According to Time magazine, Buterin is a top builder for having devised the uses of Ethereum. They criticize Bukele, calling him intolerant of those who question the words of his government.

Although 2021 is not over yet, Time magazine has already selected the 100 most influential people of the year. To the surprise of the crypto community, Ethereum creator Vitalik Buterin and Salvadoran president Nayib Bukele are on that list.

Time listed 27-year-old Russian-Canadian developer Buterin in the innovators category. Tesla CEO Elon Musk, General Motors president Mary Barra, and immunologist Barney Graham join him.

Alexis Ohanian, founder of Seven Seven Six and former CEO of Reddit, considers Vitalik a top builder. He clarifies that no one could have devised the uses of Ethereum, but it was necessary to start with the idea of one person.

The uses of Ethereum include the cryptocurrency Ether as money, stablecoins developed on that network, and decentralized finance (DeFi). The non-fungible token (NFT) industry and play-to-earn games are also part of this network.

Ohanian believes that Vitalik Buterin has opened a new world and created new ways to take advantage of blockchain technology. The businessman admits that he has invested money in the Ethereum ecosystem.

According to Time, Nayib Bukele Does Not Accept Criticism or Opposition

Nayib Bukele is in the leader’s category, sharing the stage with 19 other people. US President Joe Biden, former President Donald Trump, Chinese dictator Xi Jinping, and Italian economist Mario Draghi joined him.

In July, the authorities expelled Mexican Daniel Lizárraga, of the digital newspaper El Faro, from El Salvador. They justified that fact by claiming that they could not confirm that he was a reporter.

El Faro published an investigation into negotiations between the Salvadoran government and gangs. Lizárraga said the president dismissed the report in a tweet and later accused that media outlet of lying.

For that reason, Time describes Bukele as a president who has not tolerated criticism or opposition. It states that Bukele would harm those who question the government on the social networks and send them to the authorities.

Supporters and detractors of the president expressed their opinions on why the accusations by Time are true or false. Twitter user @Tonyg909 believes that El Faro has lied, as the judges were corrupt. He said that Bukele has only helped people after 30 years of continued corruption.

User @escycom considers that the choice of the president of El Salvador as a prominent personality is a joke.

In the description of Time, they do not mention the fact that brought Bukele to the front pages of the newspapers worldwide. For the crypto community, that event has been one of the most relevant in 2021: the enactment of the Bitcoin Law.

Bitcoin became legal tender in El Salvador as a result of a bill from the president. That led the Central American country to become the first where something like this takes place.

By Alexander Salazar

The current demand for NFT is one of the first causes of the high fees on Ethereum. The proposal intends to migrate the tokens so they can depend 100% on the main chain.

Vitalik Buterin, the co-founder of Ethereum, has started a mission to find new ways to solve the saturation of the network. Now, the high demand for non-fungible tokens (NFTs) is the one causing it and also causing fees to reach high rates.

 Buterin highlighted a new measure that focuses on migrating the NFTs to second layers of Ethereum, such as rollups. The action would not do it through a single rollup but through an interoperability system that turns the NFTs into an active mode in many rollups.

The proposals got posted by Vitalik Buterin within the Ethereum Research Forum, dedicated to researching new setups and improvements in this general-purpose blockchain.

The Russian-Canadian developer suggests creating “wrapped-NFTs” or wrapped-NFTs. These could get mobilized and traded between the different Ethereum rollups.

Rollups are second-layer solutions that basically “roll” various transactions into one and thus allow way more transactions per second (TPS) to get processed outside of the first Ethereum network.

The zkSync 2.0 rollups, which are currently going through a testing phase, can process up to 20,000 TPS, while the mainnet can only process 12-20 TPS in its current status.

The main point of Buterin’s proposal is the independence of a single rollup. While these rollups bring reduced commissions, using one can be injurious because, in case a failure happens, the NFTs would get trapped.

Using various rollups avoids this dependency model. Also, if a failure occurs, the trapped NFTs could be migrated through the proposed system to another rollup or the main chain.

The Creation of Wrapped-NFT

The Ethereum creator’s proposal focuses on the creation of wrapped-NFT (WNFT). These tokens would be items that represent other tokens within the rollup. The original WNFT would meet its storage on the Ethereum blockchain through a smart contract that would help as a security vault.

The most prominent feature of this concept relies on the mobility of the WNFTs when they face a transference.

If a chain of exchanges takes effect within a rollup, the last holder of the WNFT who opted to claim this chain will possess this chain of exchange vouchers, so it would validate the holding on the NFT to get claimed.

This policy would also be effective for NFTs that get transferred between rollups, which would also generate receipts.

Vitalik Buterin’s Proposal Presents Various Challenges

One of the first challenges within this model posed by Vitalik Buterin is that not all the rollups that currently work on the Ethereum network will be active. The rollup needs to make use of the EVM or Ethereum virtual machine, which is the one that allows the execution of smart contracts.

Rollups such as Arbitrum allow the full use of the EVM. On the other hand, zkSync 1.0 can not allow its complete execution. It limits the smart contracts that can get deployed in them.

