Exchanges, ATMs, and custodial services will keep the Government informed about suspicious transactions. All Bitcoin addresses used to pay for products and services would remain linked to personal identities.

The Central Reserve Bank (BCR) of El Salvador recently issued the document Technical Standards to facilitate the application of the Bitcoin Law. The text describes how the Central American nation must comply with international regulations on preventing money laundering and terrorism financing.

The document appears on the BCR website a few days before the Bitcoin Law enters into force. On September 7^th, the pioneering cryptocurrency will acquire legal tender status in the Central American country.

Some experts believe that using Bitcoin (BTC) as money could lead to breaches of regulations from organizations such as the Financial Action Task Force (FATF). Whoever incurs this could receive various sanctions from those regulatory bodies.

To that end, the BCR document states that companies providing conversion services between Bitcoin and US dollars must comply with several measures. Those firms will include wallet providers adding this feature, escrow services, exchanges, and ATM companies.

Bitcoin Exchanges and ATMs to Report Suspicious Transactions to the Government

Since the regulations aim for strict controls, each company in the Bitcoin industry must form a committee to prevent money laundering. Its role will be to comply with the provisions against money laundering detailed that the NRP-08 guidelines of 2013 detail.

According to the guidelines, the entities must use computer tools to monitor the accounts and services they offer. The latter include asset, liability, and equity transactions.

The text adds that computer programs should generate alerts on transactions that deviate from the behavior expected of the customer.

The Central Bank stated that the companies in the Bitcoin industry would need to develop and implement training programs for their staff. That training will address issues like money laundering, terrorism financing, and mass destruction weapons.

There will be a Record of All Bitcoin Payment Transactions

Salvadorans can use ATMs, exchanges, or any service allowing the conversion between BTC and US dollars. However, there will be a record of all their payments for products and services.

The document explains that the customers of those companies must register their private data. To do that, they will use authentication processes, biometric records, identity document scans, geolocation, and IP address recognition, among others.

Bitcoin companies must keep a detailed record of customers who have made a suspicious operation. The FATF considers various actions of BTC users suspicious. They include buying crypto-assets at prices different from those in the market or making many small consecutive transactions. That organism also considers it suspicious that most of a client’s source of wealth comes from investments in cryptocurrencies.

Exchanges, custodial services, and ATM companies operating in El Salvador must keep all records of transactions. They must do so during the business relationship with their clients and for 15 more years after their connection ends.

Bitcoin Addresses Will Be Linked to Identities

Salvadorans who want more private transactions can use self-custody wallets instead of the official Chivo Wallet. However, when paying for products and services in BTC to duly registered counterparties, they must provide the required information. At that time, their identity will remain linked to the Bitcoin address that they have used.

Although it is possible to use multiple address wallets, a blockchain analysis with suitable tools will help infer which addresses belong to the same entity. Users in El Salvador are unlikely to massively use mixers or other instruments to unlink their Bitcoin addresses.

By Alexander Salazar

A private university in Ecuador proposes to educate students about investing in crypto assets. The Ecuadorian State is against these practices and has refused to debate their regulation.

As part of its Chair in International Finance, the International University of Ecuador (UIDE) will teach a course on investing in cryptocurrencies. Curiously, the government of that South American country advises against such activity and has expressed on several occasions that it rejects those assets.

The Faculty of Administrative and Economic Sciences announced that activity on its official website. They address this topic to educate their students about crypto assets, how they work, and the possibilities of investing in them.

The organizers say that investing in cryptocurrencies is similar to investing in coffee, gold, or other publicly traded assets. As with other investments, this can result in profit or loss. They state that this requires knowledge about the condition and behavior of that market so that investors can take advantage of the opportunities that arise. Those advantages are what they want to offer their students.

The UIDE is a private entity associated with the University of Arizona in the United States. The higher education institution faces this issue amid the Ecuadorian government’s rejection of investments in cryptocurrencies. However, the growing range of options that users have increasingly allows selling and buying them in Ecuador.

