Bitcoin, El Salvador’s new official currency gets messy start
Preparation and rollout of the law has been messy. Salvadorans complain they have no idea what the law will mean for them, saying they have received little official communication. El Salvador bought 400 Bitcoins as it prepares to adopt the cryptocurrency as legal tender from Tuesday, President Nayib Bukele said in a post on Twitter. The currency […]
El Salvador Congress backs $150 million fund for bitcoin
El Salvador’s Congress on Tuesday approved a law to create a $150 million fund to facilitate conversions from bitcoin to U.S. dollars ahead of the Central American country’s planned adoption of the cryptocurrency as legal tender next week. The Central American country will be the first in the world to use the cryptocurrency as legal […]
Ethereum Splits Into Two Chains as a software bug affected a large quantity of full node clients
“A chain split has occurred on the Ethereum mainnet,” the Go Ethereum Twitter account said. “The issue was resolved in the v1.10.8 release announced previously. Please update your nodes, if you haven’t already.” Ethereum has split into at least 2 versions and only a third of Geth nodes are in the ‘correct’ chain. The full […]
Iran to lift bitcoin mining ban in September 2021 as it reverts electricity preservation policy
The Iran Power Generation, Distribution and Transmission Company (Tavanir) said the ban on cryptocurrency mining imposed by the Ministry of Industries, Mining and Trade will be lifted on Sept 22. Mostafa Rajabi Mashhadi, the spokesman for the top utility, told ISNA the company hopes power consumption will decline by the end of summer creating the […]
Paying a mortgage with Bitcoin: United Wholesale Mortgage to be the first
United Wholesale Mortgage hopes to start accepting bitcoin in Q3, and it is currently weighing other digital currencies like ether. “We’ve evaluated the feasibility, and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” CEO Mat Ishbia said in the company’s second quarter earnings call on […]
Wells Fargo, JP Morgan register bitcoin fund with the Securities and Exchange Commission
Wells Fargo is partnering with the New York Digital Investment Group (NYDIG) a technology and financial services firm, and FS Investments on its offering. JPMorgan is also partnering with NYDIG. The two megabanks are the latest in a growing number that are slowly embracing cryptocurrencies. Earlier this year, JPMorgan cautiously recommended that investors consider adding Bitcoin to […]
Dutch football club first to be paid sponsorship in Bitcoin
Major Dutch football club PSV has signed a partnership deal with a Anydirect direct and its sponsorship will be paid entirely in bitcoin. The football club said: “PSV is the first club in the EU to receive the sponsorship amount in crypto, The entire sponsorship amount will be paid in bitcoin. PSV is the first […]
Does the traditional financial system consume more electricity than cryptocurrencies?
The problem is not energy consumption, but how it is obtained. Bitcoin’s energy consumption is a clear example of seeing the speck in someone else’s eye and not the log in one’s own. According to a study conducted by the CCAF of the University of Cambridge, in 2018 28% of the energy used by miners […]
PNC plans to offer crypto investment services to clients.
Crypto exchange Coinbase said Tuesday it’s working with PNC Bank, the fifth-largest commercial bank in the U.S. by assets, on a crypto project. “In recent months, we have formed partnerships with industry leaders including [Tesla CEO] Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC and WisdomTree Investments,” a letter from PNC to its shareholders read. When […]
How much are banks investing in crypto?
Most major banks are investing in crypto and blockchain-related companies in 2021. Out of the top 100 banks by assets under management, 55 have invested in cryptocurrency and/or blockchain-related companies. Either directly, or through subsidiaries. The most active investors based on the number of investments in blockchain companies are Barclays (19), Citigroup (9), Goldman Sachs […]
