Category Archives: USA cryptocurrency news

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US Sanctions Russian Bank Over Alleged Support for Venezuela’s Crypto

US Sanctions Russian Bank Over Alleged Support for Venezuela’s Crypto

The United States Treasury Department, in an official press release, has added Moscow-based Evrofinance Mosnarbank to its sanctions list, after allegedly showing a willingness to finance Venezuela’s Petro (PTR) cryptocurrency.

A Venezuelan government account at Evrofinance was used to invite early investors to buy PTR, stated the Treasury.

According to reports, Evrofinance is jointly owned by Venezuelan and Russian government companies. Moreover, Evrofinance’s involvement in Petro was seen by the Treasury as Venezuela’s President Maduro’s method to avoid US financial sanctions.

Utilizing the Venezuelan National Development Fund, Hugo Chavez, Maduro’s predecessor, secured a 49% stake in Evrofrinance back in 2011, noted the statement.

Along with that, 50% stake in Evrofinance was owned by VTB Bank (Russia’s second largest bank) and Russia’s Gazprombank at the time of its incorporation. Gazprom, the Russian government-owned gas producer, is a major shareholder in Gazprombank.

The US will keep taking action against all international financial institutions that are looking to support Maduro regime, maintained the Treasury. Majority of the EU and US-based banks have refused to offer any support to Maduro’s government.

Moreover, Evrofinance has been accused of funding PDVSA, Venezuelan state-owned oil company. Since January 2019, PDVSA is under US sanctions.

In December 2017, Juan Guaido (Venezuelan self-declared interim president backed by Canada, US, and Germany) declared Maduro’s Petro a scam. However, Petro’s future is still hanging in the balance.

 

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American Libertarian Dave Rubin to Use Bitcoin for Crowdfunding

Dave Rubin

Dave Rubin, an American libertarian political commentator, declared on his Twitter account that he would be using Bitcoin (BTC) instead of crowdfunding platform Patreon. The decision came as a result of alleged censorship practices by Patreon which go against the libertarian beliefs of Rubin.

Ok @Bitcoin world, a little Sunday test.

Patreon deletion commences on January 15th… pic.twitter.com/cA0SkERd00

— Dave Rubin (@RubinReport) January 7, 2019

Rubin is a leading stand-up comedian and host of The Rubin Report, an online show which focuses on politics and current affairs. He explained his decision recently in an interview with The Washington Examiner stating that it is a stand against the attacks on freedom of speech and expression on these platforms.

Facebook and Twitter have recently been criticized by American Conservatives and Libertarians over the alleged filtering and suppressing of the right-leaning content. On the other hand, Patreon is a funding platform instead of a content hosting site.

In a recent event, a far-right polemicist, Carl Benjamin (Sargon of Akkad), was banned by Patreon stating that he used the N-word during an interview. Patreon maintained that the incident was a breach of its community guidelines and could not be tolerated in any case.

Rubin responded to the action by posting a video to the Rubin Report channel, claiming that the ban on Sargon was indeed the catalyst for his decision to choose the censorship-resistant form of funding over the platform. It appears from his Tweet that the only censorship-resistant form of funding is Bitcoin. Rubin also proclaimed a deletion date for Patreon, which is set on the 15th of this month.

As of today, it is reported that Gab, a controversial social media site promoting uncensored speech online, has announced to transact and receive Bitcoin donations by using Square’s Cash App. Gab’s account was closed on Coinbase in the previous month, reportedly due to its damaged reputation. However, now, Gab was one of the first to respond to Rubin’s request, claiming the transfer of BTC 0.0025 to his account.

Sent 👋pic.twitter.com/oGATCPi4Ju

— Gab.com (@getongab) January 7, 2019

 

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New US Commodities Regulator Calls for Handling Blockchain and Crypto With an Open Mind

Earlier this week, a new commissioner at the US Commodities Futures Trading Commission (CFTC) called for an open-minded approach towards new fintech innovations including cryptocurrencies and blockchain. He also believes that the regulators should avoid scurrying around trying to keep up with regulations on the industry.

Rostin Behnam, the commissioner in question, made these comments in a speech he gave during the 2018 International Swaps and Derivatives Association (ISDA) annual conference in Tokyo, Japan. He also revealed that he spent most of his time in his capacity trying to resolve issues related to cryptocurrencies.

