Blog

01 Jul

Recent Changes on Cryptocurrency Legislation in Iran, Russia and Malta

By Daniel Zo Malta, Russia, Iran, Blockchain, Mining, Ban Read Comments

The worldwide cryptocurrency and blockchain regulatory framework is undergoing constant changes, backed by big perspective differences, resulting in friendly and anti-crypto laws.

As such, this article will cover 3 recent developments on the crypto regulatory trend, being carried out in Iran, Russia and Malta.

Iranian Crypto Miners Are Threatened with Power Cuts

Not long ago, Iran’s Deputy Energy Minister has shared his opinion on digital currency mining, and states that miners should be charged higher rates for their power usage. At that time, he also mentioned that subsidies should be cut to zero.

Unfortunately, the situation has gotten worse. Based on this, Iran’s state-sponsored power company, Tavanir, has warned cryptocurrency miners that they will be detected and that power cuts will be carried out. The argument behind this threat is that Iran’s power consumption has reportedly increased by 7% on a yearly basis, due to the vast increase in local crypto mining operations. Additionally, a new framework that makes utilizing the national power grid for mining operations has been implemented.


Read More
17 Jun

Inside India’s Plan of Jailing Cryptocurrency Users

By Daniel Zo India, Cryptocurrency, Ban Read Comments

At this moment in time, many of the worlds countries have opened up to the cryptocurrency market, whereas some have also introduced laws meant to regulate the industry. As such, the number of crypto-friendly countries is steadily growing.

Despite this aspect, recent reports indicate that India’s stance against digital currencies is slowly, yet surely getting worse. With this in mind, an inter-ministerial panel, put in charge with drafting up a regulatory framework for the cryptocurrency market, has reportedly proposed 10 years jail punishment for anyone connected to Bitcoin and other digital currencies.


Read More
12 Jun

Russia and Iran Plan to Stop Supporting the Crypto Mining Industry

By Daniel Zo Russia, Iran, Mining, Crypto, Ban Read Comments

Despite the increased popularity of cryptocurrencies, the mining industry is still struggling in several countries. As part of this article, we will cover two recent developments that have taken place in Russia and Iran.

Russia Planning to Introduce Administrative Penalties for Crypto Miners

With this in mind, recent reports indicate that the Russian State Duma is currently debating whether administrative responsibility should be introduced for the local digital currency mining market. According to Anatoly Aksakov, the chairman of the Duma’s Financial Market Committee: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited. Administrative liability in the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains such as bitcoins, ethers, and others are illegitimate tools.”


Read More
09 Jun

Facebook Announces Development of Centralized Cryptocurrency

By Daniel Zo Facebook, Cryptocurrency Read Comments

During the last couple of years, the cryptocurrency market has grown exponentially. Yet, this increase in popularity brought along several new fintech trends, including the emergence of central bank digital currencies (CBDCs), tokens, and now, social media cryptocurrencies.

Recent reports indicate that Facebook has been actively working on its cryptocurrency ambitions for a while. Rumours discussing an internal crypto-related project have first appeared last year, when it was revealed that Facebook was seeking a $1 billion funding for Project Libra, the social network’s digital currency.


Read More
25 May

Study Shows Bitcoin Mining Is 8X More Profitable Than Other Coins

By Daniel Zo Bitcoin, Ethereum, Mining Read Comments

The cryptocurrency mining market has been pretty volatile over the last couple of years, granted massive price swings, updated regulatory frameworks, and fluctuating difficulty rates. Despite this aspect, tens of thousands of people throughout the world have invested in purchasing mining hardware, to help mine their favourite cryptocurrency, and turn a profit.

At this moment in time, most popular digital currencies rely on miners to dedicate their hardware resources to authenticate transactions, and ensure the fulfilment of the proof-of-work protocol, which in return, rewards them with newly-minted coin. Mining represents an immensely profitable market, especially when access to low-cost electricity is available, and when volatility brings coin prices up.


