Daily Archives: July 3, 2021

Cardano Joins Grayscale Digital Large Cap Fund as Third Biggest Component

Cardano Joins Grayscale Digital Large Cap Fund as Third Biggest Component

Cardano has been added to Grayscale Investments’ large-cap cryptocurrency fund. It is now the third-largest component of the fund after bitcoin and ether.

  • Grayscale Investments, the world’s largest digital currency asset manager, announced Friday the addition of cardano to its Digital Large Cap Fund (OTCQX: GDLC). Grayscale described this fund as “a passive, rules-based strategy that seeks to provide exposure to 70% of the digital asset market.”
  • The announcement followed a quarterly review and rebalancing of the fund. The company explained:

In accordance with the fund’s construction criteria, Grayscale has adjusted the fund’s portfolio by selling certain amounts of the existing fund components in proportion to their respective weightings and using the cash proceeds to purchase cardano (ADA).

  • At the end of the day on July 1, the Digital Large Cap Fund’s components comprised 67.47% bitcoin (BTC), 25.39% ethereum (ETH), 4.26% cardano (ADA), 1.03% bitcoin cash (BCH), 0.99% litecoin (LTC), and 0.86% chainlink (LINK).
  • During the April quarterly component weighting update, Grayscale added chainlink to fill the gap left by XRP, which was dropped from the Digital Large Cap Fund as Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC) heated up.

  • Grayscale Investments currently has about $30 billion in assets under management (AUM). The company offers 14 investment products. The product with the largest AUM is the Bitcoin Trust (GBTC) which has over $22 billion in assets, followed by the Ethereum Trust with almost $6.9 billion. The Digital Large Cap Fund has approximately $357 million in assets under management.
  • Early this month, Grayscale announced that it was considering 31 crypto assets for investment products, including ADA. In April, the company announced its intention to convert GBTC into a bitcoin exchange-traded fund (ETF).
  • Meanwhile, the firm has been saying that it is seeing rising institutional demand for cryptocurrency. “Digital currencies have reached an inflection point,” CEO Michael Sonnenshein commented in March. “Investor demand has never been higher, and every day we’re seeing new entrants to what has surely become a bona fide asset class.”

What do you think about Grayscale adding cardano to its Digital Large Cap Fund? Let us know in the comments section below.

NBA’s Portland Trail Blazers Partner With Crypto Cashback Company Stormx

NBA's Portland Trail Blazers Partner With Crypto Cashback Company Stormx

In 2021, there’s been a plethora of cryptocurrency-related announcements about professional sports teams, leagues, and famous athletes. On July 1, the National Basketball Association’s (NBA) Portland Trail Blazers announced the professional basketball team has partnered with the cashback blockchain firm Stormx.

Portland Trail Blazers Uniforms to Feature Crypto Cashback Firm’s Logo

The NBA’s Trail Blazers revealed this week that the basketball team has entered a deal with the blockchain company Stormx. Founded in 2015, the Stormx project is basically a crypto cashback provider that also features a native token called STMX. The Trail Blazers and the NBA’s own publication, hosted on nba.com, claim the deal between Stormx and the team is a “never-before-seen partnership.”

NBA's Portland Trail Blazers Partner With Crypto Cashback Company Stormx
The Stormx logo will be featured on the team’s uniform. Photo via nba.com.

Essentially, Stormx will be the Portland team’s first International Rights Partner that is meant to “engage fans around the globe.” Stormx will have the rights to conduct team-identified marketing and other forms of activities internationally. The Stormx logo will be featured on the team’s uniform as well, the announcement explains. Chris McGowan, the president and CEO of the Portland Trail Blazers and Rose Quarter, said he looks forward to seeing the team sport “such a groundbreaking, revolutionary company on the front of our jerseys.”

“Stormx is a fresh, energetic company with Pacific Northwest roots that can educate and motivate Rip City around cryptocurrency and earning crypto cashback,” McGowan added. “I look forward to taking these next steps together as partners.”

