North America: Crypto and Blockchain News Roundup, 3rd to 9th August 2018

North America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

USA

Rich Dad, Poor Dad author believes crypto is the future as fiat will crash: Popular author of Rich Dad, Poor Dad Robert Kiyosaki has said that there is a fiat crisis in the making and cryptocurrency will soon become the sole solution to a US dollar bubble that will cause a big financial crisis.

The book, written in 1997, outlines the importance of financial literacy and independence through assets investment, real estate investment and entrepreneurship. The critically-acclaimed author now believes that the US dollar is on its last legs when it comes to long-term financial scenario and its after-effects will be bigger than the 2000 dot.com crash and the real estate crash of 2008. Cryptocurrencies offer a respite because of their higher transparency.

SEC postpones decision on Bitcoin ETFs causing massive price tank: Cryptocurrency prices took a major hit when the Securities and Exchange Commission (SEC) postponed any announcements on Bitcoin ETFs till 30 September this year.

The most popular cryptocurrency in the world dropped from a three-month high of USD 8,400 to USD 6,200 in a matter of two days when the SEC announced a 92-page rejection letter for the Winklevoss Bitcoin ETF that uses Bitcoin in reserves of cash. The announcement showed that the future of Bitcoin ETFs is rather bleak in the country thus resulting in a selling spree by the investors who had obviously bet on other outcomes.

Texas mining facility starts US expansion drive by Bitmain: Bitmain, the largest Bitcoin ASIC manufacturer, has announced further US expansion drive with Texas selected as the next location for its mining facility.

Rockdale, Texas will benefit from FDI of over USD 500 million in the next seven years from Bitmain with plans of launching mining operations as early as 2019. The investment will also create job opportunities for 400 more people in the Texas blockchain data center as well.

Goldman Sachs custodial expected in near future: Rumors regarding some of the largest Wall Street banks and their experiments with cryptocurrencies are abuzz as an unconfirmed story regarding Goldman Sachs states that the group is considering crypto custody for the benefit of its clients.

The change in approach by the bank which was anti-crypto a while ago shows the effects of change of leadership with new head David Solomon. His target is to evolve the business and adapt to the environment, something that is not normally associated with a large, conventional fiat bank.

Congressman Bob Goodlatte is first to declare crypto holdings: US congressman from Virginia’s sixth congressional district Bob Goodlatte is the first to declare crypto holdings.

Goodlatte, who currently is the chair of House Judiciary committee, made this disclosure back on 10 May but was only investigated recently. The congressman holds USD 50,000 worth of BTC in addition to having smaller BCH and ETH holdings of USD 1,000 and USD 15,000 each.

The reason for the disclosure was a result of Congressional Blockchain Legal Advisory’s request to all employees of the executive branch to declare cryptocurrency holdings.

US military servicemen to vote with blockchain app: US overseas military personnel will have the option to vote for their candidate in various elections with the help of a new blockchain app.

The move comes after the US government is making amends for crippling attacks allegedly done by Russian hackers on the election network in the country. With the help of blockchain technology, the election office of the US hopes to increase transparency and security in the process.

Canada

Mining project threatening Canada’s carbon-neutral electricity generation: Canada may have to forgo its carbon-neutral power generation policy in the face of countless numbers of mining companies setting up shop in the country.

Cryptocurrency mining is an extremely resource intensive process and often relies on low electricity prices. The abundance of local hydro power generating units meant that Canada felt confident while inviting mining companies but once the situation went out of control, the government sought other means of electricity generation that could include processes with higher emissions.

Electricity providers like HydroQuebec are fighting back and rationing the electricity usage of miners.

Mexico

Central bank issuing new rules for crypto exchanges: The Bank of Mexico is setting new rules for cryptocurrency exchanges and traders in the country according to a two-page document released by the governing bank.

The new regulation asks financial institutions to stop using regular bank accounts for cryptocurrency exchanges. The move comes in the backdrop of a few serious cyber attacks in cryptocurrency exchanges in the country including a latest one that resulted in 500,00 users being hacked.

 

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