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El Salvador President Says Bill to Make Bitcoin Legal Tender Is ‘Simple – Short – Sweet’

On Monday (June 7), El Salvador President Nayib Bukele provided an update on the status on the proposed bill that Zap’s Jack Mallers — who helped with drafting the bill — announced at Miami’s Bitcoin 2021 conference last Saturday (June 5). During his talk, an emotional Mallers, who is the founder and CEO of Zap Solutions (a […]

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On Monday (June 7), El Salvador President Nayib Bukele provided an update on the status on the proposed bill that Zap’s Jack Mallers — who helped with drafting the bill — announced at Miami’s Bitcoin 2021 conference last Saturday (June 5).

During his talk, an emotional Mallers, who is the founder and CEO of Zap Solutions (a Bitcoin payments startup that uses the Lightning Network), showed a recorded message from President Bukele and read out a small passage from the proposed bill:

Mallers went on to say that his firm would be opening an innovations centre in El Salvador with the help of Blockstream.

Later that day, the El Salvador president went on Twitter to explain the motivation for this decision to make Bitcoin a form of legal tender in his country:

He went on to say:

  • By using #Bitcoin, the amount received by more than a million low income families will increase in the equivalent of billions of dollars every year.
  • Furthermore, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy. Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions.
  • We hope that this decision will be just the beginning in providing a space where some of the leading innovators can reimagine the future of finance, potentially helping billions around the world.

The next day, President Bukele gave four reasons why crypto investors and entrepreneurs might want to consider moving to El Salvador.

And yesterday, he had the following update on the status of the proposed bill.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Image by MichaelWuensch from Pixabay.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoglobe.com/latest/2021/06/el-salvador-president-says-bill-to-make-bitcoin-legal-tender-is-simple-short-sweet/

Blockchain

Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ”Crypto King” will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

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India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones.

LSD for BTC

The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He was later identified as Makarand Pardeep Adivirkar, a.k.a. the ”Crypto King”. The criminal operated on the notorious Darknet, where numerous outlaws trade illegal substances like drugs and weapons:

”His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet.”

The investigation revealed that it found 20 LSD blots in Kharodi Village, Malad. The Director of the Mumbai Unit of NCB – Sameer Wankhede – informed that the ”Crypto King” has connections with European drug dealers as he bought the narcotics from Europe:

”In November 2020, a team of NCB Mumai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using bitcoin.”

The NCB will conduct a further investigation on the case. As of the moment, it remains unclear what punishment Adivirkar will face.

The Dark Side of Crypto

Recently, another suspect was arrested for processing $25 million worth of BTC illegally. Kais Mohammad – a resident of the luxurious part of Los Angeles Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service.


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The criminal, also known as ”Superman29” pleaded guilty to the charges of operating unauthorized money transmitting business, money laundering, and so forth.

Mohammad was the leader of the illegal digital currency money services business – Herocoin – from December 2014 to November 2019. During this period, he offered Bitcoin-to-cash exchange services, charging fees of up to 25 percent – significantly above the usual market rate.

Interestingly, most of his clients were criminals and he never cared about the source of their funds. The US authorities even put into action undercover agents, who reached out to the outlaw for his services. They told him that their money comes from prostitution, human trafficking, and dark web activities, but Mohammad still did business with them and exchanged the cryptocurrency.

In addition to the two years that he has to spend behind bars, ”Superman 29” also agreed to give over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and $22,820 in cash to the authorities.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/indian-police-arrested-crypto-king-who-traded-drugs-for-bitcoin/

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Blockchain

Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ”Crypto King” will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

Published

on

India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones.

LSD for BTC

The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He was later identified as Makarand Pardeep Adivirkar, a.k.a. the ”Crypto King”. The criminal operated on the notorious Darknet, where numerous outlaws trade illegal substances like drugs and weapons:

”His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet.”

The investigation revealed that it found 20 LSD blots in Kharodi Village, Malad. The Director of the Mumbai Unit of NCB – Sameer Wankhede – informed that the ”Crypto King” has connections with European drug dealers as he bought the narcotics from Europe:

”In November 2020, a team of NCB Mumai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using bitcoin.”

The NCB will conduct a further investigation on the case. As of the moment, it remains unclear what punishment Adivirkar will face.

