Biggest Crypto Mining Farm In The World Will Be Located In Paraguay
The largest cryptocurrency mining farm in the world will be constructed in South America, specifically in Paraguay.
This was confirmed with a recent signing of an agreement between the government of Paraguay and the Blockchain Technology Foundation “Commons Foundations”.
The mining farm will be situated in Ciudad del Este, one of the country’s main cities, which is also known for its tourism industry and commercial development.
The project is dubbed as the “Golden Goose Project.”
According to the agreement, the Paraguay government will allow the foundation to use a plot of land near Itaipu, a Hydroelectric Power Plant and widely considered as the world’s largest clean energy plant.
The government also guarantees the mining operation a stable price of electricity for a period of 15 years and will provide all facilities in the field of telecommunications.
The Chairman of the Commons Foundation, Choi Yong-Kwan is very enthusiastic of the development stressing that they have been looking for a low-cost and abundant eco-friendly energy alternative.
On the other hand, the Vice President of the country commented that the country is interested with the project and will provide not only provide infrastructural support but also tax breaks through constitutional revisions.
Hong Kong’s New Regulations To Benefit Custody Companies Like Invault
The Hong Kong’s Securities and Futures Commission (SFC) has recently released guidance on the regulatory standards expected of crypto-related exchanges, platform operators and fund managers.
Part of this guidance requires comprehensive insurance for investor’s funds to prevent losses.
According to the regulatory agency all exchanges storing cryptocurrencies online in hot wallets must have 100% coverage.
Exchanges holding cryptocurrencies in cold wallets are required to provide substantial coverage for investor’s crypto held in their platform.
This new guideline will enable crypto-related business to provide the same level of security traditional financial services offer, elevating it to a higher status of legitimacy.
This is seen to benefit cryptocurrency custody services companies such as InVault.
Invault, a cryptocurrency custody service provider from mainland China, has recently opened its operations in Hong Kong to take advantage of the new regulations and has reported to have gained a new “trust license” from the SFC, allowing it to offer fully automated services in the region starting in December.
According to its founder, Kenneth Xu he believes trusted custodial services will provide a regulated conduit between the cryptocurrency space and traditional financial systems.
US Defense Department Interested With Blockchain Technology
The research arm of the US defense department has recently stated that it is interested with the underlying technologies that power the cryptocurrencies in the digital assets ecosystem.
In a request for information (RFI), the Defense Advanced Research Projects Agency (Darpa) wants to investigate distributed ledger technology that powers Bitcoin.
The information that they will gather will be shared in a workshop they plan to conduct early next year sometime in February.
According to the agency the technologies for distributed consensus protocols have been revolutionized by their prominent role in cryptocurrency and blockchain technologies.
They believe that these technologies have dramatic implications for the security and resilience of critical data storage as well as computational task.
This initiative is not DARPA’s foray into the nascent industry.
Two years ago the agency signed a $1.8 million deal with two tech firms to study the use of blockchain to secure sensitive military data.
It is still unclear where specifically the agency plans to use blockchain technology.
What is clear though is that the RFI is targeting permission-less distributed consensus protocols as permissioned distributed consensus protocols are not considered in the inquiry.
Crypto Mom SEC Commissioner Speaks About Her Dissent
SEC Commissioner Hester Peirce has gained the moniker Crypto Mom for her crypto-friendly stance on the burgeoning industry.
Recently she has spoken about her disagreement with the SEC’s decision on rejecting the Winklevoss Bitcoin ETF revealing that she is not a holder of Bitcoin or any crypto asset whatsoever and the SEC’s decision should not be based on the merits of the Bitcoin itself as it is relatively very new and still evolving.
She states that the commission should be mainly in focused in ensuring that the Exchange Traded Fund (ETF) meets all the requirements laid out for the product trading on the exchange it is proposed.
The underlying asset, Bitcoin, its market and its uncertainty should not be a concern or criteria for its disapproval.
In addition the main focus should be on the precautions and measures taken by the applicant for the ETF.
To bolster her arguments she reveals that the Bitcoin has several different markets around the world with some more transparent than others.
She emphasized that the decision was made based on the merit of Bitcoin as an asset class which should not be the case as SEC is not there to pass judgment on the legitimacy of the said new asset type.
First US State To Accept Bitcoin Payments
According to news reports, the U.S. state of Ohio may become the first state to accept Bitcoin (BTC) as tax payment.
This was revealed on a Wall Street Journal report last May 25, 2018.
The news report states that this initiative will start with tax payments of businesses with the state planning to roll out the tax payment options to individuals in the future.
Businesses in Ohio will be able to register to pay all of their taxes in Bitcoin via crypto payments services BitPay.
The said initiative was the brainchild of state Treasurer Josh Mandel who desires to make a mark for Ohio in the field of cryptocurrencies in terms of national crypto adoption.
He also states that he sees Bitcoin as a legitimate cryptocurrency.
The elected state official also believes that the state of Ohio will continue to accept the currency even after the end of his terms.
The State Treasurer also reveals that he is able to decide that his office will accept the digital currency without having to ask approval from the legislature or governor.
There has been a growing demand to make cryptocurrencies a legitimate way of paying taxes however several of this initiatives have been delayed and still awaiting for their final passing.
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Headlines for the world of Cryptocurrencies - November 23, 2018Bitcoin Transaction Numbers Increasing Set To Beat Mastercard / Bakkt and Fidelity Will Bring Bitcoin Liquidity / V-Bucks From Fortnite Ranks Higher Than Cash On Teens’ Holiday Wish Lists / $3M Palazzo For Sale For Bitcoin Only / Bitcon Price Index Based On OTC Platform Released By VanEck |
