The US government continues to print money uncontrollably to weather the current economic crisis, while Bitcoin is the subject of new regulations in Russia and China. These news and more in this practical summary so that you are always up to date with the most recent events occurring within the crypto world.
đź“ŤThe uncontrolled printing of money by the United States has several important experts and economists worried. It is estimated that the economic measures currently implemented to counter the COVID-19 crisis will lead the nation to suffer one of the worst inflationary periods in history. Peter Schiff, an expert economist, argues that the paper money printed by the Federal Reserve (FED) will significantly lose its value. In addition, Dan Morehead, CEO of Pantera Capital, claimed that the recent printing of money exceeds the amount the United States had used over the past 2 centuries. Morehead argues that Bitcoin It is a feasible solution to escape the current crisis and hyperinflation. For his part, the president of the FED, Jerome Powell, stated that the current pandemic has caused serious and considerable damage to the US economy.
đź“ŤThe Beijing Arbitration Commission (BAC) published a report in which he exposes several nuances about trading operations with Bitcoin. For example, operations with cryptocurrency They will not be prohibited in their entirety within Chinese territory, since Bitcoin acts as a digital property, although the exchange of any cryptocurrency against the legal tender in the country, the yuan, is prohibited.
đź“ŤMeanwhile in Russia, the president of the nation, Vladimir Putin, signed a new law which will come into effect from January 1, 2021, which prohibits the use of Bitcoin and other cryptocurrencies to make payments for products, goods and services within the territory of the Russian Federation. This is despite the fact that Bitcoin is accepted within the nation as a digital asset for savings and investment.
đź“ŤThe network of Ethereum Classic divided again, as reported recently Bitfly in your Twitter account.
Although it is not certain whether the fork is the product of an error or a 51% attack, several blockchain research companies point out that this type of behavior is almost always linked to an attack. Furthermore, the data shown by Crypto51 point out that an hour of 51% attack on the ETC network would only cost about $4.700 USD, considering that the network currently has one of the hash rate lowest in its history.
đź“ŤThe exponential growth of DeFi continues, now decentralized finance ecosystems exceed the 4,2 one billion dollars blocked on different platforms, such as MakerDAO, Compound, Aave, Synthetix y Corners Finance.
Continue reading: In Iran, industrial-scale power plants will now be able to mine Bitcoin