The Dark Side of Crypto

Recently, another suspect was arrested for processing $25 million worth of BTC illegally. Kais Mohammad – a resident of the luxurious part of Los Angeles Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service.


ADVERTISEMENT

The criminal, also known as ”Superman29” pleaded guilty to the charges of operating unauthorized money transmitting business, money laundering, and so forth.

Mohammad was the leader of the illegal digital currency money services business – Herocoin – from December 2014 to November 2019. During this period, he offered Bitcoin-to-cash exchange services, charging fees of up to 25 percent – significantly above the usual market rate.

Interestingly, most of his clients were criminals and he never cared about the source of their funds. The US authorities even put into action undercover agents, who reached out to the outlaw for his services. They told him that their money comes from prostitution, human trafficking, and dark web activities, but Mohammad still did business with them and exchanged the cryptocurrency.

In addition to the two years that he has to spend behind bars, ”Superman 29” also agreed to give over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and $22,820 in cash to the authorities.

SPECIAL OFFER (Sponsored)

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/indian-police-arrested-crypto-king-who-traded-drugs-for-bitcoin/

Continue Reading

Blockchain

Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ”Crypto King” will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

Published

on

India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones.

LSD for BTC

The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He was later identified as Makarand Pardeep Adivirkar, a.k.a. the ”Crypto King”. The criminal operated on the notorious Darknet, where numerous outlaws trade illegal substances like drugs and weapons:

”His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet.”

The investigation revealed that it found 20 LSD blots in Kharodi Village, Malad. The Director of the Mumbai Unit of NCB – Sameer Wankhede – informed that the ”Crypto King” has connections with European drug dealers as he bought the narcotics from Europe:

”In November 2020, a team of NCB Mumai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using bitcoin.”

The NCB will conduct a further investigation on the case. As of the moment, it remains unclear what punishment Adivirkar will face.

The Dark Side of Crypto

Recently, another suspect was arrested for processing $25 million worth of BTC illegally. Kais Mohammad – a resident of the luxurious part of Los Angeles Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service.


ADVERTISEMENT

The criminal, also known as ”Superman29” pleaded guilty to the charges of operating unauthorized money transmitting business, money laundering, and so forth.

Mohammad was the leader of the illegal digital currency money services business – Herocoin – from December 2014 to November 2019. During this period, he offered Bitcoin-to-cash exchange services, charging fees of up to 25 percent – significantly above the usual market rate.

Interestingly, most of his clients were criminals and he never cared about the source of their funds. The US authorities even put into action undercover agents, who reached out to the outlaw for his services. They told him that their money comes from prostitution, human trafficking, and dark web activities, but Mohammad still did business with them and exchanged the cryptocurrency.

In addition to the two years that he has to spend behind bars, ”Superman 29” also agreed to give over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and $22,820 in cash to the authorities.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/indian-police-arrested-crypto-king-who-traded-drugs-for-bitcoin/

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Blockchain

Bitcoin to Surpass $98K by November: Stock to Flow Model

The Bitcoin stock to flow model, designed by PlanB, outlines a relationship between scarcity and value that has been a solid long-term predictor of cryptocurrency price trends.

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The S2F model is currently suggesting that, in the worst-case scenario, BTC will surpass $98K by November, which is highly optimistic given recent market developments.

S2F’s Methodology & Accuracy

Comparing Bitcoin to precious metals like gold and silver, PlanB has used statistics to outline a defined relationship between the value and scarcity of a given asset. The basic hypothesis is that the easier it is to produce a good, the harder it is for it to retain value, assuming demand remains stable.

PlanB notes that demand will be driven by predatory governments imposing negative interest rates, billionaires hedging against inflation, and institutional investors. This information, pieced together with the power laws and fractals observation that BTC’s price often centers around, has created a model that has proven to be fairly solid for the past 2 years.

Turbulent Waters Ahead

The road to a 6-figure BTC price won’t be smooth sailing. Whilst his latest tweet indeed paints an optimistic outlook for Bitcoin by the end of the year, PlanB also notes that there will be possible ‘weakness’ in the next few months due to a ‘more fundamental reason’ that he will reveal later on.


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The recent death cross formation might be a factor in this predicted weakness.

Long-term targets for BTC remain intact, and according to him, still, look better than ever, so it will be imperative for Bitcoin holders to weather the storm and HODL.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-to-surpass-98k-by-november-stock-to-flow-model/

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