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Paraguayan Congressmen Propose New Bitcoin Bill

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Paraguayan lawmaker Carlitos Rejala has drafted and ready to propose the new bitcoin bill to congress, according to TheStreet Crypto report.

After the leakage of the Bitcoin bill draft disclosed to the public Tuesday, Paraguayan congressmen Carlitos Rejala and his companion’s politicians have created the bill and ready to propose to the congress for regulating Bitcoin and cryptocurrencies in this South-American country, according to local media TheStreet Crypto report Wednesday.

According to the report, the objective of the new bill is to “regulate the activities of production and commercialisation of cryptocurrencies”.

Actors who intend to conduct crypto mining are requested to get virtual assets mining licenses; these mining operations will also be approved and overseen by the authority. The legislation will categorise the mining activities as “innovative and elector-intensive industry”.

Rejala welcomed the proposal on Twitter, saying the proposal will allow Paraguaya to get an advantage from this virtual currency, describing it as a competitive industry and plans to lead in sustainable Bitcoin mining by “safeguarding and optimising renewable energy”.

The big day has finally arrived. The future is now #Bitcoin.”

Yet, the market tends to remain cautious and polarized about the new bill. “It is important to see if the actual bill turns out to be ‘crypto-friendly’ because in some cases governments have promised to regulate crypto, but the actual legislation was underdeveloped and put excessive scrutiny on companies and individuals,” Kirill Suslov, CEO of trading app TabTrader said.

On the other hand, “Being regulated (the bill) should take away the risk for investors, which makes it easier to attract capital,” said Ruud Feltkamp, CEO of crypto trading bot Cryptohopper.

The market also concerns about the issue of the circulation of Bitcoin. About 90% of Bitcoins in existence haven’t been converted to fiat currency in over a year, according to JPMorgan’s report, which was cited first by Bloomberg. Most of the Bitcoin that people own could be being held in virtual crypto wallets, which means a large part is not being converted to fiat currencies and being locked up in illiquid entities.

 

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Source: https://Blockchain.News/news/paraguayan-congressmen-propose-new-bitcoin-bill

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Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

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Ethereum (ETH) was up by 9.72% in the past week to breach the psychological price of $2K during intraday trading. ETH’s price stood at $2,056 as the second-largest cryptocurrency continues to gain momentum.

Market analyst Lark Davis believes that the upgrade of Ethereum 2.0 will prompt a 90% daily emission reduction from 12,800 to 1,280. He explained:

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Ethereum 2.0, also known as the Beacon Chain, was launched in December 2020 and was regarded as a game-changer that seeks to transit the current proof-of-work (POW) consensus mechanism to a proof-of-stake (POS) framework.

Davis also noted that Ethereum would experience “Triple Halving” as part of the ETH 2.0 upgrade, a highly significant economic event for the asset’s price in the coming years.

Ethereum whales cumulatively hold 60.52 million ETH

According to on-chain metrics provider Santiment:

“Ethereum whales that hold between 10k and 1 million ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since in 5 weeks, and represents a 1.65million ETH accumulation in the past 6 days.”

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Therefore, ETH whales continue investing in this asset, which indicates high confidence levels.

Ethereum has been making headlines based on its notable strides. For instance, ETH has had an impressive return on investment (ROI) of 171% this year compared to tech stocks like Microsoft, Facebook, and Apple. Furthermore, Davis had previously noted that Ethereum was settling three times more value on-chain than Bitcoin daily. 

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Source: https://Blockchain.News/analysis/ethereum-is-expected-undergo-a-90-percent-daily-emission-reduction-following-eth-2.0-upgrade

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The Central Bank of Nigeria to Conduct its Central Bank Digital Currency Pilot on October 1

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The Central Bank of Nigeria (CBN) officially announced that it will officially pilot its central bank digital currency (CBDC) on the Hyperledger Fabric blockchain on October 1.

Rakiya Mohammed, Director of Information Technology at the Bank of Nigeria, stated in a webinar that it is possible to conduct a corresponding proof of concept (POC) by the end of this year at the latest.