Read More
04 May

Ethereum’s Proof-of-Stake Code to be Finalized in June

By Daniel Zo Ethereum, PoS, Cryptocurrency Read Comments

Since its inception, the Ethereum blockchain has been backed by the Proof-of-Work algorithm, similarly to Bitcoin. Yet, Ethereum’s founder, Vitalik Buterin, has often talked about his plans of ditching PoW, in favour of Proof-of-Stake (PoS), which he believes to be better suited for Ethereum’s purposes.

Now, recent reports indicate that the PoS blockchain code will be finalized sometime in June. The news comes from Justin Drake, a researcher for the Ethereum Foundation, who stated: “I’ve been continuing to fine comb Phase Zero in preparation for the spec freeze which we’re targeting for the 30th of June (…) we’re still very much on track. Still, code simplifications are coming through which is great and the process of fine combing is also for finding final bugs.”


Read More
15 Apr

Pakistan Releases New Regulation for Crypto Firms, and Planning to Launch Centralized Coin

By Daniel Zo Crypto, Pakistan Read Comments

Lately, apart from attempting to regulate the digital currency and blockchain markets, governments throughout the world are actively looking for ways to get a slice of the crypto cake. So far, the effort has mostly taken the shape of central bank-backed digital currencies.

As such, numerous countries have announced commencement of work on their very own CBDC projects. Pakistan represents one of the latest examples, since the State Bank of Pakistan (SBP), has stated that they’re planning to launch a CBDC by the year of 2025.


Read More
14 Mar

Ukraine‘s Central Bank Hosts Pilot Program for National Cryptocurrency

By Marcus Cryptocurrency, Ukraine Read Comments

The increasing popularity of the digital currency market has encouraged central banks throughout the world to consider developing their own centralized digital currencies. This trend is understandable, granted that governments and traditional financial institutions are interested in keeping their control over the financial system.

Recent reports indicate that Ukraine has ramped up development of its central bank-based digital currency (CBDC). In fact, the country’s central bank has already finalized a pilot scheme for the national cryptocurrency, referred to as the e-hryvnia.


Read More
04 Mar

Indian Supreme Court Gives Government 4 Weeks to Publish Crypto Regulation

By Daniel Zo Crypto, India, Regulation Read Comments

During the last two years, the cryptocurrency market has seen an increased number of regulatory efforts from financial institutions throughout the world. In general, most frameworks attempt to limit illegal activities tied to digital currencies, while also establishing a set of guidelines for crypto users. On the other hand, other laws are focused on limiting the use of crypto altogether.

With a population of over 1 billion, it’s no surprise that digital assets have gained quite a bit of popularity in India – especially since a large percentage of the population is unbanked. This has encouraged the government to pursue the adoption of a regulatory framework. Shortly after, the Reserve Bank of India (RBI), released a circular, informing banks that they are no longer permitted to offer financial services to individuals or businesses involved with digital currencies. In other words, the RBI urged banks to sever ties and close the accounts of crypto traders and businesses accepting it as a form of payment.


Read More
26 Feb

The Cryptocurrency Market is Seeing New Price Gains

By Daniel Zo Bitcoin, Ethereum, Crypto, Elon Musk Read Comments

Cryptocurrency investors have certainly had a difficult year, given the fairly stable prices for all popular digital currencies. However, recent market developments are once again adding volatility to the market.

This has led to a bullish trend for Bitcoin, since the cryptocurrency has surpassed the $4,000 threshold. In fact, the price recently saw a $200 growth, bouncing from $3,900 to $4,100. In return, this helped increase bitcoin’s market capitalization to over $70 billion, whereas the entire market’s worth is now situated at over $140 billion.

The recent price volatility has also encouraged price spikes for other cryptocurrencies. As such, Ethereum saw a 6% increase, whereas XRP and Litecoin gained around 5%.


Read More
Welcome! Should you have any questions, please don't hesitate to ask here.
Support
Typing ...
Chat started