• digital dollar private sector powell
    Cryptocurrencies,  Politics,  Regulation,  Technology

    Building digital dollar requires private sector’s help: Fed Chairman

    Jerome Powell told an international financial conference that ‘the private sector has the experience and expertise’ needed to help build digital currencies

    The chairman of the Federal Reserve said today that the U.S. government will have to work with private firms to improve the way money is moved around the world. Speaking via video at a Bank for International Settlement (BIS) conference in Basel, Switzerland on March 18, Jerome Powell acknowledged that the current system of cross-border payments needs to be improved and digitalized. He said: “The COVID crisis as brought into even sharper focus the need to address the limitations of our current arrangements for cross-border payments.” It has, he said, “shined a light on the less efficient areas of our current payment system and accelerated the desire for improvement and digitalization.” A key…

  • china Inner Mongolia bans crypto mining
    Bitcoin,  Cryptocurrencies,  Politics

    Citing energy concerns, China’s Inner Mongolia region bans crypto mining

    The highly polluted region is one of China’s largest cryptocurrency mining centers, but it’s power grid is overtaxed as Beijing pushes renewables

    One of China’s largest bitcoin mining regions, Inner Mongolia’s electricity generation comes largely from highly polluting coal-burning power plants. It accounts for about 8% of the total global bitcoin mining. Yet Beijing has been pushing for more renewable energy for years, as pollution levels grow.

  • iran mine bitcoin avoid sanctions
    Bitcoin,  Cryptocurrencies,  Politics,  Regulation

    Iranian think tank says mine Bitcoin to avoid sanctions, add jobs

    Despite a recent crackdown on mining farms blamed for blackouts, the report said a national push would make it cheaper to bypass sanctions

    In a recent study, the well-connected Iranian Presidential Center for Strategic Studies suggested that developing a regulated crypto mining industry could help the country circumvent sanctions without spending precious foreign currency reserves, as local buyers could obtain Bitcoin for rials instead of dollars.

  • bitcoin hurts Tesla environmental credentials
    Bitcoin,  Politics,  Regulation

    Is Bitcoin endangering the ‘green’ credentials of companies like Tesla?

    Climate-conscious governments and activists are waking up to the fact that BTC is a power-hungry cryptocurrency, which could come back to bite the institutions whose investments are powering its price boom

    BCA Research’s chief global strategist, Peter Berezin, predicted that Bitcoin’s Achilles heel will begin to scare off corporate investors off and cause governments to erect more obstacles to it success. The first to flee will be environmental, social, and governance-focused funds he said, adding that they will shun companies involved with Bitcoin, not just the cryptocurrency itself.