In April, a publication in the scientific journal FIPCAEC of Ecuador explained that the national government does not establish controls on cryptocurrency transactions. The author of that study believes that it is necessary to guarantee the right to participate in the social manifestation of the technological era represented by Bitcoin. She said that the State must regulate it to prevent fraud that puts the capital of the country’s citizens at risk.

Ecuador is Debating the Issue of Blockchain and Cryptocurrencies

Although the State rejects cryptocurrencies, a growing number of actors from the public and private sectors demand a clear guideline for this area. Some people even propose to implement blockchain technology in other areas.

During his electoral campaign, the current Ecuadorian parliamentarian Fernando Villavicencio had proposed using blockchain to register the contracts agreed by the State. At that time, he claimed that the idea was to fight corruption by facilitating access to information for legislators.

However, no one has yet encouraged any similar initiative in the South American country. Behind closed doors, there are attempts to limit cryptocurrency transactions. However, some educational institutions propose learning about them to avoid being victims of scams.

The increasing relevance of Bitcoin and other cryptocurrencies in the global economy has led many governments to target them. Some countries have even made regulations to control or prohibit their use as they consider those assets a vehicle for illicit activities.

Sound knowledge of blockchain and cryptocurrencies helps people feel more secure when investing in them. Decentralized crypto assets have allowed many investors to manage their funds without relying on intermediaries.

By Alexander Salazar

Bitcoin mining offers many financial advantages, which is why a maximalist like Dorsey decided to get into the business. The CEO of Twitter would consider using staking as a betrayal of the Proof-of-Work mechanism even though he can convert the profits to Bitcoin.

Square and Twitter CEO Jack Dorsey recently stated that he is trying to mine the pioneering cryptocurrency. The investor said on the social network that he is a recognized enthusiast of that cryptocurrency and is in the process. He did not offer many details except that he would have Compass Mining as an intermediary.

It was only a matter of time before Dorsey decided to mine Bitcoin, as he calls himself a maximalist. He is in the group of people who consider Bitcoin the only existing cryptocurrency and rate altcoins in a derogatory way. On other occasions, the investor claimed that what matters most to him in life is this crypto asset.

The Advantages Twitter CEO Sees in Bitcoin Mining

Bitcoin mining offers many advantages when it comes to receiving large sums of money. Investors, particularly maximalists like the CEO of Twitter, can’t pass up the opportunity to get into the business.

This activity is highly profitable, but the investment costs are very high. Mining equipment has very high prices, but it is possible to access it on the second-hand market. However, these machines do not generate much hash rate.

The latter means that their performance is too low in countries where electricity bills are high. In some regions, their productivity can be even lower than the cost of the energy used. For example, it is nearly impossible to operate underperforming machines in some parts of the United States.

In addition to the price of the equipment, miners must also consider the infrastructure necessary to operate. The facilities must be capable of optimally hosting the machines, thus guaranteeing ideal performance. Since these factors pose an obstacle for investors, Dorsey decided to take his first steps with an intermediary mining company.

Deciding between Mining, Buying, and Staking

Cryptocurrency funds can grow in several ways, but some investors prefer to buy and wait. Hodlers bet on the strength of Bitcoin to go up in price in the long term. Other forms of trading consist of buying low and selling high through scalping. For example, investors can increase the volume of coins in their portfolios with the USDT/BTC pair.

Bitcoin funds can also grow indirectly through staking, in which people use other currencies and tokens. They lock a certain number of coins, such as ETH, until they earn interest.

An extremist Bitcoin maximalist like Jack Dorsey would consider that to be a betrayal of the Proof-of-Work mechanism. However, it is impossible to determine whether the Twitter CEO would use Proof-of-Stake to covert earnings to Bitcoin.

Another way to get more Bitcoin is by receiving it as a form of payment for a product or service. The seller can choose the option to accept the cryptocurrency rather than fiat money like the US dollar.

