What you need to know today in crypto and beyond June 25, 2021 Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf GETTING REAL: El Salvador President Nayib Bukele said Thursday the country’s Bitcoin Law, which makes the cryptocurrency legal tender, will come into effect on Sept. 7. The government will use the Chivo e-wallet, which will have $30 of bitcoin preloaded for everyone who downloads the app. Meanwhile, Athena Bitcoin, operator of bitcoin ATMs, plans to set up 1,500 new cash-to-crypto machines in El Salvador, after a $1 million funding.
SMART CITY: Colombia’s capital, Bogota, announced a $2.8 billion investment program to support finance blockchain companies as part of its $8 billion initiative to make the capital a “smart city.” Investments of between $10 million and $50 million will be made into 100 companies that will be advised on implementing blockchain technology into their business models. The program starts Friday.
REGULATORY ADVANCES? The majority of countries overseen by the Financial Action Task Force (FATF) have yet to put in place its requirements for firms that handle cryptocurrencies, according to the agency’s 12-month review of the “Travel Rule.” Separately, a day after Coinbase announced plans to enter the Japanese market, the country’s financial regulator warned Binance it is operating in the country without permission. Finally, Robinhood’s planned initial public offering (IPO) is reportedly facing delays due to its growing cryptocurrency business.
INFECTED: Monero-mining malware “Crackonosh” was found in 222,000 computers that were used for the download of illegal, torrented versions of popular video games such as NBA 2K19 and Grand Theft Auto V, a Thursday report from security company Avast found. The virus installs crypto-mining software, which has yielded its authors over $2 million worth of monero.
–Helene Braun & D.K.
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"Most people always criticized bitcoin because it wasn't mainstream. Now that it's mainstream, people are criticizing the fact that it's mainstream."
–Miami Mayor Francis Suarez, on CoinDesk's “First Mover.”
A message from CoinDesk EIP 1559: Ethereum's Fee Market Upgrade Explained CoinDesk Research's newest report dives into the economic impacts and investment implications of Ethereum Improvement Proposal (EIP) 1559. At its core, the code change is designed to make transaction fees on Ethereum less volatile and more predictable.
At the same time, EIP 1559 also poses several risks to Ethereum including risks of miner capitulation or revolt, technological risk in the form of unexpected bugs, and risk of user disappointment. In this report, CoinDesk Research gives an overview of how EIP 1559 works and its intended impact for investors, miners and users. Download the full report.
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–D.K.
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Putting the news in perspective The Takeaway El Salvador's Bitcoin Fee Problem There were two big pieces of news yesterday out of El Salvador, which – let’s all say it again – will become the first country in the world to treat bitcoin as legal tender. First, the South American country set a Sept. 7 date for the activation of its new currency. In the course of the announcement, President Nayib Bukele clarified that “the use of bitcoin will be optional,” which may reassure those concerned about any coercive elements of the law.
–David Z. Morris
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