Exchange Transactions.
The Russian central bank has recommended that domestic commercial banks block their customers’ crypto exchange-related card and e-pay transactions.
In an official release, the Bank of Russia spoke of the need to stamp out internet-based “shadow economy”-related businesses. It called on domestic banks and e-pay operators to identify all accounts and e-wallets belonging to “illegal business activities” such as “cryptocurrency exchanges,” which it clumped together in the same group as “online casinos and lotteries,” “financial pyramid schemes” and forex dealers.
The central bank said it wanted domestic financial institutions to “block transactions” and “completely stop servicing” transactions made to accounts flagged as “shadow economy”-linked.
The central bank also provided banks with a list of protocols that it claimed would help banks effectively tell the difference between suspected “shadow economy” transactions and bona fide, above-board peer-to-peer business transactions.
And it concluded by repeating a familiar refrain: Explaining that crypto, forex, casinos, and the rest were “associated with high risks of losing money” and “fraudulent schemes.”
The media outlet Kod Durov (the Durov Code) commented that with this new measure, the Bank of Russia had “taken a step to stop the circulation of cryptocurrencies in Russia, despite the absence of direct legal prohibitions on exchanges and trading of cryptocurrencies for individuals.”
The Bank of Russia has been locked in a long impasse with pro-business forces in the government over crypto policy. While the central bank has repeatedly called for a blanket ban on crypto in a similar vein to China’s crypto crackdowns, the Ministry of Finance and other government organs are opposed to this kind of measure.
The resulting stalemate has led to relative inaction in the regulatory space, although some measures have passed, including a ban on crypto as a form of payment and tax reporting obligations on crypto earnings.
Crypto mining, however, continues to thrive in Russia. Bigger businesses are still pushing for tokenization. And the nation’s largest bank and tech giant Sberbank (also known as Sber) has launched a stablecoin – despite the Bank of Russia’s insistence that it also wants to limit stablecoin usage.

@bitcoin_industry

Читать в телеграм

2021-09-13 20:00:31

Телеграм канал Bitcoin Industry

О чём пишут в канале @bitcoin_industry

Статистика пользователей канала @bitcoin_industry