He said:

“I am surprised by the amount of time I spent examining issues related to bitcoin, crypto assets, distributed ledger technology (DLT), artificial intelligence, and cloud-based programming,”

He continued and spoke about the potential use cases of DLT for blockchain from agriculture, healthcare, finance to art, Cryptokitties to even Dogecoin.

Before now, some regulators had also come forward in favor of the new fintech space. However, several others had also spoken against giving more freedom to blockchain enterprise. So, there is an internal tussle going on between the regulators regarding the future of the regulatory outlook in the US.

While the other regulator SEC, has clamped down hard on new blockchain and crypto startups including a recent ban on ETFs, it may soften its stance in the near future.

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North America: Crypto and Blockchain News Roundup 19-25 October 2018

North America

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

USA

Columbia University Investigating the Future of Blockchain in Journalism: The University of Columbia is reportedly studying blockchain technology and its impact on Journalism. According to a recent article from the institution’s Journalism Review titled ‘Blockchain in Journalism: Promise and Practice,’ various aspects of the new technology on the field were discussed in a recent panel discussion.

The panel at the Tow Center for Digital Journalism in the University discussed various ways through which the technology is impacting the world including changing journalism, its practice, and consumption. The Tow Center regularly discusses new technology and its impacts on journalism itself.

The panel consisted of important players in the blockchain and journalism sector including Civil Foundation CEO Vivian Schiller, ZigZag podcaster Manoush Zomorodi, Columbia researcher Eran Tromer, Forbes head of Product & Tech Salah Zalatimo, New York Times researcher Nellie Bowles, and Po.et CEO Jarrod Dicker.

Coinbase Lists Stablecoin: Coinbase, the largest cryptocurrency exchange in the USA has announced the listing of a new USD stablecoin (USDC) in their system. The coin was initially launched by Circle but now Coinbase itself is listed as a co-founder. This is the first stablecoin listed on the Coinbase platform and only the 7th cryptocurrency introduced on the platform after Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, and 0x.

Coinbase has been doing a lot of acquisitions recently to appeal to the unique needs of the US consumer as the SEC clamps down hard on several aspects of cryptocurrency trading in the country.

CNBC’s Brian Kelly Predicts Investment Bull Run for Bitcoin in 2019: CNBC’s popular news personality Brian Kelly has predicted an early investment bull run for Bitcoin in 2019. His viewpoint was made after Fidelity Investments, one of the largest asset managers in the country worth $7.2 trillion was reportedly considering moving towards cryptocurrencies.

Kelly believes that soon enough, mainstream brokers and other investors could be brought into the cryptocurrency scene, thus, triggering a healthy bull run in the sector.

SEC Monitoring Innovation in DLT and Offering Advice: The Securities and Exchange Commission (SEC)’s FinHub is using a new form on its website to request meetings and gather advice regarding compliance with the regulator’s rules.

According to the SEC, the new form will help companies and blockchain startups to get all the appropriate information to tailor their services accordingly and remain in compliance with the regulations set by it.

According to the SEC:

“The FinHub provides a central point of focus for our efforts to monitor and engage on innovations in the securities markets that hold promise, but which also require a flexible, prompt regulatory response to executing our mission.”

SEC has also played a shady game before that irritated blockchain and cryptocurrency players by setting up a fake ICO website called Howeycoins whose ‘buy now’ button led to an educational program detailing the pitfalls of cryptocurrency and ICO investment. Much of the information on the website was similar to that of an ICO and the chairman himself justified this exercise as “Educative”.

Security Tokens Offerings (STOs) Could Replace ICOs in the USA: While ICOs are heavily scrutinized by the regulators due to their lack of operational resemblance to securities, Securities Token Offerings (STOs) may be seen as a viable alternative to ICOs in the country.

While STOs will offer cryptocurrency tokens to investors, and since they are a security token, they will give the appropriate share of the company to token holders and thus guarantee equity and even announce dividends on profits.

Canada

Bank to Use Blockchain Technology to Simplify Transactions: The National Bank of Canada is implementing a new DLT-based system to simplify banking transactions and remove inefficiencies in the process.

According to a recent press release from the bank, it has formed a partnership with CGI and blockchain-based startup Skuchain to use smart contracts to replace the lengthy email-based features of the current system.