Another challenge is in the adoption and implementation of this model on all NFT platforms. For now, NFT’s platforms are focusing on the Ethereum mainnet. The use of rollups represents an operational cost for the adoption and migration of NFTs.

By: Jenson Nuñez

Villar highlighted that there is a consensus to encourage a new payment infrastructure. The Central Bank is looking for alternatives to reduce the use of cash.

The Bank of the Republic of Colombia Manager, Leonardo Villar, revealed various winks to bitcoin. He explained that the country needs a payment system to link and include every user with less cost than the current options.

During the “Comprehensive Risk Management” congress, created by chairmen and executives from the insurance sector, Villar opened a conversation about creating alternatives to reduce the use of cash.

In this sense, the manager believes that the interest of the population should go towards low-cost payment that is secure enough so that these users do not want to use cash.

The manager of the financial institution seemed to be friendly with bitcoin because it is the safest payment method. He had shown sympathy for the currency, even above traditional systems, such as credit cards, debit cards, or bank transfers.

Villar unveiled so many references to bitcoin that the president of the Association of Fiduciaries of Colombia, Germán Arce Zapata, advised him that cryptocurrencies would be a live experiment conducted by the president of El Salvador.

The official mentioned, back then, the need to distinguish between cryptocurrencies and the creation and further development of digital payments.

A digital Currency from a Central Bank

Leonardo Villar recognized that cryptocurrencies are structures with features that could be interesting for the future. However, he considers that, above all, it is necessary to regulate these currencies.

The manager had made efforts to distinguish cryptocurrencies from what he calls instant digital payment systems. Regarding this situation, the manager said there is absolute consensus on the need to promote cryptocurrencies in the country, although it was not entirely clear about the subject.

Despite this situation, the first financial institution in Colombia is currently studying the possibility of leading its efforts towards new developments. Among these projects, there is a central bank digital currency (CBDC).

The situation might gain strength if it parts from the speech of the senior officers that also mentioned the challenge facing the Banco de la República to strengthen payment alternatives.

Last July, Colombia managed a bond on a blockchain. This bond happened with the idea to incorporate new technology for the Colombian stock market.

This initiative got promoted by the Davivienda bank and the IDB group, including the Inter-American Development Bank, IDB Invest, and IDB Lab.

As detailed by the central bank of Colombia, a pilot plan is active, and the institution also took part as an observer node in the blockchain network.

Among the potential benefits, there is a mention of the possibility of reducing operating costs, optimizing process times, improving traceability and security of securities operations.

By: Jenson Nuñez

According to Michael Saylor, a proper regulation for Bitcoin would set much clearer rules and pave the way for greater institutional adoption. It would also establish measures that will help reduce the volatility seen in the price of digital currency.

MicroStrategy CEO Michael Saylor highlighted that Bitcoin would greatly benefit if regulatory frameworks get designed to tailor all the cryptocurrency industry.

Saylor’s thoughts came about during an interview led by the Bloomberg news agency. During this interview, Saylor exposed some topics of interest related to cryptocurrencies; he also offered some perspectives on the regulatory landscape.

 Saylor spoke about regulations and how they affect Bitcoin. The chairman highlighted that, by creating better regulations, a positive effect could emerge for both the digital currency and the market. These regulations would increase its popularity among interested people, attract greater institutional adoption. It would even reduce the volatility present in their prices.

Bitcoin Trading is a Big Boom

Saylor’s statements came at a very shaking moment for the Bitcoin market, right after trading above USD 52,000 per unit. On September 7, the digital currency faced a considerable fall that took its price below USD 46,000.

Although the barrier of USD 48,000 is now around again, the short-term constant seems to be the volatility that shakes the market, so it is not clear which direction the price will take in the upcoming days.

The trading evolution of Bitcoin receives direct influence from the legal and economic landscape that surrounds it.

For Saylor, the technological disruption has made him describe the digital currency as the leading asset reserve of value, and it will keep working for at least 30 years more.

During the interview, Saylor highlighted that his company is very clear about its efforts regarding Bitcoin. After recently acquiring another 5,050 BTC this month, the company’s total balance sheets surpass 114,000 bitcoins, managing far more capital than some of the companies listed on the S & P500.

What is Happening in El Salvador

During the interview, the news regarding El Salvador also appeared. El Salvador is a country that, ten days ago, made Bitcoin official as legal tender, a measure that has generated protests and heated demonstrations in recent hours.

Saylor ratified that despite everything seen, the measure remains positive since this step made El Salvador the first country to adopt the most relevant technology of the decade.

According to the businessman, it is normal for opinions to clash due to the magnitude of the measure. This decision had led to protests that reached far beyond a peaceful manifest. The businessman still believes it would be beneficial for the nation in the future.

Saylor mentioned that around 500,000 residents downloaded Chivo Wallet and received USD 30 in Bitcoin. Saylor described these transactions as an extraordinary event.

By: Jenson Nuñez

Crypto exchanges in India take one final blow: the most relevant bank’s payment blocking.