Crypto Invades Mainstream Sports

Sports deals like these have been leaking into the cryptocurrency world more and more these days. For instance, MLB club the Oakland A’s started accepting bitcoin for 2021 season passes this year and even revealed the ball club would hold the bitcoin obtained from ticket sales. In March, a number of NBA team owners formed an NBA blockchain advisory committee for the American professional basketball league. The NBA blockchain committee is made up of owners of teams like the Nets, Mavs, Wizards, Celtics, Kings, and Jazz.

The digital currency firm FTX Trading Limited has been relentlessly partnering with players and professional sports leagues as well. FTX has managed to acquire the naming rights to the NBA’s Miami Heat Arena, partner with the MLB, and obtain a naming deal with esports giant TSM. Last week FTX also announced a partnership with Brazilian model Gisele Bündchen and her spouse, the seven-time Super Bowl Champion Tom Brady. As far as the deal between the Portland Trail Blazers and Stormx, the two companies will also be launching non-fungible tokens (NFTs).

The Trail Blazers and Stormx plan to release the first NFT in mid-July and it will be based on the team’s acclaimed Gameday Poster Series. “We’re honored to be the first crypto company to form a jersey sponsorship with not only a team of such high caliber, but also with a league of the same stature,” Simon Yu, CEO and cofounder of Stormx said in a statement. “Like the Trail Blazers namesake, we see ourselves as trail blazers in the drive for the mass adoption of crypto, by helping everyday people earn crypto while they shop,” he added.

What do you think about the partnership between Stormx and the Trail Blazers? Let us know what you think about this subject in the comments section below.

New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

Urged by the growing popularity of cryptocurrencies, Iranian lawmakers have prepared new legislation to introduce comprehensive rules for the expanding industry. While the bill effectively bans crypto payments in the country, it aims to support cryptocurrency mining and regulate the exchange market.

Draft Law Prohibits Crypto Payments in Islamic Republic

Members of the Islamic Consultative Assembly, the Iranian parliament, now have a plan to put the crypto space in order. The new bill, drafted under the supervision of the parliamentary Economic Commission, allocates responsibilities among regulators and answers some outstanding questions to determine the future of cryptocurrencies in Iran.

New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

If adopted in its current version, the draft law would ban the use of cryptocurrencies as a means of payment in the Islamic Republic, Tasnim News Agency reported. Besides crypto payments, other domestic transactions with cryptocurrency would also be prohibited. Iranian lawmakers have provided for only one exception and that’s reserved for a state-issued digital currency (CBDC).

The Central Bank of Iran (CBI) is to take charge of crypto market oversight within three months of the bill’s adoption. The monetary institution will also regulate the exchange of cryptocurrencies in the country. Iranian authorities have tried to curb crypto trading in the past few months but the CBI authorized domestic banks and exchangers to utilize cryptocurrency mined inside Iran in payments for imports.

Iranian Regulations to Support Cryptocurrency Mining

The legislation presented in the Iranian Majlis has also been described as a plan to foster “support for cryptocurrency mining and organizing the domestic market for exchanges,” Tasnim noted. Unlike digital coin trading, crypto mining has been a legal activity for licensed Iranian companies for around two years now.

According to the draft, Iranian cryptocurrency miners will in the future be allowed to participate in projects to construct and operate new power plants. In order to do that, authorized mining companies will need to acquire special permits from the Ministry of Energy, the report detailed. Miners will even be able to sell surplus energy generated by their stations.

Iran’s Ministry of Industry, Mines and Trade will exert regulatory control over the crypto mining industry, the bill postulates. The department will continue to be responsible for issuing the licenses needed to set up and run new cryptocurrency mining farms.

