Autor Cointelegraph By Arnold Kirimi

Kazakh ministry halts illegal crypto mining operations

Kazakh ministry halts illegal crypto mining operations

Uverejnil používateľ | feb 22, 2022 |

The Kazakh Ministry of Energy announced that it has discovered and terminated 13 cryptocurrency mining operations. The government executed the shutdown as part of its efforts to regulate the Bitcoin (BTC) mining sector, which has grown increasingly popular in recent years.As per the official statement, the miners were using a lot of energy, with a total power consumption of 202 megawatts. According to the Kazakhstan government, efforts to identify and disconnect mining farms from the electrical networks will continue. Following the discovery of illicit mining operations, authorized bodies will take operational and investigatory actions.As the planet’s second-largest Bitcoin producer after China’s crypto crackdown, power consumption in Kazakhstan has skyrocketed. As reported by Cointelegraph, Kazakhstan was home to over 18% of the world’s Bitcoin hash rate as of August 2021, trailing only the United States. In April, before China’s mining crackdowns, the figure was just 8%.In June 2021, the president of Kazakhstan approved the creation of a tax category for Bitcoin mining, which was perhaps motivated by China’s anti-Bitcoin attitude. In 2021, due to Chinese authorities’ hostility, Chinese BTC mining businesses like Canaan and BTC.com relocated to Kazakhstan.Although the mining industry has been largely concentrated in the country for some time, it looks set to lose its hash rate share due to various reasons, according to several sector executives as reported by Cointelegraph. This would most likely cause Kazakhstan to depart from the top three BTC mining countries in the index update, expected next month. Related: Kazakhstan’s central bank reports results on CBDC pilot projectOn Feb. 8, the Kazakh president ordered a cabinet-level investigation of cryptocurrency mining, with Kazakhstan’s First Vice Minister of Finance Marat Sultangaziyev proposing power price hikes for crypto miners. According to reports, although President Tokayev is not against mining himself, miners must obtain licenses and pay electricity bills on decent terms, as well as pay taxes.

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Crypto Twitter is not happy with the name and logo of Jamaican CBDC

Crypto Twitter is not happy with the name and logo of Jamaican CBDC

Uverejnil používateľ | feb 22, 2022 |

The Bank of Jamaica revealed the name of its upcoming central bank digital currency (CBDC) after a design competition, only to receive backlash from the local crypto community. The central bank of Jamaica announced on Twitter that it had chosen the name “Jam-Dex” along with the tagline and logo for its upcoming CBDC, scheduled for late 2022. While the project is promising, its name could be easily confused with a decentralized exchange (DEX), and its logo is “terrible,” according to the community response.The name Jam-Dex is said to be taken from Jamaican Digital Exchange, with the slogan “no cash, no problem.” It was picked as the winner by the central bank following a competition. While the winner took J$600,000 ($3,800) home, the community is somewhat left unsatisfied with the result.. Is it a CBDC or a DEX? And I appreciate the attempt at crowd sourcing the design – fairly Web 3 of you but… this logo cannot work. It should have been put to a broader voting mechanism – the panelists let you down here big time— Jaymeon Jones (@Jaymeon__Jones) February 18, 2022In the cryptocurrency world, a ‘DEX’ usually refers to a decentralized exchange. A decentralized exchange refers to an exchange where there is no centralized authority, but rather a network of peer-to-peer nodes. These nodes allow users to trade directly with each other without any intermediaries involved. In this model, the control of your funds lies in your hands and you trade directly with another person.The local crypto community was eager to see the rejected designs:Can we see some.of the rejected designs?— Zj Sparks 九 (@Sparkiebaby) February 17, 2022

Some of the other competitors were not happy with the end result, either:Can’t believe this beat my design lol :Image 2 (mines) pic.twitter.com/9qHdZPIFkF— Jamaican Investor (@Jamaican0071) February 17, 2022

Another user argued that judges had “outdated” standards:We actually have a problem where the judges have out-dated standards, which discourage local designers who apply more international standards to their designs.— Jeyded (@jeyd_ed) February 17, 2022

Others were simply concerned about the project would not be taken seriously due to its logo:The Logo is terrible at this point no one will take you serious like seriously you want to go in the most advanced state of money but your logo was created by a 5yo mind smh that’s what you are projecting why would people who understand this space would invest here— crypto carib (@OnceAga55838598) February 19, 2022

As reported by Cointelegraph, Jamaica revealed its plans to launch a CBDC in 2020 as an alternative to cryptocurrencies, making it one of the Caribbean countries to do so. The country’s central bank distinguished CBDCs and other cryptocurrencies, stating that cryptocurrencies do not entirely fulfill the requirements of money and are not always backed by a core authority.Related: Central Bank of Kenya seeks public input on potential CBDCNigeria was one of the first countries in the world to launch a CBDC that is open to everyone. The United States is currently evaluating the prospects of a digital dollar. El Salvador, on the other hand, has taken a different approach. The Central American nation has embraced Bitcoin fully instead of developing its own digital currency.

