23.08. [News of the day] • PayPal opens crypto services for customers in the UK • and other articles4 min read
Welcome to today’s overview of crypto news:
BTC began to quickly regain some of the lost positions since the fall in May. He broke through over $ 40,000 and continued upward. He last tried several times to beat $ 49,000, and yesterday he approached just $ 200 since touching $ 50,000, but failed.
This particular level also eventually fell when BTC (for the first time since the aforementioned date in mid-May) climbed above it. As a result, the value of this cryptocurrency in USD has increased by approximately 72% since it was dropped on July 20.
The Altcoins have also been successful since the July crash. ETH nearly doubled in value the following month, reaching a three-month high of $ 3,360 today.
BTC analysis – price exceeds $ 50,000, but volumes are declining
Deloitte survey: Cryptocurrencies will play a role in future economies
Deloitte, a professional services company, published the Global Block Survey 2021 report, which noted several trends that can be seen in the market. The report addresses the role of cryptocurrencies in the future of the economy. Analysts go so far as to claim that there is a “seismic change in financial services”.
The report begins by stating that the COVID-19 pandemic has had a major impact on the cryptocurrency market. Company describes this “digitization of life” as the main factor that shapes the interest in the crypto. The report also describes in detail the ideas and opinions of people in the financial services industry, and even there the sentiment is optimistic.
Almost 80% of respondents say that digital assets will be very or to some extent important in the next two years. This is a remarkable improvement over the mood of a few years ago, when most incumbents rejected this asset class.
Banks, crypto exchanges, companies
PayPal opens crypto services for customers in the UK
Global payment giant PayPal opens crypto services for customers in the UK customers in the UK are enabled to buy, hold and sell cryptocurrencies.
Starting this week, UK-based PayPal users will have access to cryptocurrency trading services within the platform. This is the first expansion of the payment giant’s cryptographic services since October 2020, when these services were first launched in the United States.
The service will be available in the app and on the website, initially limited to four cryptocurrencies: BTC, ETH, LTC and BCH.
Coinbase warns that the provisions of the Infrastructure Bill could affect 20% of the US population
Lawrence Zlatkin, Coinbase’s global vice president of taxes, took the hurried cryptocurrency provisions added to the bilateral Congressional Infrastructure Bill “and accused lawmakers of hastily adding amendments to it. could have an impact on “60 million Americans.”
In a August 21 blog post aimed at Bloomberg’s August 19 editorial, praising the provisions of the Cryptocurrency Infrastructure Act, Zlatkin criticized the lack of opportunities for public debate on the legislation, estimating that 20% of the population The US invests in digital assets.
Zlatkin notes that outrage over the language of the bill has transcended the boundaries of the crypto industry, noting estimates that nearly 80,000 people contacted senators in “just a few days” as part of a popular “public outrage.”
Costa Rica considers CBDC “not necessary”
While most central banks around the world are trying to reduce cryptocurrencies and replace them with the digital currency of the central bank (CBDC), Costa Rica has other plans. Like most others, the Banco Central de Costa Rica remains cautious in its approach to this asset class. But now she described BTC as “not illegal.”
Central Bank President Rodrigo Cubero said that although the use of crypto assets is allowed in the country, he advised people to be well informed about their properties and the risks associated with trading before trading.
Furthermore, according to the bank’s director, it would not be “necessary” for the country to create a CBDC. According to him, the national electronic payment system SNIPE already fulfills the objectives of the CBDC, which are financial inclusion and secure, fast and cheap digital payments.
China bans hydropower to supply companies mining cryptocurrencies
As part of a cryptocurrency surveillance campaign in China, the People’s Government Office of Yingjiang District in Yunnan Province has ordered all hydropower plants to stop providing illegal energy supplies to cryptocurrency companies. If they do not do so voluntarily, they will be forced to do so, informs IT House.
A notice published by the district office decided that all municipalities would notify all hydropower plants in their jurisdiction to stop providing electricity to BTC mining companies by August 24, 2021, and to remove any mining machines or platforms from the plant site, if any. Workshops and related departments will be organized to force the dismantling of mining platforms. If the hydroelectric power plants are not ready to comply with the issued notification, they will be dismantled by the State Energy Office.
Iran will re-authorize cryptocurrency mining in September after a four-month ban
The Iranian government will lift the ban on cryptocurrency mining on September 22. The Iranian company for the production, distribution and transmission of energy (Tavanir) said that by then the tension in energy consumption would subside, so that the miners would be able to resume their activities.
The Ministry of Industry, Mining and Trade lifted the mining ban by order of former President Hasan Rúhani. It was originally introduced to reduce energy consumption.
The daily Financial Tribune reported that the mining industry was straining the country’s energy network. However, he noted that the energy consumed by legal miners represents only a fraction of the total. By contrast, unlicensed miners reportedly consume 2,000-3,000 MW per day, which is about half the daily consumption of all of Tehran.