The lack of comprehensive regulations and various restrictions have impeded the development of Iran’s crypto industry in the past few months. In May, the Majlis leadership called on financial regulators to adopt a cautious approach to dealing with the complicated matter. In June, the country’s Economy and Finance Minister Farhad Dejpasand stated that the government cannot interfere with the development of crypto technologies for too long.

What’s your opinion about the proposed crypto regulations in Iran? Let us know in the comments section below.

South African Court Grants Final Liquidation Order Against the ‘Biggest Cryptocurrency Scam in 2020’

A South African judge, Justice Alma de Wet, has ruled in favor of granting a final liquidation order against Mirror Trading International (MTI), the country’s biggest bitcoin scam in the past year. Nevertheless, the judge postponed a ruling on an application by MTI liquidators to have the company declared an unlawful business to September 8, 2021.

According to a report, interested parties that are opposed to the liquidators’ intervening application now “have until July 30 to file their answering affidavits.” On the other hand, liquidators “have until August 13 to file responding affidavits and must file their heads of argument before 24 August.”

Meanwhile, the latest court ruling, which came almost six months after the provisional liquidation order was granted, represents a victory for liquidators who have faced opposition from MTI shareholders led by Clynton Marks. As previously reported by Bitcoin.com News, Marks, a 50% shareholder in MTI, argued against liquidation claiming this would prejudice investors.

MTI Shareholder Arguments

Together with other opponents of the liquidation proposal, Marks claimed that MTI was still solvent and that liquidating the company would be premature. In addition, the MTI co-owner raised a series of technicals arguments which according to him proves that the process that led to the granting of the provisional order was not handled properly.

After several delays, however, the liquidation hearing was finally held on June 15 with the judgment being delivered 15 days later. It remains unclear if the investing platform’s assets and proceeds from the sale of recovered MTI bitcoins are going to be sufficient to meet all claims against the company.

Does the liquidation of Ponzi operations like MTI help the cause of the victims? Tell us what you think in the comments section below.

Bitcoin Still Commands the 9th Largest Market Capitalization in the World

Bitcoin Still Commands the 9th Largest Market Capitalization in the World

Despite the drop in value during the last three months, the leading crypto asset bitcoin is still the ninth most valuable asset in the world in terms of market capitalization. Moreover, bitcoin could flip some of the world’s most valuable assets in the future, as the crypto asset is 67% away from turning over tech giant Google’s overall valuation and other valuable companies and commodities.

Bitcoin: The Ninth Most Valuable Asset in the World in Terms of Market Capitalization

Bitcoin is still the ninth most valuable asset in the world according to assetdash.com statistics, the market capitalization web portal for global assets. Three months ago, bitcoin (BTC) touched an all-time high (ATH) at $64,895 and the price is still more than 45% below that range.

The leading crypto asset also touched a low ten days ago at $28,600 per unit but managed to recover around 14% of the losses since then. Of course, at ATH bitcoin held a much higher position on assetdash.com’s list, outpacing companies like Facebook (Nasdaq: FB). On Saturday, bitcoin’s (BTC) market valuation jumped over Berkshire Hathaway (NYSE: BRK.A).

Bitcoin Still Commands the 9th Largest Market Capitalization in the World
Valuation data as of Sat. June 3, 2021, at 7:30am

Bitcoin (BTC), with its $648 billion market valuation, is still among the top assets in the world above firms like JPMorgan Chase, Nvidia, Visa, Alibaba, and Taiwan Semiconductor Manufacturing Company (TSMC).

The market capitalization of bitcoin is double the size of valuations for companies like Toyota, Procter & Gamble, and Walt Disney Company. Bitcoin’s valuation is four times the size of businesses like Phillip Morris, the Royal Bank of Canada, Anheuser-Busch, and Citigroup.

Flippening Percentages and Ethereum

The creators of assetdash.com also developed another page called the “BTC Flippening” which shows how close the crypto asset is to surpassing the nine other leading asset valuations. For instance, bitcoin is very close to surpassing Tesla as it is roughly 1% away from jumping over the electric car company’s valuation.