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North America: Crypto and Blockchain News Roundup 12-18 October 2018

North America

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

USA

Department of Justice to Auction 660 BTC: The US Department of Justice is selling 660 BTC ($4.2 million) that were accumulated from various criminal proceedings.

The US Marshals Service (USMS) that works under the umbrella of the Justice Department, posted a notice on its website regarding the auction. A USD 200,000 refundable deposit is needed to enter the bidding process which will be done via sealed bids by 31 October 2018.

The sealed option was undertaken so that bidders cannot see each others’ bids and adjust their own price. 6 sets of 100 BTC will initially be up for auction followed by one set of 60 BTC.

Toyota Using DLT for Ad Buying in the USA: World’s largest car manufacturer Toyota is working with a blockchain advertisement firm to reduce fraudulent activities on digital ads. 

Lucidity, the blockchain company in question is offering enhanced solutions to the car company for its advertising campaigns for the $15 billion US market. With the help of the system, Toyota can now flag sites and apps with high impression and click discrepancies, thus saving up valuable funds.

Crypto Donations from Alumni being Debated: An increased number of cryptocurrency donations are being made to universities prompting debate on their standing in the educational centers. The universities themselves are, however, reluctant to accept them.

According to Nicolas Cary, the co-founder of Blockchain website, he had a tough time having his 14.5 BTC donation accepted in the university.

He said:

“I had to do a little bit of convincing for them to accept it. They wanted to dig in about how it works and what the process would be. We had a lot of conversations.’’

The problem for many institutions is that many simply don’t have a process for such donations. Even Ivy league colleges like Yale and Harvard have been slow in adopting frameworks for cryptocurrency donations.

USD Tether Struggles While Gemini and other Stablecoins Surge Above Parity: The USD stable coins are showing mixed behaviour as by far the principle stable coin USD Tether lowered while Gemini, USDC and PAX surged above parity.

Insolvency issues are reportedly dogging the further adoption of USD Tether, thus causing benefit to its smaller competitors.

Former Commodities Regulator Says ICOs Should be treated like Securities: A former chairman of the US Commodities and Futures Trading Commission (CFTC) has reiterated that ICOs should be considered as securities. 

Gary Gensler, the former chairman of the CFTC made these comments while acknowledging the uniqueness of cryptocurrencies. He made the case that except top cryptocurrencies, all other ICOs should be treated securities to help protect investors.

Joint Investigation Finds SEC Moves Damaging to US Blockchain Startups: A Joint Investigation conducted by Yahoo Finance and Decrypt Media has found that the moves by the SEC are negatively affecting cryptocurrency and blockchain adoption and development in the country.

The attitude of the SEC involves exerting pressure on companies with subpoenas and fines and it has led to many companies moving away from the US to crypto-friendlier shores.

Canada

Marijuana Legalization Brings DLT to the Center: Canada legalized recreational marijuana in the country and blockchain companies are racing to get a share of the pie.

Cannabis has historically been connected with cryptocurrencies and blockchain and now that it has been legalized, more investment and innovation is expected in the sector. Various blockchain-based cannabis companies have announced moves into the now legalized multi-billion dollar industry.

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North America: Crypto and Blockchain News Roundup, 5th to 11th October 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

Mastercard patents multi crypto blockchain: US financial services giant Mastercard has recently won rights to a blockchain partitioning method that enables it to store different cryptocurrencies on a single blockchain ecosystem. 

Mastercard’s patent describes subnets, blockchain division that manages each format independently. Each block created would be hashed with a code that would be applied to all transactions, creating a blockchain that supports different, previously incompatible crypto chains with far fewer resource requirements.

US customs claim crypto-fiat conversions traceable: In a hearing in the US Senate, a US customs official detailed that it is possible to trace fiat-crypto and vice versa transactions using investigative methods.

The official said further that through this, they are “able to disrupt the criminals and dismantle the [transnational criminal organizations]”. He further claimed that there has been a degree of success in tracing drug sales down to the criminals involved.

5 top universities follow Yale by making crypto investments: MIT, Harvard, Stanford, Dartmouth and UNC have made investments into cryptocurrencies following Yale’s lead. The latter made investments from its endowment fund in Paradigm and Andreessen Horowitz, two crypto funds.