Finally, the activity of mining through machines is also available to investors. Once they have recovered the investment, the equipment continues to generate passive income.

By Alexander Salazar

Schiff’s Tweet received many comments rejecting his position, as users can decide when to buy or sell. He said he would not invest in the crypto asset right now, arguing it is risky due to the limited advantages and enormous disadvantages.

The price of Bitcoin (BTC) has been rising, making many critics reassess their predictions about it. In this case, Euro Pacific Capital CEO Peter Schiff refers to people not selling their Bitcoin now as idiots.

In a recent Tweet, the executive said he regretted not having bought Bitcoin when the price was much lower. That led him to make such an offensive comment, which could be quite the opposite as many analysts predict that it will reach USD 100,000.

Are Those Not Selling their Bitcoin Really Idiots?

Despite his wrong predictions, Euro Pacific Capital CEO Peter Schiff insists that people sell their Bitcoin holdings.

In his tweet, he made controversial comments in response to a post referring to his previous statements. He said that those not selling their Bitcoin are the true idiots.

However, Schiff admitted he would be an idiot himself if he did not regret buying Bitcoin when it was cheaper.

Of course, Schiff’s tweet received many comments from enthusiasts, who rejected his position. Since Bitcoin is a decentralized cryptocurrency, it does not depend on intermediaries, and users can decide when to buy or sell.

Peter Schiff Would Have Liked to Buy Bitcoin Before

Bitcoin critic Peter Schiff said that people spoke about the cryptocurrency when the price was below USD 10 per unit. He added that the concept behind it intrigued him very much.

He noted that no one had predicted that so many people would adopt it so widely. He said he had not imagined large companies or investment banks would get involved in the use of cryptocurrencies. Besides, he acknowledged he had been wrong to think that Bitcoin could become a bubble.

Although Schiff claims that he regrets, he said he would not invest in the crypto asset at this time. He argues that he is waiting for the market to lose value. He considers that buying now is risky since the advantages are limited and the disadvantages are enormous.

Schiff Could Have Predicted a Price of USD 100,000

Although Peter Schiff has said many negative things about Bitcoin, it has been among the best-performing crypto assets from its inception.

He reiterated that he would have like to buy Bitcoin when they first spoke to him about it. He stated that he would like to go back in time to invest USD 100,000 in it.

Schiff also predicted that the price of BTC could reach USD 100 thousand or even USD 1 million.

Bitcoin is trading at around USD 48,600 and has grown by 3% in the last seven days. Additionally, its market capitalization is about USD 923 million, According to CoinGecko.

The relevance of Bitcoin in the world economy has led analysts to make bold predictions about its price. Many have been accurate, thus proving that the cryptocurrency can reach all-time highs even in the most adverse situations.

By Alexander Salazar

Many DeFi projects allow whales owning a diversity of governance tokens to dominate their voting process. A Dutch soccer club has partnered with a cryptocurrency trading platform that will pay them in Bitcoin.

In the city of Frisco, in Texas, United States, two siblings make money for mining cryptocurrencies in the garage of their house. According to the Dallas News, Aanya Thakur and her brother Ishaan, aged 9 and 14, earn USD 32,000 a month for mining Ethereum.

At first, they made about USD 100 from a lemonade stand in front of their house.

The idea of mining cryptocurrencies came from their father, who told them about it in February. As the price of those assets rose, the Frisco duo decided to make money for mining Ethereum.

Ishaan told the Dallas News that they wanted to invest in cryptocurrencies but did not have the money to buy Bitcoin. For that reason, they bought the mining equipment instead.

In March, they began mining with an old gaming computer, making USD 1,000 in the first month. In July, they earned more than USD 32,000 with this activity.

The siblings revealed that they use the proceeds to purchase more mining equipment for their company. Since Bitcoin was too competitive, they chose to mine Ethereum.