Bitcoin Still Commands the 9th Largest Market Capitalization in the World

BTC is 36% away from Facebook, 57% away from silver’s entire market cap, and 67% away from Google. The top dog on the list, of course, is gold with its $10 trillion market valuation. Still, as far as gold is concerned, BTC is 6% of the way there and 28% into Apple’s gigantic $2.29 trillion market capitalization.

Bitcoin Still Commands the 9th Largest Market Capitalization in the World

Ethereum’s valuation isn’t too shabby either, as it holds a $258 billion capitalization at the time of writing. This puts ethereum’s (ETH) valuation at the 35th position above valuable companies like Netflix, Verizon, Coca-Cola, and Vanguard.

The third-largest cryptocurrency valuation, which belongs to tether (USDT), has an overall capitalization of around $62 billion, while cardano (ADA) has $45.3 billion. Both USDT and ADA don’t make the assetdash.com list, as the 100th position is held by Toronto Dominion Bank with its $128 billion market valuation.

What do you think about bitcoin still being the ninth most valuable asset on the planet today? Let us know what you think about this subject in the comments section below.

South Korean Crypto Exchange Bithumb Bans Employees from Trading Bitcoin

One of the largest South Korean cryptocurrency exchanges, in terms of trade volume, Bithumb, has announced that employees are banned from trading bitcoin on the exchange platform. The company’s chief executive officer revealed the decision in a Bithumb newsletter focused on improving “transaction transparency.”

Bithumb Bans Employee Bitcoin Trading – Will Monitor for Individuals Who Don’t Comply

  • The cryptocurrency trading platform Bithumb has revealed that employees are now restricted from leveraging the exchange. This means that Bithumb employees can no longer obtain an internal account on the South Korean cryptocurrency exchange.
  • Bithumb’s chief executive officer wrote in the newsletter that the move is focused on improving “transaction transparency.” Additionally, leaking undisclosed information and participating in unfair trade practices and market price manipulation is also prohibited in order to “ensure transparent operation.”
  • The South Korean cryptocurrency exchange further says that “Bithumb is continuously strengthening compliance management and internal control by providing training to acquire the International Standard Compliance Management System certification.”
  • According to the announcement, Bithumb’s management told employees in June that by July: “Bithumb trading accounts for investment purposes by employees” would be banned indefinitely.
  • The announcement explains that Bithumb employees have taken an oath to withdraw last month and to stop leveraging the trading platform. “From this month on, we will strictly manage whether or not employees comply with the regulations through continuous monitoring, self-audits, and internal reporting system operations.”
  • The employee ban follows the recent closed-door meeting between South Korean regulators and 20 digital currency exchanges. The meeting was after the Financial Supervisory Service of South Korea explained that it would oversee South Korea’s cryptocurrency market.

  • In addition to the increased regulations, officials have been concerned about South Korea’s ‘kimchi premium,’ as crypto assets have seen higher fiat values in the Korean won in comparison to the global exchange rate.
  • On Friday morning at 11 a.m. (EDT) the price of bitcoin (BTC) exchanged hands for $33,529 per unit. However, during the same time frame on Bithumb, the price of BTC is $1,140 higher than the global average at $34,669.
  • At the time of writing, Bithumb has over $1 billion in global trade volume or 31,499 BTC during the last 24 hours.

What do you think about Bithumb restricting employees from trading bitcoin? Let us know what you think about this subject in the comments section below.

Ukraine Shuts Down Illegal Mining Farm With 150 Rigs

Ukraine Shuts Down Illegal Mining Farm With 150 Rigs

Law enforcement officials in Ukraine have closed down a cryptocurrency mining farm that was minting digital coins using stolen electricity. The facility had more than 150 mining rigs that have been confiscated during a raid in Chernihiv region.

