Bitcoin has always been the talk of the town. Several complications and conditions are surrounding the use of Bitcoin. Well, if you are into Bitcoins, you need to stay updated with the news.
In the past week, a lot has happened with Bitcoin. While other cryptocurrencies have grown, Bitcoin is one of the cryptocurrencies that has noticed a fall. However, that’s not the only thing. There are a lot of other things that happened in the past week. This article will give you comprehensive information about what has happened in the past week.
El Salvador legalizes cryptocurrencies
One of the significant changes that happened in the past week was El Salvador legalizing cryptocurrencies. For the first time in history, a Central American country has passed a resolution about the legalization of Bitcoin. In the bill, El Salvador makes sure to legalize or recognize bitcoin as a powerful cryptocurrency. In a total vote of 84, the use of cryptocurrencies received around 62 favorable votes. Moreover, various national transactions have also been promoted. However, the country is rooting for the clean mining of Bitcoin to prevent any high-energy consumption activity.
El Salvador is one of the countries belonging to the Central American Volcanic Arc. It has several volcanoes, which eventually results in higher geothermal energy production. This is eventually playing an important role in increasing the capacity to mine. With zero geothermal emission energy, the country now aims to develop one of the most robust mining centers.
The launch of this mining center would also contribute to the growth of the cryptocurrency mining market. Paraguay and Iran are also on the verge of legalizing the use of cryptocurrencies or mostly alternative currency. Several other countries in the world have passed the bill for legalizing cryptocurrency. China, which is the largest mining hub for cryptocurrencies, is imposing some strict guidelines.
China and Bitcoin miners
Bitcoin miners need to work 24*7 and audit it accurately to avoid double mining. However, cryptocurrency mining was mostly done in China. China is also the country where the use of cryptocurrency is banned. Chinese officials have also arrested around 170 groups involved in fraudulent activities due to mining to prevent any such usage. If you want to know more about bitcoin mining then keep reading.
However, many people are concerned about the use of cryptocurrencies. Yunnan is the fourth largest cryptocurrency mining hub in China. However, specific regulations are being imposed by the government. Moreover, the unauthorized use of electricity for mining purposes can eventually land people in jail. The issue has been raised in the State Council. According to the decision, individuals involved in negative activity need to be banned. However, this may affect the bitcoin trading and mining market of China.
Indian may accept Bitcoin
It is being anticipated that soon India may accept Bitcoin as a legal entity. The Indian cryptocurrency market may soon boom with the Securities and Exchange Board of India analyzing the impact. Furthermore, the finance ministry is also looking into the regulations.
Prominent players are taking part in the Indian cryptocurrency space. Wazir X and Coin DCX have eventually stood up in the market as the leaders. They may also bring forth the self-regulation way and finally set up an advisory board for the same. RBI is, however, very clear about its stance on the use of cryptocurrency transactions.
Blow to criminal activities
The governments of countries are taking proper care to avoid criminal activities. They are making sure to monitor the real-time conversions for illegal activities. The Bitcoin Mining Council is taking up a solid stance to prevent Bitcoins illegal mining.