With Yale’s choices copied by many universities and institutional investors, it is expected that other universities across the United States will follow suit and invest in crypto.

1Broker allowed to return user funds: 1Broker exchange has recently opened up again, but in a limited capacity, allowing users to withdraw their funds.

The popular crypto exchange came into the view of US officials after an undercover FBI agent was able to acquire Bitcoin with no KYC or AML checks.

The exchange was subsequently shut down on 27 September, through FBI and SEC coordination. Some 50,000 users were left hanging as they could not withdraw their funds.

SEC files subpoena against alleged “pump and dump” ICO: According to the SEC, a subpoena was filed on 5 October at a District Court in California against Saint James Holdings and Investment Company. A penny stock firm Cherubim was committing USD 100 million to launch an ICO for the St James Trust when the order was made. 

ICOs are currently banned in the United States.

Giant inflatable rat with Bitcoin graffiti placed in front of Federal Reserve Branch on Wall Street: In a gutsy prank, ex-hedge fund manager Nelson Siers has placed an inflatable rat character with Bitcoin graffiti in front of the Federal Reserve Branch building located on Wall Street, New York.

The rat will remain there for a few days before it is finally taken down. The move mocks the Federal Reserve Bank, one of the most powerful national banks in the world with assets up to USD 5 trillion back in 2017. It is the Goliath of the fiat world and the rat was placed to mock its existence and promote cryptocurrencies.

The bank is sometimes blamed for the financial crisis of 2008, thought to be a stimulant for the creation of Bitcoin, the world’s first cryptocurrency.

Canada

QuadrigaCX continues to face Canadian bank’s bullying: QuadrigaCX, the largest Canadian crypto exchange, saw its USD 28 million funds being frozen by Canadian Imperial Bank of Commerce in JulyThe battle continues on in the Ontario Supreme Court of Justice, with CIBC asking the court to take control of the funds and decide the real beneficiary of the money. 

QuadrigaCX is asking the court to unfreeze its funds as it is legal since it has already credited its customers with Quadriga Bucks. The unexplained freezing of funds shows a friction between the traditional banking and commerce and the rapidly emerging blockchain sector in a tussle to either retain control or disrupt the market.

 

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North America: Crypto and Blockchain News Roundup, 21st to 27th September 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

Government spent $5 million on blockchain espionage: The US government’s obsession with cryptocurrencies and blockchain led to it spending almost USD 5.7 million with blockchain analytics firms so far and is keen to do more.

The revelation was made by a digital currency publication called Diar. Blockchain analytics firms are supposedly paid for Bitcoin espionage, criminal prosecution, taxes and even enforcing crypto regulations. The IRS alone spent USD 2.19 million in the process.

Google announces partial lifting of crypto ads ban: In a major move, Google has announced a partial lifting of the controversial cryptocurrency ads ban on its platform. The ban had been placed earlier this year by the tech company and had only been in force for a few months since June this year.

The recent announcement from Google suggests that cryptocurrency-related ads from registered exchanges will be allowed to air on the Google Adsense network, especially the ones involving US and Japanese companies.

The statement from the company said: “Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”

Other tech companies like Facebook have also announced a lifting of cryptocurrency bans placed earlier this year. The announcement is considered positive for the overall crypto community.

US Congressmen and crypto companies discussing legislation: Washington saw a new round of talks between US congressmen and fintech companies in the cryptocurrency genre to devise future regulations for the industry. ICOs remained the primary focus of the meeting.

The industry representatives met with the lawmakers to discuss the points of Congressman Warren Davidson’s bill which could pass through the House of Representatives later this year. Representatives of crypto companies include Andreessen Horowitz, Circle, CME Group, Coin Center, CoinList, Harbor, Intercontinental Exchange, Kraken, Nasdaq, Ripple, Union Square Ventures and other individuals.

There is still growing uncertainty regarding the final shape of the cryptocurrency regulation in the country.

Growth over time may propel SEC to approve ETFs: The Securities and Exchange Commission’s (SEC) attitude towards cryptocurrencies may change over time as the industry grows over time, according to Asjylyn Loder of the Wall Street Journal.

Almost ten ETFs including one from the Winklevoss twins have been rejected by the SEC to date and many more have been deferred over time. However, the mood is likely to change as cryptocurrencies will get to showcase their strengths and adaptability in the near future.