Authorities in Ukraine Seize Over 150 ASICs From Crypto Mining Farm

The Security Service of Ukraine (SBU) has uncovered and shut down a crypto farm that was operating illegally in Chernihiv Oblast, in the north of the country. The unidentified owners had illegally connected the facility to an electrical transformer substation of the region’s power network, Forklog reported.

The mining farm had 150 ASICs running on stolen electricity. They were seized by SBU agents during a search along with other auxiliary equipment. The mining hardware was installed in rented warehouses and burned energy for an estimated 3 million Ukrainian hryvnias, or almost $110,000, in just two months.

According to the law enforcement agency, the substation to which the miners were connected provides power to the ambulance service in Nizhyn, the city’s water utility company and other important facilities. Part of the region could have been left without electricity, SBU noted, elaborating that the mining farm could have caused emergencies and supply interruptions.

The operators of the illegal mining facility reportedly tried to hide the theft from the local power utility, installing specialized equipment allowing them to lower the meter readings. The investigation into the case continues.

Previous Busts, Ukraine Crypto Regulation Yet Undecided

Ukraine’s security service has been quite active in the crypto space recently and this isn’t the first mining operation that has been targeted this year. In early June, the SBU found a crypto farm illegally connected to the power grid in Dnipropetrovsk Oblast. According to a press release, agents confiscated 350 mining rigs that utilized over $70,000 worth of unpaid electricity in three months.

Cryptocurrencies are yet to be regulated in Ukraine, a country that has been ranked among the world’s top adopters. However, authorities in Kyiv are still mulling over the proper regulations for the growing industry.

An updated bill “On Virtual Assets” was recently put forward by the parliament’s Digital Transformation Committee. It should be adopted this summer but financial regulators, including the National Bank of Ukraine, have insisted on further revisions of the draft.

What future do you expect for cryptocurrency mining in Ukraine? Tell us in the comments section below.

Binance Deploys Crypto Monitoring ‘Traveler’ System to Comply With FATF Travel Rule

Binance Deploys Crypto Monitoring 'Traveler' System to Comply With FATF Travel Rule

Binance announced yesterday it deployed Ciphertrace’s Traveler system as part of its compliance efforts. Traveler is the first system designed for exchanges to comply with the Travel Rule proposed by the Financial Action Task Force. The exchange would be among the first wave of exchanges implementing this automatic Travel Rule compliance system.

Binance Implements Ciphertrace’s Traveler Protocol in Its Trading Platform

Binance, one of the largest cryptocurrency exchanges in the market, announced the implementation of Traveler, a system that will help them comply with the Travel Rule established by the Financial Action Task Force (FATF). Ciphertrace, a blockchain analytics startup, created Traveler as a third-party compliance platform.

Ciphertrace claims Traveler automatizes the process of complying with FATFs mandate, automatically making connections and identifying different VASPs (Virtual Asset Service Providers). Therefore, exchanges simplify their due diligence burden by implementing it.

As a consequence of this deal, the exchange would be able to detect and identify money launders quickly. For this reason, Samuel Lim, Chief Compliance Officer of Binance, stated:

We are proud to partner with Ciphertrace to deploy their Traveler compliance solution. As always, we are committed to providing a superior product for our users – one that is secure, decentralized, and meets global compliance standards.

Likewise, Ciphertrace’s CEO Dave Jevans also referred to the subject. The CEO stressed:

We are confident that Traveler will help Binance to continue to meet the highest standards for global Anti-Money Laundering compliance.

Regulatory Crackdowns Aimed at the Crypto Industry

According to some reports, this type of tool would appease regulators that are currently investigating crypto exchange activities all over the world. This announcement comes after Binance faced a series of warnings from regulators in several countries. The Japanese cryptocurrency watchdog, the FSA, issued a warning against Binance recently. Japanese regulators state the company has not registered to offer crypto trading services. Similarly, UK regulators also issued a similar warning, stating Binance didn’t have a permit to conduct business in the country.

