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29.09.[News of the day] • El Salvador begins implementing a plan to mine BTC from volcanoes and other articles

4 min read

Welcome to today’s overview of crypto newss:

MARKETS

The Bears still pushed the value of the primary cryptocurrency, despite brief Saturday attempts at recovery, to the south. The first weekly decline to $ 40,000 came on Sunday, but the bulls managed to save BTC from falling to such a low level.

After rebounding to $ 42,000, there was another drop in price yesterday and BTC fell again to $ 40,700. To date, the cryptocurrency has recovered by almost $ 2,000 and is currently above $ 42,000.

Most altcoins have also lost much of their value in recent days. ETH fell from above $ 3,100 to about $ 2,900. The second largest cryptocurrency has since stopped and is still just above this level.

Cryptocurrencies

Cryptocurrencies cannot be destroyed, says Elon Musk, CEO of Tesla

While global regulators continue to investigate the cryptocurrency industry, Tesla CEO Elon Musk expressed support for the cryptocurrencies at the Code Conference in California, calling them indestructible.

According to Tesla’s CEO, the decentralized nature of cryptocurrencies may be a challenge for the Chinese government, which declared war on cryptocurrencies last Friday.

Although Musk does not consider himself a “massive cryptocurrency expert,” the technology tycoon stressed that regulators should not seek to slow the adoption of cryptocurrencies. Asked whether the United States government should get involved in cryptocurrency regulation, Musk said it should do nothing.

The Swiss authority FINMA has approved the first cryptocurrency investment fund

The Swiss Financial Market Supervisory Authority (FINMA) has given the green light to the Crypto Market Index, the first cryptocurrency investment tool operating in a licensed country.

According to a September 29 Reuters report, the Crypto Market Index Fund will only be available to qualified investors. Swiss financial supervision has stated that it will fall into the category of “other funds or alternative investments”, which is usually associated with higher risks.

Regarding these potential risks, FINMA explained that the approval took place after examining the specific requirements. These included the addition of certain assets to the fund that have a sufficiently large volume of transactions.

Salvador begins to implement a plan to mine BTC from volcanoes

Salvadoran President Nayib Bukele offered another insight into his country’s project to mine btc from a volcano that is currently in its early stages of development.

Bukele’s video initially shows an aerial view of a geothermal power plant and then cuts into truck footage before mining platforms finally appear. The government of a tropical country wants to use the huge amount of energy produced by its volcanoes to mine the largest cryptocurrency.

Bukele shared some models of the ambitious project on Twitter in June. The idea was originally proposed to a BTC-loving president during a Twitter conversation.

Banks, crypto exchanges, companies

Ripple has allocated 100 million XRPs and plans to send them in installments to Huobi

At approximately 3 a.m., the Ripple DLT decacorn moved an incredible 100 million XRPs to its RL18-VN address, which is used to move XRPs from Ripple to clients, partners, and crypto exchanges.

An analysis of the previous chain of transactions shared by the Bithomp XRP data page shows that this money is likely to be distributed and sent daily to the Huobi platform. The Whale Alert cryptocurrency tracking platform on Twitter reported this.

Have US regulators launched an offensive against cryptographic platforms? The CFTC fines the Kraken

One of the largest crypto exchanges, Kraken, was fined $ 1.25 million. On September 28, the Commodity Futures Trading Commission (CFTC) imposed a “civil fine” plus a ban on “further violations of the Commodity Exchange Act (CEA).” According to the CFTC, Kraken provided a margin for commodity transactions to retail clients in the United States who were unfit to use these products.

However, the fine looks like a slap in the face for a company like Kraken. It is a private company and its annual income is not publicly available, but in 2019 it received $ 100 million at a valuation of $ 4 billion. And allegedly, this year Kraken sought to award $ 20 billion after the IPO, which did not take place. For a company of this size, a $ 1.25 million fine is not much, but maybe this penalty simply corresponds to a violation of the law.

CBDC, Regulation

The Nigerian CBDC eNaira website is up and running

The Central Bank of Nigeria has launched a website with detailed information about its CBDC, eNaira. Stated that eNaira is both a medium of exchange and a store of value and that CBDC will be used for retail payments and transfers. Citizens can start downloading the application immediately, which also includes the integration of bank accounts.

The CBDC itself will be launched on October 1, following the bank’s decision to send digital currency documents to local banks. The document describes the role that banks will play in the change. The asset will, of course, be legal tender and will have an interest-free status. Customer and value transactions will have a maximum limit.

The central bank declares that eNaira will support financial inclusion as well as local and international trade. There is a section on the website that shows a list of available merchants, even if it is currently empty. Other features include a single payment system, an account management system, contactless payments and complete peer-to-peer payments.

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