Vitalik Believes Decentralized Token-Based Governance Hurts DeFi

Ethereum co-founder Vitalik Buterin has dived deep into decentralized token-based governance. That suggests that current voting mechanisms are flawed and could be holding back the potential of the decentralized finance (DeFi) sector.

Buterin stated that the crypto community needs to move beyond currently existing coin voting.

Most DeFi projects update their protocols, issue rewards, and execute other facets of governance elections. The distribution of votes among token holders depends on the size of their shares.

However, many projects have received criticism as whales owning many governance tokens dominate their voting process. That allows them to vote in support of personal interests.

PSV Eindhoven Football Club Will Accept New Bitcoin Sponsorship Agreement

The soccer ecosystem has intensified adoption as more clubs include cryptocurrencies in their core operations.

Top-tier Dutch soccer club PSV Eindhoven partnered with a local cryptocurrency trading platform. It will pay the club an undisclosed amount of Bitcoin (BTC) in a new sponsorship deal.

Anycoin Direct stated that it would remain an official partner of PSV Eindhoven for the next two seasons. The aim of that is to increase the awareness of cryptocurrencies in Europe.

Britney Spears Invested in Bitcoin to Hide Her Purchases from Her Father

American singer Britney Spears invested in Bitcoin in 2014, according to recently published reports. She said that she had done it to hide part of her business activities from her relatives.

The hosts of the Toxic podcast, Tess Barker and Barbara Gray, have been investigating the events surrounding the case the singer is facing. That is because she is demanding to regain her own legal custody and take away her father’s rights.

The documents Barker and Gray reviewed revealed that Britney used Bitcoin to make purchases without her father knowing. She was afraid that her legal representative would retaliate against her.

By Alexander Salazar

Former Zcash and Skuchain software engineer Jay Graber have been named as the new leader of Twitter’s decentralized arm.

Social media giant Twitter announced Monday that it has appointed crypto space developer Jay Graber as the current leader of its decentralized social media initiative, Bluesky.

Graber, who previously took part as a contributor to the Zcash privacy coin project, announced the news through Twitter. The CEO of the platform, Jack Dorsey (CEO of Square) also shared in a tweet the news about the new leader who will now step up, and lead efforts to create a decentralized social media protocol.

Bluesky is a decentralized development arm of Twitter. The initiative was initially announced by Dorsey in 2019, who described it at the time as a decentralized standard for social media.

The project plays a role in a plan designed by the company to bring support to its vision of a free and open Internet and would take advantage of blockchain technology to bring its users clearer information management, governance processes, and even monetization.

On the official website of Bluesky, some details describe the rebuilding of the social web by re-connecting disconnected silos and bringing back control of the social experience to users as the first goals of the initiative.

Bluesky Has a Director and will Operate Independent of Twitter

Founder of social events startup Happening Inc., and a former Skuchain engineer, Graber will spearhead the Twitter effort.

He said that, for the last year, he has been working closely with a group of developers from the decentralized social ecosystem. They have posted an ecosystem review in January, and the next step would be hiring for the Bluesky team, looking forward to partnering closely with Twitter and other businesses. It won’t happen overnight, but there is progressing along the way.

In a January 2020 post, the developer had spoken about the relevance of decentralizing social platforms. He also spoke about efforts to decentralize social media and plans to shift the balance of power in favor of users. This power would be giving them the ability to change the services and control their identity and data.

Bluesky’s official account advanced on the hiring of the new director at the beginning of the month. They also reported that they were specifying the details for the creation of an entity that would permit Bluesky to work independently of Twitter.

Dorsey is Mining

News about Dorsey mining bitcoin has arrived late. Although he did not offer further details about how he is mining Bitcoin and the investment destined, Compass Mining’s proposal allows those interested to apply this activity without purchasing specialized hardware.

This practice is known as cloud mining. Some reputable companies that handle this business model claim it is currently risky to practice it because it would lend itself to scams within the space of digital currencies.

By: Jenson Nuñez