In the same way, Binance stopped offering its services in Ontario after the Ontario Securities Commission said Binance offered security trading with no authorization. Changpeng Zhao, founder, and CEO of the exchange has repeatedly stated Binance has no headquarters because “it is like Bitcoin”, avoiding answering where the company is based. Consequently, its location has remained a mystery, with some pointing at the Cayman Islands as its possible base.

What do you think about Binance implementing Ciphertrace Traveler? Tell us in the comments section below.

Bitcoin Blocks Will Soon Be 27% Easier to Find — Miners Brace for the Largest Difficulty Drop in BTC’s Lifetime

Bitcoin Blocks Will Soon Be 27% Easier to Find — Miners Brace for the Largest Difficulty Drop in BTC's Lifetime

Bitcoin, the leading crypto asset in terms of market capitalization, has seen the cryptocurrency’s network hashrate drop considerably during the last two weeks. On Saturday, July 3, the network’s mining difficulty will see the largest epoch drop in history as the difficulty is set to slide by more than 27%.

Bitcoin Difficulty Expected to Drop More Than 27%

This weekend, Bitcoin (BTC) is set to experience the largest difficulty drop ever recorded during the crypto asset’s lifetime. At the time of writing, BTC’s mining difficulty is 19.93 trillion and is expected to drop 27.04% by Saturday morning (EDT). In bitcoin mining, the network’s difficulty is the parameter that keeps the average time between BTC blocks consistent.

The difficulty parameter is the metric that shows how difficult it is to mine a bitcoin block and the higher the difficulty, the more hashpower is needed to find a block.

Bitcoin Blocks Will Soon Be 27% Easier to Find — Miners Brace for the Largest Recorded Difficulty Drop in BTC's Lifetime
If the difficulty drops by 27% on Saturday, it is expected to be around 14.54 trillion.

When the mining difficulty on the network is lower, it is far easier for bitcoin miners to find blocks. A difficulty that keeps rising alongside the hashrate means an attacker will have to spend enormous amounts of resources to breach the system.

Bitcoin’s upcoming difficulty change comes at a time when Chinese miners have been told to operate elsewhere and a great portion of hashpower went offline this past Monday. During the last BTC difficulty change at block height 687,456 on June 13, 2021, the global hashrate was around 142.68 exahash per second (EH/s).

Since block height 687,456, BTC’s hashrate dropped by 39% to 86.5 EH/s. Bitcoin’s network difficulty has dropped two times prior to the upcoming 27% slide expected on Saturday.

November 2020 and October 2011 Precede Bitcoin’s Largest Difficulty Slide in History

The largest difficulty drop so far in BTC’s lifetime, took place on October 30, 2011, the day before Halloween.

Bitcoin Blocks Will Soon Be 27% Easier to Find — Miners Brace for the Largest Recorded Difficulty Drop in BTC's Lifetime
The difficulty drop on Saturday, July 3, 2021, will be the largest epoch drop in Bitcoin’s history.

At that time, the difficulty slid 18.03 %, at BTC block height 151,200 when the global hashrate was a meager 8.61 terahash per second (TH/s). For some perspective, today a single next-generation bitcoin miner crafted by Microbt or Bitmain commands hashpower of around 100 TH/s.

Interestingly, BTC did not see a large drop like the one in 2011 until block height 655,200 recorded on November 3, 2020. At that time last year, the mining difficulty slid 16.05% and the hashrate was around 120.12 EH/s.

Usually, BTC’s difficulty goes up more so than the number of times it has slid down during the course of its lifetime. At Bitcoin block height 685,440, BTC’s mining difficulty slid 15.97% on May 29 when the hashrate was roughly 150 EH/s.

Block Times Expected to Smooth, Hashrate Expected to Increase

At today’s 86.5 EH/s hashrate and the current 19.93 trillion difficulty, block times have been longer than ten minutes on average. After the Bitcoin difficulty change on Saturday, the time between blocks should smooth back over to closer to ten minutes on average.