Congressman to introduce pro-crypto bills: Representative Tom Emmer is presenting three bills titled ‘Resolution Supporting Digital Currencies and Blockchain Technology’, the ‘Blockchain Regulatory Certainty Act’, and the ‘Safe Harbor for Taxpayers with Forked Assets Act’, in the House of Representatives.

The congressman is among the pro-crypto voices in the capitol and is working among a group of politicians trying to introduce helpful legislation in the country. Another congressman Warren Davidson had already tabled a bill for sensible cryptocurrency regulation before and is debating the issue with industry professionals.

Canada

Canada better prepared for crypto adaptation than US: The head of a registered cryptocurrency investment firm in Canada has said that the country is in fact better prepared for cryptocurrency policy and adaptation than USA.

CEO of First Block Capital Sean Clark has also called for the country to become a blockchain hub in the world and lead the way in its innovation efforts. He cited the positive government attitude, promotion of educational awareness as prime factors in the rapid progress of Canada in the sector.

 

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North America: Crypto and Blockchain News Roundup, 7th to 13th September 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.

Mexico

Government to tighten Bitcoin regulation through central bank-issued payments: The Bank of Mexico is tightening up Bitcoin regulations by releasing a circular that says Bitcoin exchanges and other businesses dealing in cryptocurrencies will have to require a government permit to do so.

The circular was published in the government’s official daily channel and shows that the country is working to tighten trading laws in the country in an effort to stop any misuse of the digital currencies.

Canada

Canada home to first Bitcoin-linked mutual fund trust: Canadian investors are going to get a taste of something new as a company called First Block Capital Ltd was allowed by the government regulators to operate as a mutual fund trust.

The move means that Canadians can now save their money in Registered Retirement Savings Plan (RRSP) that is essentially a tax-free savings account in the country. This will boost the application of crypto and let people save money in the form of cryptocurrencies for retirement.

USA

Crypto industry starts lobbying group in Washington: A new lobbying group has been established by the Blockchain Association of the USA to represent entrepreneurs and investors in the sector and lobby for the right response from the government.

The group will also assist the government in implementing crypto specific laws including Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) measures.

Department of Defense building to become crypto mining facility: A Nevada-based building of the US Department of Defense is being taken over and converted into a cryptocurrency mining facility by a private mining company.

The Wuhan General Group of China has used the opportunity to use the vacated building and install a total of 1,300 mining rigs in the building. With competition tough around the world, companies are finding it difficult to locate suitable buildings for cryptocurrency mining operations because they take a lot of space and need a former factory floor for installation of equipment.

SEC stops only Bitcoin ETN operating in US: The Securities and Exchange Commission (SEC) has stopped the trading of the only Bitcoin Exchange Traded Note (ETN) being offered in the country. The ETN in question had only been trading in the country since mid-August.

The banned ETN is named Bitcoin Tracker One and according to the SEC, there is a lack of consistent, accurate information about the ETN that confuses investors. While the statement from the SEC says that the ETN has been banned only till 20 September, its overall attitude probably means that the ETN will be banned for a long time.

New York approves Gemini stablecoin: A New York State regulator has allowed two-dollar linked digital tokens including one belonging to the Winklevoss twins’ exchange Gemini.

The Winklevoss brothers made big money settlements with Mark Zuckerberg during their infamous trial in which they accused Zuckerberg of stealing their idea. They also jumped on the cryptocurrency bandwagon early on and profited a lot from it.

While the twins have been trying to get ETFs legalized for some time, they are also experimenting with stablecoins, digital coins linked to recognized assets such as the US dollar that gives them stability.

Marshall Islands

IMF puts pressure on government after plans for a national crypto: The tiny Pacific nation of Marshall Islands’ plans to shift to a national cryptocurrency have suffered a setback after the IMF warned against the idea and suggested that the banks will refuse to work with it if the government goes ahead with its plans.

The new token being considered by the tiny island nation was called Sovereign and could have displaced the US dollar as the national currency in the near future. But, the IMF which heavily relies on the current fiat system for survival has come out and warned the country against doing so.

 

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North America: Crypto and Blockchain News Roundup, 27th April to 3rd May 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

Goldman Sachs announces Bitcoin futures trading: Prominent Wall Street banker Goldman Sachs has announced that it plans to trade in Bitcoin futures after a crucial decision by the bank’s board of directors, as reported by the New York Times.

