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Chinese banks step up cryptocurrency ban, Valuation down to $30,000

24Jun By AdityaNo Comments

CHINA

Chinese banks step up cryptocurrency ban, Valuation down to $30,000

Beijing, Jun 24th, 2021: China's biggest banks promised to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban. Regulators appear to worry that despite the 2013 ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly exposed to risks. After this announcement, Bitcoin's valuation falling below $30,000. Ethereum is more than 50% off its highs from early May. Many other crypto assets have fallen even further with a number of tokens down 70% to 90% in value. Beijing also worries users might evade efforts to monitor and control the financial system. The four major state-owned commercial banks and payment service A...

Bitcoin use causing 22 megatonnes CO2 emissions

The use of Bitcoin leads to about 22 megatonnes in CO2 emissions annually, comparable to the total emissions of cities such as Hamburg or Las Vegas, according to the most detailed analysis to date of the cryptocurrency's carbon footprint. Researchers at the Technical University of Munich (TUM) in Germany analysed such data as the IPO filings of hardware manufacturers and the IP addresses of Bitcoin "miners." The study, published in the journal Joule, was able to localise 68 percent of the Bitcoin network computing power in Asian countries, 17 percent in European countries, and 15 percent in North America. Although Bitcoin is a virtual currency, the energy consumption associated with its use is very real. For a Bitcoin transfer to be executed and validated, a mathematical puzzle ...

This Japanese Company Is Paying Its Employees In Bitcoins

Japanese web giant GMO Internet Group recently revealed that it will soon start paying its employees, a part of their salary through Bitcoin, Bitcoin and digital cryptocurrency website Coindesk reported. As per the release, GMO will be rolling out this system from February 2018 within GMO Internet Co. Ltd. expansion across the entire group and its over 4,000 employees to follow. The employees will have an option to have a part of their monthly salaries, with lower limit being 10,000 Yen (around $88) and an upper limit of 100,000 Yen (around $882) as Bitcoin. "(the employees).. will also receive a bonus of 10 percent of the chosen amount as a 'incentive'" the release stated. Tokyo-based GMO first entered the cryptocurrency space with the opening of an exchange in May 2017. The com...