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Browser-based metaverse Portals aims to remove the need to get a VR headset

Browser-based metaverse Portals aims to remove the need to get a VR headset

Uverejnil používateľ | feb 11, 2022 |

Metaverse startup Portals has raised fresh funds to finance its browser-based metaverse that allows people to enter without virtual reality (VR) equipment.Portals co-founder Adam Gomez told Cointelegraph that a browser-based platform lowers the barrier to enter metaverse for many people. Simply clicking a link would allow users to enter the metaverse or someone else’s space. He added that users shouldn’t have to get a VR headset or a gaming PC to enter or shape the metaverse.Powered by Solana blockchain, Portals metaverse works on a web browser such as Google Chrome or Microsoft Edge. It allows people to build their own personalized virtual space in the metaverse.Portals announced the completion of a $5 million seed funding round on Friday. Led by Greylock Partners, with participation from Multicoin Capital, Solana Ventures, Foundation Capital, Alameda Research, Sino Global Capital, The Chainsmokers’ Mantis VC, Wave7, Cultur3 Capital, SkyVision Capital and MonkeVentures – as well as notable individual investors like Justin Kan and Robin Chan. The metaverse has become a mainstream topic over the past couple of months as platforms like Facebook and Microsoft have entered the race to build a virtual world for VR. Portals now joins that list as it brings its browser-based alternative to those major players.According to Gomez, the objective is to “make Portals downtown the metaverse’s finest city,” home to millions of residents and visitors. He says that visitors will be able to listen to records, attend concerts, shop and do other popular metaverse activities.”It would be like if Apple and Nintendo partnered up to build an open, fun, 3D layer of the internet that people could interact with, and everyone — crypto-natives or not — could form communities, design storefronts and play user-built games in the city center arcade.”Related: Religious services move to metaverse amid COVID-19 concernsThe metaverse is quickly becoming one of the most popular ideas for 2022. According to recent data, the metaverse industry has more than $26 billion in market capitalization. New capacities are being added to virtual worlds to create more immersive experiences, while new capabilities are also being developed to improve existing ones.

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Central Bank of Kenya seeks public input on potential CBDC

Central Bank of Kenya seeks public input on potential CBDC

Uverejnil používateľ | feb 10, 2022 |

The Central Bank of Kenya (CBK) has published a discussion paper on its central bank digital currency (CBDC), seeking public input on the potential benefits and risks and regulatory issues of introducing a CBDC in Kenya.In a statement, the CBK has highlighted that using a CBDC might improve cross-border payments by making them more efficient and less expensive. The regulator says that CDBC solutions can flatten the multi-layered correspondent banking structure and shorten payment chains in a discussion paper exploring the future use of a digital currency:“A key opportunity where CBK sees potential value is the use of CBDC in facilitating cross-border transactions, while it is difficult to quantify the benefits, CBDCs may have the potential to lead to efficiency gains by flattening the multi-layered correspondent banking structure and shortening the payment chains.”The watchdog has given Kenyans until May 20 to submit their comments on the paper that examines the dangers and possibilities of CBDC, which has already been implemented in several nations worldwide, including Nigeria. The CBK will gather comments on the issue for 100 days through an online form.Press release: Issuance of Discussion Paper on Central Bank Digital Currency (CBDC) for Public Comments. The Discussion Paper examines the applicability of a potential Central Bank Digital Currency (CBDC) in Kenya. pic.twitter.com/8vdcQNz7cG— Central Bank of Kenya (@CBKKenya) February 10, 2022CBDCs, according to CBK, may protect the public from the danger of new types of private money by providing safer and more trustworthy payment services than newly created forms of privately issued money, such as stablecoins. Nonetheless, it stated that CBDCs represent a risk for cyberattacks and various security issues, including data privacy concerns.The Kenyan government has yet to decide whether to implement CBDC. The latest discussion paper is meant to jumpstart a debate and provide a foundation for further study.Kenya has joined an exclusive cadre of nations that are either studying or have already started CBDC development. According to the Atlantic Council, as of June 2019, 91 countries are currently involved in sovereign digital currency research, with just 14 having advanced to the pilot stage. According to the information, nine nations have implemented a CBDC.Related: Nigerian president to unveil eNaira central bank digital currencyChina is currently the most advanced country operating a CBDC trial, dubbed the digital yuan, and the mobile application has already been downloaded over 20 million times since Jan. 4. As reported by Cointelegraph, Indian finance minister Nirmala Sitharaman revealed the launch of a digital rupee by 2022–23 to boost economic development.

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TMX Group Canada to unveil crypto futures product later this year

TMX Group Canada to unveil crypto futures product later this year

Uverejnil používateľ | feb 9, 2022 |

In response to institutional investors’ concerns about the risks of trading in a new asset class, TMX Group, Canada’s major stock market operator, has revealed plans to launch its first-ever crypto futures product.While speaking to Reuters, TMX Group’s John McKenzie said that the firm plans to release the product on the Montreal Exchange later this year. According to Mackenzie, “more institutional investors and dealers are […] holding more crypto assets within their portfolios or for their clients or in ETFs,” adding they are working on how to mitigate risk due to crypto’s huge volatility.Cointelegraph reached out to TMX Group for more details regarding this development. This article will be updated pending new information.Cryptocurrency assets have suffered significant drops in recent months as investors sought safer investments amid expectations of interest rate hikes by central banks. They’ve made progress in recovering some of their losses in recent weeks, with Bitcoin (BTC) regaining past the $42K mark and the price of Ether (ETH) pulling back to retest $3,000 support levels. The news from TMX Group arrives as cryptocurrencies are increasingly gaining interest from investors and organizations. The most well-known example is business intelligence software firm MicroStrategy, which has converted all of its cash reserves into Bitcoin and even raised debt to finance further purchases.Related: MicroStrategy CEO won’t sell $5B BTC stash despite crypto winterAs reported by Cointelegraph earlier this week, KPMG, one of Canada’s top accounting firms, added Bitcoin and Ethereum to its corporate treasury, becoming the latest big firm to convert a portion of its fiat assets into cryptocurrencies.Electric automaker Tesla was holding nearly $2 billion in Bitcoin on its balance sheet at the end of 2021, according to official records published on Monday. According to Bitcoin Treasuries data, forty publicly listed businesses now hold BTC.

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