Since June 29, BTC’s hashrate has increased a great deal as 30-day hashrate statistics show the network’s hashpower was only 66 EH/s that day. Saturday’s difficulty change will not only be a milestone but will also make it much easier for miners to continue ramping up resources.

What do you think about the mining difficulty change set to happen on Saturday? Let us know what you think about this subject in the comments section below.

US State Department Official Wants El Salvador to ‘Ensure Bitcoin Is Well Regulated’

US State Department Official Wants El Salvador to 'Ensure Bitcoin Is Well Regulated'

The U.S. Department of State’s undersecretary of state for political affairs, Victoria Nuland, has explained during a press conference that the U.S. has urged El Salvador to be responsible with the country’s new bitcoin law. Nuland told the press that the U.S. was taking a “tough look at Bitcoin” and that Salvadoran president Nayib Bukele needs to “ensure that it is well regulated.”

State Department Official Says US Is Taking a Tough Look at Bitcoin

According to statements from a senior U.S. State Department official, the U.S. hopes El Salvador will be responsible with the country’s new bitcoin tender law enacted on June 9, 2021. The undersecretary of state for political affairs, Victoria Nuland, explained that she had a meeting with the Salvadoran president Nayib Bukele and they discussed the crypto asset bitcoin (BTC). The American diplomat stressed to Bukele that after the Colonial Pipeline ransomware case, the U.S. was taking “another tough look at bitcoin.”

“I did suggest to the president that whatever El Salvador chooses to do, you ensure that it is well regulated, that it is transparent and that it is responsible, and you protect yourself against malign actors,” Nuland told reporters at the press conference.

El Salvador has had issues getting world leaders to agree with the new bitcoin tender law’s benefits. The World Bank rejected a request from El Salvador for assistance and the president of the European Central Bank (ECB), Christine Lagarde, recently discussed the subject with disparagement. At the time, Lagarde reiterated that the ECB’s policy toward bitcoin (BTC) has not changed. Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS) also criticized Salvadoran president Nayib Bukele’s bitcoin tender law.

US State Department Claims 14 Salvadorans Associated With President Nayib Bukele ‘Corrupt and Undemocratic’

In addition to the senior U.S. State Department official’s statements after meeting with Bukele, the U.S. State Department named 14 Salvadorans that are members of the Bukele regime as “corrupt” and “undemocratic actors.”

US State Department Diplomat Wants El Salvador to Ensure Bitcoin Is This announcement has made people think that the U.S. is cracking down on El Salvador for choosing to leverage bitcoin. “Unconventional Warfare (UW) in action,” explained the popular anonymous analyst Plan B on Twitter. “See link below for what happens to countries that refuse IMF demands [and choose] freedom,” Plan B tweeted.

Economist Steve Hanke: ‘State Department Is Wielding the Hammer’

Even the economist Steve Hanke said: “First, it was El Salvador’s Bitcoin Law. Now, the State Department is wielding the hammer.” Hanke has warned that Salvadoran bitcoin adoption could lead to a “complete collapse of the economy.” Moreover, Hanke and two other authors that publish papers on applied economics at Johns Hopkins University wrote a paper that says: “El Salvador’s bitcoin law is destined to be caught in the FATF’s regulatory web.”

“Under the Bitcoin Law, El Salvador will undoubtedly be ensnared in the Financial Action Task Force’s web of regulations,” Hanke explained on Twitter. “In this working paper, I identify 27 of the FATF’s ‘red-flag’ behaviors that will be impossible for El Salvadorans to comply with.” Victoria Nuland’s recent comments and the U.S. State Department’s “Corrupt and Undemocratic Actors Report” suggest that American bureaucrats agree with Hanke’s opinion.

What do you think about the American diplomat’s recent statements and the U.S. State Department’s latest undemocratic actors report? Let us know what you think about this subject in the comments section below.