29.06.[News of the day] • Salvadorians will not be forced to use the government BTC wallet and other articles

Welcome to today’s overview of crypto news on 29. 06.:

MARKETS

The primary cryptocurrency dropped to just over $ 30,000 over the weekend. However, the bulls strengthened at the moment and did not allow them to fall below this important level twice a week. The asset began to recover part of its lost value. In the end, BTC added more than $ 5,000 in a matter of days and briefly exceeded $ 35,000 yesterday.

Still, the bears have not given up and pushed it to $ 34,000. However, BTC rebounded and jumped to a four-day high of $ 35,500 before calming down again.

Altcoins have mimicked BTC’s performance over the past few days, with unfavorable price movements on Saturday and a recovery on Sunday and Monday.

Technical analysis: BTC / USD – how much longer will we stay in the key zone?

Cryptocurrencies

Salvadorians will not be forced to use the government’s BTC wallet

Salvadoran President Nayib Bukele’s latest announcement made it clear that citizens would not be forced to use the government-issued “Chivo” wallet. In a tweet on June 29, President Bukele said he wanted to clarify any misinformation regarding the government’s application of the wallet following the adoption of the BTC Act.

The new BTC wallet is called Chivo (a slang term for “cool” in El Salvador), and can hold both bitcoins and US dollars. Bukele said it was just one of many crypto-wallets that could be used, stressing its interoperability with other wallet applications.

The personal data requested by the wallet is already held by the government, and all requests for personal data in the application are intended for security purposes. Chivo Wallet will have no fees or commissions for transfers and, unlike traditional crypto exchanges, will not take a share for the transfer of BTC to USD and vice versa, and unlike credit cards, merchants and users will not be charged any commissions.

Hydropower plants are now on sale in connection with Chinese anti-mining interventions

According to the South China Morning Post, used hydropower plants with an installed capacity of about 50 megawatts are being actively sold in China after the government suppressed the mining industry.

One of the sellers claims that if you buy such a power plant, it is possible to secretly mine bitcoins in it. Some ads posted on local e-commerce platforms are said to be unrelated to cryptocurrencies.

Earlier this month, Sichuan power companies were ordered to stop supplying power to mining operations even though there was enough hydropower in the region.

As previously mentioned, BTC hashrate has now fallen by more than 70% from its peak due to the departure of 90% of Chinese miners from the industry.

Banks, crypto exchanges, companies

Coinbase CEO: Our goal is to list all assets that are legal

Brian Armstrong, Coinbase CEO, spoke on Twitter about the listing process and said he wanted to add as many cryptocurrents as possible if they met the standards.

Brian Armstrong said the goal of the stock market was to list as many cryptocurrencies as possible. However, he added in a series of subsequent tweets that the exchange’s priority remains to ensure that these assets meet the standards set by Coinbase.

In addition to talking about listing standards, Armstrong also talked about a new tool that would allow users to rate assets and reviews, and he said it would be implemented over time. This is to help the community make better investment decisions. As it adds more assets, the quality of those assets is sure to arise, so it’s likely that this tool will help keep users in the picture.

Binance suspends the popular fiat ramp for British customers amid regulatory intervention

On Monday, June 28, the Binance website announced that GBP withdrawals via Faster Payments were “suspended due to maintenance”, according to the Financial Times. Faster Payments is a payment provider used by large banks and has become one of the preferred channels for transferring Fiat to Binance and vice versa.

According to the report, the British can still use traditional methods, such as bank cards, to move money from the stock exchange. However, the Exchange acknowledged that the suspension of quick payments is a significant obstacle. The move follows an order from the UK’s Office of Financial Ethics (FCA) on June 27 to require Binance to cease all regulated activities in the country after reviewing its operations.

CBDC, Regulation

The Central Bank of Singapore has joined the IMF and the World Bank in promoting national digital currencies

The Singapore Monetary Authority has launched the “Global CBDC Challenge”, which calls for proposals for digital currency innovations for retail clients that would improve payment services and promote financial inclusion.

Launched in cooperation with the International Monetary Fund, the World Bank, the Asian Development Bank, the United Nations Capital Development Fund, the United Nations High Commissioner for Refugees, the United Nations Development Program and the Organization for Economic Co-operation and Development, the initiative calls on companies around the world to provide solutions for retail CBDCs, designed for individuals and businesses, and addressed 12 problematic claims related to CBDC tools, distribution and infrastructure.

The deadline for submitting proposals is July 23. Finalists will have the opportunity to present their solutions at this year’s Singapore FinTech Festival in November.

The Mexican finance minister reiterated the ban on cryptocurrencies after the bank presented a plan for BTC

The Mexican finance minister reiterated on Monday that the country has a ban on cryptocurrencies, stating that they are not legal tender and that they must not be treated as currencies in the country. The ban in Mexico has been in place since 2019, when the country sought to restrict access to fiat currency cryptobourses to the country’s banking system.

On Sunday, Ricardo Salinas Pliego, a billionaire and owner of Banco Azteca, announced that the lender planned to accept Bitcoin. Although Monday’s announcement by Finance Minister Arthur Herrera was not explicitly linked to Salinas’ comments, both announcements came within hours.