The State Bank of India, SBI, the first country’s public sector bank, has set a blockage to payments in cryptocurrency on its Unified Payment Interface (UPI), according to a report conducted by The IndiaTimes.

The UPI payment mechanics let users transfer funds to other accounts using UPI addresses similar to email accounts that can link to bank accounts.

SBI has asked payment processors to set a blockage procedure for all payments to crypto exchanges. It means that crypto investors in India cannot use SBI’s UPI payment method to manage transactions on exchanges.

Over the past six months, exchanges in India have increasingly faced banking challenges. In May, SBI’s Cards and Payment services sent emails to their clients demanding clarification for cryptocurrency-related transactions.

The email mentioned an old central bank circular from 2018 prohibiting banks from managing any type of crypto businesses, which was struck down by the country’s highest court last year.

At the time, the email warned customers not to deal with cryptocurrencies and threatened suspensions or account closures in the event of non-compliance with their demands.

ICICI Bank Reportedly Blocked Crypto Payments

HDFC Bank had sent similar emails to its clients at the same time. Earlier in the month, ICICI bank, the country’s most relevant entity, had blocked crypto payments. On May 31, the Reserve Bank of India stated that its 2018 got struck down by the Supreme Court.

However, the RBI statement did not order banks to restart services to crypto companies, despite having the authority to do so. Following the statement from the Reserve Bank, the HDFC and SBI retracted their emails.

Over the following months, exchanges had kept negotiating with banks to restart services, while the only available mode of payment was through mobile wallets. For example, the crypto exchange WazirX, owned by Binance, only allowed payments through the MobiKwik wallet.

However, the transaction limits and wallet charges made customers wary of making crypto transactions Forkast account.

In September, a lot of exchanges reintroduced payments through net banking supported by select banks. The list of supporting banks counts on big names like Deutsche Bank, Federal Bank, Indian Overseas Bank, and Punjab National Bank.

On the other hand, WazirX had also reintroduced payment through the UPI feature, which got suspended once again. CoinDCX, however, still allows payments using the UPI method.

Regulatory Challenges Have Entered into a Grey Zone

WazirX CEO Nischal Shetty told IndiaTimes that they are trying to discuss and present new points to SBI. WazirX complies with KYC and AML policies.

The latest banking challenge arrived even though cryptocurrencies are currently in a regulatory grey zone. The RBI has clarified its stance against cryptocurrencies and has proposed a blanket ban.

The country’s crypto bill is still awaiting approval from the Union Cabinet. The subject will open discussions in the next session of parliament if cabinet approval comes in November.

By: Jenson Nuñez

The burned ATM was one of 200 recently installed in El Salvador. The protesters include the Bitcoin Law in a list rejecting other government measures.

A week after El Salvador became the first country worldwide to accept bitcoin (BTC) as legal tender; the demonstrations by opponents of the government of Nayib Bukele left the burning of one of the Chivo ATMs installed as a balance in the capital of the country.

According to the information revealed on social networks, this September 15, protesters invaded the streets of San Salvador to stand against the government.

Opponents rejected many of Bukele and his recent moves, including the chance of presidential re-election and the enactment of the Bitcoin Law.

The protesters also questioned the reforms to the Judicial Career Law that make it easier for the Supreme Court of Justice to transfer or dismiss judges or magistrates, which many consider a lack of respect for the separation of powers.

The day of marches, which had peacefully taken place, closed with an incident involving an ATM that served to operate with the ‘Chivo’ electronic wallet, launched by the government last week, got reduced to ashes in the Historic Center.

The Commemoration of the Bicentennial of the Independence of Central America from Spain

Before the fire, the protesters had written, on the windows that protected the ATM, A slogan against Bukele appeared in the images revealed in a tweet by Diario El Salvador. Some videos also show how they then proceeded to set the machine on fire.

The protesters had left peacefully from various parts of the city with banners consigning slogans about respect for the Constitution and others with a position against the dictatorship, resistance, and popular rebellion. They all agreed to meet in the historic center of the city, as the report said.

There has not been a direct pronouncement from the Salvadoran president regarding these events, except to retweet a comment highlighting how the vandalism received negative criticism.

Salvadorans: For and Against Bitcoin

On September 14, the Salvadoran leader presented on Twitter a balance of the use of cryptocurrency one week after the Bitcoin Law came into effect.

Bukele explained the installation of some 200 ATMs in different parts of the country and the corrections in the Chivo portfolio.

He also highlighted the activation of 50 ATMs in the US cities of San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo, and McAllen.

The president spoke of an increase in the number of businesses that accepted payments in bitcoin or dollars, even using applications other than the Chivo Wallet wallet.

The businesses highlighted by the president in his tweet are Super Selectos, Dollar City, Pollo Campero, Don Pollo, Wendy’s, Banco Cuscatlán, and Farmacias San Nicolás.

These businesses joined the McDonald’s and Pizza Hut franchises in El Salvador. These two franchises announced their acceptance of the new payment method. On the other hand, Banco Agrícola, a private financial institution, started to create a new app for BTC.

By: Jenson Nuñez