Značka: Bills

Spanish lawmaker sees opportunity amid Kazakhstan’s Bitcoin mining collapse

Deputy for the Spanish Ciudadanos political party María Muñoz has proposed a bill to make Spain a Bitcoin mining hotspot following the internet shutdown that caused a mining outage in Kazakhstan.The lawyer and economist Muñoz was steadfast in her support of Spain as a Bitcoin (BTC) destination, in a tweet on Friday: “The protests in Kazakhstan have repercussions all around the world but also for Bitcoin. We propose that Spain positions itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient and safe sector.”A two-page open letter accompanied the tweet directed at the Spanish Congress of Deputies. First, Muñoz highlighted the significance of the protests and the government’s response which used “all the strength of the police and the army,” before the government switched off the internet to the largest Central Asian economy. She cited a Cambridge Centre for Alternative Finance study that put Kazakhstan as the second-largest Bitcoin miner worldwide, contributing an estimated 20% of the hash rate in the second half of 2021. The government’s decision to effectively pull the rug out from under Kazakhstan’s Bitcoin miners caused the hash rate to plummet a reported 13.4%.These events inspired pertinent questions for the pro-Bitcoin lawmaker:What information does the Spanish government have on the impact of the Kazakhstan internet blackout on the Spanish crypto mining industry? Will the government take measures to attract investors and miners fleeing the Kazakhstan mining industry? What data does the government have regarding the energy efficiency of Bitcoin and the growth of the mining industry?A proven proponent for the Bitcoin network, her party Ciudadanos, or “Citizens,” proposed a national strategy on cryptocurrencies in October last year. Her party seeks to position Spain as a pole for investments into cryptocurrencies from the European Union and the world — and Bitcoin mining could be the catalyst. As Bitcoin hash rate fluctuations have shown time and again, mining infrastructure is not geographically restricted. China’s mining ban, for example, was to the benefit of Kazakhstan and Kosovo. Alan Konevsky, chief legal officer at PrimeBlock, explained last year’s mining changes to Cointelegraph: “Mining companies including those that relocated after the China regulatory changes, set up in countries like Kazakhstan and Kosovo because the cost of electricity is much cheaper than in North America.”This was shown in Kazakhstan’s growing hash rate in 2021. However, in a premonition to what could take place in Spain, Konevsky goes on to explain: “If mining becomes a complete non-starter in these countries, we could see miners relocate. This industry is mobile, to a point — but as it matures it requires stability, including stable political climate and stable inputs, including energy.”Muñoz hopes that Spain harbors these Bitcoin-friendly factors. However, one of BTC’s biggest headwinds may be political. Her tweet inspired ridicule from rival Green party member Ernest Urtasun, a European Parliament member. Labeling her proposal a “bad joke” in a tweet, he said BTC mining is “an environmental aberration.” Muñoz and her Citizens party clearly have their work cut out.

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Turkey’s crypto law is ready for parliament, President Erdoğan confirms

Turkey’s President Recep Tayyip Erdoğan has reportedly confirmed the completion of a crypto law draft that will soon be shared with the Parliament for mainstream implementation in the country.In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. As reported by local media NTV, Erdoğan said that the cryptocurrency bill is ready, adding:“We will take steps on this issue by sending it to Parliament without delay.”Acknowledging the country’s recent inflationary episode, Erdoğan said that the currency event is not related to mathematics but a matter of process — implying a possibility and potential of lira’s value growth:“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”With the introduction of the new crypto law, the president envisions Turkey to become one of the 10 largest economies in the world. Speaking about the rising prices in the region, he shared plans to follow the people who change the labels of the price list organizers several times a day. “We want them to lower the dollar’s increases now,” he concluded. Related: Bitcoin hits new all-time high in Turkey as fiat currency lira goes into freefallOn Nov. 23, Bitcoin holders in Turkey avoided an accelerating currency collapse as the lira lost 15% against the U.S. dollar in a single day. BTC/TRY 1-day candle chart (Binance). Source: TradingViewAs Cointelegraph reported, the fiat currency’s fall resulted in Bitcoin (BTC) reaching a new all-time high against the Turkish lira. The BTC/TRY trading pair reached 723,329 Turkish lira on Binance.

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Bitcoin book for American policymakers gets 5x funding on Kickstarter

A group of eight Bitcoin (BTC) enthusiasts launched a Kickstarter campaign to publish an educational book for America’s federal policymakers, to reduce their reliance on the traditional media narrative on cryptocurrencies. The campaign managed to attract $23,151 in funding, nearly five times the goal of $5,000. The book was conceptualized soon after the United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which mandates stringent reporting requirements for the crypto community. According to the authors: “We set out to write a book to help policymakers understand where Bitcoin users are from and what they care about. We want to dispel the notion that it’s a nerd money and show how it’s impacting so many people in America.”Possible Book Cover. Source: KickstarterThe Kickstarter was launched by Jimmy Song, a Texas-based crypto entrepreneur and a seasoned author. Other authors include Annaliese Wiederspahn, Gary Leland, Pete Rizzo, Amanda Cavaleri, CJ Wilson, Charlene Fadirepo and Lamar Wilson.As per the schedule, the manuscript for the Bitcoin book has been drafted and will be finalized by the end of 2021. By January, the authors intend to have the audiobook and paperback available for sale, which will be supported by a “book launch event in Washington DC to promote this book.”While the Bitcoin book authors have already accounted for the initial funding of $5,000 for the book’s production, the additional funding will be invested in the book’s launch party:“As authors of this book, we recognized that the impressions in Washington were far from the reality and sought to correct this perception.”Related: Fed chair Jerome Powell says he isn’t concerned about crypto disrupting financial stability in the USSupporting the Bitcoin book’s effort to demystify the ecosystem for the regulators, Federal Reserve chair Jerome Powell hinted at a lack of concern about crypto disrupting the nation’s financial stability. As Cointelegraph reported, Powell also said that stablecoins have the potential to scale, “particularly if they were to be associated with one of the very large tech networks that exist.”

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