This significant decision that may pave the way forward for Bitcoin’s validity as a currency or a genuine asset came after the bank’s customers requested the board to trade in Bitcoin. The bank will officially start trading in cryptocurrencies within a few weeks according to these latest reports.

Largest car manufacturers form blockchain alliance: World’s largest carmakers including US giants General Motors and Ford have joined other brands to launch the Mobility Open Blockchain Initiative (MOBI). Other members of the partnership include Bosch, Hyperledger, IOTA, IBM and dozens of other big companies as part of the 30-strong group.

MOBI was established to create common standards to enable data sharing and making transportation safer, affordable and accessible with the help of blockchain technology.

Chris Ballinger, CEO of MOBI said, “Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles… by bringing together automakers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”

Regulators seek legal pathway for ICOs: Regulators at the US Securities and Exchange Commission (SEC) are looking for a solution to facilitate the launching of ICOs in the country within current securities law in the country.

According to Robert Jackson, commissioner at the SEC, SEC still has several concerns when it comes to ICO fraud but he also suggested a legal method for raising cryptocurrency funds could be a viable alternative.

He said, “Investors are having a hard time telling the difference between investments and fraud. Down the road, I think we will be thinking about ways to make those investments work consistent with our securities laws.”

His is among other positive voices in the SEC coming out for the last few weeks.

Crypto under microscope in SEC hearing: Various issues were discussed during the latest SEC meeting on 26 April including an approach towards token sales and classifications. SEC has previously argued that coins sold in token sales can only be termed as securities and thus cannot be self-regulated according to current law.

Other issues in the hearing included the designation of Ethereum token Ether as a security considering its decentralization. While there is no consensus on the decision, there are several positive voices in the commission wishing for a better outcome for the cryptocurrency circles.

Republican Minnesota Representative Tom Emmer went as far as to say: “People tend to fear what they don’t know. If people sailing the oceans at the time of Columbus had believed the world is flat, we wouldn’t have had the great discoveries of the New World.”

Bitcoin like a regular currency – St Louis Federal Reserve: The Federal Reserve Bank of St Louis has in an official piece declared that the Bitcoin is valid as a currency.

The post on its official website, titled ‘Three Ways Bitcoin is Like a Regular Currency’ reads:

“Bitcoin units have no intrinsic value but also currencies such as the US dollar, the euro, and the Swiss franc… have no intrinsic value either.”

This is a bold statement from this part of the Federal Reserve and may go against the policies of the bank itself.

Blockchain way forward to cashless economy – Ex-Fed VP: Ex-Fed vice president Rod Garrott has said that blockchain is the way forward to introducing a cashless economy in the country. He made these comments at a recent MIT Business conference in April in Boston along with other claims that banks will soon start adopting Blockchain.

While a cashless society could be a far cry right now, it is a futuristic concept that fascinates many.

Canada

Canada gets best rank as blockchain nation: Canada’s coin economy is increasing and it is quickly becoming a world leader in cryptocurrency and blockchain technology behind the UK and US. Canada is home of Ethereum, the world’s largest programmable blockchain and second only to Bitcoin in terms of market capitalization for a long time.

Emin Gun Sirer, Cornell professor of computer science said, “The Ethereum nodes are both in the latency space, and also geographically, more distributed around the world, as opposed to Bitcoin nodes, which tend to be located in data centers.”

Vitalik Buterin, Toronto-based Ethereum founder is leading the nation’s development in cryptocurrencies and fintech. More than 70 projects have been invested in by the Blockchain Research Institute (BRI) in Toronto alone.

Quebec hydropower company suspends requests for power: After investing considerable sums in cryptocurrency mining operations, miners in Quebec, French Canada have taken a major hit as the state’s power company Hydro-Quebec has announced that it is putting all mining operations’ requirement of electricity on hold.

What happened was that all requests from miners for additional power were deemed excessive, taking up a quarter of all the state’s total power generation capacity.

Hydro-Québec spokesperson Jonathan Côté said, “At the moment, the volume of requests that we have received from the cryptomining scene is very large. We’re talking about more than 10,000 megawatts.”

It remains to be seen how much of this can be met by the Canadian power company.

 

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