According to reports, this project “GIANT” will operate on the Hyperledger Fabric blockchain, dedicated to providing private companies with blockchain-based products, solutions, and applications.

The Central Bank of Nigeria stated that about 80% of central banks worldwide are issuing CBDC or have already issued their CBDCs, including Thailand, China, the United States, South Korea, Ghana, Philippines, etc.

Nigeria’s Central Bank also stated that Nigeria also needs to join the CBDC track to facilitate the macro-control of the country and the facilitation of cross-border trade.

As early as before, Nigeria has always maintained a hostile attitude towards cryptocurrencies. As reported by Blockchain.News on February 8 this year, the Central Bank of Nigeria (CBN) has doubled down its efforts to cripple cryptocurrency transactions in the country, stating they are a breeding ground for illegal activities.

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Source: https://Blockchain.News/news/the-central-bank-nigeria-conduct-its-central-bank-digital-currency-pilot-october-1

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Bitcoin is Moving to Strong Hands as Small Holders are Proving to be a Rising Force

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Bitcoin has found itself in a swing position for more than two months now based on its stagnation in the $30-$40K range. This situation has been caused by low volatility and intensified crackdown on crypto mining by Chinese authorities. 

The battle between long-term and short-term holders has also played a part in their contrary positions in the BTC market. For instance, as long-term BTC holders kept on accumulating, their short-term counterparts continued selling, resulting in a stalemate.

However, on-chain analyst Will Clemente believes that Bitcoin is moving to strong hands given that its supply shock is at levels witnessed at the $50-$60K range.

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Strong hands are investors who indulge in an asset for future purposes other than speculation. Smallholders are a rising force. According to crypto analyst Willy Woo:

“ Bitcoin continues a 12 year trend of distributing evenly. Small holders are a rising force.”

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Therefore, smallholders cannot be ignored as they sold 428,749 BTC in May, and this is one of the reasons why Bitcoin nosedived from a record-high of $64.8K hit in mid-April. Moreover, on May 19, BTC shed off 30% of its value on a single day, making it go below the 200-day MA indicator for the first time since March last year. 

Bitcoin’s short-term interest declined by 43% from an all-time high (ATH) experienced in February, triggering low volatility in the market. 

As a result, crypto trading volumes in exchanges dropped by more than 40% in June. For instance, spot trading volumes fell by 42.7% to $2.7 trillion, while derivative volumes dropped by 40.7% to hit $3.2 trillion. 

With Bitcoin moving back to strong hands, it remains to be seen whether this jumpstarts the top cryptocurrency back to winning ways. 

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Source: https://Blockchain.News/analysis/bitcoin-is-moving-strong-hands-small-holders-are-proving-to-be-a-rising-force

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Crypto ATM Operator Bitcoin Depot to Place Thousands of ATMs in Circle K

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Bitcoin Depot, a Bitcoin operator, based in Atlanta, Georgia, announced its cryptocurrency ATM business expansion to Circle K convenience stores in more than 30 states in Canada and the United States.

Reportedly, more than 700 cryptocurrency ATMs will be provided to customers for purchasing more than 30 cryptocurrencies, such as Bitcoin, BTC, and Ethereum, which will install in large chain retail stores Circle K.

The company claims that it has accumulated more than 3,500 encrypted ATMs in Canada and the United States.

Bitcoin Depot also stated that this cooperation with Circle K aims to meet the needs of public investors for cryptocurrency investment to have the opportunity to access cryptocurrency ATMs in most places where they may go to complete the simplest, convenient, and most Fast cryptocurrency transactions.

The CEO of Bitcoin Depot, Brandon Mintz, said that:

“We’re thrilled to create a long-term, strategic partnership with Circle K and to expand our footprint internationally with a global leader in convenience and fuel retail. Circle K understands that cryptocurrency will be a growing part of the future economy and payments landscape.

“By adding Bitcoin ATMs to the Company’s stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set itself apart from other retailers with this new technology,” Mintz added.

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Source: https://Blockchain.News/news/crypto-atm-operator-bitcoin-depot-to-place-thousands-of-atms-in-circle-k

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